0000910472-12-003407.txt : 20121113 0000910472-12-003407.hdr.sgml : 20121112 20121113114823 ACCESSION NUMBER: 0000910472-12-003407 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-122917 FILM NUMBER: 121197095 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Trust DATE OF NAME CHANGE: 20050113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21720 FILM NUMBER: 121197096 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Trust DATE OF NAME CHANGE: 20050113 0001314414 S000031648 Diversified Risk Parity Fund C000098470 Diversified Risk Parity Fund Class A Shares DRPAX C000098471 Diversified Risk Parity Fund Class C Shares DRPCX C000098472 Diversified Risk Parity Fund Class I Shares DRPIX 485BPOS 1 f485bxbrl.htm 485BPOS GemCom, LLC

 

Securities Act File No. 333-122917

ICA No. 811- 21720


As filed with the Securities and Exchange Commission November 13, 2012


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933


 

Pre-Effective Amendment No.  _______

 

[    ]

 

 

 

 

 

Post-Effective Amendment No. 432

 

[ X ]


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940


 

Amendment No.  434

 

[ X ]


 (Check Appropriate Box or Boxes)

Northern Lights Fund Trust

(Exact Name of Registrant as Specified in Charter)


17605 Wright Street

Omaha, NE 68154-1150

Attention:  Michael Miola

 (Address of Principal Executive Offices)(Zip Code)


(402) 895-1600

 (Registrant's Telephone Number, Including Area Code)


The Corporation Trust Company

Corporate Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)


With a copy to:

 

 

JoAnn M. Strasser, Esq.

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

614-469-3265 (phone)

513-241-4771 (fax)

James P. Ash, Esq.

Gemini Fund Services, LLC

450 Wireless Blvd.

Hauppauge, New York 11788

(631) 470-2619 (phone)

(631) 813-2884 (fax)


 Approximate Date of Proposed Public Offering:


It is proposed that this filing will become effective (check appropriate box):

(X)  

immediately upon filing pursuant to paragraph (b).

(   )

on  (date) pursuant to paragraph (b).

(  )

60 days after filing pursuant to paragraph (a)(1).

(  )  

on (date) pursuant to paragraph (a)(1).

(  )  

75 days after filing pursuant to paragraph (a)(2).

(  )  

on (date) pursuant to paragraph (a)(2) of Rule 485.


If appropriate, check the following box:

(  ) this post-effective amendment designates a new effective date for a previously filed post-effective amendment.




This filing relates solely to the Diversified Risk Parity Fund, a series of the Trust.


Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 432 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Hauppauge, State of New York on the 13th day of November, 2012.


NORTHERN LIGHTS FUND TRUST

(Registrant)


/s/ Andrew Rogers

By: Andrew Rogers,

President and Principal Executive Officer


Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.



Michael Miola*


Trustee & Chairman


November 13, 2012


John V. Palancia*


Trustee


November 13, 2012


Gary Lanzen*


Trustee


November 13, 2012

 

Anthony Hertl*


Trustee


November 13, 2012

 

Mark Taylor*


Trustee


November 13, 2012


/s/ Andrew Rogers

Andrew Rogers


President and Principal Executive Officer


November 13, 2012


Kevin Wolf*


Treasurer and Principal Accounting Officer


November 13, 2012

By:                                     Date:

/s/ James Ash       

November 13, 2012

James Ash

*Attorney-in-Fact – Pursuant to Powers of Attorney previously filed on April 1, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 234, and hereby incorporated by reference.





EXHIBIT INDEX

 

 

 

 

 

 

Index No.

  

Description of Exhibit

 

 

 

EX-101.INS

  

XBRL Instance Document

 

 

EX-101.SCH

  

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

  

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

  

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

  

XBRL Taxonomy Extension Presentation Linkbase


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The Fund's advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31, 2013, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.20%, 2.95% and 1.95% of the daily average net assets attributable to each of the Class A, Class C and Class I shares, respectively. Waivers and expense payments may be recouped by the advisor from the Fund, to the extent that overall expenses fall below the foregoing expense limits, within three years of when the amounts were waived or recouped. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the advisor. Northern Lights Fund Trust 485BPOS false 0001314414 2012-11-06 2012-11-06 2012-11-06 2012-11-06 Diversified Risk Parity Fund Portfolio Turnover: <p align="justify" style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"> <b/>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. 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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies: <p align="justify" style="line-height:14pt; margin:0px; font-family:Arial,Times New Roman; font-size:12pt">The Fund's advisor seeks to achieve the Fund's investment objective by investing, long or short, across a broad array of </p> <br/><p style="line-height:14pt; margin-top:0px; margin-bottom:-2px; text-indent:192px; width:216px; font-family:Wingdings; font-size:12pt; float:left"> &#167; </p> <br/><p style="line-height:14pt; margin:0px; padding-left:216px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> traditional asset classes, </p> <br/><p style="line-height:14pt; margin-top:0px; margin-bottom:-2px; text-indent:192px; width:216px; font-family:Wingdings; font-size:12pt; float:left"> &#167; </p> <br/><p style="line-height:14pt; margin:0px; padding-left:216px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> alternative asset classes and </p> <br/><p style="line-height:14pt; margin-top:0px; margin-bottom:-2px; text-indent:192px; width:216px; font-family:Wingdings; font-size:12pt; float:left"> &#167; </p> <br/><p style="line-height:14pt; margin:0px; padding-left:216px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> derivatives </p> <br/><p style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align="justify"> selected using the advisor's proprietary "Diversified Risk Parity" strategy. &#160; </p> <br/><p style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align="justify"> <u>Traditional</u> asset classes include: (1) common and preferred stocks of US and foreign issuers of any capitalization or currency; (2) fixed income securities of US and foreign issuers of any maturity, currency or credit quality including high yield or junk bonds; and (3) exchange traded-notes ("ETNs"), exchange-traded funds ("ETFs"), open-end investment companies (mutual funds) and closed-end funds that primarily invest in stocks and fixed income securities ("Traditional Underlying Funds"). &#160;Traditional Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality (including securities rated below BBB- by Standard and Poor's Ratings Group or equivalently by another rating agency, which are commonly known as "junk bonds") or currency. </p> <br/><p style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align="justify"> <u>Alternative</u> asset classes include: (1) limited partnerships, (2) limited liability companies, (3) master limited partnerships ("MLPs"), and (4) ETNs, ETFs, mutual funds and closed-end funds (collectively "Alternative Underlying Funds") that each primarily invest in (i) commodities, (ii) currencies, (iii) real estate, (iv) financial indices, or (iv) MLPs that employ specialized strategies such as merger arbitrage, fixed income arbitrage, market neutral or global macro trend-following. &#160;Alternative Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality or currency. </p> <br/><p style="margin: 0px; font-family: Arial,Times New Roman; font-size: 12pt;" align="justify"> <font style="text-decoration: underline;">Derivatives</font> used by the Fund include: exchange-traded or over-the-counter (1) options, (2) futures contracts, (3) forward contracts and (4) swaps on (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices. &#160;The Fund uses options, forwards and futures as substitutes for securities, to generate capital gains and/or to hedge portfolio risk. &#160;The Fund uses swaps to generate returns substantially similar to the price changes in commodities, financial indices, instruments, foreign currencies or equity indices to which they are linked. </p> <br/><p style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align="justify"> <b>Investment In Subsidiary: &#160;</b>The Fund may invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#8220;Subsidiary&#8221;), which has the same investment objective as the Fund. &#160;The Subsidiary will invest primarily (long and short) in commodity and financial futures, option and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary&#8217;s derivative positions. &#160;By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund. </p> <br/><p style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align="justify"> <b><i>Diversified Risk Parity Strategy</i></b> </p> <br/><p style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align="justify"> The Fund seeks to achieve superior risk adjusted returns by employing investment strategies designed to produce returns that are similar to those found within a diversified global hedge fund of funds strategy. &#160;In part, the Diversified Risk Parity Strategy ("DRP" or the "Strategy") seeks to produce returns that are similar to those of the HFRI Fund of Hedge Funds Index ("Index"). &#160;Maintained by the Hedge Fund Research Group, the Index is designed to be generally representative of U.S. dollar denominated hedge fund of funds with assets of at least $50 million. &#160;However, the Fund is not an index fund. </p> <br/><p style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt" align="justify"> Within that framework DRP seeks risk factor neutrality within three major risk factors. &#160;These are: economic growth, inflation and volatility of returns. &#160;In an effort to move the Fund towards neutrality, the advisor feels it is important to shift the risk exposure of DRP away from areas where general hedge fund allocations create large exposures to certain economic factors. &#160;This risk can then be re-allocated into those environments where the Fund lacks material exposure. &#160;The advisor believes that an investment in the Fund can make a material improvement in the overall return characteristics of an investment portfolio while also providing daily liquidity to the investor. &#160;By constructing a diversified portfolio of investments in sectors that are not highly correlated to each other or the equity market in general, the advisor believes the Fund can achieve capital appreciation with lower volatility than broad equity markets. &#160; </p> <br/><p style="line-height: 12pt; margin: 0px; font-family: Arial,Times New Roman; font-size: 12pt;" align="justify"> The advisor actively manages investments for the Fund using risk management strategies which employ both fundamental and technical analysis. &#160;The advisor buys investments that it believes are undervalued and sells them when it believes they have reached their target price or more attractive investments are available. &#160;The advisor takes short positions that it believes are overvalued and covers (buys back) these positions when it believes they have reached their target price. &#160;The advisor also buys and sells securities to maintain allocations as dictated by the Strategy and to manage risk. &#160;The advisor may engage in frequent buying and selling of portfolio securities and derivatives to achieve the Fund's investment objectives. </p> Principal Investment Risks: <p align="justify" style="line-height:13.3pt; margin:0px; font-family:Arial,Times New Roman; font-size:12pt"> <b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. &#160;</i></b> </p> <br/><p style="margin:0px; font-family:Arial,Times New Roman; font-size:12pt"> The following risks apply to the Fund's direct investment in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Alternative Underlying Funds Risk</i>. &#160;These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Alternative Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;Each Alternative Underlying Fund is subject to specific risks, depending on its investments, which may include leverage risk, default risk and derivative risk. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Commodity Risk.</i> <b>&#160;</b>Investing in <b></b>the commodities markets may subject the Fund to greater volatility than investments in traditional securities. &#160;Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. &#160; </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Credit Risk. &#160;</i>There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. &#160;These risks are more pronounce for securities with lower credit quality such as junk bonds. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Derivatives Risk.</i> <b>&#160;</b>The Fund's use of derivative instruments, including swaps or structured notes, involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk. &#160;Purchased options may expire worthless and written options expose the fund to potentially significant liability. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Emerging Market Risk.</i> &#160;In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Fixed Income Risk.</i> <b>&#160;</b>Typically, a rise in interest rates causes a decline in the value of fixed income securities. &#160;The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top: 0px; margin-bottom: 5.333px; padding-left: 48px; text-indent: -2px; font-family: Arial; font-size: 12pt;" align="justify"> <em>Foreign Currency Risk.</em> &#160;Foreign securities denominated in non-US dollar currencies will subject the Fund to currency trading risks that include market risk and country risk. &#160;Market risk results from adverse changes in exchange rates. &#160;Country risk arises because a government may interfere with transactions in its currency. </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Foreign Investment Risk. &#160;</i>Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, political instability and differing auditing and legal standards. &#160; </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Issuer-Specific Risk. &#160;</i>The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole. &#160; </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Limited History of Operations.</i> &#160;The Fund has a limited history of operation. &#160;In addition, the advisor has not previously managed a mutual fund. </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:13.4pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Management Risk.</i> The advisor's reliance on its Strategy and its judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect. &#160; </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Market Risk.</i> &#160;Overall financial market risk may affect the value of individual instruments in which the Fund invests. &#160;Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. &#160;When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Real Estate Risk. &#160;</i>Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. &#160;A real estate investment trust's ("REIT") performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. &#160; </p> <br/><p style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:12pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Short Position Risk.</i> &#160;The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. &#160;The Fund's losses are potentially unlimited in a short position transaction. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Small and Medium Capitalization Stock Risk.</i> Stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:5.533px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the Subsidiary is a controlled foreign corporation, any income received from its investments in the Underlying Funds will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top: 0px; margin-bottom: 8px; padding-left: 48px; text-indent: -2px; font-family: Arial; font-size: 12pt;" align="justify"> <em>Traditional Underlying Funds Risk</em>. &#160;These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Traditional Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;Each Traditional Underlying Fund is subject to specific risks, depending on its investments. </p> <br/><p style="line-height:12pt; margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left"> <i>&#183;</i> </p> <br/><p style="line-height:12pt; margin:0px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Turnover Risk.</i> &#160;A higher portfolio turnover will result in higher transactional and brokerage costs. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:-2px; font-family:Arial; font-size:12pt" align="justify"> <i>Wholly-Owned Subsidiary Risk:</i> The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary. </p> <p style="margin:0px; font-family:Arial; font-size:12pt"> <b><i>Who Should Invest in the Fund?</i></b> </p> <br/><p style="margin:0px; font-family:Arial; font-size:12pt" align="justify"> The advisor believes the Fund is appropriate for any investor who seeks more diversification than is available from a traditional long-only stock/bond allocation fund. </p> As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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Diversified Risk Parity Fund
Diversified Risk Parity Fund
Investment Objective:

The Fund seeks to achieve capital appreciation that approximates the risk and return patterns of a diversified global hedge fund of funds strategy.

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 on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 18 of the Fund's Prospectus.  

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Diversified Risk Parity Fund
Diversified Risk Parity Fund Class A Shares
Diversified Risk Parity Fund Class C Shares
Diversified Risk Parity Fund Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a % of original purchase price) 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions none none none
Redemption Fee none none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Operating Expenses Diversified Risk Parity Fund
Diversified Risk Parity Fund Class A Shares
Diversified Risk Parity Fund Class C Shares
Diversified Risk Parity Fund Class I Shares
Management Fees 1.60% 1.60% 1.60%
Distribution and Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.88% 1.81% 1.81%
Acquired Fund Fees and Expenses [1] 0.12% 0.12% 0.12%
Total Annual Fund Operating Expenses 2.85% 4.53% 3.53%
Fee Waiver and Reimbursement [2] (0.53%) (1.46%) (1.46%)
Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement 2.32% 3.07% 2.07%
[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
[2] The Fund's advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31, 2013, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.20%, 2.95% and 1.95% of the daily average net assets attributable to each of the Class A, Class C and Class I shares, respectively. Waivers and expense payments may be recouped by the advisor from the Fund, to the extent that overall expenses fall below the foregoing expense limits, within three years of when the amounts were waived or recouped. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the advisor.
Example:

 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 remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
Expense Example Diversified Risk Parity Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Diversified Risk Parity Fund Class A Shares
797 1,360 1,948 3,533
Diversified Risk Parity Fund Class C Shares
310 1,238 2,174 4,555
Diversified Risk Parity Fund Class I Shares
210 947 1,707 3,705
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 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. During the most recent fiscal year, the Fund's portfolio turnover was 600% of the average value of its portfolio.

Principal Investment Strategies:

The Fund's advisor seeks to achieve the Fund's investment objective by investing, long or short, across a broad array of


§


traditional asset classes,


§


alternative asset classes and


§


derivatives


selected using the advisor's proprietary "Diversified Risk Parity" strategy.  


Traditional asset classes include: (1) common and preferred stocks of US and foreign issuers of any capitalization or currency; (2) fixed income securities of US and foreign issuers of any maturity, currency or credit quality including high yield or junk bonds; and (3) exchange traded-notes ("ETNs"), exchange-traded funds ("ETFs"), open-end investment companies (mutual funds) and closed-end funds that primarily invest in stocks and fixed income securities ("Traditional Underlying Funds").  Traditional Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality (including securities rated below BBB- by Standard and Poor's Ratings Group or equivalently by another rating agency, which are commonly known as "junk bonds") or currency.


Alternative asset classes include: (1) limited partnerships, (2) limited liability companies, (3) master limited partnerships ("MLPs"), and (4) ETNs, ETFs, mutual funds and closed-end funds (collectively "Alternative Underlying Funds") that each primarily invest in (i) commodities, (ii) currencies, (iii) real estate, (iv) financial indices, or (iv) MLPs that employ specialized strategies such as merger arbitrage, fixed income arbitrage, market neutral or global macro trend-following.  Alternative Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality or currency.


Derivatives used by the Fund include: exchange-traded or over-the-counter (1) options, (2) futures contracts, (3) forward contracts and (4) swaps on (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices.  The Fund uses options, forwards and futures as substitutes for securities, to generate capital gains and/or to hedge portfolio risk.  The Fund uses swaps to generate returns substantially similar to the price changes in commodities, financial indices, instruments, foreign currencies or equity indices to which they are linked.


Investment In Subsidiary:  The Fund may invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Subsidiary”), which has the same investment objective as the Fund.  The Subsidiary will invest primarily (long and short) in commodity and financial futures, option and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions.  By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.


Diversified Risk Parity Strategy


The Fund seeks to achieve superior risk adjusted returns by employing investment strategies designed to produce returns that are similar to those found within a diversified global hedge fund of funds strategy.  In part, the Diversified Risk Parity Strategy ("DRP" or the "Strategy") seeks to produce returns that are similar to those of the HFRI Fund of Hedge Funds Index ("Index").  Maintained by the Hedge Fund Research Group, the Index is designed to be generally representative of U.S. dollar denominated hedge fund of funds with assets of at least $50 million.  However, the Fund is not an index fund.


Within that framework DRP seeks risk factor neutrality within three major risk factors.  These are: economic growth, inflation and volatility of returns.  In an effort to move the Fund towards neutrality, the advisor feels it is important to shift the risk exposure of DRP away from areas where general hedge fund allocations create large exposures to certain economic factors.  This risk can then be re-allocated into those environments where the Fund lacks material exposure.  The advisor believes that an investment in the Fund can make a material improvement in the overall return characteristics of an investment portfolio while also providing daily liquidity to the investor.  By constructing a diversified portfolio of investments in sectors that are not highly correlated to each other or the equity market in general, the advisor believes the Fund can achieve capital appreciation with lower volatility than broad equity markets.  


The advisor actively manages investments for the Fund using risk management strategies which employ both fundamental and technical analysis.  The advisor buys investments that it believes are undervalued and sells them when it believes they have reached their target price or more attractive investments are available.  The advisor takes short positions that it believes are overvalued and covers (buys back) these positions when it believes they have reached their target price.  The advisor also buys and sells securities to maintain allocations as dictated by the Strategy and to manage risk.  The advisor may engage in frequent buying and selling of portfolio securities and derivatives to achieve the Fund's investment objectives.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.  


The following risks apply to the Fund's direct investment in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds.


·


Alternative Underlying Funds Risk.  These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Alternative Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Each Alternative Underlying Fund is subject to specific risks, depending on its investments, which may include leverage risk, default risk and derivative risk.


·


Commodity Risk.  Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities.  Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.  


·


Credit Risk.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.  In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  These risks are more pronounce for securities with lower credit quality such as junk bonds.


·


Derivatives Risk.  The Fund's use of derivative instruments, including swaps or structured notes, involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk.  Purchased options may expire worthless and written options expose the fund to potentially significant liability.


·


Emerging Market Risk.  In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.


·


Fixed Income Risk.  Typically, a rise in interest rates causes a decline in the value of fixed income securities.  The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.


·


Foreign Currency Risk.  Foreign securities denominated in non-US dollar currencies will subject the Fund to currency trading risks that include market risk and country risk.  Market risk results from adverse changes in exchange rates.  Country risk arises because a government may interfere with transactions in its currency.


·


Foreign Investment Risk.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, political instability and differing auditing and legal standards.  


·


Issuer-Specific Risk.  The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.  


·


Limited History of Operations.  The Fund has a limited history of operation.  In addition, the advisor has not previously managed a mutual fund.


·


Management Risk. The advisor's reliance on its Strategy and its judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect.  


·


Market Risk.  Overall financial market risk may affect the value of individual instruments in which the Fund invests.  Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.


·


Real Estate Risk.  Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.  A real estate investment trust's ("REIT") performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.  


·


Short Position Risk.  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  The Fund's losses are potentially unlimited in a short position transaction.


·


Small and Medium Capitalization Stock Risk. Stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.


·


Taxation Risk:  By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Subsidiary is a controlled foreign corporation, any income received from its investments in the Underlying Funds will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.


·


Traditional Underlying Funds Risk.  These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Traditional Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Each Traditional Underlying Fund is subject to specific risks, depending on its investments.


·


Turnover Risk.  A higher portfolio turnover will result in higher transactional and brokerage costs.


·


Wholly-Owned Subsidiary Risk: The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Who Should Invest in the Fund?


The advisor believes the Fund is appropriate for any investor who seeks more diversification than is available from a traditional long-only stock/bond allocation fund.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.RPgmutualfunds.com or by calling 1-(855)-DRP-5155.

XML 11 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Diversified Risk Parity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital appreciation that approximates the risk and return patterns of a diversified global hedge fund of funds strategy.

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 on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 18 of the Fund's Prospectus.  

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 2013-07-31
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 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. During the most recent fiscal year, the Fund's portfolio turnover was 600% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 600.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
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.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption 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 remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund's advisor seeks to achieve the Fund's investment objective by investing, long or short, across a broad array of


§


traditional asset classes,


§


alternative asset classes and


§


derivatives


selected using the advisor's proprietary "Diversified Risk Parity" strategy.  


Traditional asset classes include: (1) common and preferred stocks of US and foreign issuers of any capitalization or currency; (2) fixed income securities of US and foreign issuers of any maturity, currency or credit quality including high yield or junk bonds; and (3) exchange traded-notes ("ETNs"), exchange-traded funds ("ETFs"), open-end investment companies (mutual funds) and closed-end funds that primarily invest in stocks and fixed income securities ("Traditional Underlying Funds").  Traditional Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality (including securities rated below BBB- by Standard and Poor's Ratings Group or equivalently by another rating agency, which are commonly known as "junk bonds") or currency.


Alternative asset classes include: (1) limited partnerships, (2) limited liability companies, (3) master limited partnerships ("MLPs"), and (4) ETNs, ETFs, mutual funds and closed-end funds (collectively "Alternative Underlying Funds") that each primarily invest in (i) commodities, (ii) currencies, (iii) real estate, (iv) financial indices, or (iv) MLPs that employ specialized strategies such as merger arbitrage, fixed income arbitrage, market neutral or global macro trend-following.  Alternative Underlying Funds are purchased without restriction as to issuer capitalization, country, credit quality or currency.


Derivatives used by the Fund include: exchange-traded or over-the-counter (1) options, (2) futures contracts, (3) forward contracts and (4) swaps on (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices.  The Fund uses options, forwards and futures as substitutes for securities, to generate capital gains and/or to hedge portfolio risk.  The Fund uses swaps to generate returns substantially similar to the price changes in commodities, financial indices, instruments, foreign currencies or equity indices to which they are linked.


Investment In Subsidiary:  The Fund may invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Subsidiary”), which has the same investment objective as the Fund.  The Subsidiary will invest primarily (long and short) in commodity and financial futures, option and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions.  By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.


Diversified Risk Parity Strategy


The Fund seeks to achieve superior risk adjusted returns by employing investment strategies designed to produce returns that are similar to those found within a diversified global hedge fund of funds strategy.  In part, the Diversified Risk Parity Strategy ("DRP" or the "Strategy") seeks to produce returns that are similar to those of the HFRI Fund of Hedge Funds Index ("Index").  Maintained by the Hedge Fund Research Group, the Index is designed to be generally representative of U.S. dollar denominated hedge fund of funds with assets of at least $50 million.  However, the Fund is not an index fund.


Within that framework DRP seeks risk factor neutrality within three major risk factors.  These are: economic growth, inflation and volatility of returns.  In an effort to move the Fund towards neutrality, the advisor feels it is important to shift the risk exposure of DRP away from areas where general hedge fund allocations create large exposures to certain economic factors.  This risk can then be re-allocated into those environments where the Fund lacks material exposure.  The advisor believes that an investment in the Fund can make a material improvement in the overall return characteristics of an investment portfolio while also providing daily liquidity to the investor.  By constructing a diversified portfolio of investments in sectors that are not highly correlated to each other or the equity market in general, the advisor believes the Fund can achieve capital appreciation with lower volatility than broad equity markets.  


The advisor actively manages investments for the Fund using risk management strategies which employ both fundamental and technical analysis.  The advisor buys investments that it believes are undervalued and sells them when it believes they have reached their target price or more attractive investments are available.  The advisor takes short positions that it believes are overvalued and covers (buys back) these positions when it believes they have reached their target price.  The advisor also buys and sells securities to maintain allocations as dictated by the Strategy and to manage risk.  The advisor may engage in frequent buying and selling of portfolio securities and derivatives to achieve the Fund's investment objectives.

Risk [Heading] rr_RiskHeading Principal Investment Risks:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.  


The following risks apply to the Fund's direct investment in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds.


·


Alternative Underlying Funds Risk.  These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Alternative Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Each Alternative Underlying Fund is subject to specific risks, depending on its investments, which may include leverage risk, default risk and derivative risk.


·


Commodity Risk.  Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities.  Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.  


·


Credit Risk.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.  In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  These risks are more pronounce for securities with lower credit quality such as junk bonds.


·


Derivatives Risk.  The Fund's use of derivative instruments, including swaps or structured notes, involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk.  Purchased options may expire worthless and written options expose the fund to potentially significant liability.


·


Emerging Market Risk.  In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.


·


Fixed Income Risk.  Typically, a rise in interest rates causes a decline in the value of fixed income securities.  The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.


·


Foreign Currency Risk.  Foreign securities denominated in non-US dollar currencies will subject the Fund to currency trading risks that include market risk and country risk.  Market risk results from adverse changes in exchange rates.  Country risk arises because a government may interfere with transactions in its currency.


·


Foreign Investment Risk.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, political instability and differing auditing and legal standards.  


·


Issuer-Specific Risk.  The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.  


·


Limited History of Operations.  The Fund has a limited history of operation.  In addition, the advisor has not previously managed a mutual fund.


·


Management Risk. The advisor's reliance on its Strategy and its judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect.  


·


Market Risk.  Overall financial market risk may affect the value of individual instruments in which the Fund invests.  Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.


·


Real Estate Risk.  Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.  A real estate investment trust's ("REIT") performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.  


·


Short Position Risk.  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  The Fund's losses are potentially unlimited in a short position transaction.


·


Small and Medium Capitalization Stock Risk. Stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.


·


Taxation Risk:  By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Subsidiary is a controlled foreign corporation, any income received from its investments in the Underlying Funds will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.


·


Traditional Underlying Funds Risk.  These funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, your cost of investing in the Fund will be higher than the cost of investing directly in Traditional Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Each Traditional Underlying Fund is subject to specific risks, depending on its investments.


·


Turnover Risk.  A higher portfolio turnover will result in higher transactional and brokerage costs.


·


Wholly-Owned Subsidiary Risk: The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Risk Closing [Text Block] rr_RiskClosingTextBlock

Who Should Invest in the Fund?


The advisor believes the Fund is appropriate for any investor who seeks more diversification than is available from a traditional long-only stock/bond allocation fund.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.RPgmutualfunds.com or by calling 1-(855)-DRP-5155.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-(855)-DRP-5155
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.RPgmutualfunds.com
Diversified Risk Parity Fund Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.88%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.12% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.85%
Fee Waiver and Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.53%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement rr_NetExpensesOverAssets 2.32%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 797
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,360
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,948
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,533
Diversified Risk Parity Fund Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.81%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.12% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.53%
Fee Waiver and Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement rr_NetExpensesOverAssets 3.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 310
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,238
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,174
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,555
Diversified Risk Parity Fund Class I Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.60%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.81%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.12% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.53%
Fee Waiver and Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement rr_NetExpensesOverAssets 2.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 210
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 947
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,707
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,705
[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
[2] The Fund's advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least July 31, 2013, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.20%, 2.95% and 1.95% of the daily average net assets attributable to each of the Class A, Class C and Class I shares, respectively. Waivers and expense payments may be recouped by the advisor from the Fund, to the extent that overall expenses fall below the foregoing expense limits, within three years of when the amounts were waived or recouped. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the advisor.
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