Filed with the Securities and Exchange Commission on September 19, 2013
Securities Act of 1933 File No. 333-141120
Investment Company Act of 1940 File No. 811-22027
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 80 |
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 82 |
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(Check Appropriate Box or Boxes)
FUNDVANTAGE TRUST
(Exact Name of Registrant as Specified in Charter)
301 Bellevue Parkway, Wilmington, DE 19809
(Address of Principal Executive Offices) (Zip Code)
Registrants Telephone Number, including Area Code: (302) 791-1851
Joel L. Weiss
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809
(Name and Address of Agent for Service)
Copies to:
Joseph V. Del Raso, Esq.
Pepper Hamilton LLP
3000 Two Logan Square
Philadelphia, PA 19103
It is proposed that this filing will become effective (check appropriate box)
x immediately upon filing pursuant to paragraph (b)
o on (date) pursuant to paragraph (b)
o 60 days after filing pursuant to paragraph (a)(1)
o on (date) pursuant to paragraph (a)(1)
o 75 days after filing pursuant to paragraph (a)(2)
o on (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
EXPLANATORY NOTE
This Post-Effective Amendment No. 80 to the Registrants Statement on Form N-1A is filed for the sole purpose of submitting exhibits containing interactive data format risk/return summary information for the Series of FundVantage Trust to which the Post-Effective Amendment relates.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirement for effectiveness of this Post-Effective Amendment No. 80 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 80 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Wilmington, State of Delaware on the 19th day of September 2013.
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FUNDVANTAGE TRUST |
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By: |
/s/ Joel Weiss |
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Joel Weiss, President and CEO |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 80 to the Registrants Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.
/s/ Robert J. Christian* |
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Trustee |
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September 19, 2013 |
Robert J. Christian |
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/s/ Iqbal Mansur* |
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Trustee |
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September 19, 2013 |
Iqbal Mansur |
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/s/ Nancy B. Wolcott* |
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Trustee |
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September 19, 2013 |
Nancy B. Wolcott |
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/s/ Donald J. Puglisi* |
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Trustee |
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September 19, 2013 |
Donald J. Puglisi |
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/s/ Stephen M. Wynne* |
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Trustee |
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September 19, 2013 |
Stephen M. Wynne |
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/s/ James Shaw |
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Treasurer and CFO |
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September 19, 2013 |
James Shaw |
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/s/ Joel Weiss |
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President and CEO |
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September 19, 2013 |
Joel Weiss |
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* By: |
/s/ Joel Weiss |
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Joel Weiss |
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Attorney-in-Fact |
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FUNDVANTAGE TRUST
EXHIBIT INDEX
Exhibit |
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Exhibit |
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EX-101.INS |
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XBRL Instance Document |
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EX-101.SCH |
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XBRL Taxonomy Extension Schema Document |
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EX-101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase |
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EX-101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
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EX-101.LAB |
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XBRL Taxonomy Extension Labels Linkbase |
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EX-101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
Pacific Capital Tax-Free Securities Fund | ||||||||||||||||||||||||||||
Pacific Capital Tax-Free Securities Fund | ||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||
The Pacific Capital Tax-Free Securities Fund (the “Tax-Free Securities Fund” or the “Fund”) seeks high current income that is exempt from federal and Hawaii income tax. |
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Fees and Expenses | ||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold Class Y shares of the Fund. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||
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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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the fiscal year ended April 30, 2013, the portfolio turnover rate of the Fund was 14.78% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||
The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund generally only acquires municipal obligations that are rated “investment grade” at the time of purchase, which means they are rated in one of the top four categories by a nationally recognized statistical rating organization, or unrated obligations that the Adviser determines are of comparable quality. The Fund normally invests not less than 50% of its net assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. However, there may be extended periods of time when the Fund will invest less than 50% of its net assets in Hawaiian municipal obligations due to a lack of supply. The Fund may also invest in other kinds of debt instruments issued by domestic issuers. The Fund focuses on maximizing tax exempt income consistent with prudent investment risk. It varies the average maturity of its investment portfolio from time to time in response to actual and expected interest rate movements as well as other market and economic conditions. The Fund is non-diversified, which means that the Fund may invest most of its assets in securities issued by or representing a small number of issuers. No maturity limitations apply to the Fund’s investment portfolio, and the average maturity of its portfolio can vary significantly. The Adviser monitors the Fund’s portfolio performance and reallocates the Fund’s assets in response to actual and expected market and economic changes. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund, or the Fund could underperform other investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security). · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value. · Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which 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. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. · Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the Adviser than that of an equity fund or taxable bond fund. The Fund invests significantly in municipal obligations of issuers located in Hawaii. The values of shares of the Fund therefore will be affected by economic and political developments in Hawaii. · Non-Diversification Risk: The Fund is “non-diversified” and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as “diversified.” A fund that invests in a relatively small number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks. · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. · Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. This Fund is intended for investors who seek income that is exempt from federal and Hawaii income tax, a high level of liquidity, and professional portfolio management. This Fund is not intended for investors who seek high stability of principal, income that is not subject to any federal alternative minimum tax, or significant capital appreciation. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective. |
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Performance Information | ||||||||||||||||||||||||||||
Before the Fund commenced operations, all of the assets of the Tax-Free Securities Fund, a series of Pacific Capital Funds (the “Predecessor Fund”), were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on June 28, 2010. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years and 10 years compare with the Barclays Capital Hawaii Municipal Bond Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: -3.05%
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Average Annual Total Returns For the period ended December 31, 2012 | ||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The calculation assumes that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. However, actual individual tax results may vary and investors should consult their tax advisers regarding their personal tax situations. |
Formula Investing U.S. Value Select Fund | |||||||||||||||||||||||||||||||||||||
Formula Investing U.S. Value Select Fund | |||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||
The Formula Investing U.S. Value Select Fund (the "U.S. Value Select Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Fees and Expenses | |||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||
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Expense 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's Class A shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. For the fiscal year ended April 30, 2013, the Fund's portfolio turnover rate was 101% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||
The Fund will normally invest at least 80% of its net assets in the securities of U.S. companies. The Adviser's security selection process begins by analyzing a proprietary database of a universe of the largest 1,400 U.S. listed securities measured by market capitalization and ranking the securities based on a systematic methodology. From this universe, the Adviser uses a proprietary strategy to construct a portfolio of approximately 75-120 of the highest ranked common stocks that is weighted based on the Adviser's assessment of a security's fundamental value, based on factors such as earnings yield and return on capital. The Adviser retains full discretion to add, subtract or revise the factors utilized, weightings and processes applied to construct the portfolio as well as discretion to determine the market capitalization of securities for purchase by the Fund. The Adviser may engage in active trading, which may cause high portfolio turnover. The Adviser will not consider portfolio turnover a limiting factor in making decisions for the Fund. By investing in a portfolio of approximately 75-120 securities weighted by the Adviser's assessment of fundamental value, as opposed to market capitalization, the Adviser believes the Fund's portfolio will be weighted in favor of companies that present stronger fundamental characteristics and may outperform a market capitalization-weighted portfolio from the same universe of securities. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's NAV, yield and total return. It is possible to lose money by investing in the Fund. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund's returns. |
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Performance Information | |||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Russell 1000® Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: 20.57% 13.95% -15.42% (December 31, 2011) (September 30, 2011) |
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Average Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class I shares will vary. |
Formula Investing International Value Select Fund | |||||||||||||||||||||||||||||||||||||
Formula Investing International Value Select Fund | |||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||
The Formula Investing International Value Select Fund (the "International Value Select Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Fees and Expenses | |||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||
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Expense 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's Class A shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. For the fiscal year ended April 30, 2013, the Fund's portfolio turnover rate was 160% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||
The Adviser's security selection process begins by analyzing a proprietary database of a universe of securities of non-U.S.- based companies with market capitalization of approximately at least $1 billion and ranking the securities using a proprietary systematic methodology. The Fund primarily purchases common stocks and depositary receipts. From this universe, the Adviser uses a proprietary strategy to construct a portfolio of approximately 75-120 of the highest ranked securities weighted based on the Adviser's assessment of a security's fundamental value, based on factors such as earnings yield and return on capital. The Adviser retains full discretion to add, subtract or revise the factors utilized, weightings and processes applied to construct the portfolio, as well as discretion to determine the market capitalization of securities for purchase by the Fund. The Adviser may engage in active trading, which may cause high portfolio turnover. The Adviser will not consider portfolio turnover a limiting factor in making decisions for the Fund. By investing in a portfolio of approximately 75-120 securities of non-U.S. companies weighted by the Adviser's assessment of fundamental value, as opposed to market capitalization, the Adviser believes the Fund's portfolio will be weighted in favor of companies that present stronger fundamental characteristics and may outperform a market capitalization-weighted portfolio from the same universe of securities. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's NAV, yield and total return. It is possible to lose money by investing in the Fund. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. • Depositary Receipts Risk: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the U.S., considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. • Foreign Securities Risks: The Fund invests in securities of foreign issuers, including depository receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets including: • Currency Risk. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund's NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. • Foreign Securities Market Risk. Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies and therefore may involve greater risks. • Foreign Tax Risk. Income from foreign issuers may be subject to non-U.S. withholding taxes. In some countries, the Fund also may be subject to taxes on trading profits and, on certain securities transactions, transfer or stamp duties tax. • Information Risk. Non-U.S. companies generally are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory requirements that apply to U.S. companies. • Investment Restriction Risk. Some countries restrict foreign investment in their securities markets. These restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies. • Political and Economic Risks. Investing in foreign securities is subject to the risk of political, social or economic instability in the country of the issuer of a security, variation in international trade patterns, the possibility of the imposition of exchange controls, expropriation, confiscatory taxation, limits on movement of currency or other assets and nationalization of assets. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund's returns. |
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Performance Information | |||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI World (Ex US) Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: -1.21% Best Quarter Worst Quarter 12.80% -23.63% (March 31, 2012) (September 30, 2011) |
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Average Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The "Return After Taxes on Distributions and Sale of Shares" is higher than the "Return Before Taxes" and the "Return After Taxes on Distributions" because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. After-tax returns shown are for Class A shares only; after-tax returns for Class I shares will vary. |
Gotham Absolute Return Fund | |||||||||||||||||||||||||||||
Gotham Absolute Return Fund | |||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||
The Gotham Absolute Return Fund (the “Fund”) seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. |
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Expenses and Fees | |||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||
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Expense 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’s Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. For the period from August 31, 2012 (commencement of operations) until April 30, 2013, the Fund’s turnover rate was 279.84% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||
The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities. The Fund will generally take long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation. The Adviser seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach based on fundamentals of financial performance to identify companies that appear to be undervalued on both an absolute and relative basis. Using publicly available financial data, the Adviser values a universe of companies on the basis of underlying economic performance, with an emphasis on earnings, cash flow and capital efficiency. This approach consists of: · Researching and analyzing each company in the Adviser’s coverage universe according to a proprietary methodology that emphasizes fundamentals such as recurring earnings, capital efficiency and valuation; · Identifying and excluding companies that do not conform to the Adviser’s valuation methodology or companies judged by the Adviser to have questionable financial reporting; · Updating the analysis for earning releases, 10-Ks, 10-Qs and other corporate filings; and · Recording analysis in a centralized database enabling the firm to compare all companies and identify the best longs and shorts on a daily basis. This firm-wide database fosters transparency and accountability and is central to the Adviser’s investment process. The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to the Adviser’s assessment of value. In general, as a company appears cheaper its weight in the portfolio increases. Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to the Adviser’s measures of value. The Adviser seeks to maintain the Fund’s net equity exposure, which is the value of the Fund’s long positions minus its short positions, below 70%, but plans to maintain a positive net equity exposure in most market environments. The Adviser expects that the Fund’s gross equity market exposure, which is the value of the Fund’s long positions plus its short positions will generally be below 190%. Because the Fund rebalances its long and short positions on a daily basis, the Fund may experience a high portfolio turnover rate. Equity securities include common and preferred stocks. Equity-related securities include convertible bonds, convertible preferred stock, warrants and rights. There are no limits on the market capitalizations of the companies in which the Fund may invest. The Fund will principally invest in equity and equity-related securities of U.S. issuers but may invest in equity and equity-related securities of foreign issuers. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. · Equity Securities Risk: Equity securities are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions. The rights of equity holders are subordinate to all other claims on a company’s assets including debt holders. The value of equity securities could decline if the financial condition of the companies decline or if overall market and economic conditions deteriorate. Equity investments risk a loss of all or a substantial portion of the investment. · Market Risk: The Fund is subject to market risk—the risk that securities markets and individual securities will increase or decrease in value. Market risk applies to every market and every security. Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility,” and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade. · Value Style Risk: Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the companies’ true business values or because the Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. Value-oriented investment approaches are subject to the risk that securities believed to be undervalued do not appreciate in value as anticipated or decline in value. · Short Sale Risk: Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Although the Fund’s gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund’s ability to engage in short selling. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses (sometimes referred to as the “negative cost of carry”) negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. · Small and Mid Cap Securities Risk: Investments in small and mid cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund’s best interest to do so. It is anticipated that the Fund will frequently adjust the size of its long and short positions. These transactions will increase the Fund’s “portfolio turnover” and the Fund may experience a high portfolio turnover rate (over 100%).High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund’s returns. |
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Performance Information | |||||||||||||||||||||||||||||
The Fund’s performance information is only shown when the Fund has had a full calendar year of operations. |
WHV International Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||
WHV International Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||
The WHV International Equity Fund (the "International Equity Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Expenses and Fees | ||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold Class A, Class C and Class I shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 20 of the Fund's prospectus. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||||||||||||||||||
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Example | ||||||||||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 in the Fund's Class A shares, Class C shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
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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 5.21% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||
The Fund normally invests in a combination of equity securities of foreign (i.e., non-U.S.) companies with a suitable potential for earnings growth. The portfolio manager uses a top-down approach to identify sectors and industries that the portfolio manager deems favorable for investment, rather than focusing on the particular country of origin of an issuer. After selecting sectors where the portfolio manager believes demand will exceed supply over time, the portfolio manager focuses on individual industries, countries and securities. The Fund may focus its investments in specific sectors or industries and may not have exposure to all economic sectors. Securities are selected based on their potential for long-term earnings growth. The portfolio manager typically constructs a portfolio of securities it believes exhibits strong earnings and growth momentum and has exceeded the expectations of securities analysts. The Fund normally invests its assets in equity securities of larger non-U.S. companies located in countries with developed markets, but may also invest in companies domiciled in emerging markets. The portfolio manager may sell a portfolio security if it believes the fundamentals of the sector, industry, region, country or issuer are deteriorating; deems that the security has become overvalued; develops concerns about the accounting practices or management of the issuer; or determines that better investment opportunities are available. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund. • Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may, sometimes rapidly and unpredictably, fluctuate. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Sector Risk: The Fund may focus its investments from time to time in a limited number of economic sectors. The Fund may not have exposure to all economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. • Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Performance Information | ||||||||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past four calendar years and show how the average annual total returns for one year, three years and since inception, before and after taxes, compare with those of the MSCI EAFE Index (Europe, Australasia, Far East), a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: 0.20%
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Average Annual Total Returns as of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares only; after-tax returns for Class A and Class C shares will vary. |
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Pemberwick Fund | |||||||||||||||||||||||||||
Pemberwick Fund | |||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||
The Pemberwick Fund (the “Fund”) seeks maximum current income that is consistent with liquidity and stability of principal. |
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Expenses and Fees | |||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||
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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 for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 27.96% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||
The Fund pursues its investment objective by primarily investing its assets in the following securities or instruments (“Principal Investments”): U.S. Government securities; municipal securities; commercial paper; time deposits and certificates of deposit; corporate debt obligations; and open-end investment companies. In selecting portfolio securities for the Fund, the Advisor will select investments so that the Fund’s assets will be rated “A-” or better by a nationally recognized statistical rating organization (“NRSRO”) (or if commercial paper, rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor or, securities issued by banking institutions operating in the United States having assets in excess of $200 billion. Approximately 90% or more of the Fund’s assets will either be invested in securities rated “AA” or better (if commercial paper rated in the highest category) by an NRSRO or in the securities of banking institutions operating in the United States and having assets in excess of $200 billion. The Advisor selects portfolio securities of varying maturities based upon anticipated cash flow needs of the Fund, expectations about the direction of interest rates and other economic factors. The Fund expects to maintain an average duration of 0 to 90 days for a portion of the portfolio in order to meet anticipated liquidity needs, and the Fund expects to maintain an overall average effective duration for all of the Fund’s assets of approximately 24 months, depending on market conditions. Average effective duration is a measure of the Fund’s interest-rate sensitivity. The longer the Fund’s effective duration, the more sensitive the Fund is to shifts in interest rates. The Fund’s average effective duration also gives an indication of how the Fund’s net asset value will change as interest rates change. For instance, a fund with a five-year duration would be expected to lose 5% of its NAV if interest rates rose by 1 percentage point, or gain 5% if interest rates fell by 1 percentage point. In determining the duration of a fixed to float security the Advisor may assign a duration to such security based upon the first call date (usually the float commencement date) if the floating spread of such security is significantly higher than similar or comparable fixed or floating rate securities taking into account the duration of those similar securities. The Advisor has engaged J.P. Morgan to manage a portion of the Fund’s assets in a percentage to be determined by the Advisor. The Sub-Advisor will implement a short duration strategy that invests in Principal Investments with Effective Average Durations generally targeted at between one to three years. |
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Summary of Principal Risks | |||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. · Deflation Risk: Deflation to the U.S. economy may cause principal to decline and inflation-linked securities could underperform securities whose interest payments are not adjusted for inflation or linked to a measure of inflation. · Fixed Income Market Risks: Developments relating to subprime mortgages have adversely affected fixed income securities markets in the United States, Europe and elsewhere. There is a risk that the lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests or to find and purchase suitable debt instruments. · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. · Management Risk: As with any managed fund, the Advisor or Sub-Advisor may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. There is a risk that the Sub-Advisor may be unable to achieve superior investment returns relative to other similar sub-advisers. The Advisor or Sub-Advisor may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. · Municipal Securities Risk: The secondary market for municipal securities tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its bonds at attractive prices or at prices approximating those at which the Fund currently values them. In the event of bankruptcy of an issuer, the Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. · Non-Diversification Risk: The Fund may focus investments in a small number of sectors, issuers or industries. The Fund is “non-diversified” and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as “diversified.” · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · U.S. Government Agencies and Instrumentalities Securities Risk: Certain U.S. Government agencies’ and instrumentalities’securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the agency or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. |
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Performance Information | |||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays 1-3 Year Government/Credit Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: 0.09%
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Average Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
Cutwater Municipal Bond Inflation Protection Fund | ||||||||||||||||||||||||||||||||||||||
Cutwater Municipal Bond Inflation Protection Fund | ||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||
The Cutwater Municipal Bond Inflation Protection Fund (the “Municipal Fund”) seeks high after-tax inflation protected return. |
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Fees and Expenses | ||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 26 of the Fund’s prospectus. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||||||||||||
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Expense 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 for Class A shares, Class C shares and Institutional Class shares in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||
The Municipal Fund will invest at least 80% of its total assets in a diversified portfolio of municipal securities, the interest on which may be exempt from federal income tax. The Adviser utilizes its Municipal Bond Inflation Protection strategy to build a portfolio of “municipal inflation protected securities” or “MIPS.” Because there are very few issuers of municipal inflation-linked securities (commonly referred to as “muni-CPI bonds”), the Adviser will attempt to synthetically create a portfolio of securities that has the economic characteristics of a portfolio of municipal inflation-linked securities by investing in investment grade municipal securities and simultaneously entering into swap agreements (or other derivative instruments) linked to a commonly used indicator of inflation (such as a consumer price index). The MIPS strategy is designed to provide tax efficient “Real Return” and a hedge against inflation. “Real Return” means total return less the estimated cost of inflation. The Fund will primarily invest in investment-grade municipal securities (rated “Baa3” or higher by Moody’s, “BBB-” or higher by S&P or Fitch or determined by the Adviser to be of comparable quality). The Fund may invest up to 25% of its total assets in municipal obligations, the interest on which may be an item of tax preference for purposes of the alternative minimum tax (“AMT”). The Fund may invest up to 20% of its total assets in high yield fixed income securities rated below investment grade, provided that the Fund will not purchase securities rated below “B3” by Moody’s or “B-” by S&P or Fitch. In addition, the Fund may invest in inflation-linked securities, such as Treasury Inflation Protected Securities (“TIPS”). The portfolio is expected to have an average duration of between 4 and 10 years. The Adviser will target a duration which it believes will offer the opportunity for above average returns while limiting exposure to interest rate risk. The Fund also invests in inflation-linked derivative securities including structured notes, swap agreements, options, futures and options on futures. It is anticipated that approximately 20% of the Fund’s assets will be invested in derivative instruments. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s NAV, yield and total return. It is possible to lose money by investing in the Fund. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. · Deflation Risk: Deflation to the U.S. economy may cause principal to decline and inflation-linked securities could underperform securities whose interest payments are not adjusted for inflation or linked to a measure of inflation. · Derivatives Risk: Derivative instruments involve risks different from direct investments in underlying securities. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. · High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered more risky than investment grade, fixed income securities. The total return and yield of high yield bonds can be expected to fluctuate more than the total return and yield of higher quality bonds. High yield bonds are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield bonds involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis. · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. · Management Risk: As with any managed fund, the Fund’s investment adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. · Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds, and the investment performance of the Municipal Fund may therefore be more dependent on the analytical abilities of the Adviser than that of an equity fund or taxable bond fund. The secondary market for municipal securities also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Municipal Fund’s ability to sell its bonds at attractive prices or at prices approximating those at which the Fund currently values them. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal, state and local governments. The value of municipal bonds may also be affected by changes in the tax laws including the modification of the rules relating to the exemption from gross income on municipal securities and changes in tax rates generally, which could affect the value of the tax exemption even if the exemption is not itself modified. · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · U.S. Government Agencies Securities Risk: Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. Investment in the Municipal Fund may be suitable for investors who seek tax sensitive income and an attractive inflation-protected after-tax return. |
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Performance Information | ||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Municipal Fund for the last calendar year that the Fund was operational and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Capital Municipal Bond Index (“Barclays Muni Bond Index”) and the Barclays Capital Global Inflation-Linked U.S. TIPS Index (Series-L) (“Barclays Global Index”), both broad measures of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. The Fund commenced operations on November 1, 2007 and subsequently ceased investment operations on April 29, 2009 due to redemption of all shareholders. The Fund currently has no assets and no shareholders, and, therefore, no performance information is presented for periods after March 31, 2009. |
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Calendar Year-to-Date Total Return as of March 31, 2009: 7.55%
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Average Annual Total Returns as of December 31, 2008 | ||||||||||||||||||||||||||||||||||||||
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Polen Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||
Polen Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||
The Fund seeks to achieve long-term growth of capital. |
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Expenses and Fees | |||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||
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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 Retail Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 51.04% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||
The Fund typically invests in a focused portfolio of common stocks of large capitalization companies (market capitalizations greater than $5 billion at the time of purchase) that, in the Adviser's opinion, have a sustainable competitive advantage. In addition, the Fund may from time to time purchase a common stock, including the common stock of a medium capitalization company (market capitalizations greater than $2 billion but less than $5 billion at the time of purchase), that does not meet this criteria if, in the Adviser's opinion, the stock represents a particularly attractive investment opportunity. The Adviser employs an intensive fundamental research process in order to identify companies that the Adviser believes have certain attractive characteristics, which are typically reflective of an underlying competitive advantage. Those characteristics include: consistent and sustainable high return on capital, vibrant earnings growth, robust free cash flow generation, strong balance sheets and competent and shareholder-oriented management teams. The companies in which the Fund invests generally have, in the opinion of the Adviser, a sustainable competitive advantage within an industry with high barriers to entry. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses its efforts on identifying and investing in a concentrated portfolio of high-quality large capitalization growth companies that, in the Adviser's opinion, are able to deliver sustainable above average earnings growth driven by a sustainable competitive advantage. The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. The Fund is non-diversified, which means that a significant portion of the Fund's assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not "concentrate" (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the company's competitive advantage or a degradation in its prospects for vibrant, long-term earnings growth. The Adviser may also sell a security if it is deemed to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long term basis. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Non-Diversification Risk: The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. • Sector Risk: Although the Fund may not "concentrate" (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. |
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Performance Information | |||||||||||||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the S&P 500® Index and the Russell 1000® Growth Index, broad measures of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: 3.35%
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Average Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Institutional Class shares; after-tax returns for Retail Class shares will vary. |
Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Formula Investing International Value Select Fund | ||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Formula Investing International Value Select Fund (the "International Value Select Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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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 | 2014-08-31 | ||||||
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. For the fiscal year ended April 30, 2013, the Fund's portfolio turnover rate was 160% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 160.00% | ||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | "Total Annual Fund Operating Expenses" will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund's annual and semi-annual reports to shareholders in the financial highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses. | ||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense 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's Class A shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Adviser's security selection process begins by analyzing a proprietary database of a universe of securities of non-U.S.- based companies with market capitalization of approximately at least $1 billion and ranking the securities using a proprietary systematic methodology. The Fund primarily purchases common stocks and depositary receipts. From this universe, the Adviser uses a proprietary strategy to construct a portfolio of approximately 75-120 of the highest ranked securities weighted based on the Adviser's assessment of a security's fundamental value, based on factors such as earnings yield and return on capital. The Adviser retains full discretion to add, subtract or revise the factors utilized, weightings and processes applied to construct the portfolio, as well as discretion to determine the market capitalization of securities for purchase by the Fund. The Adviser may engage in active trading, which may cause high portfolio turnover. The Adviser will not consider portfolio turnover a limiting factor in making decisions for the Fund. By investing in a portfolio of approximately 75-120 securities of non-U.S. companies weighted by the Adviser's assessment of fundamental value, as opposed to market capitalization, the Adviser believes the Fund's portfolio will be weighted in favor of companies that present stronger fundamental characteristics and may outperform a market capitalization-weighted portfolio from the same universe of securities. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's NAV, yield and total return. It is possible to lose money by investing in the Fund. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. • Depositary Receipts Risk: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the U.S., considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. • Foreign Securities Risks: The Fund invests in securities of foreign issuers, including depository receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets including: • Currency Risk. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund's NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. • Foreign Securities Market Risk. Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies and therefore may involve greater risks. • Foreign Tax Risk. Income from foreign issuers may be subject to non-U.S. withholding taxes. In some countries, the Fund also may be subject to taxes on trading profits and, on certain securities transactions, transfer or stamp duties tax. • Information Risk. Non-U.S. companies generally are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory requirements that apply to U.S. companies. • Investment Restriction Risk. Some countries restrict foreign investment in their securities markets. These restrictions may limit or preclude investment in certain countries or may increase the cost of investing in securities of particular companies. • Political and Economic Risks. Investing in foreign securities is subject to the risk of political, social or economic instability in the country of the issuer of a security, variation in international trade patterns, the possibility of the imposition of exchange controls, expropriation, confiscatory taxation, limits on movement of currency or other assets and nationalization of assets. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund's returns. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI World (Ex US) Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI World (Ex US) Index, a broad measure of market performance. | ||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | ||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: -1.21% Best Quarter Worst Quarter 12.80% -23.63% (March 31, 2012) (September 30, 2011) |
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | ||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (1.21%) | ||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 12.80% | ||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (23.63%) | ||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | The "Return After Taxes on Distributions and Sale of Shares" is higher than the "Return Before Taxes" and the "Return After Taxes on Distributions" because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. | ||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The "Return After Taxes on Distributions and Sale of Shares" is higher than the "Return Before Taxes" and the "Return After Taxes on Distributions" because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. After-tax returns shown are for Class A shares only; after-tax returns for Class I shares will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2012 | ||||||
MSCI World (Ex US) Index Class A Comparison (reflects no deductions for fees or expenses)
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.41% | [1] | |||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.23% | [1] | |||||
MSCI World (Ex US) Index Class I Comparison (reflects no deductions for fees or expenses)
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.41% | [1] | |||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (1.61%) | [1] | |||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.09% | ||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.30% | [2],[3] | |||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.84%) | [3] | |||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.46% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 149 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 638 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,154 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,571 | ||||||
Annual Return 2011 | rr_AnnualReturn2011 | (22.36%) | ||||||
Annual Return 2012 | rr_AnnualReturn2012 | 18.87% | ||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns shown are for Class A shares only; after-tax returns for Class I shares will vary. | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.87% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.83%) | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 17, 2010 | ||||||
Class A | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.96% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (3.46%) | ||||||
Class A | After Taxes on Distributions and Sale Of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.26% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.77%) | ||||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.07% | ||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.03% | [2],[3] | |||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.82%) | [3] | |||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.21% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 123 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 557 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,017 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 2,293 | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 19.30% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (5.06%) | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jun. 30, 2011 | ||||||
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Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | DuPont Capital Emerging Markets Fund | ||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The DuPont Capital Emerging Markets Fund (the "Emerging Markets Fund" or the "Fund") seeks long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 20 of the Fund's prospectus. |
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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 | 2014-08-31 | ||||||
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 118.5% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 118.50% | ||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | "Total Annual Fund Operating Expenses" will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund's annual and semi-annual reports to shareholders in the financial highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses. | ||||||
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's Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund will invest primarily in equity and equity-related securities, including preferred stock. Under normal circumstances, the Fund invests at least 80% of its net assets, at the time of initial purchase, in equity or equity-related securities of issuers that: (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging countries; (iii) are organized under the laws of, and have a principal office in, an emerging country, (iv) are depositary receipts of issuers described in (i) and (iii) above, or (v) are exchange-traded funds that invest in an emerging country or countries. The term "emerging markets" includes any country: (i) having an "emerging stock market" as defined by the International Finance Corporation; (ii) with low- to middle-income economies according to the International Bank for Reconstruction and Development (the "World Bank"); (iii) listed in World Bank publications as developing; or (iv) determined by the Adviser to be an emerging market. Currently, these countries generally include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The Adviser seeks to identify emerging market companies trading at a significant discount relative to such companies' estimated normalized earnings potential by using in-depth fundamental analysis combined with top down country risk assessment. The Adviser attempts to build a portfolio with a long-term investment horizon that it believes will achieve excess returns with below average risk. The Adviser expects the Fund will hold approximately 50 to 150 securities. The Adviser may sell a security when it believes the security is approaching full valuation, changing circumstances affect the original reasons for its purchase or more attractive opportunities are identified. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. There is no assurance that the Fund will achieve its investment objectives and you can lose money investing in this Fund. • Currency Risk: The risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. • Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. • Depositary Receipts Risk: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline. • Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. • Market Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. • Opportunity Risk: The risk of missing out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | There is no assurance that the Fund will achieve its investment objectives and you can lose money investing in this Fund. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI Emerging Markets Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI Emerging Markets Index, a broad measure of market performance. | ||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | ||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: (14.09)% Best Quarter Worst Quarter |
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | ||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (14.09%) | ||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 14.37% | ||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2012 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (22.30%) | ||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | ||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2012 | ||||||
MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.22% | [1] | |||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (0.65%) | [1] | |||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||
Management Fees | rr_ManagementFeesOverAssets | 1.05% | ||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.27% | ||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.03% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.35% | [2],[3] | |||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | none | [3] | |||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.35% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 137 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 428 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 739 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,624 | ||||||
Annual Return 2011 | rr_AnnualReturn2011 | (18.73%) | ||||||
Annual Return 2012 | rr_AnnualReturn2012 | 19.48% | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 19.48% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (0.56%) | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 06, 2010 | ||||||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 19.10% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (0.84%) | ||||||
Class I | After Taxes on Distributions and Sale Of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.65% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (0.64%) | ||||||
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DuPont Capital Emerging Markets Fund | ||||||||||||||||||||||||||||
DuPont Capital Emerging Markets Fund | ||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||
The DuPont Capital Emerging Markets Fund (the "Emerging Markets Fund" or the "Fund") seeks long-term capital appreciation. |
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Fees and Expenses | ||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 20 of the Fund's prospectus. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||
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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's Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 118.5% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||
The Fund will invest primarily in equity and equity-related securities, including preferred stock. Under normal circumstances, the Fund invests at least 80% of its net assets, at the time of initial purchase, in equity or equity-related securities of issuers that: (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging countries; (iii) are organized under the laws of, and have a principal office in, an emerging country, (iv) are depositary receipts of issuers described in (i) and (iii) above, or (v) are exchange-traded funds that invest in an emerging country or countries. The term "emerging markets" includes any country: (i) having an "emerging stock market" as defined by the International Finance Corporation; (ii) with low- to middle-income economies according to the International Bank for Reconstruction and Development (the "World Bank"); (iii) listed in World Bank publications as developing; or (iv) determined by the Adviser to be an emerging market. Currently, these countries generally include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The Adviser seeks to identify emerging market companies trading at a significant discount relative to such companies' estimated normalized earnings potential by using in-depth fundamental analysis combined with top down country risk assessment. The Adviser attempts to build a portfolio with a long-term investment horizon that it believes will achieve excess returns with below average risk. The Adviser expects the Fund will hold approximately 50 to 150 securities. The Adviser may sell a security when it believes the security is approaching full valuation, changing circumstances affect the original reasons for its purchase or more attractive opportunities are identified. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. There is no assurance that the Fund will achieve its investment objectives and you can lose money investing in this Fund. • Currency Risk: The risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. • Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. • Depositary Receipts Risk: The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline. • Management Risk: The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. • Market Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. • Opportunity Risk: The risk of missing out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Performance Information | ||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI Emerging Markets Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: (14.09)% Best Quarter Worst Quarter |
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Average Annual Total Returns as of December 31, 2012 | ||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
Label | Element | Value | |||||||||||||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Lateef Fund | |||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Lateef Fund (the "Fund") seeks to provide principal preservation and long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 9 of the Fund's prospectus. |
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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 | 2014-08-31 | |||||||||||||||||||||||||
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 28.29% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 28.29% | |||||||||||||||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. | |||||||||||||||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. | |||||||||||||||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | |||||||||||||||||||||||||
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's Class A, Class C shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests in the common stocks of approximately 15 to 25 mid- and large-cap companies (market capitalizations greater than $2 billion) with, in the Adviser's opinion, a sustainable competitive advantage. The Adviser uses an intensive fundamental due diligence research process to attempt to identify companies with owner-oriented management teams that, in the view of the Adviser, generate consistent and sustainable high returns on capital. Additionally, the companies in which the Fund invests will, in the opinion of the Adviser, possess high margins, strong cash flow, zero to moderate debt and trade at a price below intrinsic value. Consistent with preserving principal, the Adviser intends to select investments that, in its opinion, have low downside risk and high upside potential. The Adviser intends to purchase securities that trade at a discount to their calculated intrinsic value, thus providing a margin of safety to the investment. The Fund is non-diversified, which means that a significant portion of the Fund's assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not invest 25% or more of its net assets in one or more industries, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Non-Diversification Risk: The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. • Sector Risk: The Fund may focus its investments from time to time in one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. • Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | |||||||||||||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. | |||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Class A shares of the Fund for the past five calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index") and the Russell 3000 Index, both broad measures of market performance. The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year- to-date returns would be less than those shown. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Class A shares of the Fund for the past five calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index") and the Russell 3000 Index, both broad measures of market performance. | |||||||||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | |||||||||||||||||||||||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year- to-date returns would be less than those shown. | |||||||||||||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: 8.46%
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | |||||||||||||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | |||||||||||||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 8.46% | |||||||||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | |||||||||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | |||||||||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 16.44% | |||||||||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | |||||||||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | |||||||||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (19.45%) | |||||||||||||||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | |||||||||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns shown are for Class A shares only; after-tax returns for Class C and Class I shares will vary. | |||||||||||||||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class C and Class I shares will vary. The calculation assumes that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. However, actual individual tax results may vary and investors should consult their tax advisers regarding their personal tax situations. |
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Caption | rr_AverageAnnualReturnCaption | verage Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||
S&P 500 Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | [1] | ||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | [1] | ||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 1.55% | [1] | ||||||||||||||||||||||||
Russell 3000 Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.42% | [2] | ||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 2.04% | [2] | ||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 1.88% | [2] | ||||||||||||||||||||||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.00% | |||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [3] | ||||||||||||||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | |||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | |||||||||||||||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | |||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.20% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.45% | [4] | ||||||||||||||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.21%) | [4] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.24% | [4] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 620 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 916 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,234 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,131 | |||||||||||||||||||||||||
Annual Return 2008 | rr_AnnualReturn2008 | (34.79%) | |||||||||||||||||||||||||
Annual Return 2009 | rr_AnnualReturn2009 | 28.76% | |||||||||||||||||||||||||
Annual Return 2010 | rr_AnnualReturn2010 | 14.24% | |||||||||||||||||||||||||
Annual Return 2011 | rr_AnnualReturn2011 | 2.33% | |||||||||||||||||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 19.82% | |||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.84% | [5] | ||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 2.24% | [5] | ||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.66% | [5] | ||||||||||||||||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 06, 2007 | [5] | ||||||||||||||||||||||||
Class A | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.07% | [5] | ||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 2.10% | [5] | ||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.52% | [5] | ||||||||||||||||||||||||
Class A | After Taxes on Distributions and Sale Of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 9.91% | [5] | ||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.91% | [5] | ||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.26% | [5] | ||||||||||||||||||||||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | |||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | |||||||||||||||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | |||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.19% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.19% | [4] | ||||||||||||||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.20%) | [4] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.99% | [4] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 202 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 666 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,156 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,508 | |||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.85% | |||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 2.48% | |||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 2.83% | |||||||||||||||||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 06, 2007 | |||||||||||||||||||||||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | |||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | |||||||||||||||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.19% | |||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.19% | [4] | ||||||||||||||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.20%) | [4] | ||||||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.99% | [4] | ||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 101 | |||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 358 | |||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 635 | |||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,425 | |||||||||||||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 20.06% | |||||||||||||||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.58% | |||||||||||||||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 3.94% | |||||||||||||||||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Sep. 06, 2007 | |||||||||||||||||||||||||
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Estabrook Investment Grade Fixed Income Fund | ||||||||||||||||||||||||||||||||||||||||||||
Estabrook Investment Grade Fixed Income Fund | ||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||
The Estabrook Investment Grade Fixed Income Fund (the “Fixed Income Fund” or the “Fund”) seeks to achieve high current income and capital appreciation. |
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Expenses and Fees | ||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 20 of the Fund’s prospectus. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||||||||||||||||||
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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’s Class A, Class C, Class R shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. For the fiscal year ended April 30, 2013, the Fund’s portfolio turnover rate was 94.83% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||
The Fund, under normal circumstances, seeks to achieve its investment objective by investing at least 80% of its assets in investment grade fixed income securities. This policy may be changed by the Board of Trustees without shareholder approval upon 60 days’ written notice to shareholders. The Fund will consider a security investment grade if it is rated Baa3 or better by Moody’s Investors Service, Inc. (“Moody’s”) or BBB- or better by Standard & Poor’s Financial Services LLC (“S&P”) or Fitch Ratings Ltd. (“Fitch”). The Fund typically selects fixed income securities from several sectors including U.S. Treasuries and agency securities and corporate bonds. Although the Fund invests primarily in investment grade fixed income securities, it may invest up to 20% of its total assets in high yield securities, or “junk bonds,” rated Ba1 or lower by Moody’s or BB+ or lower by S&P and Fitch. The Adviser expects that the Fund’s duration will be between 3 and 6 years; however, the Fund’s duration may be lengthened or shortened beyond this range depending on market conditions. The Fund’s average portfolio duration is expected to vary within three years (plus or minus) of the duration of the Barclays Capital U.S. Intermediate Government/Credit Bond Index (“Barclays Government/Credit Index”), which is the Fund’s benchmark. On April 30, 2013 the duration of the Fund’s benchmark was 3.88 years. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security’s price to changes in interest rates. Generally, the longer a fund’s duration, the more sensitive a fund will be to changes in interest rates. For example, the price of a fixed income fund with a duration of five years would be expected to fall approximately 5% if interest rates rose 1%. The Fund uses a top-down investment process that begins with an assessment of the domestic and global economic environment. Incorporated in the process is an extensive review of current credit trends, the level of interest rates, the shape of the yield curve, and the level of volatility. The Adviser’s investment team then sets various parameters for the Fund which includes duration, yield curve exposure, sector weightings and credit quality. Using these parameters, the Adviser’s investment team uses credit analysis in addition to utilizing various value metrics to formulate decisions to select particular sectors and securities. An example of a value metric would be the additional yield spread provided by a particular fixed income security in excess of that offered by U.S. Treasuries. Throughout this process, the Adviser’s investment team focuses on selecting investments that it believes will provide current income and the opportunity for capital appreciation. The Adviser may sell a security if its prospects for income or capital appreciation decline or when the Adviser deems it to be an unattractive investment. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s NAV, yield and total return. It is possible to lose money by investing in the Fund. ·Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. ·High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered more risky than investment grade, fixed income securities. The total return and yield of high yield bonds can be expected to fluctuate more than the total return and yield of higher quality bonds. High yield bonds are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield bonds involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis. ·Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. ·Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. ·Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. ·Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. ·U.S. Government Agencies Securities Risk: Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. |
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Performance Information | ||||||||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendars year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Government/Credit Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: -1.74%
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Average Annual Total Returns as of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares only; after-tax returns for Class A, Class C and Class R shares will vary. |
Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Estabrook Value Fund | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Estabrook Value Fund (the “Value Fund” or the “Fund”) seeks to achieve long-term capital appreciation and growth of income. |
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Expense [Heading] | rr_ExpenseHeading | Expenses and Fees | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 20 of the Fund’s prospectus. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment): | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. |
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Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. | ||||
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 $25,000 or more in the Fund. | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | "Other expenses" are based on estimated amounts for the current fiscal year. | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the 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’s Class A, Class C, Class R shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund, under normal circumstances, will primarily invest in common stocks and other equity or equity-related securities that the Adviser believes to have favorable prospects for capital appreciation and/or dividend-paying ability. There are no limits on the market capitalizations of the companies in which the Fund may invest. The Adviser’s stock selection process begins with a top-down analysis focusing on those macro-economic conditions that it believes will impact the United States economy. The Adviser applies this broad analysis to its stock selection process by screening over 5,000 companies based on numerous measurements of their value. From this universe, the Adviser looks to invest in companies that are trading at a discount to their peers based on price-to-earnings ratio, price-to-book value and enterprise value (EV) to earnings before interest, taxes, depreciation and amortization (EBITDA), among other measurements. The Adviser also looks to invest in companies that it believes will generate above market dividend yields. Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry or group of industries, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market. The Adviser also seeks to invest in companies that it believes are experiencing a full range of potentially positive changes, ranging from the implementation of a new management team or product launch, to a significant cost-cutting initiative, or a merger or acquisition, or a reduction in industry capacity that may lead to improved pricing. Additionally, the Adviser may seek to invest in companies whose earnings potential has increased or is expected to increase more than consensus estimates; companies that have enjoyed a perceived level of popularity only to have fallen temporarily out of favor for reasons that the Adviser considers non-recurring or short-term; and companies that the Adviser believes are undervalued in relation to their competitors in the same industry. The Adviser may sell a security if its prospects for capital appreciation or income decline or when the Adviser deems it to be an unattractive investment. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Sector Risk: The Fund may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. · Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund’s performance information is only shown when the Fund has had a full calendar year of operations. |
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund's performance information is only shown when the Fund has had a full calendar year of operations. | ||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | |||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.38% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.58% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 726 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 1,045 | ||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.38% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.33% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 236 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 727 | ||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.38% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.33% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 703 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 972 | ||||
Class R
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Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.38% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.83% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 186 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 576 | ||||
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Private Capital Management Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Capital Management Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Private Capital Management Value Fund (the “Fund”) seeks to achieve long-term capital appreciation. |
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Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 14 of the Fund’s prospectus. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expense 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’s Class A shares, Class C shares, Class I shares and Class R shares 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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 11.81% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund, under normal circumstances, primarily invests in common stocks of companies listed on stock exchanges in North America. There are no limits on the market capitalizations of the companies in which the Fund may invest. The Adviser applies a fundamental value, research driven investment approach. The Adviser seeks to identify businesses that it believes are significantly mispriced by the public market. The Adviser values companies using a variety of measures, including an estimate of a company’s capacity to generate discretionary cash flow (cash flow from operations after required capital expenditures) over time and the long-term value of its assets. The Adviser seeks to identify companies that are out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to the Adviser’s estimation of long-term intrinsic value. The Adviser looks for companies that it believes have entrenched market positions or sustainable competitive advantages; competent management whose interests are aligned with creating long-term shareholder value; corporate cultures that are consistent with good governance and appropriately responsive to shareholders — the company’s ultimate owners; and the ability to compete effectively and succeed under various industry and broader economic scenarios. Consistent with its primary objective of achieving long-term capital appreciation, the Adviser generally expects to hold its investment in a company for a period of 3 to 5 years. The Adviser continually re-evaluates companies in which it has invested and will scale back or exit a position as a company’s market price approaches the Adviser’s price target or when a change in a fundamental aspect of the company or its operating environment materially affects the Adviser’s investment view. The Adviser will often continue to hold, or add to, positions with declining share prices so long as the factors driving the price decline do not result in a negative revision to the Adviser’s overall investment assessment of the company. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not invest 25% or more of its net assets in a single industry, the Fund expects to focus its investments in one or more sectors of the economy or stock market as conditions warrant and opportunities present themselves. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. · Currency Translation Risk: A significant number of companies in which the Fund invests rely on markets outside the United States for a portion of their operating revenues. These revenues are frequently denominated in currencies other than the U.S. dollar. As a result, these companies face a risk that revenues can be affected by changes in the exchange rate between the local currencies in which revenues are denominated and the U.S. dollar. A relative decline in the value of the U.S. dollar would have the effect of increasing the dollar amount of revenues generated in local currencies, while a relative strengthening of the U.S. dollar would have the opposite effect. While the Adviser evaluates potential currency translation effects along with other factors in making investment decisions, the Adviser does not take steps to hedge potential currency translation risks. · Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities, including Canadian securities, may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. In particular, the Fund faces the risk of loss as a result of mis-estimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the value of securities owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events that affect individual issuers or large portions of the market. It includes the risk that a particular style of equity investing, such as growth or value, may underperform the market generally. · Non-Diversification Risk: The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. · Sector Risk: The Fund may focus its investments from time to time in a limited number of economic sectors. The Fund is unlikely to have exposure to all economic sectors. To the extent that it focuses in a limited number of economic sectors, developments affecting companies in those sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. · Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
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Performance Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing: · changes in the Fund’s performance from year-to-year; and · how the Fund’s average annual returns for one year, five year, ten year and since inception periods compared with those of a broad measure of market performance. The Fund’s past performance (both before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.private-cap.com or by calling the Fund toll-free at (888) 568-1267. The annual returns in the bar chart are for the Fund’s Class I shares and do not reflect sales loads. If sales loads were reflected, returns would be lower than those shown. In addition, total returns would have been lower had certain fees and expenses not been waived or reimbursed. |
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Annual Total Returns For Past Ten Calendar Years - Class I(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calendar Year-to-Date Total Return as of June 30, 2013: 18.53% During the periods shown in the bar chart, the Fund’s best quarter was up 23.81% (2nd quarter of 2009) and the Fund’s worst quarter was down –33.47% (4th quarter of 2008). |
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Average Annual Total Returns For Periods Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class C, Class A and Class R shares will vary. |
Timberline Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timberline Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Timberline Small Cap Growth Fund (the "Fund") seeks to achieve long-term capital appreciation. |
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Fees and Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 10 of the Fund's prospectus. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expense 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 each of the Fund's Class A, Adviser Class shares and Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 109.97% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of equity securities of small capitalization U.S. companies. The Adviser considers small capitalization companies to be those with market capitalizations within the range of the market capitalization of companies in the Russell 2000® Index, which as of June 30, 2013, was $35.8 million to $5.8 billion. Through analyzing public filings, in-depth research and interviews with company management, competitors, suppliers and customers, the Adviser seeks to identify companies with shareholder-oriented management teams, strong revenue growth and earnings growth, and strong positioning relative to its competitors. The Adviser then applies various valuation techniques to each company to develop price points and a risk/reward profile, which, along with other factors such as a company's potential price volatility, it uses to allocate capital among the Fund's holdings. The Adviser generally will sell or reduce an investment position if it believes: • The initial reasons it bought the security are no longer valid; • The risk versus reward profile of an investment position is no longer favorable; • Adjustments are appropriate in light of capital allocation targets within or across industry sectors or risk management parameters; or • A better investment opportunity exists. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the investment opportunity. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Small-Cap Securities Risk: Small-cap companies may be more vulnerable than large-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of large-cap companies and therefore may involve greater risk. |
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Performance Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table below illustrate the risks and volatility of an investment in Institutional Class shares of the Fund for the past five calendar years and show how the average annual total returns for one year and since inception compare with those of the Russell 2000® Growth Index, a measure of the performance of the small-cap growth segment of the U.S. equity universe. The Fund is the successor to the TW Small Cap Growth Fund I, L.P., an unregistered pooled investment vehicle (the "Predecessor Fund"), which transferred all of its assets to the Fund in connection with the Fund's commencement of operations as a registered investment company on December 31, 2010. The Predecessor Fund was managed by Timberline Asset Management LLC, the same adviser and portfolio manager that currently manages the Fund, and had identical investment objectives and strategies to those of the Fund. The performance includes the performance of the Predecessor Fund prior to the commencement of the Fund's operations. The Predecessor Fund's performance has been adjusted to reflect the annual deduction of fees and expenses applicable to Institutional Class shares of the Fund set forth in the "Annual Fund Operating Expenses" table above. The Predecessor Fund was not registered as a mutual fund under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"). If the Predecessor Fund had been registered under the 1940 Act its performance may have been different. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Annual Total Return of the Fund For Past Five Calendar Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calendar Year-to-Date Total Return as of June 30, 2013: 20.10%
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Average Annual Total Returns as of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not available for periods prior to the Fund's commencement of operations as a registered investment company on December 31, 2010. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. After-tax returns shown are for Institutional Class shares; after-tax returns for Class A and Adviser Class shares will vary. |
Label | Element | Value | ||||
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Risk/Return: | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Cutwater Multi-Sector Inflation Protection Fund | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Cutwater Multi-Sector Inflation Protection Fund (the “Multi-Sector Fund”) seeks long-term preservation of capital and protection of capital against declines in real purchasing power. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 26 of the Fund’s prospectus. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment): | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. |
||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. A CDSC of 1.00% is assessed on redemptions of Class C shares made within 12 months after purchase. A CDSC of 1.00% is assessed on redemptions of Class C shares made within 12 months after purchase. | ||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | "Other Expenses" are based on estimated amounts for the current fiscal year. | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense 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 for Class A shares, Class C shares and Institutional Class shares in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Multi-Sector Fund normally invests at least 80% of its assets in the following: (i) inflation protected fixed income securities and other fixed income securities; (ii) real estate-related securities; and (iii) commodity/natural resource-related securities. To gain exposure to the real estate and commodities markets the Fund will invest in derivative securities (backed by short-term investment grade securities) including structured notes, index-linked instruments, real estate-linked instruments, commodity-linked instruments, swap agreements, options, futures and options on futures. It is anticipated that approximately 75% of the Fund’s assets will be invested in derivative instruments. The Fund may also invest in common and preferred stocks and convertible securities of issuers in commodity-related industries and real-estate related industries and other financial instruments and securities including interests in baskets of equity securities, real estate investment trusts (“REITs”), exchange-traded funds (“ETFs”) and other investment companies. None of the identified inflation-sensitive sectors provide a complete hedge against inflation; however, the Adviser believes that allocating a portfolio among fixed income, real estate-related and commodity/natural resource-related securities will provide greater protection against inflation than investing in only one of these sectors. The Adviser will monitor and review the Fund’s allocations among the inflation-sensitive sectors and may rebalance the Fund’s allocations, as it deems appropriate. The average portfolio duration of the Fund’s fixed income investments will vary based on the Adviser’s assessment of current and future interest rate trends and, under normal market conditions, is not expected to exceed 7 years. The Adviser will target a duration which it believes will offer the opportunity for above-average returns while limiting exposure to interest rate risk. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security’s price to changes in interest rates. Generally, the longer the Fund’s duration, the more sensitive the Fund will be to changes in interest rates. For example, the price of a fixed income fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by 1%. The Adviser will target a duration which it believes will offer the opportunity for above-average returns while limiting exposure to interest rate risk. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s NAV, yield and total return. It is possible to lose money by investing in the Fund. · Commodity-Related Risk: The Fund’s investments in commodity / natural resource-related securities and commodity-linked derivative instruments, may subject that Fund to greater volatility than investments in traditional securities. The value of these investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. · Deflation Risk: Deflation to the U.S. economy may cause principal to decline and inflation-linked securities could underperform securities whose interest payments are not adjusted for inflation or linked to a measure of inflation. · Derivatives Risk: Derivative instruments involve risks different from direct investments in underlying securities. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. · High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered more risky than investment grade, fixed income securities. The total return and yield of high yield bonds can be expected to fluctuate more than the total return and yield of higher quality bonds. High yield bonds are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield bonds involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis. · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. · Non-Diversification Risk: The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · Real Estate Industry Risk: The Fund will invest in the real estate industry. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. The price of a real estate company’s shares may drop because of factors such as the failure of the real estate company borrowers to pay their loans and poor management. Many real estate companies, including REITs, use leverage, which increases investment risk and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. Financial covenants related to a real estate company’s leveraging may affect its ability to operate effectively. Along with the risks common to real estate and other real estate-related securities, REITs involve additional risk factors including poor performance by a REIT’s manager, changes to the tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under the Investment Company Act of 1940, as amended (“1940 Act”). · U.S. Government Agencies Securities Risk: Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. Investment in the Multi-Sector Fund may be suitable for investors who seek long-term preservation of purchasing power and are willing to tolerate some short-term volatility. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund is non-diversified, which means that a significant portion of the Fund's assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund’s performance is only shown when the Fund has had a full calendar year of operations. |
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund's performance is only shown when the Fund has had a full calendar year of operations. | ||||
Class A
|
||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.00% | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | |||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.01% | ||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. | ||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 499 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 709 | ||||
Class C
|
||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | |||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.76% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 179 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 554 | ||||
Institutional
|
||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [2] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.76% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 78 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 243 | ||||
|
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Label | Element | Value | ||||||
---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | WHV Emerging Markets Equity Fund | ||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The WHV Emerging Markets Equity Fund (the "Emerging Markets Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Expenses and Fees | ||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold Class A and Class I shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 20 of the Fund's prospectus. |
||||||
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 | 2016-12-31 | ||||||
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 93.67% of the average value of its portfolio. |
||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 93.67% | ||||||
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 shares of the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 in the Fund's Class A shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund primarily invests in equity securities of companies domiciled in emerging markets that the Adviser believes are attractively valued. The Fund primarily invests in common stock, securities convertible into common stock and depositary receipts. The Fund may invest directly in foreign securities or indirectly through shares of Global Depositary Receipts ("GDRs") and American Depositary Receipts ("ADRs"). The Adviser uses a Growth-at-a-Reasonable Price ("GARP") oriented investment process to select securities that it believes exhibit growth and are attractively valued. The Adviser begins with a top-down approach to identify countries that it deems favorable for investment. The Adviser assesses the attractiveness of a country by analyzing: the country's economic fundamentals and business environment, the quality of earnings of the companies operating within the country and the valuation characteristics of the country's markets. After selecting the countries the Adviser deems favorable for investment, the Adviser performs fundamental analysis to identify companies it believes have strong fundamentals, compelling valuation and identifiable catalysts for growth. The Adviser analyzes individual stock attributes using fundamental research and disciplined valuation techniques. The Fund may focus its investments in one or more economic sectors. The Fund generally holds 30 to 50 securities. The Adviser may sell a portfolio security if it believes that the security has become overvalued; the fundamentals of the company or industry indicate signs of deterioration; the catalysts for purchase are no longer valid; there are concerns regarding the accounting practices or management of the issuer; or better investment opportunities are available. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's NAV, yield and total return. It is possible to lose money by investing in the Fund. • Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may, sometimes rapidly and unpredictably, fluctuate. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Sector Risk: The Fund may focus its investments from time to time in a limited number of economic sectors. The Fund may not have exposure to all economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. • Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI Emerging Markets (Net) Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the MSCI Emerging Markets (Net) Index, a broad measure of market performance. | ||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | ||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: -9.20% Best Quarter Worst Quarter |
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | ||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (9.20%) | ||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 17.23% | ||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2012 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (24.62%) | ||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | ||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares only; after-tax returns for Class A shares will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2012 | ||||||
MSCI Emerging Markets (Net) Index Class I Comparison (reflects no deductions for fees, expenses or taxes)
|
||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.22% | [1] | |||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 1.79% | [1] | |||||
MSCI Emerging Markets (Net) Index Class A Comparison (reflects no deductions for fees, expenses or taxes)
|
||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 18.22% | [1] | |||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 1.79% | [1] | |||||
Class A
|
||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [2] | |||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 4.34% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 5.59% | [3] | |||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (3.84%) | [3] | |||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.75% | [3] | |||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. | ||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. | ||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 50,000 | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 743 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 1,094 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 2,247 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 5,071 | ||||||
Annual Return 2011 | rr_AnnualReturn2011 | (19.38%) | ||||||
Annual Return 2012 | rr_AnnualReturn2012 | 17.29% | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 10.26% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (5.77%) | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 4.30% | ||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 5.30% | [3] | |||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (3.80%) | [3] | |||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.50% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 153 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 474 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,646 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 4,544 | ||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns shown are for Class I shares only; after-tax returns for Class A shares will vary. | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.29% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.76%) | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Dec. 31, 2010 | ||||||
Class I | After Taxes on Distributions
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 17.09% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.95%) | ||||||
Class I | After Taxes on Distributions and Sale Of Fund Shares
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.24% | ||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.46%) | ||||||
|
Label | Element | Value | |||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Boston Advisors Broad Allocation Strategy Fund | |||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Boston Advisors Broad Allocation Strategy Fund (the “Fund”) seeks positive total returns through most market conditions by investing in a wide range of asset classes. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000, or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 30 of the Fund’s prospectus. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment): | |||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.25% | |||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [1] | ||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | |||||||||||||
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): | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.80% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.07% | |||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.43% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.55% | [2],[3] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.88%) | |||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.67% | [3] | ||||||||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-08-31 | |||||||||||||
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 75.23% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 75.23% | |||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply for investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) and shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker-dealer was not paid a commission. | |||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000, or more in the Fund. | |||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | |||||||||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | "Total Annual Fund Operating Expenses" will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund's annual and semi-annual reports to shareholders in the financial highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses. | |||||||||||||
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’s Class A shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 686 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 1,197 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,734 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 3,196 | |||||||||||||
Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to achieve positive returns over a full market cycle with a focus on protection from downside risk. Starting with a global, multi-asset class target benchmark, the Fund’s strategy reflects a flexible approach to asset allocation allowing the Adviser to vary the Fund’s risk exposures to various asset classes in a manner designed to take advantage of changing market conditions. The Fund invests mainly in the shares of exchange-traded funds (“ETFs”). The Fund also may invest in other unaffiliated mutual funds (together with ETFs, “Underlying Funds”) and make direct investments in other securities and investments not issued by ETFs or mutual funds. The Fund will tend to be diversified among a number of asset classes, and its allocation will be based on an asset allocation framework developed by the Adviser, in which risk analysis forms an integral part of the investment process. Asset classes include traditional asset classes, such as equities and fixed income, and also non-traditional asset classes, such as commodities, global real estate, currencies and other asset classes. Allocations to each asset class are determined by the portfolio management team and are based on the Adviser’s proprietary quantitative approach and qualitative analysis of market conditions. Under certain conditions, for example during periods of high market volatility, the portfolio may be more heavily weighted in specific asset classes that are expected to reduce the Fund’s exposure to market volatility or take advantage of opportunities presented by such volatility. The Fund intends to invest in Underlying Funds providing exposure to equity and fixed income securities of both U.S. and non-U.S. corporate and governmental issuers. The Underlying Funds in which the Fund may invest include those providing exposure to small-, mid- and large-capitalization common stocks; real estate securities; commodity-related securities; securities of foreign issuers, including emerging market issuers; and fixed income securities, including high yield securities and money market instruments. The Fund also may invest directly in equity and fixed income securities and money market instruments. Under normal market conditions, the Fund will invest in Underlying Funds that invest in companies that are located, headquartered, incorporated or otherwise organized outside of the U.S. The Fund expects its foreign investments to be allocated among Underlying Funds that are diversified among various regions; countries, including the U.S.; industries; and capitalization ranges. The Fund may invest in Underlying Funds that invest in equity and debt of issuers in both developed and emerging markets. The Adviser determines the tactical asset allocation of the Fund using its proprietary bottom-up, quantitative approach that incorporates various criteria, including, for example, economic factors such as gross domestic product and inflation; fixed income market factors such as sovereign yields, credit spreads and currency trends; and equity market factors such as domestic and foreign operating earnings and valuation levels. The Adviser monitors the Fund daily to ensure it is invested pursuant to the Adviser’s current asset allocation framework. The Adviser reviews the asset allocation framework and recommended allocations periodically to consider adjusting the allocations based on its evolving investment views amid changing market and economic conditions. There is no limit on the number of Underlying Funds in which the Fund may invest. The Fund is not required to maintain any minimum or maximum investment in any asset class, and the Fund may at times invest more than 25% of its assets in one Underlying Fund or asset class. Additionally, the Fund may at times employ an overlay strategy to gain exposure to various market sectors, hedge long positions or otherwise take advantage of market conditions. This overlay strategy is designed to assist in reducing overall portfolio risk by hedging against the risk associated with certain asset classes or providing exposure to asset classes or investments that are expected to provide a negative correlation to other Fund investments. The overlay strategy may at various times include the use of short sales and investments in a variety of derivative instruments such as futures, options and swap contracts. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. There is no assurance that the Fund will achieve its investment objectives and you can lose money investing in this Fund. · Underlying Fund Risk. The risk that the Fund’s investment performance and its ability to achieve its investment objective are directly related to and depend on the performance of the Underlying Funds in which it invests. Market fluctuations may change the target weightings in the Underlying Funds. The Underlying Funds may change their investment objectives, policies or practices and there can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. Shareholders will bear the indirect proportionate expenses of investing in the Underlying Funds. As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in an Underlying Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or the Adviser. An investment in Underlying Funds that are ETFs generally presents the same primary risks as an investment in Underlying Funds that are mutual funds. In addition, ETFs may be subject to the following: (1) a discount of the ETF shares price to its net asset value; (2) failure to develop an active trading market for the ETF shares; (3) the listing exchange halting trading of the underlying ETF shares; (4) failure of the ETF shares to track the referenced index; and (5) holding troubled securities in the referenced index. ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests. Further, certain of the ETFs in which the Fund may invest are leveraged. The more the Fund invests in such leveraged ETFs, the more this leverage will magnify any losses on those investments. · Asset Allocation Risk. The risk that the selection by a manager of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with similar investment objectives. The Fund’s investment in any one Underlying Fund or asset class may exceed 25% of the Fund’s total assets, which may cause it to be subject to greater risk than a more diversified fund. · Commodity-Related Securities Risk. The risk that investing in commodity-related securities investments may subject the Fund to greater volatility than investments in other kinds of securities. In addition to overall market movements, commodity-related securities may be adversely impacted by commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. · Credit (or Default) Risk. The risk that the inability or unwillingness of an issuer or guarantor of a fixed income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect. · Currency Risk. The risk that foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. Because the Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fund’s holdings appreciates. · Debt Extension Risk. The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities. · Derivatives Risk. Derivative instruments involve risks different from direct investments in underlying securities. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. The risks associated with futures, options and swap contracts include: the potential inability to terminate or sell a position, the lack of a liquid secondary market for the Fund’s position and the risk that the counterparty to the transaction will not meet its obligations. · Emerging Markets Risk. The risk that markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets. · Equity Securities Risk. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. · Expenses Risk. The risk that the Fund’s expense structure may result in lower investment returns. You may invest in the Underlying Funds directly. By investing in the Underlying Funds indirectly through the Fund, you will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. · Foreign Securities Risk. The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline. · High-Yield Risk. The risk that the Fund’s non-investment grade fixed income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payment. · Interest Rate/Maturity Risk. The risk that the value of the Fund’s assets will decline because of rising interest rates. The magnitude of this decline will often be greater for longer term fixed income securities than shorter-term securities. · Management Risk. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk. The risk that the value of securities owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events that affect individual issuers or large portions of the market. It includes the risk that a particular style of equity investing, such as growth or value, may underperform the market generally. · Portfolio Turnover Risk. The risk that high portfolio turnover is likely to lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover also is likely to result in higher short-term capital gains taxable to shareholders. · Prepayment (or Call) Risk. The risk that prepayment of the underlying mortgage or other collateral of some fixed income securities may result in a decreased rate of return and a decline in value of those securities. · Real Estate Securities Risk. The risk that investments in real estate investment trusts (“REITs”) and securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. REITs and real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. The price of a real estate company’s shares may drop because of the failure of the real estate company borrowers to pay their loans and poor management. Many real estate companies, including REITs, use leverage, which increases investment risk and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. Financial covenants related to a real estate company’s leveraging may affect its ability to operate effectively. Along with the risks common to real estate and other real estate-related securities, REITs involve additional risk factors including poor performance by a REIT’s manager, changes to the tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under applicable law. · Short Sale Risk. Short sale risk includes the potential loss of more money than the actual cost of the investment and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. · Small Cap Stock Risk. The risk that stocks of smaller capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. · Valuation Risk. The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | There is no assurance that the Fund will achieve its investment objectives and you can lose money investing in this Fund. | |||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in an Underlying Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or the Adviser. | |||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Class A shares of the Fund for the past calendar year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, each a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Class A shares of the Fund for the past calendar year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, each a broad measure of market performance. | |||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | |||||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 6.75% | |||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: -3.91%
|
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | |||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | |||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (3.91%) | |||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | |||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2012 | |||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 5.07% | |||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | |||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2012 | |||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.07%) | |||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | |||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2012 | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 1.10% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.68%) | |||||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jun. 08, 2011 | |||||||||||||
After Taxes on Distributions
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 0.82% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.98%) | |||||||||||||
After Taxes on Distributions and Sale Of Fund Shares
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 0.71% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (2.45%) | |||||||||||||
60% S&P 500 Index/40% Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.31% | [4] | ||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 8.25% | [4] | ||||||||||||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | [5] | ||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 9.62% | [5] | ||||||||||||
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 4.22% | [6] | ||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 5.46% | [6] | ||||||||||||
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Institutional Class Prospectus | Boston Advisors Broad Allocation Strategy Fund | Institutional | |||||||||||||||||||||||||||||||||||||||||
Boston Advisors Broad Allocation Strategy Fund | |||||||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||||||
The Broad Allocation Strategy Fund (the “Fund”) seeks positive total returns through most market conditions by investing in a wide range of asset classes. |
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Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold Institutional Class shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||
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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’s Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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 75.23% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||
The Fund seeks to achieve positive returns over a full market cycle with a focus on protection from downside risk. Starting with a global, multi-asset class target benchmark, the Fund’s strategy reflects a flexible approach to asset allocation allowing the Adviser to vary the Fund’s risk exposures to various asset classes in a manner designed to take advantage of changing market conditions. The Fund invests mainly in the shares of exchange-traded funds (“ETFs”). The Fund also may invest in other unaffiliated mutual funds (together with ETFs, “Underlying Funds”) and make direct investments in other securities and investments not issued by ETFs or mutual funds. The Fund will tend to be diversified among a number of asset classes, and its allocation will be based on an asset allocation framework developed by the Adviser, in which risk analysis forms an integral part of the investment process. Asset classes include traditional asset classes, such as equities and fixed income, and also non-traditional asset classes, such as commodities, global real estate, currencies and other asset classes. Allocations to each asset class are determined by the portfolio management team and are based on the Adviser’s proprietary quantitative approach and qualitative analysis of market conditions. Under certain conditions, for example during periods of high market volatility, the portfolio may be more heavily weighted in specific asset classes that are expected to reduce the Fund’s exposure to market volatility or take advantage of opportunities presented by such volatility. The Fund intends to invest in Underlying Funds providing exposure to equity and fixed income securities of both U.S. and non-U.S. corporate and governmental issuers. The Underlying Funds in which the Fund may invest include those providing exposure to small-, mid- and large-capitalization common stocks; real estate securities; commodity-related securities; securities of foreign issuers, including emerging market issuers; and fixed income securities, including high yield securities and money market instruments. The Fund also may invest directly in equity and fixed income securities and money market instruments. Under normal market conditions, the Fund will invest in Underlying Funds that invest in companies that are located, headquartered, incorporated or otherwise organized outside of the U.S. The Fund expects its foreign investments to be allocated among Underlying Funds that are diversified among various regions; countries, including the U.S.; industries; and capitalization ranges. The Fund may invest in Underlying Funds that invest in equity and debt of issuers in both developed and emerging markets. The Adviser determines the tactical asset allocation of the Fund using its proprietary bottom-up, quantitative approach that incorporates various criteria, including, for example, economic factors such as gross domestic product and inflation; fixed income market factors such as sovereign yields, credit spreads and currency trends; and equity market factors such as domestic and foreign operating earnings and valuation levels. The Adviser monitors the Fund daily to ensure it is invested pursuant to the Adviser’s current asset allocation framework. The Adviser reviews the asset allocation framework and recommended allocations periodically to consider adjusting the allocations based on its evolving investment views amid changing market and economic conditions. There is no limit on the number of Underlying Funds in which the Fund may invest. The Fund is not required to maintain any minimum or maximum investment in any asset class, and the Fund may at times invest more than 25% of its assets in one Underlying Fund or asset class. Additionally, the Fund may at times employ an overlay strategy to gain exposure to various market sectors, hedge long positions or otherwise take advantage of market conditions. This overlay strategy is designed to assist in reducing overall portfolio risk by hedging against the risk associated with certain asset classes or providing exposure to asset classes or investments that are expected to provide a negative correlation to other Fund investments. The overlay strategy may at various times include the use of short sales and investments in a variety of derivative instruments such as futures, options and swap contracts. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. |
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Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. There is no assurance that the Fund will achieve its investment objective and you can lose money investing in this Fund. · Underlying Fund Risk. The risk that the Fund’s investment performance and its ability to achieve its investment objective are directly related to and depend on the performance of the Underlying Funds in which it invests. Market fluctuations may change the target weightings in the Underlying Funds. The Underlying Funds may change their investment objectives, policies or practices and there can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. Shareholders will bear the indirect proportionate expenses of investing in the Underlying Funds. As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in an Underlying Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or the Adviser. An investment in Underlying Funds that are ETFs generally presents the same primary risks as an investment in Underlying Funds that are mutual funds. In addition, ETFs may be subject to the following: (1) a discount of the ETF shares price to its NAV; (2) failure to develop an active trading market for the ETF shares; (3) the listing exchange halting trading of the underlying ETF shares; (4) failure of the ETF shares to track the referenced index; and (5) holding troubled securities in the referenced index. ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests. Further, certain of the ETFs in which the Fund may invest are leveraged. The more the Fund invests in such leveraged ETFs, the more this leverage will magnify any losses on those investments. · Asset Allocation Risk. The risk that the selection by a manager of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with similar investment objectives. The Fund’s investment in any one Underlying Fund or asset class may exceed 25% of the Fund’s total assets, which may cause it to be subject to greater risk than a more diversified fund. · Commodity-Related Securities Risk. The risk that investing in commodity-related securities investments may subject the Fund to greater volatility than investments in other kinds of securities. In addition to overall market movements, commodity-related securities may be adversely impacted by commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as weather, disease, embargoes, acts of war or terrorism or political and regulatory developments. · Credit (or Default) Risk. The risk that the inability or unwillingness of an issuer or guarantor of a fixed income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect. · Currency Risk. The risk that foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. Because the Fund’s NAV is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign market depreciates against the U.S. dollar, even if the market value of the Fund’s holdings appreciates. · Debt Extension Risk. The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities. · Derivatives Risk. Derivative instruments involve risks different from direct investments in underlying securities. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. The risks associated with futures, options and swap contracts include: the potential inability to terminate or sell a position, the lack of a liquid secondary market for the Fund’s position and the risk that the counterparty to the transaction will not meet its obligations. · Emerging Markets Risk. The risk that markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets. · Equity Securities Risk. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. · Expenses Risk. The risk that the Fund’s expense structure may result in lower investment returns. You may invest in the Underlying Funds directly. By investing in the Underlying Funds indirectly through the Fund, you will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. · Foreign Securities Risk. The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline. · High-Yield Risk. The risk that the Fund’s non-investment grade fixed income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payment. · Interest Rate/Maturity Risk. The risk that the value of the Fund’s assets will decline because of rising interest rates. The magnitude of this decline will often be greater for longer term fixed income securities than shorter-term securities. · Management Risk. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk. The risk that the value of securities owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events that affect individual issuers or large portions of the market. It includes the risk that a particular style of equity investing, such as growth or value, may underperform the market generally. · Portfolio Turnover Risk. The risk that high portfolio turnover is likely to lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover also is likely to result in higher short-term capital gains taxable to shareholders. · Prepayment (or Call) Risk. The risk that prepayment of the underlying mortgage or other collateral of some fixed income securities may result in a decreased rate of return and a decline in value of those securities. · Real Estate Securities Risk. The risk that investments in real estate investment trusts (“REITs”) and securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. REITs and real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. The price of a real estate company’s shares may drop because of the failure of the real estate company borrowers to pay their loans and poor management. Many real estate companies, including REITs, use leverage, which increases investment risk and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. Financial covenants related to a real estate company’s leveraging may affect its ability to operate effectively. Along with the risks common to real estate and other real estate-related securities, REITs involve additional risk factors including poor performance by a REIT’s manager, changes to the tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under applicable law. · Short Sale Risk. Short sale risk includes the potential loss of more money than the actual cost of the investment and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. · Small Cap Stock Risk. The risk that stocks of smaller capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. · Valuation Risk. The risk that the Fund has valued certain of its securities at a higher price than it can sell them. |
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Performance Information | |||||||||||||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional class shares of the Fund for the past calendar year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, each a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: -3.73%
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Average Annual Total Returns as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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Label | Element | Value | ||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Cutwater Municipal Bond Inflation Protection Fund | ||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Cutwater Municipal Bond Inflation Protection Fund (the “Municipal Fund”) seeks high after-tax inflation protected return. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 26 of the Fund’s prospectus. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. |
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Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. A CDSC of 1.00% is assessed on redemptions of Class C shares made within 12 months after purchase. A CDSC of 1.00% is assessed on redemptions of Class C shares made within 12 months after purchase. | ||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | "Other Expenses" are based on estimated amounts for the current fiscal year. | ||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense 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 for Class A shares, Class C shares and Institutional Class shares in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Municipal Fund will invest at least 80% of its total assets in a diversified portfolio of municipal securities, the interest on which may be exempt from federal income tax. The Adviser utilizes its Municipal Bond Inflation Protection strategy to build a portfolio of “municipal inflation protected securities” or “MIPS.” Because there are very few issuers of municipal inflation-linked securities (commonly referred to as “muni-CPI bonds”), the Adviser will attempt to synthetically create a portfolio of securities that has the economic characteristics of a portfolio of municipal inflation-linked securities by investing in investment grade municipal securities and simultaneously entering into swap agreements (or other derivative instruments) linked to a commonly used indicator of inflation (such as a consumer price index). The MIPS strategy is designed to provide tax efficient “Real Return” and a hedge against inflation. “Real Return” means total return less the estimated cost of inflation. The Fund will primarily invest in investment-grade municipal securities (rated “Baa3” or higher by Moody’s, “BBB-” or higher by S&P or Fitch or determined by the Adviser to be of comparable quality). The Fund may invest up to 25% of its total assets in municipal obligations, the interest on which may be an item of tax preference for purposes of the alternative minimum tax (“AMT”). The Fund may invest up to 20% of its total assets in high yield fixed income securities rated below investment grade, provided that the Fund will not purchase securities rated below “B3” by Moody’s or “B-” by S&P or Fitch. In addition, the Fund may invest in inflation-linked securities, such as Treasury Inflation Protected Securities (“TIPS”). The portfolio is expected to have an average duration of between 4 and 10 years. The Adviser will target a duration which it believes will offer the opportunity for above average returns while limiting exposure to interest rate risk. The Fund also invests in inflation-linked derivative securities including structured notes, swap agreements, options, futures and options on futures. It is anticipated that approximately 20% of the Fund’s assets will be invested in derivative instruments. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s NAV, yield and total return. It is possible to lose money by investing in the Fund. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. · Deflation Risk: Deflation to the U.S. economy may cause principal to decline and inflation-linked securities could underperform securities whose interest payments are not adjusted for inflation or linked to a measure of inflation. · Derivatives Risk: Derivative instruments involve risks different from direct investments in underlying securities. These risks include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the transactions may not be liquid. · High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered more risky than investment grade, fixed income securities. The total return and yield of high yield bonds can be expected to fluctuate more than the total return and yield of higher quality bonds. High yield bonds are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield bonds involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis. · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. · Management Risk: As with any managed fund, the Fund’s investment adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. · Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds, and the investment performance of the Municipal Fund may therefore be more dependent on the analytical abilities of the Adviser than that of an equity fund or taxable bond fund. The secondary market for municipal securities also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Municipal Fund’s ability to sell its bonds at attractive prices or at prices approximating those at which the Fund currently values them. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal, state and local governments. The value of municipal bonds may also be affected by changes in the tax laws including the modification of the rules relating to the exemption from gross income on municipal securities and changes in tax rates generally, which could affect the value of the tax exemption even if the exemption is not itself modified. · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · U.S. Government Agencies Securities Risk: Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. Investment in the Municipal Fund may be suitable for investors who seek tax sensitive income and an attractive inflation-protected after-tax return. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Municipal Fund for the last calendar year that the Fund was operational and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Capital Municipal Bond Index (“Barclays Muni Bond Index”) and the Barclays Capital Global Inflation-Linked U.S. TIPS Index (Series-L) (“Barclays Global Index”), both broad measures of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. The Fund commenced operations on November 1, 2007 and subsequently ceased investment operations on April 29, 2009 due to redemption of all shareholders. The Fund currently has no assets and no shareholders, and, therefore, no performance information is presented for periods after March 31, 2009. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Institutional Class shares of the Municipal Fund for the last calendar year that the Fund was operational and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Capital Municipal Bond Index ("Barclays Muni Bond Index") and the Barclays Capital Global Inflation-Linked U.S. TIPS Index (Series-L) ("Barclays Global Index"), both broad measures of market performance. | ||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | ||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of March 31, 2009: 7.55%
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | ||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Mar. 31, 2009 | ||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 7.55% | ||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2008 | ||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 1.98% | ||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2008 | ||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (5.45%) | ||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | ||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns shown are for Institutional Class shares; after-tax returns for Class A shares and Class C shares will vary. | ||||||||||||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | The "Institutional Class Shares Return After Taxes on Distributions and Sale of Shares" is higher than the "Institutional Class Shares Return Before Taxes" and/or the "Institutional Class Shares Return After Taxes on Distributions" because of realized losses that would have been sustained upon the sale of fund shares immediately after the relevant periods. The calculation assumes that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. | ||||||||||||
Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2008 | ||||||||||||
Barclays Muni Bond Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | (2.47%) | [1] | |||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (1.74%) | [1] | |||||||||||
Barclays Global Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | (7.69%) | [2] | |||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 0.57% | [2] | |||||||||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.00% | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [3] | |||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [4] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.01% | ||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Fund. | ||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 499 | ||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 709 | ||||||||||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [3] | |||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [4] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.76% | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 179 | ||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 554 | ||||||||||||
Institutional
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | [4] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.76% | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 78 | ||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 243 | ||||||||||||
Annual Return 2008 | rr_AnnualReturn2008 | (8.28%) | ||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | (8.28%) | [5] | |||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (6.49%) | [5] | |||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Nov. 01, 2007 | [5] | |||||||||||
Institutional | After Taxes on Distributions
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | (9.37%) | [5],[6] | |||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (7.58%) | [5],[6] | |||||||||||
Institutional | After Taxes on Distributions and Sale Of Fund Shares
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | (5.34%) | [5],[6] | |||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | (6.08%) | [5],[6] | |||||||||||
|
Formula Investing U.S. Value 1000 Fund | ||||||||||||||||||||||||||||||
Formula Investing U.S. Value 1000 Fund | ||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||
The Formula Investing U.S. Value 1000 Fund (the "U.S. Value 1000 Fund" or the "Fund") seeks to achieve long-term capital appreciation. |
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Fees and Expenses | ||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||||||||
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Expense 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's Class A shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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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. For the fiscal year ended April 30, 2013, the Fund's portfolio turnover rate was 111% of the average value of its portfolio. |
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Summary of Principal Investment Strategies | ||||||||||||||||||||||||||||||
The Fund will normally invest at least 80% of its net assets in the securities of U.S. companies. Gotham Asset Management, LLC's ("Gotham" or the "Adviser") security selection process begins by analyzing a proprietary database of a universe of the largest 1,400 U.S. listed securities measured by market capitalization and ranking the securities using a proprietary systematic methodology. From this universe, the Adviser uses a proprietary strategy to construct a portfolio of approximately 800-1000 of the highest ranked common stocks that is weighted based on the Adviser's assessment of a security's fundamental value, based on factors such as earnings yield and return on capital. The Adviser retains full discretion to add, subtract or revise the factors utilized, weightings and processes applied to construct the portfolio, as well as discretion to determine the market capitalization of securities for purchase by the Fund. The Adviser may engage in active trading, which may cause high portfolio turnover. The Adviser will not consider portfolio turnover a limiting factor in making decisions for the Fund. The investment strategy used by the Fund is unlike indexing strategies that use stock market capitalization as the basis for portfolio construction. By investing in a portfolio of approximately 800-1000 securities weighted by the Adviser's assessment of fundamental value, as opposed to market capitalization, the Adviser believes the Fund's portfolio will be weighted in favor of companies that present stronger fundamental characteristics and may outperform a market capitalization-weighted portfolio from the same universe of securities. The Adviser has conducted proprietary research that suggests that to the extent securities are mispriced in the stock market, such mispricing could cause capitalization-weighted indices to overweight or underweight constituent securities relative to their fair value. The Adviser attempts to mitigate potential stock pricing errors by compiling a portfolio based on certain fundamental metrics of each company's relative value rather than stock market capitalization. |
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Summary of Principal Risks | ||||||||||||||||||||||||||||||
The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund. • Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. • Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated. • Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. • Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. • Portfolio Turnover Risk: The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund's returns. |
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Performance Information | ||||||||||||||||||||||||||||||
The bar chart and the performance table illustrate the risks and volatility of an investment in Class A shares of the Fund for the past two calendar years and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Russell 1000® Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Calendar Year-to-Date Total Return as of June 30, 2013: 17.65% 15.22% -6.57% (March 31, 2012) (June 30, 2012) |
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Average Annual Total Returns as of December 31, 2012 | ||||||||||||||||||||||||||||||
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class I shares will vary. |
Label | Element | Value | |||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Pacific Capital Tax-Free Securities Fund | |||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Pacific Capital Tax-Free Securities Fund (the “Tax-Free Securities Fund” or the “Fund”) seeks high current income that is exempt from federal and Hawaii income tax. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold Class Y shares of the Fund. |
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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 | 2015-08-31 | |||||||||||||
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 Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the fiscal year ended April 30, 2013, the portfolio turnover rate of the Fund was 14.78% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 14.78% | |||||||||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | "Total Annual Fund Operating Expenses" will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund's annual and semi-annual reports to shareholders in the financial highlights table, which reflects the operating expenses for the Fund and does not include Acquired Fund fees and expenses. | |||||||||||||
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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund normally invests at least 80% of its net assets plus borrowings for investment purposes in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund generally only acquires municipal obligations that are rated “investment grade” at the time of purchase, which means they are rated in one of the top four categories by a nationally recognized statistical rating organization, or unrated obligations that the Adviser determines are of comparable quality. The Fund normally invests not less than 50% of its net assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. However, there may be extended periods of time when the Fund will invest less than 50% of its net assets in Hawaiian municipal obligations due to a lack of supply. The Fund may also invest in other kinds of debt instruments issued by domestic issuers. The Fund focuses on maximizing tax exempt income consistent with prudent investment risk. It varies the average maturity of its investment portfolio from time to time in response to actual and expected interest rate movements as well as other market and economic conditions. The Fund is non-diversified, which means that the Fund may invest most of its assets in securities issued by or representing a small number of issuers. No maturity limitations apply to the Fund’s investment portfolio, and the average maturity of its portfolio can vary significantly. The Adviser monitors the Fund’s portfolio performance and reallocates the Fund’s assets in response to actual and expected market and economic changes. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund, or the Fund could underperform other investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. · Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation (such as the payment of interest or principal on a debt security). · Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. The longer the average maturity of the Fund’s investment portfolio, the greater the fluctuation in value. · Liquidity Risk: The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which 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. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. · Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the Adviser than that of an equity fund or taxable bond fund. The Fund invests significantly in municipal obligations of issuers located in Hawaii. The values of shares of the Fund therefore will be affected by economic and political developments in Hawaii. · Non-Diversification Risk: The Fund is “non-diversified” and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as “diversified.” A fund that invests in a relatively small number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks. · Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. · Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. · Valuation Risk: The risk that the Fund has valued certain of its securities at a higher price than it can sell them. This Fund is intended for investors who seek income that is exempt from federal and Hawaii income tax, a high level of liquidity, and professional portfolio management. This Fund is not intended for investors who seek high stability of principal, income that is not subject to any federal alternative minimum tax, or significant capital appreciation. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund, or the Fund could underperform other investments. | |||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund is "non-diversified" and, therefore, may invest a greater percentage of its assets in the securities of a single issuer than mutual funds that are classified as "diversified." A fund that invests in a relatively small number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks. | |||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | |||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Before the Fund commenced operations, all of the assets of the Tax-Free Securities Fund, a series of Pacific Capital Funds (the “Predecessor Fund”), were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on June 28, 2010. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years and 10 years compare with the Barclays Capital Hawaii Municipal Bond Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years and 10 years compare with the Barclays Capital Hawaii Municipal Bond Index. | |||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. | |||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: -3.05%
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | |||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | |||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (3.05%) | |||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | |||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2002 | |||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 4.52% | |||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | |||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 | |||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.99%) | |||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | |||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The calculation assumes that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. However, actual individual tax results may vary and investors should consult their tax advisers regarding their personal tax situations. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns For the period ended December 31, 2012 | |||||||||||||
Barclays Capital Hawaii Municipal Bond Index (reflects no deductions for fees, expenses or taxes)
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 5.69% | [1] | ||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 5.83% | [1] | ||||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 4.88% | [1] | ||||||||||||
Class Y
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.20% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.10% | |||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.31% | [2] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.20%) | |||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.11% | [3] | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 11 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 58 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 133 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 353 | |||||||||||||
Annual Return 2003 | rr_AnnualReturn2003 | 5.01% | |||||||||||||
Annual Return 2004 | rr_AnnualReturn2004 | 3.19% | |||||||||||||
Annual Return 2005 | rr_AnnualReturn2005 | 1.59% | |||||||||||||
Annual Return 2006 | rr_AnnualReturn2006 | 3.69% | |||||||||||||
Annual Return 2007 | rr_AnnualReturn2007 | 2.95% | |||||||||||||
Annual Return 2008 | rr_AnnualReturn2008 | (0.04%) | |||||||||||||
Annual Return 2009 | rr_AnnualReturn2009 | 8.04% | |||||||||||||
Annual Return 2010 | rr_AnnualReturn2010 | 2.21% | |||||||||||||
Annual Return 2011 | rr_AnnualReturn2011 | 8.74% | |||||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 5.77% | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 5.77% | |||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 4.89% | |||||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 4.08% | |||||||||||||
Class Y | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 5.77% | |||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 4.86% | |||||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 3.99% | |||||||||||||
Class Y | After Taxes on Distributions and Sale Of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 5.02% | |||||||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 4.74% | |||||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 4.02% | |||||||||||||
|
Label | Element | Value | ||||||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Private Capital Management Value Fund | ||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Private Capital Management Value Fund (the “Fund”) seeks to achieve long-term capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 14 of the Fund’s prospectus. |
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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 | 2014-08-31 | ||||||||||
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 11.81% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 11.81% | ||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $750,000 or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $750,000 or more where the selling broker dealer was not paid a commission. A CDSC of 1.00% is assessed on redemptions of Class C shares made within 12 months after purchase. | ||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense 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’s Class A shares, Class C shares, Class I shares and Class R shares 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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | ||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund, under normal circumstances, primarily invests in common stocks of companies listed on stock exchanges in North America. There are no limits on the market capitalizations of the companies in which the Fund may invest. The Adviser applies a fundamental value, research driven investment approach. The Adviser seeks to identify businesses that it believes are significantly mispriced by the public market. The Adviser values companies using a variety of measures, including an estimate of a company’s capacity to generate discretionary cash flow (cash flow from operations after required capital expenditures) over time and the long-term value of its assets. The Adviser seeks to identify companies that are out of favor, underappreciated or misunderstood, and thereby trade at a significant discount to the Adviser’s estimation of long-term intrinsic value. The Adviser looks for companies that it believes have entrenched market positions or sustainable competitive advantages; competent management whose interests are aligned with creating long-term shareholder value; corporate cultures that are consistent with good governance and appropriately responsive to shareholders — the company’s ultimate owners; and the ability to compete effectively and succeed under various industry and broader economic scenarios. Consistent with its primary objective of achieving long-term capital appreciation, the Adviser generally expects to hold its investment in a company for a period of 3 to 5 years. The Adviser continually re-evaluates companies in which it has invested and will scale back or exit a position as a company’s market price approaches the Adviser’s price target or when a change in a fundamental aspect of the company or its operating environment materially affects the Adviser’s investment view. The Adviser will often continue to hold, or add to, positions with declining share prices so long as the factors driving the price decline do not result in a negative revision to the Adviser’s overall investment assessment of the company. The Fund is non-diversified, which means that a significant portion of the Fund’s assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not invest 25% or more of its net assets in a single industry, the Fund expects to focus its investments in one or more sectors of the economy or stock market as conditions warrant and opportunities present themselves. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | ||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. · Currency Translation Risk: A significant number of companies in which the Fund invests rely on markets outside the United States for a portion of their operating revenues. These revenues are frequently denominated in currencies other than the U.S. dollar. As a result, these companies face a risk that revenues can be affected by changes in the exchange rate between the local currencies in which revenues are denominated and the U.S. dollar. A relative decline in the value of the U.S. dollar would have the effect of increasing the dollar amount of revenues generated in local currencies, while a relative strengthening of the U.S. dollar would have the opposite effect. While the Adviser evaluates potential currency translation effects along with other factors in making investment decisions, the Adviser does not take steps to hedge potential currency translation risks. · Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities, including Canadian securities, may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline. · Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. In particular, the Fund faces the risk of loss as a result of mis-estimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. · Market Risk: The risk that the value of securities owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events that affect individual issuers or large portions of the market. It includes the risk that a particular style of equity investing, such as growth or value, may underperform the market generally. · Non-Diversification Risk: The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. · Sector Risk: The Fund may focus its investments from time to time in a limited number of economic sectors. The Fund is unlikely to have exposure to all economic sectors. To the extent that it focuses in a limited number of economic sectors, developments affecting companies in those sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors. · Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | ||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The risk that since the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund. | ||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing: · changes in the Fund’s performance from year-to-year; and · how the Fund’s average annual returns for one year, five year, ten year and since inception periods compared with those of a broad measure of market performance. The Fund’s past performance (both before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.private-cap.com or by calling the Fund toll-free at (888) 568-1267. The annual returns in the bar chart are for the Fund’s Class I shares and do not reflect sales loads. If sales loads were reflected, returns would be lower than those shown. In addition, total returns would have been lower had certain fees and expenses not been waived or reimbursed. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing:. | ||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (888) 568-1267 | ||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.private-cap.com | ||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance (both before and after taxes) does not necessarily indicate how the Fund will perform in the future. | ||||||||||
Bar Chart [Heading] | rr_BarChartHeading | Annual Total Returns For Past Ten Calendar Years - Class I(1) | ||||||||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | The annual returns in the bar chart are for the Fund's Class I shares and do not reflect sales loads. If sales loads were reflected, returns would be lower than those shown. | ||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: 18.53% During the periods shown in the bar chart, the Fund’s best quarter was up 23.81% (2nd quarter of 2009) and the Fund’s worst quarter was down –33.47% (4th quarter of 2008). |
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | ||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 18.53% | ||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 23.81% | ||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (33.47%) | ||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | ||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown only for Class I shares; after-tax returns for Class C, Class A and Class R shares will vary. | ||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class C, Class A and Class R shares will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns For Periods Ended December 31, 2012 | ||||||||||
S&P 500 Index Class I Comparison (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | [1] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | [1] | |||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.10% | [1] | |||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 9.53% | [1] | |||||||||
Russell 2000 Index Class I Comparison (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.29% | [2] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.55% | [2] | |||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 9.71% | [2] | |||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 8.96% | [2] | |||||||||
S&P 500 Index Class A Comparison (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | [1] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.66% | [1] | |||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 7.10% | [1] | |||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 12.06% | [1] | |||||||||
Russell 2000 Index Class A Comparison (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 16.29% | [2] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.55% | [2] | |||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 9.71% | [2] | |||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 11.60% | [2] | |||||||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.00% | ||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [3] | |||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.90% | ||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.73% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.88% | [4] | |||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.63%) | ||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.25% | [4] | |||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. | ||||||||||
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 | 1,003 | ||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,410 | ||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,542 | ||||||||||
Annual Return 2003 | rr_AnnualReturn2003 | 38.80% | ||||||||||
Annual Return 2004 | rr_AnnualReturn2004 | 20.67% | ||||||||||
Annual Return 2005 | rr_AnnualReturn2005 | 2.48% | ||||||||||
Annual Return 2006 | rr_AnnualReturn2006 | 16.93% | ||||||||||
Annual Return 2007 | rr_AnnualReturn2007 | (3.32%) | ||||||||||
Annual Return 2008 | rr_AnnualReturn2008 | (47.54%) | ||||||||||
Annual Return 2009 | rr_AnnualReturn2009 | 44.55% | ||||||||||
Annual Return 2010 | rr_AnnualReturn2010 | 15.89% | ||||||||||
Annual Return 2011 | rr_AnnualReturn2011 | (1.45%) | ||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 8.82% | ||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 3.07% | ||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 6.69% | ||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 06, 2010 | ||||||||||
Class C
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [3] | |||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.90% | ||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.72% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.62% | [4] | |||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.62%) | ||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 2.00% | [4] | |||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 203 | ||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 756 | ||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,325 | ||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,908 | ||||||||||
Class I
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.90% | ||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.72% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.62% | [4] | |||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.62%) | ||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.00% | [4] | |||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 102 | ||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 450 | ||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 823 | ||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,870 | ||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 8.82% | [5] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.18%) | [5] | |||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 6.22% | [5] | |||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 14.62% | [5] | |||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jan. 01, 1987 | [5] | |||||||||
Class I | After Taxes on Distributions
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 8.50% | [5] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | [5] | ||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | [5] | ||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | [5] | ||||||||||
Class I | After Taxes on Distributions and Sale Of Fund Shares
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 5.73% | [5] | |||||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | [5] | ||||||||||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | [5] | ||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | [5] | ||||||||||
Class R
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.90% | ||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.72% | ||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.12% | [4] | |||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.62%) | ||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.50% | [4] | |||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 153 | ||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 604 | ||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,082 | ||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 2,403 | ||||||||||
|
Label | Element | Value | |||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Estabrook Investment Grade Fixed Income Fund | |||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Estabrook Investment Grade Fixed Income Fund (the “Fixed Income Fund” or the “Fund”) seeks to achieve high current income and capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Expenses and Fees | |||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled “Purchase of Shares” on page 20 of the Fund’s prospectus. |
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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 | 2014-08-31 | |||||||||||||
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. For the fiscal year ended April 30, 2013, the Fund’s portfolio turnover rate was 94.83% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 94.83% | |||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. | |||||||||||||
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 $100,000 or more in the Fund. | |||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 | |||||||||||||
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’s Class A, Class C, Class R shares and Class I shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund, under normal circumstances, seeks to achieve its investment objective by investing at least 80% of its assets in investment grade fixed income securities. This policy may be changed by the Board of Trustees without shareholder approval upon 60 days’ written notice to shareholders. The Fund will consider a security investment grade if it is rated Baa3 or better by Moody’s Investors Service, Inc. (“Moody’s”) or BBB- or better by Standard & Poor’s Financial Services LLC (“S&P”) or Fitch Ratings Ltd. (“Fitch”). The Fund typically selects fixed income securities from several sectors including U.S. Treasuries and agency securities and corporate bonds. Although the Fund invests primarily in investment grade fixed income securities, it may invest up to 20% of its total assets in high yield securities, or “junk bonds,” rated Ba1 or lower by Moody’s or BB+ or lower by S&P and Fitch. The Adviser expects that the Fund’s duration will be between 3 and 6 years; however, the Fund’s duration may be lengthened or shortened beyond this range depending on market conditions. The Fund’s average portfolio duration is expected to vary within three years (plus or minus) of the duration of the Barclays Capital U.S. Intermediate Government/Credit Bond Index (“Barclays Government/Credit Index”), which is the Fund’s benchmark. On April 30, 2013 the duration of the Fund’s benchmark was 3.88 years. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security’s price to changes in interest rates. Generally, the longer a fund’s duration, the more sensitive a fund will be to changes in interest rates. For example, the price of a fixed income fund with a duration of five years would be expected to fall approximately 5% if interest rates rose 1%. The Fund uses a top-down investment process that begins with an assessment of the domestic and global economic environment. Incorporated in the process is an extensive review of current credit trends, the level of interest rates, the shape of the yield curve, and the level of volatility. The Adviser’s investment team then sets various parameters for the Fund which includes duration, yield curve exposure, sector weightings and credit quality. Using these parameters, the Adviser’s investment team uses credit analysis in addition to utilizing various value metrics to formulate decisions to select particular sectors and securities. An example of a value metric would be the additional yield spread provided by a particular fixed income security in excess of that offered by U.S. Treasuries. Throughout this process, the Adviser’s investment team focuses on selecting investments that it believes will provide current income and the opportunity for capital appreciation. The Adviser may sell a security if its prospects for income or capital appreciation decline or when the Adviser deems it to be an unattractive investment. |
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Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s NAV, yield and total return. It is possible to lose money by investing in the Fund. ·Credit Risk: The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation. ·High Yield Securities Risk: High yield securities (also known as junk bonds) are generally considered more risky than investment grade, fixed income securities. The total return and yield of high yield bonds can be expected to fluctuate more than the total return and yield of higher quality bonds. High yield bonds are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Successful investment in high yield bonds involves greater investment risk and is highly dependent on the Adviser’s credit analysis and market analysis. ·Interest Rate Risk: The risk of market losses attributable to changes in interest rates. With fixed rate securities, a rise in interest rates typically causes a fall in values. The yield earned by the Fund will vary with changes in interest rates. ·Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. ·Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments. ·Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Depending on market conditions, the new investments may or may not carry the same interest rate. ·U.S. Government Agencies Securities Risk: Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. Government is able to provide financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | |||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendars year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Government/Credit Index, a broad measure of market performance. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past two calendars year and show how the average annual total returns for one year, and since inception, before and after taxes, compare with those of the Barclays Government/Credit Index, a broad measure of market performance. | |||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. | |||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Year-to-Date Total Return as of June 30, 2013: -1.74%
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Year to Date Return, Label | rr_YearToDateReturnLabel | Calendar Year-to-Date Total Return | |||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | |||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (1.74%) | |||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | |||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2012 | |||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 4.18% | |||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | |||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | |||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.23%) | |||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deductions for fees, expenses or taxes) | |||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares only; after-tax returns for Class A, Class C and Class R shares will vary. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Returns as of December 31, 2012 | |||||||||||||
Barclays Government/Credit Index (reflects no deductions for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 3.89% | [1] | ||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 10.75% | [1] | ||||||||||||
Class A
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 3.75% | |||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | [2] | ||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.04% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.94% | [3] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.99%) | [3] | ||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.95% | [3] | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 468 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 869 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,294 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,477 | |||||||||||||
Class C
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.04% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.69% | [3] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.99%) | [3] | ||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.70% | [3] | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 173 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 741 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,337 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,949 | |||||||||||||
Class I
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.04% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.69% | [3] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.99%) | [3] | ||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.70% | [3] | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 72 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 436 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 825 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,915 | |||||||||||||
Annual Return 2011 | rr_AnnualReturn2011 | 0.81% | |||||||||||||
Annual Return 2012 | rr_AnnualReturn2012 | 11.98% | |||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns shown are for Class I shares only; after-tax returns for Class A, Class C and Class R shares will vary. | |||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 11.98% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 5.13% | |||||||||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 23, 2010 | |||||||||||||
Class I | After Taxes on Distributions
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 10.73% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 4.09% | |||||||||||||
Class I | After Taxes on Distributions and Sale Of Fund Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 7.75% | |||||||||||||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 3.76% | |||||||||||||
Class R
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and/or Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | |||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 1.04% | |||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.19% | [3] | ||||||||||||
Fee Waiver and/or Expenses Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.99%) | [3] | ||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.20% | [3] | ||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 122 | |||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 590 | |||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,084 | |||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 2,446 | |||||||||||||
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