0000910472-12-003046.txt : 20121003 0000910472-12-003046.hdr.sgml : 20121003 20121003125150 ACCESSION NUMBER: 0000910472-12-003046 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121003 DATE AS OF CHANGE: 20121003 EFFECTIVENESS DATE: 20121003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN LIGHTS FUND TRUST II CENTRAL INDEX KEY: 0001518042 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-174926 FILM NUMBER: 121125916 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN LIGHTS FUND TRUST II CENTRAL INDEX KEY: 0001518042 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22549 FILM NUMBER: 121125917 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 0001518042 S000038311 Aftershock Strategies Fund C000118223 Aftershock Strategies Fund Class A Shares C000118224 Aftershock Strategies Fund Class C Shares C000118225 Aftershock Strategies Fund Class I Shares C000118226 Aftershock Strategies Fund Class N Shares 485BPOS 1 f485bxbrl.htm 485BPOS GemCom, LLC



Securities Act Registration No. 333 -174926

Investment Company Act Registration No. 811 -22549


FORM N-1A

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933


Pre-Effective Amendment No.___

o

 


Post-Effective Amendment No.79

x


and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY

ACT OF 1940


Amendment No.   81

x


 (Check appropriate box or boxes.)

Northern Lights Fund Trust II

(Exact Name of Registrant as Specified in Charter)


 (Address of Principal Executive Offices)(Zip Code)

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

17605 Wright Street

Omaha, NE 68130

402.895.1600


 (Name and Address of Agent for Service)

17605 Wright Street

Omaha, NE 68130

402.895.1600


With copy to:


David J. Baum, Esq.

Alston & Bird, LLP

950 F Street NW

Washington, DC 20004

(202) 239-3346

James P. Ash, Esq.

Gemini Fund Services, LLC

450 Wireless Blvd.

Hauppauge, New York 11788

(631) 470-2619




Approximate date of proposed public offering:  

It is proposed that this filing will become effective:   

x Immediately upon filing pursuant to paragraph (b)

 oOn (date)   pursuant to paragraph (b)

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

o On ___________ pursuant to paragraph (a)(1)

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

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

If appropriate, check the following box:

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.



This filing relates solely to the Aftershock Strategies Fund, a series of the Trust.


SIGNATURES


Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 79 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of  Hauppauge, State of New York, on the 3rd day of October, 2012.


NORTHERN LIGHTS FUND TRUST II


By: _______________________

      Andrew Rogers

     Principal Executive Officer*



As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on October 3, 2012.


Brian Nielsen*

Trustee & Chairman

October 3, 2012

Anthony Lewis*

Trustee

October 3, 2012

Keith Rhoades*

Trustee

October 3, 2012

Randy Skalla*

Trustee

October 3, 2012

Thomas Sarkany*

Trustee

October 3, 2012

Andrew Rogers*

President and Principal Executive Officer

October 3, 2012

Kevin Wolf*

Treasurer and Principal Accounting Officer

October 3, 2012




*By: /s/ James Ash

         James Ash

     * Attorney-in-Fact –  pursuant to powers of attorney incorporated by reference to Post-Effective Amendment No.2 (filed August 3, 2011) and Post-Effective Amendment No. 14 (filed November 2, 2011) each to Registrant’s Registration Statement on Form N-1A.




INDEX


 

 

 

Index No.

  

Description of Exhibit

 

 

EX-101.INS

  

XBRL Instance Document

 

 

EX-101.SCH

  

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

  

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

  

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

  

XBRL Taxonomy Extension Presentation Linkbase



EX-101.INS 2 cik0001518042-20120920.xml 0001518042 2012-09-20 2012-09-20 0001518042 cik0001518042:S000038311Member 2012-09-20 2012-09-20 0001518042 cik0001518042:S000038311Member cik0001518042:C000118223Member 2012-09-20 2012-09-20 0001518042 cik0001518042:S000038311Member cik0001518042:C000118224Member 2012-09-20 2012-09-20 0001518042 cik0001518042:S000038311Member cik0001518042:C000118225Member 2012-09-20 2012-09-20 0001518042 cik0001518042:S000038311Member cik0001518042:C000118226Member 2012-09-20 2012-09-20 xbrli:pure iso4217:USD These expenses are based on estimated amounts for the Fund's current fiscal year. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure. Pursuant to an operating expense limitation agreement between Absolute Investment Management LLC (the " Adviser ") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding interest and tax expenses, dividends on short positions and Acquired Fund Fees and Expenses) for the Fund do not exceed 1.95%, 2.70%, 1.70%, and 1.95%,of the Fund's average net assets, for Class A, Class C, Class I and Class N shares, respectively, through December 31, 2013, subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser is permitted to seek reimbursement from the Fund for fees it waived and Fund expenses it paid for the prior three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense cap. NORTHERN LIGHTS FUND TRUST II 485BPOS false 0001518042 2012-09-20 2012-09-20 2012-09-20 2012-09-20 Aftershock Strategies Fund Principal Investment Strategies. <p align="justify" style="margin:0px; font-size:11pt">The <strike/> Fund&#8217;s Adviser seeks to preserve capital in a challenging investment environment. &#160; <strike/> Secondarily , the Fund&#8217;s <strike/> Adviser looks for appreciation of capital from a portfolio of traditional and non-traditional asset classes while strategically managing portfolio volatility. &#160;Specifically, the <strike/> Fund seeks capital preservation and positive returns in the event of a long term decline in the equity and fixed income markets. &#160; </p> <br/><p style="margin:0px; font-size:11pt" align="justify"> The <strike></strike> Fund will <strike></strike> invest in mutual funds and exchange traded funds (ETFs) representing the following four asset categories: equities, fixed income securities, commodities and currencies; as well as <strike></strike> individual securities and other instruments within these asset categories. &#160;The Fund may invest up to 100% of its assets in either mutual funds and ETFs or individual securities and instruments representing or within the four asset categories , or any combination of such investments, although the Fund normally intends to invest primarily in mutual funds and ETFs. &#160;The criteria for direct investment in equity and debt securities will be based on risk adjusted returns given the near and long term macroeconomic outlook. The Fund may invest in equity securities regardless of the level of capitalization of the issuer. &#160; The Fund&#8217;s investment in fixed income securities (whether direct or through investments in fixed income mutual funds or <strike></strike> ETFs) is normally in shorter term and relatively high quality securities, such as Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;) or Treasury bonds of under five years duration, although there are no specific duration or quality limitations for the Fund&#8217;s fixed income investments. &#160;In selecting equity securities, the <strike></strike> Adviser will seek those securities which in its view provide a degree of safety in the event of a decline in the market. Some of the mutual funds and ETFs that the Fund invests in may be leveraged. &#160; </p> <br/><p style="margin:0px" align="justify"> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">With respect to allocation of the Fund&#8217;s investments across the four asset categories, the Fund&#8217;s investments</font> <font style="font-size:11pt">will correspond to the</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">Adviser&#8217;s</font> <font style="font-size:11pt">asset allocation model that is diversified across asset</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">categories</font> <font style="font-size:11pt">with no one</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">category</font> <font style="font-size:11pt">constituting over 50% of total assets, and no two</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">categories</font> <font style="font-size:11pt">constituting over 80% of total assets. The Fund may also make investments in foreign markets</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">to take advantage of a potential decline in the dollar or long term declines in foreign bond or equities markets. Over time, the</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">Adviser</font> <font style="font-size:11pt">expects the allocation among all of its asset categories to change as the macroeconomic environment changes. For instance, in the event of long term decline in the equity and fixed income markets and/or high inflation, asset allocations may move more heavily toward commodities and similar asset categories that are often more inflation protected. The</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">Adviser</font> <font style="font-size:11pt">will monitor the performance of the</font> <font style="font-size:11pt"><strike></strike></font> <font style="font-size:11pt">Fund&#8217;s investments</font> <font style="font-size:11pt">on a continuous basis.</font> </p> <br/><p style="margin:0px; font-size:11pt" align="justify"> The Fund may invest up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the &#8220;Subsidiary&#8221;) to provide exposure to commodities, including gold and other precious metals. &#160;&#160;&#160;The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest primarily in commodity ETFs, commodity futures and options on commodity futures <strike></strike> , as well as physical gold or other precious metals. The Fund will invest in the Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies. &#160;The Subsidiary is subject to the same investment restrictions as the Fund when viewed on an unconsolidated basis. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund&#8217;s transactions in derivatives. </p> <br/><p style="margin:0px; font-size:11pt" align="justify"> As a result of the Fund&#8217;s strategy, the Fund may have highly leveraged exposure to commodities at times within its Subsidiary but not in the overall Fund. &#160;However, it is expected that the overall portfolio of the Fund will not be leveraged <strike></strike> . </p> Fees and Expenses of the Fund. <p align="justify" style="margin:0px; padding-right:-19.2px; font-size:11pt">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 Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund. &#160;More information about these and other discounts is available from your financial professional and under &#8220;Shareholder Information &#8211; More About Class A Shares&#8221; beginning on page 19 of this Prospectus. </p> 0.0575 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0150 0.0150 0.0150 0.0150 0.0025 0.0100 0.0000 0.0025 0.0050 0.0050 0.0050 0.0050 0.0030 0.0030 0.0030 0.0030 0.0020 0.0020 0.0020 0.0020 0.0010 0.0010 0.0010 0.0010 0.0235 0.0310 0.0210 0.0235 -0.0030 -0.0030 -0.0030 -0.0030 0.0205 0.0280 0.0180 0.0205 ~ http://nlftii.com/20120920/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001518042_S000038311Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlftii.com/20120920/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001518042_S000038311Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-12-31 You may qualify for sales charge discounts on Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) These expenses are based on estimated amounts for the Fund's current fiscal year 25000 This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure. Shareholder Fees (fees paid directly from your investment) Investment Objective. <p align="justify" style="margin:0px; font-size:11pt">The primary objective of the Aftershock Strategies Fund (the &#8220;Fund&#8221;) is preservation of capital</p> <p align="justify" style="margin:0px; font-size:11pt">with a secondary objective of capital appreciation <strike/> , each in the event of a long term decline in the equity and fixed income markets. </p> Portfolio Turnover. <p align="justify" style="margin:0px; font-size:11pt">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 rate 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 Total Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. &#160; </p> Performance. <p align="justify" style="margin:0px; font-size:11pt; clear:left">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. &#160;Updated performance information will be available at no cost by calling the Fund toll-free at 1-[ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]. </p> Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. Principal Risks. <p align="justify" style="margin:0px; font-size:11pt">Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. &#160;The principal risks of investing in the Fund are: </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>General Risks.</i> Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is risk that these and other factors may adversely affect the Fund&#8217;s performance. You could lose money by investing in the Fund. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Risks of Exchange Traded Funds.</i> Investment in an exchange traded fund (ETF) carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of the underlying index. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Equity Securities Risks.</i> The Fund may invest directly in equity securities, and will also invest in ETFs that hold common stock, which subjects the Fund and its shareholders to the risks associated with common stock investing. Overall stock market risks may 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. When the value of the Fund&#8217;s investments goes down, your investment in the Fund decreases in value and you could lose money. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Fixed Income Securities Risk.</i> When the Fund invests in ETFs that own fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and thus the value of ETFs that own fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than the market price of shorter-term securities. The Fund may also invest in fixed income securities directly. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Commodities Risk. &#160;</i>Investing in the commodities markets (directly or indirectly) may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Gold-related investments Risk.</i> Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting gold-related investments may have a significant impact on the Fund&#8217;s performance. Gold and other precious metals prices can be influenced by a variety of economic, financial and political factors, especially inflation: when inflation is low or expected to fall, prices tend to be weak. The Fund may invest directly in precious metals (such as gold bullion). There are certain considerations related to such direct precious metal investments, including custody and transaction costs that may be higher than those involving securities. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Derivatives Risk.</i> The Fund may use derivatives, such as futures contracts, to gain exposure to gold in its Subsidiary. <i>&#160;</i>The Fund&#8217;s indirect use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and tracking risk. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Futures Contract Risk.</i><b>&#160;</b>The successful use of futures contracts draws upon the <strike></strike> Adviser&#8217;s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a)&#160;the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b)&#160;possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c)&#160;losses caused by unanticipated market movements, which are potentially unlimited; (d)&#160;the <strike></strike> Adviser&#8217;s <i></i>inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e)&#160;the possibility that the counterparty will default in the performance of its obligations; and (f)&#160;if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Options Risk.</i>&#160;Options are subject to sudden price movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying futures contract, forward contract or commodity that has a face value substantially greater than the premium paid. &#160;The buyer of an option risks losing the entire purchase price of the option. &#160;The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the futures contract, forward contract or commodity underlying the option that the writer must purchase or deliver upon exercise of the option. &#160;There is no limit on the potential loss. &#160; </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:12.867px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Credit Risk. &#160;</i>There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer&#8217;s financial condition changes. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:12.867px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Short Position Risk. &#160;</i>The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. &#160;Short positions may be considered speculative transactions and involve special risks, including greater reliance on the <strike></strike> Adviser&#8217;s ability to anticipate accurately the future value of a security or instrument. &#160;The Fund&#8217;s losses are potentially unlimited in a short position transaction. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Foreign Securities and Currency Risk. &#160;</i>The risk of investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment. &#160;In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. &#160;These risks may be greater in emerging markets and in less developed countries. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Issuer-Specific Risk. &#160;</i>The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left"> <font style="font-family:Symbol; font-size:11pt"><strike></strike></font> <font style="font-family:Symbol; font-size:11pt"><i>&#183;</i></font> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Risks of Small and Medium Sized Companies.</i> To the extent the Fund invests in the stocks of small and medium capitalization companies or ETFs that invest in such companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Small and medium sized companies may experience higher failure rates than do larger companies. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Growth Risk.</i> The Fund may invest in companies that appear to be growth oriented or ETFs that invest in such companies. Growth companies are those that the Advisor believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Advisor&#8217;s perceptions of a company&#8217;s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund&#8217;s return. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Fund of Funds Risk.</i> The Fund is a &#8220;fund of funds,&#8221; a term typically used to describe an investment company whose principal investment strategy involves investing in other investment companies, such as ETFs and mutual funds. The cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs or other investment company shares. Investors in the Fund will indirectly bear fees and expenses charged by the mutual funds or ETFs in which a Fund invests in addition to the Fund&#8217;s direct fees and expenses. The Fund will also incur brokerage costs when it purchases ETFs. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the benchmarks they track because of transaction costs incurred in adjusting the actual balance of the securities and because the ETFs will incur expenses not incurred by their applicable benchmarks. &#160; </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Other Investment Companies</i>. &#160;The Fund will invest in exchange-traded funds and other investment companies, such as mutual funds. The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees and custodial fees) in addition to the expenses of the Fund. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Leverage Risk:</i> <strike></strike> The assets of the Subsidiary <strike></strike> may be highly leveraged at times , which can magnify the <strike></strike> Fund&#8217;s potential for gain or loss and <strike></strike> , therefore, amplify the effects of market volatility <strike></strike> on the Fund&#8217;s <strike></strike> share price. <i></i> </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Limited Operating History</i>. The Fund is a new enterprise with no operating history. Accordingly, an investment in the Fund entails a high degree of risk. There can be no assurance that the Fund and the <strike></strike> Adviser will achieve the Fund&#8217;s investment objective. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Adviser Risk</i> . Although the Adviser has managed private accounts, the Adviser has not previously managed a mutual fund. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Interest Rate Risk</i>. The risks associated with the Fund include interest rate risk, which means that the prices of the Fund&#8217;s investments are likely to fall if interest rates rise. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Management Risk</i>. Management risk is the risk that the investment process used by the Fund&#8217;s portfolio manager could fail to achieve the Fund&#8217;s investment goal and cause an investment in the Fund to lose value. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:12.867px; padding-left:48px; text-indent:-2px; font-size:11pt"> <i>Non-Diversification Risk</i>. The Fund is classified as non-diversified under the 1940 Act. This means that the Fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Regulatory Change Risk</i>. &#160;The <strike></strike> Adviser has filed with the National Futures Association a notice claiming an exclusion from the definition of the term &#8220;commodity pool operator&#8221; or &#8220;CPO&#8221; under Section 4.5 of regulations of the Commodity Exchange Act, as amended, with respect to the Fund&#8217;s operation. &#160;Recently, the CFTC has amended Section 4.5 in such a way that the <strike></strike> Adviser will no longer be allowed to claim this exclusion. Subject to the availability of another exemption, both the Fund and the Subsidiary will be required to comply with certain CFTC regulations regarding disclosure, reporting and recordkeeping in the future, although the CFTC has not yet finalized the rule explaining the exact nature of the additional requirements applicable to registered investment companies like the Fund. &#160;Compliance with such requirements will likely increase the costs associated with an investment in the Fund. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Tax Risk</i>. &#160;Certain of the Fund&#8217;s investment strategies may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund. &#160;Investing in commodities indirectly through the Subsidiary is intended to allow the Fund to obtain exposure to the commodities markets while remaining in compliance with applicable U.S. federal tax requirements. &#160;However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. &#160;Additionally, the Internal Revenue Service (&#8220;IRS&#8221;) has issued a number of private letter rulings to other mutual funds (unrelated to the Fund), which indicate that certain income from a fund&#8217;s investment in a wholly-owned foreign subsidiary will constitute &#8220;qualifying income&#8221; for purposes of Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). &#160;However, the IRS has suspended issuance of any further letters pending a review of its position. &#160;If the IRS were to change its position with respect to the conclusions reached in its private letter rulings (which change in position might be applied to the Fund retroactively), the income from the Fund&#8217;s investment in the Subsidiary might not be qualifying income, and the Fund might not qualify as a regulated investment company for one or more years. </p> <br/><p style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left"> <i>&#183;</i> </p> <br/><p style="margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:-2px; font-size:11pt" align="justify"> <i>Wholly-Owned Subsidiary Risk. &#160;</i>The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;The <strike></strike> Adviser has, on behalf of the Subsidiary, filed with the National Futures Association a notice claiming exemption from the CFTC&#8217;s reporting and disclosure requirements in accordance with Part 4 of the CFTC Regulations. &#160;The CFTC regulations provide relief relating to CFTC disclosure and reporting requirements for commodity pools, such as the Subsidiary, that are operated by a CPO that is the same as, controls, is controlled by or is under common control with the CPO of an offered pool (such as the Fund). &#160;Changes in the laws or regulations of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary. </p> The Fund is classified as non-diversified under the 1940 Act. This means that the Fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. Example. <p align="justify" style="margin:0px; font-size:11pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> 799 1266 313 957 213 658 238 733 ~ http://nlftii.com/20120920/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001518042_S000038311Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 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. 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Aftershock Strategies Fund
Aftershock Strategies Fund
Investment Objective.

The primary objective of the Aftershock Strategies Fund (the “Fund”) is preservation of capital

with a secondary objective of capital appreciation , each in the event of a long term decline in the equity and fixed income 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 Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and under “Shareholder Information – More About Class A Shares” beginning on page 19 of this Prospectus.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Aftershock Strategies Fund
Aftershock Strategies Fund Class A Shares
Aftershock Strategies Fund Class C Shares
Aftershock Strategies Fund Class I Shares
Aftershock Strategies Fund Class N Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (Load) none none none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Operating Expenses Aftershock Strategies Fund
Aftershock Strategies Fund Class A Shares
Aftershock Strategies Fund Class C Shares
Aftershock Strategies Fund Class I Shares
Aftershock Strategies Fund Class N Shares
Management Fees 1.50% 1.50% 1.50% 1.50%
Distribution and Service (Rule 12b-1) Fees 0.25% 1.00% none 0.25%
Other Expenses [1] 0.50% 0.50% 0.50% 0.50%
Subsidiary Expenses 0.30% 0.30% 0.30% 0.30%
Remaining Other Expenses 0.20% 0.20% 0.20% 0.20%
Acquired Fund Fees and Expenses [2] 0.10% 0.10% 0.10% 0.10%
Total Annual Fund Operating Expenses 2.35% 3.10% 2.10% 2.35%
Fee Waiver/Expense Reimbursement 0.30% 0.30% 0.30% 0.30%
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement [3] 2.05% 2.80% 1.80% 2.05%
[1] These expenses are based on estimated amounts for the Fund's current fiscal year.
[2] This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure.
[3] Pursuant to an operating expense limitation agreement between Absolute Investment Management LLC (the " Adviser ") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding interest and tax expenses, dividends on short positions and Acquired Fund Fees and Expenses) for the Fund do not exceed 1.95%, 2.70%, 1.70%, and 1.95%,of the Fund's average net assets, for Class A, Class C, Class I and Class N shares, respectively, through December 31, 2013, subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser is permitted to seek reimbursement from the Fund for fees it waived and Fund expenses it paid for the prior three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense cap.
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 Aftershock Strategies Fund (USD $)
One Year
Three Years
Aftershock Strategies Fund Class A Shares
799 1,266
Aftershock Strategies Fund Class C Shares
313 957
Aftershock Strategies Fund Class I Shares
213 658
Aftershock Strategies Fund Class N Shares
238 733
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 rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  

Principal Investment Strategies.

The Fund’s Adviser seeks to preserve capital in a challenging investment environment.   Secondarily , the Fund’s Adviser looks for appreciation of capital from a portfolio of traditional and non-traditional asset classes while strategically managing portfolio volatility.  Specifically, the Fund seeks capital preservation and positive returns in the event of a long term decline in the equity and fixed income markets.  


The Fund will invest in mutual funds and exchange traded funds (ETFs) representing the following four asset categories: equities, fixed income securities, commodities and currencies; as well as individual securities and other instruments within these asset categories.  The Fund may invest up to 100% of its assets in either mutual funds and ETFs or individual securities and instruments representing or within the four asset categories , or any combination of such investments, although the Fund normally intends to invest primarily in mutual funds and ETFs.  The criteria for direct investment in equity and debt securities will be based on risk adjusted returns given the near and long term macroeconomic outlook. The Fund may invest in equity securities regardless of the level of capitalization of the issuer.   The Fund’s investment in fixed income securities (whether direct or through investments in fixed income mutual funds or ETFs) is normally in shorter term and relatively high quality securities, such as Treasury Inflation-Protected Securities (“TIPS”) or Treasury bonds of under five years duration, although there are no specific duration or quality limitations for the Fund’s fixed income investments.  In selecting equity securities, the Adviser will seek those securities which in its view provide a degree of safety in the event of a decline in the market. Some of the mutual funds and ETFs that the Fund invests in may be leveraged.  


With respect to allocation of the Fund’s investments across the four asset categories, the Fund’s investments will correspond to the Adviser’s asset allocation model that is diversified across asset categories with no one category constituting over 50% of total assets, and no two categories constituting over 80% of total assets. The Fund may also make investments in foreign markets to take advantage of a potential decline in the dollar or long term declines in foreign bond or equities markets. Over time, the Adviser expects the allocation among all of its asset categories to change as the macroeconomic environment changes. For instance, in the event of long term decline in the equity and fixed income markets and/or high inflation, asset allocations may move more heavily toward commodities and similar asset categories that are often more inflation protected. The Adviser will monitor the performance of the Fund’s investments on a continuous basis.


The Fund may invest up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the “Subsidiary”) to provide exposure to commodities, including gold and other precious metals.    The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest primarily in commodity ETFs, commodity futures and options on commodity futures , as well as physical gold or other precious metals. The Fund will invest in the Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies.  The Subsidiary is subject to the same investment restrictions as the Fund when viewed on an unconsolidated basis. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives.


As a result of the Fund’s strategy, the Fund may have highly leveraged exposure to commodities at times within its Subsidiary but not in the overall Fund.  However, it is expected that the overall portfolio of the Fund will not be leveraged .

Principal Risks.

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.  The principal risks of investing in the Fund are:


·


General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is risk that these and other factors may adversely affect the Fund’s performance. You could lose money by investing in the Fund.


·


Risks of Exchange Traded Funds. Investment in an exchange traded fund (ETF) carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of the underlying index.


·


Equity Securities Risks. The Fund may invest directly in equity securities, and will also invest in ETFs that hold common stock, which subjects the Fund and its shareholders to the risks associated with common stock investing. Overall stock market risks may 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. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.


·


Fixed Income Securities Risk. When the Fund invests in ETFs that own fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and thus the value of ETFs that own fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than the market price of shorter-term securities. The Fund may also invest in fixed income securities directly.


·


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


·


Gold-related investments Risk. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting gold-related investments may have a significant impact on the Fund’s performance. Gold and other precious metals prices can be influenced by a variety of economic, financial and political factors, especially inflation: when inflation is low or expected to fall, prices tend to be weak. The Fund may invest directly in precious metals (such as gold bullion). There are certain considerations related to such direct precious metal investments, including custody and transaction costs that may be higher than those involving securities.


·


Derivatives Risk. The Fund may use derivatives, such as futures contracts, to gain exposure to gold in its Subsidiary.  The Fund’s indirect use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and tracking risk.


·


Futures Contract Risk. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.


·


Options Risk. Options are subject to sudden price movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying futures contract, forward contract or commodity that has a face value substantially greater than the premium paid.  The buyer of an option risks losing the entire purchase price of the option.  The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the futures contract, forward contract or commodity underlying the option that the writer must purchase or deliver upon exercise of the option.  There is no limit on the potential loss.  


·


Credit Risk.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.  In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes.


·


Short Position Risk.  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser’s ability to anticipate accurately the future value of a security or instrument.  The Fund’s losses are potentially unlimited in a short position transaction.


·


Foreign Securities and Currency Risk.  The risk of investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.


·


Issuer-Specific Risk.  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.


·


Risks of Small and Medium Sized Companies. To the extent the Fund invests in the stocks of small and medium capitalization companies or ETFs that invest in such companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Small and medium sized companies may experience higher failure rates than do larger companies.


·


Growth Risk. The Fund may invest in companies that appear to be growth oriented or ETFs that invest in such companies. Growth companies are those that the Advisor believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Advisor’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.


·


Fund of Funds Risk. The Fund is a “fund of funds,” a term typically used to describe an investment company whose principal investment strategy involves investing in other investment companies, such as ETFs and mutual funds. The cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs or other investment company shares. Investors in the Fund will indirectly bear fees and expenses charged by the mutual funds or ETFs in which a Fund invests in addition to the Fund’s direct fees and expenses. The Fund will also incur brokerage costs when it purchases ETFs. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the benchmarks they track because of transaction costs incurred in adjusting the actual balance of the securities and because the ETFs will incur expenses not incurred by their applicable benchmarks.  


·


Other Investment Companies.  The Fund will invest in exchange-traded funds and other investment companies, such as mutual funds. The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees and custodial fees) in addition to the expenses of the Fund.


·


Leverage Risk: The assets of the Subsidiary may be highly leveraged at times , which can magnify the Fund’s potential for gain or loss and , therefore, amplify the effects of market volatility on the Fund’s share price.


·


Limited Operating History. The Fund is a new enterprise with no operating history. Accordingly, an investment in the Fund entails a high degree of risk. There can be no assurance that the Fund and the Adviser will achieve the Fund’s investment objective.


·


Adviser Risk . Although the Adviser has managed private accounts, the Adviser has not previously managed a mutual fund.


·


Interest Rate Risk. The risks associated with the Fund include interest rate risk, which means that the prices of the Fund’s investments are likely to fall if interest rates rise.


·


Management Risk. Management risk is the risk that the investment process used by the Fund’s portfolio manager could fail to achieve the Fund’s investment goal and cause an investment in the Fund to lose value.


·


Non-Diversification Risk. The Fund is classified as non-diversified under the 1940 Act. This means that the Fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance.


·


Regulatory Change Risk.  The Adviser has filed with the National Futures Association a notice claiming an exclusion from the definition of the term “commodity pool operator” or “CPO” under Section 4.5 of regulations of the Commodity Exchange Act, as amended, with respect to the Fund’s operation.  Recently, the CFTC has amended Section 4.5 in such a way that the Adviser will no longer be allowed to claim this exclusion. Subject to the availability of another exemption, both the Fund and the Subsidiary will be required to comply with certain CFTC regulations regarding disclosure, reporting and recordkeeping in the future, although the CFTC has not yet finalized the rule explaining the exact nature of the additional requirements applicable to registered investment companies like the Fund.  Compliance with such requirements will likely increase the costs associated with an investment in the Fund.


·


Tax Risk.  Certain of the Fund’s investment strategies may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund.  Investing in commodities indirectly through the Subsidiary is intended to allow the Fund to obtain exposure to the commodities markets while remaining in compliance with applicable U.S. federal tax requirements.  However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.  Additionally, the Internal Revenue Service (“IRS”) has issued a number of private letter rulings to other mutual funds (unrelated to the Fund), which indicate that certain income from a fund’s investment in a wholly-owned foreign subsidiary will constitute “qualifying income” for purposes of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).  However, the IRS has suspended issuance of any further letters pending a review of its position.  If the IRS were to change its position with respect to the conclusions reached in its private letter rulings (which change in position might be applied to the Fund retroactively), the income from the Fund’s investment in the Subsidiary might not be qualifying income, and the Fund might not qualify as a regulated investment company for one or more years.


·


Wholly-Owned Subsidiary Risk.  The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Adviser has, on behalf of the Subsidiary, filed with the National Futures Association a notice claiming exemption from the CFTC’s reporting and disclosure requirements in accordance with Part 4 of the CFTC Regulations.  The CFTC regulations provide relief relating to CFTC disclosure and reporting requirements for commodity pools, such as the Subsidiary, that are operated by a CPO that is the same as, controls, is controlled by or is under common control with the CPO of an offered pool (such as the Fund).  Changes in the laws or regulations of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Performance.

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information will be available at no cost by calling the Fund toll-free at 1-[                    ].

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

The primary objective of the Aftershock Strategies Fund (the “Fund”) is preservation of capital

Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock

with a secondary objective of capital appreciation , each in the event of a long term decline in the equity and fixed income 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 Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and under “Shareholder Information – More About Class A Shares” beginning on page 19 of this Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates These expenses are based on estimated amounts for the Fund's current fiscal year
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure.
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund’s Adviser seeks to preserve capital in a challenging investment environment.   Secondarily , the Fund’s Adviser looks for appreciation of capital from a portfolio of traditional and non-traditional asset classes while strategically managing portfolio volatility.  Specifically, the Fund seeks capital preservation and positive returns in the event of a long term decline in the equity and fixed income markets.  


The Fund will invest in mutual funds and exchange traded funds (ETFs) representing the following four asset categories: equities, fixed income securities, commodities and currencies; as well as individual securities and other instruments within these asset categories.  The Fund may invest up to 100% of its assets in either mutual funds and ETFs or individual securities and instruments representing or within the four asset categories , or any combination of such investments, although the Fund normally intends to invest primarily in mutual funds and ETFs.  The criteria for direct investment in equity and debt securities will be based on risk adjusted returns given the near and long term macroeconomic outlook. The Fund may invest in equity securities regardless of the level of capitalization of the issuer.   The Fund’s investment in fixed income securities (whether direct or through investments in fixed income mutual funds or ETFs) is normally in shorter term and relatively high quality securities, such as Treasury Inflation-Protected Securities (“TIPS”) or Treasury bonds of under five years duration, although there are no specific duration or quality limitations for the Fund’s fixed income investments.  In selecting equity securities, the Adviser will seek those securities which in its view provide a degree of safety in the event of a decline in the market. Some of the mutual funds and ETFs that the Fund invests in may be leveraged.  


With respect to allocation of the Fund’s investments across the four asset categories, the Fund’s investments will correspond to the Adviser’s asset allocation model that is diversified across asset categories with no one category constituting over 50% of total assets, and no two categories constituting over 80% of total assets. The Fund may also make investments in foreign markets to take advantage of a potential decline in the dollar or long term declines in foreign bond or equities markets. Over time, the Adviser expects the allocation among all of its asset categories to change as the macroeconomic environment changes. For instance, in the event of long term decline in the equity and fixed income markets and/or high inflation, asset allocations may move more heavily toward commodities and similar asset categories that are often more inflation protected. The Adviser will monitor the performance of the Fund’s investments on a continuous basis.


The Fund may invest up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the “Subsidiary”) to provide exposure to commodities, including gold and other precious metals.    The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest primarily in commodity ETFs, commodity futures and options on commodity futures , as well as physical gold or other precious metals. The Fund will invest in the Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies.  The Subsidiary is subject to the same investment restrictions as the Fund when viewed on an unconsolidated basis. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives.


As a result of the Fund’s strategy, the Fund may have highly leveraged exposure to commodities at times within its Subsidiary but not in the overall Fund.  However, it is expected that the overall portfolio of the Fund will not be leveraged .

Risk [Heading] rr_RiskHeading Principal Risks.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.  The principal risks of investing in the Fund are:


·


General Risks. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is risk that these and other factors may adversely affect the Fund’s performance. You could lose money by investing in the Fund.


·


Risks of Exchange Traded Funds. Investment in an exchange traded fund (ETF) carries security specific risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of the underlying index.


·


Equity Securities Risks. The Fund may invest directly in equity securities, and will also invest in ETFs that hold common stock, which subjects the Fund and its shareholders to the risks associated with common stock investing. Overall stock market risks may 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. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.


·


Fixed Income Securities Risk. When the Fund invests in ETFs that own fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and thus the value of ETFs that own fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than the market price of shorter-term securities. The Fund may also invest in fixed income securities directly.


·


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


·


Gold-related investments Risk. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting gold-related investments may have a significant impact on the Fund’s performance. Gold and other precious metals prices can be influenced by a variety of economic, financial and political factors, especially inflation: when inflation is low or expected to fall, prices tend to be weak. The Fund may invest directly in precious metals (such as gold bullion). There are certain considerations related to such direct precious metal investments, including custody and transaction costs that may be higher than those involving securities.


·


Derivatives Risk. The Fund may use derivatives, such as futures contracts, to gain exposure to gold in its Subsidiary.  The Fund’s indirect use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and tracking risk.


·


Futures Contract Risk. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.


·


Options Risk. Options are subject to sudden price movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives the buyer the right to acquire an underlying futures contract, forward contract or commodity that has a face value substantially greater than the premium paid.  The buyer of an option risks losing the entire purchase price of the option.  The writer, or seller, of an option risks losing the difference between the purchase price received for the option and the price of the futures contract, forward contract or commodity underlying the option that the writer must purchase or deliver upon exercise of the option.  There is no limit on the potential loss.  


·


Credit Risk.  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.  In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes.


·


Short Position Risk.  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser’s ability to anticipate accurately the future value of a security or instrument.  The Fund’s losses are potentially unlimited in a short position transaction.


·


Foreign Securities and Currency Risk.  The risk of investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.


·


Issuer-Specific Risk.  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.


·


Risks of Small and Medium Sized Companies. To the extent the Fund invests in the stocks of small and medium capitalization companies or ETFs that invest in such companies, the Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies. Small and medium sized companies may experience higher failure rates than do larger companies.


·


Growth Risk. The Fund may invest in companies that appear to be growth oriented or ETFs that invest in such companies. Growth companies are those that the Advisor believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Advisor’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.


·


Fund of Funds Risk. The Fund is a “fund of funds,” a term typically used to describe an investment company whose principal investment strategy involves investing in other investment companies, such as ETFs and mutual funds. The cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs or other investment company shares. Investors in the Fund will indirectly bear fees and expenses charged by the mutual funds or ETFs in which a Fund invests in addition to the Fund’s direct fees and expenses. The Fund will also incur brokerage costs when it purchases ETFs. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the benchmarks they track because of transaction costs incurred in adjusting the actual balance of the securities and because the ETFs will incur expenses not incurred by their applicable benchmarks.  


·


Other Investment Companies.  The Fund will invest in exchange-traded funds and other investment companies, such as mutual funds. The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees and custodial fees) in addition to the expenses of the Fund.


·


Leverage Risk: The assets of the Subsidiary may be highly leveraged at times , which can magnify the Fund’s potential for gain or loss and , therefore, amplify the effects of market volatility on the Fund’s share price.


·


Limited Operating History. The Fund is a new enterprise with no operating history. Accordingly, an investment in the Fund entails a high degree of risk. There can be no assurance that the Fund and the Adviser will achieve the Fund’s investment objective.


·


Adviser Risk . Although the Adviser has managed private accounts, the Adviser has not previously managed a mutual fund.


·


Interest Rate Risk. The risks associated with the Fund include interest rate risk, which means that the prices of the Fund’s investments are likely to fall if interest rates rise.


·


Management Risk. Management risk is the risk that the investment process used by the Fund’s portfolio manager could fail to achieve the Fund’s investment goal and cause an investment in the Fund to lose value.


·


Non-Diversification Risk. The Fund is classified as non-diversified under the 1940 Act. This means that the Fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance.


·


Regulatory Change Risk.  The Adviser has filed with the National Futures Association a notice claiming an exclusion from the definition of the term “commodity pool operator” or “CPO” under Section 4.5 of regulations of the Commodity Exchange Act, as amended, with respect to the Fund’s operation.  Recently, the CFTC has amended Section 4.5 in such a way that the Adviser will no longer be allowed to claim this exclusion. Subject to the availability of another exemption, both the Fund and the Subsidiary will be required to comply with certain CFTC regulations regarding disclosure, reporting and recordkeeping in the future, although the CFTC has not yet finalized the rule explaining the exact nature of the additional requirements applicable to registered investment companies like the Fund.  Compliance with such requirements will likely increase the costs associated with an investment in the Fund.


·


Tax Risk.  Certain of the Fund’s investment strategies may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund.  Investing in commodities indirectly through the Subsidiary is intended to allow the Fund to obtain exposure to the commodities markets while remaining in compliance with applicable U.S. federal tax requirements.  However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.  Additionally, the Internal Revenue Service (“IRS”) has issued a number of private letter rulings to other mutual funds (unrelated to the Fund), which indicate that certain income from a fund’s investment in a wholly-owned foreign subsidiary will constitute “qualifying income” for purposes of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).  However, the IRS has suspended issuance of any further letters pending a review of its position.  If the IRS were to change its position with respect to the conclusions reached in its private letter rulings (which change in position might be applied to the Fund retroactively), the income from the Fund’s investment in the Subsidiary might not be qualifying income, and the Fund might not qualify as a regulated investment company for one or more years.


·


Wholly-Owned Subsidiary Risk.  The Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  The Adviser has, on behalf of the Subsidiary, filed with the National Futures Association a notice claiming exemption from the CFTC’s reporting and disclosure requirements in accordance with Part 4 of the CFTC Regulations.  The CFTC regulations provide relief relating to CFTC disclosure and reporting requirements for commodity pools, such as the Subsidiary, that are operated by a CPO that is the same as, controls, is controlled by or is under common control with the CPO of an offered pool (such as the Fund).  Changes in the laws or regulations of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is classified as non-diversified under the 1940 Act. This means that the Fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information will be available at no cost by calling the Fund toll-free at 1-[                    ].

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.
Aftershock Strategies Fund Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Subsidiary Expenses rr_Component1OtherExpensesOverAssets 0.30%
Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.50% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.35%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 2.05% [3]
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 799
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,266
Aftershock Strategies Fund Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Subsidiary Expenses rr_Component1OtherExpensesOverAssets 0.30%
Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.50% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.10%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 2.80% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 313
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 957
Aftershock Strategies Fund Class I Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Subsidiary Expenses rr_Component1OtherExpensesOverAssets 0.30%
Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.50% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.10%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 1.80% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 213
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 658
Aftershock Strategies Fund Class N Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Subsidiary Expenses rr_Component1OtherExpensesOverAssets 0.30%
Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.50% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.35%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 2.05% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 238
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 733
[1] These expenses are based on estimated amounts for the Fund's current fiscal year.
[2] This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure.
[3] Pursuant to an operating expense limitation agreement between Absolute Investment Management LLC (the " Adviser ") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding interest and tax expenses, dividends on short positions and Acquired Fund Fees and Expenses) for the Fund do not exceed 1.95%, 2.70%, 1.70%, and 1.95%,of the Fund's average net assets, for Class A, Class C, Class I and Class N shares, respectively, through December 31, 2013, subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser is permitted to seek reimbursement from the Fund for fees it waived and Fund expenses it paid for the prior three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense cap.
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