XML 18 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Nov. 28, 2011
O'Shaughnessy International Equity Fund (Second Prospectus Summary) | O'Shaughnessy International Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading O'Shaughnessy International Equity Fund
Investment Objective, Heading rr_ObjectiveHeading Investment Objective
investment Objective, Primary rr_ObjectivePrimaryTextBlock
The Fund's investment objective is to seek long-term capital appreciation.
Expense, Heading rr_ExpenseHeading Fees and Expenses of the Fund
Expense, Narrative rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover 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
annual fund operating expenses or in the Example, affect the Fund's performance.
Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated customary Fund expenses for the current fiscal year.
Expense Example, Heading rr_ExpenseExampleHeading Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the contractual Expense Cap only in the
first year). Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
Investment Strategy, Heading rr_StrategyHeading Principal Investment Strategies of the Fund
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock
Under normal market conditions, the Fund invests primarily in a diversified
portfolio of common stocks and other equity securities of foreign issuers. This
portfolio generally does not invest in equity securities of companies based in
the United States. The Fund will generally invest at least 80% of its net assets
(including any borrowings for investment purposes) in equity securities. The
Fund may invest in companies of any size. The Adviser employs a proprietary
quantitatively-driven approach to security selection based on research and
analysis of historical data. The Adviser screens securities for attractive
growth and value characteristics using a factor-based model. In selecting value
securities, the Adviser evaluates factors that may include, but are not limited
to: market capitalization, sales over the previous twelve months, trading volume
and cash flow. In selecting growth securities, the Adviser evaluates factors
that may include, but are not limited to: market capitalization, trading volume,
valuation metrics, earnings and price momentum over time. The Adviser may
eliminate or substitute factors at its discretion. Portfolio securities may be
sold generally upon periodic rebalancings of the Fund's portfolio. The Adviser
considers the same factors it uses in evaluating a security for purchase and
generally sells securities when it believes such securities no longer meet its
investment criteria. Under normal market conditions, the Fund invests in
securities of issuers from three or more non-U.S. countries, with at least 40%
(and usually 100%) of the Fund's net assets invested in foreign securities.
Foreign securities are determined to be "foreign" on the basis of an
issuer's domicile or location of headquarters (as determined by the Adviser's
data sources). The Fund may invest up to 20% of its total assets in the
securities of issuers determined by the Adviser to be in developing or emerging
market countries. The Fund may from time to time emphasize investment in certain
sectors of the market.

The Fund invests primarily in common stocks and other equity securities,
including preferred stocks, convertible securities, rights and warrants to
purchase common stock and depositary receipts. The Fund may invest up to 10% of
its total assets in REITs and foreign real estate companies. The Fund may invest
up to 10% of its total assets in other investment companies, including ETFs. The
Fund may purchase and sell certain derivative instruments, such as futures
contracts and currency-related transactions involving futures contracts and
forward contracts, for various portfolio management purposes, including to
facilitate portfolio management and to mitigate risks. In general terms, a
derivative instrument is one whose value depends on (or is derived from) the
value of an underlying asset, interest rate or index. The Adviser expects that
the Fund's investment strategy may result in a portfolio turnover rate in excess
of 100% on an annual basis.
Risk, Heading rr_RiskHeading Principal Risks of Investing in the Fund
Risk, Narrative rr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the
Fund. The following principal risks could affect the value of your investment:

·    Market Risk and Equity Risk. Market risk is the possibility that the market
     value of securities owned by the Fund will decline. Investments in common
     stocks and other equity securities generally are affected by changes in the
     stock markets, which fluctuate substantially over time, sometimes suddenly
     and sharply. The values of convertible securities tend to decline as interest
     rates rise and, because of the conversion feature, tend to vary with
     fluctuations in the market value of the underlying equity security.

·    Management Risk. The Fund is subject to management risk because it is an
     actively managed portfolio. The Adviser's management practices and
     investment strategies might not work to meet the Fund's investment
     objective.

·    Small- and Medium-Sized Companies Risk. Small- and medium-sized companies
     often have less predictable earnings, more limited product lines, markets,
     distribution channels or financial resources and the management of such
     companies may be dependent upon one or few key people. The market movements
     of equity securities of small- and medium-sized companies may be more abrupt
     and volatile than the market movements of equity securities of larger, more
     established companies or the stock market in general and small-sized
     companies in particular, are generally less liquid than the equity
     securities of larger companies.

·    Sector Risk.  To the extent the Fund invests a significant portion of its
     assets in the securities of companies in the same sector of the market, the
     Fund is more susceptible to economic, political, regulatory and other
     occurrences influencing those sectors.

·    Foreign Securities Risk. The risks of investing in the securities of foreign
     issuers, including emerging market issuers and depositary receipts, can
     include fluctuations in foreign currencies, foreign currency exchange
     controls, political and economic instability, differences in securities
     regulation and trading, and foreign taxation issues. These risks are greater
     in emerging markets.

·    REITs and Foreign Real Estate Company Risk. Investing in REITs and foreign
     real estate companies makes the Fund more susceptible to risks associated
     with the ownership of real estate and with the real estate industry in
     general and may involve duplication of management fees and other
     expenses. REITs and foreign real estate companies may be less diversified
     than other pools of securities, may have lower trading volumes and may be
     subject to more abrupt or erratic price movements than the overall
     securities markets.

·    Investment Company Risk. When the Fund invests in an ETF or mutual fund, it
     will bear additional expenses based on its pro rata share of the ETF's or
     mutual fund's operating expenses, including the potential duplication of
     management fees. The risk of owning an ETF or mutual fund generally reflects
     the risks of owning the underlying securities the ETF or mutual fund
     holds. The Fund also will incur brokerage costs when it purchases ETFs.

·    Derivative Transactions Risk. Risks of derivatives include the possible
     imperfect correlation between the value of the instruments and the
     underlying assets; risks of default by the other party to the transaction;
     risks that the transactions may result in losses that partially or
     completely offset gains in portfolio positions; and risks that the
     instruments may not be liquid.

·    Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has
     the potential to result in the realization and distribution to shareholders
     of higher capital gains, which may subject you to a higher tax
     liability. High portfolio turnover also necessarily results in greater
     transaction costs which may reduce Fund performance.

·    New Fund Risk. The Fund is new with no operating history and there can be no
     assurance that the Fund will grow to or maintain an economically viable
     size, in which case the Board may determine to liquidate the Fund.
Risk, Lose Money rr_RiskLoseMoney Losing all or a portion of your investment is a risk of investing in the Fund.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading Performance
Performance, Narrative rr_PerformanceNarrativeTextBlock
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information is available on
the Fund's website at www.osam.com or by calling the Fund toll-free at
1-877-291-7827.
Performance, One Year or Less rr_PerformanceOneYearOrLess When the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-877-291-7827
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress www.osam.com
O'Shaughnessy International Equity Fund (Second Prospectus Summary) | O'Shaughnessy International Equity Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2012-11-28
O'Shaughnessy International Equity Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Plan Fees rr_Component1OtherExpensesOverAssets 0.25%
Other Expenses (includes Shareholder Servicing Plan Fees) rr_OtherExpensesOverAssets 21.29% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 21.96%
Less: Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (20.75%) [3]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.21%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 123
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 3,941
[1] Other expenses are based on estimated customary Fund expenses for the current fiscal year.
[2] Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.
[3] The Adviser has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual FundOperating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.19% of average daily net assets of the Fund's Class I shares (the "Expense Cap"). The Expense Cap will remain in effect through at least November 28, 2012, and may be terminated only by the Board. The Adviser may request recoupment of previously waived and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap.