XML 14 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
LabelElementValue
Risk/Return:rr_RiskReturnAbstract 
ProspectusDaterr_ProspectusDateOct. 28, 2011
WHG DIVIDEND GROWTH FUND (Prospectus Summary) | WHG DIVIDEND GROWTH FUND
 
Risk/Return:rr_RiskReturnAbstract 
Risk/Return, Headingrr_RiskReturnHeadingWHG DIVIDEND GROWTH FUND
Investment Objective, Headingrr_ObjectiveHeadingINVESTMENT OBJECTIVE
investment Objective, Primaryrr_ObjectivePrimaryTextBlock
The investment objective of the WHG Dividend Growth Fund (the "Fund") is to
seek long-term growth of capital.
Expense, Headingrr_ExpenseHeadingFUND FEES AND EXPENSES
Expense, Narrativerr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
Institutional Shares of the Fund.
Operating Expenses, Captionrr_OperatingExpensesCaptionANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Portfolio Turnover, Headingrr_PortfolioTurnoverHeadingPORTFOLIO TURNOVER
Portfolio Turnoverrr_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
total annual fund operating expenses or in the example, affect the Fund's
performance. During its most recent fiscal year, the Fund's portfolio turnover
rate was 66% of the average value of its portfolio.
Portfolio Turnover, Raterr_PortfolioTurnoverRate66.00%
Expenses, Not Correlated to Ratio Due to Acquired Fund Feesrr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses, both before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly as a result of investment in shares of other investment companies (each, an "acquired fund") and do not correlate to the expense ratio in the Fund's Financial Highlights, which reflects only the direct operating expenses incurred by the Fund.
Expense Example, Headingrr_ExpenseExampleHeadingEXAMPLE
Expense Example, Narrativerr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses (including one year of capped expenses in each period)
remain the same.
Expense Example, By Year, Captionrr_ExpenseExampleByYearCaptionAlthough your actual costs may be higher or lower, based on these assumptions your costs would be:
Investment Strategy, Headingrr_StrategyHeadingPRINCIPAL INVESTMENT STRATEGIES
Investment Strategy, Narrativerr_StrategyNarrativeTextBlock
The Fund seeks to invest primarily in the stocks of domestic and foreign
companies of any size, from larger, well-established companies, which are
preferred by the Adviser, to smaller companies. Under normal circumstances, the
Fund will invest at least 80% of its net assets (plus any borrowings for
investment purposes) in dividend paying equity securities. For purposes of this
policy, dividend paying equity securities include common stock, preferred
stock, Real Estate Investment Trusts ("REITs"), royalty trusts and trust
preferred securities.  The Adviser pursues the Fund's objective by investing
primarily in the stocks of companies that exhibit the potential for significant
long-term appreciation. The Fund may invest up to 50% of its net assets in the
securities of foreign issuers that are publicly traded in the United States or
on foreign exchanges, including American Depositary Receipts ("ADRs"). The Fund
may also invest up to 10% of its net assets in fixed income obligations (I.E.,
U.S. Treasury and agency obligations, corporate debt securities and convertible
bonds), up to 5% of which may be in fixed income securities rated below
investment grade ("junk bonds" or "high-yield securities"). The Adviser
generally makes use of fundamental analytical techniques that combine
quantitative analysis screens with fundamental analysis by the Adviser's equity
investment team to determine which particular stocks to purchase and sell, and
will consider the sale of securities from the Fund's portfolio when the reasons
for the original purchase no longer apply. The Adviser's "quantitative analysis
screens" utilize financial data to rank a universe of stocks by quality and
valuation factors. The investment team's fundamental analysis includes, but is
not limited to, discounted cash flow analysis, assessment of a company's
private market value, evidence of a company's ability to reinvest capital in
growth initiatives, the ability and resolve of a company to return capital to
shareholders through cash dividends and stock repurchases, and a company's
ability to generate excess cash beyond operating needs.

The Fund may also invest in REITs. The Fund will typically invest up to 5% of
its net assets in REITs, but can invest a higher percentage in REITs if REIT
valuations and fundamental prospects are compelling. The Fund will not invest
more than 20% of its net assets in REITs.

In addition, the Fund may use index options and individual stock options for
hedging purposes. At any one time, the combined value of options may be up to
5% of the Fund's net assets.
Risk, Headingrr_RiskHeadingPRINCIPAL RISKS OF INVESTING IN THE FUND
Risk, Narrativerr_RiskNarrativeTextBlock
As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A Fund share is not a bank deposit and it is not
insured or guaranteed by the FDIC or any government agency. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.

DERIVATIVES RISK. The Fund may purchase and write call and put options. When
the Fund purchases a put option, it buys the right to sell the instrument
underlying the option at a fixed strike price. In return for this right, the
Fund pays the current market price for the option (known as the "option
premium"). The Fund would ordinarily realize a gain if, during the option
period, the value of the underlying securities decreased below the exercise
price sufficiently to cover the premium and transaction costs. However, if the
price of the underlying instrument does not fall enough to offset the cost of
purchasing the option, a put buyer would lose the premium and related
transaction costs. Call options are similar to put options, except that the
Fund obtains the right to purchase, rather than sell, the underlying instrument
at the option's strike price. The Fund would ordinarily realize a gain if,
during the option period, the value of the underlying instrument exceeded the
exercise price plus the premium paid and related transaction costs. Otherwise,
the Fund would realize either no gain or a loss on the purchase of the call
option.

Derivatives may be more volatile than other investments and may magnify the
Fund's gains or losses. There are various factors that affect the Fund's
ability to achieve its investment objective with derivatives. Successful use of
a derivative depends upon the degree to which prices of the underlying assets
correlate with price movements in the derivatives the Fund enters into. The
Fund could be negatively affected if the change in market value of its
securities fails to correlate perfectly with the values of its derivatives
positions.

The lack of a liquid secondary market for a derivative may prevent the Fund
from closing its derivative positions and could adversely impact its ability to
achieve its investment objective or to realize profits or limit losses.

The Fund can gain market exposure using derivatives by paying a fraction of the
market value of the investments underlying those derivatives. Thus, a
relatively small price movement in the underlying investment may result in an
immediate and substantial gain or loss to the Fund. Derivatives may be more
volatile than other investments and the Fund may lose more in a derivative than
the original cost of opening the derivative position.

DIVIDEND PAYING STOCKS RISK. The Fund's emphasis on dividend-paying stocks
involves the risk that such stocks may fall out of favor with investors and
underperform the market. Also, a company may reduce or eliminate its dividend.

EQUITY RISK. Since it purchases equity securities, the Fund is subject to the
risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the
Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or
economic trends and developments. The prices of securities issued by such
companies may suffer a decline in response.  These factors contribute to price
volatility, which is the principal risk of investing in the Fund.

FIXED INCOME RISK.  The prices of the Fund's fixed income securities respond to
economic developments, particularly interest rate changes, as well as to
perceptions about the creditworthiness of individual issuers. Generally, the
Fund's fixed income securities will decrease in value if interest rates rise
and vice versa, and the volatility of lower-rated securities is even greater
than that of higher-rated securities. Also, longer-term securities are
generally more volatile, so the average maturity or duration of these
securities affects risk. Credit risk is the possibility that an issuer will
fail to make timely payments of interest or principal or go bankrupt. The lower
the ratings of such debt securities, the greater their risks.  In addition,
these risks are often magnified for securities rated below investment grade,
often referred to as "junk bonds," and adverse changes in economic conditions
or market perception are likely to cause issuers of these securities to be unable
to meet their obligations to repay principal and interest to investors.

FOREIGN COMPANY RISK.  Investing in foreign companies, including direct
investments and through ADRs which are traded on U.S. exchanges and represent
an ownership interest in a foreign security, poses additional risks since
political and economic events unique to a country or region will affect those
markets and their issuers.  These risks will not necessarily affect the U.S.
economy or similar issuers located in the United States. In addition,
investments in foreign companies are generally denominated in a foreign
currency. As a result, changes in the value of those currencies compared to the
U.S. dollar may affect (positively or negatively) the value of the Fund's
investments. These currency movements may occur separately from, and in
response to, events that do not otherwise affect the value of the security in
the issuer's home country. While ADRs provide an alternative to directly
purchasing the underlying foreign securities in their respective national
markets and currencies, investments in ADRs continue to be subject to many of
the risks associated with investing directly in foreign securities.

GROWTH STOCKS RISK. Growth stocks typically invest a high portion of their
earnings back into their business and may lack the dividend yield that could
cushion their decline in a market downturn. Growth stocks may be more volatile
than other stocks because they are more sensitive to investor perceptions
regarding the growth potential of the issuing company.

HEDGING RISK. The Fund may purchase and write put and call options on
securities and securities indices for hedging purposes. Hedging through the use
of these instruments does not eliminate fluctuations in the underlying prices
of the securities that the Fund owns or intends to purchase or sell. While
entering into these instruments tends to reduce the risk of loss due to a
decline in the value of the hedged asset, such instruments also limit any
potential gain that may result from the increase in value of the asset. To the
extent that the Fund engages in hedging strategies, there can be no assurance
that such strategy will be effective or that there will be a hedge in place at
any given time.

HIGH YIELD BOND RISK.  High yield, or non-investment grade or "junk" bonds are
highly speculative securities that are usually issued by smaller, less
creditworthy and/or highly leveraged (indebted) companies. Compared with
investment-grade bonds, high yield bonds are considered to carry a greater
degree of risk and are considered to be less likely to make payments of
interest and principal. In particular, lower-rated high yield bonds (CCC, CC,
or C) are subject to a greater degree of credit risk than higher-rated high
yield bonds and may be near default. High yield bonds rated D are in default.
Market developments and the financial and business conditions of the
corporation issuing these securities generally influences their price and
liquidity more than changes in interest rates, when compared to
investment-grade debt securities. Insufficient liquidity in the non-investment
grade bond market may make it more difficult to dispose of non-investment grade
bonds and may cause the Fund to experience sudden and substantial price
declines. A lack of reliable, objective data or market quotations may make it
more difficult to value non-investment grade bonds accurately.

MANAGEMENT RISK. The Fund is subject to the risk that a strategy used by the
Fund's management may fail to produce the intended result.

REIT RISK. REITs are pooled investment vehicles that own, and usually operate,
income-producing real estate.  REITs are susceptible to the risks associated
with direct ownership of real estate, such as the following: declines in
property values; increases in property taxes, operating expenses, interest
rates or competition; overbuilding; zoning changes; and losses from casualty or
condemnation. REITs typically incur fees that are separate from those of the
Fund. Accordingly, the Fund's investments in REITs will result in the layering
of expenses such that shareholders will indirectly bear a proportionate share
of the REITs' operating expenses, in addition to paying Fund expenses.

ROYALTY TRUST RISK. The Fund may invest in royalty trusts. A royalty trust
generally acquires an interest in natural resource companies and distributes
the income it receives to the investors of the royalty trust. A sustained
decline in demand for crude oil, natural gas and refined petroleum products
could adversely affect income and royalty trust revenues and cash flows.
Factors that could lead to a decrease in market demand include a recession or
other adverse economic conditions, an increase in the market price of the
underlying commodity, higher taxes or other regulatory actions that increase
costs, or a shift in consumer demand for such products. A rising interest rate
environment could adversely impact the performance of royalty trusts. Rising
interest rates could limit the capital appreciation of royalty trusts because
of the increased availability of alternative investments at more competitive
yields. The Fund's investment in royalty trusts may result in the layering of
expenses such that shareholders will indirectly bear a proportionate share of
the royalty trusts' operating expenses, in addition to paying Fund expenses.

SMALL- AND MID-CAPITALIZATION COMPANY RISK. The small- and mid-capitalization
companies in which the Fund may invest may be more vulnerable to adverse
business or economic events than larger, more established companies. In
particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to 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.

TRUST PREFERRED SECURITIES. Trust preferred securities are preferred stocks
issued by a special purpose trust subsidiary backed by subordinated debt of the
corporate parent. These securities typically bear a market rate coupon
comparable to interest rates available on debt of a similarly rated company.
The securities are generally senior in claim to standard preferred stock but
junior to other bondholders. Trust preferred securities are subject to unique
risks, which include the fact that dividend payments will only be paid if
interest payments on the underlying obligations are made, which interest
payments are dependent on the financial condition of the parent corporation and
may be deferred for up to 20 consecutive quarters. There is also the risk that
the underlying obligations, and thus the trust preferred securities, may be
prepaid after a stated call date or as a result of certain tax or regulatory
events, resulting in a lower yield to maturity.
Risk, Lose Moneyrr_RiskLoseMoneyAs with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money.
Risk, Not Insured Depository Institutionrr_RiskNotInsuredDepositoryInstitutionA Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency.
Bar Chart and Performance Table, Headingrr_BarChartAndPerformanceTableHeadingPERFORMANCE INFORMATION
Performance, Narrativerr_PerformanceNarrativeTextBlock
The bar chart and the performance table below illustrate the risks and
volatility of an investment in Institutional Shares of the Fund by showing
changes in the Fund's Institutional Shares' performance from year to year and
by showing how the Fund's Institutional Shares' average annual returns for the
1 year, 5 year and since inception periods compare with those of a broad
measure of market performance. Of course, the Fund's past performance (before
and after taxes) does not necessarily indicate how the Fund will perform in the
future.

Updated performance information for the Fund is available on the Fund's website
at www.whgfunds.com or by calling 1-877-FUND-WHG.

The following information illustrates some of the risks of investing in the
Fund. The bar chart shows how performance of the Fund has varied from calendar
year to calendar year. Returns are based on past results and are not an
indication of future performance.
Performance, Information Illustrates Variability of Returnsrr_PerformanceInformationIllustratesVariabilityOfReturnsThe following information illustrates some of the risks of investing in the Fund. The bar chart shows how performance of the Fund has varied from calendar year to calendar year.
Performance, Availability Phone Numberrr_PerformanceAvailabilityPhone1-877-FUND-WHG
Performance, Availability Website Addressrr_PerformanceAvailabilityWebSiteAddresswww.whgfunds.com
Performance, Past Does Not Indicate Futurerr_PerformancePastDoesNotIndicateFutureOf course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart, Closingrr_BarChartClosingTextBlock
BEST QUARTER      WORST QUARTER
   23.00%            (21.36%)
  (06/30/03)          (12/31/08)

The performance information shown above is based on a calendar year. The Fund's
performance from 1/1/2011 to 9/30/2011 was (7.10)%.
Index No Deduction for Fees, Expenses, Taxesrr_IndexNoDeductionForFeesExpensesTaxesREFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES
Performance Table, Uses Highest Federal Raterr_PerformanceTableUsesHighestFederalRateAfter-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 Deferredrr_PerformanceTableNotRelevantToTaxDeferredYour actual after-tax returns will depend on your 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.
Performance Table, Narrativerr_PerformanceTableNarrativeTextBlock
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. Your actual after-tax returns will depend on your 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.
Average Annual Returns, Captionrr_AverageAnnualReturnCaptionAVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2010
WHG DIVIDEND GROWTH FUND (Prospectus Summary) | WHG DIVIDEND GROWTH FUND | INSTITUTIONAL CLASS SHARES
 
Risk/Return:rr_RiskReturnAbstract 
Year to Date Return, Labelrr_YearToDateReturnLabelThe Fund's performance
Bar Chart, Year to Date Return, Daterr_BarChartYearToDateReturnDateSep. 30, 2011
Bar Chart, Year to Date Returnrr_BarChartYearToDateReturn(7.10%)
Highest Quarterly Return, Labelrr_HighestQuarterlyReturnLabelBEST QUARTER
Highest Quarterly Return, Daterr_BarChartHighestQuarterlyReturnDateJun. 30, 2003
Highest Quarterly Returnrr_BarChartHighestQuarterlyReturn23.00%
Lowest Quarterly Return, Labelrr_LowestQuarterlyReturnLabelWORST QUARTER
Lowest Quarterly Return, Daterr_BarChartLowestQuarterlyReturnDateDec. 31, 2008
Lowest Quarterly Returnrr_BarChartLowestQuarterlyReturn(21.36%)
WHG DIVIDEND GROWTH FUND | S&P 500 Index
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelS&P 500 INDEX (REFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES)
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear0115.06%
Average Annual Returns, 5 Yearsrr_AverageAnnualReturnYear052.29%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception2.45%
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 06, 2001
WHG DIVIDEND GROWTH FUND | INSTITUTIONAL CLASS SHARES
 
Risk/Return:rr_RiskReturnAbstract 
Management Feesrr_ManagementFeesOverAssets0.75%
Other Expensesrr_OtherExpensesOverAssets0.28%
Acquired Fund Fees and Expensesrr_AcquiredFundFeesAndExpensesOverAssets0.01%
Total Annual Fund Operating Expensesrr_ExpensesOverAssets1.04%[1]
Less Fee Reductions and/or Expense Reimbursementsrr_FeeWaiverOrReimbursementOverAssets(0.03%)
Total Annual Fund Operating Expenses After Fee Reductions and/or Reimbursementsrr_NetExpensesOverAssets1.01%[1],[2]
Expense Example, With Redemption, 1 Yearrr_ExpenseExampleYear01 103
Expense Example, With Redemption, 3 Yearsrr_ExpenseExampleYear03328
Expense Example, With Redemption, 5 Yearsrr_ExpenseExampleYear05571
Expense Example, With Redemption, 10 Yearsrr_ExpenseExampleYear10 1,268
Annual Return 2002rr_AnnualReturn2002(25.12%)
Annual Return 2003rr_AnnualReturn200332.26%
Annual Return 2004rr_AnnualReturn200411.12%
Annual Return 2005rr_AnnualReturn20058.04%
Annual Return 2006rr_AnnualReturn20067.13%
Annual Return 2007rr_AnnualReturn20071.38%
Annual Return 2008rr_AnnualReturn2008(31.86%)
Annual Return 2009rr_AnnualReturn200936.76%
Annual Return 2010rr_AnnualReturn20109.03%
Average Annual Returns, Labelrr_AverageAnnualReturnLabelFUND RETURNS BEFORE TAXES
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear019.03%
Average Annual Returns, 5 Yearsrr_AverageAnnualReturnYear051.99%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception3.35%
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 06, 2001
WHG DIVIDEND GROWTH FUND | INSTITUTIONAL CLASS SHARES | After Taxes on Distributions
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelFUND RETURNS AFTER TAXES ON DISTRIBUTIONS
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear018.77%
Average Annual Returns, 5 Yearsrr_AverageAnnualReturnYear051.34%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception2.90%
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 06, 2001
WHG DIVIDEND GROWTH FUND | INSTITUTIONAL CLASS SHARES | After Taxes on Distributions and Sales
 
Risk/Return:rr_RiskReturnAbstract 
Average Annual Returns, Labelrr_AverageAnnualReturnLabelFUND RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES
Average Annual Returns, 1 Yearrr_AverageAnnualReturnYear015.87%
Average Annual Returns, 5 Yearsrr_AverageAnnualReturnYear051.54%
Average Annual Returns, Since Inceptionrr_AverageAnnualReturnSinceInception2.80%
Average Annual Returns, Inception Daterr_AverageAnnualReturnInceptionDateAug. 06, 2001
[1]Total Annual Fund Operating Expenses, both before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly as a result of investment in shares of other investment companies (each, an "acquired fund") and do not correlate to the expense ratio in the Fund's Financial Highlights, which reflects only the direct operating expenses incurred by the Fund.
[2]Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for Institutional Shares (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.00% of the Fund's Institutional Shares' average daily net assets. This contractual arrangement may not be terminated or increased without shareholder approval. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Trust's Board of Trustees (the "Board") may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and 1.00% to recover all or a portion of its fee reductions or expense reimbursements made during the preceding three-year period during which this agreement was in place.