0001464413-13-000238.txt : 20130816 0001464413-13-000238.hdr.sgml : 20130816 20130816155437 ACCESSION NUMBER: 0001464413-13-000238 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130816 DATE AS OF CHANGE: 20130816 EFFECTIVENESS DATE: 20130816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-159484 FILM NUMBER: 131045279 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22298 FILM NUMBER: 131045280 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 0001464413 S000034607 Crescent Large Cap Macro Fund C000106509 Institutional Class Shares GCILX C000106510 Advisor Class Shares GCALX 0001464413 S000034608 Crescent Mid Cap Macro Fund C000106511 Institutional Class Shares GCMIX C000106512 Advisor Class Shares GCAMX 0001464413 S000034609 Crescent Strategic Income Fund C000106513 Institutional Class Shares GCSFX C000106514 Advisor Class Shares GCAFX 485BPOS 1 n1a0813xbrl.htm STARBOARD INVESTMENT TRUST -THE CRESCENT FUNDS n1a0813xbrl.htm
As filed with the Securities and Exchange Commission on August 16, 2013
File Nos. 333-159484 and 811-22298
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 

REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.       
[   ]
Post-Effective Amendment No.   138
[X]
and/or
 
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.  142  
[X]
(Check appropriate box or boxes)
 
Starboard Investment Trust
(Exact Name of Registrant as Specified in Charter)
 
116 South Franklin Street, P. O. Box 69, Rocky Mount, NC  27802
(Address of Principal Executive Offices)
 
252-972-9922
(Registrant’s Telephone Number, including Area Code)
 
A. Vason Hamrick
116 S. Franklin Street, P.O. Box 69, Rocky Mount, North Carolina 27802
 
(Name and Address of Agent for Service)
 
With copy to:
Terrence O. Davis
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
920 Massachusetts Avenue, NW
Suite 900
Washington, DC 20001


Approximate Date of Proposed Public Offering:                     As soon as practicable after the effective
date of this Registration Statement
 
It is proposed that this filing will become effective: (check appropriate box)

[X] immediately upon filing pursuant to paragraph (b)
[   ] on (date) pursuant to paragraph (b)
[   ] 60 days after filing pursuant to paragraph (a)(1)
[   ] on (date) 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. 138 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. 131 filed July 29, 2013 and incorporates Parts A, B and C from said amendment.


 
 

 

 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this amendment to the registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, and State of North Carolina on this  16th  day of August, 2013.

 
STARBOARD INVESTMENT TRUST

By:           /s/ A. Vason Hamrick                                           
A. Vason Hamrick, Secretary

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.

 
Signature
Title
Date
     
           *                    
Trustee
August 16, 2013
Jack E. Brinson
   
     
           *                    
Trustee and Chairman
August 16, 2013
James H. Speed, Jr.
   
     
           *                    
Trustee
August 16, 2013
J. Buckley Strandberg
   
     
           *                    
Trustee
August 16, 2013
Michael G. Mosley
   
     
           *                    
Trustee
August 16, 2013
Theo H. Pitt, Jr.
   
     
           *                    
President, RiskX Funds
August 16, 2013
D.J. Murphey
   
     
           *                    
Treasurer, RiskX Funds
August 16, 2013
Julie M. Koethe
   
     
           *                    
President and Treasurer,
August 16, 2013
Robert G. Fontana
Caritas All-Cap Growth Fund
 
     
           *                    
President and Treasurer,
August 16, 2013
Matthew R. Lee
Presidio Multi-Strategy Fund
 
     
           *                    
President, Roumell Opportunistic Value Fund
August 16, 2013
James C. Roumell
   
     
           *                    
Treasurer, Roumell Opportunistic Value Fund
August 16, 2013
Craig L. Lukin
   
     
           *                    
President and Treasurer,
August 16, 2013
Mark A. Grimaldi
The Sector Rotation Fund
 
 
 
 

 
     
           *                    
President and Treasurer,
August 16, 2013
Cort F. Meinelschmidt
SCS Tactical Allocation
 
     
           *                    
President, Crescent Funds
August 16, 2013
J. Philip Bell
   
     
           *                    
President, Arin Funds
August 16, 2013
Joseph J. DeSipio
   
     
           *                    
Treasurer, Arin Funds
August 16, 2013
Lawrence H. Lempert
   
     
           *                    
President,
August 16, 2013
Bryn H. Torkelson
Matisse Discounted Closed-End Fund Strategy
 
     
           *                    
President and Treasurer,
August 16, 2013
Gabriel F. Thornhill IV
Thornhill Strategic Equity Fund
 
     
           *                    
President,
August 16, 2013
Jeffrey R. Spotts
Horizons West Multi-Strategy Hedged Income Fund (formerly known as the Prophecy Alpha Trading Fund)
 
     
           *                    
President,
August 16, 2013
Michael Barron
CV Sector Rotational Fund
 
     
           *                    
Treasurer of the CV Sector Rotational Fund and
August 16, 2013
Brenda A. Smith
Horizons West Multi-Strategy Hedged Income Fund (formerly known as the Prophecy Alpha Trading Fund), President and  Treasurer of the CV Asset Allocation Fund
 
     
/s/ T. Lee Hale, Jr. 
T. Lee Hale, Jr.
Treasurer of the Matisse Discounted Closed-End Fund Strategy, Chief Compliance Officer and Assistant Treasurer of the Trust
August 16, 2013
     
* By: /s/ A. Vason Hamrick
Dated:  August 16, 2013
 
A. Vason Hamrick,
Secretary and Attorney-in-Fact
 


 
 

 

Exhibit Index

Exhibit Number
Description
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


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</div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesCrescentMidCapMacroFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000034608Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesCrescentStrategicIncomeFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000034609Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> 0.0998 0.0285 2011-12-15 2011-12-27 2011-12-15 2011-12-27 0.1203 0.0771 0.1586 0.0394 0.0272 -0.0160 0.0967 0.1182 0.0200 0.0227 0.0998 0.0530 0.1330 0.0389 0.0285 -0.0153 0.0801 0.0977 0.0209 0.0237 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PERFORMANCE INFORMATION</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PERFORMANCE INFORMATION</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PERFORMANCE INFORMATION</font></div> <div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="border-bottom: black 2px solid;" valign="top" width="55%" colspan="3"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-decoration: underline; display: inline;"><font class="_mt" style="display: inline;">Quarterly Returns</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center">&nbsp;</div></td></tr> <tr bgcolor="#000000"><td style="border-right: black 0.5pt solid; border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="55%" colspan="3"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;" color="white">Highest and Lowest Returns During This Time Period</font></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Highest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">10.84%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">March 31, 2012</font></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Lowest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">-4.76%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">June 30, 2012</font></div></td></tr> <tr><td style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Year-to-date return as of most recent quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">&nbsp;9.91%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">June 30, 2013</font></div></td></tr></table></div> </div> <div> <div> <table class="MetaData" style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="border-bottom: black 2px solid;" valign="top" width="55%" colspan="3"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; font-weight: bold; text-decoration: underline; display: inline;"><font class="_mt" style="display: inline;">Quarterly Returns</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center">&nbsp;</div></td></tr> <tr bgcolor="#000000"><td style="border-right: black 0.5pt solid; border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="55%" colspan="3"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;" color="white">Highest and Lowest Returns During This Time Period</font></div></td></tr> <tr><td class="MetaData" style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Highest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">1.53%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">September 30, 2012</font></div></td></tr> <tr><td class="MetaData" style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Lowest return for a quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">-0.24%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">March 31, 2012</font></div></td></tr> <tr><td class="MetaData" style="border-bottom: black 2px solid; border-left: black 0.5pt solid;" valign="middle" width="32%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Year-to-date return as of most recent quarter</font></div></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="middle" width="7%"> <div style="text-align: center; margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">-0.86%</font></div></td> <td style="border-right: black 0.5pt solid; border-bottom: black 2px solid;" valign="middle" width="16%"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">Quarter ended</font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: times new roman; display: inline;">June 30, 2013</font></div></td></tr></table></div> </div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">Institutional Class Shares</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">Calendar Year Returns</font></font></div></div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">Institutional Class Shares</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 10.25pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">Calendar Year Returns</font></font></div></div> 0.1084 0.0153 2012-03-31 2012-09-30 -0.0476 -0.0024 2012-06-30 2012-03-31 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsCrescentLargeCapMacroFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000034607Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsCrescentStrategicIncomeFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000034609Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 0.0991 -0.0086 2013-06-30 2013-06-30 0 0.0025 0 0.0025 0 0.0025 <font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font> <font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font> <font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font> 50000 50000 50000 <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example. </font></font></div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example. </font></font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example. </font></font></div> <div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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;&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;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div> <div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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;&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;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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;&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;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedCrescentLargeCapMacroFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000034607Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedCrescentMidCapMacroFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000034608Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedCrescentStrategicIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000034609Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 129 548 155 573 97 517 471 930 545 997 454 908 835 1335 835 1323 1862 2466 1906 2479 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div> <div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&nbsp;&nbsp;<font class="_mt" style="color: #221e1f; display: inline;"><font class="_mt"><font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font></font>&nbsp;&nbsp;More information about these and other discounts is available from your financial professional and in</font><font class="_mt" style="color: #221e1f; display: inline;"> the section "Purchasing Shares" in</font><font class="_mt" style="color: #221e1f; display: inline;"> this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information.</font></font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&nbsp;&nbsp;<font class="_mt" style="color: #221e1f; display: inline;"><font class="_mt"><font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font></font>&nbsp;&nbsp;More information about these and other discounts is available from your financial professional and in</font><font class="_mt" style="color: #221e1f; display: inline;"> the section "Purchasing Shares" in</font><font class="_mt" style="color: #221e1f; display: inline;"> this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information.</font></font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&nbsp;&nbsp;<font class="_mt" style="color: #221e1f; display: inline;"><font class="_mt"><font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font></font>&nbsp;&nbsp;More information about these and other discounts is available from your financial professional and in</font><font class="_mt" style="color: #221e1f; display: inline;"> the section "Purchasing Shares" in</font><font class="_mt" style="color: #221e1f; display: inline;"> this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information.</font></font></div> </div> The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 0.0159 0.0186 0.0183 0.0208 0.0166 0.019 -0.0032 -0.0034 -0.0031 -0.0031 -0.0071 -0.007 July 31, 2014 July 31, 2014 July 31, 2014 Highest return for a quarter Highest return for a quarter Lowest return for a quarter Lowest return for a quarter 0.006 0.006 0.0075 0.0075 0.0035 0.0035 0 0 0 0 0 0 0 0.04 0 0.04 0 0.04 0.0127 0.0152 0.0152 0.0177 0.0095 0.012 <div class="MetaData" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">INVESTMENT OBJECTIVES</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font size="2" class="_mt"><strong>INVESTMENT OBJECTIVES</strong></font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><strong><font size="2" class="_mt">INVESTMENT OBJECTIVES</font></strong></div> <div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The investment objective of the <font class="_mt" style="font-weight: bold; display: inline;">Crescent Large Cap Macro Fund</font> (the "Fund") is capital appreciation.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The investment objective of the <font class="_mt" style="font-weight: bold; display: inline;">Crescent Mid Cap Macro Fund</font> is capital appreciation.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The investment objective of the <font class="_mt" style="font-weight: bold; display: inline;">Crescent Strategic Income Fund</font> is total return consistent with preservation of capital.</font></div> </div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div> 0.0097 0.0099 0.0106 0.0106 0.0126 0.0125 <font class="_mt" style="text-decoration: underline; display: inline;">http://www.crescentfunds.com</font> <font class="_mt" style="text-decoration: underline; display: inline;"><a>http://www.crescentfunds.com</a></font> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The bar chart and tables shown on the following page provide an indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class Shares from year to year and by showing how the average annual total returns of each class compare to that of a broad-based securities market index.</font> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The bar chart and tables shown on the following page provide an indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class Shares from year to year and by showing how the average annual total returns of each class compare to that of a broad-based securities market index.</font> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The bar chart and tables shown on the following page provide an indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class Shares from year to year and by showing how the average annual total returns of each class compare to that of a broad-based securities market index.</font></font>&nbsp;&nbsp;<font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.</font>&nbsp;&nbsp;Updated information on the Fund's results can be obtained by visiting <font class="_mt"><font class="_mt" style="text-decoration: underline; display: inline;">http://www.crescentfunds.com</font></font>.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font></font>&nbsp;&nbsp;This information will give some indication of the risks of investing in the Fund by comparing the Fund's performance with a broad measure of market performance.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The bar chart and tables shown on the following page provide an indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class Shares from year to year and by showing how the average annual total returns of each class compare to that of a broad-based securities market index.</font></font>&nbsp;&nbsp;<font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.</font>&nbsp;&nbsp;Updated information on the Fund's results can be obtained by visiting <font class="_mt"><font class="_mt" style="text-decoration: underline; display: inline;"><a>http://www.crescentfunds.com</a></font></font>.</font></div> </div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Performance information will be available after a full calendar year of operations.</font> The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. Average Annual Total Returns Periods Ended December 31, 2012 (returns with maximum sales charge) Average Annual Total Returns Periods Ended December 31, 2012 (returns with maximum sales charge) <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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.</font></font>&nbsp;&nbsp;<font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Actual after-tax returns depend on an investor's tax situation and may differ </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</font></font></font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">&nbsp;&nbsp;<font class="_mt">After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes.</font></font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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.</font></font>&nbsp;&nbsp;<font class="_mt">Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</font>&nbsp;&nbsp;<font class="_mt">After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes.</font></font></div> </div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Actual after-tax returns depend on an investor's tax situation and may differ </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</font> Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes. After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes. <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedCrescentLargeCapMacroFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000034607Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedCrescentStrategicIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000034609Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~&lt;/div&gt; </div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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.</font> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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.</font> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font> </font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font> </font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font> </font></div> 0.8887 0.4015 <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&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;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">88.87</font>% of the average value of its portfolio.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&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;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&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;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">40.15</font>% of the average value of its portfolio.</font></div> </div> 2013-07-29 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font> <font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font></font>&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;Generally, the Fund will be subject to the following principal risks:</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor Risk</font>.<font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. The Advisor was formed in 2001 and is registered an investment adviser with the Securities and Exchange Commission, though the company's predecessor, Greenwood Capital Associates, Inc., was founded in 1983.&nbsp;&nbsp;However, the Advisor does not have previous experience managing an </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">investment company registered under the Investment Company Act of 1940.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Advisor's inexperience managing a registered investment company may limit its effectiveness.&nbsp;&nbsp;The experience of the portfolio managers is discussed in "Management of the Fund &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Strategy Risk.</font>&nbsp;&nbsp;The Advisor uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Advisor in using these strategies may not produce the returns expected by the Advisor, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Growth Securities Risk.</font>&nbsp;&nbsp;Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Large-Cap Company Risk.&nbsp;&nbsp;</font>A Fund with holdings of large capitalization company securities may underperform the market as a whole.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Management Style Risk.</font>&nbsp;&nbsp;Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of securities purchased by the Fund (large-cap equity securities.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Each type of investment tends to go through cycles of performing better or worse than the stock market in general.&nbsp;&nbsp;The performance of the Fund may thus be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline <font class="_mt" style="display: inline;">due to daily fluctuations in the securities markets</font>.&nbsp;&nbsp;Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a stock may<font class="_mt" style="display: inline;"> even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions and general equity market conditions.&nbsp;&nbsp;In a declining stock market, prices for all companies (including those in the Fund's portfolio) may decline regardless of their long-term prospects.</font>&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors<font class="_mt" style="display: inline;">.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font>&nbsp;&nbsp;Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.<a name="jump_exp_1"> </a></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Risks Related to Investing in Other Investment Companies. </font>The Fund's investments in other investment companies, including ETFs, closed-end mutual funds, and open-end mutual funds, <font class="_mt" style="display: inline;">will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund's investment will fluctuate in response to the performance of such portfolio.&nbsp;&nbsp;</font>Shareholders in the Fund will indirectly bear fees and expenses charged by the ETFs and mutual funds in which the Fund invests in addition to the Fund's direct fees and expenses.<font class="_mt" style="display: inline;">&nbsp;</font>These types of investments by the Fund could affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by shareholders.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Sector Risk.&nbsp;&nbsp;</font>Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments.&nbsp;&nbsp;If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.&nbsp;&nbsp;Additionally, some sectors could be subject to greater government regulation than other sectors.&nbsp;&nbsp;Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.&nbsp;&nbsp;The sectors in which the Fund may more heavily invest will vary; however, the Fund will invest less than 25% of its assets in any one industry or group of industries.</font></div></div> </div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font></font>&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;Generally, the Fund will be subject to the following principal risks:</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor Risk</font>.<font class="_mt" style="font-weight: bold; display: inline;">&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. The Advisor was formed in 2001 and is registered an investment adviser with the Securities and Exchange Commission, though the company's predecessor, Greenwood Capital Associates, Inc., was founded in 1983.&nbsp;&nbsp;However, the Advisor does not have previous experience managing an </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">investment company registered under the Investment Company Act of 1940.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Advisor's inexperience managing a registered investment company may limit its effectiveness.&nbsp;&nbsp;The experience of the portfolio managers is discussed in "Management of the Fund &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Strategy Risk.</font>&nbsp;&nbsp;The Advisor uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Advisor in using these strategies may not produce the returns expected by the Advisor, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Management Style Risk.</font>&nbsp;&nbsp;Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of securities purchased by the Fund (Mid-cap equity securities.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Each type of investment tends to go through cycles of performing better or worse than the stock market in general.&nbsp;&nbsp;The performance of the Fund may thus be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline <font class="_mt" style="display: inline;">due to daily fluctuations in the securities markets</font>.&nbsp;&nbsp;Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a stock may<font class="_mt" style="display: inline;"> even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions and general equity market conditions.&nbsp;&nbsp;In a declining stock market, prices for all companies (including those in the Fund's portfolio) may decline regardless of their long-term prospects.</font>&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors<font class="_mt" style="display: inline;">.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Mid Cap Companies Risk. </font>Investing in the securities of mid cap companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of mid-cap companies usually have more limited marketability and, therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general. Because mid cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that mid-cap companies often have limited product lines, markets, or financial resources and may lack management depth. These factors affect the Advisor's access to information about the companies and the stability of the markets for the </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">companies' securities. Additionally, mid-cap companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies, and there typically is less publicly available information concerning mid-cap companies than for larger, more established companies.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Although investing in securities of medium-sized companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. Therefore, an investment in the Mid Cap Fund may involve a greater degree of risk than an investment in other mutual funds that seek capital growth by investing in more established, larger companies.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font> Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Risks Related to Investing in Other Investment Companies. </font>The Fund's investments in other investment companies, including ETFs, closed-end mutual funds, and open-end mutual funds, <font class="_mt" style="display: inline;">will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund's investment will fluctuate in response to the performance of such portfolio.&nbsp;&nbsp;</font>Shareholders in the Fund will indirectly bear fees and expenses charged by the ETFs and mutual funds in which the Fund invests in addition to the Fund's direct fees and expenses.<font class="_mt" style="display: inline;">&nbsp;</font>These types of investments by the Fund could affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by shareholders.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Sector Risk.&nbsp;&nbsp;</font>Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments.&nbsp;&nbsp;If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.&nbsp;&nbsp;Additionally, some sectors could be subject to greater government regulation than other sectors.&nbsp;&nbsp;Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.&nbsp;&nbsp;The sectors in which the Fund may more heavily invest will vary; however, the Fund will invest less than 25% of its assets in any one industry or group of industries.</font></div></div> </div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The loss of your money is a principal risk of investing in the Fund.</font></font>&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;Generally, the Fund will be subject to the following principal risks:</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Government Debt Markets May Be Illiquid or Disrupted.</font>&nbsp;&nbsp;Although generally highly liquid, the markets in which the Fund trades could experience periods of illiquidity, sometimes of significant duration.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less. This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Interest Rate and Credit Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Fund or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities generally involve greater risk than those with shorter maturities.&nbsp;&nbsp;Issuers of fixed income securities might be unable to make principal and interest payments when due.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment Advisor Risk. </font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. The Advisor was formed in 2001 and is registered an investment adviser with the <font class="_mt" style="font-family: Times New Roman; display: inline;">Securities and Exchange Commission</font>, though <font class="_mt" style="display: inline;">the company's predecessor, Greenwood Capital Associates, Inc., was founded in 1983</font>.&nbsp;&nbsp;However, the Advisor does not have previous experience managing an investment company registered under the Investment Company Act of 1940.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Advisor's inexperience managing a registered investment company may limit its effectiveness.&nbsp;&nbsp;The experience of the portfolio managers is discussed in "Management of the Fund &#8211; Investment Advisor."</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Investment-Grade Securities Risk.</font>&nbsp;&nbsp;Fixed income securities are generally rated by nationally recognized securities rating services.&nbsp;&nbsp;While fixed income securities rated BBB by Standard &amp; Poor's<font class="_mt" style="font-size: 70%; vertical-align: text-top; display: inline;">&#174;</font> Rating Services ("S&amp;P") or Baa by Moody's Investor Services, Inc. ("Moody's") are considered investment-grade securities, they are somewhat riskier than higher rated investment-grade obligations because they are regarded as having only an adequate capacity to pay principal and interest and are considered to lack outstanding investment characteristics and may be speculative.&nbsp;&nbsp;Fixed income securities with lower ratings are subject to higher credit risk and may be subject to greater fluctuations in value than that of higher rated fixed income securities.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Lower-rated Securities or "Junk Bonds" Risk. </font>Fixed income securities rated below BBB by S&amp;P or Baa by Moody's are considered speculative in nature and may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than higher rated fixed income securities.&nbsp;&nbsp;Lower rated fixed income securities are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">strength.&nbsp;&nbsp;These fixed income securities are considered "below investment-grade."&nbsp;&nbsp;The retail secondary market for these "junk bonds" may be less liquid than that of higher rated fixed income securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund's net asset value.&nbsp;&nbsp;These risks can reduce value of the Fund's shares and the income it earns.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Maturity Risk.&nbsp;&nbsp;</font>Maturity risk is another factor that can affect the value of the Fund's debt holdings.&nbsp;&nbsp;In general, the longer the maturity of a fixed income instrument, the higher its yield and the greater its sensitivity to changes in interest rates.&nbsp;&nbsp;Conversely, the shorter the maturity, the lower the yield but the greater the price stability.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Risks of Investing in Municipal Securities</font>.&nbsp;&nbsp;The yields of municipal securities may move differently and adversely compared to the yields of the overall debt securities markets. There could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Market Risk. </font>Market risk refers to the possibility that the value of securities held by the Fund may decline <font class="_mt" style="display: inline;">due to daily fluctuations in the securities markets</font>. Securities prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may<font class="_mt" style="display: inline;"> even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions, and general market conditions. In a declining market, prices for all securities (including those in the Fund's portfolio) may decline regardless of their long-term prospects.</font> The Fund's performance per share will change daily in response to such factors<font class="_mt" style="display: inline;">.</font></font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">New Fund Risk.</font> Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Risks of Investing in Corporate Debt Securities</font>. Corporate debt securities are fixed income securities issued by businesses. Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities. The credit risks of corporate debt securities vary widely among issuers. In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment. For example, higher ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, such as trust preferred and capital securities notes, also permit the issuer to defer payments under certain circumstances. For example, insurance companies issue securities known as surplus notes that permit the insurance company to defer any payment that would reduce its capital below regulatory requirements.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Sector Risk.&nbsp;&nbsp;</font>Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments.&nbsp;&nbsp;If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.&nbsp;&nbsp;Additionally, some sectors could be subject to greater government regulation than other sectors.&nbsp;&nbsp;Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.&nbsp;&nbsp;The sectors in which the Fund may more heavily invest will vary; however, the Fund will invest less than 25% of its assets in any one industry or group of industries.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; color: #333333; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Preferred Stock Risk.</font>&nbsp;&nbsp;The value of preferred stock may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Preferred stock may fail to pay dividends when expected.&nbsp;&nbsp;The rights of holders of preferred stock are generally subordinate to the rights associated with a corporation's debt securities.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; color: #333333; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Convertible Securities Risk.</font>&nbsp;Convertible securities are securities that may be converted into shares of stock.&nbsp;&nbsp;Due to the conversion feature, the interest rate or dividend preference of a convertible security is usually less than if the securities were non-convertible.&nbsp;&nbsp;The value of convertible securities tends to change when the market value of the underlying stock fluctuates and tends to fluctuate inversely with changes in interest rates.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Warrants Risk.</font>&nbsp;The prices of warrants, which entitle the holder to purchase equity securities at specific prices for a certain period of time, do not necessarily move parallel to the prices of the underlying securities and likely fluctuate more than the prices of the underlying securities.&nbsp;&nbsp;Warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Risks Related to Investing in Other Investment Companies. </font>The Fund's investments in other investment companies, including ETFs, closed-end mutual funds, and open-end mutual funds,&nbsp;will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund's investment will fluctuate in response to the performance of such portfolio.&nbsp;&nbsp;Shareholders in the Fund will indirectly bear fees and expenses charged by the ETFs and mutual funds in which the Fund invests in addition to the Fund's direct fees and expenses.&nbsp;These types of investments by the Fund could affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by shareholders.</font></div></div> </div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">CRESCENT LARGE CAP MACRO FUND</font></font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">CRESCENT MID CAP MACRO FUND</font></font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">CRESCENT STRATEGIC INCOME FUND</font></font></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i></p></div> <div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i></p></div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesCrescentLargeCapMacroFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000034607Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesCrescentMidCapMacroFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000034608Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesCrescentStrategicIncomeFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000034609Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund seeks to achieve its investment objective by investing at least 80% of net assets, plus borrowings for investment purposes, in a portfolio of equity securities of companies whose market capitalizations qualify them to be considered as "large-cap" companies.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.&nbsp;&nbsp;</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund typically invests in common stocks, but has the ability to invest in other types of equity securities such as preferred stocks, exchange-traded funds ("ETFs"), convertible bonds, warrants, and shares of other investment </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">companies satisfying the Fund's investment criteria. While the Advisor considers a company to be a "large cap" company if it has a market capitalization, at the time of acquisition, in excess of $15 billion, the Fund targets a portfolio weighted average market capitalization between $75 and $125 billion.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor employs an investment selection process that utilizes approximately 60% of the selection criteria on macroeconomic, market, and sector criteria, and approximately 40% of the selection criteria based on company fundamental analysis.&nbsp;&nbsp;This philosophy is based upon the belief and experience that sector and industry allocation is an important influence on individual security performance.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's overall view of the broad markets, a cash component of the Fund is determined. The Fund will typically hold between 0% and 10% of the Fund in cash equivalents.&nbsp;&nbsp;However, the fund may hold up to a maximum of 15% in cash equivalents.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor then uses the S&amp;P 500 and Russell 1000 Growth Indices to establish a baseline for sector allocation of the Fund's portfolio. Based upon the Advisor's analysis and research, a relative weighting of each sector is then determined, with most sectors being either underweighted or overweighed relative to the S&amp;P 500 and Russell 1000 Growth Indices.&nbsp;&nbsp;Only after this target sector allocation is determined does individual stock selection become incorporated in the process.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Individual companies are selected for inclusion in the fund portfolio based on a sector and industry peer comparisons.&nbsp;&nbsp;Historical and prospective earnings growth and expectations are considered in addition to relative and absolute valuation.&nbsp;&nbsp;Further considerations may include but are not limited to management experience and strength, competitive market advantage and positioning and over financial strength.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor may sell a portfolio holding if the Advisor believes that the price of the security is overvalued as determined by the Advisor, the fundamentals of the security change, to pursue opportunities that the Advisor believes will be of greater benefit to the Fund, or to rebalance the security to the Advisor's targeted percentage of total portfolio value for that security.</font></div></div> </div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund seeks to achieve its investment objective by investing at least 80% of net assets, plus borrowings for investment purposes, in a portfolio of equity securities of companies whose market capitalizations qualify them to be considered as "mid-cap" companies.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.&nbsp; </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund typically invests in common stocks, but has the ability to invest in other types of equity securities such as preferred stocks, exchange-traded funds ("ETFs"), convertible bonds, warrants, and shares of other investment companies satisfying the Fund's investment criteria.&nbsp;&nbsp;The Advisor considers a company to be a "mid cap" company if it has, at the time of purchase, a market capitalization in between $1 billion and $15 billion.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor employs an investment selection process that utilizes approximately 60% of the selection criteria on macroeconomic, market and sector criteria, and approximately 40% of the selection criteria based on company fundamental analysis. This philosophy is based upon the belief and experience that sector and industry allocation is an important influence on individual security performance.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's overall view of the broad markets, a cash component of the Fund is determined.&nbsp;&nbsp;The Fund will typically hold between 0% and 10% of the Fund in cash equivalents.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor then uses the Russell Midcap and Russell Midcap Growth Indices to establish a baseline for sector allocation of the Fund portfolio. Based upon the Advisor's analysis and research, a relative weighting of each sector is then determined, with most sectors being either underweighted or overweighed relative to the Russell Midcap and Russell Midcap Growth Indices. Only after this target sector allocation is determined does individual stock selection become incorporated in the process.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Individual companies are selected for inclusion in the Fund portfolio based on a sector and industry peer comparisons.&nbsp;&nbsp;Historical and prospective earnings growth and expectations are considered in addition to relative and absolute valuation.&nbsp;&nbsp;Further considerations may include but are not limited to management experience and strength, competitive market advantage and positioning and over financial strength.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor may sell a portfolio holding if the Advisor believes that the price of the security is overvalued as determined by the Advisor, the fundamentals of the security change, to pursue opportunities that the Advisor believes will be of greater benefit to the Fund, or to rebalance the security to the Advisor's targeted percentage of total portfolio value for that security.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div></div> </div> <div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund seeks to achieve its investment objective by investing at least 65% of the portfolio in bonds rated investment grade or better at all times by a nationally recognized securities rating organization or, if no rating exists, of equivalent quality in the determination of the Advisor.&nbsp;&nbsp;Subject to the limitations of this restriction, the Fund is also permitted to invest in securities that are below investment-grade, including junk bonds, and other types of securities including preferred stocks, convertible bonds, warrants, and exchange-traded funds ("ETFs") and shares of other investment companies.&nbsp; </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund typically invests in corporate, government or agency bonds and notes, but has the ability to invest in other types of fixed income securities. Under normal circumstances, at least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in fixed income securities, whether investment grade or below investment grade.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor employs an investment selection process that utilizes a variety of macro factors including the economic environment, credit spreads and trends, monetary policy, liquidity conditions, and interest rate outlook.&nbsp;&nbsp;This philosophy is based upon the belief that an active strategy of utilizing controlled duration management, sector rotation, and credit selection provides competitive returns to passive strategies over long-term investment horizons.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor also considers the following when selecting securities:</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font class="_mt" style="font-size: 10pt; font-family: Symbol, serif; display: inline;">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">historical yield relationship between a security and a corresponding benchmark;</font></div></td></tr></table></div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font class="_mt" style="font-size: 10pt; font-family: Symbol, serif; display: inline;">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">credit risk;</font></div></td></tr></table></div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font class="_mt" style="font-size: 10pt; font-family: Symbol, serif; display: inline;">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">market volatility;</font></div></td></tr></table></div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font class="_mt" style="font-size: 10pt; font-family: Symbol, serif; display: inline;">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">interest rate levels relative to historical interest rate levels; and</font></div></td></tr></table></div> <div> <table style="font-size: 10pt; font-family: times new roman;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font class="_mt" style="font-size: 10pt; font-family: Symbol, serif; display: inline;">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">supply and demand factors (i.e. spreads tend to widen when supply for a security exceeds demand).</font></div></td></tr></table></div> <div style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's overall view of the broad markets, a cash component of the Fund is determined. The Fund will typically hold between 0% and 10% of the Fund in cash equivalents.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor then analyzes the portfolio characteristics relative to the Barclays Capital Intermediate Government/Credit Index and Barclays Capital 1-5 Year Government/Credit Index.&nbsp;&nbsp;&nbsp;The Portfolio's duration will typically range between 2 and 5 years.&nbsp;&nbsp;Duration is a measure of the weighted average maturity of the fixed-income instruments held by the Fund and can be used by the Advisor as a measure of the sensitivity of the market value of the Fund to changes in interest rates.&nbsp;&nbsp;Generally, the longer the duration of the Fund, the more sensitive its market value will be to changes in interest rates.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor constantly monitors the fixed income markets.&nbsp;&nbsp;When an opportunity arises to improve the Fund's portfolio, the Advisor attempts to take advantage of that opportunity by selling existing portfolio securities and purchasing securities the Advisor believes will provide superior future performance.&nbsp;&nbsp;The Advisor will also sell portfolio securities as necessary to manage the duration and credit risk of the portfolio as determined necessary by the Advisor.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div></div> </div> Year-to-date return as of most recent quarter Year-to-date return as of most recent quarter "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Since the Fund has not yet commenced operations, "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The Institutional Class Shares commenced operations on December 15, 2011. The Advisor Class Shares commenced operations on December 27, 2011. The Institutional Class Shares commenced operations on December 15, 2011. The Advisor Class Shares commenced operations on December 27, 2011. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, borrowing costs, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and payments under the Rule 12b-1 distribution plan) to not more than 1.25% of the average daily net assets of the Fund through July 31, 2014. The Expense Limitation Agreement may not be terminated prior to that date. The Fund's net expense ratio will be higher than 1.25% to the extent that it incurs expenses excluded from the Expense Limitation Agreement. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, borrowing costs, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and payments under the Rule 12b-1 distribution plan) to not more than 1.50% of the average daily net assets of the Fund through July 31, 2014. The Expense Limitation Agreement may not be terminated prior to that date. The Fund's net expense ratio will be higher than 1.50% to the extent that it incurs expenses excluded from the Expense Limitation Agreement. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, borrowing costs, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and payments under the Rule 12b-1 distribution plan) to not more than 0.90% of the average daily net assets of the Fund through July 31, 2014. The Expense Limitation Agreement may not be terminated prior to that date. The Fund's net expense ratio will be higher than 0.90% to the extent that it incurs expenses excluded from the Expense Limitation Agreement. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. 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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 false07false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr: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 false08false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.010.01falsefalsefalserr: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 false09false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.0060.006falsefalsefalserr: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 false010false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr: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 false011false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.00970.0097falsefalsefalserr: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 false012false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00020.0002[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 false013false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01590.0159falsefalsefalserr: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 true014false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabel1truetruetrue0.00320.0032[2]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 false015false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01270.0127falsefalsefalserr: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 true016false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue129129USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false217false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue471471USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false218false 4rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue835835USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false219false 4rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue18621862USD$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 false220false 4rr_AnnualReturn2012rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.09980.0998falsefalsefalsexbrli: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 false021false 4rr_YearToDateReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Year-to-date return as of most recent quarterfalsefalsefalsexbrli: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 false022false 4rr_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 false023false 4rr_BarChartYearToDateReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.09910.0991falsefalsefalsexbrli: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 false024false 4rr_HighestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Highest return for a quarterfalsefalsefalsexbrli: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 false025false 4rr_BarChartHighestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002012-03-31falsefalsetruexbrli: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 false026false 4rr_BarChartHighestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.10840.1084falsefalsefalsexbrli: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 false027false 4rr_LowestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Lowest return for a quarterfalsefalsefalsexbrli: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 false028false 4rr_BarChartLowestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse002012-06-30falsefalsetruexbrli: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 false029false 4rr_BarChartLowestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse-0.0476-0.0476falsefalsefalsexbrli: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 false030false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.09980.0998falsefalsefalsexbrli: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 false031false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.12030.1203[3]falsefalsefalsexbrli: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 false032false 4rr_AverageAnnualReturnInceptionDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsetruefalse002011-12-15falsefalsetruexbrli:dateItemTypedateReturn 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 instructions -Clause 4 false033false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse3false truefalseDuration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000034607Member_rr_PerformanceMeasureAxis_rr_AfterTaxesOnDistributionsMember_rr_ProspectusShareClassAxis_cik0001464413_C000106509Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseCrescent Large Cap Macro Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000034607Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Class Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000106509Memberrr_ProspectusShareClassAxisexplicitMemberfalsefalseAfter taxes on distributionsrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldirr_AfterTaxesOnDistributionsMemberrr_PerformanceMeasureAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0nanafalse034true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse035false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.09770.0977falsefalsefalsexbrli: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 false036false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.11820.1182[3]falsefalsefalsexbrli: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 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse4false truefalseDuration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000034607Member_rr_PerformanceMeasureAxis_rr_AfterTaxesOnDistributionsAndSalesMember_rr_ProspectusShareClassAxis_cik0001464413_C000106509Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseCrescent Large Cap Macro Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000034607Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Class Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000106509Memberrr_ProspectusShareClassAxisexplicitMemberfalsefalseAfter taxes on distributions and sale of sharesrr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldirr_AfterTaxesOnDistributionsAndSalesMemberrr_PerformanceMeasureAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0nanafalse038true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse039false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.08010.0801falsefalsefalsexbrli: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 false040false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.09670.0967[3]falsefalsefalsexbrli: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 false041false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse5false USDtruefalse$Duration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000034607Member_rr_ProspectusShareClassAxis_cik0001464413_C000106510Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseCrescent Large Cap Macro Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000034607Memberdei_LegalEntityAxisexplicitMemberfalsefalseAdvisor Class Sharesrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_C000106510Memberrr_ProspectusShareClassAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse042true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse043false 4rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.040.04falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "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). 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 false044false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue00falsefalsefalserr: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 false045false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.010.01falsefalsefalserr: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 false046false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.0060.006falsefalsefalserr: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 false047false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.00250.0025falsefalsefalserr: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 false048false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.00990.0099falsefalsefalserr: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 false049false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00020.0002[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 false050false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01860.0186falsefalsefalserr: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 true051false 4rr_FeeWaiverOrReimbursementOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedTerseLabel1truetruetrue0.00340.0034[2]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 false052false 4rr_NetExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truetruetrue0.01520.0152falsefalsefalserr: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 true053false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue548548USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false254false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue930930USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false255false 4rr_ExpenseExampleYear05rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue13351335USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false256false 4rr_ExpenseExampleYear10rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsetrue24662466USD$falsefalsefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false257false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truetruetrue0.05300.0530falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false058false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.07710.0771[3]falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false059false 4rr_AverageAnnualReturnInceptionDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsetruefalse002011-12-27falsefalsetruexbrli:dateItemTypedateReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 4 false060false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse6false USDtruefalse$Duration_7_29_2013_To_7_29_2013_dei_LegalEntityAxis_cik0001464413_S000034607Memberhttp://www.sec.gov/CIK0001464413duration2013-07-29T00:00:002013-07-29T00:00:00falsefalseCrescent Large Cap Macro Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik0001464413_S000034607Memberdei_LegalEntityAxisexplicitMemberUnit1Standardhttp://www.xbrl.org/2003/instancepurexbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse061true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse062false 4rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="center"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;"><font class="_mt" style="text-decoration: underline; display: inline;">CRESCENT LARGE CAP MACRO FUND</font></font></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 false063false 4rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">INVESTMENT OBJECTIVES</font></div>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 false064false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The investment objective of the <font class="_mt" style="font-weight: bold; display: inline;">Crescent Large Cap Macro Fund</font> (the "Fund") is capital appreciation.</font></div> </div>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 false065false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="left"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">FEES AND EXPENSES OF THE FUND</font></div>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 false066false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&nbsp;&nbsp;<font class="_mt" style="color: #221e1f; display: inline;"><font class="_mt"><font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font></font>&nbsp;&nbsp;More information about these and other discounts is available from your financial professional and in</font><font class="_mt" style="color: #221e1f; display: inline;"> the section "Purchasing Shares" in</font><font class="_mt" style="color: #221e1f; display: inline;"> this prospectus and the section "Additional Purchase and Redemption Information" in the Fund's statement of additional information.</font></font></div> </div>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 false067false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Shareholder Fees</font></b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(fees paid directly from your investment)</font></i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p></div>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 false068false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt;"><b><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">Annual Fund Operating Expenses</font></b><font class="_mt" style="font-family: 'Century Gothic','sans-serif';"> </font></p> <p class="MsoNormal" style="font-size: 11pt; font-family: 'Calibri','sans-serif'; margin: 0in 0in 0pt; line-height: 11.4pt;"><i><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';">(expenses that you pay each year as a percentage of the value of your investment)</font></i></p></div>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 false069false 4rr_FeeWaiverOrReimbursementOverAssetsDateOfTerminationrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00July 31, 2014falsefalsefalsexbrli:stringItemTypestringThis element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).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 e false070false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Portfolio Turnover.</font> </font></div>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 false071false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&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;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">88.87</font>% of the average value of its portfolio.</font></div> </div>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 false072false 4rr_PortfolioTurnoverRaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.88870.8887falsefalsefalsexbrli: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 false073false 4rr_ExpenseBreakpointDiscountsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<font class="_mt" style="color: #221e1f; display: inline;">With respect to the Advisor Class Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the Fund.</font>falsefalsefalsexbrli:stringItemTypestringInclude the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false074false 4rr_ExpenseBreakpointMinimumInvestmentRequiredAmountrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse5000050000USD$falsetruefalsexbrli:monetaryItemTypemonetaryThis element represents the minimum level of investment required to qualify for discounted sales charges or fund expenses (SEC Form N-1A 2006-09-14 A.3.instructions.1.b).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 false275false 4rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFeesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.falsefalsefalsexbrli:stringItemTypestringThe Fund may clarify in a footnote to the fee table that the total annual fund operating expenses under Item 3 do not correlate to the ratio of expenses to average net assets given in response to Item 8, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and 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 f -Clause vii false076false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;"><font class="_mt" style="font-weight: bold; display: inline;">Example. </font></font></div>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 false077false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">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;&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;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> </div>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 false078false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL INVESTMENT STRATEGIES</font></div>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 false079false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund seeks to achieve its investment objective by investing at least 80% of net assets, plus borrowings for investment purposes, in a portfolio of equity securities of companies whose market capitalizations qualify them to be considered as "large-cap" companies.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.&nbsp;&nbsp;</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Fund typically invests in common stocks, but has the ability to invest in other types of equity securities such as preferred stocks, exchange-traded funds ("ETFs"), convertible bonds, warrants, and shares of other investment </font><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">companies satisfying the Fund's investment criteria. While the Advisor considers a company to be a "large cap" company if it has a market capitalization, at the time of acquisition, in excess of $15 billion, the Fund targets a portfolio weighted average market capitalization between $75 and $125 billion.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor employs an investment selection process that utilizes approximately 60% of the selection criteria on macroeconomic, market, and sector criteria, and approximately 40% of the selection criteria based on company fundamental analysis.&nbsp;&nbsp;This philosophy is based upon the belief and experience that sector and industry allocation is an important influence on individual security performance.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Based upon the Advisor's overall view of the broad markets, a cash component of the Fund is determined. The Fund will typically hold between 0% and 10% of the Fund in cash equivalents.&nbsp;&nbsp;However, the fund may hold up to a maximum of 15% in cash equivalents.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor then uses the S&amp;P 500 and Russell 1000 Growth Indices to establish a baseline for sector allocation of the Fund's portfolio. Based upon the Advisor's analysis and research, a relative weighting of each sector is then determined, with most sectors being either underweighted or overweighed relative to the S&amp;P 500 and Russell 1000 Growth Indices.&nbsp;&nbsp;Only after this target sector allocation is determined does individual stock selection become incorporated in the process.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">Individual companies are selected for inclusion in the fund portfolio based on a sector and industry peer comparisons.&nbsp;&nbsp;Historical and prospective earnings growth and expectations are considered in addition to relative and absolute valuation.&nbsp;&nbsp;Further considerations may include but are not limited to management experience and strength, competitive market advantage and positioning and over financial strength.</font></div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify">&nbsp;</div> <div style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; display: inline;">The Advisor may sell a portfolio holding if the Advisor believes that the price of the security is overvalued as determined by the Advisor, the fundamentals of the security change, to pursue opportunities that the Advisor believes will be of greater benefit to the Fund, or to rebalance the security to the Advisor's targeted percentage of total portfolio value for that security.</font></div></div> </div>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 false080false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData" style="margin-left: 0pt; display: block; line-height: 11.4pt; margin-right: 0pt; text-indent: 0pt;" align="justify"><font class="_mt" style="font-size: 10pt; font-family: Times New Roman; font-weight: bold; display: inline;">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div>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