XML 36 R168.htm IDEA: XBRL DOCUMENT v2.4.1.9
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Dynamic U.S. Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Scotia Dynamic U.S. Growth Fund (the "Fund") is to seek long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Fund shares.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-12-31
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the eleven-month fiscal period ended August 31, 2014, the portfolio turnover rate of the Fund and the Predecessor Fund was 276.74% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 276.74%rr_PortfolioTurnoverRate
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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


The example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategy:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies chosen according to a growth oriented investment approach. The Fund may invest in companies of any size, including small and mid capitalization companies, in order to achieve its objective.


When selecting investments for the Fund, the Adviser seeks to identify companies demonstrating strong current or prospective earnings growth relative to the overall market and relative to their peer group. While it will not concentrate its investments in any one industry, the Fund may from time to time have significant exposure in one or more sectors of the economy, especially the more growth-oriented sectors, such as the information technology, consumer discretionary and health care sectors.


Techniques such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the Adviser may:


•  analyze financial data and other information sources;


•  assess the quality of management; and


•  conduct company interviews, where possible.

Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Since it purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods of time. Price volatility is the principal risk of investing in the Fund. You could lose all or some of your investment in the Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of bankruptcy.


A principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock price declines during market downturns.


The small and mid capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small and mid cap companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.


The Fund may focus its investments from time to time on one or more economic sectors, in particular the information technology sector. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's net asset value and total return. Information technology companies may produce or use products or services that prove commercially unsuccessful, become obsolete or become adversely impacted by government regulation. Competitive pressures in the information technology sector, and the Fund's investments in information technology company securities, may subject it to more volatile price movements than a more diversified securities portfolio.


While the Fund's portfolio turnover rate may exceed 400%, the Predecessor Fund's portfolio turnover has typically ranged between 200% and 350%.


The Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund's investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.


The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose all or some of your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund's investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on March 21, 2014. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. The bar chart and performance table below provide an indication of the risk of an investment in the Fund.


The performance information set forth in the bar chart and table below is that of the Class I shares of the Predecessor Fund. Performance reflects contractual fee waivers that were in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at us.scotiafunds.com or by calling 1-888-572-0968.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below provide an indication of the risk of an investment in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-572-0968
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress us.scotiafunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Return – Class I For the years ended December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter: 23.87%
9/30/13


Worst Quarter: (16.50)%
9/30/11


Year-to-date total return for the nine months ended September 30, 2014: 2.55%

Year to Date Return, Label rr_YearToDateReturnLabel Year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2014
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.55%rr_BarChartYearToDateReturn
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.87%rr_BarChartHighestQuarterlyReturn
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.50%)rr_BarChartLowestQuarterlyReturn
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deductions for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns - Class I For the Periods Ended December 31, 2013
Russell 1000® Growth Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.48%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= ck0000831114_index_Russell_1000_Growth_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 22.63%rr_AverageAnnualReturnSinceInception
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= ck0000831114_index_Russell_1000_Growth_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember
[1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 01, 2009
Institutional
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)rr_RedemptionFeeOverRedemption
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Management Fees rr_ManagementFeesOverAssets 0.65%rr_ManagementFeesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.38%rr_OtherExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
[2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.03%rr_ExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
[3]
Less Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.29%)rr_FeeWaiverOrReimbursementOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.74%rr_NetExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 7,558rr_ExpenseExampleYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 29,896rr_ExpenseExampleYear03
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 54,044rr_ExpenseExampleYear05
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 123,317rr_ExpenseExampleYear10
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138404Member
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance for Institutional Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus.
Class I
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)rr_RedemptionFeeOverRedemption
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Management Fees rr_ManagementFeesOverAssets 0.65%rr_ManagementFeesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets 0.10%rr_Component1OtherExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Other Expenses rr_OtherExpensesOverAssets 0.38%rr_OtherExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13%rr_ExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[3]
Less Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.29%)rr_FeeWaiverOrReimbursementOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.84%rr_NetExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 214rr_ExpenseExampleYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 826rr_ExpenseExampleYear03
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,486rr_ExpenseExampleYear05
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,372rr_ExpenseExampleYear10
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Annual Return 2010 rr_AnnualReturn2010 50.67%rr_AnnualReturn2010
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Annual Return 2011 rr_AnnualReturn2011 4.61%rr_AnnualReturn2011
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Annual Return 2012 rr_AnnualReturn2012 6.60%rr_AnnualReturn2012
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Annual Return 2013 rr_AnnualReturn2013 42.08%rr_AnnualReturn2013
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 42.08%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 29.29%rr_AverageAnnualReturnSinceInception
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 01, 2009
Class I | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 37.40%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= rr_AfterTaxesOnDistributionsMember
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[4]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 26.94%rr_AverageAnnualReturnSinceInception
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= rr_AfterTaxesOnDistributionsMember
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[1],[4]
Class I | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.64%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= rr_AfterTaxesOnDistributionsAndSalesMember
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 23.11%rr_AverageAnnualReturnSinceInception
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_PerformanceMeasureAxis
= rr_AfterTaxesOnDistributionsAndSalesMember
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138402Member
[1]
Class II
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)rr_RedemptionFeeOverRedemption
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Management Fees rr_ManagementFeesOverAssets 0.65%rr_ManagementFeesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets 0.25%rr_Component1OtherExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Other Expenses rr_OtherExpensesOverAssets 0.38%rr_OtherExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
[2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.28%rr_ExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
[3]
Less Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.29%)rr_FeeWaiverOrReimbursementOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.99%rr_NetExpensesOverAssets
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 101rr_ExpenseExampleYear01
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 377rr_ExpenseExampleYear03
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 674rr_ExpenseExampleYear05
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,520rr_ExpenseExampleYear10
/ dei_LegalEntityAxis
= ck0000831114_S000044491Member
/ rr_ProspectusShareClassAxis
= ck0000831114_C000138403Member
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance for Institutional Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus.
[1] While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009.
[2] The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the "Predecessor Fund"), at which time the Predecessor Fund was reorganized into the Fund. Accordingly, total Annual Fund Operating Expenses reflect the expenses of the Fund and the Predecessor Fund for the most recent fiscal year.
[3] Scotia Institutional Asset Management US, Ltd. ("SIAM" or the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 0.74% for Institutional Shares, 0.84% for Class I Shares and 0.99% for Class II Shares until December 31, 2015. Prior to such date, this contractual agreement may only be terminated by the Fund's Board of Directors. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.
[4] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.