0000910472-13-001351.txt : 20130410 0000910472-13-001351.hdr.sgml : 20130410 20130410170935 ACCESSION NUMBER: 0000910472-13-001351 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130410 DATE AS OF CHANGE: 20130410 EFFECTIVENESS DATE: 20130410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copeland Trust CENTRAL INDEX KEY: 0001502745 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-169806 FILM NUMBER: 13754286 BUSINESS ADDRESS: STREET 1: 1400 PEOPLES PLAZA STREET 2: SUITE 104 CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 617-399-6935 MAIL ADDRESS: STREET 1: 1400 PEOPLES PLAZA STREET 2: SUITE 104 CITY: NEWARK STATE: DE ZIP: 19702 FORMER COMPANY: FORMER CONFORMED NAME: Edgartown Trust DATE OF NAME CHANGE: 20101004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copeland Trust CENTRAL INDEX KEY: 0001502745 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22483 FILM NUMBER: 13754287 BUSINESS ADDRESS: STREET 1: 1400 PEOPLES PLAZA STREET 2: SUITE 104 CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 617-399-6935 MAIL ADDRESS: STREET 1: 1400 PEOPLES PLAZA STREET 2: SUITE 104 CITY: NEWARK STATE: DE ZIP: 19702 FORMER COMPANY: FORMER CONFORMED NAME: Edgartown Trust DATE OF NAME CHANGE: 20101004 0001502745 S000030695 Copeland Risk Managed Dividend Growth Fund C000095114 Copeland Risk Managed Dividend Growth Fund Class A shares CDGRX C000109647 Copeland Risk Managed Dividend Growth Fund Class C shares CDCRX C000124573 Copeland Risk Managed Dividend Growth Fund Class I shares CDIVX 485BPOS 1 f485bxbrl.htm 485BPOS GemCom, LLC

Filed with the Securities and Exchange Commission on April 10, 2013

Securities Act Registration No. 333-169806

Investment Company Act Registration No. 811-22483


SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

¨

Pre-Effective Amendment No.

¨

Post-Effective Amendment No. 14

ý


and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

¨

Amendment No.

15

ý


(Check appropriate box or boxes.)

Copeland Trust

 (Exact Name of Registrant as Specified in Charter)

Eight Tower Bridge, 161 Washington Street, Suite 1650

Conshohocken, PA  19428

(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, including Area Code: (484) 530-4300

Corporate Filing Solutions LLC

1400 Peoples Plaza STE 104

Newark, Delaware 19702

(Name and Address of Agent for Service)


With copy to:

Michael P. Malloy, Esq.

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996


Approximate date of proposed public offering:  It is proposed that this filing will become effective:

x Immediately upon filing pursuant to paragraph (b)

o On (date) pursuant to paragraph (b)

o  60 days after filing pursuant to paragraph (a)(1)

o On (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.




SIGNATURES



Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this post-effective amendment No. 14 to the Registrant’s Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Conshohocken, State of Pennsylvania, on the 10th day of April, 2013.



Copeland Trust



By:/s/Barbara Grosso

Barbara Grosso

Secretary


Pursuant to the requirements of the Securities Act of 1933, this post-effective amendment to the Registration Statement has been signed below by the following persons in the capacities and on the 10th day of April, 2013.


Stephen M. Wynne*, Trustee

Bruce M. Aronow*, Trustee

Stephen J. Kneeley*, Trustee

Thomas A. Leonard*, Trustee

Edward C. Rorer*, Trustee

Eric C. Brown*, President and Principal Executive Officer

Mark W. Giovanniello*, Vice-President, Treasurer and Principal Financial Officer




*By:/s/Barbara Grosso

Barbara Grosso

Attorney-in-Fact






EXHIBIT INDEX


Index No.

 

Description of Exhibit

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase




 EX-101.INS 2 clf-20130330.xml 0001502745 2013-03-30 2013-03-30 0001502745 clf:S000030695Member 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:C000095114Member 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:C000095114Member rr:AfterTaxesOnDistributionsMember 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:C000095114Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:C000109647Member 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:C000124573Member 2013-03-30 2013-03-30 0001502745 clf:S000030695Member clf:SAndP500IndexMember 2013-03-30 2013-03-30 iso4217:USD xbrli:pure 485BPOS 2012-12-31 Copeland Trust 0001502745 false clf CDGRX CDCRX CDIVX 2013-03-30 2013-03-30 2013-03-30 <p style="margin: 0px;"><b>COPELAND RISK MANAGED DIVIDEND GROWTH FUND</b></p> <p style="margin: 0px"><b>Investment Objective:</b></p> <p style="margin: 0px">The Fund seeks long-term capital appreciation and income.</p> <p style="margin: 0px"><b>Fees and Expenses of the Fund.</b></p> <p style="margin: 0px">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 on purchases of Class A shares 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 or in <b>How to Purchase Shares</b> on page 16 of this Prospectus and in &#147;Purchase, Redemption and Pricing of Shares&#148; on page 53 of the Fund&#146;s Statement of Additional Information (&#147;SAI&#148;).</p> <p style="margin: 0px"><b>Shareholder Fees</b> (fees paid directly from your investment)</p> <p style="margin: 0px; font-size: 9pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</p> <p style="margin: 0px"><b><i>Example.</i></b></p> <p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="margin: 0px">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&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="margin: 0px"><b>Portfolio Turnover.</b></p> <p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the fiscal year ended November 30, 2012, the Fund&#146;s portfolio turnover rate was 139% of the average value of its portfolio.</p> <p style="margin: 0px"><b>Principal Investment Strategies.</b></p> <p style="margin: 0px">The Fund seeks to achieve its investment objectives of producing long-term capital appreciation and income while preserving capital by purchasing equities of companies with a proven track record of dividend growth within sectors forecasted to appreciate by the adviser's quantitative model. The Fund uses the same strategy as and tracks the performance of the Copeland Risk Managed Dividend Growth Index (&#147;CDGR&#148;), a publicly-available index published by NASDAQ. CDGR and the Fund are composed of common stocks, master limited partnership units (&#147;MLPs&#148;) and real estate investment trusts (&#147;REITs&#148;) of US companies or entities that have raised their dividends for a minimum of five consecutive years and cash equivalents.</p> <p></p> <p style="margin: 0px">Under normal market conditions, the Fund invests at least 80% of its assets in securities that have increased their dividend for a minimum of five consecutive years. To manage risk, the adviser utilizes a quantitative model to determine when abnormal market conditions exist, which may lead to the investment of up to 100% of the portfolio in cash and cash equivalents for temporary defensive purposes . Specifically, the adviser utilizes quantitative signals that forecast which sectors of the market are likely to appreciate or depreciate in value . By avoiding negative sectors and increasing the Fund's allocation to positive sectors and/or cash and cash equivalents, the adviser attempts to limit losses. The Fund further manages risk through its diversification strategy of allocating generally no more than 5.5% to a single equity security, measured at time of purchase. However, the Fund is &#147;non-diversified&#148; for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund invests in companies with a market capitalization of at least $250 million, upon purchase. All portfolio securities must be traded on a US stock exchange.</p> <p></p> <p style="margin: 0px">The adviser sells securities when they no longer meet its fundamental dividend growth criteria or quantitative sector selection criteria. The adviser may engage in active and frequent trading to meet the Fund's investment objective.</p> <p style="margin: 0px;"><b>Principal Investment Risks</b></p> <p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;Many factors affect the Fund's net asset value and performance.</i></b></p> <p style="margin: 6px">&#149; <i>Issuer-Specific Risk:</i> The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.</p> <p style="margin: 6px">&#149; <i>Management Risk:</i> The adviser's dependence on its dividend growth and sector rotation strategies and judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove incorrect and may not produce the desired results.</p> <p style="margin: 6px">&#149; <i>Market Risk:</i> Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.</p> <p style="margin: 6px">&#149; <i>MLP Risk:</i> Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. Additional risks include the following. A decline in commodity prices may lead to a reduction in production or supply of those commodities. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of MLPs.</p> <p style="margin: 6px">&#149; <i>Non-Diversification Risk:</i> The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.</p> <p style="margin: 6px">&#149; <i>REIT Risk:</i> A REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.</p> <p style="margin: 6px">&#149; <i>Return Tracking Risk:</i> The Fund will not be able to replicate exactly the performance of CDGR because the returns generated by the Fund's securities will be reduced by transaction costs. In addition, the Fund will incur expenses,3such as management fees, not incurred by CDGR. The adviser's judgments about the return tracking characteristics of securities may prove incorrect and may not produce the desired results.</p> <p style="margin: 6px">&#149; <i>Small and Medium Capitalization Risk:</i> The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</p> <p style="margin: 6px">&#149; <i>Turnover Risk:</i> A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund's realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder and reduces after-tax returns if Fund shares are held in a taxable account</p> <p style="margin: 0px"><b>Performance</b>.</p> <p>The bar chart and performance table below show the variability of the Fund&#146;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows 2011 and 2012 performance of the Fund&#146;s Class A shares. Returns for Class C shares and Class I shares , which are not presented, will vary from the return for the Class A shares. Average annual total returns for Class C and Class I shares are not presented because those classes do not yet have annual returns for at least one calendar year. The performance table compares the performance of the Fund&#146;s Class A shares over time to the performance of a broad-based market index. You should be aware that the Fund&#146;s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Performance reflects expense reimbursements in effect. If expense reimbursements were not in place, the Fund&#146;s performance would be reduced. Updated performance information is available at no cost by calling 1-888-9-COPELAND (1-888-926-7352) .</p> <p style="margin: 0px">Class A Shares Annual Total Return for Years Ended December 31,</p> <p style="margin: 0px">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin: 0px">Best Quarter: 1st Quarter 2012 8.76%</p> <p style="margin: 0px">Worst Quarter: 3rd Quarter 2011 (6.93)%</p> <p style="margin-top: 0px">Performance Table</p> <p style="margin-top: 0px">Average Annual Total Returns</p> <p style="margin-top: 0px">(For periods ended December 31, 2012)</p> 0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0100 -0.0100 -0.0100 <div style="display: none">~ http://copelandfunds.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact clf_S000030695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0032 0.0034 0.0044 0.0157 0.0234 0.0144 -0.0012 -0.0014 -0.0014 0.0145 0.0220 0.0130 <div style="display: none">~ http://copelandfunds.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact clf_S000030695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 2325 2665 1712 1370 1238 774 1031 717 442 714 322 132 <div style="display: none">~ http://copelandfunds.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact clf_S000030695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0272 0.1027 Return before taxes -0.0391 -0.0348 0.0253 0.1600 0.0279 0.0255 0.0225 0.0877 2010-12-28 <div style="display: none">~ http://copelandfunds.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact clf_S000030695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://copelandfunds.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact clf_S000030695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 2014-03-31 $15 fee for any redemption paid by wire transfer 50000 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 1.39 Under normal market conditions, the Fund invests at least 80% of its assets in securities that have increased their dividend for a minimum of five consecutive years. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund&#146;s net asset value and performance. The Fund&#146;s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. 1-888-9-COPELAND (1-888-926-7352) Returns do not reflect sales charges, and would be lower if they did. You should be aware that the Fund&#146;s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The bar chart and performance table below show the variability of the Fund&#146;s returns, which is some indication of the risks of investing in the Fund. Average annual total returns for Class C and Class I shares are not presented because those classes do not yet have annual returns for at least one calendar year. Best Quarter 2012-03-31 0.0876 Worst Quarter 2011-09-30 -0.0693 Index returns assume reinvestment of dividends. Unlike the Fund&#146;s returns, however, they do not reflect any fees or expenses. <p style="margin-top: 0px">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder&#146;s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRA&#148;).</p> After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Restated to reflect current fees and expenses. The Funds adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund, until at least March 31, 2014, to ensure that total annual fund operating expenses after fee waiver and/or expense reimbursement (exclusive of any taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.45% of the daily average net asset value of Class A shares , 2.20% of the daily average net asset value of Class C shares and 1.30% of the daily average net asset value of Class I shares; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limit. This agreement may be terminated by the Fund's Board of Trustees on 60 days written notice to the adviser. The inception date of the Funds Class A shares is December 28, 2010. The S&P 500 Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Funds returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. Performance reflects the deduction of the maximum sales charge of 5.75%. 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EX-101.LAB 6 clf-20130330_lab.xml Copeland Risk Managed Dividend Growth Fund Legal Entity [Axis] Copeland Risk Managed Dividend Growth Fund Class A shares Share Class [Axis] Return after taxes on distributions Performance Measure [Axis] Return after taxes on distributions and sale of Fund shares Copeland Risk Managed Dividend Growth Fund Class C shares Copeland Risk Managed Dividend Growth Fund Class I shares S&P 500® Index Prospectus: [Table] Prospectus [Line Items] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses (as a percentage of Assets): Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Fee Waiver or Reimbursement over Assets, Date of 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Annual Fund Operating Expenses Fee Waiver and/or Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] Risk/Return: Risk/Return Detail [Table] Copeland Risk Managed Dividend Growth Fund Copeland Risk Managed Dividend Growth Fund Class A shares Copeland Risk Managed Dividend Growth Fund Class C shares Copeland Risk Managed Dividend Growth Fund Class I shares S And P 500 Index EX-101.PRE 7 clf-20130330_pre.xml XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: 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Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName Copeland Trust
Central Index Key dei_EntityCentralIndexKey 0001502745
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol clf
Document Creation Date dei_DocumentCreationDate Mar. 30, 2013
Document Effective Date dei_DocumentEffectiveDate Mar. 30, 2013
Prospectus Date rr_ProspectusDate Mar. 30, 2013
Copeland Risk Managed Dividend Growth Fund | Copeland Risk Managed Dividend Growth Fund Class A shares
  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol CDGRX
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.32%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.57%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [1]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.45%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares 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
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 714
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,031
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,370
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,325
Annual Return 2011 rr_AnnualReturn2011 2.72%
Annual Return 2012 rr_AnnualReturn2012 10.27%
Label rr_AverageAnnualReturnLabel Return before taxes
1 Year rr_AverageAnnualReturnYear01 (3.91%)
Since Inception rr_AverageAnnualReturnSinceInception 2.79% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 28, 2010
Copeland Risk Managed Dividend Growth Fund | Copeland Risk Managed Dividend Growth Fund Class A shares | Return after taxes on distributions
  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (3.48%)
Since Inception rr_AverageAnnualReturnSinceInception 2.55% [2]
Copeland Risk Managed Dividend Growth Fund | Copeland Risk Managed Dividend Growth Fund Class A shares | Return after taxes on distributions and sale of Fund shares
  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 2.53%
Since Inception rr_AverageAnnualReturnSinceInception 2.25% [2]
Copeland Risk Managed Dividend Growth Fund | Copeland Risk Managed Dividend Growth Fund Class C shares
  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol CDCRX
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.34%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.34%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.14%) [1]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 322
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 717
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,238
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,665
Copeland Risk Managed Dividend Growth Fund | Copeland Risk Managed Dividend Growth Fund Class I shares
  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol CDIVX
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.44% [3]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.44%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.14%) [1]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.30%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 132
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 442
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 774
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,712
Copeland Risk Managed Dividend Growth Fund
  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

COPELAND RISK MANAGED DIVIDEND GROWTH FUND
Objective [Heading] rr_ObjectiveHeading

Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks long-term capital appreciation and income.
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 on purchases of Class A shares 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 or in How to Purchase Shares on page 16 of this Prospectus and in “Purchase, Redemption and Pricing of Shares” on page 53 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-31
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended November 30, 2012, the Fund’s portfolio turnover rate was 139% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 139.00%
Expenses Explanation of Nonrecurring Account Fee [Text] rr_ExpensesExplanationOfNonrecurringAccountFee $15 fee for any redemption paid by wire transfer
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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objectives of producing long-term capital appreciation and income while preserving capital by purchasing equities of companies with a proven track record of dividend growth within sectors forecasted to appreciate by the adviser's quantitative model. The Fund uses the same strategy as and tracks the performance of the Copeland Risk Managed Dividend Growth Index (“CDGR”), a publicly-available index published by NASDAQ. CDGR and the Fund are composed of common stocks, master limited partnership units (“MLPs”) and real estate investment trusts (“REITs”) of US companies or entities that have raised their dividends for a minimum of five consecutive years and cash equivalents.

Under normal market conditions, the Fund invests at least 80% of its assets in securities that have increased their dividend for a minimum of five consecutive years. To manage risk, the adviser utilizes a quantitative model to determine when abnormal market conditions exist, which may lead to the investment of up to 100% of the portfolio in cash and cash equivalents for temporary defensive purposes . Specifically, the adviser utilizes quantitative signals that forecast which sectors of the market are likely to appreciate or depreciate in value . By avoiding negative sectors and increasing the Fund's allocation to positive sectors and/or cash and cash equivalents, the adviser attempts to limit losses. The Fund further manages risk through its diversification strategy of allocating generally no more than 5.5% to a single equity security, measured at time of purchase. However, the Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund invests in companies with a market capitalization of at least $250 million, upon purchase. All portfolio securities must be traded on a US stock exchange.

The adviser sells securities when they no longer meet its fundamental dividend growth criteria or quantitative sector selection criteria. The adviser may engage in active and frequent trading to meet the Fund's investment objective.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its assets in securities that have increased their dividend for a minimum of five consecutive years.
Risk [Heading] rr_RiskHeading

Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund's net asset value and performance.

• Issuer-Specific Risk: The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

• Management Risk: The adviser's dependence on its dividend growth and sector rotation strategies and judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove incorrect and may not produce the desired results.

• Market Risk: Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.

• MLP Risk: Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. Additional risks include the following. A decline in commodity prices may lead to a reduction in production or supply of those commodities. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of MLPs.

• Non-Diversification Risk: The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.

• REIT Risk: A REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.

• Return Tracking Risk: The Fund will not be able to replicate exactly the performance of CDGR because the returns generated by the Fund's securities will be reduced by transaction costs. In addition, the Fund will incur expenses,3such as management fees, not incurred by CDGR. The adviser's judgments about the return tracking characteristics of securities may prove incorrect and may not produce the desired results.

• Small and Medium Capitalization Risk: The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

• Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund's realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder and reduces after-tax returns if Fund shares are held in a taxable account
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows 2011 and 2012 performance of the Fund’s Class A shares. Returns for Class C shares and Class I shares , which are not presented, will vary from the return for the Class A shares. Average annual total returns for Class C and Class I shares are not presented because those classes do not yet have annual returns for at least one calendar year. The performance table compares the performance of the Fund’s Class A shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Performance reflects expense reimbursements in effect. If expense reimbursements were not in place, the Fund’s performance would be reduced. Updated performance information is available at no cost by calling 1-888-9-COPELAND (1-888-926-7352) .
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Average annual total returns for Class C and Class I shares are not presented because those classes do not yet have annual returns for at least one calendar year.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-9-COPELAND (1-888-926-7352)
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Class A Shares Annual Total Return for Years Ended December 31,

Returns do not reflect sales charges, and would be lower if they did.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Returns do not reflect sales charges, and would be lower if they did.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter: 1st Quarter 2012 8.76%

Worst Quarter: 3rd Quarter 2011 (6.93)%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.93%)
Performance Table Heading rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2012)

 [4]
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
Copeland Risk Managed Dividend Growth Fund | S&P 500® Index
  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 16.00% [5]
Since Inception rr_AverageAnnualReturnSinceInception 8.77% [5]
[1] The Funds adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund, until at least March 31, 2014, to ensure that total annual fund operating expenses after fee waiver and/or expense reimbursement (exclusive of any taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.45% of the daily average net asset value of Class A shares , 2.20% of the daily average net asset value of Class C shares and 1.30% of the daily average net asset value of Class I shares; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limit. This agreement may be terminated by the Fund's Board of Trustees on 60 days written notice to the adviser.
[2] The inception date of the Funds Class A shares is December 28, 2010.
[3] Restated to reflect current fees and expenses.
[4] Performance reflects the deduction of the maximum sales charge of 5.75%.
[5] The S&P 500 Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Funds returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index.
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Copeland Risk Managed Dividend Growth Fund

COPELAND RISK MANAGED DIVIDEND GROWTH FUND

Investment Objective:

The Fund seeks long-term capital appreciation and income.

Fees and Expenses of the Fund.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares 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 or in How to Purchase Shares on page 16 of this Prospectus and in “Purchase, Redemption and Pricing of Shares” on page 53 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Copeland Risk Managed Dividend Growth Fund
Copeland Risk Managed Dividend Growth Fund Class A shares
Copeland Risk Managed Dividend Growth Fund Class C shares
Copeland Risk Managed Dividend Growth Fund Class I shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of Offering Price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a % of Offering Price) 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions none none none
Redemption Fee (as a % of amount redeemed if held less than 30 days) ($15 fee for any redemption paid by wire transfer) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Copeland Risk Managed Dividend Growth Fund
Copeland Risk Managed Dividend Growth Fund Class A shares
Copeland Risk Managed Dividend Growth Fund Class C shares
Copeland Risk Managed Dividend Growth Fund Class I shares
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.32% 0.34% 0.44% [1]
Total Annual Fund Operating Expenses 1.57% 2.34% 1.44%
Fee Waiver and/or Reimbursement [2] (0.12%) (0.14%) (0.14%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.45% 2.20% 1.30%
[1] Restated to reflect current fees and expenses.
[2] The Funds adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund, until at least March 31, 2014, to ensure that total annual fund operating expenses after fee waiver and/or expense reimbursement (exclusive of any taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.45% of the daily average net asset value of Class A shares , 2.20% of the daily average net asset value of Class C shares and 1.30% of the daily average net asset value of Class I shares; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limit. This agreement may be terminated by the Fund's Board of Trustees on 60 days written notice to the adviser.

Example.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example Copeland Risk Managed Dividend Growth Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Copeland Risk Managed Dividend Growth Fund Class A shares
 714 1,031 1,370 2,325
Copeland Risk Managed Dividend Growth Fund Class C shares
 322 717 1,238 2,665
Copeland Risk Managed Dividend Growth Fund Class I shares
 132 442 774 1,712

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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended November 30, 2012, the Fund’s portfolio turnover rate was 139% of the average value of its portfolio.

Principal Investment Strategies.

The Fund seeks to achieve its investment objectives of producing long-term capital appreciation and income while preserving capital by purchasing equities of companies with a proven track record of dividend growth within sectors forecasted to appreciate by the adviser's quantitative model. The Fund uses the same strategy as and tracks the performance of the Copeland Risk Managed Dividend Growth Index (“CDGR”), a publicly-available index published by NASDAQ. CDGR and the Fund are composed of common stocks, master limited partnership units (“MLPs”) and real estate investment trusts (“REITs”) of US companies or entities that have raised their dividends for a minimum of five consecutive years and cash equivalents.

Under normal market conditions, the Fund invests at least 80% of its assets in securities that have increased their dividend for a minimum of five consecutive years. To manage risk, the adviser utilizes a quantitative model to determine when abnormal market conditions exist, which may lead to the investment of up to 100% of the portfolio in cash and cash equivalents for temporary defensive purposes . Specifically, the adviser utilizes quantitative signals that forecast which sectors of the market are likely to appreciate or depreciate in value . By avoiding negative sectors and increasing the Fund's allocation to positive sectors and/or cash and cash equivalents, the adviser attempts to limit losses. The Fund further manages risk through its diversification strategy of allocating generally no more than 5.5% to a single equity security, measured at time of purchase. However, the Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund invests in companies with a market capitalization of at least $250 million, upon purchase. All portfolio securities must be traded on a US stock exchange.

The adviser sells securities when they no longer meet its fundamental dividend growth criteria or quantitative sector selection criteria. The adviser may engage in active and frequent trading to meet the Fund's investment objective.

Principal Investment Risks

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund's net asset value and performance.

• Issuer-Specific Risk: The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

• Management Risk: The adviser's dependence on its dividend growth and sector rotation strategies and judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove incorrect and may not produce the desired results.

• Market Risk: Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.

• MLP Risk: Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. Additional risks include the following. A decline in commodity prices may lead to a reduction in production or supply of those commodities. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of MLPs.

• Non-Diversification Risk: The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.

• REIT Risk: A REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.

• Return Tracking Risk: The Fund will not be able to replicate exactly the performance of CDGR because the returns generated by the Fund's securities will be reduced by transaction costs. In addition, the Fund will incur expenses,3such as management fees, not incurred by CDGR. The adviser's judgments about the return tracking characteristics of securities may prove incorrect and may not produce the desired results.

• Small and Medium Capitalization Risk: The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

• Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund's realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder and reduces after-tax returns if Fund shares are held in a taxable account

Performance.

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows 2011 and 2012 performance of the Fund’s Class A shares. Returns for Class C shares and Class I shares , which are not presented, will vary from the return for the Class A shares. Average annual total returns for Class C and Class I shares are not presented because those classes do not yet have annual returns for at least one calendar year. The performance table compares the performance of the Fund’s Class A shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Performance reflects expense reimbursements in effect. If expense reimbursements were not in place, the Fund’s performance would be reduced. Updated performance information is available at no cost by calling 1-888-9-COPELAND (1-888-926-7352) .

Class A Shares Annual Total Return for Years Ended December 31,

Returns do not reflect sales charges, and would be lower if they did.
Bar Chart

Best Quarter: 1st Quarter 2012 8.76%

Worst Quarter: 3rd Quarter 2011 (6.93)%

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2012)

 [1]
Average Annual Total Returns Copeland Risk Managed Dividend Growth Fund
Label
1 Year
Since Inception
Inception Date
Copeland Risk Managed Dividend Growth Fund Class A shares
 Return before taxes (3.91%) 2.79% [1] Dec. 28, 2010
Copeland Risk Managed Dividend Growth Fund Class A shares Return after taxes on distributions
   (3.48%) 2.55% [1]  
Copeland Risk Managed Dividend Growth Fund Class A shares Return after taxes on distributions and sale of Fund shares
   2.53% 2.25% [1]  
S&P 500® Index
 [2]   16.00% 8.77%  
[1] The inception date of the Funds Class A shares is December 28, 2010.
[2] The S&P 500 Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Funds returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index.

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
[1] Performance reflects the deduction of the maximum sales charge of 5.75%.

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