The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows changes in the performance of the Fund’s Institutional Class Shares from calendar year to calendar year. The table shows the average annual total returns for each class of the Fund over time and compares these returns to the returns of the Bloomberg Aggregate Bond Index, a broad-based securities market index, and the ICE BofA US Cash Pay High Yield Index, a broad-based measure of market performance that has characteristics relevant to the Fund’s investment strategies. Updated performance information is available at the Fund’s website, www.libertystreetfunds.com, or by calling the Fund at 1-800-207-7108. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. From the Fund’s inception on December 31, 2015, through November 30, 2022, the Fund’s portfolio was managed by the Fund’s prior sub-advisor, Braddock Financial LLC.
| Institutional Class Shares | ||
| Highest Calendar Quarter Return at NAV | 33.84% | Quarter Ended 06/30/2020 |
| Lowest Calendar Quarter Return at NAV | (50.49)% | Quarter Ended 03/31/2020 |
The year-to-date return for the Fund as of March 31, 2026, was 1.10%.
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class – Return Before Taxes | 8.63% | 4.37% | 1.17% |
| Institutional Class – Return After Taxes on Distributions* | 5.03% | 1.84% | (0.97)% |
| Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares* | 5.03% | 2.21% | 0.00% |
| Class A Shares – Return Before Taxes | 3.92% | 3.19% | 0.32% |
| Class C Shares – Return Before Taxes | 6.74% | 3.33% | 0.16% |
| Bloomberg Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% |
| ICE BofA US Cash Pay High Yield Index (reflects no deduction for fees, expenses or taxes) | 8.63% | 4.53% | 6.45% |
* 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. After-tax returns are shown for Institutional Class shares and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.
The bar chart and table below provide some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. The table shows the average annual total returns for Institutional Class Shares and Class A Shares of the Fund over time and compares these returns to the returns of the Bloomberg Aggregate Bond Index, a broad-based securities market index, and the JP Morgan EM Blend Equal Weighted Index, a broad-based measure of market performance that has characteristics relevant to the Fund’s investment strategies. Updated performance information is available at the Fund’s website, www.libertystreetfunds.com, or by calling the Fund at 1-800-207-7108.
| Institutional Class Shares | ||
| Highest Calendar Quarter Return at NAV | 4.68% | Quarter Ended 09/30/2025 |
| Lowest Calendar Quarter Return at NAV | 2.03% | Quarter Ended 12/31/2025 |
The year-to-date return for the Fund as of March 31, 2026, was (1.82)%.
| Average Annual Total Returns | 1 Year | Since Inception |
| Institutional Class – Return Before Taxes | 13.08% | 9.23% |
| Institutional Class – Return After Taxes on Distributions* | 11.40% | 7.07% |
| Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares* | 8.74% | 6.44% |
| Class A Shares – Return Before Taxes | 7.96% | 6.25% |
| Bloomberg Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | 5.77% |
| JP Morgan EM Blend Equal Weighted Index (reflects no deduction for fees, expenses or taxes) | 14.05% | 9.88% |
* 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. After-tax returns are shown for Institutional Class shares and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of the Bloomberg Global Aggregate Credit Index. Updated performance information is available at the Fund’s website, www.libertystreetfunds.com, or by calling the Fund at (800) 207-7108. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
| Institutional Class Shares | ||
| Highest Calendar Quarter Return at NAV | 8.53% | Quarter Ended 12/31/2020 |
| Lowest Calendar Quarter Return at NAV | (22.17)% | Quarter Ended 03/31/2020 |
The year-to-date return for the Fund as of March 31, 2026, was (1.47)%.
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class – Return Before Taxes | 7.56% | 7.80% | 6.49% |
| Institutional Class – Return After Taxes on Distributions* | 4.88% | 6.09% | 4.21% |
| Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares* | 4.60% | 5.36% | 4.05% |
| Class A Shares – Return Before Taxes | 2.60% | 6.60% | 5.60% |
| Class C Shares – Return Before Taxes | 5.40% | 6.71% | 5.42% |
| Bloomberg Global Aggregate Credit Index (Reflects No Deductions for Fees, Expenses or Taxes) | 10.46% | (0.47)% | 2.67% |
* 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. After-tax returns are shown for Institutional Class shares only and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of the Bloomberg U.S. Municipal Bond Index and the Bloomberg Short-Intermediate 1-10 Years Municipal Bond Index. The Bloomberg U.S. Municipal Bond Index has been included as the broad-based securities market index in order to satisfy regulatory requirements. The Fund also compares its performance with the returns of Bloomberg Short-Intermediate 1-10 Years Municipal Bond Index, which the Advisor believes is a better performance benchmark for comparison to the Fund’s performance in light of the Fund’s investment strategies. Updated performance information is available at the Fund’s website, www.libertystreetfunds.com, or by calling the Fund at (800) 207-7108. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The year-to-date return for the Fund as of March 31, 2026, was (0.21)%.
| Institutional Class Shares | ||
| Highest Calendar Quarter Return at NAV | 10.89% | Quarter Ended 12/31/2023 |
| Lowest Calendar Quarter Return at NAV | (11.47)% | Quarter Ended 03/31/2020 |
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class – Return Before Taxes | 3.84% | 3.19% | 2.94% |
| Institutional Class – Return After Taxes on Distributions* | 3.84% | 2.78% | 2.68% |
| Institutional Class – Return After Taxes on Distributions and Sale of Fund Shares* | 3.53% | 2.96% | 2.90% |
| Class A Shares – Return Before Taxes | (0.24)% | 2.12% | 2.08% |
| Class C Shares – Return Before Taxes | 1.79% | 2.15% | 1.92% |
| Bloomberg U.S. Municipal Bond Index (Reflects No Deductions for Fees, Expenses or Taxes) | 4.25% | 0.80% | 2.34% |
| Bloomberg Short-Intermediate 1-10 Years Municipal Bond Index (Reflects No Deductions for Fees, Expenses or Taxes) | 5.01% | 1.22% | 1.98% |
* 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. After-tax returns are shown for Institutional Class shares only and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.