0001144204-12-052871.txt : 20120925 0001144204-12-052871.hdr.sgml : 20120925 20120925161923 ACCESSION NUMBER: 0001144204-12-052871 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120925 DATE AS OF CHANGE: 20120925 EFFECTIVENESS DATE: 20120925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AdvisorShares Trust CENTRAL INDEX KEY: 0001408970 IRS NUMBER: 260636087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22110 FILM NUMBER: 121109155 BUSINESS ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: (202) 684-6383 MAIL ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AdvisorShares Trust CENTRAL INDEX KEY: 0001408970 IRS NUMBER: 260636087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-157876 FILM NUMBER: 121109156 BUSINESS ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: (202) 684-6383 MAIL ADDRESS: STREET 1: 2 BETHESDA METRO CENTER STREET 2: SUITE 1330 CITY: BETHESDA STATE: MD ZIP: 20814 0001408970 S000038247 Newfleet Multi-Sector Income ETF C000117922 Newfleet Multi-Sector Income ETF 485BPOS 1 v743805-1_485bpos.htm 485BPOS

 

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 25, 2012

 

File Nos. 333-157876 and 811-22110

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (X)

 

PRE-EFFECTIVE AMENDMENT NO. __

 

POST-EFFECTIVE AMENDMENT NO. 51 (X)

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 (X)

 

AMENDMENT NO. 53 (X)

 

ADVISORSHARES TRUST

(Exact Name of Registrant as Specified in Charter)

 

2 Bethesda Metro Center, Suite 1330, Bethesda, Maryland 20814

(Address of Principal Executive Offices, Zip Code)

 

(877) 843-3831

(Registrant’s Telephone Number, including Area Code )

 

Noah Hamman

AdvisorShares Investments, LLC

2 Bethesda Metro Center

Suite 1330

Bethesda, Maryland  20814

 

(Name and Address of Agent for Service)

 

Copy to:

W. John McGuire

Bingham McCutchen LLP

2020 K Street NW

Washington, DC 20006

 

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

SImmediately upon filing pursuant to paragraph (b) of Rule 485
£On (date) pursuant to paragraph (b)(1)(v) of Rule 485
£60 days after filing pursuant to paragraph (a)(1) of Rule 485
£On (date) pursuant to paragraph (a)(1) of Rule 485
£75 days after filing pursuant to paragraph (a)(2) of Rule 485
£On (date) pursuant to paragraph (a)(2) of Rule 485

 

 
 

 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 51 relates solely to the Newfleet Multi-Sector Income ETF.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Trust certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 51 to Registration Statement No. 333-157876 to be signed on its behalf by the undersigned, duly authorized, in the City of Bethesda, State of Maryland on this 25th day of September, 2012.

 

  AdvisorShares Trust
 

 

/s/ Noah Hamman

  Noah Hamman
  Chairman of the Board of Trustees,
  Chief Executive Officer, Principal
  Financial Officer and President

 

 

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 51 to the Registration Statement has been signed below by the following persons in the capacity and on the date indicated.

 

Signature   Title   Date
         
/s/ Noah Hamman   Chairman of the Board of Trustees,   September 25, 2012
Noah Hamman   Chief Executive Officer,    
    Principal Financial Officer and    
    President    
         
         
*   Trustee   September 25, 2012
Elizabeth Piper/Bach        
         
         
*   Trustee   September 25, 2012
William G. McVay        
         
         
*   Secretary, Chief Compliance   September 25, 2012
Dan Ahrens   Officer and Treasurer    
         
         
         
         
/s/ Noah Hamman        
* Noah Hamman, Power of Attorney        
         
         

 

 
 

 

 

 

Exhibit Index

 

Exhibit Number Description
   
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 Taxomony Extension Presentation Linkbase

 

 

 EX-101.INS 3 ck0001408970-20120910.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-09-10 0001408970 2012-09-10 AdvisorShares Trust false 2012-09-10 2012-09-10 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected <br />in Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. This rate excludes the value of portfolio securities received or<br />delivered as a result of in-kind creations or redemptions of the Fund's shares.</tt> <div style="display:none">~ http://www.advisorshares.com/role/ExpenseExample_S000038247Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Newfleet Multi-Sector Income ETF (the "Fund") seeks to provide current<br />income consistent with preservation of capital, while limiting fluctuations <br />in net asset value ("NAV") due to changes in interest rates.</tt> <tt>This Example is intended to help you compare the cost of investing in the shares of <br />the Fund with the cost of investing in other funds. This Example does not take into <br />account creation or redemption transaction fees, or the brokerage commissions that <br />you pay when purchasing or selling shares of the Fund. If commissions were included, <br />your costs would be higher.<br /><br />The Example assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then sell all of your shares at the end of those periods. The Example also assumes <br />that your investment has a 5% return each year and that the Fund's operating expenses <br />remain the same. Although your actual costs may be higher or lower, based on these <br />assumptions your costs would be:</tt> <tt>In seeking to achieve the Fund's investment objective, Newfleet Asset Management, <br />LLC (the "Sub-Advisor") applies a time-tested approach and extensive credit <br />research to capitalize on opportunities across undervalued areas of the bond <br />markets. The Fund principally invests in investment-grade securities, which are <br />securities with credit ratings within the four highest rating categories of<br />a nationally recognized statistical rating organization or, if unrated, those<br />securities that the Sub-Advisor determines to be of comparable quality. The<br />Sub-Advisor seeks to provide diversification by allocating the Fund's investments <br />among various sectors of the fixed income markets, which, as of the date of this <br />Prospectus, include: corporate investment-grade, corporate high-yield, bank loans, <br />non-agency commercial mortgage-backed securities ("CMBS"), agency and non-agency <br />residential mortgage-backed securities ("RMBS"), non-U.S. dollar securities, <br />emerging market high-yield securities, Yankee investment-grade bonds, asset-backed <br />securities, taxable municipal bonds, tax-exempt municipal bonds, and securities <br />issued or guaranteed as to principal and interest by the U.S. government, its <br />agencies, authorities or instrumentalities. As a result, the Fund's fixed income <br />investments may be issued by various types of issuers and may include some or all <br />of the following:<br /><br />&#x2022; Securities issued or guaranteed as to principal and interest by the U.S.<br />government, its agencies, authorities or instrumentalities, including<br />collateralized mortgage obligations ("CMOs"), real estate mortgage investment<br />conduits ("REMICs") and other pass-through securities;<br /><br />&#x2022; Debt securities issued by foreign issuers, including foreign governments and<br />their political subdivisions;<br /> <br />&#x2022; Investment-grade securities issued primarily by U.S. issuers and secondarily<br />by non-U.S. issuers; and<br /><br />&#x2022; High-yield debt instruments, including bank loans, which are generally<br />floating-rate loans.<br /><br />The average duration of the Fund's fixed income investments will range from one<br />to three years. The Fund may invest up to 20% of its total assets in securities<br />that are rated below investment grade at the time of purchase. If certain of the<br />Fund's holdings experience a decline in their credit quality and fall below<br />investment grade, the Fund may continue to hold the securities and they will not<br />count toward the Fund's 20% investment limit. Generally, the Fund will limit its<br />investments in corporate high-yield securities to 10% of its assets and will<br />limit its investments in non-U.S. issuers to 30% of its assets.</tt> NEWFLEET MULTI-SECTOR INCOME ETF (NYSE Arca Ticker: MINC) EXAMPLE Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year. the Fund is new and, therefore, does not have a performance history for a full calendar year. INVESTMENT OBJECTIVE Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. As with any fund, there is no guarantee that the Fund will achieve its investment objective. PRINCIPAL RISKS OF INVESTING IN THE FUND SHAREHOLDER FEES (fees paid directly from your investment) None FUND PERFORMANCE ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>The Fund is subject to a number of risks that may affect the value of its<br />shares, including:<br /> <br />Credit Risk. The Fund is subject to the risk that an issuer of a fixed income<br />security, such as a corporate bond, may be unable or unwilling to make interest<br />and principal payments when due. The Fund is also subject to the related risk<br />that the value of a fixed income security may decline because of concerns about<br />the issuer's creditworthiness. Credit risk is heightened to the extent the Fund<br />invests in below investment-grade securities, which are also referred to as<br />high-yield securities or junk bonds.<br /> <br />Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the<br />"Exchange") may result in a shareholder's inability to buy or sell shares of the<br />Fund on that day.<br /><br />Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's<br />portfolio to the risks of investing in emerging markets. Emerging markets, which<br />consist of countries or markets with low to middle income economies as classified <br />by the World Bank and other countries or markets with similar characteristics as <br />determined by the Advisor, can be subject to greater social, economic, regulatory, <br />and political uncertainties and can be extremely volatile.<br /><br />Fixed Income Securities Risk. Fixed income securities are subject to the risk<br />that securities could lose value because of interest rate changes. Fixed income<br />securities with longer maturities are subject to greater price shifts as a<br />result of interest rate changes than fixed income securities with shorter<br />maturities. Fixed income securities also are subject to prepayment, interest<br />rate, and credit risks.<br /><br />Foreign Investment Risk. The Fund's investments in securities of foreign issuers<br />may involve certain risks that are greater than those associated with investments <br />in securities of U.S. issuers. These include risks of adverse changes in foreign <br />economic, political, regulatory and other conditions; changes in currency exchange <br />rates or exchange control regulations (including limitations on currency movements <br />and exchanges); differing accounting, auditing, financial reporting and legal <br />standards and practices; differing securities market structures; and higher <br />transaction costs. In addition, the securities of some foreign companies may be <br />less liquid and, at times, more volatile than securities of comparable U.S. <br />companies.<br /> <br />High-Yield Securities Risk. The Fund's investments in high-yield securities or<br />"junk bonds" are subject to a greater risk of loss of income and principal than<br />higher grade debt securities. The Fund's investments in high-yield securities<br />also subjects the Fund to greater levels of interest rate, credit and liquidity<br />risk than funds that do not invest in such securities. Issuers of junk bonds are<br />often highly leveraged and are more vulnerable to changes in the economy. These<br />securities are considered predominately speculative with respect to the issuer's<br />continuing ability to make principal and interest payments.<br /> <br />Income Risk. The income from the Fund's investments may decline because of<br />falling market interest rates. This can result when the Fund invests the<br />proceeds from new share sales, or from matured or called bonds, at market<br />interest rates that are below the Fund portfolio's current earnings rate.<br /> <br />Interest Rate Risk. The Fund's investment in fixed income securities will change<br />in value in response to interest rate changes and other factors, such as the<br />perception of the issuer's creditworthiness.<br /> <br />Investment Risk. An investment in the Fund is not a bank deposit and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. The Fund may experience losses with respect to its investment. <br />Further, there is no guarantee that the Fund will be able to achieve its objective.<br /> <br />Issuer Risk. The value of a Fund investment may decline for a reason directly<br />related to the issuer of such security, such as management performance, financial <br />leverage and reduced demand for the issuer's goods or services.<br /> <br />Liquidity Risk. Trading in shares of the Fund may be halted because of market<br />conditions or for reasons that, in the view of the Exchange, make trading in<br />shares inadvisable.<br /><br />Loan Participation Risk. The Fund may not have a readily available market for<br />loan participation interests and, in some cases, the Fund may have to dispose of<br />such securities at a substantial discount from face value. Loan participations<br />also involve the credit risk associated with the underlying corporate borrower.<br /> <br />Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,<br />purchases and sales with a view to achieving the Fund's investment objective.<br />However, the achievement of the Fund's stated investment objective cannot be<br />guaranteed over short- or long-term market cycles. The Sub-Advisor's judgment<br />about the markets, the economy, or companies may not anticipate actual market<br />movements, economic conditions or company performance, and these judgments may<br />affect the return on your investment.<br /><br />Market Risk. Due to market conditions, the Fund's investments may fluctuate<br />significantly from day to day. Price fluctuations may be temporary or may last<br />for extended periods. This volatility may cause the value of your investment in<br />the Fund to decrease.<br /><br />Mortgage-Backed and Asset-Backed Securities Risk. The risk that the impairment<br />of the value of collateral underlying a mortgage-backed or asset-backed security, <br />such as due to non-payment of loans, will result in a reduction in the value of <br />such security.<br /><br />Municipal Market Volatility Risk.The municipal market is volatile and can be<br />significantly affected by adverse tax, legislative, or political changes and the<br />financial condition of the issuers of municipal securities.<br /><br />Tax Risk. Income from municipal bonds held by the Fund could be declared taxable<br />because of unfavorable changes in tax laws, adverse interpretations by the<br />Internal Revenue Service or state tax authorities, or noncompliant conduct of <br />a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest<br />dividends may be taxable to those shareholders subject to the federal alternative <br />minimum tax.<br />&#xA0;&#xA0;<br />Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares<br />will fluctuate with changes in the market value of the Fund's holdings. In<br />addition, although the Fund's shares are currently listed on the Exchange, there<br />can be no assurance that an active trading market for shares will develop or be<br />maintained.<br /> <br />U.S. Government Securities Risk. The Fund may invest in U.S. government securities, <br />which are subject to price fluctuations and to default in the event that an agency <br />or instrumentality will default on an obligation not backed by the full faith and <br />credit of the United States.<br /><br />As with any fund, there is no guarantee that the Fund will achieve its investment <br />objective.</tt> FUND FEES AND EXPENSES PRINCIPAL INVESTMENT STRATEGIES www.advisorshares.com <tt>A comparison of the Fund's performance with that of a broad measure of market<br />performance may give some indication of the risks of an investment in the Fund;<br />however, the Fund is new and, therefore, does not have a performance history <br />for a full calendar year. Of course, once the Fund has performance, this past <br />performance (before and after taxes) does not necessarily indicate how the Fund<br />will perform in the future.<br /><br />Updated performance information will be available on the Fund's website at<br />www.advisorshares.com following the Fund's commencement of operations.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. Most investors will incur customary brokerage commissions<br />when buying or selling shares of the Fund, which are not reflected in the table<br />below.</tt> <div style="display:none">~ http://www.advisorshares.com/role/OperatingExpensesData_S000038247Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below. MINC 77 243 -0.0002 0.0012 0.0065 The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.75% of the Fund's average daily net assets for at least a year from the date of this Prospectus. The expense limitation (i) may be terminated at any time by the AdvisorShares Trust Board of Trustees (the "Board"), and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. 0.0000 0.0075 0.0077 0001408970 ck0001408970:SummaryS000038247Memberck0001408970:S000038247Memberck0001408970:C000117922Member 2012-09-10 2012-09-10 0001408970 ck0001408970:SummaryS000038247Memberck0001408970:S000038247Member 2012-09-10 2012-09-10 0001408970 2012-09-10 2012-09-10 iso4217:USD pure Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.75% of the Fund's average daily net assets for at least a year from the date of this Prospectus. The expense limitation (i) may be terminated at any time by the AdvisorShares Trust Board of Trustees (the "Board"), and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund. EX-101.SCH 4 ck0001408970-20120910.xsd XBRL TAXONOMY EXTENSION SCHEMA 0011 - Document - Document And Entity Information {Elements} link:calculationLink link:presentationLink link:definitionLink 0112 - Document - Risk/Return Summary {Unlabeled} (Newfleet Multi-Sector Income ETF) link:calculationLink link:presentationLink link:definitionLink 0113 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 0114 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 5 ck0001408970-20120910_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 6 ck0001408970-20120910_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 7 ck0001408970-20120910_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 8 ck0001408970-20120910_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE ZIP 9 0001144204-12-052871-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-052871-xbrl.zip M4$L#!!0````(`&V".4$EC)4FU!P```)W```9`!P`8VLP,#`Q-#`X.3`L``00E#@``!#D!``#47%MSX[B5 M?D]5_@.BW4QU;TFR9,O73CLEV]*T-[Z5Y.Z9V1<71$(2QA2I@*1M[4-^^YYS M`)``*;I[.Y,IYR$3CP@"!^?ZG0OG+W]]647L2:A4)O''5K_;:S$1!TDHX\7' M5IYV>!I(V6)IQN.01TDL/K8V(FW]]?2/?_C+GSH=-KKX<3AAMW$D8\$N.]P4\QOAH(=I$$^4K$69O->"I"EL3LY[/)%=OM]AE;9MGZ9&?G M^?FY*\(%5YV$-NP&R6J'=3KVL"^:SA/&#KK]P^Z!\VB2Y'%XPG:=G\Z5X!DL M9R$0`H]Z_=U.[[BSV[_O[Y_T]D_V^__CKD[6&R47RXR]"][#XMY^!][H>Q=L MPW6"+AM&$9O@TI1-1"K4DPB[9J>7F8H8L#1./[:<2^'/W40M=F#?O1UI>-+2 M*T_P:?3*>CCZ$9E6K,[2Z?WQ\O$-/[5*9)H/=_N%KQ.@5Q=ZIW+8S M+.WO_'Q]-0V68L4[U1L$CSU8,.@='1_VO-=Y^`0'J'3)E4A)G"B&WG&_9U\- M17D@49:*H+M(GG;@P8Z66;^SU[?+XR2.\]7V^X29VLDV:[$#BSJP2B@9%.]] M_27_!:6VDZ74%JIP15BYAV';P8Y^Z"W-MB[=UTNS%F@28Z1+T4E*')^(.2/! MGB"M'UNI7*TC9#_]QE6@DDA\FPK1&TLEYA];KM@Z5C#=ES3\#DW[=B7>T=<# M^9Y8IW`/EV)!$F?B)9L@92*)'I"V_F"PVQMTD-_[O<'>TYW!V?E^9S@Z/.L<],X.QGN#H\/= MT3YLL-11G,MN=LKS?N]$;[ M_5'_XJ!W=#2&#?JMTU*M-,U;B:KS>32?BR"33^)WYW._F<\>454^3\1"IG"I M.+OAJ]^(Y&]D=4K>E=VK/,UN\_Q8&^\ M/]P]Z.P.]P\Z@\.C0>=LT!]U#@[AH(OA^&AX M4.6/+#-<9"N^<;>5<2@#5`+S1HU@H@9>8F"Q>90Q&1=+^0L00Y3CA3UBM8'# M/]A21"&^Q'$]GT6"\2``[)MU&;`J%98MSTN)?($WXB2#P^81Z`3`;I]8=I]D M/&)#P%3P?\3GVS4"=X#_;/2R%G$*YP)_8&D&DAB]<,0=;<;)*=)O1"Q?)^D' MC\&PS3Q1*T2)2)I,&>4#XB6(\A`VQ5>?>)0+ELP=QCIR42(0X'8A55#NQJ&( MX%<%OX/4N>4C;"+CSB/PGP7&1HEP6"=6:_.O\RK!S`!3W']'*YPVHD9K*0S* M<,=PY">9+2?%4?T MN>-SX&$*U^KM'>T.#J_%:@8*'211OH+L2\B'*['@D0Y*PQ=)QKH&JV#_91H&Q7)]5@3`%?2W`?Y&S`$45R);P`VX>5$K@.!V;D-^HF MVBBO!@N]X0K]VM/;M&/?&7N!<2X$1"QXCE3,5/(($6@AW(@.3WCF;8^W!TB@X^4Z5Z`X*9(, MNV"LQS_+>]N[=MGEW-OV&30,2*>0%+:K!R@3LI^3'(+NS`;UKKO,_?N^C)"H MXP`8#>%(K.8J^\]^KPUZ9F5#$IB;JV<2C&Y-:1W*6R,)/V0C>LCPRGA)QN%_ M<#TBU6($'91!5?3%D[38DA!"26"4)@65OF)HBI4A&6$O6U*LW?\SB!"A#Q,< MT,5&<,4T1;R&!5A2``EA@81[C!(K;A44LA.LJ@&U^6*IS^;H02(C`,1+!?M1 MQ%$"DG,JB1E!'X]1>#,3][>(\J3J3K[F+`JO,LW0'RTV;]^?[`Y8"E@OBD>!(UH3DB3ZR#;9<19DB>^YK'8)^ZF.OR_.KJW,2::3[KF.04?#M? MKR,$=)PTO`/>'-4:?E4)JA%J$+`-V`^'H;\(9591E10T#59B@-`Q1_ZO0+DG M:T2.>:P!(P\`0J0,KH-1"J)+B`"8%RY@EL2^-4'<>!29,0R=92CP!G(-AK4Q MO#"QR+*ELU`<@F8)4UVHW9!@D(#PT'K?-I-SX`UJ+[@Z\@P-]!;F M[(@18!R$XY6,!8&'&<%V'7XH"_D[6"N@.V*ENZV[10UZA)(Z#W-T=$CD;(,N M+0DT_G*!F`/X7,Y_)%8,)$@,;(VXBLS4K5P!:!_EOZ MFY>HM&T#Q0G<6X'>X2M5Q6@[SU"DG8V$A`T]5?P(7HMC/"(PG62U=;Y]=FT]1Z(UZ^A]3B[5.P&N`RH^VM;3LR6 MN,_G[K0+L3V*N/*TW-T8;%\M4$2:H=,0+PHGZ,YWQ%Q?T("C$!4HIV2+G6!H3.I$DK32V3^\7\!.4 M$C6$^++`7##6GD]6U1`%0#3S'*S+G$VYH#FY9L_J=8ZQY0Y?*W<];:*)#O;AB@.L.9%#?"PA8@Q$5R8?(4 M-*S;%*T`0D;$!#I442XM>>]O'(S""S_$.5_$:B/I4^*$36 ME;KA<+3. M-$I%-9G41G,>\EC?KC%US9)GKL*:#)'#SN%4]NBR'ZT*.730UO07G>GH_/YVPBYOSF^O1[I"=O/+=,2&*N#L M7@(>42?L&AZ_)R;4;MA087JK]S]LG8Y^'E[?78VV9+K5*]UBY+*5?\C[4(_/ M,,V^C4>07JRP%O?F;GC0.CT3`<_3,J'%DEDLGMNL13MV.CS@ME+(N@B;P)-Y#GX/N"8PR#NL:^)&O0C_ M1FUIMW5Z>?-E-+V_'MWDJR;EW/J.I]D%L/$FR2Y-?6^< M@V?YSJ;QOU`?X*:WF.#G*@71)RCC0C^P&.@(OZVS9D"[F:<3[V:D.!2G^#RS M+<[W[(]_*%0I%@'(7R/%LG<*`,2/H69;6S6=$\]J.M7(72]8726IN`9X]9U# M,?]"Y0)'/335(AYOJ.AN#)!,,BGS*K_BJGED2WI^\"_+>-TBF!4<\/CR5DUN MOW5Z-X%@?'DWO&*3R^G?INQVS+097M[\"'^Q^T\C-OY\G&N7 M^_6KE)'%=B-LY'ZC.@!7'=[J+(#W[VXG]^/;J\M;=O]Y!02H6G@MG2%!W.O)+*E"KPI1[RXDR=C MI;=MJZ!Y3#5BP)YYC+'0-+E6IC%-Q<9J%[4L28+UF!H,-E;#7/CWH$9I]3(B MHJ0!+U6KI7B,]>]G<_H-46YK'S.3NU!'!1P83J+Q69)GE;J=89NM0^A*R3,H M]1+;,FF7&5D0JX'RI<"/%$2LAP:H+?Q"TQQ%1:-6D:!:0;4$]&K/B]@#*8)0 M2I_#/4W:7L\`2?V:QX^Z7M]MU*T15Q#NSJ.$6OM:Q88QBCO.J.*/,A"T*#"+ MC+,K\GGSR<:[2F&J-7K1HR:M]Y5I/*X[Z3I^EJTG/I-4C\+>5[ZQ8P;^C$&U M\J4[TZ`1(=\T5@Y'MI=RK9M3YIKG7DVML0]&R`\"0I+6>KG>,%XYN%A:8UH; M]JCT=4"C1I5?C.0K-7"<$M+:"RFT,@(V;V@\BPJ%%BG#,!+6&+`*G*RH&`?: MC/->OKS<>E8T2ZG]:)U9KS%TT@S-[K%&]<HP([!-5'WTN M,;"I'U^CQ*T[VS%EVXTL'!$/<19`N!.`]@9>Z[FPNL*R7`/TO$,,K*:VEKNI MKNL%&YQ$IE]955+D3HJG"/Y4$MDS=*^P["=1P=V.&SN[KP!?;AE5H%$70\W[ M#Y#2`193N(\9EX,_L?D0RAS8C M"^H6_D*PI.9&OV)E38C&@QO`BIX M5T.RT&\2?Q_MGH(Z8#J2%\<65FHD/Z_`"\?@BN*(;;PZDX)40.`GPJN4=@S=J) MN!YVK^`G;%22:9<@DW*7AK$)F[`TJ[=!"*4^&]6BRM%K>')[6N)UQ;G.KXP+ MJ4QIZQ%A!#8F0%-.57863))1`(VLR\3V;(\<.02UD9V71V4Y!40.,BK3*-'\@K8NI7X_NOL=H<,T'X\34/ M0F&M$95@UX3TLA).-023Q-0U*"!I\';<4\:_.:=!N#)]KC(=*T1K=U#A*^GE M*RRHX)1A7+FRUUH">^=Z#B.$H)8:GZ&?^!=/K;B=@2(#U,5E%+OG,J#8W)T5=>X=:,.IV/Q/Y!@*LL^P-8E#L]]47QW M/+13G%D50\%^;ZB$,'[H-\,R*'H0$-LT\ MN;+AQ[)%Z4HEAI?:-P'%<#F/]/A+D>?474H)*#!S MA*TSM+5'SPI2ZN4VK#)@^HF:T)@;7"7@6^^X,O4/5/)*Z0WOXW1I%=8X(3[Q M)PXI,8U2:L\]]R$+SC=!9'$WMAXFU>@,V4>?!?&4)C/=`^DP4!7\D"RIQ8Q* M4$=_S1%E(&BEZ51X38_'W>YLLXGB29X"KP42;Z*.'PGL$%3;\\1FF,H,QV'0 M,UU`K4J%5WA]*KK!77R"FST9;V2]BUZ^Y7/(C+BU;4\,ZJA6,R^(.(Z9/H>E MI+JC/]&(%QTLKUA]"S9!9"&JPSE[]*]YN*B.5U(1E(@LRD\.6"-@X"<8%%N* MVJ#]B*1NR$5V5I9QF&_<>M^-[\O,S!CHMZ4VK7X`[!37S:L2 MH-&P"SV[9KE74%K&W-*E\W7:MMF MUWAM1]S/]$@Y2HL^6+$_;,WTRKX$Q1R0NE15/:QVT,IY8M>?\-J0/<98=\B] MC)HU[P@1U'P"B9-Z!N'KY%#/JM)\J%.EIJ!IW+1/79/G;:Y!7Q<#]$8#OY1R M(TXAH\HI>PO]TS)#+\N9S3JG34-#.%OMR?A+&ZL9,M6I$]ET63-U46T%OI:X MHC`-'\=2E"^)=G+*QB%>_F(4X]))ERI?%^@O\"T*1=T,[.>!B*TX=4'T1PM> M';O$%7D\YT^)SD3=-!1.C_@SIC.&.11_(^`L:ANXMDCS6C@44J:HX7'\MI5E9J?EP2IH:)IP):S_+%.O: M^'5&9UM!%"?.0X'\N8[G*5[BI M+VL]+S[LN7^Y\C?@3.O`=#M4S/0G+#:)E(K=#+]H5P)_$$"F%]V-R7@+KVR^ M!_,+$,:F"B-N`@XH"D].I53L]Y.UH%[^UR-,;HM%$DD?X25Q!:52RN)A7MVD MB/7'HCK%LFUQ9A,_"BXMZ/9;K6 M6*US)^&!IY7/=1H_92H;F5X]OQ8,N0U"RH?X)5^TAE8WFB M]P'^PXOE=RB$8$RT,#Z&ABGG7$^%^L M=7H_&=Z/?KPTMZM<8]M8ZU#GE@08?A*S*>CA,`S56YQS[K=.M_XG3:JSI,U7 MVL:`?X.AH6-W:&AH^BDSKS3!>59BKAX&P!B>/8\M8RB?LV>N4% M!HE4?_$4VF]]S:EE_Z^I9NAYKZ6;S/ZSP^K5)&;KX#K[GC'H)FXTCD1_^T!T M#5=LGXUNMF$@_'W2_D/5:0(D($W24D!=I0Z$A/:" MM(+V$26MF2)*PM)4B'\_WYT=VWEI2TBJJEH^-6[B\YU?XL<^/Q?B3ZR6=#DR M72Z*PESS>&'^/`!\;51[8;]2YTESN>"!9RY?(AU!&!&%!7Q,R[I:]ANR_9VQ MER-Z2=#44S:?Q($OUHW0\Y=VC+,.G]"KP.DS0`"-'DFX?\LGB07KB@8#RH]H M+O?;X)@\UG<03H`A8\&3D%NID(/%G#6Q$*2N9%PI)R(3S37)`R7>7'(-H+1J MT\HG#C.0F7-EW7(ZKFX]=%PYM2^]Q-LJ5JZUJRA_P([@"0`T-H4,+C02GRVK MSY/VL'(?:Y5TK(\?JG8M0JK'YLF_)=94-)P"#8]?G_QHUHR1X;Y[FMZ[58WN M`&4G'-@DLDZCY"6'->'P6E%K`4(,R!-OV_=WXL@WK1;S7S.9?VI6;FW-O M\XE=OU]PLI,T7*:^NP/J.T#6VG7+]'=3_:\8^^T!W\Q-_(L%3S[,Z&#F<<.3 M1G2@>M/6>.83-=T,W7>T`@[FCCK'O,0.FF*UML4G?G?$&D!!S8UA._D3NP46 M4)M[<%YJ-TQP1A8XZ:$%RC1\0^\`-N&;AUOTE_::.SE5WR?!YO.J6^72C7`- MG3EI5Q`V)/[$C#P`!%@;83+\$]@7`Y:^AH!60=>7#:F@7F(D`[_ M1-8L;I_]@,N10%<3M'@&K*NU<)Z/N'!;22U/B"FX:$*8Y+/DA0E?-]GDQ+85 M(:\UQ^5@L-44QS&J(L+HTA7!9W_)X(]AX"\'V! M2"UF$!89-.;B^IL9%$.]IK*:,W0I&0XH8,PY'REGP21(!'"?\O$OI#!->D2" M:[5X)Y,`G[>'>G"7\_'B"5!G=C5@8!7*6K,(F?6#K,C:9!E1#AV0%XM6-8D7)QA/08^VH%+3!YD(QZ(_QK00+2!*RWQ@ MB=;;8%/^WW2;:[H[U(P:;R9;8ASX4M$G25N+D.^);:VA^.^<_S>P9")E!N]G M'`I/M=6@K*?Q9- MC'A?GRJ":9')S//9K#(B-PJ,)+]1W+::*+!;1X'=M0HL:]`4*%/O3UVW;Y]V M.^TWU*Y\V93/<4ZTB$7$/2X'PC.R\.ANO#'J,U/A*F:P&S5#;5B_%.+OO1W= MUXKKJT+ZO2(T7QN0KQ>_UPC=:\'LZ[3Z42Q'+;#]0_/&R,:T6M=QE:MD;4"M;A?"MA4BMF,Q__`-02P,$%``` M``@`;8(Y0?M&NM'E`@``8PP``!T`'`!C:S`P,#$T,#@Y-S`M,C`Q,C`Y,3!? M8V%L+GAM;%54"0`#SA%B4,X18E!U>`L``00E#@``!#D!``#=5M]OVC`0?J_4 M_\%+7S:ISB]*6R)HQ=IN0H(AA7:K]E*9Y`I6$QO9!L)_/SLD'=D*R[0AK7LA MV/[N[OON+A>W+[,T00L0DG+6L3S;M1"PB,>433K6W0AW1U>]GG5Y<7C0?H,Q MNKG^V`W1D"64`>KA`2A!,W0?00*"*$"W)..,IRMT19)HGA"EW:(^94]C(N$8 MF=\8Z:W[]V$?^;:'T%2I6>`XR^72AGA"!.:Y18<])'KN=CMX5][]9K!FXS:'I?-]%\MA)T,E7H;?1. M@]TFUA9>1>LQZK'(1MTD0:&!2A2"!+&`V"X\)85(I!/*9,?:T)6-16)S,7&T M[X93`JW#`[0&!YFD%8-EHX1[SOV@/XJFD!),F52$115#X^PE4Z_5:CGYZ1HM M:2!S+WT>Y:FI01!M19@5+F'8;&&=X89G9S*V+DS`MN`)A/"(<@Z!6LV@8TF: MSA*PBKVI@,>.%3VY6N6)>]XZ["7D40B1=4-W]7E&> M(R$>KJG4K^UX;I1U63S2?4PC\/RQ]P%`#O4TZ$H)2I9A$C*&I&/]CJ6S7P5E M]G9Q?0&S9U8Z!U\(U>&&(@2:CN="0@I,[6)9PV;/K`>$D4D>\U?5WXK<,\-/ MH.H4_&78GKD-U11$'7;;@,_\-L9-5U2I$A&5#O7?GV9-=3@7"$?.TS3WAJF" MM+1_%#S=]GJ4,?GN:B,N8A#ZLN"ZMAE<%EJ"^2;FUP>]F@G*!56KCN5;:"XU M5SXS/$CR[XJM/Q(+\?Y_)'YK#Q=:3UZ/UIVCHI"[0^DK:NDZ2NM\D/ZTG]O. M#_`L``00E M#@``!#D!``#M75MSXC@6?I^J^0]>]F6F:@P8^\ M9;2[+0UZIF_9WO2\]=>]/KR_N+YN_?'[SS^=_4/7M:O+?PU'VIWGV![4KO5; MB)&]TKZ;T($(8*@]@)7O^>ZS=@DGMF=C4JMV8WL_QB"`OVGT3TLC/WW_-+K1 M>FU#TV88ST\[G:>GIS:TI@#I?EAWV_3=CJ;K[+W_62,\U8[:QG'[:./)R%]X MUJG6V_CI`D$0OMDBD,BCKM'3NP.]9SP8AZ?=P]-#XW^;TO[\&=G3&=9^,7\E MPMU#G90P8E1_TZX]LZT-'4<;4=%`&\$`HB6TVE%-3D12(^WI!>>M#5ZK,7+: M/IIV2-W]#A-L_?R3MA8^705VK,!3GXD;G>^W-_?F#+I`M[T``\^,%:25914U M!H-!)WRZ*4UP6/A%?!/686?]<"T=V*=!^,X;WPP;4H".QI6@_].9F$Y_TDE_ M](WV*K!:O],7GB'?@2,XT4+$I_AY#L];@>W.'=B*?ILA.#EOF3^ZI$T.NB># MXR[MI%YW8'1I/?^\],V%"SW,_@:>=>5A&S]?>Q,?N2&+ED;?\]?H.D8'6$L[ M\%$P`P@&X;"C4AVA"CN[@C^R@Q\CB!?(>[PG,MW^2>_@^!:Z8XA*H:10ZX0]# MJ,!Q6EI4<0H<+65[N&/9;B>2Z=`"%>(AKR+]1J:Q;L$)6#BX'+IT\7JP^BZP MO3=#79>N$FGX!MV-YE$IF+&B%6*^BV)X89 MKC#T+&@QU+2JG2U%X=O)^QW?C+W4H4NXCXIUC`7MM9(A_TAJ&?+3XY"\VJ*O M_^R`*:O.`6/HG+?2SSNE\/`5]>:3QPOZ;^-XT.LQ-1U#D2];#M%;6HCU#]M^ M$H4*,QHJ4ZP^=)>1`N'BNMS4$74@NII,H(GM)2QHL+AT3-6$5M&ED'3S\!;A9?9@I5CVZ&S@%SOK=G-F9E-@>$W]?CM#C M5^0'XWTD9"_U^`<^2IKI]=1DJD:LB2J::.%ZP+T7*JI.$6JUP\/"%"CYOVS._:= M#.T0?_Z"YW4_/T1Q9.0PP*J)S@5ECSA1Z0GRWQ8)-%>6D>Y'>=T=BNXZRPK*OBQ)O04;F,!%9HRBQ3W3:`7*8-@\LOMKXGYQ9W M*NX'S=2P95--7EJY8S>BUW]'>J&I-T&'O[E+,8KXIH;?VHYW:CI^`*WS%D8+ M^/JC[V&XPE<.I./WO!7`*?U'PQ:(PG9(GY$;,%IW12AAE&C`0-V66?:1.")V M(#VQE&4D8G8H,;.$'3MB="0QH\3))F)T(C&C;$MZ1&RP!\02)N_7E:ZIU'@F MA]3))NVC>3G9],68G77B/K3*_&IYP1+5&G"&GK<`SN>%9Z4"'\*]SP.A](F\ MZD?:LB->M&(CU">`+DB#XJ%GD74]/$%X)@PQ_!N&"BD-7J#,1W:$R>1HJMR4?27$'''(E>R;H1Y3[P!KK# MN8-M\V$-.$2F*4=N'X(&MD"5VX-Q$17(D&JD+0,9WH9HYCL61)]ASLK)D:L: M':8?64V?N6,J*5`3'A'MD",K37"*"@8IQ4\%@ZA@D,9TE`H&4<$@*AA$^F"0 MCQ,*DGV*:,`TW))4VJC7@#FX*TYILV`#9N"6Y)*V=,F#0/+M\9+'@^0<82-F MQ_(RXQNV)0\-*1<2T/QH$=$)F'39,F:R1LX).7P928E53!D?,:,K:SQ:K@N( M[5PD'K!YWB-&3^*E/F4R99PDGGYY9E=&3^)E/N;W8GPD5A\\_QFC)O&N120( MD!V`)#[>%<0K,(8ESGBU!;D*WJRUA]>UY'JN+ND'&_9X$0XPS[J':&F;T.B- M#7IFNB/+X#`((,Z(3A`NJ2)9523KV^($<\=?ADS%J,BX_@:(QD-W:`1M=[Q` M06A9S4,I4.8#QC/>`@],PW8HTC)H(K"JS8*3T5-[:Z-5(2-BK!1$38JPH;OYR]$5(46Z//72;R.MT$$3TV%..D`8X0G:(9B<]6N)2#+[=F2-7 M*[K_0H"Z1A&V2*I^9'TA9/V/Z!Y2QGEEG&\"HM+Z5#D,Y',8L)QG>^@QJ-8K M0F9'(UCNIU\DRXN0O_OZ2"X$H9;(W@XVP#Q2#;=^,VPCQ9I5-H?>3EV43=&: M^=TDN?6X*M-X0SI/&<>5<5P9Q^LUCB?/F8F;LS=21W^`ZZ;EL."K#Q_4AP_- ML_>K*[S?Z0IOY0\HA(')M#V`[ZS;5MU3R`?V#ZO.Q;;"I9`+[F4P@%EC]!3[1 MY?<3"*!UYUT%F+06AD7?W_%*??2/!5\/S<,E.>:#L>T05?<-CN]M#(>6A6"0 M%9P@5*P^[,U/,?'Z\CLOW._>H9NBIHU+UH?P*PC(L9K,&9\<72V;U`X_+_`" M906#B)2J&KE*W['CR)]URL(4LOAS%2FEDHEP<=SX`;SU/9I0-@O)Z^,:L*C$ M)F]%I1*;2!<%J!*;J,0F>Q-%J0^.VR>-#+38DS#*_0PPW+^+%]0'L2KF1\7\ M-"586:4V*=D*:WM"\R^*V"9;2T/7<1%6W'0M[WL)1-7Y6HSFQA*^-6&+(?$U M[L496V3.IU"0LL60^#+WPIPM,M\+7GA35U_BQ!#E[^B26+\4W%#K&>$NL:PK3"1U(O)412"=T(/%V1BQ,F&5( ME'ARBD55,:+[T*.9J>B.)%X@A5/1'4D\3G,_=C^26)'F?NE^)/&$XV5D.V[N M#;B[R,AV+'&:KZR,;"<2VS0+,K*=2*ST$_%5C)'$V^42.>8&$G><6(ZY@<0G M67Z8,R,G\2@5C)5G3"5>Z\1BP1G1YJYZ[WLEPUF'OFQ,3E3D/_\'4$L#!!0` M```(`&V".4%@E^2Z?PX``/FN```=`!P`8VLP,#`Q-#`X.3DA]HDI(!,]VYJ*V5`2;QM[)1LOS1N)\W^ MY&PX;/SY]???/O^CV42#\^_],1HYMN5@-&Q>89]8;^CG'-N8F#Y&4_/-==SE M.[HT9]CVT*7E_)J9'CY`[+\+Y#KHY[?Q)3(.=82>?/_YM-5Z?7T]Q(M'DS3= M`/=P[BY;J-F,R_P[K-TI.C[43PZ/$[^,W96S.$5&XJLS@DV?ID8+6AWZDZ8; M3:W7-/2I?G2J'9T>Z?])IG:?WXGU^.2C/^:?:&+MJ$ESZ"F:!VCHS`]1W[;1 MF"7UT!A[F+S@Q6&$9$ ME3^1->FDW+\7S3F:5KW7Z[6"7\/4GG7J!2B7[CQH M&HD*(F$*]ELA&Z3%A*6\,_HZP9BB6['PS5*@+#R6BNO M^6B:SR&(S4080S5:8?6"+YDN4Q7$;SYV%@PY_);E+VBH$)ZU<0#*8-UY"M!F MK>T2+N4`R\/SPT?WI;7`5HO)E'UHAGK58[KTJ_O^DE:,_NM?V.9C#!>0^-+( M_]Y:UX>E2-6(8,]=D3FN1)&AE!5Z;\]8FJ5-4[!N`SO-VTD#68LO#6MQ;YP< M=X[;]\>:81CZ/?VG\76=&['LG\-2ZJVX3SL-?%EW[0VYVO=)6@LFF<>UH!]+ MJA^E:,U=:OAGOYFZ!`_$7?(N>UR<*R+8VEJGU)F!3`G)JI20^[[CK$S[@G;' MHVU-S9N,I]=3 M^'UG<8/)@TN6;,80U.,O;+()7?YZ2^2!,5UY1605U^[V0K=12!1@(@J*$JB1 MT2)<<(_52]5(4S6Y5.\B8%7^DI=F9"S)-JKFJ/DOC89*Y@<=J:W;)PYRLVC`?S]BH5D9)0L]?KZMV3]GV; MB>@:OS[8&/OH:F7[5G."Y[0%V=K'76(TF%[LQ"B\[J!&8D%'<(;6&.@N1`$> M66MD9&QZJ79M=#R?3\?#;[70XND9_4,"F_@E=#`8312-G5:U&XV>E]MG>;F4AC/-H&(N# M<^>FCS,759@,**#!*ULZ,G`<33ECD(\H)(.!CV]L2\:H1@8BW%$DH3CJ(:0- MI_!S=VE:V9D:)P&PJL-2I26@'V7T?!<"`$^;MF,0B/B&N-XSG1ZMN&,4I'#3 MRLA*-D$/3JR#AP?:--8++NF/T^F`I9LJ7/KZ:YV,@MD8%>E`:ILK MI*S$\\SAE#YT@AA","A$7_7?K.P,7R8'L/H%U9`6SGI&'PLG`8@^NG>&J;!S MKX%EVAYB0I"V*%%=UB!%K0!GE1M,+'.IS6IQ2VX*H$/P,KFY4I+P`C(VB66YV*J];= MD*H[I&*3@L@*=&L^@9REB$!(NE!#L;;%G*%$+@R8I'X&E72U4(/>Z::4 MK"Y4LFGM`]U.Z#",E05)>%I(:Q0T0!(6.<:/+(QN.OZUN>3-$[C)0*6:+EL^ M.J:G)/N!@AB,*N5N3B90L`0+."GSM9.6-(?OCN]\1IN3!F\FVXW;G['2YW[^ M]IH@'OA1M MLB[-H4+Y^6I(RT;K\4VPAE2[C[I.GEQ[R/,$]XI8CES;"!H'U$$_+/]IC!=X M^&JH@I)3ZI[`G\QZ@QQ]M<<6JHN8Z\#2 M)@/UXK^Q232][#)'J53X*RQ:N@?73_A.8C!(TQ7;I3H9OC%>T\8X0'I`<"^, MD584UP*)9H`7>UOJ(K75B;TMOU0]+A)[>Q_$7HF,I-C;`4$ET=,228G5W@95 M^_R)MC6>$G.!%^R\W)F[7%H>.];/V68OE0O8#055D3\+F7-'B(I"V/!P9`)8 MG5UJ8FM481O.(I7/I224FC5566O!F*PLU*4DQE4Q'-1I=](641S4VJ#Z*J$+!2':G:/'33.>JFI;Q?H:GMB!F;$8-3O&P02FGTJ?"L(2<- MJ/(W.45WI*I?7]_2_UW<7I^CTS"FCCEOC<:Q1=!X,+SZ=CN> M#*X&U]/MJ$H\YFO'7+M;<@7H&^1-&/45DBVDO.]@6\1'#U-,EI;#>R3&AB#[ MTKOD:B:MRY/C2MU-<#H`C1Y0HJP][(*V:@\CTQYNMCWQQT/2U>F8SX&!BI[/(PP)OM>,@F\?0.J?]%(' MJ4#=5_WK_O=@5J;R>2YE8HJZ\$+6.];[-?9EXA/\9#!*YY8MO;J/#VQ0%+07 MD8JMZ4@'*U#_8DK7+/N]?"D48&00<9/MV!VCV?_"IQ@(;[?D4L!X(ENL=`<9 MQZG7`,INNFQ#P4A34'WC12232+YUFZC*U"5R0+(==FT`_PF3N-QK_,KV:WUCKR8:.0//IX.1CSF+ M7:E<0,:0J(K\Q#D>'1CHAY@H;+@]+P!&(P>MH>%-4S-?(\_W8$WX(&+L)A@K MME0%O<;VDFTQ2*L5A9)$"148:H,`8_SPWXR'5`:4:J`4VF3ZUV"L>J=+B8QX MHH<-"27>4-%_,2W*PK(M__T'GDTL'_<7"WIY.:J7RP;C`:FZR$1 M)&$1Q44,&$7(X`:IG:]1QM=+T%4[HE22:^0N^?:"\YK,+N+BY.#>VF;3[7'> M4WNRH[@V@CD3[=7.8BGIY?VB9H=QH@(C)SCP-2*79<-0.B6X.U+%RT_IC;PQ M*%)XY'!$T*7B\65C5CDWK%FY(:N]&4:X"LL[(=\2<":X,3W_W*7+(=ZR>8"-X>P*O*3>HY1&"IBL(CBHA@8A<@J75,+W9R#"NGNC9U* MM9JW5G%S[=IF+O$?7-MRIROBL%V5PEOCPI1`=A(4+SU'B;?[K8%0C*3LGGD= MG`P!)]4WTOW+7%>'Y'_'4CWJ4*E9Q#M.(RUSJ[@+1%;53_S"BQ5[X00ZB*6;)X@ MF$PG3R;!9[;I>9P3"44IH:6;+EYZ>%]WV!\B#I!0`*7DK$)-M,(S"U)<0`7. M5U1.ZASB8*(/GO%6=%7"!-`2#TJ5WP'4SBF[X'%\0'*N3"'31:O:O"301DZU M'_QV+-:QY?T2KB.3/\*(-%&B_,F3:',%RZML?;AAQ8UUQ54O`CE"B%29I0:@ MR$O7PU>NDWL93^YG.%6NRY2/C'42NF3949!?B30WJKW!J;W:Z!U7&PF9IFD" M"%7FYJ@@'9QTM[A;V#82&MZ3^Z#;4S(VH`2D[M);G@7L`?0^QOZ*..*-_)PT M<#I/%RS_%.KCA,9##)5[]K=CLI9V*\10-=$5BR6A8PY-,`T73GK32:`57'4> M:1SE!:QR'KPQBZQX]V)2S)5+3L2;3Y#GOS1-TSM:MW>B!8K5>KH6Z#7YR_V$ M?M;:7:-S#518$2DQ-'N]KMZEBZ-V>'K\]<'& MV$=7*]NWFA.Z/'8)&CIS=XG18'JQ$X7S+%HCL<"M$[3&0'$Y1T$Z0`GG"I8D4EID!>?72AN(/)!QD*N._^&<'L-4IT_C%Y7\[<["7* M_P[T?.!4H=*W/;1H"AOE1F%V^`<#;UQ[0Z[V$,\%YLHB?BIPGF"HBZBRES0M M_9O^13_,3`_3/_X/4$L#!!0````(`&V".4%Z]537_`D``(_4```=`!P`8VLP M,#`Q-#`X.3[= MERX99)MMD%P2=NQ_OQ*&Q!@$WC3]^__67B[^8IG%S_8_^T!@@ST70N#7O M84#O7N'/1CQ&@\#>#_^D8[*=OGX9W M1J=I&<8T"&;GK=;S\W,3.A-`3!SVWK2QWS),,S[SO]<8SXV3IG7:/-DX,L1S MY)P;G8V?K@A M$Y-)B_7=;<6&C5]_,=;&YTOJ)AH\=V-SJ_7M_N[1GD(?F"ZB`4!VHB'O+*NI MU>OU6N'1M35USVG8RQVV0VHD`!I""_X_,S8S^4\F8[AK-9?4:?S.3WA!L`>' M<&R$&,Z#U0Q>-JCKSSS8B'Z;$CB^;-@_VNPJC]IGO=,VI[W3[EEMWL]?K[$] M]]D8BO\&R+E!@1NL;M$8$S^\BH;!S_/G\#9Q.<0`V7`40.=&+F,3=>6`$O]KW,,"@9SVMDU1_QL6,':4@9-J7$&NG05AQK"$+7TGAZ'269KB'+ MHAR.YKX/R&HGJ@1-RO4L7$^8J+QN=AC&G[-+PC,,!!T&.W#A]H:M31[H$ M3\1X["2#BWJ/G!PJ"KS^"R]6W7B1"%$X/YG/F_J.%DE6"O(2+_QT:\U/(FS< M?B8)O;0B@R>3G)0CBLCHJ$9&[CR+2.G6DA3Q6TZ*EXBU6D^8?#K2.:-:3QAY M,K82?`K/&'%J*B+E2&E24MG-B)5C15G96L>*V#A1E(VMK$C$QIFB;&2OX$6D M]!0G96N9[C4HJ8"6B];VRGJ)Z^UY8I!R$[M]A.;`^SQ'3DK8$8:"3^R2/K%3 M_4AG?.6;EIR<_@3(%2,TZ".'Q2CA*R"R88CAGS!T-FGP$FU47B`_I`7H:IV*)2Q%_=8#J$#O1#/UWDG'9H6\U5%`V& M:D?!#K>_E/M^<$OK@]'_UJ&(\#ZF+*I"]$!]- M0119EBU(>'WXR\R)?/.RL6(2C+'GXB<6*.(%),*Q*+2L&F$>E6);+9/90YF, M<+!M'JP`A\PT%=C504ST#E2Y=S!IH@5.*9+>*7!Z&Z(I]AQ(/L.<)Z?`KFQT M`=\8-ED)Q]2V045X9+Q#CNW!B-;V5P>E16):)*9%8EHDID5B6@2U-^1H$=3K MM-$BJ!U%4"J2D?'66&O_44A(.@%<:Q[U%8_)2_WJ2P#BHG MO1.QT?4P()1LR*BLI<*?%'3)"B[G@7K4E,E8J: MU=QEZ#@B5G22Y:U^Q]0H&@:FEHMB/A1U-WG+53$UBH:`":U!S(6BKE:D=XAI M430:EA%\QTD(1=,S!;JVF)U*R'F$ M9.':T.J,+)Y]&+!@I4\I##(T<-(M]7X)O5_B;6KTW/&785,R*C:NOP+F+\F` M#*'KC^;,U_'[DX=2HHV"JOE[@,`DY*'(RP@M2T;X!08R@S#;K&KUO%A6*C8M M&V,PA42&09&AUGJ7J_76VMR/XTCK.&LK`=A''2=SDB.\SX1I):=6+E6"7$+,3CW=M=ZKH3_HJ_>R5$F. MWLN2]=[P,_>R5+K`653$KH8KFWI=4,UUP6B,BY<]!':5HOL/!*1M%6&+K*I' MUI5"UE5Q=5*O#>FU(;TVI->&]-K0QX?M^4]P!;/^4H1D1Q:U?K][*R_=.N?U M]>*J7ES5J5>=>M6IU_TB1Z=>ZY]ZW7[W##&][K>YA@%P/;ZII.3*''M1U>(P M\L-ZYXO.K6XP?H+$=Q%8?[UJ]\M(=Z+@"IW>/_@>;+IF43UK M%B6DW%_@,W_\?@(4.@-T0P/&5@"+-F"*6JF^6_3UI;F_8*_Y8.1ZS-5]A:-' M-X!]QR&09LD#I)KI2E996`ADC73]/UTPY,6[F3?+"6!<*T$%7+PK0L3,O"*F=%R\*T+$S+ MPNH@"]O##S(KM-=A!S+6N;5Z?VKE/<7VZNE/WUYMKZ9?4?F`)HLYFA\\L'BD:Z.5_7O%(46?\)CERS)FB?KFP@N61HB&R1`7+(T7#9+GM M,G&Q=T6=D9PR.29)]9&46:'Z1-$`2+I"]8FBR]CEA2-9>3V)<8D51+59'Z"ZZ+%48_8NS_[S_\! M4$L#!!0````(`&V".4$`#G;3=@0``*L4```9`!P`8VLP,#`Q-#`X.3`L``00E#@``!#D!``#M6%MOVS84 M?B_0_W"FIQ:(;G:?*RSGN?UZ&`3Q2&3/!!X9K.090[@F?\<7`N)F8IY,OHY'Q M^>3]N_XOI@G#LZ^G8[CF`>,41N8E59(MX=:C`95$49B2I>`B?(:)=T]#<@`S M$E,?!(?;7\<7T+)<@'NEHIYM/ST]6=1?$&F*5)SEB=`&TRQ4_9X9U8,CRSVV MCDHK8Y%POP>MTM0728E"-/AH!2XY;LMTNF;+G;J=GM/I==P_RF@1/4NVN%?P MP?N(8*=C(L.M>'<`(^Y99&%PGC_#C)L;SF3`:LP]$S!:=N,QXIPCY8H:-'##H9>UI$N*]F@ MY&:YW6[73E=+:._!06L/G4_=8Z="(OXCBX6,[XFD<9HB'5NGZSHE-A><)V&] M?;Z2MGJ.J(T@$U%4,J],?9NWP=$87[W2RJ'HV-EB">U35H7&U+,6XM'&!3O; M**[9=DL,*>L)4J[C%9$+JJY(2..(>+1)Y/#$A)2K/2&J1IEGPDOT386OX3[0ZZ8>AZA?!FF6@U@_L#8"_EJ46&33^>,L]1V1Q\_ M$PI^>7C*?%UI)]5?(N'RXCRF,9G1)$MZ=P3^T9FVYA._6#Y24!Q>(H7 M.PG@'!]<>%4`A8:?6:O-6AZ>X9*$44"WI.LMT!MY.JSF*9<&N3AXF4K"XTB@ MJ_^'^[&H?\9T#FEIT].EP\"(F8Z&D<\1Z6G^[J+(CJ3`C:X8C5=E52Y@@UVM MPM+DK\4OMZJ0<"_I?&"4JRVSJ`KND&EA`5)`\<73VKZLY($6&!\`"0+#_GXC M4$UG@P`@L28`9Z_B?A#_TV>OH>O(J7']0DOZ0;Q>/_X-G$=JC?._E036Q:!O MERM=_*I6PGT,@9`*>&UQOJ7A@JRGNQ!>*F@'17^9!<_44R9V!FW76L9^;F(3 M"U81;V9!P6MJ06W/M*_N@J"5=IH[O-'9[:5WG:65=[7'[M$_,:'4E#8T0_"K MOV?)KB9TFPVU'#TP5^3FRJL-[5ZZ-@,*YGH&TK_F=+#FXL)?YH2_43F MK2EG`5ZL^C+)L'&"9*82O?I5BB0:&!F=H?AZ!^J+MXH#FY#ORH&L']O'CVW( M_]"=OIUM2AS^!5!+`0(>`Q0````(`&V".4$EC)4FU!P```)W```9`!@````` M``$```"D@0````!C:S`P,#$T,#@Y-S`M,C`Q,C`Y,3`N>&UL550%``/.$6)0 M=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`;8(Y0?M&NM'E`@``8PP``!T` M&````````0```*2!)QT``&-K,#`P,30P.#DW,"TR,#$R,#DQ,%]C86PN>&UL M550%``/.$6)0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`;8(Y04M58G]^ M"@``AL$``!T`&````````0```*2!8R```&-K,#`P,30P.#DW,"TR,#$R,#DQ M,%]D968N>&UL550%``/.$6)0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` M;8(Y06"7Y+I_#@``^:X``!T`&````````0```*2!."L``&-K,#`P,30P.#DW M,"TR,#$R,#DQ,%]L86(N>&UL550%``/.$6)0=7@+``$$)0X```0Y`0``4$L! M`AX#%`````@`;8(Y07KU5-?\"0``C]0``!T`&````````0```*2!#CH``&-K M,#`P,30P.#DW,"TR,#$R,#DQ,%]P&UL550%``/.$6)0=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`;8(Y00`.=M-V!```JQ0``!D`&````````0`` M`*2!840``&-K,#`P,30P.#DW,"TR,#$R,#DQ,"YX`L` A`00E#@``!#D!``!02P4&``````8`!@!*`@``*DD````` ` end XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 11 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\V93@T9C)B8U\W9&,X7S0S.61?86)D,5]E.3(V M,S%C.&(Y8S`B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I% M>&-E;%=O6QE#I! M8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0 M#I0#I0&UL M/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@ M<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7S9E.#1F,F)C7S=D8SA?-#,Y9%]A8F0Q7V4Y,C8S,6,X8CEC M,`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\V93@T9C)B8U\W9&,X M7S0S.61?86)D,5]E.3(V,S%C.&(Y8S`O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^ M-#@U0E!/4SQS<&%N/CPO'0^4V5P(#$P+`T*"0DR,#$R M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$4-E;G1R86Q);F1E>$ME>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,30P.#DW,#QS<&%N/CPO'0^9F%L6UB;VP\+W1D/@T*("`@("`@("`\ M=&0@8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L9#QB'0^4TA!4D5(3TQ$15(@1D5% M4R`H9F5E6]U'0^04Y.54%, M($953D0@3U!%4D%424Y'($584$5.4T53("AE>'!E;G-E6]U'!E M;G-E'!E;G-E2!N970@87-S971S(&9O M'!E;G-E(&QI;6ET871I;VX@*&DI(&UA>2!B92!T97)M M:6YA=&5D(&%T(&%N>2!T:6UE(&)Y('1H92!!9'9I&%M<&QE(&ES(&EN=&5N9&5D('1O(&AE;'`@>6]U(&-O M;7!A6]U6]U65A'!E;G-E M2!B92!H:6=H97(@;W(@;&]W97(L(&)A'!E;G-E($5X86UP;&4-"@T*#0H-"BA54T0@)"D\8G(^/"]S=')O;F<^ M/"]T:#X-"B`@("`@("`@("`@("`@/'1H(&-L87-S/3-$=&@^17AP96YS92!% M>&%M<&QE+"!W:71H(%)E9&5M<'1I;VXL(#$@665A'!E;G-E($5X86UP;&4L('=I M=&@@4F5D96UP=&EO;BP@,R!996%R'0^4$]25$9/3$E/(%154DY/5D52 M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'1T/E1H92!& M=6YD('!A>7,@=')A;G-A8W1I;VX@8V]S=',L('-U8V@@87,@8V]M;6ES&5S('=H M96X@1G5N9#QB&%B;&4@86-C M;W5N="X@5&AE'!E;G-E2!A;&QO8V%T:6YG('1H92!&=6YD)W,@:6YV97-T;65N=',@/&)R("\^86UO M;F<@=F%R:6]U2!A;F0@;F]N+6%G96YC>2`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`\8G(@+SYO'0^/'1T/D$@8V]M M<&%R:7-O;B!O9B!T:&4@1G5N9"=S('!E3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%\V93@T9C)B8U\W9&,X7S0S.61?86)D,5]E M.3(V,S%C.&(Y8S`-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-F4X M-&8R8F-?-V1C.%\T,SED7V%B9#%?93DR-C,Q8SAB.6,P+U=O'0O:'1M;#L@8VAA'0^4V5P(#$P+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^51E>'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'1T/E1H92!.97=F;&5E="!-=6QT:2U396-T;W(@26YC M;VUE($541B`H=&AE(")&=6YD(BD@'!E;G-E(%M(96%D:6YG73PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'!E;G-E($YA'!E;G-E M3F%R6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L9#QB M'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&@^'0^4TA!4D5(3TQ$15(@1D5%4R`H9F5E6]U'!E;G-E65A3QB&%M<&QE+"!A9F9E8W0@=&AE($9U;F0G'!E;G-E($5X8VAA;F=E(%1R861E9"!&=6YD M($-O;6UI&-H86YG951R861E9$9U;F1#;VUM:7-S:6]N'0^36]S="!I;G9E'0^ M0F5C875S92!T:&4@1G5N9"!I'!E;G-E65A'!E;G-E17AA;7!L94AE861I;F<\+W1D/@T*("`@("`@ M("`\=&0@8VQA'0@ M0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^&%M<&QE(&1O97,@;F]T M('1A:V4@:6YT;R`\8G(@+SYA8V-O=6YT(&-R96%T:6]N(&]R(')E9&5M<'1I M;VX@=')A;G-A8W1I;VX@9F5E6]U(&EN=F5S M="`D,3`L,#`P(&EN('1H92!&=6YD(&9O6]U6]U'1E;G-I=F4@8W)E9&ET(#QB MF4@;VX@;W!P;W)T=6YI=&EEF%T:6]N(&]R+"!I M9B!U;G)A=&5D+"!T:&]S93QB&5D M(&EN8V]M92!M87)K971S+"!W:&EC:"P@87,@;V8@=&AE(&1A=&4@;V8@=&AI M6EE;&0@2!B M92!I7!E#(P,C([(%-E8W5R:71I97,@:7-S=65D(&]R(&=U87)A M;G1E960@87,@=&\@<')I;F-I<&%L(&%N9"!I;G1E2!T:&4@52Y3 M+CQB2!F;W)E M:6=N(&ES#(P,C([($EN=F5S=&UE;G0M9W)A9&4@2!N;VXM52Y3+B!I&5D(&EN8V]M92!I;G9E65A2!I;G9E'0^4%))3D-) M4$%,(%))4TM3($]&($E.5D535$E.1R!)3B!42$4@1E5.1#QS<&%N/CPO'0@0FQO M8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`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`\8G(@+SYO2!T:&4@9G5L;"!F M86ET:"!A;F0@/&)R("\^8W)E9&ET(&]F('1H92!5;FET960@4W1A=&5S+CQB M2!;5&5X=%T\+W1D/@T*("`@("`@ M("`\=&0@8VQA2!F=6YD+"!T:&5R92!I M'0@ M0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^2!G:79E('-O;64@:6YD:6-A=&EO;B!O M9B!T:&4@65A&5S*2!D;V5S(&YO="!N96-E2!I;F1I8V%T92!H;W<@=&AE($9U;F0\8G(@+SYW:6QL('!E5=E8E-I=&5!9&1R97-S/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#YW=W'0^ M3V8@8V]U&5S*2`- M"F1O97,@;F]T(&YE8V5S'!E;G-E'!E;G-E&-L M=61I;F<@("`@("`@:6YT97)E&5S+"!B2!N970@("`@("!A&%M<&QE+"!W M:71H(%)E9&5M<'1I;VXL(#$@665A&%M<&QE665A'!E;G-E&-L=61I;F<@:6YT97)E&5S+"!B'1R86]R9&EN87)Y(&5X<&5N XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Newfleet Multi-Sector Income ETF (Prospectus Summary) | Newfleet Multi-Sector Income ETF
NEWFLEET MULTI-SECTOR INCOME ETF (NYSE Arca Ticker: MINC)
INVESTMENT OBJECTIVE
The Newfleet Multi-Sector Income ETF (the "Fund") seeks to provide current
income consistent with preservation of capital, while limiting fluctuations
in net asset value ("NAV") due to changes in interest rates.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
SHAREHOLDER FEES (fees paid directly from your investment) None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Newfleet Multi-Sector Income ETF
MANAGEMENT FEES 0.65%
DISTRIBUTION (12b-1) FEES none
OTHER EXPENSES [1] 0.12%
TOTAL ANNUAL FUND OPERATING EXPENSES 0.77%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT [2] 0.02%
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT 0.75%
[1] Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year.
[2] The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.75% of the Fund's average daily net assets for at least a year from the date of this Prospectus. The expense limitation (i) may be terminated at any time by the AdvisorShares Trust Board of Trustees (the "Board"), and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
EXAMPLE
This Example is intended to help you compare the cost of investing in the shares of
the Fund with the cost of investing in other funds. This Example does not take into
account creation or redemption transaction fees, or the brokerage commissions that
you pay when purchasing or selling shares of the Fund. If commissions were included,
your costs would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then sell 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 (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Newfleet Multi-Sector Income ETF
 77 243
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 Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
PRINCIPAL INVESTMENT STRATEGIES
In seeking to achieve the Fund's investment objective, Newfleet Asset Management,
LLC (the "Sub-Advisor") applies a time-tested approach and extensive credit
research to capitalize on opportunities across undervalued areas of the bond
markets. The Fund principally invests in investment-grade securities, which are
securities with credit ratings within the four highest rating categories of
a nationally recognized statistical rating organization or, if unrated, those
securities that the Sub-Advisor determines to be of comparable quality. The
Sub-Advisor seeks to provide diversification by allocating the Fund's investments
among various sectors of the fixed income markets, which, as of the date of this
Prospectus, include: corporate investment-grade, corporate high-yield, bank loans,
non-agency commercial mortgage-backed securities ("CMBS"), agency and non-agency
residential mortgage-backed securities ("RMBS"), non-U.S. dollar securities,
emerging market high-yield securities, Yankee investment-grade bonds, asset-backed
securities, taxable municipal bonds, tax-exempt municipal bonds, and securities
issued or guaranteed as to principal and interest by the U.S. government, its
agencies, authorities or instrumentalities. As a result, the Fund's fixed income
investments may be issued by various types of issuers and may include some or all
of the following:

• Securities issued or guaranteed as to principal and interest by the U.S.
government, its agencies, authorities or instrumentalities, including
collateralized mortgage obligations ("CMOs"), real estate mortgage investment
conduits ("REMICs") and other pass-through securities;

• Debt securities issued by foreign issuers, including foreign governments and
their political subdivisions;

• Investment-grade securities issued primarily by U.S. issuers and secondarily
by non-U.S. issuers; and

• High-yield debt instruments, including bank loans, which are generally
floating-rate loans.

The average duration of the Fund's fixed income investments will range from one
to three years. The Fund may invest up to 20% of its total assets in securities
that are rated below investment grade at the time of purchase. If certain of the
Fund's holdings experience a decline in their credit quality and fall below
investment grade, the Fund may continue to hold the securities and they will not
count toward the Fund's 20% investment limit. Generally, the Fund will limit its
investments in corporate high-yield securities to 10% of its assets and will
limit its investments in non-U.S. issuers to 30% of its assets.
PRINCIPAL RISKS OF INVESTING IN THE FUND
The Fund is subject to a number of risks that may affect the value of its
shares, including:

Credit Risk. The Fund is subject to the risk that an issuer of a fixed income
security, such as a corporate bond, may be unable or unwilling to make interest
and principal payments when due. The Fund is also subject to the related risk
that the value of a fixed income security may decline because of concerns about
the issuer's creditworthiness. Credit risk is heightened to the extent the Fund
invests in below investment-grade securities, which are also referred to as
high-yield securities or junk bonds.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Fixed Income Securities Risk. Fixed income securities are subject to the risk
that securities could lose value because of interest rate changes. Fixed income
securities with longer maturities are subject to greater price shifts as a
result of interest rate changes than fixed income securities with shorter
maturities. Fixed income securities also are subject to prepayment, interest
rate, and credit risks.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers
may involve certain risks that are greater than those associated with investments
in securities of U.S. issuers. These include risks of adverse changes in foreign
economic, political, regulatory and other conditions; changes in currency exchange
rates or exchange control regulations (including limitations on currency movements
and exchanges); differing accounting, auditing, financial reporting and legal
standards and practices; differing securities market structures; and higher
transaction costs. In addition, the securities of some foreign companies may be
less liquid and, at times, more volatile than securities of comparable U.S.
companies.

High-Yield Securities Risk. The Fund's investments in high-yield securities or
"junk bonds" are subject to a greater risk of loss of income and principal than
higher grade debt securities. The Fund's investments in high-yield securities
also subjects the Fund to greater levels of interest rate, credit and liquidity
risk than funds that do not invest in such securities. Issuers of junk bonds are
often highly leveraged and are more vulnerable to changes in the economy. These
securities are considered predominately speculative with respect to the issuer's
continuing ability to make principal and interest payments.

Income Risk. The income from the Fund's investments may decline because of
falling market interest rates. This can result when the Fund invests the
proceeds from new share sales, or from matured or called bonds, at market
interest rates that are below the Fund portfolio's current earnings rate.

Interest Rate Risk. The Fund's investment in fixed income securities will change
in value in response to interest rate changes and other factors, such as the
perception of the issuer's creditworthiness.

Investment Risk. An investment in the Fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The Fund may experience losses with respect to its investment.
Further, there is no guarantee that the Fund will be able to achieve its objective.

Issuer Risk. The value of a Fund investment may decline for a reason directly
related to the issuer of such security, such as management performance, financial
leverage and reduced demand for the issuer's goods or services.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Loan Participation Risk. The Fund may not have a readily available market for
loan participation interests and, in some cases, the Fund may have to dispose of
such securities at a substantial discount from face value. Loan participations
also involve the credit risk associated with the underlying corporate borrower.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the Fund's stated investment objective cannot be
guaranteed over short- or long-term market cycles. The Sub-Advisor's judgment
about the markets, the economy, or companies may not anticipate actual market
movements, economic conditions or company performance, and these judgments may
affect the return on your investment.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. Price fluctuations may be temporary or may last
for extended periods. This volatility may cause the value of your investment in
the Fund to decrease.

Mortgage-Backed and Asset-Backed Securities Risk. The risk that the impairment
of the value of collateral underlying a mortgage-backed or asset-backed security,
such as due to non-payment of loans, will result in a reduction in the value of
such security.

Municipal Market Volatility Risk.The municipal market is volatile and can be
significantly affected by adverse tax, legislative, or political changes and the
financial condition of the issuers of municipal securities.

Tax Risk. Income from municipal bonds held by the Fund could be declared taxable
because of unfavorable changes in tax laws, adverse interpretations by the
Internal Revenue Service or state tax authorities, or noncompliant conduct of
a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest
dividends may be taxable to those shareholders subject to the federal alternative
minimum tax.
  
Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

U.S. Government Securities Risk. The Fund may invest in U.S. government securities,
which are subject to price fluctuations and to default in the event that an agency
or instrumentality will default on an obligation not backed by the full faith and
credit of the United States.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
FUND PERFORMANCE
A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information will be available on the Fund's website at
www.advisorshares.com following the Fund's commencement of operations.
XML 13 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 10, 2012
Registrant Name dei_EntityRegistrantName AdvisorShares Trust
Central Index Key dei_EntityCentralIndexKey 0001408970
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 10, 2012
Document Effective Date dei_DocumentEffectiveDate Sep. 10, 2012
Newfleet Multi-Sector Income ETF (Prospectus Summary) | Newfleet Multi-Sector Income ETF | Newfleet Multi-Sector Income ETF
  
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MINC
XML 15 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Sep. 10, 2012
Newfleet Multi-Sector Income ETF (Prospectus Summary) | Newfleet Multi-Sector Income ETF
  
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading NEWFLEET MULTI-SECTOR INCOME ETF (NYSE Arca Ticker: MINC)
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Newfleet Multi-Sector Income ETF (the "Fund") seeks to provide current
income consistent with preservation of capital, while limiting fluctuations
in net asset value ("NAV") due to changes in interest rates.
Expense [Heading] rr_ExpenseHeading FUND FEES AND EXPENSES
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. Most investors will incur customary brokerage commissions
when buying or selling shares of the Fund, which are not reflected in the table
below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
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 Total Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. This rate excludes the value of portfolio securities received or
delivered as a result of in-kind creations or redemptions of the Fund's shares.
Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Most investors will incur customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the table below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year.
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 shares of
the Fund with the cost of investing in other funds. This Example does not take into
account creation or redemption transaction fees, or the brokerage commissions that
you pay when purchasing or selling shares of the Fund. If commissions were included,
your costs would be higher.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then sell 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 In seeking to achieve the Fund's investment objective, Newfleet Asset Management,
LLC (the "Sub-Advisor") applies a time-tested approach and extensive credit
research to capitalize on opportunities across undervalued areas of the bond
markets. The Fund principally invests in investment-grade securities, which are
securities with credit ratings within the four highest rating categories of
a nationally recognized statistical rating organization or, if unrated, those
securities that the Sub-Advisor determines to be of comparable quality. The
Sub-Advisor seeks to provide diversification by allocating the Fund's investments
among various sectors of the fixed income markets, which, as of the date of this
Prospectus, include: corporate investment-grade, corporate high-yield, bank loans,
non-agency commercial mortgage-backed securities ("CMBS"), agency and non-agency
residential mortgage-backed securities ("RMBS"), non-U.S. dollar securities,
emerging market high-yield securities, Yankee investment-grade bonds, asset-backed
securities, taxable municipal bonds, tax-exempt municipal bonds, and securities
issued or guaranteed as to principal and interest by the U.S. government, its
agencies, authorities or instrumentalities. As a result, the Fund's fixed income
investments may be issued by various types of issuers and may include some or all
of the following:

• Securities issued or guaranteed as to principal and interest by the U.S.
government, its agencies, authorities or instrumentalities, including
collateralized mortgage obligations ("CMOs"), real estate mortgage investment
conduits ("REMICs") and other pass-through securities;

• Debt securities issued by foreign issuers, including foreign governments and
their political subdivisions;

• Investment-grade securities issued primarily by U.S. issuers and secondarily
by non-U.S. issuers; and

• High-yield debt instruments, including bank loans, which are generally
floating-rate loans.

The average duration of the Fund's fixed income investments will range from one
to three years. The Fund may invest up to 20% of its total assets in securities
that are rated below investment grade at the time of purchase. If certain of the
Fund's holdings experience a decline in their credit quality and fall below
investment grade, the Fund may continue to hold the securities and they will not
count toward the Fund's 20% investment limit. Generally, the Fund will limit its
investments in corporate high-yield securities to 10% of its assets and will
limit its investments in non-U.S. issuers to 30% of its assets.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS OF INVESTING IN THE FUND
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is subject to a number of risks that may affect the value of its
shares, including:

Credit Risk. The Fund is subject to the risk that an issuer of a fixed income
security, such as a corporate bond, may be unable or unwilling to make interest
and principal payments when due. The Fund is also subject to the related risk
that the value of a fixed income security may decline because of concerns about
the issuer's creditworthiness. Credit risk is heightened to the extent the Fund
invests in below investment-grade securities, which are also referred to as
high-yield securities or junk bonds.

Early Closing Risk. An unanticipated early closing of the NYSE Arca, Inc. (the
"Exchange") may result in a shareholder's inability to buy or sell shares of the
Fund on that day.

Emerging Markets Risk. Certain of the Fund's investments will expose the Fund's
portfolio to the risks of investing in emerging markets. Emerging markets, which
consist of countries or markets with low to middle income economies as classified
by the World Bank and other countries or markets with similar characteristics as
determined by the Advisor, can be subject to greater social, economic, regulatory,
and political uncertainties and can be extremely volatile.

Fixed Income Securities Risk. Fixed income securities are subject to the risk
that securities could lose value because of interest rate changes. Fixed income
securities with longer maturities are subject to greater price shifts as a
result of interest rate changes than fixed income securities with shorter
maturities. Fixed income securities also are subject to prepayment, interest
rate, and credit risks.

Foreign Investment Risk. The Fund's investments in securities of foreign issuers
may involve certain risks that are greater than those associated with investments
in securities of U.S. issuers. These include risks of adverse changes in foreign
economic, political, regulatory and other conditions; changes in currency exchange
rates or exchange control regulations (including limitations on currency movements
and exchanges); differing accounting, auditing, financial reporting and legal
standards and practices; differing securities market structures; and higher
transaction costs. In addition, the securities of some foreign companies may be
less liquid and, at times, more volatile than securities of comparable U.S.
companies.

High-Yield Securities Risk. The Fund's investments in high-yield securities or
"junk bonds" are subject to a greater risk of loss of income and principal than
higher grade debt securities. The Fund's investments in high-yield securities
also subjects the Fund to greater levels of interest rate, credit and liquidity
risk than funds that do not invest in such securities. Issuers of junk bonds are
often highly leveraged and are more vulnerable to changes in the economy. These
securities are considered predominately speculative with respect to the issuer's
continuing ability to make principal and interest payments.

Income Risk. The income from the Fund's investments may decline because of
falling market interest rates. This can result when the Fund invests the
proceeds from new share sales, or from matured or called bonds, at market
interest rates that are below the Fund portfolio's current earnings rate.

Interest Rate Risk. The Fund's investment in fixed income securities will change
in value in response to interest rate changes and other factors, such as the
perception of the issuer's creditworthiness.

Investment Risk. An investment in the Fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The Fund may experience losses with respect to its investment.
Further, there is no guarantee that the Fund will be able to achieve its objective.

Issuer Risk. The value of a Fund investment may decline for a reason directly
related to the issuer of such security, such as management performance, financial
leverage and reduced demand for the issuer's goods or services.

Liquidity Risk. Trading in shares of the Fund may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable.

Loan Participation Risk. The Fund may not have a readily available market for
loan participation interests and, in some cases, the Fund may have to dispose of
such securities at a substantial discount from face value. Loan participations
also involve the credit risk associated with the underlying corporate borrower.

Management Risk. The Sub-Advisor continuously evaluates the Fund's holdings,
purchases and sales with a view to achieving the Fund's investment objective.
However, the achievement of the Fund's stated investment objective cannot be
guaranteed over short- or long-term market cycles. The Sub-Advisor's judgment
about the markets, the economy, or companies may not anticipate actual market
movements, economic conditions or company performance, and these judgments may
affect the return on your investment.

Market Risk. Due to market conditions, the Fund's investments may fluctuate
significantly from day to day. Price fluctuations may be temporary or may last
for extended periods. This volatility may cause the value of your investment in
the Fund to decrease.

Mortgage-Backed and Asset-Backed Securities Risk. The risk that the impairment
of the value of collateral underlying a mortgage-backed or asset-backed security,
such as due to non-payment of loans, will result in a reduction in the value of
such security.

Municipal Market Volatility Risk.The municipal market is volatile and can be
significantly affected by adverse tax, legislative, or political changes and the
financial condition of the issuers of municipal securities.

Tax Risk. Income from municipal bonds held by the Fund could be declared taxable
because of unfavorable changes in tax laws, adverse interpretations by the
Internal Revenue Service or state tax authorities, or noncompliant conduct of
a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest
dividends may be taxable to those shareholders subject to the federal alternative
minimum tax.
  
Trading Risk. Shares of the Fund may trade below their NAV. The NAV of shares
will fluctuate with changes in the market value of the Fund's holdings. In
addition, although the Fund's shares are currently listed on the Exchange, there
can be no assurance that an active trading market for shares will develop or be
maintained.

U.S. Government Securities Risk. The Fund may invest in U.S. government securities,
which are subject to price fluctuations and to default in the event that an agency
or instrumentality will default on an obligation not backed by the full faith and
credit of the United States.

As with any fund, there is no guarantee that the Fund will achieve its investment
objective.
Risk Lose Money [Text] rr_RiskLoseMoney As with any fund, there is no guarantee that the Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading FUND PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock A comparison of the Fund's performance with that of a broad measure of market
performance may give some indication of the risks of an investment in the Fund;
however, the Fund is new and, therefore, does not have a performance history
for a full calendar year. Of course, once the Fund has performance, this past
performance (before and after taxes) does not necessarily indicate how the Fund
will perform in the future.

Updated performance information will be available on the Fund's website at
www.advisorshares.com following the Fund's commencement of operations.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess the Fund is new and, therefore, does not have a performance history for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.advisorshares.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Newfleet Multi-Sector Income ETF (Prospectus Summary) | Newfleet Multi-Sector Income ETF | Newfleet Multi-Sector Income ETF
  
Risk Return [Abstract] rr_RiskReturnAbstract  
MANAGEMENT FEES rr_ManagementFeesOverAssets 0.65%
DISTRIBUTION (12b-1) FEES rr_DistributionAndService12b1FeesOverAssets none
OTHER EXPENSES rr_OtherExpensesOverAssets 0.12% [1]
TOTAL ANNUAL FUND OPERATING EXPENSES rr_ExpensesOverAssets 0.77%
FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2]
TOTAL ANNUAL FUND OPERATING EXPENSES AFTER FEE WAIVER AND/OR EXPENSE REIMBURSEMENT rr_NetExpensesOverAssets 0.75%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.75% of the Fund's average daily net assets for at least a year from the date of this Prospectus. The expense limitation (i) may be terminated at any time by the AdvisorShares Trust Board of Trustees (the "Board"), and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 77
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 243
[1] Because the Fund is new, "Other Expenses" are based on estimated amounts for the current fiscal year.
[2] The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep the Fund's Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 0.75% of the Fund's average daily net assets for at least a year from the date of this Prospectus. The expense limitation (i) may be terminated at any time by the AdvisorShares Trust Board of Trustees (the "Board"), and (ii) will be terminated upon termination of the investment advisory agreement between the Advisor and the Fund.
XML 16 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 3 43 1 true 3 0 false 2 false false R1.htm 0011 - Document - Document And Entity Information {Elements} Sheet http://www.advisorshares.com/role/DocumentDocumentandEntityInformation Document And Entity Information false true R2.htm 0112 - Document - Risk/Return Summary {Unlabeled} (Newfleet Multi-Sector Income ETF) Sheet http://www.advisorshares.com/role/RiskReturn_S000038247Member Risk/Return Summary (Newfleet Multi-Sector Income ETF) false false R5.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data true false All Reports Book All Reports ck0001408970-20120910.xml ck0001408970-20120910.xsd ck0001408970-20120910_cal.xml ck0001408970-20120910_def.xml ck0001408970-20120910_lab.xml ck0001408970-20120910_pre.xml true true