Orinda SkyView Multi-Manager Hedged Equity Fund (Prospectus Summary) | Orinda SkyView Multi-Manager Hedged Equity Fund

SUMMARY SECTION

Investment Objective

The Orinda SkyView Multi-Manager Hedged Equity Fund (the "Fund") seeks to
achieve long-term capital appreciation. In pursuing its objective, the Fund
looks to emphasize risk-adjusted returns and reduced volatility compared to
traditional broad-based equity market 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 34 of the Fund's Prospectus and the "Additional Purchase and
Redemption Information" section on page 41 of the Fund's Statement of Additional
Information ("SAI").

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Orinda SkyView Multi-Manager Hedged Equity Fund	Class A	Class C	Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.00%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	none	1.00%	none
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less)	1.00%	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 Multi-Manager Hedged Equity Fund		Class A	Class C	Class I
Management Fees		2.30%	2.30%	2.30%
Distribution and Service (Rule 12b-1) Fees		0.25%	1.00%	none
Interest and Dividends on Securities Sold Short		0.95%	0.91%	0.96%
Shareholder Servicing Plan Fee		0.13%	0.13%	0.07%
Other Expenses (includes Interest and Dividend Expenses on Securities Sold Short and Shareholder Servicing Plan Fee)		1.83%	2.35%	1.84%
Acquired Fund Fees and Expenses	[1]	0.05%	0.05%	0.05%
Total Annual Fund Operating Expenses		4.43%	5.70%	4.19%
Less: Fee Waiver and Expense Reimbursement	[2]	(0.48%)	(1.04%)	(0.54%)
Net Annual Fund Operating Expenses		3.95%	4.66%	3.65%

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 Multi-Manager Hedged Equity Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	877	1,733	2,598	4,804
Class C	567	1,603	2,723	5,455
Class I	367	1,224	2,094	4,332

If you did not redeem your Class C shares, you would pay the following expenses:

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Orinda SkyView Multi-Manager Hedged Equity Fund Class C	467	1,603	2,723	5,455

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.
During the most recent fiscal period (from March 31, 2011 through February 29,
2012), the Fund's portfolio turnover rate was 87% of the average value of its
portfolio.

Principal Investment Strategies of the Fund

The Fund will attempt to generate enhanced risk-adjusted returns by allocating
its assets among a carefully chosen group of experienced hedged equity managers
who will serve as sub-advisers ("Sub-Advisers") to the Fund and who will employ
various complementary long/short equity investment strategies. 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.

Under normal market conditions, the Fund will invest at least 80% of its net
assets, plus any borrowings for investment purposes, in equity securities. The
types of equity securities in which the Fund will generally invest include
common stocks, preferred stocks, rights, warrants, convertibles, partnership
interests, other investment companies, including exchange-traded funds ("ETFs"),
and American Depositary Receipts ("ADRs") and other similar investments,
including European Depositary Receipts ("EDRs") and Global Depositary Receipts
("GDRs"). The Fund may invest up to 25% of its net assets in securities
purchased on foreign exchanges, which does not include ADRs, EDRs and GDRs. There
is no limitation on the Fund's ability to invest in ADRs, EDRs and GDRs and
therefore the Fund's exposure to foreign securities may be greater than 25% of the
Fund's net assets. The Fund may invest up to 10% of its net assets (out of the 25%
which may be invested in foreign securities) in foreign securities of issuers
located in emerging markets. The Fund may also invest up to 15% of its net assets
in fixed income securities, including sovereign debt, corporate bonds,
exchange-traded notes ("ETNs") and debt issued by the U.S. Government and its
agencies. Such fixed income investments may include high-yield or "junk" bonds and
generally range in maturity from 2 to 10 years. The Fund may invest up to 10% of
its net assets in currencies and forward currency contracts and may also invest
without limit in the securities of small- and medium-sized issuers. The Fund may
utilize leverage 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 also invest up to 20% of its net assets in derivatives
including futures, options, swaps and forward foreign currency contracts. These
instruments may be used 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.
Derivative instruments based upon the equity securities described above will be
considered equity securities for the purposes of the Fund's 80% investment
restriction.
  
Each Sub-Adviser will be allocated 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 (hopefully at a lower price) and
returned to the broker). 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. In engaging Sub-Advisers to manage the Fund, the Adviser and
Lead Sub-Adviser look to select Sub-Advisers who employ complementary long/short
equity investment strategies.

The Lead Sub-Adviser, as part of its portfolio and risk management functions,
may elect to directly invest a portion of the Fund's assets. These investments
by the Lead Sub-Adviser will typically be made in equity and fixed income
securities, futures, options and other instruments to modify the Fund's exposure
to a particular investment or market related risk, to hedge the Fund against
exposures created in aggregate by the Sub-Advisers, as well as to manage the
beta of the Fund. (Beta is a measure of the volatility, or systematic risk, of a
security or, in this case, the Fund, in comparison to the market as a whole).
Under normal operating conditions, it is anticipated that on average, 15% to 20%
of the Fund's assets would be managed by the Lead Sub-Adviser in accordance with
this risk management process.  Overall portfolio risk controls, managed by the
Lead Sub-Adviser, in conjunction with the Adviser, will seek to maintain a
moderate beta for the Fund compared to the S&P 500® Index, which, because beta
is a measure of volatility, means that the Fund seeks to have less volatility
than the S&P 500® Index over a full market cycle.

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.

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.
  
Newer Fund Risk. The Fund is newer with limited 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. 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 not have extensive track records.

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 ADRs, GDRs and EDRs, 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.

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 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. 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.

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.
  
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 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 a 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.

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] The Total Annual Fund Operating Expenses for the Fund do not correlate to Ratio of Operating Expenses to Average Net Assets Before Waivers in the Financial Highlights which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE").

[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 AFFE, interest, taxes, interest and dividends on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.95%, 3.70% and 2.64% of average daily net assets of the Fund's Class A, Class C and Class I shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least June 28, 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 Caps.