0001508033-13-000007.txt : 20130118 0001508033-13-000007.hdr.sgml : 20130118 20130118172922 ACCESSION NUMBER: 0001508033-13-000007 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANNA INVESTMENT TRUST CENTRAL INDEX KEY: 0001508033 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-171279 FILM NUMBER: 13538410 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANNA INVESTMENT TRUST CENTRAL INDEX KEY: 0001508033 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22507 FILM NUMBER: 13538411 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 0001508033 S000031531 Paladin Long Short Fund C000098030 Paladin Long Short Fund PALFX 485BPOS 1 n1a0113.htm HANNA INVESTMENT TRUST n1a0113.htm
As filed with the Securities and Exchange Commission on January 18, 2013
File Nos. 333-171279 and 811-22507


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.     
[   ]
Post-Effective Amendment No.   3  
[X]
and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.   5  
[X]
(Check appropriate box or boxes)


HANNA INVESTMENT TRUST
(Exact Name of Registrant as Specified in Charter)

116 South Franklin Street, P. O. Box 69, Rocky Mount, NC  27802
(Address of Principal Executive Offices)

252-972-9922
(Registrant’s Telephone Number, including Area Code)

 A. Vason Hamrick
116 S. Franklin Street, P.O. Box 69, Rocky Mount, North Carolina 27802
(Name and Address of Agent for Service)

With copy to:
Terrence O. Davis
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
920 Massachusetts Avenue, NW
Suite 900
Washington, DC 20001


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

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


 
 

 
EXPLANATORY NOTE
 
 
This Post-Effective Amendment No. 3 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 2 filed December 31, 2012 and incorporates Parts A, B and C from said amendment.

 
 

 
 SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant the certifies that it meets all of the requirements for effectiveness of this amendment to the registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, and State of North Carolina on this 18th  day of January 2013.


 
 
 
HANNA INVESTMENT TRUST

/s/ A. Vason Hamrick

By: A. Vason Hamrick, Secretary


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


Signature
Title
Date
     
           *                    
  Trustee and Chairman
January 18, 2013
Theo H. Pitt, Jr.
   
     
           *                    
  Trustee
January 18, 2013
Jeffrey H. King, Sr.
   
     
           *                    
  President and Treasurer
January 18, 2013
Mark Hanna
   
     
/s/ T. Lee Hale, Jr.
  Assistant Treasurer
January 18, 2013
T. Lee Hale, Jr.
   
     
*By:     /s/ A. Vason Hamrick
  Dated: January 18, 2013
 
 A. Vason Hamrick
 Secretary and Attorney-in-Fact
 
     


 
 

 
Exhibit Index

Exhibit Number
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase


EX-101.INS 2 cik0001508033-20121231.xml XBRL INSTANCE DOCUMENT 0001508033 cik0001508033:S000031531Member 2012-12-31 2012-12-31 0001508033 cik0001508033:S000031531Member cik0001508033:C000098030Member 2012-12-31 2012-12-31 0001508033 2012-12-31 2012-12-31 iso4217:USD xbrli:pure false 2012-12-31 2012-12-31 2012-08-31 485BPOS 0001508033 HANNA INVESTMENT TRUST 0.0015 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesPaladinLongShortFund11 column period compact * column dei_LegalEntityAxis compact cik0001508033_S000031531Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> 0.0002 0.0185 0.0025 0 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example.</font>&nbsp;&nbsp;</font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;</font></div> </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedPaladinLongShortFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001508033_S000031531Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 250 1023 1815 3887 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.</font></font></font></font> 0.0372 -0.0125 January 1, 2014 0.0145 0 0.0247 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Paladin Long Short Fund (the "Fund") seeks capital appreciation.</font></div> </div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="46%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></font></div></td> <td valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td valign="bottom" width="59%" colspan="2"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> 0.0187 <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Performance information will be available after a full calendar year of operations.</font></font>&nbsp;&nbsp;This information will give some indication of the risks of investing in the Fund by comparing the Fund's performance with a broad measure of market performance.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Performance information will be available after a full calendar year of operations.</font> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> 82.4400 <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">8,244</font>% of the average value of its portfolio.</font></div> </div> 2012-12-31 -0.02 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund.</font> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund.</font></font>&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;Generally, the Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market risk.</font>&nbsp;&nbsp;Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the securities markets.&nbsp;&nbsp;Stock prices change daily as a result of many factors, including developments affecting the condition of individual companies and factors unrelated to the condition of its issuer, including changes in interest rates, economic and political conditions, and general equity market conditions.&nbsp;&nbsp;In a declining stock market, prices for all companies in the Fund's portfolio may decline regardless of their long-term prospects.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be extremely high.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was 8,244% of the average value of its portfolio.&nbsp;&nbsp;High rates of portfolio turnover could lower performance of the Fund due to increased costs and may result in the realization of capital gains.&nbsp;&nbsp;If the Fund realizes capital gains when it sells its portfolio investments, it must generally distribute those gains to shareholders, increasing their taxable distributions.&nbsp;&nbsp;High rates of portfolio turnover in a given year would likely result in short-term capital gains and shareholders would be taxed on short-term capital gains at ordinary income tax rates.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Non-diversified Risk.</font>&nbsp;&nbsp;Because the Fund is a non-diversified fund, it will invest a greater percentage of its assets in a particular issuer and will own fewer securities than diversified mutual funds.&nbsp;&nbsp;Accordingly, the Fund is subject to the risk that a large loss in an individual issuer will cause a greater loss than it would if the Fund were required to hold a larger number of securities or smaller positions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.</font>&nbsp;&nbsp;Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.</font>&nbsp;&nbsp;The Advisor does not have previous experience managing an investment company registered under the Investment Company Act of 1940.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Advisor's inexperience managing a registered investment company may limit its effectiveness and impact the ability of the Fund to achieve its investment objective.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Administrator and Advisor have entered into an Operating Plan that obligates the Advisor to make payments to the Administrator when the Fund is at lower asset levels and to pay certain expenses of the Fund outlined in the Operating Plan.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the Administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Equity Securities Risks:</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stocks.&nbsp;&nbsp;</font>The Fund's investments in common stocks, both directly and indirectly through the Fund's investment in shares of other investment companies, may fluctuate in value response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap and Mega-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Fund may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks Related to Investing in Other Investment Companies. </font>The Fund's investments in other investment companies, including ETFs, closed-end mutual funds, and open-end mutual funds, <font style="display: inline;" class="_mt">will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolio of such investment companies and the value of the Fund's investment will fluctuate in response to the performance of such portfolio.&nbsp;&nbsp;</font>Shareholders in the Fund will indirectly bear fees and expenses charged by the ETFs and mutual funds in which the Fund invests in addition to the Fund's direct fees and expenses.<font style="display: inline;" class="_mt">&nbsp;</font>These types of investments by the Fund could affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by shareholders.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inverse and Leveraged ETF Risk.&nbsp;&nbsp;</font>To the extent the Fund invests in ETFs that seek to provide investment results that are the inverse of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises &#8211; a result that is the opposite from traditional mutual funds.&nbsp;&nbsp;In addition, the ETFs held by the Fund may utilize leverage (i.e., borrowing) to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in an ETF's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in ETFs may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Any losses suffered by an ETF as a result of the use of leverage could adversely affect the Fund's net asset value and an investor could incur a loss in their investment in the Fund.&nbsp;&nbsp;The Fund will not use leverage to acquire portfolio investments.&nbsp;&nbsp;&nbsp;Inverse and leveraged ETFs are often designed to achieve their objectives on a daily basis and often are not suitable for long-term investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Foreign Securities Risks:</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Investment Risk.</font>&nbsp;&nbsp;The Fund's investments in foreign securities involve risks different from those associated with domestic securities.&nbsp;&nbsp;There may be less government supervision of foreign markets in which the Fund invests, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign currency denominated securities.&nbsp;&nbsp;The value of the Fund's foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws, changes in economic or monetary policies, or changed circumstances in dealings between nations.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;Foreign brokerage commissions, custody fees, and other costs of investing in foreign securities will result in the Fund incurring higher transaction costs.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Currency Risk.</font>&nbsp;&nbsp;Currency risk is the chance that changes in currency exchange rates will negatively affect the Fund's investments in securities denominated in, or receiving revenues in, foreign currencies.&nbsp;&nbsp;Adverse changes in currency exchange rates relative to the U.S. dollar may diminish gains from investments denominated in a foreign currency or may widen existing losses.&nbsp;&nbsp;Currency gains and losses can occur regardless of the performance of the underlying investment.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Depository Receipts.</font>&nbsp;&nbsp;The Fund may invest in the securities of foreign issuers in the form of depository receipts or other securities convertible into securities of foreign issuers, including both sponsored and unsponsored American Depository Receipts and Global Depository Receipts.&nbsp;&nbsp;Depository receipts are issued by a bank or trust company and evidence ownership of underlying securities issued by a foreign corporation.&nbsp;&nbsp;Unsponsored depository receipt programs are organized independently of the issuer of the underlying securities and, consequently, available information concerning the issuer may not be as current as for sponsored depository receipts and the prices of unsponsored depository receipts may be more volatile.&nbsp;&nbsp;The Fund's investments in depository receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">Options and Short Sales Risks:</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the Fund will lose its entire investment in the option.&nbsp;&nbsp;There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position.&nbsp;&nbsp;Where a call or put option on a particular security is purchased to hedge against price movements in a related security, the price of the call or put option may move more or less than the price of the related security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;A short sale is a transaction in which the Fund sells a security it has borrowed in anticipation that its market price will decline.&nbsp;&nbsp;The Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Fund sold the security.&nbsp;&nbsp;The Fund's potential losses on a short sale are unlimited because the security's price may appreciate indefinitely.&nbsp;&nbsp;Short selling will result in higher transaction costs, which reduce the Fund's return and may result in higher taxes.</font></div></div></div></div></div></div></div></div> </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Non-diversified Risk.</font>&nbsp;&nbsp;Because the Fund is a non-diversified fund, it will invest a greater percentage of its assets in a particular issuer and will own fewer securities than diversified mutual funds.&nbsp;&nbsp;Accordingly, the Fund is subject to the risk that a large loss in an individual issuer will cause a greater loss than it would if the Fund were required to hold a larger number of securities or smaller positions.</font></div> <div style="line-height: 20.5pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 18pt; font-weight: bold;" class="_mt">Paladin Long Short Fund</font></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="46%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td valign="bottom" width="46%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesPaladinLongShortFund column period compact * column dei_LegalEntityAxis compact cik0001508033_S000031531Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGY</font></div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund's investment advisor, Hanna Capital LLC (the "Advisor"), seeks to achieve the Fund's investment objective of capital appreciation by using both long and short strategies.&nbsp;&nbsp;Long strategies involve buying common stocks and call options that are expected to increase in value.&nbsp;&nbsp;Short strategies involve (i) short selling securities that are expected to decrease in value or (ii) investing in exchange-traded funds (ETFs), including inverse and leveraged ETFs, or buying put options that allow the Fund to profit when the underlying securities decrease in value.&nbsp;&nbsp;The Advisor will vary the Fund's long-short exposure over time based on its assessment of market conditions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund's portfolio will principally consist of common stock issued by companies and call and put options.&nbsp;&nbsp;The Fund may invest directly in these securities or indirectly through investments in other investment companies consisting of ETFs, closed-end mutual funds, or open-end mutual funds.&nbsp;&nbsp;These securities may be issued by both domestic and foreign companies (the Advisor deems a company to be foreign if it is an issuer of securities for which a U.S. market is not the principal trading market), and investments in foreign companies may be made directly in foreign markets, as well as indirectly through ETFs and American Depository Receipts (ADRs).&nbsp;&nbsp;To the extent the Fund invests in ADRs, it may invest in ADRs sponsored by the issuers of the underlying securities or ADRs organized independently of the issuers.&nbsp;&nbsp;The Fund may invest in inverse and leveraged ETFs.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In selecting investments for the Fund's long positions, the Advisor will first use fundamental analysis to identify high growth opportunities, which the Advisor defines as either (i) companies ranked in the top third of their sector of the economy by annual revenue or annual earnings or (ii) companies in a position to benefit from a market opportunity based on a new business model or innovation.&nbsp;&nbsp;The Advisor's analysis will focus on the following factors:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">History of exceeding analyst expectations for earnings</font>;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">Increased quarterly/yearly earnings growth</font>;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Unique market opportunities that offer growth potential;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline;" class="_mt">Specific business catalysts that offer growth potential</font><font style="display: inline; font-family: Times New Roman;" class="_mt">; and</font></font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Year-over-year revenue growth that exceeds peers.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor will then determine the entry and exit points for selected investments with technical analysis, which seeks to forecast changes in the price of a security through the study of market data.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">For short positions, the Advisor will use the same process to identify fundamentally or technically weak individual securities.&nbsp;&nbsp;In particular, the fundamental analysis will seek to identify companies that do not rank favorably in their sector of the economy by annual revenue and annual earnings and the technical analysis will seek to identify securities with unfavorable trends in their prices through the examination of its relative strength index, moving averages, trading volumes, and historical chart patterns.&nbsp; </font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor will vary the long versus short weighting of the Fund's portfolio based on the Advisor's technical analysis of the overall market.&nbsp;&nbsp;Favorable conditions in broad market indices, including the S&amp;P 500 Index and NASDAQ Composite Index, will lead to higher long exposure and vice versa.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Besides entering option contracts for speculative purposes, option positions will also be used by the Advisor to create short to intermediate-term hedges against market volatility.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor will sell a security, regardless of the length of time it has been held, when it reaches a price target (floor or ceiling) determined by the Advisor, the fundamental or technical conditions of the security change, or to pursue opportunities that the Advisor believes will be of greater benefit to the Fund.&nbsp;&nbsp;The Fund's investment strategy entails active and frequent trading and may cause the Fund to have a high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making Fund decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is not diversified.&nbsp;&nbsp;A relatively high percentage of the Fund's assets may be invested in a limited number of issuers of securities.</font></div></div></div></div> </div> "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Expenses related to short sales include borrowing costs and margin account maintenance costs. When the Fund sells short a security that pays interest or dividends, the Fund is obligated to pay the equivalent of the interest or dividend rate to the lender and records this as an expense of the Fund. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 1, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.60%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 1, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $35 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 0.60% of the average daily net assets, exclusive of management fees, brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher to the extent that the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor's management fee is a variable performance fee that is adjusted based on the Fund's performance relative to the performance of the Russell 1000 Index. The management fee in the table above reflects the maximum variable performance fee. 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Paladin Long Short Fund
Shareholder Fees -
Paladin Long Short Fund
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed) (charged upon any redemption of shares within 180 days of the issuance of such shares) 2.00%
Exchange Fee (as a % of amount redeemed) none
Annual Fund Operating Expenses -
Paladin Long Short Fund
Management Fees (includes fees based on Fund's performance) [1] 1.45%
Distribution and/or Service (12b-1) Fees 0.25%
Expenses on Short Sales [2] 0.02%
Other Operating Expenses 1.85%
Total Other Expenses 1.87%
Acquired Fund Fees and Expenses [3] 0.15%
Total Annual Fund Operating Expenses 3.72%
Fee Waiver and Expense Limitation [4] 1.25%
Net Annual Fund Operating Expenses 2.47%
[1] The Advisor's management fee is a variable performance fee that is adjusted based on the Fund's performance relative to the performance of the Russell 1000 Index. The management fee in the table above reflects the maximum variable performance fee.
[2] Expenses related to short sales include borrowing costs and margin account maintenance costs. When the Fund sells short a security that pays interest or dividends, the Fund is obligated to pay the equivalent of the interest or dividend rate to the lender and records this as an expense of the Fund.
[3] "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
[4] The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 1, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.60%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 1, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $35 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 0.60% of the average daily net assets, exclusive of management fees, brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher to the extent that the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees.
Expense Example - (USD $)
1 Year
3 Years
5 Years
10 Years
Paladin Long Short Fund
250 1,023 1,815 3,887
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName HANNA INVESTMENT TRUST
Prospectus Date rr_ProspectusDate Dec. 31, 2012
Paladin Long Short Fund | Paladin Long Short Fund
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed) (charged upon any redemption of shares within 180 days of the issuance of such shares) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a % of amount redeemed) rr_ExchangeFeeOverRedemption none
Management Fees (includes fees based on Fund's performance) rr_ManagementFeesOverAssets 1.45% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Expenses on Short Sales rr_Component1OtherExpensesOverAssets 0.02% [2]
Other Operating Expenses rr_Component2OtherExpensesOverAssets 1.85%
Total Other Expenses rr_OtherExpensesOverAssets 1.87%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.15% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.72%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 1.25% [4]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 2.47%
1 Year rr_ExpenseExampleYear01 250
3 Years rr_ExpenseExampleYear03 1,023
5 Years rr_ExpenseExampleYear05 1,815
10 Years rr_ExpenseExampleYear10 3,887
Paladin Long Short Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading
Objective [Heading] rr_ObjectiveHeading
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
Expense [Heading] rr_ExpenseHeading
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption
Operating Expenses Caption [Text] rr_OperatingExpensesCaption
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 1, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 8244.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
Strategy [Heading] rr_StrategyHeading
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
Risk [Heading] rr_RiskHeading
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Risk Lose Money [Text] rr_RiskLoseMoney The loss of your money is a principal risk of investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information will be available after a full calendar year of operations.
[1] The Advisor's management fee is a variable performance fee that is adjusted based on the Fund's performance relative to the performance of the Russell 1000 Index. The management fee in the table above reflects the maximum variable performance fee.
[2] Expenses related to short sales include borrowing costs and margin account maintenance costs. When the Fund sells short a security that pays interest or dividends, the Fund is obligated to pay the equivalent of the interest or dividend rate to the lender and records this as an expense of the Fund.
[3] "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
[4] The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through January 1, 2014. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.60%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through January 1, 2014, under which it has agreed to (i) to pay the administrator a fee based on the daily average net assets of the Fund when net assets are below $35 million; (ii) if these payments are less than a designated minimum, then the Advisor pays a fee that makes up the difference; and (iii) to assume expenses of the Fund outlined in the Operating Plan that are not covered by the fee paid under Fund Accounting and Administration Agreement. These measures are intended to limit the Fund's operating expenses to 0.60% of the average daily net assets, exclusive of management fees, brokerage fees and commissions, taxes, borrowing costs (such as interest or dividend expenses on securities sold short), acquired fund fees and expenses, extraordinary expenses, and distribution and/or service (12b-1) fees. The Fund's net expense ratio will be higher to the extent that the Fund incurs expenses excluded from this arrangement. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees.
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