0001209286-13-000340.txt : 20130815 0001209286-13-000340.hdr.sgml : 20130815 20130815161344 ACCESSION NUMBER: 0001209286-13-000340 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130815 DATE AS OF CHANGE: 20130815 EFFECTIVENESS DATE: 20130815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: World Funds Trust CENTRAL INDEX KEY: 0001396092 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-148723 FILM NUMBER: 131042390 BUSINESS ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 BUSINESS PHONE: 804-267-7400 MAIL ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 FORMER COMPANY: FORMER CONFORMED NAME: Abacus World Funds Trust DATE OF NAME CHANGE: 20070410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: World Funds Trust CENTRAL INDEX KEY: 0001396092 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22172 FILM NUMBER: 131042391 BUSINESS ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 BUSINESS PHONE: 804-267-7400 MAIL ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 FORMER COMPANY: FORMER CONFORMED NAME: Abacus World Funds Trust DATE OF NAME CHANGE: 20070410 0001396092 S000038882 Perkins Discovery Fund C000119646 Investor PDFDX 485BPOS 1 e1290.htm
As filed with the Securities and Exchange Commission on August 15, 2013
Registration No. 333-148723
Registration No. 811-22172
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ( X )
 
Pre-Effective Amendment No. (  )
Post-Effective Amendment No. (57)
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ( X )
Amendment No. (58)
 
WORLD FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)
 
8730 Stony Point Parkway, Suite 205, Richmond, VA 23235
(Address of Principal Executive Offices)
 
(804) 267-7400
(Registrant’s Telephone Number)
 
The Corporation Trust Co., Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801
(Name and Address of Agent for Service)
 
With Copy to:
 
John H. Lively
The Law Offices of John H. Lively & Associates, Inc.
A member firm of The 1940 Act Law GroupTM
11300 Tomahawk Creek Parkway, Suite 310
Leawood, KS 66211
 

Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box):

[ X ] immediately upon filing pursuant to paragraph (b).
[     ] on ____________ pursuant to paragraph (b).
[     ] 60 days after filing pursuant to paragraph (a)(a).
[     ] on ____________ pursuant to paragraph (a)(1).
[     ] 75 days after filing pursuant to paragraph (a)(2).
[     ] on (date) pursuant to paragraph (a)(2) of Rule 485.


EXPLANATORY NOTE

This Post-Effective Amendment No. 57 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 55 filed on July 30, 2013 and incorporates Parts A, B and C from said amendment.


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 (the “Securities Act”) and the Registrant has duly caused this Post-Effective Amendment No. 57 to the Registrant’s Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 15th day of August 2013.

WORLD FUNDS TRUST

By: /s/ Karen M. Shupe 
  Karen M. Shupe

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 57 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

  Signature   Title   Date
     
  *John Pasco, III   Trustee and Chairman   August 15, 2013
  *Anthony J. Hertl   Trustee   August 15, 2013
  *David J. Urban   Trustee   August 15, 2013
  *Mary Lou H. Ivey   Trustee   August 15, 2013
  *Theo H. Pitt, Jr.   Trustee   August 15, 2013
  /s/ Karen M. Shupe   Treasurer and Chief Financial Officer   August 15, 2013
  *Lauren Jones   Secretary   August 15, 2013

  *By:  /s/ Karen M. Shupe
  Attorney-in-fact pursuant to Powers of Attorney
   

EXHIBIT INDEX

Index No.   Description of Exhibit
     
EX-101.INS   XBRL Instance Document
EX-101.SCH   XBRL Taxonomy Extension Schema Document
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 wft-20130729.xml 0.1591 0.1463 0.1341 0.2111 0.1115 0.0762 0.1174 0.0850 0.0829 0.0495 0.0991 0.0996 0.0924 0.1038 0.0263 0.0209 -0.0058 0.0242 0.0037 0.0037 0.0055 false <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.6787 0.2255 0.0113 0.2046 0.0431 -0.5152 0.6526 0.3379 -0.1420 0.1174 <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000038882Member row primary compact * ~</div> <!--egx--><p style='margin:0mm 0mm 0pt'><b><u><font style='font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'>Performance History</font></font></u></b></p> <!--egx--><p style='margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>*The Fund&#146;s year-to-date return as of June 30,&nbsp;2013 was 19.16%</font></strong></font><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>.</font></strong></font></p> <table border="0" cellspacing="0" cellpadding="0" width="350" style='margin:auto auto auto 5.4pt;border-collapse:collapse'> <tr> <td valign="top" width="189" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:141.65pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Highest Quarterly Return:</font></font></p></td> <td valign="top" width="83" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:62.2pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>2Q, 2003</font></font></p></td> <td valign="top" width="78" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:58.4pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt -5.4pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>27.30%</font></font></p></td></tr> <tr> <td valign="top" width="189" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:141.65pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm -5.4pt 6pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Lowest Quarterly Return: </font></font></p></td> <td valign="top" width="83" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:62.2pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm 0mm 6pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>4Q, 2008</font></font></p></td> <td valign="top" width="78" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:58.4pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm -5.4pt 6pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>-30.24%</font></font></p></td></tr></table> <!--egx--><p style='margin:0mm 1.8pt 0pt 0mm'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-family:Arial;font-size:11pt'><strong>Calendar Year Total Returns*</strong></font></font></p> 0.1916 2013-06-30 0001396092 0.0025 2013-07-27 2013-08-15 2013-07-29 485BPOS 0 <!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Fees and Expenses of the Fund</font></strong></font></u></p> <!--egx--><p style='margin:0mm 0mm 0pt'><b><font style='font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'>Example</font></font></b></p> <!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp; 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.&nbsp; The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&nbsp; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></font></p> <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 204 3404 871 1562 <!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;color:black;font-size:11pt;font-weight:normal'>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></font></p> -0.0118 0.2730 2003-06-30 <!--egx--><font style='font-family:Arial;font-size:11pt'>Highest Quarterly Return:</font> -0.3024 2008-12-31 <!--egx--><font style='font-family:Arial;font-size:11pt'>Lowest Quarterly Return: </font> 0.0100 <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000038882Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 0 0 <!--egx--><p style='text-align:justify;margin:0mm -0.7pt 0pt 0mm'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Investment Objective </font></strong></font></u></p> <!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm -0.7pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Perkins Discovery Fund (the &#147;Fund&#148;) seeks long-term capital appreciation.</font></font></p> <!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><font style='font-family:Arial;font-size:11pt'><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></font></font></p> 0.0193 <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <!--egx--><font style='font-family:Arial;font-size:11pt'>800-673-0550</font> <!--egx--><font style='font-family:Arial;font-size:11pt'>www.theworldfundstrust.com</font> <!--egx--><p style='text-align:justify;text-indent:35.3pt;margin:0mm 1.8pt 0pt 0mm'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>The bar chart and table below</font><font style='font-family:Arial;font-size:11pt;font-weight:normal'> provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the periods indicated compare with those of a broad-based securities index and additional indices provided to offer a broader market perspective.&nbsp; The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&nbsp; Updated performance information is available at www.theworldfundstrust.com or by calling toll-free 800-673-0550.</font></font></p> <p style='text-align:justify;margin:0mm 1.8pt 0pt 0mm'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 1.8pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Fund was reorganized on October 26, 2012 from a series of Professionally Managed Portfolios, a Massachusetts business trust (the &#147;Predecessor Fund&#148;), to a series of the World Funds Trust, a Delaware statutory trust (the &#147;Reorganization&#148;).&nbsp; The performance information below is intended to serve as an illustration of the variability of the Fund&#146;s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.&nbsp; While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund&#146;s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses. </font></font></p> <!--egx--><font style='font-family:Arial;font-size:11pt'>The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font> <!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>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.&nbsp; Actual after-tax returns depend on your situation and may differ from those shown.&nbsp; Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).&nbsp; The &#147;Return After Taxes on Distributions and Sale of Fund Shares&#148; may be higher than other return figures because when a capital&nbsp; loss occurs upon redemption of Fund shares, a tax deduction is provided and benefits the investor.</font></font></p> <!--egx--><p style='margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-family:Arial;font-size:11pt'><strong>Average Annual Total Returns as of December 31, 2012</strong></font></font></p> <!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt;text-autospace:ideograph-numeric'><font style='font-family:Arial;font-size:11pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&nbsp; 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.&nbsp; These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#146;s performance</font><font style='font-family:Arial;font-size:11pt'>. </font><font style='font-family:Arial;color:black;font-size:11pt;font-weight:normal'>During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 13% of the average value of its portfolio.</font></font></p> <!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Portfolio Turnover</font></strong></font></u></p> 0.13 2013-07-29 -0.0100 World Funds Trust <!--egx--><p style='margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Risks</font></strong></font></u></p> <!--egx--><p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>There is a risk that you could lose all or a portion of your investment in the Fund.&nbsp; The following principal risks can affect the value of your investment:&nbsp; </font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>General Market Risk.&nbsp; </font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>The market price of a security may fluctuate, sometimes rapidly and unpredictably.&nbsp; These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.&nbsp; &nbsp;</font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>Equity Risk.</font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>&nbsp; Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time.&nbsp; Historically, the equity markets have moved in cycles, and the value of the Fund&#146;s equity securities may fluctuate drastically from day to day.&nbsp; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&nbsp; The prices of securities issued by such companies may suffer a decline in response.&nbsp; These factors contribute to price volatility.&nbsp; </font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>Management Risk.&nbsp; &nbsp;</font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>The Adviser may fail to implement the Fund&#146;s investment strategies and meet its investment objective.&nbsp; </font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Smaller Companies Risk.&nbsp; </font></i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.&nbsp;&nbsp;&nbsp; </font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-indent:35.3pt;margin-bottom:0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Small Portfolio Risk.&nbsp; </font></i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Although the Fund is diversified, from time to time, it holds a relatively small number of securities (<i>i.e.</i>, under 40).&nbsp; As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund&#146;s net asset value and total return. </font></font></p> <!--egx--><div style='border-bottom:windowtext 1pt solid;border-left:medium none;padding-bottom:1pt;padding-left:0mm;padding-right:0mm;margin-left:0mm;border-top:medium none;margin-right:-36pt;border-right:medium none;padding-top:0mm'> <p style='border-bottom:medium none;border-left:medium none;padding-bottom:0mm;margin:0mm 0mm 0pt;padding-left:0mm;padding-right:0mm;border-top:medium none;border-right:medium none;padding-top:0mm'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:14.0pt;font-family:Arial'>FUND SUMMARY</font></strong></font></p></div> <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-family:Arial;font-size:11pt'>Shareholder Fees (fees paid directly from your investment)</font></strong></font></p> <!--egx--><p style='margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Investment Strategies</font></strong></font></u></p> <!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>In selecting investments, </font><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Perkins Capital Management, Inc. (</font><font style='font-family:Arial;font-size:11pt;font-weight:normal'>the &#147;Adviser&#148;) seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products, processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser&#146;s price target is reached, when the holding becomes overvalued in the Adviser&#146;s opinion, or when technical chart analysis indicates that a good sale point has been reached.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.</font></font></p> 0.0200 0.0318 <!--egx--><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong>year-to-date return</strong></font> 0001396092 2013-07-29 2013-07-29 0001396092 fil:S000038882Member 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:C000119646Member 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:C000119646Memberrr:AfterTaxesOnDistributionsMember 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:C000119646Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:SP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:NASDAQCompositeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2013-07-29 2013-07-29 0001396092 fil:S000038882Memberfil:WilshireUSMicroCapIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2013-07-29 2013-07-29 pure iso4217:USD Perkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.00% of the Fund's average net asset (the "Expense Cap"). The Expense Cap will remain in effect until at least July 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board. 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A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false013false 2rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue00falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false014false 2rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue-0.0100-0.0100falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false015false 2rr_ExchangeFeerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue00USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryExchange Fee includes the maximum fee charged for any exchange or transfer of interest from the Fund to another fund. The Fund may include in a footnote to the table, if applicable, a tabular presentation of the range of exchange fees or a narrative explanation of the fees.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 5 false216false 2rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01000.0100falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false017false 2rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false018false 2rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01930.0193falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false019false 2rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.03180.0318falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false020false 2rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue-0.0118-0.0118[1]falsefalsefalserr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false021false 2rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.02000.0200[1]falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false022false 2rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue204204USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false223false 2rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue871871USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false224false 2rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue15621562USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false225false 2rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue34043404USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false226false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.11740.1174falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false027false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00550.0055falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false028false 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1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse036false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.07620.0762falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false037false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00370.0037falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false038false 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2rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><div style='border-bottom:windowtext 1pt solid;border-left:medium none;padding-bottom:1pt;padding-left:0mm;padding-right:0mm;margin-left:0mm;border-top:medium none;margin-right:-36pt;border-right:medium none;padding-top:0mm'> <p style='border-bottom:medium none;border-left:medium none;padding-bottom:0mm;margin:0mm 0mm 0pt;padding-left:0mm;padding-right:0mm;border-top:medium none;border-right:medium none;padding-top:0mm'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:14.0pt;font-family:Arial'>FUND SUMMARY</font></strong></font></p></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false042false 2rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm -0.7pt 0pt 0mm'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Investment Objective </font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false043false 2rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm -0.7pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Perkins Discovery Fund (the &#147;Fund&#148;) seeks long-term capital appreciation.</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false044false 2rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Fees and Expenses of the Fund</font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false045false 2rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;color:black;font-size:11pt;font-weight:normal'>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></font></p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false046false 2rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-family:Arial;font-size:11pt'>Shareholder Fees (fees paid directly from your investment)</font></strong></font></p>falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false047false 2rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><font style='font-family:Arial;font-size:11pt'><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></font></font></p>falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false048false 2rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Portfolio Turnover</font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false049false 2rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt;text-autospace:ideograph-numeric'><font style='font-family:Arial;font-size:11pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&nbsp; 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.&nbsp; These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#146;s performance</font><font style='font-family:Arial;font-size:11pt'>. </font><font style='font-family:Arial;color:black;font-size:11pt;font-weight:normal'>During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 13% of the average value of its portfolio.</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false050false 2rr_PortfolioTurnoverRaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.130.13falsefalsefalsexbrli:pureItemTypepureThis element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false051false 2rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><b><font style='font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'>Example</font></font></b></p>falsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false052false 2rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp; 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.&nbsp; The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&nbsp; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false053false 2rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Investment Strategies</font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false054false 2rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>In selecting investments, </font><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Perkins Capital Management, Inc. (</font><font style='font-family:Arial;font-size:11pt;font-weight:normal'>the &#147;Adviser&#148;) seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products, processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser&#146;s price target is reached, when the holding becomes overvalued in the Adviser&#146;s opinion, or when technical chart analysis indicates that a good sale point has been reached.</font></font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false055false 2rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Risks</font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false056false 2rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>There is a risk that you could lose all or a portion of your investment in the Fund.&nbsp; The following principal risks can affect the value of your investment:&nbsp; </font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>General Market Risk.&nbsp; </font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>The market price of a security may fluctuate, sometimes rapidly and unpredictably.&nbsp; These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.&nbsp; &nbsp;</font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>Equity Risk.</font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>&nbsp; Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time.&nbsp; Historically, the equity markets have moved in cycles, and the value of the Fund&#146;s equity securities may fluctuate drastically from day to day.&nbsp; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&nbsp; The prices of securities issued by such companies may suffer a decline in response.&nbsp; These factors contribute to price volatility.&nbsp; </font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>Management Risk.&nbsp; &nbsp;</font></i><font style='font-family:Arial;color:#231f20;font-size:11pt;font-weight:normal'>The Adviser may fail to implement the Fund&#146;s investment strategies and meet its investment objective.&nbsp; </font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Smaller Companies Risk.&nbsp; </font></i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.&nbsp;&nbsp;&nbsp; </font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-indent:35.3pt;margin-bottom:0pt'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Small Portfolio Risk.&nbsp; </font></i><font style='font-family:Arial;font-size:11pt;font-weight:normal'>Although the Fund is diversified, from time to time, it holds a relatively small number of securities (<i>i.e.</i>, under 40).&nbsp; As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund&#146;s net asset value and total return. </font></font></p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false057false 2rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><b><u><font style='font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'>Performance History</font></font></u></b></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false058false 2rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.3pt;margin:0mm 1.8pt 0pt 0mm'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;font-size:11pt;font-weight:normal'>The bar chart and table below</font><font style='font-family:Arial;font-size:11pt;font-weight:normal'> provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the periods indicated compare with those of a broad-based securities index and additional indices provided to offer a broader market perspective.&nbsp; The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&nbsp; Updated performance information is available at www.theworldfundstrust.com or by calling toll-free 800-673-0550.</font></font></p> <p style='text-align:justify;margin:0mm 1.8pt 0pt 0mm'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 1.8pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Fund was reorganized on October 26, 2012 from a series of Professionally Managed Portfolios, a Massachusetts business trust (the &#147;Predecessor Fund&#148;), to a series of the World Funds Trust, a Delaware statutory trust (the &#147;Reorganization&#148;).&nbsp; The performance information below is intended to serve as an illustration of the variability of the Fund&#146;s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.&nbsp; While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund&#146;s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses. </font></font></p>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false059false 2rr_PerformanceAvailabilityPhonerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='font-family:Arial;font-size:11pt'>800-673-0550</font>falsefalsefalsexbrli:stringItemTypestringIf applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false060false 2rr_PerformanceAvailabilityWebSiteAddressrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='font-family:Arial;font-size:11pt'>www.theworldfundstrust.com</font>falsefalsefalsexbrli:stringItemTypestringIf applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false061false 2rr_PerformancePastDoesNotIndicateFuturerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='font-family:Arial;font-size:11pt'>The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font>falsefalsefalsexbrli:stringItemTypestringInclude the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false062false 2rr_BarChartHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 1.8pt 0pt 0mm'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-family:Arial;font-size:11pt'><strong>Calendar Year Total Returns*</strong></font></font></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false063false 2rr_AnnualReturn2003rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.67870.6787falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit a false064false 2rr_AnnualReturn2004rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.22550.2255falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit a false065false 2rr_AnnualReturn2005rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.01130.0113falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false066false 2rr_AnnualReturn2006rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.20460.2046falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false067false 2rr_AnnualReturn2007rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.04310.0431falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit a false068false 2rr_AnnualReturn2008rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse-0.5152-0.5152falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false069false 2rr_AnnualReturn2009rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.65260.6526falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit a false070false 2rr_AnnualReturn2010rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.33790.3379falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false071false 2rr_AnnualReturn2011rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse-0.1420-0.1420falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit a false072false 2rr_AnnualReturn2012rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.11740.1174falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false073false 2rr_BarChartClosingTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>*The Fund&#146;s year-to-date return as of June 30,&nbsp;2013 was 19.16%</font></strong></font><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>.</font></strong></font></p> <table border="0" cellspacing="0" cellpadding="0" width="350" style='margin:auto auto auto 5.4pt;border-collapse:collapse'> <tr> <td valign="top" width="189" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:141.65pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Highest Quarterly Return:</font></font></p></td> <td valign="top" width="83" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:62.2pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt 0mm 0pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>2Q, 2003</font></font></p></td> <td valign="top" width="78" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:58.4pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:6pt -5.4pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>27.30%</font></font></p></td></tr> <tr> <td valign="top" width="189" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:141.65pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm -5.4pt 6pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>Lowest Quarterly Return: </font></font></p></td> <td valign="top" width="83" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:62.2pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm 0mm 6pt'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>4Q, 2008</font></font></p></td> <td valign="top" width="78" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0mm;background-color:transparent;padding-left:5.4pt;width:58.4pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0mm'> <p style='margin:0mm -5.4pt 6pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>-30.24%</font></font></p></td></tr></table>falsefalsefalsenonnum:textBlockItemTypenaIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false074false 2rr_YearToDateReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt'><strong>year-to-date return</strong></font>falsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false075false 2rr_BarChartYearToDateReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002013-06-30falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false076false 2rr_BarChartYearToDateReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.19160.1916falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false077false 2rr_HighestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='font-family:Arial;font-size:11pt'>Highest Quarterly Return:</font>falsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false078false 2rr_BarChartHighestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002003-06-30falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false079false 2rr_BarChartHighestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.27300.2730falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false080false 2rr_LowestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><font style='font-family:Arial;font-size:11pt'>Lowest Quarterly Return: </font>falsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false081false 2rr_BarChartLowestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002008-12-31falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false082false 2rr_BarChartLowestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse-0.3024-0.3024falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false083false 2rr_PerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-family:Arial;font-size:11pt'><strong>Average Annual Total Returns as of December 31, 2012</strong></font></font></p>falsefalsefalsexbrli:stringItemTypestringThis item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 -Exhibit c false084false 2rr_PerformanceTableClosingTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='layout-grid-mode:line;font-family:Arial;color:black;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>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.&nbsp; Actual after-tax returns depend on your situation and may differ from those shown.&nbsp; Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).&nbsp; The &#147;Return After Taxes on Distributions and Sale of Fund Shares&#148; may be higher than other return figures because when a capital&nbsp; loss occurs upon redemption of Fund shares, a tax deduction is provided and benefits the investor.</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii false085false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse6false truefalseD130729_LegalEntity-S000038882_PerformanceMeasure-SP500IndexReflectsNoDeductionForFeesExpensesOrTaxeshttp://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsefil_S000038882Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldifil_S000038882Memberdei_LegalEntityAxisexplicitMemberfalsefalsefil_SP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldifil_SP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepure0nanafalse086true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse087false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.13410.1341falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false088false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue-0.0058-0.0058falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false089false 2rr_AverageAnnualReturnYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.04950.0495falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false090false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse7false truefalseD130729_LegalEntity-S000038882_PerformanceMeasure-NASDAQCompositeIndexReflectsNoDeductionForFeesExpensesOrTaxeshttp://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsefil_S000038882Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldifil_S000038882Memberdei_LegalEntityAxisexplicitMemberfalsefalsefil_NASDAQCompositeIndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldifil_NASDAQCompositeIndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepure0nanafalse091true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse092false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.15910.1591falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false093false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.02630.0263falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false094false 2rr_AverageAnnualReturnYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.08500.0850falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false095false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse8false truefalseD130729_LegalEntity-S000038882_PerformanceMeasure-Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxeshttp://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsefil_S000038882Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldifil_S000038882Memberdei_LegalEntityAxisexplicitMemberfalsefalsefil_Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldifil_Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepure0nanafalse096true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse097false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.14630.1463falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false098false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.02090.0209falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false099false 2rr_AverageAnnualReturnYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.08290.0829falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false0100false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse9false truefalseD130729_LegalEntity-S000038882_PerformanceMeasure-WilshireUSMicroCapIndexReflectsNoDeductionForFeesExpensesOrTaxeshttp://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsefil_S000038882Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldifil_S000038882Memberdei_LegalEntityAxisexplicitMemberfalsefalsefil_WilshireUSMicroCapIndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldifil_WilshireUSMicroCapIndexReflectsNoDeductionForFeesExpensesOrTaxesMemberrr_PerformanceMeasureAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepure0nanafalse0101true 1rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0102false 2rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.21110.2111falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false0103false 2rr_AverageAnnualReturnYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.02420.0242falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false0104false 2rr_AverageAnnualReturnYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.09910.0991falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false01Perkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.00% of the Fund's average net asset (the "Expense Cap"). The Expense Cap will remain in effect until at least July 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board.falseRisk/Return Detail Data (USD $)NoRoundingUnKnownUnKnownUnKnowntruetruefalseSheethttp://xbrl.sec.gov/rr/role/RiskReturnDetailData1104000000ColumnperiodPeriod*Rowdei_DocumentInformationDocumentAxisAxis*Rowdei_LegalEntityAxisAxis*Rowrr_ProspectusShareClassAxisAxis*Rowrr_PerformanceMeasureAxisAxis*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to RiskReturnDetailDataNo definition available.false0falseRisk/Return DetailUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://xbrl.sec.gov/rr/role/RiskReturnDetail11 XML 13 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jul. 29, 2013
Registrant Name dei_EntityRegistrantName World Funds Trust
Central Index Key dei_EntityCentralIndexKey 0001396092
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jul. 27, 2013
Document Effective Date dei_DocumentEffectiveDate Aug. 15, 2013
Prospectus Date rr_ProspectusDate Jul. 29, 2013
Perkins Discovery Fund | Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of amount redeemed within 45 days of purchase) {negatedLabel} rr_RedemptionFeeOverRedemption (1.00%)
Exchange Fee rr_ExchangeFee none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) and Service Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.93%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.18%
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (1.18%) [1]
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements) rr_NetExpensesOverAssets 2.00% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 204
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 871
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,562
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,404
1 Year rr_AverageAnnualReturnYear01 11.74%
5 Years rr_AverageAnnualReturnYear05 0.55%
10 Years rr_AverageAnnualReturnYear10 10.38%
Perkins Discovery Fund | Investor Class | Return after taxes on distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.15%
5 Years rr_AverageAnnualReturnYear05 0.37%
10 Years rr_AverageAnnualReturnYear10 9.96%
Perkins Discovery Fund | Investor Class | Return after taxes on distributions and sale of fund shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.62%
5 Years rr_AverageAnnualReturnYear05 0.37%
10 Years rr_AverageAnnualReturnYear10 9.24%
Perkins Discovery Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

FUND SUMMARY

Objective rr_ObjectiveHeading

Investment Objective

Objective, Primary rr_ObjectivePrimaryTextBlock

The Perkins Discovery Fund (the “Fund”) seeks long-term capital appreciation.

Expense rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative rr_ExpenseNarrativeTextBlock

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

Shareholder Fees Caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption 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 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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 13.00%
Expense Example rr_ExpenseExampleHeading

Example

Expense Example Narrative 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.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative rr_StrategyNarrativeTextBlock

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.

 

In selecting investments, Perkins Capital Management, Inc. (the “Adviser”) seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products, processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.

 

The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser’s price target is reached, when the holding becomes overvalued in the Adviser’s opinion, or when technical chart analysis indicates that a good sale point has been reached.

 

Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.

Risk rr_RiskHeading

Principal Risks

Risk Narrative rr_RiskNarrativeTextBlock

There is a risk that you could lose all or a portion of your investment in the Fund.  The following principal risks can affect the value of your investment: 

 

General Market Risk.  The market price of a security may fluctuate, sometimes rapidly and unpredictably.  These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.   

 

Equity Risk.  Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time.  Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day.  Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.  The prices of securities issued by such companies may suffer a decline in response.  These factors contribute to price volatility. 

 

Management Risk.   The Adviser may fail to implement the Fund’s investment strategies and meet its investment objective. 

 

Smaller Companies Risk.  Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.   

 

Small Portfolio Risk.  Although the Fund is diversified, from time to time, it holds a relatively small number of securities (i.e., under 40).  As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.

Bar Chart and Performance Table rr_BarChartAndPerformanceTableHeading

Performance History

Performance Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table 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 by showing how the Fund’s average annual returns for the periods indicated compare with those of a broad-based securities index and additional indices provided to offer a broader market perspective.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available at www.theworldfundstrust.com or by calling toll-free 800-673-0550.

 

The Fund was reorganized on October 26, 2012 from a series of Professionally Managed Portfolios, a Massachusetts business trust (the “Predecessor Fund”), to a series of the World Funds Trust, a Delaware statutory trust (the “Reorganization”).  The performance information below is intended to serve as an illustration of the variability of the Fund’s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.  While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.

Performance Availability Phone rr_PerformanceAvailabilityPhone 800-673-0550
Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress www.theworldfundstrust.com
Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart Heading rr_BarChartHeading

Calendar Year Total Returns*

Annual Return 2003 rr_AnnualReturn2003 67.87%
Annual Return 2004 rr_AnnualReturn2004 22.55%
Annual Return 2005 rr_AnnualReturn2005 1.13%
Annual Return 2006 rr_AnnualReturn2006 20.46%
Annual Return 2007 rr_AnnualReturn2007 4.31%
Annual Return 2008 rr_AnnualReturn2008 (51.52%)
Annual Return 2009 rr_AnnualReturn2009 65.26%
Annual Return 2010 rr_AnnualReturn2010 33.79%
Annual Return 2011 rr_AnnualReturn2011 (14.20%)
Annual Return 2012 rr_AnnualReturn2012 11.74%
Bar Chart Closing rr_BarChartClosingTextBlock

*The Fund’s year-to-date return as of June 30, 2013 was 19.16%.

Highest Quarterly Return:

2Q, 2003

27.30%

Lowest Quarterly Return:

4Q, 2008

-30.24%

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2013
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 19.16%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Quarterly Return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 27.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Quarterly Return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.24%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns as of December 31, 2012

Performance Table Closing 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 situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital  loss occurs upon redemption of Fund shares, a tax deduction is provided and benefits the investor.

Perkins Discovery Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.41%
5 Years rr_AverageAnnualReturnYear05 (0.58%)
10 Years rr_AverageAnnualReturnYear10 4.95%
Perkins Discovery Fund | NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.91%
5 Years rr_AverageAnnualReturnYear05 2.63%
10 Years rr_AverageAnnualReturnYear10 8.50%
Perkins Discovery Fund | Russell 2000® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.63%
5 Years rr_AverageAnnualReturnYear05 2.09%
10 Years rr_AverageAnnualReturnYear10 8.29%
Perkins Discovery Fund | Wilshire U.S. Micro-Cap Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 21.11%
5 Years rr_AverageAnnualReturnYear05 2.42%
10 Years rr_AverageAnnualReturnYear10 9.91%
[1] Perkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.00% of the Fund's average net asset (the "Expense Cap"). The Expense Cap will remain in effect until at least July 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board.
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Perkins Discovery Fund

FUND SUMMARY

Investment Objective

The Perkins Discovery Fund (the “Fund”) seeks long-term capital appreciation.

Fees and Expenses of the Fund

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)
Perkins Discovery Fund
Investor Class
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) none
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase) none
Redemption Fee (as a percentage of amount redeemed within 45 days of purchase) 1.00%
Exchange Fee none

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

Annual Fund Operating Expenses
Perkins Discovery Fund
Investor Class
Management Fee 1.00%
Distribution (12b-1) and Service Fees 0.25%
Other Expenses 1.93%
Total Annual Fund Operating Expenses 3.18%
Fee Waivers and/or Expense Reimbursements [1] (1.18%)
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements) [1] 2.00%
[1] Perkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.00% of the Fund's average net asset (the "Expense Cap"). The Expense Cap will remain in effect until at least July 31, 2014. The Agreement may be terminated at any time by the Board upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board.

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.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Perkins Discovery Fund Investor Class
204 871 1,562 3,404
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.

Principal Investment Strategies

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.

 

In selecting investments, Perkins Capital Management, Inc. (the “Adviser”) seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products, processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.

 

The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser’s price target is reached, when the holding becomes overvalued in the Adviser’s opinion, or when technical chart analysis indicates that a good sale point has been reached.

 

Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.

Principal Risks

There is a risk that you could lose all or a portion of your investment in the Fund.  The following principal risks can affect the value of your investment: 

 

General Market Risk.  The market price of a security may fluctuate, sometimes rapidly and unpredictably.  These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.   

 

Equity Risk.  Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time.  Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day.  Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.  The prices of securities issued by such companies may suffer a decline in response.  These factors contribute to price volatility. 

 

Management Risk.   The Adviser may fail to implement the Fund’s investment strategies and meet its investment objective. 

 

Smaller Companies Risk.  Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.   

 

Small Portfolio Risk.  Although the Fund is diversified, from time to time, it holds a relatively small number of securities (i.e., under 40).  As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.

Performance History

The bar chart and table 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 by showing how the Fund’s average annual returns for the periods indicated compare with those of a broad-based securities index and additional indices provided to offer a broader market perspective.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available at www.theworldfundstrust.com or by calling toll-free 800-673-0550.

 

The Fund was reorganized on October 26, 2012 from a series of Professionally Managed Portfolios, a Massachusetts business trust (the “Predecessor Fund”), to a series of the World Funds Trust, a Delaware statutory trust (the “Reorganization”).  The performance information below is intended to serve as an illustration of the variability of the Fund’s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.  While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.

Calendar Year Total Returns*

Bar Chart

*The Fund’s year-to-date return as of June 30, 2013 was 19.16%.

Highest Quarterly Return:

2Q, 2003

27.30%

Lowest Quarterly Return:

4Q, 2008

-30.24%

Average Annual Total Returns as of December 31, 2012

Average Annual Total Returns Perkins Discovery Fund
1 Year
5 Years
10 Years
Investor Class
11.74% 0.55% 10.38%
Investor Class Return after taxes on distributions
11.15% 0.37% 9.96%
Investor Class Return after taxes on distributions and sale of fund shares
7.62% 0.37% 9.24%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
13.41% (0.58%) 4.95%
NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes)
15.91% 2.63% 8.50%
Russell 2000® Index (reflects no deduction for fees, expenses or taxes)
14.63% 2.09% 8.29%
Wilshire U.S. Micro-Cap Index (reflects no deduction for fees, expenses or taxes)
21.11% 2.42% 9.91%
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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 situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital  loss occurs upon redemption of Fund shares, a tax deduction is provided and benefits the investor.

XML 17 R1.xml IDEA: Risk/Return Summary 2.4.0.8010000 - Document - Risk/Return Summary {Unlabeled}falsefalsetrue1false falsefalseD130729_LegalEntity-S000038882http://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:001false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00Perkins Discovery Fundfalsefalsefalse1false truefalseD130729_LegalEntity-S000038882http://www.sec.gov/CIK0001396092duration2013-07-29T00:00:002013-07-29T00:00:00falsefalsefil_S000038882Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldifil_S000038882Memberdei_LegalEntityAxisexplicitMembernanafalse02false 2rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><div style='border-bottom:windowtext 1pt solid;border-left:medium none;padding-bottom:1pt;padding-left:0mm;padding-right:0mm;margin-left:0mm;border-top:medium none;margin-right:-36pt;border-right:medium none;padding-top:0mm'> <p style='border-bottom:medium none;border-left:medium none;padding-bottom:0mm;margin:0mm 0mm 0pt;padding-left:0mm;padding-right:0mm;border-top:medium none;border-right:medium none;padding-top:0mm'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:14.0pt;font-family:Arial'>FUND SUMMARY</font></strong></font></p></div>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false03false 2rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm -0.7pt 0pt 0mm'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Investment Objective </font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 2rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm -0.7pt 0pt 0mm'><font style='font-family:Arial;font-size:11pt;font-weight:normal'><font style='font-size:11.0pt;font-family:Arial'>The Perkins Discovery Fund (the &#147;Fund&#148;) seeks long-term capital appreciation.</font></font></p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 2rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><font style='font-family:Arial;font-size:11pt'><strong><font style='font-size:11.0pt;font-family:Arial'>Fees and Expenses of the Fund</font></strong></font></u></p>falsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 2rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;text-indent:35.45pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-family:Arial;color:black;font-size:11pt;font-weight:normal'>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></font></p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 2rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><strong><font style='font-family:Arial;font-size:11pt'>Shareholder Fees (fees paid