0000894189-13-003780.txt : 20130715 0000894189-13-003780.hdr.sgml : 20130715 20130715164534 ACCESSION NUMBER: 0000894189-13-003780 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130715 DATE AS OF CHANGE: 20130715 EFFECTIVENESS DATE: 20130715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 13968637 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 13968638 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000031753 Orinda SkyView Multi-Manager Hedged Equity Fund C000098870 Class A OHEAX C000098872 Class I OHEIX 0001027596 S000036614 Orinda SkyView Macro Opportunities Fund C000111961 Class A OMOAX C000111962 Class I OMOIX 485BPOS 1 ast-orinda_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-orinda_bxbrl.htm

 
Filed with the U.S. Securities and Exchange Commission on July 15, 2013
 
1933 Act Registration File No. 333-17391
1940 Act File No. 811-07959
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.          
¨
Post-Effective Amendment No.  521
x
and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 523
x

 
(Check appropriate box or boxes.)
 
 
ADVISORS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609
 
Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
75 East 55th Street
New York, New York 10022
 
 
It is proposed that this filing will become effective
 
 
ý
immediately upon filing pursuant to paragraph (b)
 
o
on                                     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                                     pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ]
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 521 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 517 on Form N-1A filed June 26, 2013.  This PEA No. 521 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 517 to the Trust’s Registration Statement for its series:  Orinda SkyView Multi-Manager Hedged Equity Fund and Orinda SkyView Macro Opportunities Fund.

 
 
 

 
 
SIGNATURES


     Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 521 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 521 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 15th day of July, 2013.

Advisors Series Trust
 
By:  /s/ Douglas G. Hess                           
  Douglas G. Hess
  President

     Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 521 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Donald E. O’Connor*                             
Trustee
July 15, 2013
Donald E. O’Connor
   
     
George J. Rebhan*                                  
Trustee
July 15, 2013
George J. Rebhan
   
     
GeorgeT. Wofford*                                
Trustee
July 15, 2013
George T. Wofford
   
     
Joe D. Redwine*                                     
Trustee, Chairman and
July 15, 2013
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King                                    
Treasurer and Principal
July 15, 2013
Cheryl L. King
Financial Officer
 
     
/s/ Douglas G. Hess                                
President and Principal
July 15, 2013
Douglas G. Hess
Executive Officer
 
     
*By:    /s/ Douglas G. Hess                   
   
Douglas G. Hess
Attorney-In Fact pursuant to
Power of Attorney
     
 
 
 
 
C-1

 
 
 
EXHIBIT LIST

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 
 
 
 
 
 
 
C-2
 
 

EX-101.INS 2 ck0001027596-20130626.xml INSTANCE DOCUMENT 0001027596 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member ck0001027596:C000098870Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member ck0001027596:C000098872Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member rr:AfterTaxesOnDistributionsMember ck0001027596:C000098870Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001027596:C000098870Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member rr:AfterTaxesOnDistributionsMember ck0001027596:C000098872Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001027596:C000098872Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member ck0001027596:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member ck0001027596:index_Russell_2000_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-28 2013-02-28 0001027596 ck0001027596:S000031753Member ck0001027596:index_HFRX_Equity_Hedge_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-28 2013-02-28 0001027596 ck0001027596:S000036614Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000036614Member ck0001027596:C000111961Member 2013-02-28 2013-02-28 0001027596 ck0001027596:S000036614Member ck0001027596:C000111962Member 2013-02-28 2013-02-28 xbrli:pure iso4217:USD The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Operating Expenses to Average Net Assets Before Reimbursements in the Financial Highlights which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE"). 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% and 2.64% 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 27, 2014, 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. 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 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 27, 2014, 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. ADVISORS SERIES TRUST 485BPOS false 0001027596 2013-02-28 2013-06-26 2013-06-28 2013-06-28 Orinda SkyView Multi-Manager Hedged Equity Fund OHEAX OHEIX Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#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;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 130% of the average value of its portfolio .</font> </div> 1.30 Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The following principal risks could affect the value of your investment.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font>.&#160;&#160;The value of the Fund&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font>.&#160;&#160;The skill of the Adviser and Sub-Advisers (including the Lead Sub-Adviser) will play a significant role in the Fund&#8217;s ability to achieve its investment objective.&#160;&#160;The Fund&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Multi-Style Management Risk.&#160;&#160;</font>Because portions of the Fund&#8217;s assets are managed by different Sub-Advisers using different styles, the Fund could experience overlapping security transactions.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depositary Receipt Risk.&#160;&#160;<font style="FONT-STYLE: normal">The Fund&#8217;s equity investments may take the form of depositary receipts.&#160;&#160;Depositary receipts may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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&#8217;s investment strategy.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign and Emerging Market Securities Risk</font>.&#160;&#160;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.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk</font>.&#160;&#160;Changes in foreign currency exchange rates will affect the value of what the Fund owns and the Fund&#8217;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&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small and Medium Companies Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk</font>.&#160;&#160;The Fund&#8217;s use of derivatives (which may include options, futures, swaps and forward foreign currency contracts) may reduce the Fund&#8217;s returns and/or increase volatility.&#160;&#160;A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF and Mutual Fund Risk</font>.&#160;&#160;When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF&#8217;s or mutual fund&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;Inverse ETFs are subject to the risk that their performance will fall as the value of their benchmark indices rises.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk</font>.&#160;&#160;Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund.&#160;&#160;Credit risk is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that an issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High-Yield Securities Risk</font>.&#160;&#160;Fixed income securities that are rated below investment grade (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, &#8220;junk bonds&#8221;) 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Government-Sponsored Entities Risk</font>.&#160;&#160;Securities issued by government-sponsored entities may not be backed by the full faith and credit of the United States.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exchange-Traded Note Risk</font>.&#160;&#160;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&#8217; markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating and economic, legal, political or geographic events that affect the referenced index.&#160;&#160;In addition, the notes issued by ETNs and held by a fund are unsecured debt of the issuer.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage and Short Sales Risk</font>.&#160;&#160;Leverage is the practice of borrowing money to purchase securities.&#160;&#160;If the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font>.&#160;&#160;A high portfolio turnover rate (100% or more) increases the Fund&#8217;s transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund&#8217;s performance.&#160;&#160;Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover.</font> </div> Losing all or a portion of your investment is a risk of investing in the Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s Class A shares.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;Distribution of Fund Shares&#8221; section on page 34 of the Fund&#8217;s Prospectus and the &#8220;Additional Purchase and Redemption Information&#8221; section on page 42 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</font> </div> 0.0500 0.0000 0.0000 0.0000 -0.0100 -0.0100 0.0230 0.0230 0.0025 0.0000 0.0231 0.0238 0.0177 0.0188 0.0013 0.0007 0.0005 0.0005 0.0491 0.0473 -0.0014 -0.0016 0.0477 0.0457 ~ http://usbank.com/20130626/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001027596_S000031753Member row primary compact * ~ ~ http://usbank.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001027596_S000031753Member row primary compact * ~ 2014-06-27 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. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Operating Expenses to Average Net Assets Before Reimbursements in the Financial Highlights which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE"). Shareholder Fees (fees paid directly from your investment) Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following information provides some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows the annual return for the Fund&#8217;s Class I shares and does not reflect the sales charges applicable to Class A shares.&#160;&#160;If sales charges were included, the return would be lower than those shown in the bar chart.&#160;&#160;The table shows how the Fund&#8217;s Class I and Class A (reflecting the sales charges) average annual returns for one year and since inception compare with those of broad measures of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available by calling the Fund toll-free at 1-855-467-4632 (855-4ORINDA).</font> </div> Calendar Year Total Return as of December 31* 0.0012 ~ http://usbank.com/20130626/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001027596_S000031753Member column rr_ProspectusShareClassAxis compact ck0001027596_C000098872Member row primary compact * ~ highest quarterly return 0.0699 2012-12-31 lowest quarterly return -0.0874 2012-09-30 year-to-date total return 0.0665 2013-03-31 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">During the period shown in the bar chart, the Fund&#8217;s highest quarterly return was 6.99% for the quarter ended December 31, 2012, and the lowest quarterly return was -8.74% for the quarter ended September 30, 2012.</font> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">* The Fund&#8217;s year-to-date total return as of March&#160;31,&#160;2013 was 6.65%.</font> </div> -0.0525 -0.0430 Class A - Return Before Taxes -0.0526 -0.0430 Class A - Return After Taxes on Distributions -0.0340 -0.0364 Class A - Return After Taxes on Distributions and Sale of Fund Shares 0.0012 -0.0112 Class I - Return Before Taxes 0.0012 -0.0113 Class I - Return After Taxes on Distributions 0.0009 -0.0095 Class I - Return After Taxes on Distributions and Sale of Fund Shares 0.1600 0.0659 S&P 500&#174; Index (reflects no deduction for fees, expenses, or taxes) 0.1635 0.0186 Russell 2000&#174; Index (reflects no deduction for fees, expenses, or taxes) 0.0481 -0.0732 HFRX Equity Hedge Index (reflects no deduction for fees, expenses, or taxes) 2011-03-31 2011-03-31 2011-03-31 2011-03-31 2011-03-31 ~ http://usbank.com/20130626/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001027596_S000031753Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160;After-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).&#160;&#160;In addition, the &#8220;Return after Taxes on Distributions and Sale of Fund Shares&#8221; is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following information provides some indication of the risks of investing in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses, or taxes) In addition, the "Return after Taxes on Distributions and Sale of Fund Shares" is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. The bar chart shows the annual return for the Fund's Class I shares and does not reflect the sales charges applicable to Class A shares. If sales charges were included, the return would be lower than those shown in the bar chart. 1-855-467-4632 Average Annual Total Returns (For the periods ended December 31, 2012) Actual after-tax returns depend on your situation and may differ from those shown. After-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same</font> (taking into account the Expense Caps only in the first year)<font style="DISPLAY: inline">.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></font> </div> 954 1890 2827 5178 458 1411 2368 4786 ~ http://usbank.com/20130626/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001027596_S000031753Member row primary compact * ~ Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund attempts 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 (&#8220;Sub-Advisers&#8221;) to the Fund and who will employ various complementary long/short equity investment strategies.&#160;&#160;The Adviser has engaged 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities.&#160;&#160;The types of equity securities in which the Fund generally invests include common stocks, preferred stocks, rights, warrants, convertibles, partnership interests, other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;), and American Depositary Receipts (&#8220;ADRs&#8221;) and other similar investments, including European Depositary Receipts (&#8220;EDRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;).&#160;&#160;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.&#160;&#160;There is no limitation on the Fund&#8217;s ability to invest in ADRs, EDRs and GDRs and therefore the Fund&#8217;s exposure to foreign securities may be greater than 25% of the Fund&#8217;s net assets.&#160;&#160;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.&#160;&#160;The Fund may also invest up to 15% of its net assets in fixed income securities, including sovereign debt, corporate bonds, exchange-traded notes (&#8220;ETNs&#8221;) and debt issued by the U.S. Government and its agencies.&#160;&#160;Such fixed income investments may include high-yield or &#8220;junk&#8221; bonds and generally range in maturity from 2 to 10 years.&#160;&#160;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.&#160;&#160;The Fund may utilize leverage of no more than 10% of the Fund&#8217;s total assets as part of the portfolio management process.&#160;&#160;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.&#160;&#160;The Fund may also invest up to 20% of its net assets in derivatives including futures, options, swaps and forward foreign currency contracts.&#160;&#160;These instruments may be used to modify or hedge the Fund&#8217;s exposure to a particular investment market related risk, as well as to manage the volatility of the Fund.&#160;&#160;Derivative instruments based upon the equity securities described above are considered equity securities for the purposes of the Fund&#8217;s 80% investment restriction.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Each Sub-Adviser is allocated a portion of the Fund&#8217;s assets to invest.&#160; The Sub-Advisers 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).&#160;&#160;Each Sub-Adviser has complete discretion to invest its portion of the Fund&#8217;s assets as it deems appropriate, based on its particular philosophy, style, strategies and views.&#160;&#160;While each Sub-Adviser is subject to the oversight of the Adviser and Lead Sub-Adviser, neither the Adviser nor Lead Sub-Adviser attempt to coordinate or manage the day-to-day investments of the Sub-Advisers.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Lead Sub-Adviser, as part of its portfolio and risk management functions, may elect to directly invest a portion of the Fund&#8217;s assets.&#160;&#160;These investments by the Lead Sub-Adviser are typically made in equity and fixed income securities, futures, options and other instruments to modify the Fund&#8217;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.&#160;&#160;(Beta is a measure of the volatility, or systematic risk,&#160;of a security or, in this case, the Fund, in comparison to the market as a whole).&#160; Under normal operating conditions, it is anticipated that on average, 15% to 20% of the Fund&#8217;s assets would be managed by the Lead Sub-Adviser in accordance with this risk management process.&#160; Overall portfolio risk controls, managed by the Lead Sub-Adviser in conjunction with the Adviser, seek to maintain a moderate beta for the Fund compared to the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index which, because beta is a measure of volatility, means that the Fund seeks to have less volatility than the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index over a full market cycle.&#160;&#160;</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund sells (or closes 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&#8217;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&#8217;s assessment criteria; or (4) for other portfolio management reasons.</font> </div> Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Orinda SkyView Multi-Manager Hedged Equity Fund (the &#8220;Fund&#8221;) seeks to achieve long-term capital appreciation.&#160;&#160;In pursuing its objective, the Fund looks to emphasize risk-adjusted returns and reduced volatility compared to traditional broad-based equity market indices.</font> </div> Orinda SkyView Macro Opportunities Fund OMOAX OMOIX Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#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;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal period (from April 30, 2012 through February 28, 2013), the Fund&#8217;s portfolio turnover rate was 205% of the average value of its portfolio.</font> </div> 2.05 Principal Investment Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The following principal risks could affect the value of your investment.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font>.&#160;&#160;The value of the Fund&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font>.&#160;&#160;The skill of the Adviser and Sub-Advisers (including the Lead Sub-Adviser) will play a significant role in the Fund&#8217;s ability to achieve its investment objective.&#160;&#160;The Fund&#8217;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.&#160;&#160;Additionally, there can be no assurance that the Adviser and/or Lead Sub-Adviser will be able to allocate the Fund&#8217;s assets among the Sub-Advisers in a manner that is beneficial to the Fund.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Multi-Style Management Risk.&#160;&#160;</font>Because portions of the Fund&#8217;s assets are managed by different Sub-Advisers using different styles, the Fund could experience overlapping security transactions.&#160;&#160;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.&#160;&#160;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&#8217; ability to be successful in their strategies.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Newer Fund Risk</font>.&#160;&#160;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.&#160;&#160;Additionally, although the Adviser chooses 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Depositary Receipt Risk</font><font style="DISPLAY: inline">.&#160;&#160;The Fund&#8217;s equity investments may take the form of depositary receipts.&#160;&#160;Depositary receipts may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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</font> American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary Receipts (&#8220;EDRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;)<font style="DISPLAY: inline">, are not deemed to be investments in foreign securities for purposes of the Fund&#8217;s investment strategy.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign and Emerging Market Securities Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk</font>.&#160;&#160;Changes in foreign currency exchange rates will affect the value of what the Fund owns and the Fund&#8217;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&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small and Medium Companies Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk</font>.&#160;&#160;The Fund&#8217;s use of derivatives (which may include options, futures, swaps and forward foreign currency contracts) may reduce the Fund&#8217;s returns and/or increase volatility.&#160;&#160;A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Commodity-Linked Derivatives Risk.&#160;&#160;</font> 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.&#160;&#160;Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.&#160;&#160;Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of debt securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exchange-Traded Fund (&#8220;ETF&#8221;) and Mutual Fund Risk</font>.&#160;&#160;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&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;Inverse ETFs are subject to the risk that their performance will fall as the value of their benchmark indices rises.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.&#160;&#160;ETFs may not track their underlying indices.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk</font>.&#160;&#160;Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund.&#160;&#160;Credit risk is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that an issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mortgage-Backed Securities Risk.</font> 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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High-Yield Securities Risk</font>.&#160;&#160;Fixed income securities that are rated below investment grade (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, &#8220;junk bonds&#8221;) 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Government-Sponsored Entities Risk</font>.&#160;&#160;Securities issued by government-sponsored entities may not be backed by the full faith and credit of the United States.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exchange-Traded Note (&#8220;ETN&#8221;) Risk</font>.&#160;&#160;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&#8217; markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating and economic, legal, political or geographic events that affect the referenced index.&#160;&#160;In addition, the notes issued by ETNs and held by the Fund are unsecured debt of the issuer.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage and Short Sales Risk</font>.&#160;&#160;Leverage is the practice of borrowing money to purchase securities.&#160;&#160;If the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Growth Stock Risk</font>.&#160;&#160;The risk that growth style companies lose value or move out of favor.&#160;&#160;Growth style companies also may be more sensitive to changes in current or expected earnings than the prices of other stocks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Value Stock Risk.&#160;&#160;&#160;</font>Value style investing as a strategy may be out of favor in the market for an extended period.&#160;Value stocks can perform differently from the market as a whole and from other types of stocks.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Initial Public Offering Risk</font>.&#160;&#160;The Fund may purchase securities of companies that are offered pursuant to an IPO.&#160;&#160;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.&#160;&#160;The purchase of IPO shares may involve high transaction costs.&#160;&#160;IPO shares are subject to market risk and liquidity risk.&#160;&#160;When the Fund&#8217;s asset base is small, a significant portion of the Fund&#8217;s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund.&#160;&#160;As the Fund&#8217;s assets grow, the effect of the Fund&#8217;s investments in IPOs on the Fund&#8217;s performance probably will decline, which could reduce the Fund&#8217;s performance.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font>.&#160;&#160;A high portfolio turnover rate (100% or more) increases the Fund&#8217;s transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund&#8217;s performance.&#160;&#160;Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover.</font> </div> Losing all or a portion of your investment is a risk of investing in the Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s Class A shares.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;Distribution of Fund Shares&#8221; section on page 36 of the Fund&#8217;s Prospectus and the &#8220;Additional Purchase and Redemption Information&#8221; section on page 45 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</font> </div> 0.0500 0.0000 0.0000 0.0000 -0.0100 -0.0100 0.0230 0.0230 0.0025 0.0000 0.0294 0.0347 0.0084 0.0080 0.0015 0.0010 0.0014 0.0014 0.0563 0.0591 -0.0169 -0.0231 0.0394 0.0360 ~ http://usbank.com/20130626/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001027596_S000036614Member row primary compact * ~ ~ http://usbank.com/20130626/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001027596_S000036614Member row primary compact * ~ 2014-06-27 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. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Operating Expenses to Average Net Assets Before Reimbursements in the Financial Highlights which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE"). Shareholder Fees (fees paid directly from your investment) Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When the Fund has been in operation for a full calendar year, performance information will be shown here.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.orindafunds.com or by calling the Fund toll-free at 1-855-467-4632 (855-4ORINDA).</font> </div> When the Fund has been in operation for a full calendar year, performance information will be shown here. 1-855-467-4632 www.orindafunds.com Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same</font> (taking into account the Expense Caps only in the first year)<font style="DISPLAY: inline">.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></font> </div> 876 1951 3011 5605 363 1550 2716 5540 ~ http://usbank.com/20130626/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001027596_S000036614Member row primary compact * ~ Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund attempts to achieve its investment objective by allocating its assets among a carefully chosen group of experienced alternative investment portfolio managers who serve as sub-advisers (&#8220;Sub-Advisers&#8221;) to the Fund.&#160;&#160;The Adviser has engaged 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">These Sub-Advisers implement both fundamentally and technically driven strategies.&#160; 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. 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund sells (or closes 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&#8217;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&#8217;s assessment criteria; or (4) for other portfolio management reasons.</font> </div> Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Orinda SkyView Macro Opportunities Fund (the &#8220;Fund&#8221;) seeks to achieve long-term capital appreciation by pursuing positive absolute returns across market cycles.&#160;&#160;In pursuing its objective, the Fund seeks to generate attractive long-term returns with low sensitivity to traditional equity and fixed-income indices.</font> </div> EX-101.SCH 3 ck0001027596-20130626.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Orinda SkyView Multi-Manager Hedged Equity Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Document - Risk/Return Summary {Unlabeled} - Orinda SkyView Macro Opportunities Fund link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - Orinda SkyView Multi-Manager Hedged Equity Fund link:presentationLink link:definitionLink link:calculationLink 020011 - Disclosure - Risk/Return Detail Data {Elements} - Orinda SkyView Macro Opportunities Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0001027596-20130626_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0001027596-20130626_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0001027596-20130626_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0001027596-20130626_pre.xml PRESENTATION LINKBASE DOCUMENT XML 8 R8.xml IDEA: Risk/Return Detail Data - Orinda SkyView Multi-Manager Hedged Equity Fund 2.4.0.8020006 - Disclosure - Risk/Return Detail Data {Elements} - Orinda SkyView Multi-Manager Hedged Equity Fundtruetruefalse1false falsefalseS000031753Memberhttp://www.sec.gov/CIK0001027596duration2013-02-28T00:00:002013-02-28T00:00:00pureStandardhttp://www.xbrl.org/2003/instancepurexbrli01true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 4rr_RiskReturnHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Orinda SkyView Multi-Manager Hedged Equity Fundfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 false03false 4rr_ObjectiveHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Investment Objectivefalsefalsefalsexbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Orinda SkyView Multi-Manager Hedged Equity Fund (the &#8220;Fund&#8221;) seeks to achieve long-term capital appreciation.&#160;&#160;In pursuing its objective, the Fund looks to emphasize risk-adjusted returns and reduced volatility compared to traditional broad-based equity market indices.</font> </div>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Fees and Expenses of the Fundfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. 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 year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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&#8217;s Class A shares.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;Distribution of Fund Shares&#8221; section on page 34 of the Fund&#8217;s Prospectus and the &#8220;Additional Purchase and Redemption Information&#8221; section on page 42 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</font> </div>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00 Shareholder Fees (fees paid directly from your investment) falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false08false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false09false 4rr_FeeWaiverOrReimbursementOverAssetsDateOfTerminationrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse002014-06-27falsefalsefalsexbrli:stringItemTypestringThis element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph e false010false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Portfolio Turnoverfalsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false011false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#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;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 130% of the average value of its portfolio .</font> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). 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A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false012false 4rr_PortfolioTurnoverRaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruefalse1.301.30falsefalsefalsexbrli:pureItemTypepureThis element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false013false 4rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFeesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Operating Expenses to Average Net Assets Before Reimbursements in the Financial Highlights which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE").falsefalsefalsexbrli:stringItemTypestringThe Fund may clarify in a footnote to the fee table that the total annual fund operating expenses under Item 3 do not correlate to the ratio of expenses to average net assets given in response to Item 8, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph f -Clause vii false014false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Examplefalsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false015false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same</font> (taking into account the Expense Caps only in the first year)<font style="DISPLAY: inline">.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></font> </div>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false016false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Principal Investment Strategies of the Fundfalsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false017false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund attempts 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 (&#8220;Sub-Advisers&#8221;) to the Fund and who will employ various complementary long/short equity investment strategies.&#160;&#160;The Adviser has engaged 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities.&#160;&#160;The types of equity securities in which the Fund generally invests include common stocks, preferred stocks, rights, warrants, convertibles, partnership interests, other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;), and American Depositary Receipts (&#8220;ADRs&#8221;) and other similar investments, including European Depositary Receipts (&#8220;EDRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;).&#160;&#160;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.&#160;&#160;There is no limitation on the Fund&#8217;s ability to invest in ADRs, EDRs and GDRs and therefore the Fund&#8217;s exposure to foreign securities may be greater than 25% of the Fund&#8217;s net assets.&#160;&#160;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.&#160;&#160;The Fund may also invest up to 15% of its net assets in fixed income securities, including sovereign debt, corporate bonds, exchange-traded notes (&#8220;ETNs&#8221;) and debt issued by the U.S. Government and its agencies.&#160;&#160;Such fixed income investments may include high-yield or &#8220;junk&#8221; bonds and generally range in maturity from 2 to 10 years.&#160;&#160;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.&#160;&#160;The Fund may utilize leverage of no more than 10% of the Fund&#8217;s total assets as part of the portfolio management process.&#160;&#160;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.&#160;&#160;The Fund may also invest up to 20% of its net assets in derivatives including futures, options, swaps and forward foreign currency contracts.&#160;&#160;These instruments may be used to modify or hedge the Fund&#8217;s exposure to a particular investment market related risk, as well as to manage the volatility of the Fund.&#160;&#160;Derivative instruments based upon the equity securities described above are considered equity securities for the purposes of the Fund&#8217;s 80% investment restriction.</font> </div> <br/><div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Lead Sub-Adviser, as part of its portfolio and risk management functions, may elect to directly invest a portion of the Fund&#8217;s assets.&#160;&#160;These investments by the Lead Sub-Adviser are typically made in equity and fixed income securities, futures, options and other instruments to modify the Fund&#8217;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.&#160;&#160;(Beta is a measure of the volatility, or systematic risk,&#160;of a security or, in this case, the Fund, in comparison to the market as a whole).&#160; Under normal operating conditions, it is anticipated that on average, 15% to 20% of the Fund&#8217;s assets would be managed by the Lead Sub-Adviser in accordance with this risk management process.&#160; Overall portfolio risk controls, managed by the Lead Sub-Adviser in conjunction with the Adviser, seek to maintain a moderate beta for the Fund compared to the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index which, because beta is a measure of volatility, means that the Fund seeks to have less volatility than the S&amp;P 500<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Index over a full market cycle.&#160;&#160;</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund sells (or closes 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&#8217;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&#8217;s assessment criteria; or (4) for other portfolio management reasons.</font> </div>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false018false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Principal Investment Risksfalsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false019false 4rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The following principal risks could affect the value of your investment.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Market Risk</font>.&#160;&#160;The value of the Fund&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font>.&#160;&#160;The skill of the Adviser and Sub-Advisers (including the Lead Sub-Adviser) will play a significant role in the Fund&#8217;s ability to achieve its investment objective.&#160;&#160;The Fund&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Multi-Style Management Risk.&#160;&#160;</font>Because portions of the Fund&#8217;s assets are managed by different Sub-Advisers using different styles, the Fund could experience overlapping security transactions.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depositary Receipt Risk.&#160;&#160;<font style="FONT-STYLE: normal">The Fund&#8217;s equity investments may take the form of depositary receipts.&#160;&#160;Depositary receipts may be purchased through &#8220;sponsored&#8221; or &#8220;unsponsored&#8221; 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&#8217;s investment strategy.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign and Emerging Market Securities Risk</font>.&#160;&#160;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.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Currency Risk</font>.&#160;&#160;Changes in foreign currency exchange rates will affect the value of what the Fund owns and the Fund&#8217;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&#8217;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Small and Medium Companies Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Derivatives Risk</font>.&#160;&#160;The Fund&#8217;s use of derivatives (which may include options, futures, swaps and forward foreign currency contracts) may reduce the Fund&#8217;s returns and/or increase volatility.&#160;&#160;A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">ETF and Mutual Fund Risk</font>.&#160;&#160;When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF&#8217;s or mutual fund&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;Inverse ETFs are subject to the risk that their performance will fall as the value of their benchmark indices rises.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risk</font>.&#160;&#160;Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund.&#160;&#160;Credit risk is the risk that an issuer will not make timely payments of principal and interest.&#160;&#160;There is also the risk that an issuer may &#8220;call,&#8221; or repay, its high yielding bonds before their maturity dates.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High-Yield Securities Risk</font>.&#160;&#160;Fixed income securities that are rated below investment grade (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, &#8220;junk bonds&#8221;) 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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Government-Sponsored Entities Risk</font>.&#160;&#160;Securities issued by government-sponsored entities may not be backed by the full faith and credit of the United States.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exchange-Traded Note Risk</font>.&#160;&#160;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&#8217; markets, changes in the applicable interest rates, changes in the issuer&#8217;s credit rating and economic, legal, political or geographic events that affect the referenced index.&#160;&#160;In addition, the notes issued by ETNs and held by a fund are unsecured debt of the issuer.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Leverage and Short Sales Risk</font>.&#160;&#160;Leverage is the practice of borrowing money to purchase securities.&#160;&#160;If the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage.&#160;&#160;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.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Sector Risk</font>.&#160;&#160;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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Portfolio Turnover Risk</font>.&#160;&#160;A high portfolio turnover rate (100% or more) increases the Fund&#8217;s transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund&#8217;s performance.&#160;&#160;Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover.</font> </div>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false020false 4rr_RiskLoseMoneyrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Losing all or a portion of your investment is a risk of investing in the Fund. falsefalsefalsexbrli:stringItemTypestringSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i false021false 4rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Performancefalsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false022false 4rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following information provides some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows the annual return for the Fund&#8217;s Class I shares and does not reflect the sales charges applicable to Class A shares.&#160;&#160;If sales charges were included, the return would be lower than those shown in the bar chart.&#160;&#160;The table shows how the Fund&#8217;s Class I and Class A (reflecting the sales charges) average annual returns for one year and since inception compare with those of broad measures of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available by calling the Fund toll-free at 1-855-467-4632 (855-4ORINDA).</font> </div>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false023false 4rr_PerformanceInformationIllustratesVariabilityOfReturnsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00The following information provides some indication of the risks of investing in the Fund.falsefalsefalsexbrli:stringItemTypestringInclude the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false024false 4rr_PerformanceAvailabilityPhonerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse001-855-467-4632falsefalsefalsexbrli:stringItemTypestringIf applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false025false 4rr_PerformancePastDoesNotIndicateFuturerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.falsefalsefalsexbrli:stringItemTypestringInclude the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false026false 4rr_BarChartHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Calendar Year Total Return as of December 31*falsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false027false 4rr_BarChartDoesNotReflectSalesLoadsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00The bar chart shows the annual return for the Fund's Class I shares and does not reflect the sales charges applicable to Class A shares. If sales charges were included, the return would be lower than those shown in the bar chart. falsefalsefalsexbrli:stringItemTypestringInclude the bar chart and table required by Item 4 (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Provide annual total returns beginning with the earliest calendar year. Calculate annual returns using the Instructions to Item 8(a), except that the calculations should be based on calendar years. If a Fund's shares are sold subject to a sales load or account fees, state that sales loads or account fees are not reflected in the bar chart and that, if these amounts were reflected, returns would be less than those shown.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i false028false 4rr_BarChartFootnotesTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">* The Fund&#8217;s year-to-date total return as of March&#160;31,&#160;2013 was 6.65%.</font> </div>falsefalsefalsenonnum:textBlockItemTypenaMultiple Class Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 3 false029false 4rr_BarChartClosingTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">During the period shown in the bar chart, the Fund&#8217;s highest quarterly return was 6.99% for the quarter ended December 31, 2012, and the lowest quarterly return was -8.74% for the quarter ended September 30, 2012.</font> </div>falsefalsefalsenonnum:textBlockItemTypenaIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false030false 4rr_YearToDateReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00year-to-date total returnfalsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false031false 4rr_BarChartYearToDateReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse002013-03-31falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false032false 4rr_BarChartYearToDateReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruefalse0.06650.0665falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false033false 4rr_HighestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00highest quarterly returnfalsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false034false 4rr_BarChartHighestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse002012-12-31falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false035false 4rr_BarChartHighestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruefalse0.06990.0699falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false036false 4rr_LowestQuarterlyReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00lowest quarterly returnfalsefalsefalsexbrli:stringItemTypestringIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false037false 4rr_BarChartLowestQuarterlyReturnDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse002012-09-30falsefalsetruexbrli:dateItemTypedateIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false038false 4rr_BarChartLowestQuarterlyReturnrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruefalse-0.0874-0.0874falsefalsefalsexbrli:pureItemTypepureIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii false039false 4rr_IndexNoDeductionForFeesExpensesTaxesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00(reflects no deduction for fees, expenses, or taxes)falsefalsefalsexbrli:stringItemTypestringThe Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 5 false040false 4rr_PerformanceTableUsesHighestFederalRaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.falsefalsefalsexbrli:stringItemTypestringProvide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii false041false 4rr_PerformanceTableNotRelevantToTaxDeferredrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Actual after-tax returns depend on your situation and may differ from those shown. After-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").falsefalsefalsexbrli:stringItemTypestringProvide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B false042false 4rr_PerformanceTableExplanationAfterTaxHigherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00In addition, the "Return after Taxes on Distributions and Sale of Fund Shares" is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.falsefalsefalsexbrli:stringItemTypestringIf average annual total return (after taxes on distributions and redemption) is higher than average annual total return, the reason for this result may be explained.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause D false043false 4rr_PerformanceTableClosingTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160;After-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).&#160;&#160;In addition, the &#8220;Return after Taxes on Distributions and Sale of Fund Shares&#8221; is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</font> </div> falsefalsefalsenonnum:textBlockItemTypenaIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii false044false 4rr_AverageAnnualReturnCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsetruefalse00 Average Annual Total Returns (For the periods ended December 31, 2012) falsefalsefalsexbrli:stringItemTypestringThis item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 5 false045false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2false truefalseS000031753Member_index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberhttp://www.sec.gov/CIK0001027596duration2013-02-28T00:00:002013-02-28T00:00:00falsefalseOrinda SkyView Multi-Manager Hedged Equity Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_S000031753Memberdei_LegalEntityAxisexplicitMemberfalsefalseS&P 500® Index (reflects no deduction for fees, expenses, or taxes)rr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberrr_PerformanceMeasureAxisexplicitMemberpureStandardhttp://www.xbrl.org/2003/instancepurexbrli0nanafalse046true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse047false 4rr_AverageAnnualReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsetruefalse00S&P 500&#174; Index (reflects no deduction for fees, expenses, or taxes)falsefalsefalsexbrli:stringItemTypestringThis item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false048false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.16000.1600falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false049false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.06590.0659falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false050false 4rr_AverageAnnualReturnInceptionDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse002011-03-31falsefalsetruexbrli:dateItemTypedateReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 4 false051false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse3false truefalseS000031753Member_index_Russell_2000_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberhttp://www.sec.gov/CIK0001027596duration2013-02-28T00:00:002013-02-28T00:00:00falsefalseOrinda SkyView Multi-Manager Hedged Equity Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_S000031753Memberdei_LegalEntityAxisexplicitMemberfalsefalseRussell 2000® Index (reflects no deduction for fees, expenses, or taxes)rr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_index_Russell_2000_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberrr_PerformanceMeasureAxisexplicitMemberpureStandardhttp://www.xbrl.org/2003/instancepurexbrli0nanafalse052true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse053false 4rr_AverageAnnualReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsetruefalse00Russell 2000&#174; Index (reflects no deduction for fees, expenses, or taxes)falsefalsefalsexbrli:stringItemTypestringThis item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false054false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.16350.1635falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false055false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.01860.0186falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false056false 4rr_AverageAnnualReturnInceptionDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse002011-03-31falsefalsetruexbrli:dateItemTypedateReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 4 false057false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse4false truefalseS000031753Member_index_HFRX_Equity_Hedge_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberhttp://www.sec.gov/CIK0001027596duration2013-02-28T00:00:002013-02-28T00:00:00falsefalseOrinda SkyView Multi-Manager Hedged Equity Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_S000031753Memberdei_LegalEntityAxisexplicitMemberfalsefalseHFRX Equity Hedge Index (reflects no deduction for fees, expenses, or taxes)rr_PerformanceMeasureAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_index_HFRX_Equity_Hedge_Index_reflects_no_deduction_for_fees_expenses_or_taxesMemberrr_PerformanceMeasureAxisexplicitMemberpureStandardhttp://www.xbrl.org/2003/instancepurexbrli0nanafalse058true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse059false 4rr_AverageAnnualReturnLabelrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsetruefalse00HFRX Equity Hedge Index (reflects no deduction for fees, expenses, or taxes)falsefalsefalsexbrli:stringItemTypestringThis item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false060false 4rr_AverageAnnualReturnYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue0.04810.0481falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false061false 4rr_AverageAnnualReturnSinceInceptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truetruetrue-0.0732-0.0732falsefalsefalsexbrli:pureItemTypepureReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii -Clause 1 -Exhibit 2 false062false 4rr_AverageAnnualReturnInceptionDaterr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse002011-03-31falsefalsetruexbrli:dateItemTypedateReturn Before Taxes.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 4 false063false 0truefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse5false USDtruefalse$S000031753Member_C000098870Memberhttp://www.sec.gov/CIK0001027596duration2013-02-28T00:00:002013-02-28T00:00:00falsefalseOrinda SkyView Multi-Manager Hedged Equity Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_S000031753Memberdei_LegalEntityAxisexplicitMemberfalsefalseClass Arr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001027596_C000098870Memberrr_ProspectusShareClassAxisexplicitMemberpureStandardhttp://www.xbrl.org/2003/instancepurexbrli0usdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse064true 3rr_RiskReturnAbstractrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse065false 4rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPricerr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.05000.0500falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 1 false066false 4rr_MaximumDeferredSalesChargeOverOtherrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureMaximum Deferred Sales Charge (Load) (as a percentage of ____) "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph a -Clause i false067false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue-0.0100-0.0100falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false068false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.02300.0230falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false069false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false070false 4rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.01770.0177falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false071false 4rr_Component2OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00130.0013falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 10 false072false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.02310.0231falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false073false 4rr_AcquiredFundFeesAndExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00050.0005falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 11 false074false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalse