As filed with the Securities and Exchange Commission on April 12, 2013
Securities Act File No. 333-167481
Investment Company Act File No. 811-22428
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 15 | x |
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 | x | |
Amendment No. 17 | x |
(Check appropriate box or boxes.)
CUSHING FUNDS TRUST
(Exact Name of Registrant as Specified in Agreement and Declaration of Trust)
8117 Preston Road, Suite 440
Dallas, Texas 75225
(Address of Principal Executive Offices)
Registrants Telephone Number, Including Area Code: (214) 692-6334
Copies to:
Jerry V. Swank Cushing MLP Asset Management, LP 8117 Preston Road, Suite 440 Dallas, Texas 75225 (Name and Address of Agent for Service) |
Phillip Harris, Esq. Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, New York 10036 |
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. |
If appropriate, check the following box:
¨ | This post-effective amendment designates a new effective date for a previously filed post- effective amendment. |
Explanatory Note: This Post-Effective Amendment (PEA) No. 15 to the Trusts Registration Statement on Form N-1A hereby incorporates Parts A and C from the Trusts Post-Effective Amendment No. 13 on Form N-1A filed on March 28, 2013, and Part B filed pursuant to Rule 497C on April 4, 2013. This PEA No. 15 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA Amendment No. 15 to the Companys Registration Statement.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 15 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Dallas, and State of Texas on the 12th of April, 2013.
By: | /s/ Jerry V. Swank | |
Jerry V. Swank | ||
Chief Executive Officer and Trustee |
As required by the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registrants Registration Statement has been signed below by the following persons in the capacities set forth below on the 12th day of April, 2013.
Principal Executive Officer:
/s/Jerry V. Swank Jerry V. Swank |
Chief Executive Officer and Trustee |
Principal Financial Officer:
/s/John H. Alban John H. Alban |
Chief Financial Officer and Treasurer |
Trustees:
* /s/ Brian R. Bruce Brian R. Bruce |
Trustee | |
* /s/ Edward N. McMillan Edward N. McMillan |
Trustee | |
* /s/ Ronald P. Trout Ronald P. Trout |
Trustee |
* | Signed by Barry Y. Greenberg pursuant to a power of attorney previously filed with the Registrants Registration Statement on July 2, 2012. |
/s/ Barry Y. Greenberg | ||||
Barry Y. Greenberg Attorney-In-Fact |
EXHIBIT INDEX
Exhibit | Exhibit No. | |
Instance Document | EX-101.INS | |
Schema Document | EX-101.SCH | |
Calculation Linkbase Document | EX-101.CAL | |
Definition Linkbase Document | EX-101.DEF | |
Label Linkbase Document | EX-101.LAB | |
Presentation Linkbase Document | EX-101.PRE |
Label | Element | Value | ||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Registrant Name | dei_EntityRegistrantName | Cushing Funds Trust | ||||||||||||
Prospectus Date | rr_ProspectusDate | Mar. 30, 2013 | ||||||||||||
The Cushing MLP Premier Fund
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | SUMMARY | ||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund’s investment objective is to seek to produce current income and capital appreciation. | ||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Decide Which Class of Shares to Buy” beginning on page 26 of the Fund’s Prospectus. | ||||||||||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fee paid directly from your investment) |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | March 31, 2014 | ||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes payable by the Fund. 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 ended November 30, 2012, the Fund’s portfolio turnover rate was 43.32% of the average value of its portfolio. | ||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 43.32% | ||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | Investors who purchase more than $1,000,000 of Class A Shares may be assessed a contingent deferred sales charge of 1.00% upon redemptions within twelve (12) months of purchase. | ||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. | ||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 50,000 | ||||||||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of expenses to average net assets included in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as acquired fund fees and expenses. | ||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | ||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (giving effect to the fee waiver and expense limitation only during the first year) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | ||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | ||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to achieve its investment objective by investing primarily in a portfolio of master limited partnership ("MLP") investments. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in MLP investments. Entities commonly referred to as "MLPs" are treated as partnerships for U.S. federal income tax purposes and are generally organized under state law as limited partnerships or limited liability companies. The Fund's MLP investments include investments that offer economic exposure to public MLPs in the form of common or subordinated units issued by MLPs, securities of entities holding primarily general partner or managing member interests in MLPs, debt securities of MLPs, and securities that are derivatives of interests in MLPs, including I-Shares, and derivative instruments in which the Fund may invest that have economic characteristics of MLP securities. The Fund is treated as a regular corporation, or "C" corporation, for U.S. federal income tax purposes. Because of the Fund's concentration in MLP investments, the Fund is not eligible to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Accordingly, the Fund is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state and local income taxes. The investment strategy of investing primarily in MLPs and electing to be treated as a regular corporation, or "C" corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively new and untested investment strategy for open-end registered investment companies such as the Fund. This strategy involves complicated and in some cases unsettled accounting, tax and net asset and share valuation aspects that cause the Fund to differ significantly from most other open-end registered investment companies. This may result in unexpected and potentially significant accounting, tax and valuation consequences for the Fund and for its shareholders. In addition, accounting, tax and valuation practices in this area are still developing, and there may not always be a clear consensus among industry participants as to the most appropriate approach. This may result in changes over time in the practices applied by the Fund, which, in turn, could have material adverse consequences on the Fund and it shareholders. The Fund focuses primarily on midstream MLPs ("Midstream MLPs") whose business models are often referred to as "toll road" businesses. Midstream MLPs collect, gather, transport and store natural resources and their byproducts (primarily crude oil, natural gas and refined petroleum products), generally without taking ownership of the physical commodity. Midstream MLPs may also operate ancillary businesses including the marketing of the products and logistical services. Many Midstream MLPs have a history of relatively stable and growing cash distributions. The Investment Adviser believes strong fundamentals are at work that may enable many Midstream MLPs to achieve similar results in the future. The Fund may also invest in MLPs involved in other segments of the natural resources sector, including propane and coal MLPs . The Investment Adviser seeks to invest in MLPs that have distribution yields that, in the Investment Adviser's view, are attractive relative to comparable MLPs and available unit pricing. The Investment Adviser currently focuses on investments in MLPs with operations in the development, production, processing, refining, transportation, storage and marketing of natural resources. Among other things, the Investment Adviser uses fundamental, proprietary research to seek to identify the most attractive MLP investments with attractive distribution yields and distribution growth prospects. MLPs are formed as limited partnerships or limited liability companies and are treated as partnerships for U.S. federal income tax purposes. To be treated as a partnership for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources, including natural resources-based activities such as the exploration, development, mining, production, processing, refining, transportation, storage and certain marketing of mineral or natural resources. Currently, most MLPs operate in the natural resources, shipping or real estate sectors. Therefore, the Fund intends to concentrate its investments in the natural resources sector. See "Additional Information about the Investment Strategies and Related Risks of the Fund Additional Information About MLPs" in the Fund's Prospectus for more information about MLPs. Because the Fund is treated as a regular corporation, or a "C" corporation, for U.S. federal income tax purposes, the Fund will incur tax expenses. In calculating the Fund's daily net asset value in accordance with generally accepted accounting principles, the Fund will, among other things, account for its deferred tax liability and/or asset balances. The Fund will accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 35%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce the Fund's net asset value. The Fund will accrue a deferred tax asset balance, which reflects an estimate of the Fund's future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance will increase the Fund's net asset value. To the extent the Fund has a deferred tax asset balance, consideration is given as to whether or not a valuation allowance, which would offset the value of some or all of the deferred tax asset balance, is required. The Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate the Fund's deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its net asset value. The daily estimate of the Fund's deferred tax liability and/or asset balances used to calculate the Fund's net asset value could vary dramatically from the Fund's actual tax liability, and, as a result, the determination of the Fund's actual tax liability may have a material impact on the Fund's net asset value. From time to time, the Fund may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund's net asset value. See "Net Asset Value," "Tax Matters" and "Additional Information About the Fund's Investment Strategies and Related Risks of the Fund Principal Risks of Investing in the Fund Deferred Tax Risks," in the Fund's Prospectus for additional information. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund | ||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund's principal risks are discussed below. The value of the Fund's investments may increase or decrease, which will cause the value of the Fund's shares to increase or decrease. As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. The value of your investment in the Fund will fluctuate, sometimes dramatically, which means you could lose money. See "Additional Information About the Fund's Investment Strategies and Related Risks of the Fund" for more information about these and other risks of investing in the Fund. Market Risk. The market value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. A security's market value also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's products or services. MLPs and Other Natural Resources Sector Companies Risks. Under normal circumstances, the Fund concentrates its investments in the natural resources sector, with an emphasis on securities issued by MLPs. MLPs and other natural resources sector companies are subject to certain risks, including, but not limited to, the following:
Industry Specific Risk. MLPs and other natural resources sector companies are also subject to risks that are specific to the particular industry in which they operate. See "Additional Information About the Investment Strategies and Related Risks of the Fund Principal Risks of Investing in the Fund" in the Fund's Prospectus for additional information. MLP Structure Risk. Holders of MLP units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks (described further below), (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights, except with respect to extraordinary transactions, and (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities. Tax Risk. MLPs do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership's income, gains, losses, credits, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would, among other consequences, have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income. The portion, if any, of a distribution received by the Fund as the holder of an MLP equity security that is offset by the MLP's tax deductions or losses generally will be treated as a return of capital to the extent of the Fund's tax basis in the MLP equity security, which will cause income or gain to be higher, or losses to be lower, upon the sale of the MLP security by the Fund. The final portion of the distributions received by the Fund that are considered return of capital will not be known until the Fund receives a schedule K-1 with respect to each of its MLP investments. Distributions received by shareholders from the Fund that are treated as return of capital would not be subject to U.S. federal income tax, but would have the effect of reducing a shareholder's basis in the shares of the Fund, which would cause gains to be higher, or losses to be lower, upon the sale of shares by such shareholder. The Fund's tax liability will not be known until the Fund completes its annual tax return. The Fund's tax estimates could vary substantially from the actual liability and therefore the determination of the Fund's actual tax liability may have a material impact on the Fund's net asset value. The payment of corporate income taxes imposed on the Fund will decrease cash available for distribution to Shareholders. Investment Strategy Risk. The investment strategy of investing primarily in MLPs and electing to be treated as a regular corporation, or "C" corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively new and untested investment strategy for open-end registered investment companies such as the Fund. This strategy involves complicated and in some cases unsettled accounting, tax and net asset and share valuation aspects that cause the Fund to differ significantly from most other open-end registered investment companies. This may result in unexpected and potentially significant accounting, tax and valuation consequences for the Fund and for its shareholders. In addition, accounting, tax and valuation practices in this area are still developing, and there may not always be a clear consensus among industry participants as to the most appropriate approach. This may result in changes over time in the practices applied by the Fund, which, in turn, could have material adverse consequences on the Fund and its shareholders. Deferred Tax Risk. Because the Fund is treated as a regular corporation, or a "C" corporation, for U.S. federal income tax purposes, the Fund will incur tax expenses. In calculating the Fund's daily net asset value in accordance with generally accepted accounting principles, the Fund will account for its deferred tax liability and/or asset balances. The Fund will accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 35%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on equity securities of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce the Fund's net asset value. Upon the Fund's sale of a portfolio security, the Fund may be liable for previously deferred taxes. If the Fund is required to sell portfolio securities to meet redemption requests, the Fund may recognize income and gains for U.S. federal, state and local income tax purposes, which will result in corporate income taxes imposed on the Fund. The Fund will accrue a deferred tax asset balance, which reflects an estimate of the Fund's future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance will increase the Fund's net asset value. To the extent the Fund has a deferred tax asset balance, the Fund will assess whether a valuation allowance, which would offset the value of some or all of the Fund's deferred tax asset balance, is required, considering all positive and negative evidence related to the realization of the Fund's deferred tax asset. The Fund intends to assess whether a valuation allowance is required to offset some or all of any deferred tax asset balance in connection with the calculation of the Fund's net asset value per share each day; however, to the extent the final valuation allowance differs from the estimates of the Fund used in calculating the Fund's daily net asset value, the application of such final valuation allowance could have a material impact on the Fund's net asset value. The Fund's deferred tax liability and/or asset balances are estimated using estimates of effective tax rates expected to apply to taxable income in the years such balances are realized. The Fund will rely to some extent on information provided by MLPs regarding the tax characterization of the distributions made by such MLPs, which may not be provided to the Fund on a timely basis, to estimate the Fund's deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its net asset value. The Fund's estimates regarding its deferred tax liability and/or asset balances are made in good faith; however, the daily estimate of the Fund's deferred tax liability and/or asset balances used to calculate the Fund's net asset value could vary dramatically from the Fund's actual tax liability, and, as a result, the determination of the Fund's actual tax liability may have a material impact on the Fund's net asset value. From time to time, the Fund may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances as new information becomes available. Modifications of the Fund's estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on net operating losses (if any) and changes in applicable tax law could result in increases or decreases in the Fund's net asset value per share, which could be material. Valuation Risk. Market prices may not be readily available for certain of the Fund's investments, and the value of such investments will ordinarily be determined based on fair valuations determined by the Board of Trustees of the Trust (the "Board") or its designee pursuant to procedures adopted by the Board. Equity Securities Risk. MLP common units and other equity securities can be affected by macro-economic, political, global and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the natural resources sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. Liquidity Risk. The Fund may invest up to 15% of its net assets in illiquid securities and certain restricted securities. In addition, certain MLP securities, while liquid, may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain MLP securities experience limited trading volumes, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, illiquid or less liquid securities may be difficult to dispose of at a fair price at the times when the Investment Adviser believes it is desirable to do so or is required to do to meet redemption requests or comply with regulatory requirements. The Fund's investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund's ability to make dividend distributions to you. Non-Diversification Risk. The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and will not elect to be treated as a regulated investment company under the Code. As a result, there are no regulatory requirements under the 1940 Act or the Code that limit the proportion of the Fund's assets that may be invested in securities of a single issuer. Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. There are currently approximately 100 publicly traded MLPs. The Fund will select its investments in MLPs from this small pool of issuers together with securities issued by any newly public MLPs, and may invest in securities of private MLPs, affiliates of MLPs and non-MLP issuers, consistent with its investment objective and policies. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer may cause greater fluctuations in the value of the Fund's shares. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | The value of your investment in the Fund will fluctuate, sometimes dramatically, which means you could lose money. | ||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Non-Diversification Risk. The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and will not elect to be treated as a regulated investment company under the Code. As a result, there are no regulatory requirements under the 1940 Act or the Code that limit the proportion of the Fund's assets that may be invested in securities of a single issuer. Accordingly, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. There are currently approximately 100 publicly traded MLPs. The Fund will select its investments in MLPs from this small pool of issuers together with securities issued by any newly public MLPs, and may invest in securities of private MLPs, affiliates of MLPs and non-MLP issuers, consistent with its investment objective and policies. An investment in the Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer may cause greater fluctuations in the value of the Fund's shares. | ||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-year and since inception periods compare with various benchmarks. Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The returns in the bar chart and best/worst quarter are for Class A Shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. The performance of other share classes will differ due to their different expense structures. Updated performance is available on the Fund's website www.cushingfunds.com and by calling 877-9-MLPFUNDS (877-965-7386). | ||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-year and since inception periods compare with various benchmarks. | ||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 877-9-MLPFUNDS (877-965-7386) | ||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.cushingfunds.com | ||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | The Cushing® MLP Premier Fund Class A Shares Average Annual Total Returns Calendar Year Ended 12/31 of each Year |
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Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | The returns in the bar chart and best/worst quarter are for Class A Shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. | ||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31) |
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Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | The returns in the table above reflect the sales loads for Class A and Class C shares. | ||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). | ||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for Class A shares only. After-tax returns for Class C and Class I will vary. | ||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Class A shares only. After-tax returns for Class C and Class I will vary. The returns in the table above reflect the sales loads for Class A and Class C shares. The bar chart and table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. |
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The Cushing MLP Premier Fund | Class A Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sales proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | [1] | |||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||||
Redemption Fee (as a percentage of amount redeemed) | rr_RedemptionFeeOverRedemption | 2.00% | ||||||||||||
Exchange Fee | rr_ExchangeFee | none | ||||||||||||
Wire Transfer Fee | rr_MaximumAccountFee | 15 | [2] | |||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.10% | ||||||||||||
Distribution (12b-1) and/or Service Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.37% | [3] | |||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | [4] | |||||||||||
Deferred Income Tax Expense | cft1_DeferredIncomeTaxExpense | 1.72% | [5] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 3.44% | [4] | |||||||||||
Investment Adviser Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.06%) | [6] | |||||||||||
Net Total Annual Fund Operating Expenses (after fee waiver expense reimbursement) | rr_NetExpensesOverAssets | 3.38% | ||||||||||||
1 Year | rr_ExpenseExampleYear01 | 896 | ||||||||||||
3 Years | rr_ExpenseExampleYear03 | 1,565 | ||||||||||||
5 Years | rr_ExpenseExampleYear05 | 2,256 | ||||||||||||
10 Years | rr_ExpenseExampleYear10 | 4,078 | ||||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 896 | ||||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 1,565 | ||||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 2,256 | ||||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 4,078 | ||||||||||||
2011 | rr_AnnualReturn2011 | 5.41% | ||||||||||||
2012 | rr_AnnualReturn2012 | 0.13% | ||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | ||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Dec. 31, 2011 | ||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 7.69% | ||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | ||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2012 | ||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (5.46%) | ||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (5.62%) | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 1.29% | ||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 19, 2010 | ||||||||||||
The Cushing MLP Premier Fund | Class C Shares
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sales proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | ||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||||
Redemption Fee (as a percentage of amount redeemed) | rr_RedemptionFeeOverRedemption | 2.00% | ||||||||||||
Exchange Fee | rr_ExchangeFee | none | ||||||||||||
Wire Transfer Fee | rr_MaximumAccountFee | 15 | [2] | |||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.10% | ||||||||||||
Distribution (12b-1) and/or Service Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.37% | [3] | |||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | [4] | |||||||||||
Deferred Income Tax Expense | cft1_DeferredIncomeTaxExpense | 1.72% | [5] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 4.19% | [4] | |||||||||||
Investment Adviser Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.06%) | [6] | |||||||||||
Net Total Annual Fund Operating Expenses (after fee waiver expense reimbursement) | rr_NetExpensesOverAssets | 4.13% | ||||||||||||
1 Year | rr_ExpenseExampleYear01 | 515 | ||||||||||||
3 Years | rr_ExpenseExampleYear03 | 1,267 | ||||||||||||
5 Years | rr_ExpenseExampleYear05 | 2,133 | ||||||||||||
10 Years | rr_ExpenseExampleYear10 | 4,360 | ||||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 415 | ||||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 1,267 | ||||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 2,133 | ||||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 4,360 | ||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (1.51%) | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 3.25% | ||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 19, 2010 | ||||||||||||
The Cushing MLP Premier Fund | Class I Shares
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sales proceeds) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||||||||||
Redemption Fee (as a percentage of amount redeemed) | rr_RedemptionFeeOverRedemption | 2.00% | ||||||||||||
Exchange Fee | rr_ExchangeFee | none | ||||||||||||
Wire Transfer Fee | rr_MaximumAccountFee | 15 | [2] | |||||||||||
Management Fees | rr_ManagementFeesOverAssets | 1.10% | ||||||||||||
Distribution (12b-1) and/or Service Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.37% | [3] | |||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | [4] | |||||||||||
Deferred Income Tax Expense | cft1_DeferredIncomeTaxExpense | 1.72% | [5] | |||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 3.19% | [4] | |||||||||||
Investment Adviser Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.06%) | [6] | |||||||||||
Net Total Annual Fund Operating Expenses (after fee waiver expense reimbursement) | rr_NetExpensesOverAssets | 3.13% | ||||||||||||
1 Year | rr_ExpenseExampleYear01 | 316 | ||||||||||||
3 Years | rr_ExpenseExampleYear03 | 978 | ||||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,664 | ||||||||||||
10 Years | rr_ExpenseExampleYear10 | 3,490 | ||||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 316 | ||||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 978 | ||||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,664 | ||||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 3,490 | ||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 0.44% | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 4.29% | ||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 19, 2010 | ||||||||||||
The Cushing MLP Premier Fund | Return After Taxes on Distributions | Class A Shares
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (5.62%) | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 1.29% | ||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 19, 2010 | ||||||||||||
The Cushing MLP Premier Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A Shares
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (3.64%) | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 0.51% | ||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Oct. 19, 2010 | ||||||||||||
The Cushing MLP Premier Fund | S&P 500 Index (reflects no deduction for fees, expenses or taxes)
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 12.00% | ||||||||||||
The Cushing MLP Premier Fund | Lipper Equity Income Funds Index (reflects no deduction for fees, expenses or taxes)
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 13.70% | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 10.93% | ||||||||||||
The Cushing MLP Premier Fund | Cushing® 30 MLP Index (reflects no deduction for fees, expenses or taxes)
|
||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.93% | ||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 9.71% | ||||||||||||
|