0001162044-12-001192.txt : 20121123 0001162044-12-001192.hdr.sgml : 20121122 20121123104905 ACCESSION NUMBER: 0001162044-12-001192 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20121123 DATE AS OF CHANGE: 20121123 EFFECTIVENESS DATE: 20121123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND SERIES TRUST CENTRAL INDEX KEY: 0001355064 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21872 FILM NUMBER: 121222506 BUSINESS ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 631 549 1859 MAIL ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST FUNDS DATE OF NAME CHANGE: 20060303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND SERIES TRUST CENTRAL INDEX KEY: 0001355064 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-132541 FILM NUMBER: 121222507 BUSINESS ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 BUSINESS PHONE: 631 549 1859 MAIL ADDRESS: STREET 1: C/O GEMINI FUND SERVICES LLC STREET 2: 4020 SOUTH 147TH STREET STE 2 CITY: OMAHA STATE: NE ZIP: 68137 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST FUNDS DATE OF NAME CHANGE: 20060303 0001355064 S000019089 AmericaFirst Quantitative Strategies Fund C000052786 Class A AFIAX C000052787 Class C AFISX 0001355064 S000028009 AmericaFirst Absolute Return Fund C000085206 Class A ABRFX C000085207 Class U ABRUX C000090302 Class I ABRWX 0001355064 S000029398 AmericaFirst Income Trends Fund C000090299 Class A AFPAX C000090300 Class U AFPUX C000090301 Class I AFPIX 0001355064 S000032501 AmericaFirst Defensive Growth Fund C000100258 Class A DGQAX C000100259 Class U DGQUX C000100260 Class I DGQIX 485BPOS 1 registrationxbrl.htm XBRL Filing






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.

 99

ý


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT

¨

OF 1940

Amendment No.

100

ý


(Check appropriate box or boxes.)

Mutual Fund Series Trust - File Nos. 333-132541 and 811-21872

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street, Omaha, Nebraska 68130

(Address of Principal Executive Offices)                (Zip Code)


Registrant’s Telephone Number, including Area Code:   (402) 895-1600


CT CORPORATION SYSTEM

1300 EAST NINTH STREET

CLEVELAND, OH 44114

(Name and Address of Agent for Service)


With copy to:

JoAnn M. Strasser, Thompson Hine LLP

41 South High Street, Suite 1700, Columbus, Ohio 44114-1291


Approximate Date of Proposed Public Offering:  


It is proposed that this filing will become effective:

ýimmediately 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.













SIGNATURES



Pursuant to the requirements of the Securities Act and Investment Company Act, the Registrant certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Columbus, State of Ohio, on the 21st day of November, 2012.



 


Mutual Fund Series Trust



By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact



Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following person in the capacities indicated on the 21st day of November, 2012 or as otherwise indicated.



 



Dr. Bert Pariser*, Trustee


Tobias Caldwell*, Trustee


Jerry Szilagyi, Trustee/President/Principal Executive Officer*  



Erik  Naviloff, Treasurer/Principal Financial Officer *



Tiberiu Weisz*, Trustee



*By:

/s/ JoAnn M. Strasser

JoAnn M. Strasser

Attorney-in-Fact














Exhibit Index



Index No.

Description of Exhibit

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL

Taxonomy Extension Calculation Linkbase

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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lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 492.70% of the average value of the portfolio.</p> <p><b>Principal Investment Strategies</b></p> <p>The Fund seeks to achieve its objective by investing in a portfolio of defensive, non-cyclical equity securities of foreign and domestic companies selected by applying a quantitative strategy.&#160; Equity securities include common stock, preferred stock and convertible preferred stock. The Fund strategy was developed by the Fund's investment advisor, AmericaFirst Capital Management, LLC (the &#8220;Advisor&#8221;).</p> <p>&nbsp;</p> <p>The Fund seeks to select stocks of historically &#8220;defensive&#8221; companies.&#160; Defensive companies tend to offer basic consumer necessities where consumer demand tends to be unaffected even in poor economic conditions and therefore may have the ability to weather economic downturns better than non-defensive companies.&#160; The advisor believes that sales and earnings growth of stocks of these defensive companies may remain relatively constant regardless of the ups and downs of the economy due to the generally stable demand for these company&#8217;s products. Under normal market conditions, the Fund will invest primarily in securities in the consumer staples and healthcare sectors. These sectors generally are comprised of companies that are defensive in nature and are selected in an effort to provide capital appreciation while reducing overall portfolio volatility.</p> <p>&nbsp;</p> <p>The Fund will also sell short equity securities in an attempt to reduce volatility and risk in unfavorable market conditions.&#160; The Fund will invest in securities of companies regardless of market capitalization.&#160; The Fund will rebalance its holdings, based on the Advisor&#8217;s quantitative models, on an at-least quarterly basis. </p> <p>The Fund is classified as &#8220;non-diversified&#8221; for purposes of the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</p> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> 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.</p> <p>&nbsp;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in equity securities that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.&#160; The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p>&nbsp;</p> <p><b>Healthcare Sector Risk.</b> The profitability of companies in the healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Companies in the healthcare sector are heavily dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.</p> <p>&nbsp;</p> <p><b>Consumer Staples Sector Risk.</b> Companies in the consumer staples sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.&#160; This sector can also be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a new mutual fund and has no history of operations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p>&nbsp;</p> <p><b>Non-diversification Risk.</b> Because a relatively high percentage of a non-diversified Fund&#8217;s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors or industries, the Fund&#8217;s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p>&nbsp;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Short Selling Risk.</b> If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p> <p><b>Performance</b></p> <p>No performance information is being presented because the Fund has not been in operation for a full calendar year.&#160; In the future, performance information will be presented in this section of this Prospectus.&#160; Updated performance information will be available at no cost by calling 1-877-217-8363 and on the Fund&#8217;s website at www.afcm-quant.com.</p> 4.9270 <p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363 </font> <font style="font-size:12.0pt; font-family:Times New Roman">www.afcm-quant.com</font> <p><b>Investment Objective</b></p> <p>The Fund seeks to achieve total return with a high rate of current income and total return with lower volatility than common stocks as measured by the standard deviation.</p> <p><b>Fees and Expenses of the Fund</b></p> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p> <p><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p><b>Example</b></p> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; 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.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 411.30% of the average value of the portfolio.</p> <p><b>Principal Investment Strategies</b></p> <p>The Fund seeks to achieve its objective by investing in a portfolio of high income common stock, preferred stock, convertible preferred stock, REITs and corporate bonds selected by applying quantitative modeling techniques that use numerous factors including (but not limited to) dividend yield, price momentum, trading volume, bid/ask spread, and price as compared to simple and exponential moving averages. The Fund rebalances on an at least quarterly basis based upon the results of the model.&#160; Investment decisions are strictly based on the results of the quantitative model without emotion or subjective analysis.&#160; The model upon which the Fund is based was developed by the Fund&#8217;s advisor, AmericaFirst Capital Management, LLC.&#160; The Fund invests without restriction as to issuer capitalization, maturity or credit quality.</p> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> 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.</p> <p>&nbsp;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a new mutual fund and has a limited history of operations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The Advisor's reliance on the model and portfolio manager's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the model's forecasts and/or the portfolio manager's judgments will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.&#160; Preferred stock prices tend to move more slowly upwards than common stock prices.</p> <p>&nbsp;</p> <p><b>Real Estate Investment Trust Risk.</b> Investing in real estate investment trusts (&#8220;REITs&#8221;) involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT&#8217;s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>&#160; The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p> <p><b>Performance</b></p> <p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund&#8217;s Class A shares for the full calendar year since the Fund&#8217;s inception.&#160; The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.&#160; The performance table compares the performance of the Fund&#8217;s shares over time to the performance of a broad-based market index.&#160; The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.&#160; You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; Updated performance information is available at no cost by calling 877-217-8363.</p> <p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p> <p>Best Quarter:&#160;&#160; 12/31/11&#160;&#160; 3.91%</p> <p>Worst Quarter:&#160; 9/30/11&#160;&#160; (14.77)%</p> <p style="tab-stops:157.5pt"><font style="font-size:10.0pt; layout-grid-mode:line">&nbsp;</font></p> <p>Year-to-date total return for the nine months ended September 30, 2012</p> <p style="text-align:center" align="center"><b>Performance Table</b></p> <p style="text-align:center" align="center"><b>Average Annual Total Returns</b></p> <p style="text-align:center" align="center"><b>(For period ended December 31, 2011)</b></p> <p>After-tax returns are estimated and were 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&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> 4.1130 <p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; </font> <font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font> <font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font> 2011-12-31 .0391 <font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font> 2011-09-30 -.1477 <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font> <p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> <p><b>Investment Objective</b></p> <p>The Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.</p> <b><font style="font-size:12.0pt; font-family:Times New Roman">Fees and Expenses of the Fund</font></b> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p> <b><font style="font-size:12.0pt; font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b> <p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p><b>Example</b></p> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; 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.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 680.35% of the average value of the portfolio.</p> <p><b>Principal Investment Strategies</b></p> <p>The Fund seeks to achieve its objective by investing in a broad range of asset classes and sectors, some of which are historically uncorrelated to the equity and fixed income markets. The Fund may also sell short equity and fixed income securities.&#160; The Fund will invest in securities regardless of market capitalization and regardless of industry sector.&#160; The Fund may invest in fixed income securities regardless of maturity or credit rating.</p> <p>&nbsp;</p> <p>The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies (&#8220;closed-end funds&#8221;), exchange-traded portfolios (&#8220;Exchange Traded Portfolios&#8221;) and real estate investment trusts (&#8220;REITs&#8221;). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts (&#8220;UITs&#8221;) registered under the 1940 Act (commonly referred to as &#8220;ETFs&#8221;), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Closed-end funds and Exchange Traded Portfolios are collectively referred to as &#8220;Acquired Funds&#8221;. It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.</p> <p>&nbsp;</p> <p>Although not anticipated to be the case frequently, the Fund will sell equities short when the advisor's proprietary quantitative analysis indicates that current securities prices (either for an index ETF or an individual security) are overpriced and the Fund has an opportunity to achieve positive returns from shorting securities rather than holding them long.</p> <p>&nbsp;</p> <font style="font-size:12.0pt; font-family:Times New Roman">The Fund will rebalance its holdings, based on the Advisor&#8217;s quantitative models, on an at-least quarterly basis.</font> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Acquired Fund Strategy Risk.</b>&#160; Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.&#160; These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p>&nbsp;</p> <p><b>Commodity Related Risk.</b> The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> 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.</p> <p>&nbsp;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Foreign and Currency Exposure Risk. </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.&#160; The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p>&nbsp;</p> <p><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly called &#8220;junk bonds,&#8221; are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</p> <p>&nbsp;</p> <p><b>Limited History of Operations.</b> The Fund is a relatively new mutual fund and has a limited history of operations.</p> <p>&nbsp;</p> <p><b>Liquidity Risk.</b> Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Real Estate Risk.</b>&#160; The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Tracking Risk. </b>Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p> <p><b>Performance</b></p> <p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund&#8217;s Class A shares for the full calendar year since the Fund&#8217;s inception.&#160; The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.&#160; The performance table compares the performance of the Fund&#8217;s shares over time to the performance of a broad-based market index.&#160; The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.&#160; You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; Updated performance information is available at no cost by calling 877-217-8363.</p> <p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p> <p>Best Quarter:&#160;&#160; 12/31/10&#160;&#160; 15.35%</p> <p>Worst Quarter:&#160; 9/30/11&#160;&#160; (13.89)%</p> <p style="tab-stops:157.5pt">&nbsp;</p> <p>Year-to-date total return for the nine months ended September 30, 2012</p> <p style="text-align:center" align="center"><b>Performance Table</b></p> <p style="text-align:center" align="center"><b>Average Annual Total Returns</b></p> <p style="text-align:center" align="center"><b>(For period ended December 31, 2011)</b></p> <p>After-tax returns are estimated and were 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&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> 6.8035 <p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; </font> <font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font> <font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font> 2010-12-31 .1535 <font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font> 2011-09-30 -.1389 <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font> <p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> <p><b>Investment Objective</b></p> <p>The Fund seeks to achieve long-term capital appreciation and to achieve positive returns through all market cycles.</p> <p><b>Fees and Expenses of the Fund</b></p> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts on purchases of Class A and Class C shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.&#160; More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.</p> <p><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p> <p><b>Example</b></p> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; 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.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 346.05% of the average value of the portfolio.</p> <p><b>Principal Investment Strategies</b></p> <p>The name &#8220;Quantitative Strategies&#8221; refers to the advisor&#8217;s use of objective, data-based quantitative information to make investment decisions rather than subjective or emotional investment decisions.&#160; The &#8220;optimization process&#8221; refers to the computer-based process of analyzing and combining data from several dissimilar quantitative strategies to achieve an appropriate risk/return profile for the Fund.</p> <p>&nbsp;</p> <p>The Fund intends to achieve its investment objective by investing, under normal circumstances, in individual equity and fixed income securities and other investment companies including : (1) unit investment trusts (affiliated and non-affiliated) (&#8220;UITs&#8221;); (2) closed-end investment companies (&#8220;Closed-End Funds&#8221;) and (3) exchange traded-funds (&#8220;ETFs&#8221;) (collectively &#8220;Acquired Funds&#8221;).&#160; The Fund may invest a portion of its portfolio in Acquired Funds managed by the advisor.</p> <p>&nbsp;</p> <p>Securities are selected using the advisor's Portfolio Optimization Tool (&#8220;Optimizer&#8221;).&#160; The Optimizer selects from a starting universe of the advisor's proprietary models and seeks to create a portfolio of low correlated investment strategies.&#160; The optimization process is based on over twenty years of price momentum history. The advisor will sell a security when the security no longer meets the selection criteria, as part of the periodic evaluation process used to replace lower performing securities in the portfolio with more attractive securities, or when a security meets its target valuation.&#160; The Fund will invest in equity securities regardless of market capitalization.&#160; The Fund may invest in fixed income securities regardless of maturity or credit rating.&#160; ETFs in which the Fund may invest include those providing exposure to particular segments of the securities markets including commodities, certain industries or sectors, securities index tracking ETFs and on occasion inverse ETFs.</p> <p>&nbsp;</p> <p>The Fund will rebalance its holdings, based on the Advisor&#8217;s quantitative models, on an at-least quarterly basis.</p> <p><b>Principal Risks of Investing in the Fund</b></p> <p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p>&nbsp;</p> <p><b>Acquired Fund Strategy Risk.</b>&#160; Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.&#160; These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p>&nbsp;</p> <p><b>Commodity Related Risks.</b> The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p>&nbsp;</p> <p><b>Credit Risk.</b> 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.</p> <p>&#160;</p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.&#160; Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p>&nbsp;</p> <p><b>Liquidity Risk.</b> Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p>&nbsp;</p> <p><b>Management Risk.</b> The advisor's reliance on the Optimizer model and the portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Optimizer model and/or portfolio manager's judgments will produce the desired results.</p> <p>&#160;</p> <p><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.&#160; Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p>&nbsp;</p> <p><b>Real Estate Risk.</b> The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.&#160; Real Estate Investment Trusts (&#8220;REITs&#8221;) are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.</p> <p>&nbsp;</p> <p><b>Security Risk.</b> The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p>&nbsp;</p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p>&nbsp;</p> <p><b>Stock Market Risk.</b> Overall stock market risks may also affect the value of the Fund.&#160; Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p>&nbsp;</p> <p><b>Stock Value Risk.</b> Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p>&nbsp;</p> <p><b>Tracking Risk.</b> Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p>&nbsp;</p> <p><b>Turnover Risk.</b> Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund&#8217;s performance and may produce increased taxable distributions.</p> <p><b>Performance</b></p> <p>The bar chart and performance table below show the variability of the Fund&#8217;s returns, which is some indication of the risks of investing in the Fund. 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Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> 3.4605 <p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future</font> <font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font> <font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font> 2010-12-31 .1535 <font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font> 2011-09-30 -.1389 <font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font> <p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> 0001355064 2012-11-01 2012-11-01 0001355064 fil:S000032501Member 2012-11-01 2012-11-01 0001355064 fil:S000032501Memberfil:C000100258Member 2012-11-01 2012-11-01 0001355064 fil:S000032501Memberfil:C000100259Member 2012-11-01 2012-11-01 0001355064 fil:S000032501Memberfil:C000100260Member 2012-11-01 2012-11-01 0001355064 fil:S000029398Member 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:C000090299Member 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:C000090300Member 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:C000090301Member 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:C000090299Memberrr:AfterTaxesOnDistributionsMember 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:C000090299Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-11-01 2012-11-01 0001355064 fil:S000029398Memberfil:BarclayMember 2012-11-01 2012-11-01 0001355064 fil:S000028009Member 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:C000085206Member 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:C000085207Member 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:C000090302Member 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:C000085206Memberrr:AfterTaxesOnDistributionsMember 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:C000085206Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-11-01 2012-11-01 0001355064 fil:S000028009Memberfil:SMember 2012-11-01 2012-11-01 0001355064 fil:S000019089Member 2012-11-01 2012-11-01 0001355064 fil:S000019089Memberfil:C000052786Member 2012-11-01 2012-11-01 0001355064 fil:S000019089Memberfil:C000052787Member 2012-11-01 2012-11-01 0001355064 fil:S000019089Memberfil:C000052786Memberrr:AfterTaxesOnDistributionsMember 2012-11-01 2012-11-01 0001355064 fil:S000019089Memberfil:C000052786Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-11-01 2012-11-01 0001355064 fil:S000019089Memberfil:SMember 2012-11-01 2012-11-01 pure iso4217:USD The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.70% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Inception Date of the Fund's Class A, I and U shares is July 1, 2010. The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark. 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, not the indirect costs of investing in other investment companies. The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses(exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010. The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly into an index or benchmark. The advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 1.50% and 2.25% for Class A and Class C, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The inception date of the Fund's Class A and C Shares is September 28, 2007. The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark. EX-101.SCH 5 dgqax-20121101.xsd EX-101.CAL 6 dgqax-20121101_cal.xml EX-101.DEF 7 dgqax-20121101_def.xml EX-101.LAB 8 dgqax-20121101_lab.xml Series [Axis] Series [Axis] Series Series AmericaFirst Defensive Growth Fund AmericaFirst Defensive Growth Fund AmericaFirst Income Trends Fund AmericaFirst Income Trends Fund AmericaFirst Absolute Return Fund AmericaFirst Absolute Return Fund AmericaFirst Quantitative Strategies Fund AmericaFirst Quantitative Strategies Fund Share Class [Axis] Share Class [Axis] Share Classes Share Classes Class A Class A {100258} Class U Class U {100259} Class I Class I {100260} Class A Class A {90299} Class U Class U {90300} Class I Class I {90301} Class A Class A {85206} Class U Class U {85207} Class I Class I {90302} Class A Class A {52786} Class C Class C {52787} Performance Measure [Axis] Performance Measure [Axis] Before Taxes Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares - Comparison Index - Barclays Aggregate Bond Index - Comparison Index - Barclays Aggregate Bond Index - Comparison Index - S&P 500 Total Return Index - Comparison Index - S&P 500 Total Return Index Risk/Return: Risk/Return: Objective [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Primary [Text Block] Expense [Heading] Expense [Heading] Expense Narrative [Text Block] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Caption [Text] Shareholder Fees [Table] Shareholder Fees [Table] Operating Expenses Caption [Text] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Annual Fund Operating Expenses [Table] Expense Example [Heading] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example Narrative [Text Block] Expense Example, With Redemption [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Expense Example, No Redemption [Table] Portfolio Turnover [Heading] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover [Text Block] Strategy [Heading] Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] Risk [Heading] Risk [Heading] Risk Narrative [Text Block] Risk Narrative [Text Block] Bar Chart and Performance Table [Heading] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Narrative [Text Block] Bar Chart [Heading] Bar Chart [Heading] Bar Chart [Table] Bar Chart [Table] Bar Chart Closing [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Heading Performance [Table] Performance [Table] Market Index Performance [Table] Market Index Performance [Table] Performance Table Closing [Text Block] Performance Table Closing [Text Block] Shareholder Fees: Shareholder Fees: Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) Redemption Fee (as a % of amount redeemed, if sold within 90 days) Redemption Fee (as a % of amount redeemed, if sold within 90 days) Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} Wire Transfer Fee Wire Transfer Fee Operating Expenses: Operating Expenses: Management Fees Management Fees Distribution and/or Service (12b-1) Fees Distribution and/or Service (12b-1) Fees Other Expenses Other Expenses Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Fee Waiver or Reimbursement Fee Waiver and/or Expense Reimbursement Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Expense Example: Expense Example: 1 Year Expense Example, with Redemption, 1 Year 3 Years Expense Example, with Redemption, 3 Years 5 Years Expense Example, with Redemption, 5 Years 10 Years Expense Example, with Redemption, 10 Years Bar Chart Table: Bar Chart Table: Annual Return 2008 Annual Return 2008 Annual Return 2009 Annual Return 2009 Annual Return 2010 Annual Return 2010 Annual Return 2011 Annual Return 2011 Average Annual Return: Average Annual Return: 1 Year 1 Year Since Inception Since Inception Risk/Return Detail [Table] Risk/Return Detail [Table] Document Type Document Type Document Period End Date Document Period End Date Registrant Name Registrant Name Central Index Key Central Index Key Amendment Flag Amendment Flag Prospectus Date Prospectus Date Portfolio Turnover, Rate Portfolio Turnover, Rate Risk Lose Money [Text] Risk Lose Money [Text] Performance Availability Phone [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Performance Past Does Not Indicate Future [Text] Label Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return, Date Highest Quarterly Return Highest Quarterly Return Label Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return, Date Lowest Quarterly Return Lowest Quarterly Return Performance Table Uses Highest Federal Rate Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table Not Relevant to Tax Deferred GRAPHIC 9 coverletter001.jpg begin 644 coverletter001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! 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XML 15 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2012
Registrant Name dei_EntityRegistrantName Mutual Fund Series Trust
Central Index Key dei_EntityCentralIndexKey 0001355064
Amendment Flag dei_AmendmentFlag false
Prospectus Date rr_ProspectusDate Nov. 01, 2012
AmericaFirst Defensive Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital appreciation through all market cycles.

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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 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)

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 rate was 492.70% of the average value of the portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 492.70%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $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 on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its objective by investing in a portfolio of defensive, non-cyclical equity securities of foreign and domestic companies selected by applying a quantitative strategy.  Equity securities include common stock, preferred stock and convertible preferred stock. The Fund strategy was developed by the Fund's investment advisor, AmericaFirst Capital Management, LLC (the “Advisor”).

 

The Fund seeks to select stocks of historically “defensive” companies.  Defensive companies tend to offer basic consumer necessities where consumer demand tends to be unaffected even in poor economic conditions and therefore may have the ability to weather economic downturns better than non-defensive companies.  The advisor believes that sales and earnings growth of stocks of these defensive companies may remain relatively constant regardless of the ups and downs of the economy due to the generally stable demand for these company’s products. Under normal market conditions, the Fund will invest primarily in securities in the consumer staples and healthcare sectors. These sectors generally are comprised of companies that are defensive in nature and are selected in an effort to provide capital appreciation while reducing overall portfolio volatility.

 

The Fund will also sell short equity securities in an attempt to reduce volatility and risk in unfavorable market conditions.  The Fund will invest in securities of companies regardless of market capitalization.  The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

 

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.

 

Fixed Income Risk. When the Fund invests in equity securities that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Foreign and Currency Exposure Risk. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

 

Healthcare Sector Risk. The profitability of companies in the healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Companies in the healthcare sector are heavily dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.

 

Consumer Staples Sector Risk. Companies in the consumer staples sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.  This sector can also be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Limited History of Operations. The Fund is a new mutual fund and has no history of operations.

 

Management Risk. The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

 

Non-diversification Risk. Because a relatively high percentage of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors or industries, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Short Selling Risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Risk Lose Money [Text] rr_RiskLoseMoney

The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information is being presented because the Fund has not been in operation for a full calendar year.  In the future, performance information will be presented in this section of this Prospectus.  Updated performance information will be available at no cost by calling 1-877-217-8363 and on the Fund’s website at www.afcm-quant.com.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-217-8363
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.afcm-quant.com
AmericaFirst Defensive Growth Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 2.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.06%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.61%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.45%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 736
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,534
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,348
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,450
AmericaFirst Defensive Growth Fund | Class U
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.97%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.47%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.52%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 541
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,435
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,339
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,640
AmericaFirst Defensive Growth Fund | Class I
 
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 the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.86%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.36%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.41%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 198
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 902
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,629
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,554
AmericaFirst Income Trends Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve total return with a high rate of current income and total return with lower volatility than common stocks as measured by the standard deviation.

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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 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)

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 rate was 411.30% of the average value of the portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 411.30%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $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 on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its objective by investing in a portfolio of high income common stock, preferred stock, convertible preferred stock, REITs and corporate bonds selected by applying quantitative modeling techniques that use numerous factors including (but not limited to) dividend yield, price momentum, trading volume, bid/ask spread, and price as compared to simple and exponential moving averages. The Fund rebalances on an at least quarterly basis based upon the results of the model.  Investment decisions are strictly based on the results of the quantitative model without emotion or subjective analysis.  The model upon which the Fund is based was developed by the Fund’s advisor, AmericaFirst Capital Management, LLC.  The Fund invests without restriction as to issuer capitalization, maturity or credit quality.

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Interest Rate Risk. Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.

 

Limited History of Operations. The Fund is a new mutual fund and has a limited history of operations.

 

Management Risk. The Advisor's reliance on the model and portfolio manager's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the model's forecasts and/or the portfolio manager's judgments will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.  Preferred stock prices tend to move more slowly upwards than common stock prices.

 

Real Estate Investment Trust Risk. Investing in real estate investment trusts (“REITs”) involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk.  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Risk Lose Money [Text] rr_RiskLoseMoney

The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-217-8363
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. 
Bar Chart [Heading] rr_BarChartHeading

Performance Bar Chart For Calendar Year Ended December 31,

Annual Return 2011 rr_AnnualReturn2011 (11.55%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter:   12/31/11   3.91%

Worst Quarter:  9/30/11   (14.77)%

 

Year-to-date total return for the nine months ended September 30, 2012

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.77%)
Performance Table Heading rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

AmericaFirst Income Trends Fund | - Comparison Index - Barclays Aggregate Bond Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.84% [8]
Since Inception rr_AverageAnnualReturnSinceInception 5.92% [8],[11]
AmericaFirst Income Trends Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 0.68%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.43%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.20% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 614
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,106
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,624
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,039
1 Year rr_AverageAnnualReturnYear01 (15.07%)
Since Inception rr_AverageAnnualReturnSinceInception (5.33%) [11]
AmericaFirst Income Trends Fund | Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (16.65%)
Since Inception rr_AverageAnnualReturnSinceInception (7.45%) [11]
AmericaFirst Income Trends Fund | Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.71%)
Since Inception rr_AverageAnnualReturnSinceInception (5.60%) [11]
AmericaFirst Income Trends Fund | Class U
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.68%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.93%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.70% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 468
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,067
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,692
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,371
1 Year rr_AverageAnnualReturnYear01 (13.76%)
Since Inception rr_AverageAnnualReturnSinceInception (4.51%) [11]
AmericaFirst Income Trends Fund | Class I
 
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 the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.68%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.93%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.70% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 173
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 584
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,021
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,235
1 Year rr_AverageAnnualReturnYear01 (11.09%)
Since Inception rr_AverageAnnualReturnSinceInception (2.23%) [11]
AmericaFirst Absolute Return Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.

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

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 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)

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 rate was 680.35% of the average value of the portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 680.35%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $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 on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its objective by investing in a broad range of asset classes and sectors, some of which are historically uncorrelated to the equity and fixed income markets. The Fund may also sell short equity and fixed income securities.  The Fund will invest in securities regardless of market capitalization and regardless of industry sector.  The Fund may invest in fixed income securities regardless of maturity or credit rating.

 

The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies (“closed-end funds”), exchange-traded portfolios (“Exchange Traded Portfolios”) and real estate investment trusts (“REITs”). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts (“UITs”) registered under the 1940 Act (commonly referred to as “ETFs”), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Closed-end funds and Exchange Traded Portfolios are collectively referred to as “Acquired Funds”. It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.

 

Although not anticipated to be the case frequently, the Fund will sell equities short when the advisor's proprietary quantitative analysis indicates that current securities prices (either for an index ETF or an individual security) are overpriced and the Fund has an opportunity to achieve positive returns from shorting securities rather than holding them long.

 

The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.
Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

Acquired Fund Strategy Risk.  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.  These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.

 

Commodity Related Risk. The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Foreign and Currency Exposure Risk. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

 

High-Yield Risk. High-yield, high-risk securities, commonly called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.

 

Limited History of Operations. The Fund is a relatively new mutual fund and has a limited history of operations.

 

Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

Management Risk. The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Real Estate Risk.  The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Tracking Risk. Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Risk Lose Money [Text] rr_RiskLoseMoney

The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-217-8363
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. 
Bar Chart [Heading] rr_BarChartHeading

Performance Bar Chart For Calendar Year Ended December 31,

Annual Return 2011 rr_AnnualReturn2011 (12.81%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter:   12/31/10   15.35%

Worst Quarter:  9/30/11   (13.89)%

 

Year-to-date total return for the nine months ended September 30, 2012

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.35%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.89%)
Performance Table Heading rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

AmericaFirst Absolute Return Fund | - Comparison Index - S&P 500 Total Return Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11% [7]
Since Inception rr_AverageAnnualReturnSinceInception 9.50% [7],[10]
AmericaFirst Absolute Return Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses rr_OtherExpensesOverAssets 1.41%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.42%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.96%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.46% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 737
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,412
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,108
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,949
1 Year rr_AverageAnnualReturnYear01 (17.16%)
Since Inception rr_AverageAnnualReturnSinceInception (2.99%) [10]
AmericaFirst Absolute Return Fund | Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (18.82%)
Since Inception rr_AverageAnnualReturnSinceInception (4.05%) [10]
AmericaFirst Absolute Return Fund | Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.02%)
Since Inception rr_AverageAnnualReturnSinceInception (3.10%) [10]
AmericaFirst Absolute Return Fund | Class U
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.40%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.91%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.95%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.96% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 542
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,326
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,128
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,211
1 Year rr_AverageAnnualReturnYear01 (15.39%)
Since Inception rr_AverageAnnualReturnSinceInception (2.15%) [10]
AmericaFirst Absolute Return Fund | Class I
 
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 the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.36%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.87%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.91%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.96% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 199
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 801
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,429
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,121
1 Year rr_AverageAnnualReturnYear01 (12.35%)
Since Inception rr_AverageAnnualReturnSinceInception 7.06% [10]
AmericaFirst Quantitative Strategies Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve long-term capital appreciation and to achieve positive returns through all market cycles.

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 and Class C shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 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)

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 rate was 346.05% of the average value of the portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 346.05%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $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 on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The name “Quantitative Strategies” refers to the advisor’s use of objective, data-based quantitative information to make investment decisions rather than subjective or emotional investment decisions.  The “optimization process” refers to the computer-based process of analyzing and combining data from several dissimilar quantitative strategies to achieve an appropriate risk/return profile for the Fund.

 

The Fund intends to achieve its investment objective by investing, under normal circumstances, in individual equity and fixed income securities and other investment companies including : (1) unit investment trusts (affiliated and non-affiliated) (“UITs”); (2) closed-end investment companies (“Closed-End Funds”) and (3) exchange traded-funds (“ETFs”) (collectively “Acquired Funds”).  The Fund may invest a portion of its portfolio in Acquired Funds managed by the advisor.

 

Securities are selected using the advisor's Portfolio Optimization Tool (“Optimizer”).  The Optimizer selects from a starting universe of the advisor's proprietary models and seeks to create a portfolio of low correlated investment strategies.  The optimization process is based on over twenty years of price momentum history. The advisor will sell a security when the security no longer meets the selection criteria, as part of the periodic evaluation process used to replace lower performing securities in the portfolio with more attractive securities, or when a security meets its target valuation.  The Fund will invest in equity securities regardless of market capitalization.  The Fund may invest in fixed income securities regardless of maturity or credit rating.  ETFs in which the Fund may invest include those providing exposure to particular segments of the securities markets including commodities, certain industries or sectors, securities index tracking ETFs and on occasion inverse ETFs.

 

The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

Acquired Fund Strategy Risk.  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.  These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.

 

Commodity Related Risks. The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

Management Risk. The advisor's reliance on the Optimizer model and the portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Optimizer model and/or portfolio manager's judgments will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Real Estate Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.  Real Estate Investment Trusts (“REITs”) are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Tracking Risk. Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Risk Lose Money [Text] rr_RiskLoseMoney

The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-217-8363
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future
Bar Chart [Heading] rr_BarChartHeading

Performance Bar Chart For Calendar Year Ended December 31,

Annual Return 2008 rr_AnnualReturn2008 (50.16%)
Annual Return 2009 rr_AnnualReturn2009 40.33%
Annual Return 2010 rr_AnnualReturn2010 18.20%
Annual Return 2011 rr_AnnualReturn2011 (0.92%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter:   12/31/10   15.35%

Worst Quarter:  9/30/11  (13.89)%

 

Year-to-date total return for the nine months ended September 30, 2012

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.35%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.89%)
Performance Table Heading rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

AmericaFirst Quantitative Strategies Fund | - Comparison Index - S&P 500 Total Return Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11% [6]
Since Inception rr_AverageAnnualReturnSinceInception (2.32%) [6],[9]
AmericaFirst Quantitative Strategies Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.75%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.24%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.51% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 547
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 907
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,289
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,361
1 Year rr_AverageAnnualReturnYear01 (4.81%)
Since Inception rr_AverageAnnualReturnSinceInception (7.24%) [9]
AmericaFirst Quantitative Strategies Fund | Class A | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (10.02%)
Since Inception rr_AverageAnnualReturnSinceInception (9.81%) [9]
AmericaFirst Quantitative Strategies Fund | Class A | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.09%)
Since Inception rr_AverageAnnualReturnSinceInception (7.40%) [9]
AmericaFirst Quantitative Strategies Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 1.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days){neg} rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther 15
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.49%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.50%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.24%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.26% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 327
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 848
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,396
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,890
1 Year rr_AverageAnnualReturnYear01 (2.59%)
Since Inception rr_AverageAnnualReturnSinceInception (7.24%) [9]
[1] 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, not the indirect costs of investing in other investment companies.
[2] The advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 1.50% and 2.25% for Class A and Class C, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
[3] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses(exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
[4] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.70% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
[5] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
[6] The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.
[7] The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly into an index or benchmark.
[8] The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.
[9] The inception date of the Fund's Class A and C Shares is September 28, 2007.
[10] The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010.
[11] The Inception Date of the Fund's Class A, I and U shares is July 1, 2010.
XML 16 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
AmericaFirst Defensive Growth Fund

Investment Objective

The Fund seeks to achieve capital appreciation through all market cycles.

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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees AmericaFirst Defensive Growth Fund (USD $)
Class A
Class U
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.00% 2.50% none
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) 1.00% 1.00% none
Redemption Fee (as a % of amount redeemed, if sold within 90 days) 1.00% 1.00% 1.00%
Wire Transfer Fee 15 15 15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses AmericaFirst Defensive Growth Fund
Class A
Class U
Class I
Management Fees 1.50% 1.50% 1.50%
Distribution and/or Service (12b-1) Fees 0.50% 1.00% none
Other Expenses 2.06% 1.97% 1.86%
Total Annual Fund Operating Expenses 4.06% 4.47% 3.36%
Fee Waiver and/or Expense Reimbursement [1] (1.61%) (1.52%) (1.41%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 2.45% 2.95% 1.95%
[1] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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 on these assumptions your costs would be:

Expense Example AmericaFirst Defensive Growth Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
736 1,534 2,348 4,450
Class U
541 1,435 2,339 4,640
Class I
198 902 1,629 3,554
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000032501Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 rate was 492.70% of the average value of the portfolio.

Principal Investment Strategies

The Fund seeks to achieve its objective by investing in a portfolio of defensive, non-cyclical equity securities of foreign and domestic companies selected by applying a quantitative strategy.  Equity securities include common stock, preferred stock and convertible preferred stock. The Fund strategy was developed by the Fund's investment advisor, AmericaFirst Capital Management, LLC (the “Advisor”).

 

The Fund seeks to select stocks of historically “defensive” companies.  Defensive companies tend to offer basic consumer necessities where consumer demand tends to be unaffected even in poor economic conditions and therefore may have the ability to weather economic downturns better than non-defensive companies.  The advisor believes that sales and earnings growth of stocks of these defensive companies may remain relatively constant regardless of the ups and downs of the economy due to the generally stable demand for these company’s products. Under normal market conditions, the Fund will invest primarily in securities in the consumer staples and healthcare sectors. These sectors generally are comprised of companies that are defensive in nature and are selected in an effort to provide capital appreciation while reducing overall portfolio volatility.

 

The Fund will also sell short equity securities in an attempt to reduce volatility and risk in unfavorable market conditions.  The Fund will invest in securities of companies regardless of market capitalization.  The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

 

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.

 

Fixed Income Risk. When the Fund invests in equity securities that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Foreign and Currency Exposure Risk. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

 

Healthcare Sector Risk. The profitability of companies in the healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Companies in the healthcare sector are heavily dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.

 

Consumer Staples Sector Risk. Companies in the consumer staples sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.  This sector can also be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.

 

Limited History of Operations. The Fund is a new mutual fund and has no history of operations.

 

Management Risk. The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

 

Non-diversification Risk. Because a relatively high percentage of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors or industries, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Short Selling Risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Performance

No performance information is being presented because the Fund has not been in operation for a full calendar year.  In the future, performance information will be presented in this section of this Prospectus.  Updated performance information will be available at no cost by calling 1-877-217-8363 and on the Fund’s website at www.afcm-quant.com.

AmericaFirst Income Trends Fund

Investment Objective

The Fund seeks to achieve total return with a high rate of current income and total return with lower volatility than common stocks as measured by the standard deviation.

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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees AmericaFirst Income Trends Fund (USD $)
Class A
Class U
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 4.00% 2.00% none
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) 1.00% 1.00% none
Redemption Fee (as a % of amount redeemed, if sold within 90 days) 1.00% 1.00% 1.00%
Wire Transfer Fee 15 15 15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses AmericaFirst Income Trends Fund
Class A
Class U
Class I
Management Fees 1.25% 1.25% 1.25%
Distribution and/or Service (12b-1) Fees 0.50% 1.00% none
Other Expenses 0.68% 0.68% 0.68%
Total Annual Fund Operating Expenses 2.43% 2.93% 1.93%
Fee Waiver and/or Expense Reimbursement [1] (0.23%) (0.23%) (0.23%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 2.20% 2.70% 1.70%
[1] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.70% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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 on these assumptions your costs would be:

Expense Example AmericaFirst Income Trends Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
614 1,106 1,624 3,039
Class U
468 1,067 1,692 3,371
Class I
173 584 1,021 2,235
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000029398Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 rate was 411.30% of the average value of the portfolio.

Principal Investment Strategies

The Fund seeks to achieve its objective by investing in a portfolio of high income common stock, preferred stock, convertible preferred stock, REITs and corporate bonds selected by applying quantitative modeling techniques that use numerous factors including (but not limited to) dividend yield, price momentum, trading volume, bid/ask spread, and price as compared to simple and exponential moving averages. The Fund rebalances on an at least quarterly basis based upon the results of the model.  Investment decisions are strictly based on the results of the quantitative model without emotion or subjective analysis.  The model upon which the Fund is based was developed by the Fund’s advisor, AmericaFirst Capital Management, LLC.  The Fund invests without restriction as to issuer capitalization, maturity or credit quality.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Interest Rate Risk. Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.

 

Limited History of Operations. The Fund is a new mutual fund and has a limited history of operations.

 

Management Risk. The Advisor's reliance on the model and portfolio manager's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the model's forecasts and/or the portfolio manager's judgments will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.  Preferred stock prices tend to move more slowly upwards than common stock prices.

 

Real Estate Investment Trust Risk. Investing in real estate investment trusts (“REITs”) involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk.  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Performance

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Bar Chart For Calendar Year Ended December 31,

Bar Chart

Best Quarter:   12/31/11   3.91%

Worst Quarter:  9/30/11   (14.77)%

 

Year-to-date total return for the nine months ended September 30, 2012

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Average Annual Total Returns AmericaFirst Income Trends Fund
1 Year
Since Inception
- Comparison Index - Barclays Aggregate Bond Index
[1] 7.84% 5.92% [2]
Class A
(15.07%) (5.33%) [2]
Class A Return After Taxes on Distributions
(16.65%) (7.45%) [2]
Class A Return After Taxes on Distributions and Sale of Fund Shares
(9.71%) (5.60%) [2]
Class U
(13.76%) (4.51%) [2]
Class I
(11.09%) (2.23%) [2]
[1] The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.
[2] The Inception Date of the Fund's Class A, I and U shares is July 1, 2010.
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000029398Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

AmericaFirst Absolute Return Fund

Investment Objective

The Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees AmericaFirst Absolute Return Fund (USD $)
Class A
Class U
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.00% 2.50% none
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) 1.00% 1.00% none
Redemption Fee (as a % of amount redeemed, if sold within 90 days) 1.00% 1.00% 1.00%
Wire Transfer Fee 15 15 15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses AmericaFirst Absolute Return Fund
Class A
Class U
Class I
Management Fees 1.50% 1.50% 1.50%
Distribution and/or Service (12b-1) Fees 0.50% 1.00% none
Other Expenses 1.41% 1.40% 1.36%
Acquired Fund Fees and Expenses [1] 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 3.42% 3.91% 2.87%
Fee Waiver and/or Expense Reimbursement [2] (0.96%) (0.95%) (0.91%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 2.46% 2.96% 1.96%
[1] 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, not the indirect costs of investing in other investment companies.
[2] The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses(exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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 on these assumptions your costs would be:

Expense Example AmericaFirst Absolute Return Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
737 1,412 2,108 3,949
Class U
542 1,326 2,128 4,211
Class I
199 801 1,429 3,121
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000028009Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 rate was 680.35% of the average value of the portfolio.

Principal Investment Strategies

The Fund seeks to achieve its objective by investing in a broad range of asset classes and sectors, some of which are historically uncorrelated to the equity and fixed income markets. The Fund may also sell short equity and fixed income securities.  The Fund will invest in securities regardless of market capitalization and regardless of industry sector.  The Fund may invest in fixed income securities regardless of maturity or credit rating.

 

The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies (“closed-end funds”), exchange-traded portfolios (“Exchange Traded Portfolios”) and real estate investment trusts (“REITs”). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts (“UITs”) registered under the 1940 Act (commonly referred to as “ETFs”), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Closed-end funds and Exchange Traded Portfolios are collectively referred to as “Acquired Funds”. It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.

 

Although not anticipated to be the case frequently, the Fund will sell equities short when the advisor's proprietary quantitative analysis indicates that current securities prices (either for an index ETF or an individual security) are overpriced and the Fund has an opportunity to achieve positive returns from shorting securities rather than holding them long.

 

The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

Acquired Fund Strategy Risk.  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.  These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.

 

Commodity Related Risk. The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Foreign and Currency Exposure Risk. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

 

High-Yield Risk. High-yield, high-risk securities, commonly called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.

 

Limited History of Operations. The Fund is a relatively new mutual fund and has a limited history of operations.

 

Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

Management Risk. The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Real Estate Risk.  The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Tracking Risk. Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Performance

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Bar Chart For Calendar Year Ended December 31,

Bar Chart

Best Quarter:   12/31/10   15.35%

Worst Quarter:  9/30/11   (13.89)%

 

Year-to-date total return for the nine months ended September 30, 2012

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Average Annual Total Returns AmericaFirst Absolute Return Fund
1 Year
Since Inception
- Comparison Index - S&P 500 Total Return Index
[1] 2.11% 9.50% [2]
Class A
(17.16%) (2.99%) [2]
Class A Return After Taxes on Distributions
(18.82%) (4.05%) [2]
Class A Return After Taxes on Distributions and Sale of Fund Shares
(11.02%) (3.10%) [2]
Class U
(15.39%) (2.15%) [2]
Class I
(12.35%) 7.06% [2]
[1] The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly into an index or benchmark.
[2] The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010.
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000028009Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

AmericaFirst Quantitative Strategies Fund

Investment Objective

The Fund seeks to achieve long-term capital appreciation and to achieve positive returns through all market cycles.

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 and Class C shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 30 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees AmericaFirst Quantitative Strategies Fund (USD $)
Class A
Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 4.00% 1.00%
Maximum Deferred Sales Charge (Load)(as a % of the lower of original purchase price or redemption proceeds) 1.00% 1.00%
Redemption Fee (as a % of amount redeemed, if sold within 90 days) 1.00% 1.00%
Wire Transfer Fee 15 15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses AmericaFirst Quantitative Strategies Fund
Class A
Class C
Management Fees 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00%
Other Expenses 0.49% 0.49%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses 1.75% 2.50%
Fee Waiver and/or Expense Reimbursement [2] (0.24%) (0.24%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.51% 2.26%
[1] 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, not the indirect costs of investing in other investment companies.
[2] The advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation)in order to limit annual fund operation expenses to 1.50% and 2.25% for Class A and Class C, respectively. These expense limitations will remain in effect until at least October 31, 2013. This agreement may be terminated by the Fund's Board of Trustees on 60 days'; written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

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 on these assumptions your costs would be:

Expense Example AmericaFirst Quantitative Strategies Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
547 907 1,289 2,361
Class C
327 848 1,396 2,890
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000019089Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 rate was 346.05% of the average value of the portfolio.

Principal Investment Strategies

The name “Quantitative Strategies” refers to the advisor’s use of objective, data-based quantitative information to make investment decisions rather than subjective or emotional investment decisions.  The “optimization process” refers to the computer-based process of analyzing and combining data from several dissimilar quantitative strategies to achieve an appropriate risk/return profile for the Fund.

 

The Fund intends to achieve its investment objective by investing, under normal circumstances, in individual equity and fixed income securities and other investment companies including : (1) unit investment trusts (affiliated and non-affiliated) (“UITs”); (2) closed-end investment companies (“Closed-End Funds”) and (3) exchange traded-funds (“ETFs”) (collectively “Acquired Funds”).  The Fund may invest a portion of its portfolio in Acquired Funds managed by the advisor.

 

Securities are selected using the advisor's Portfolio Optimization Tool (“Optimizer”).  The Optimizer selects from a starting universe of the advisor's proprietary models and seeks to create a portfolio of low correlated investment strategies.  The optimization process is based on over twenty years of price momentum history. The advisor will sell a security when the security no longer meets the selection criteria, as part of the periodic evaluation process used to replace lower performing securities in the portfolio with more attractive securities, or when a security meets its target valuation.  The Fund will invest in equity securities regardless of market capitalization.  The Fund may invest in fixed income securities regardless of maturity or credit rating.  ETFs in which the Fund may invest include those providing exposure to particular segments of the securities markets including commodities, certain industries or sectors, securities index tracking ETFs and on occasion inverse ETFs.

 

The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.

 

Acquired Fund Strategy Risk.  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.  These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.

 

Commodity Related Risks. The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

 

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.

 

Fixed Income Risk. When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

 

Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

Management Risk. The advisor's reliance on the Optimizer model and the portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Optimizer model and/or portfolio manager's judgments will produce the desired results.

 

Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

Real Estate Risk. The Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.  Real Estate Investment Trusts (“REITs”) are heavily dependent upon the management team and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

 

Security Risk. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.

 

Small and Medium (Mid) Capitalization Stock Risk. The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

 

Stock Market Risk. Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

 

Stock Value Risk. Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.

 

Tracking Risk. Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

 

Turnover Risk. Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

Performance

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.

Performance Bar Chart For Calendar Year Ended December 31,

Bar Chart

Best Quarter:   12/31/10   15.35%

Worst Quarter:  9/30/11  (13.89)%

 

Year-to-date total return for the nine months ended September 30, 2012

Performance Table

Average Annual Total Returns

(For period ended December 31, 2011)

Average Annual Total Returns AmericaFirst Quantitative Strategies Fund
1 Year
Since Inception
- Comparison Index - S&P 500 Total Return Index
[1] 2.11% (2.32%) [2]
Class A
(4.81%) (7.24%) [2]
Class A Return After Taxes on Distributions
(10.02%) (9.81%) [2]
Class A Return After Taxes on Distributions and Sale of Fund Shares
(3.09%) (7.40%) [2]
Class C
(2.59%) (7.24%) [2]
[1] The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.
[2] The inception date of the Fund's Class A and C Shares is September 28, 2007.
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000019089Member row primary compact * row rr_PerformanceMeasureAxis compact * ~

After-tax returns are estimated and were 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, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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