0000894189-13-006356.txt : 20131120 0000894189-13-006356.hdr.sgml : 20131120 20131120102046 ACCESSION NUMBER: 0000894189-13-006356 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131120 DATE AS OF CHANGE: 20131120 EFFECTIVENESS DATE: 20131120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCIM Trust CENTRAL INDEX KEY: 0001577642 IRS NUMBER: 550793050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-190020 FILM NUMBER: 131231935 BUSINESS ADDRESS: STREET 1: 8540 COLONNADE CENTER DRIVE, SUITE 401 CITY: RALEIGH STATE: NC ZIP: 27615 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 8540 COLONNADE CENTER DRIVE, SUITE 401 CITY: RALEIGH STATE: NC ZIP: 27615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCIM Trust CENTRAL INDEX KEY: 0001577642 IRS NUMBER: 550793050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22871 FILM NUMBER: 131231936 BUSINESS ADDRESS: STREET 1: 8540 COLONNADE CENTER DRIVE, SUITE 401 CITY: RALEIGH STATE: NC ZIP: 27615 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 8540 COLONNADE CENTER DRIVE, SUITE 401 CITY: RALEIGH STATE: NC ZIP: 27615 0001577642 S000042326 Hatteras PE Intelligence Fund C000131244 Institutional Class HPEIX 0001577642 S000042327 Hatteras Disciplined Opportunity Fund C000131245 Class A HDOAX C000131246 Institutional Class HDOIX 485BPOS 1 hcimtst-peifdof_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL hcimtst-peifdof_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on November 20, 2013
 
1933 Act Registration File No. 333-190020
1940 Act File No. 811-22871
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No. ___     
¨
Post-Effective Amendment No. 1
x
                and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 2
x

(Check appropriate box or boxes.)
HCIM Trust
(Exact Name of Registrant as Specified in Charter)

c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, Wisconsin 53201-0701
(Address of Principal Executive Offices) (Zip Code)

1-866-388-6292
(Registrant’s Telephone Number, Including Area Code)

David B. Perkins
Hatteras Capital Investment Management, LLC
8540 Colonnade Center Drive, Suite 401
Raleigh, North Carolina 27615
(Name and Address of Agent for Service)

WITH A COPY TO:
Joshua B. Deringer, Esq.
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on ______ pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on ______ pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on ______ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

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

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 1 to the HCIM Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s Pre-Effective Amendment No. 1 on Form N-1A/A filed October 18, 2013.  This PEA No. 1 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in Pre-Effective Amendment No. 1 to the Trust’s Registration Statement for its series: Hatteras PE Intelligence Fund and Hatteras Disciplined Opportunity Fund.

 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Raleigh and the State of North Carolina, on November 19th, 2013.

HCIM Trust

By: /s/ J. Michael Fields
           J. Michael Fields
           Secretary

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on November 19th, 2013.

Signature
Title
   
/s/ H. Alexander Holmes*
Independent Trustee
H. Alexander Holmes
 
   
/s/ Thomas Mann*
Independent Trustee
Thomas Mann
 
   
/s/ Steve E. Moss*
Independent Trustee
Steve E. Moss
 
   
/s/ Gregory S. Sellers*
Independent Trustee
Gregory S. Sellers
 
   
/s/ Daniel K. Wilson*
Independent Trustee
Daniel K. Wilson
 
   
/s/ Robert Lance Baker*
Treasurer and Chief Financial Officer
Robert Lance Baker
 
   
/s/ David B. Perkins*
Interested Trustee, President and Chief Executive Officer
David B. Perkins
 
   
By: /s/ J. Michael Fields
J. Michael Fields, Secretary
*Attorney-in-Fact pursuant to
Power of Attorney filed on October 18, 2013
   
   
 

 
 
C-1

 
 
EXHIBIT LIST

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE


 
C-2

EX-101.INS 2 ck0001577642-20131018.xml INSTANCE DOCUMENT 0001577642 2013-10-18 2013-10-18 0001577642 ck0001577642:S000042326Member 2013-10-18 2013-10-18 0001577642 ck0001577642:S000042326Member ck0001577642:C000131244Member 2013-10-18 2013-10-18 0001577642 ck0001577642:S000042327Member 2013-10-18 2013-10-18 0001577642 ck0001577642:S000042327Member ck0001577642:C000131245Member 2013-10-18 2013-10-18 0001577642 ck0001577642:S000042327Member ck0001577642:C000131246Member 2013-10-18 2013-10-18 iso4217:USD xbrli:pure Other Expenses are estimated for the current fiscal year. Acquired Fund Fees and Expenses are estimated for the current fiscal year. Purchases of $1 million and more held less than 18 months may be subject to a contingent deferred sales charge of up to 1.00%. HCIM Trust 485BPOS false 0001577642 2013-10-18 2013-10-18 2013-11-04 2013-11-04 Hatteras PE Intelligence Fund HPEIX Portfolio Turnover <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.</font> </div> Principal Risks of Investing in the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund. The following additional risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-1" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Currency Risk:</font> Foreign currencies will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund&#8217;s investments and its returns. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the U.S. or abroad.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 18pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Derivative Instruments Risk:</font> The Fund may invest in derivative instruments. These are financial instruments that derive their performance from the performance of an underlying asset, index, and interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments that they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 18pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">ETF Risk:</font> In addition to the risks of investing in an investment company, the price of an ETF can fluctuate within a wide range, and the Fund could lose money when investing in an ETF if the prices of the securities owned by the ETF go down. The market price of the ETF&#8217;s shares may trade at a discount to their net asset value. Additionally, ETFs have management fees, which increase their cost.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 18pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">High Portfolio Turnover Rate Risk:</font> The Fund&#8217;s investment strategy may result in high turnover rates. A high portfolio turnover rate may increase the Fund&#8217;s short-term capital appreciation and increase brokerage commission costs, which may negatively impact the Fund&#8217;s performance. Rapid portfolio turnover also exposes the Fund&#8217;s shareholders to a higher current realization of capital gains and this could cause you to pay higher taxes.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Market Risk:</font> The value of equity securities and other investments owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events in the U.S. or abroad that affect individual issuers, sectors or large portions of the market.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" style="FONT-FAMILY: times new roman; 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WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">PERI Model Risk:</font> Because the Fund seeks to track the Reference Index, which uses the PERI Model, the Fund is subject to the risks associated with the development and implementation of the PERI Model, including that:</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">o&#160;&#160; &#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">there can be no assurance that the assumptions used by the PERI Model to determine the drivers of private equity buyout funds are correct or that the PERI Model will be able to capture any performance based on these drivers using public market equivalents alone;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">o&#160;&#160;&#160; &#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">the PERI Model is based on an analysis of the returns of private equity buyout funds based on the amount private equity investors commit to invest, rather than the amounts they actually invested, which may differ significantly;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" style="FONT-FAMILY: times new roman; 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&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the returns from the PERI Model (and therefore the Reference Index) may differ significantly from the return of a direct investment in one or more private equity buyout funds.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Proprietary Strategy Risk:</font> The Reference Index and the PERI Model may not be successful.&#160;&#160;The Reference Index follows a proprietary strategy.&#160;&#160;No assurance can be given that the Reference Index or the PERI Model will achieve its stated investment objective of providing a return similar to that which could be achieved through a broad-based global investment in private equity buyout funds.&#160;&#160;The Reference Index and the PERI Model have each been constructed on the basis of certain historically observed trends, correlations or assumptions, none of which may be realized during the life of the Fund.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Historical Performance of the Reference Index Risk:</font> The historical performance of the Reference Index is not an indication of its future performance.&#160;&#160;It is impossible to predict whether the level of the Reference Index will rise or fall.&#160;&#160;The actual performance of the Reference Index over the life of the Fund may bear little relation to the historical levels of the Reference Index.<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>There is no assurance as to how the Reference Index will perform in either absolute terms or in relative terms.&#160;&#160;Specifically, there can be no assurance as to how the Reference Index will perform in relation to the performance of equities (either to the equity indices referenced by the Reference Index, to an investment in private equity funds or to any other measure of private equity returns) or any other asset class.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-14" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Index Information Provider Failure:</font> The Reference Index provides the performance of the PERI Model using the weekly weightings provided by the Index Information Provider to the Index Provider.&#160;&#160;In the event that the Index Information Provider is unable or fails to duly provide such weightings, the Reference Index may not be able to provide the performance of the PERI Model and this may lead to the Index Provider making adjustments to, or cancelling, the Reference Index.&#160;&#160;The Index Information Provider relies on, among other things, private equity buyout data provided by Preqin Ltd. and in the event that such information is no longer available or reliable, the PERI Model (and therefore the Reference Index) may not be able to continue.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-15" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Lack of Information on PERI Model:</font> The Reference Index is based on the PERI Model, which is a proprietary systematic algorithmic model owned and operated by the Index Information Provider.&#160;&#160;Further details of the PERI Model may not be disclosed to investors in the Fund and therefore, investors must have sufficient skill and expertise (or be able to obtain such advice or assistance from professional advisors) to make an assessment of the risks and merits of an investment in the Fund without additional information on the PERI Model.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Shares of Other Investment Companies Risk:</font> The Fund may invest in shares of other investment companies, including ETFs, as a means to pursue its investment objective. As a result of this policy, your cost of investing in the<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#160;</font>Fund will generally be higher than the cost of investing directly in such investment companies. You will indirectly bear fees and expenses charged by such investment companies in addition to the<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#160;</font>Fund&#8217;s direct fees and expenses.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-17" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 18pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Smaller Sized Companies Risk:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The Fund may invest in other investment companies or participate in swap agreements that expose it to the risks of stocks issued by mid-sized companies. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. 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We have not independently verified the information taken from publicly available sources. We accept responsibility for the information contained in the Index Methodology, to the extent that such information is accurately reproduced in this prospectus.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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%&#160;return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 211 652 ~ http://usbank.com/20131018/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001577642_S000042326Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0150 0.0000 0.0049 0.0009 0.0208 ~ http://usbank.com/20131018/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001577642_S000042326Member row primary compact * ~ Other Expenses are estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses are estimated for the current fiscal year. Investment Objective <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Hatteras PE Intelligence Fund (the &#8220;Fund&#8221;) seeks investment results comparable to the returns of the Nomura QES Modeled Private Equity Returns Index (Bloomberg: NMQPERI&lt;INDEX&gt;) (the &#8220;Reference Index&#8221;).</font> </div> Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund&#8217;s performance from year to year and how the Fund&#8217;s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.hatterasfunds.com or by calling the Fund toll-free at 1-877-569-2382.</font> </div> Past performance is not necessarily an indication of how the Fund will perform in the future. 1-877-569-2382 www.hatterasfunds.com When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund's performance from year to year and how the Fund's average annual returns compare with those of a broad measure of market performance. 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The Fund is classified as non-diversified.&#160;&#160;A non-diversified investment company may invest in the securities of fewer issuers at any one time than diversified funds.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Acertus Planned Return Strategy</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PRS is implemented through the purchase of a rolling series of tranches of call and put options, each delivering a formulaic return over its term.&#160;&#160;The rolling series of tranches and formulaic tranche returns are explained further below.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rolling Series of Tranches</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund generally invests in a series of 12 rolling &#8220;tranches&#8221; of call and put options, with each tranche having approximately a 12-month term. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche&#8217;s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately twelve months.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The rolling nature of the tranches creates diversification of investment time period and market level compared to the risk of buying or selling investments at any one time.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund expects that its assets will generally be invested evenly across the tranches, such that the average time to expiration of the Fund&#8217;s options will be approximately six months.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Formulaic Tranche Returns</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options purchase decisions are made based upon a targeted formulaic return for each tranche over its term. The formula is determined by the Sub Advisor&#8217;s analysis of historic market movements and the likelihood of delivering an attractive risk-adjusted rate of return in different market conditions. The formula dictates a desired level of downside protection and an enhanced market return multiple with the price of options determining the maximum return that a tranche can deliver over its term. Each tranche is intended to be held until the expiration date of its options. Effectively, the formulaic structure amounts to (a) giving up a potential higher return in exchange for return enhancement up to the maximum return and (b) buying limited downside protection at the cost of steeper losses if the index declines past the specified limit.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">For example, a given tranche may be constructed by purchasing a call option on the S&amp;P&#160;500 Index to gain market exposure, along with buying and writing (selling) put options on the index to protect against a 10% decline in the S&amp;P&#160;500 Index (&#8220;downside protection&#8221;), with a loss of 1.15 times any index decline beyond 10%. In addition, call options may be purchased or written (sold) on the index to double the index&#8217;s gains up to a maximum return of 12% with no additional gains beyond 12%.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During periods of high volatility, which may coincide with market lows, options pricing may allow for a greater level of maximum return for a given level of downside protection. During periods of low volatility, which may coincide with market highs, market pricing may support lower maximum returns while maintaining the desired level of downside protection. Therefore, the tranches may allow for higher maximum returns from market lows while maintaining downside protection at market highs.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund generally intends to utilize FLexible EXchange&#174; Options (&#8220;FLEX Options&#8221;), which are customized option contracts available through the Chicago Board Options Exchange that are guaranteed for settlement by the OCC. FLEX Options provide investors with the ability to customize exercise prices and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (&#8220;OTC&#8221;) options positions.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tranches of options only deliver their formulaic return if held until their expiration. Fund performance will equal the value and time weighted average of the individual market valuations for each of the options in all of the tranches held for the intended period, plus the performance of any cash or other securities held in the account, less management fees and other costs.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in Fund shares with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Fund shares 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%&#160;return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 202 624 177 548 ~ http://usbank.com/20131018/role/ScheduleExpenseExampleTransposed20007 column dei_LegalEntityAxis compact ck0001577642_S000042327Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund&#8217;s Class A shares.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;How to Purchase Shares&#8221; section on page 26 and the &#8220;Purchase, Redemption and Pricing of Shares&#8221; section on page&#160;26 of the Statement of Additional Information (&#8220;SAI&#8221;).</font> </div> 0.0475 0.0000 0.0100 0.0000 0.0000 0.0000 0.0125 0.0125 0.0025 0.0000 0.0049 0.0049 0.0199 0.0174 ~ http://usbank.com/20131018/role/ScheduleShareholderFees20005 column dei_LegalEntityAxis compact ck0001577642_S000042327Member row primary compact * ~ ~ http://usbank.com/20131018/role/ScheduleAnnualFundOperatingExpenses20006 column dei_LegalEntityAxis compact ck0001577642_S000042327Member row primary compact * ~ Other Expenses are estimated for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Purchases of $1 million and more held less than 18 months may be subject to a contingent deferred sales charge of up to 1.00%. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund's Class A shares. Shareholder Fees (fees paid directly from your investment) 100000 Investment Objective <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Hatteras Disciplined Opportunity Fund (the &#8220;Fund&#8221;) seeks to consistently outperform the broader equity market on a risk-adjusted basis in both rising and declining markets.</font> </div> Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund&#8217;s performance from year to year and how the Fund&#8217;s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.hatterasfunds.com or by calling the Fund toll-free at 1-877-569-2382.</font> </div> Past performance is not necessarily an indication of how the Fund will perform in the future. 1-877-569-2382 www.hatterasfunds.com When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund's performance from year to year and how the Fund's average annual returns compare with those of a broad measure of market performance. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Hatteras Disciplined Opportunity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Hatteras Disciplined Opportunity Fund (the “Fund”) seeks to consistently outperform the broader equity market on a risk-adjusted basis in both rising and declining markets.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund’s Class A shares.  More information about these and other discounts is available from your financial professional and in the “How to Purchase Shares” section on page 26 and the “Purchase, Redemption and Pricing of Shares” section on page 26 of the 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)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes 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.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are estimated for the current fiscal year.
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 Fund shares with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Fund shares 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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption 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 objective principally by:

·     
Buying call options on the S&P 500® Composite Stock Price Index (the “S&P 500 Index”) to create broad market exposure, and

·     
buying and writing (selling) additional call and put options on the index to enhance market returns and reduce market losses.

The Sub-Advisor, as defined below, employs a proprietary “Planned Return Strategy” (“PRS”) to select Fund investments.  PRS is based on the Sub-Advisor’s work in Behavioral Finance and is designed to consistently outperform the S&P 500® on a risk-adjusted basis in both rising and declining markets. The Fund is classified as non-diversified.  A non-diversified investment company may invest in the securities of fewer issuers at any one time than diversified funds.

The Acertus Planned Return Strategy

PRS is implemented through the purchase of a rolling series of tranches of call and put options, each delivering a formulaic return over its term.  The rolling series of tranches and formulaic tranche returns are explained further below.

Rolling Series of Tranches

The Fund generally invests in a series of 12 rolling “tranches” of call and put options, with each tranche having approximately a 12-month term. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche’s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately twelve months.

The rolling nature of the tranches creates diversification of investment time period and market level compared to the risk of buying or selling investments at any one time.

The Fund expects that its assets will generally be invested evenly across the tranches, such that the average time to expiration of the Fund’s options will be approximately six months.

Formulaic Tranche Returns

Options purchase decisions are made based upon a targeted formulaic return for each tranche over its term. The formula is determined by the Sub Advisor’s analysis of historic market movements and the likelihood of delivering an attractive risk-adjusted rate of return in different market conditions. The formula dictates a desired level of downside protection and an enhanced market return multiple with the price of options determining the maximum return that a tranche can deliver over its term. Each tranche is intended to be held until the expiration date of its options. Effectively, the formulaic structure amounts to (a) giving up a potential higher return in exchange for return enhancement up to the maximum return and (b) buying limited downside protection at the cost of steeper losses if the index declines past the specified limit.

For example, a given tranche may be constructed by purchasing a call option on the S&P 500 Index to gain market exposure, along with buying and writing (selling) put options on the index to protect against a 10% decline in the S&P 500 Index (“downside protection”), with a loss of 1.15 times any index decline beyond 10%. In addition, call options may be purchased or written (sold) on the index to double the index’s gains up to a maximum return of 12% with no additional gains beyond 12%.

During periods of high volatility, which may coincide with market lows, options pricing may allow for a greater level of maximum return for a given level of downside protection. During periods of low volatility, which may coincide with market highs, market pricing may support lower maximum returns while maintaining the desired level of downside protection. Therefore, the tranches may allow for higher maximum returns from market lows while maintaining downside protection at market highs.

The Fund generally intends to utilize FLexible EXchange® Options (“FLEX Options”), which are customized option contracts available through the Chicago Board Options Exchange that are guaranteed for settlement by the OCC. FLEX Options provide investors with the ability to customize exercise prices and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Tranches of options only deliver their formulaic return if held until their expiration. Fund performance will equal the value and time weighted average of the individual market valuations for each of the options in all of the tranches held for the intended period, plus the performance of any cash or other securities held in the account, less management fees and other costs.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the Fund. The following additional risks could affect the value of your investment:

·  
Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

·  
Management Risk: The Fund’s success will depend on the management of the Sub-Advisor (as defined below) and on the skill and acumen of the Sub-Advisor’s personnel.

·  
Market Risk: The value of equity securities and other investments owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events in the U.S. or abroad that affect individual issuers, sectors or large portions of the market.

·  
New Fund Risk: The Fund is a recently-formed entity with limited or no operating history upon which prospective investors may evaluate its future performance.  As such, there can be no assurances that the Fund will be able to implement its investment strategy or achieve its investment objective.

·  
Non-Diversification Risk. The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic, political or other occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

·  
Options Risk: The Fund may invest in options. Options transactions may be effected on securities exchanges or in the OTC market. When options are purchased over-the-counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its option positions. Options are also subject to the Derivative Securities Risk described above.
Risk Lose Money [Text] rr_RiskLoseMoney Losing all or a portion of your investment is a risk of investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic, political or other occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund’s performance from year to year and how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.hatterasfunds.com or by calling the Fund toll-free at 1-877-569-2382.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund's performance from year to year and how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-569-2382
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.hatterasfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance is not necessarily an indication of how the Fund will perform in the future.
Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.75%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption price, whichever is less) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.49% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.99%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Purchases of $1 million and more held less than 18 months may be subject to a contingent deferred sales charge of up to 1.00%.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund's Class A shares.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 202
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 624
Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption price, whichever is less) rr_MaximumDeferredSalesChargeOverOther none
Redemption fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.49% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.74%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 177
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 548
[1] Purchases of $1 million and more held less than 18 months may be subject to a contingent deferred sales charge of up to 1.00%.
[2] Other Expenses are estimated for the current fiscal year.
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Hatteras Disciplined Opportunity Fund
Hatteras Disciplined Opportunity Fund
Investment Objective
The Hatteras Disciplined Opportunity Fund (the “Fund”) seeks to consistently outperform the broader equity market on a risk-adjusted basis in both rising and declining markets.
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 if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund’s Class A shares.  More information about these and other discounts is available from your financial professional and in the “How to Purchase Shares” section on page 26 and the “Purchase, Redemption and Pricing of Shares” section on page 26 of the Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Hatteras Disciplined Opportunity Fund
Class A
Institutional Class
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.75% none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption price, whichever is less) 1.00% [1] none
Redemption fee none none
[1] Purchases of $1 million and more held less than 18 months may be subject to a contingent deferred sales charge of up to 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 Hatteras Disciplined Opportunity Fund
Class A
Institutional Class
Management Fees 1.25% 1.25%
Distribution and/or Service (12b-1) Fees 0.25% none
Other Expenses [1] 0.49% 0.49%
Total Annual Fund Operating Expenses 1.99% 1.74%
[1] Other Expenses are estimated for the current fiscal year.
Example
This Example is intended to help you compare the cost of investing in Fund shares with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Fund shares 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 Hatteras Disciplined Opportunity Fund (USD $)
1 Year
3 Years
Class A
202 624
Institutional Class
177 548
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective principally by:

·     
Buying call options on the S&P 500® Composite Stock Price Index (the “S&P 500 Index”) to create broad market exposure, and

·     
buying and writing (selling) additional call and put options on the index to enhance market returns and reduce market losses.

The Sub-Advisor, as defined below, employs a proprietary “Planned Return Strategy” (“PRS”) to select Fund investments.  PRS is based on the Sub-Advisor’s work in Behavioral Finance and is designed to consistently outperform the S&P 500® on a risk-adjusted basis in both rising and declining markets. The Fund is classified as non-diversified.  A non-diversified investment company may invest in the securities of fewer issuers at any one time than diversified funds.

The Acertus Planned Return Strategy

PRS is implemented through the purchase of a rolling series of tranches of call and put options, each delivering a formulaic return over its term.  The rolling series of tranches and formulaic tranche returns are explained further below.

Rolling Series of Tranches

The Fund generally invests in a series of 12 rolling “tranches” of call and put options, with each tranche having approximately a 12-month term. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche’s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately twelve months.

The rolling nature of the tranches creates diversification of investment time period and market level compared to the risk of buying or selling investments at any one time.

The Fund expects that its assets will generally be invested evenly across the tranches, such that the average time to expiration of the Fund’s options will be approximately six months.

Formulaic Tranche Returns

Options purchase decisions are made based upon a targeted formulaic return for each tranche over its term. The formula is determined by the Sub Advisor’s analysis of historic market movements and the likelihood of delivering an attractive risk-adjusted rate of return in different market conditions. The formula dictates a desired level of downside protection and an enhanced market return multiple with the price of options determining the maximum return that a tranche can deliver over its term. Each tranche is intended to be held until the expiration date of its options. Effectively, the formulaic structure amounts to (a) giving up a potential higher return in exchange for return enhancement up to the maximum return and (b) buying limited downside protection at the cost of steeper losses if the index declines past the specified limit.

For example, a given tranche may be constructed by purchasing a call option on the S&P 500 Index to gain market exposure, along with buying and writing (selling) put options on the index to protect against a 10% decline in the S&P 500 Index (“downside protection”), with a loss of 1.15 times any index decline beyond 10%. In addition, call options may be purchased or written (sold) on the index to double the index’s gains up to a maximum return of 12% with no additional gains beyond 12%.

During periods of high volatility, which may coincide with market lows, options pricing may allow for a greater level of maximum return for a given level of downside protection. During periods of low volatility, which may coincide with market highs, market pricing may support lower maximum returns while maintaining the desired level of downside protection. Therefore, the tranches may allow for higher maximum returns from market lows while maintaining downside protection at market highs.

The Fund generally intends to utilize FLexible EXchange® Options (“FLEX Options”), which are customized option contracts available through the Chicago Board Options Exchange that are guaranteed for settlement by the OCC. FLEX Options provide investors with the ability to customize exercise prices and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Tranches of options only deliver their formulaic return if held until their expiration. Fund performance will equal the value and time weighted average of the individual market valuations for each of the options in all of the tranches held for the intended period, plus the performance of any cash or other securities held in the account, less management fees and other costs.
Principal Risks of Investing in the Fund
Losing all or a portion of your investment is a risk of investing in the Fund. The following additional risks could affect the value of your investment:

·  
Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which they are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

·  
Management Risk: The Fund’s success will depend on the management of the Sub-Advisor (as defined below) and on the skill and acumen of the Sub-Advisor’s personnel.

·  
Market Risk: The value of equity securities and other investments owned by the Fund may decline, at times sharply and unpredictably, because of economic changes or other events in the U.S. or abroad that affect individual issuers, sectors or large portions of the market.

·  
New Fund Risk: The Fund is a recently-formed entity with limited or no operating history upon which prospective investors may evaluate its future performance.  As such, there can be no assurances that the Fund will be able to implement its investment strategy or achieve its investment objective.

·  
Non-Diversification Risk. The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic, political or other occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

·  
Options Risk: The Fund may invest in options. Options transactions may be effected on securities exchanges or in the OTC market. When options are purchased over-the-counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its option positions. Options are also subject to the Derivative Securities Risk described above.
Performance
When the Fund has been in operation for a full calendar year, performance information will be shown here that shows changes in the Fund’s performance from year to year and how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.hatterasfunds.com or by calling the Fund toll-free at 1-877-569-2382.
XML 12 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Nov. 04, 2013
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