Orinda SkyView Macro Opportunities Fund (Prospectus Summary) | Orinda SkyView Macro Opportunities Fund

SUMMARY SECTION

Investment Objective

The Orinda SkyView Macro Opportunities Fund (the "Fund") seeks to achieve
long-term capital appreciation by pursuing positive absolute returns across
market cycles. In pursuing its objective, the Fund seeks to generate attractive
long-term returns with low sensitivity to traditional equity and fixed-income
indices.

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 if you and your
family invest, or agree to invest in the future, at least $50,000 in the Fund's
Class A shares. More information about these and other discounts is available
from your financial professional and in the "Distribution of Fund Shares"
section on page 36 of the Fund's Prospectus and the "Additional Purchase and
Redemption Information" section on page 44 of the Fund's Statement of Additional
Information ("SAI").

Shareholder Fees (fees paid directly from you investment)

Shareholder Fees Orinda SkyView Macro Opportunities Fund	Class A	Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.00%	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	none	none
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less)	1.00%	1.00%

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

Annual Fund Operating Expenses Orinda SkyView Macro Opportunities Fund		Class A	Class I
Management Fees		2.30%	2.30%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Interest and Dividends on Securities Sold Short		0.01%	0.01%
Shareholder Servicing Plan Fee		0.15%	0.10%
Additional Other Expenses		0.60%	0.60%
Other Expenses	[1]	0.76%	0.71%
Acquired Fund Fees and Expenses		0.01%	0.01%
Total Annual Fund Operating Expenses		3.32%	3.02%
Less: Fee Waiver and Expense Reimbursement	[2]	(0.34%)	(0.34%)
Net Annual Fund Operating Expenses		2.98%	2.68%

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 (taking into account the Expense Caps only in the first
year).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Orinda SkyView Macro Opportunities Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A	786	1,440
Class I	271	901

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
annual fund operating expenses or in the Example, affect the Fund's performance.

Principal Investment Strategies of the Fund

The Fund will attempt to achieve its investment objective by allocating its
assets among a carefully chosen group of experienced alternative investment
portfolio managers who will serve as sub-advisers ("Sub-Advisers") to the
Fund. The Adviser will engage an experienced specialized alternative investment
advisory firm to serve as the Lead Sub-Adviser to assist in the identification
and selection of Sub-Advisers and in the portfolio construction process.

These Sub-Advisers will implement both fundamentally and technically driven
strategies.  These strategies may include, without limitation, global macro,
opportunistic equity and fixed income, and systematic strategies that invest in
different asset classes, securities, and derivative instruments. These
strategies seek to target attractive absolute returns.  These strategies may
exhibit different degrees of volatility, as well as variability of beta to
equity, currency, and interest rate markets.  The Fund's Sub-Advisers seek to
have diversifying characteristics including lower correlation to market risk
factors than traditional equity and fixed income strategies.

   Global Macro: Sub-Advisers have a broad investment mandate to invest in liquid
   asset classes globally, including futures and other derivative contracts with a
   goal of generating positive total returns over a full market cycle, with the
   potential to generate these returns with lower correlation to traditional equity
   and fixed income indices.  Sub-Advisers may analyze a variety of factors,
   including fiscal and monetary policy, historical price data, country specific
   fundamental economic data, as well as social and demographic trends, and
   political events.

   Opportunistic: Sub-Advisers can invest globally, long or short, in stocks of
   companies of any size or market capitalization, government and corporate bonds
   and other fixed income securities. They may also invest in derivatives either to
   manage risk or to enhance return.  Sub-Advisers may employ a bottom-up analysis
   for individual security selection, and/or a top-down approach to capital
   allocation amongst various asset classes, while employing risk management
   strategies designed to mitigate downside risk.

   Systematic: Sub-Advisers focus on liquid asset classes globally, including
   futures and other derivatives with a goal of generating positive total returns
   over a full market cycle.  Sub-Advisers implement trading-rules based on
   historical data and technical analysis and will utilize computer programs and
   will create algorithms to identify and capture trading profits during market
   movements.  Buy and sell decisions, trade structuring, and execution tend to be
   computerized and systematic, allowing for the ability to evaluate a vast number
   of inputs to identify investment opportunities.
  
The Fund will invest in a wide range of U.S. and non-U.S. publicly traded and
privately issued or negotiated securities (securities for which the price is
negotiated between private parties) including, but not limited to, equity
securities, fixed-income securities, currencies and derivatives. The Fund's
allocation to these various security types and various asset classes will vary
over time in response to changing market opportunities.

·  The Fund may invest without limit in equity securities of issuers of any      
   market capitalization. The Fund may invest up to 10% of its net assets in     
   initial public offerings ("IPOs"). The Fund may invest without limit in       
   foreign securities, including up to 50% of its net assets in securities of    
   issuers located in emerging markets.                                          
  
·  The Fund may invest up to 80% of its net assets in fixed income               
   securities. Such fixed income investments may include high-yield or "junk"    
   bonds and may be of any maturity.                                             
  
·  The Fund may also invest up to 85% of its net assets in derivatives including
   options, futures (including commodities futures), forward currency contracts  
   and swaps, including credit-default swaps. These derivative instruments may be
   used for investment purposes or to modify or hedge the Fund's exposure to a   
   particular investment market related risk, as well as to manage the volatility
   of the Fund.                                                                  
  
·  The Fund may invest up to 60% of its net assets in currencies and forward     
   currency contracts.                                                           
  
·  The Fund may utilize leverage (by borrowing against a line of credit for      
   investment purposes) of no more than 10% of the Fund's total assets as part of
   the portfolio management process.                                             
  
·  From time to time, the Fund may invest a significant portion of its assets in
   the securities of companies in the same sector of the market.                 
  
·  The Fund may sell securities short with respect to 100% of its net assets.

For either investment or hedging purposes, certain Sub-Advisers may invest
substantially in a broad range of the derivatives instruments described above,
particularly futures contracts.  The Sub-Advisers may be highly dependent on the
use of futures and other derivative instruments, and to the extent that they
become unavailable, this may limit a Sub-Adviser from fully implementing its
investment strategy.

It is expected that the Fund will have a portfolio turnover in excess of 100% on
an annual basis.

The Lead Sub-Adviser, with approval of the Adviser, will allocate to each
Sub-Adviser a portion of the Fund's assets to invest.  The Sub-Advisers will
invest in the securities described above based upon their belief that the
securities have a strong appreciation potential (long investing, or actually
owning a security) or potential to decline in value (short investing, or
borrowing a security from a broker and selling it, with the understanding that
it must later be bought back and returned to the broker). When selecting
individual securities for the Fund, the Sub-Advisers will implement
differentiated principal investment strategies including, but not limited to: i)
global macro, ii) opportunistic, and iii) systematic. Additionally, these
strategies may involve investment techniques, including, but not limited to:

·  event driven (investing in securities in special situations such as           
   restructurings, mergers or other extraordinary corporate transactions),       

·  risk arbitrage (attempting to arbitrage securities in special situations such
   as restructurings, mergers or other extraordinary corporate transactions),    

·  market neutral (investing long in a diversified basket stocks believed to be
   undervalued while simultaneously investing short in a diversified basket of  
   stocks believed to be overvalued),
                                           
·  convertible and diversified hedging (buying long in a convertible bond or     
   preferred stock and selling short the corresponding common stock or call      
   option) and                                                                  

·  futures and options investing.

Each Sub-Adviser has complete discretion to invest its portion of the Fund's
assets as it deems appropriate, based on its particular philosophy, style,
strategies and views. While each Sub-Adviser is subject to the oversight of the
Adviser and Lead Sub-Adviser, neither the Adviser nor Lead Sub-Adviser will
attempt to coordinate or manage the day-to-day investments of the Sub-Advisers.

The Lead Sub-Adviser's primary portfolio management functions include: assisting
the Adviser with Sub-Adviser selection and allocation; liquidity management; and
risk monitoring and implementation. In addition to cash management, the Lead
Sub-Adviser, as part of its risk monitoring and implementation function, may
modify the Fund's exposure to a particular investment or market related risk
through investments in equity and fixed income securities, futures, options and
other instruments. Under normal operating conditions, it is anticipated that up
to 15% of the Fund's total assets may be managed by the Lead Sub-Adviser in
accordance with this risk management process.

The Fund will sell (or close a position in) a security when a Sub-Adviser
determines that a particular security has achieved its investment expectations
or the reasons for maintaining that position are no longer valid, including: (1)
if the Sub-Adviser's view of the business fundamentals or management of the
underlying company changes; (2) if a more attractive investment opportunity is
found; (3) if general market conditions trigger a change in the Sub-Adviser's
assessment criteria; or (4) for other portfolio management reasons.

Principal Investment Risks

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. The value of the Fund's shares will fluctuate as a result of the
movement of the overall stock market or of the value of the individual
securities held by the Fund, and you could lose money.

Management Risk. The skill of the Adviser and Sub-Advisers (including the Lead
Sub-Adviser) will play a significant role in the Fund's ability to achieve its
investment objective. The Fund's ability to achieve its investment objective
depends on the investment skill and ability of the Adviser and Sub-Advisers
(including the Lead Sub-Adviser) and on their ability to correctly identify
economic trends. Additionally, there can be no assurance that the Adviser and/or
Lead Sub-Adviser will be able to allocate the Fund's assets among the
Sub-Advisers in a manner that is beneficial to the Fund.

Multi-Style Management Risk. Because portions of the Fund's assets are managed
by different Sub-Advisers using different styles, the Fund could experience
overlapping security transactions. Certain Sub-Advisers may be purchasing
securities at the same time other Sub-Advisers may be selling those same
securities which may lead to higher transaction expenses compared to a Fund
using a single investment management style. Additionally, the overall success of
the Fund depends on, among other things, (i) the ability of the Adviser and Lead
Sub-Adviser to develop a successful Sub-Adviser allocation strategy, (ii) the
ability of the Adviser and Lead Sub-Adviser to select and monitor skilled
Sub-Advisers and to allocate the assets amongst them, and (iii) the
Sub-Advisers' ability to be successful in their strategies.

New Fund Risk. The Adviser only recently began managing mutual
funds. Additionally, although the Adviser will choose Sub-Advisers which it
determines to have suitable investment backgrounds and show substantial
performance potential, some of these Sub-Advisers may have limited track
records. 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.

Depositary Receipt Risk. The Fund's equity investments may take the form of
depositary receipts. Depositary receipts may be purchased through "sponsored" or
"unsponsored" facilities. A sponsored facility is established jointly by the
issuer of the underlying security and a depositary, whereas a depositary may
establish an unsponsored facility without participation by the issuer of the
depositary security. Holders of unsponsored depositary receipts generally bear
all the costs of such facilities and the depositary of an unsponsored facility
frequently is under no obligation to distribute shareholder communications
received from the issuer of the deposited security or to pass through voting
rights to the holders of such receipts of the deposited securities. Fund
investments in depositary receipts, which include American Depositary Receipts
("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts
("GDRs") are not deemed to be investments in foreign securities for purposes of
the Fund's investment strategy.

Foreign and Emerging Market Securities Risk. Foreign investments may carry risks
associated with investing outside the United States, such as currency
fluctuation, economic or financial instability, lack of timely or reliable
financial information or unfavorable political or legal developments. Those
risks are increased for investments in emerging markets.

Currency Risk. Changes in foreign currency exchange rates will affect the value
of what the Fund owns and the Fund's share price. Generally, when the U.S.
dollar rises in value against a foreign currency, an investment in that country
loses value because that currency is worth fewer U.S. dollars. Devaluation of a
currency by a country's government or banking authority also will have a
significant impact on the value of any investments denominated in that currency.
Currency markets generally are not as regulated as securities markets.

Small and Medium Companies Risk. Investing in securities of small and medium
capitalization companies may involve greater volatility than investing in larger
and more established companies because small and medium capitalization companies
can be subject to more abrupt or erratic share price changes than larger, more
established companies.

Derivatives Risk. The Fund's use of derivatives (which may include options,
futures, swaps and forward foreign currency contracts) may reduce the Fund's
returns and/or increase volatility. A risk of the Fund's use of derivatives is
that the fluctuations in their values may not correlate perfectly with the
overall securities markets.

Commodity-Linked Derivatives Risk.  The value of a commodity-linked derivative
investment typically is based upon the price movements of a physical commodity
and the value of commodity-linked derivative instruments may be affected by
changes in overall market movements, volatility of the underlying benchmark,
changes in interest rates, or factors affecting a particular industry or
commodity. Investments in commodity-linked derivatives may be subject to greater
volatility than non-derivative based investments. Commodity-linked derivatives
also may be subject to credit and interest rate risks that in general affect the
values of debt securities.

Exchange-Traded Fund ("ETF") and Mutual Fund Risk.  When the Fund invests in an
ETF or mutual fund, it will bear additional expenses based on its pro rata share
of the ETFs 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. Inverse ETFs are subject to the risk that their performance
will fall as the value of their benchmark indices rises. The Fund also will
incur brokerage costs when it purchases ETFs. ETFs may not track their
underlying indices.

Fixed Income Securities Risk. Interest rates may go up resulting in a decrease
in the value of the fixed income securities held by the Fund. Credit risk is the
risk that an issuer will not make timely payments of principal and
interest. There is also the risk that an issuer may "call," or repay, its high
yielding bonds before their maturity dates. Fixed income securities subject to
prepayment can offer less potential for gains during a declining interest rate
environment and similar or greater potential for loss in a rising interest rate
environment. Limited trading opportunities for certain fixed income securities
may make it more difficult to sell or buy a security at a favorable price or
time.

Mortgage-Backed Securities Risk. In addition to the general risks associated
with fixed income securities as described, the structure of certain
mortgage-backed securities may make their reaction to interest rates and other
factors difficult to predict, which may cause their prices to be very
volatile. In particular, the recent events related to the U.S. housing market
has had a severe negative impact on the value of some mortgage-backed securities
and resulted in an increased risk associated with investments in these
securities.

High-Yield Securities Risk. Fixed income securities that are rated below
investment grade (i.e., "junk bonds") are subject to additional risk factors due
to the speculative nature of these securities, such as increased possibility of
default liquidation of the security, and changes in value based on public
perception of the issuer.

Government-Sponsored Entities Risk. Securities issued by government-sponsored
entities may not be backed by the full faith and credit of the United States.

Exchange-Traded Note ("ETN") Risk.  The value of an ETN may be influenced by
time to maturity, level of supply and demand for the ETN, volatility and lack of
liquidity in the underlying securities' markets, changes in the applicable
interest rates, changes in the issuer's credit rating and economic, legal,
political or geographic events that affect the referenced index. In addition,
the notes issued by ETNs and held by the Fund are unsecured debt of the issuer.

Leverage and Short Sales Risk. Leverage is the practice of borrowing money to
purchase securities. Leverage can increase the investment returns of the Fund if
the securities purchased increase in value in an amount exceeding the cost of
the borrowing. However, if the securities decrease in value, the Fund will
suffer a greater loss than would have resulted without the use of leverage. A
short sale is the sale by the Fund of a security which it does not own in
anticipation of purchasing the same security in the future at a lower price to
close the short position. A short sale will be successful if the price of the
shorted security decreases. However, if the underlying security goes up in price
during the period in which the short position is outstanding, the Fund will
realize a loss. The risk on a short sale is unlimited because the Fund must buy
the shorted security at the higher price to complete the transaction. Therefore,
short sales may be subject to greater risks than investments in long positions.

Growth Stock Risk. The risk that growth style companies lose value or move out
of favor. Growth style companies also may be more sensitive to changes in
current or expected earnings than the prices of other stocks.

Value Stock Risk.  Value style investing as a strategy may be out of favor in
the market for an extended period. Value stocks can perform differently from the
market as a whole and from other types of stocks.

Initial Public Offering Risk. The Fund may purchase securities of companies that
are offered pursuant to an IPO. The risk exists that the market value of IPO
shares will fluctuate considerably due to factors such as the absence of a prior
public market, unseasoned trading, the small number of shares available for
trading and limited information about the issuer. The purchase of IPO shares may
involve high transaction costs. IPO shares are subject to market risk and
liquidity risk. When the Fund's asset base is small, a significant portion of
the Fund's performance could be attributable to investments in IPOs, because
such investments would have a magnified impact on the Fund. As the Fund's assets
grow, the effect of the Fund's investments in IPOs on the Fund's performance
probably will decline, which could reduce the Fund's performance.

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.

Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) increases
the Fund's transaction costs (including brokerage commissions and dealer costs),
which would adversely impact the Fund's performance. Higher portfolio turnover
may result in the realization of more short-term capital gains than if the Fund
had lower portfolio turnover.

Performance

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.orindafunds.com or by calling the Fund toll-free at
1-855-467-4632 (855-4ORINDA).

[1] Other expenses are based on estimated Fund expenses for the current fiscal year.

[2] Orinda Asset Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.96% and 2.66% of average daily net assets of the Fund's Class A and Class I shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least June 30, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap.