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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No. ____
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¨
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Post-Effective Amendment No. 546
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and
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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x
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Amendment No. 548
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x
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ý
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immediately upon filing pursuant to paragraph (b)
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o
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on _________ pursuant to paragraph (b)
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o
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60 days after filing pursuant to paragraph (a)(1)
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on _________ pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on _________ pursuant to paragraph (a)(2) of Rule 485.
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[ ]
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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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Signature
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Title
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Date
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Donald E. O’Connor*
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Trustee
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October 7, 2013
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Donald E. O’Connor
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George J. Rebhan*
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Trustee
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October 7, 2013
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George J. Rebhan
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George T. Wofford*
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Trustee
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October 7, 2013
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George T. Wofford
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Joe D. Redwine*
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Trustee, Chairman and
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October 7, 2013
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Joe D. Redwine
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Chief Executive Officer
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/s/ Cheryl L. King
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Treasurer and
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October 7, 2013
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Cheryl L. King
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Principal Financial Officer
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/s/ Douglas G. Hess
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President and
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October 7, 2013
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Douglas G. Hess
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Principal Executive Officer
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*By: /s/ Douglas G. Hess
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Douglas G. Hess
Attorney-In Fact pursuant to
Power of Attorney
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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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| Label | Element | Value | ||||
|---|---|---|---|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |||||
| Risk/Return [Heading] | rr_RiskReturnHeading | Orinda Income Opportunities Fund | ||||
| Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||
| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Orinda Income Opportunities Fund (the “Fund”) seeks to maximize current income with potential for modest growth of capital. |
||||
| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund’s Class A shares. More information about these and other discounts is available from your financial professional and in the “Distribution of Fund Shares” section on page 25 of the Fund’s Prospectus and the “Additional Purchase and Redemption Information” section on page 38 of the Fund’s Statement of Additional Information (“SAI”). |
||||
| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) | ||||
| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-09-27 | ||||
| Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||
| Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. As the Fund is new, it does not have any portfolio turnover as of the date of this Prospectus. |
||||
| Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year. | ||||
| Acquired Fund Fees and Expenses, Based on Estimates [Text] | rr_AcquiredFundFeesAndExpensesBasedOnEstimates | Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year. | ||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year). |
||||
| Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||
| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | ||||
| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund will attempt to achieve its investment objective by investing in a wide range of U.S. and non-U.S. publicly traded securities and Rule 144A securities including, but not limited to, equity securities, debt securities, and derivatives. The Fund’s allocation to these various security types and asset classes will vary over time in response to changing market opportunities with the goal of maximizing current income. The Fund may invest without limit in equity securities of issuers of any market capitalization. The types of equity securities in which the Fund will generally invest include common stocks, preferred stocks, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), rights, warrants, depositary receipts and other investment companies, including exchange-traded funds (“ETFs”). The Fund generally invests in dividend paying stocks. The Fund may invest up to 25% of its net assets in initial public offerings (“IPOs”). The Fund may also invest without limit in foreign securities, including up to 50% of its net assets in securities of issuers located in emerging markets. As a result of its investments in REITs, the Fund will be concentrated in the real estate industry. The Fund may invest without limit in debt securities provided that no more than 30% of its net assets are invested in debt securities rated below investment grade (known as “junk bonds”). The types of debt securities in which the Fund may invest generally include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, those of U.S. and non-U.S. governmental entities, mortgage-related or mortgage-backed securities (including “sub-prime” mortgages), asset-backed securities, exchange-traded notes (“ETNs”), floating rate loans, convertible securities, inflation-linked debt securities and subordinated debt securities. The Fund invests in debt securities with a broad range of maturities and the Fund’s investments may have fixed or variable principal payments. The Fund may invest up to 85% of its net assets in derivatives, including options, futures (such as bond, index, interest rate and currency futures, but excluding commodities futures) and swaps (such as credit-default swaps, interest rate swaps and total return swaps). These derivative instruments may be used for investment purposes, to modify or hedge the Fund’s exposure to a particular investment market related risk, to manage the volatility of the Fund, to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates and as a substitute for purchasing or selling securities. The Fund may utilize leverage (by borrowing against a line of credit for investment purposes) up to one-third of the value of its assets as part of the portfolio management process. The Fund may also sell securities short with respect to 100% of its net assets and may lend its portfolio securities to generate additional income. The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund will sell (or close a position in) a security when the Adviser determines that a particular security has achieved its investment expectations or the reasons for maintaining that position are no longer valid. It is expected that the Fund will have a portfolio turnover in excess of 100% on an annual basis. The Fund’s investment strategies may periodically result in a significant portion of its assets being invested in the securities of companies in the same sector of the market. |
||||
| Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||||
| Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment. Market Risk. The value of the Fund’s shares will fluctuate as a result of the movement of the overall stock market or the value of the individual securities held by the Fund, and you could lose money. Management Risk. The skill of the Adviser will play a significant role in the Fund’s ability to achieve its investment objective. The Fund’s ability to achieve its investment objective depends on the investment skill and ability of the Adviser and on its ability to correctly identify economic trends. New Fund Risk. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size Depositary Receipt Risk. The Fund’s equity investments may take the form of depositary receipts. Depositary receipts may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. Fund investments in depositary receipts include American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). Master Limited Partnership Risk. Investments in securities (units) of MLPs involve risks that differ from an investment in common stock. To the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. Foreign and Emerging Market Securities Risk. Foreign investments may carry risks associated with investing outside the United States, such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. Those risks are increased for investments in emerging markets. Currency Risk. Changes in foreign currency exchange rates will affect the value of what the Fund owns and the Fund’s share price. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies. Derivatives Risk. The Fund’s use of derivatives (which may include options, futures and swaps, among others) may reduce the Fund’s returns and/or increase volatility. Derivatives involve the risk of improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying security. Derivatives are also subject to market risk, interest rate risk, credit risk, counterparty risk and liquidity risk. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Exchange-Traded Fund and Mutual Fund Risk. When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETFs or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs. ETFs may not track their underlying indices. Fixed Income Securities Risk. Fixed income securities are subject to interest rate risk and credit risk. There is also the risk that an issuer may “call,” or repay, its high yielding bonds before their maturity dates. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time. Interest Rate Risk. In general, the value of bonds and other fixed income instruments falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. Credit Risk. The issuers of the bonds and other debt securities held by the Fund may not be able to make interest or principal payments. Mortgage-Related and Other Asset-Backed Securities Risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-related securities, it may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because it may have to reinvest that money at the lower prevailing interest rates. The risk of default is generally higher in mortgage-related investments that include sub-prime mortgages. Asset-backed securities are subject to risks similar to those associated with mortgage-related securities. Real Estate and REIT Concentration Risk. The Fund is vulnerable to the risks of the real estate industry, such as the risk that a decline in rental income may occur because of extended vacancies, the failure to collect rents, increased competition from other properties, or poor management. The value and performance of REITs depends on how well the underlying properties owned by the REIT are managed. In addition, the value of an individual REIT’s securities can decline if the REIT fails to continue qualifying for special tax treatment. High-Yield Securities Risk. Fixed income securities that are rated below investment grade (i.e., “junk bonds”) are subject to additional risk factors due to the speculative nature of these securities, such as increased possibility of default liquidation of the security, and changes in value based on public perception of the issuer. Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds. Convertible Bond Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time Government-Sponsored Entities Risk. Securities issued by government-sponsored entities may not be backed by the full faith and credit of the United States. Exchange-Traded Note Risk. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying securities’ markets, changes in the applicable interest rates, changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the referenced index. In addition, the notes issued by ETNs and held by the Fund are unsecured debt of the issuer. Leverage and Short Sales Risk. Leverage is the practice of borrowing money to purchase securities. If the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. Initial Public Offering Risk. The Fund may purchase securities of companies that are offered pursuant to an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Securities Lending Risk. There are certain risks associated with securities lending, including the risk that when lending portfolio securities, the securities may not be available to the Fund on a timely basis and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Sector Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies in the same sector of the market, the Fund is more susceptible to economic, political, regulatory and other occurrences influencing those sectors. Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) increases the Fund’s transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund’s performance. Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover. Non-Diversification Risk. The Fund is non-diversified. Performance of a non-diversified fund may be more volatile than performance of a diversified fund because a non-diversified fund may invest a greater percentage of its total assets in the securities of a single issuer. Greater investment in a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer. |
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| Risk Lose Money [Text] | rr_RiskLoseMoney | Losing all or a portion of your investment is a risk of investing in the Fund. | ||||
| Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund is non-diversified. Performance of a non-diversified fund may be more volatile than performance of a diversified fund because a non-diversified fund may invest a greater percentage of its total assets in the securities of a single issuer. Greater investment in a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer. | ||||
| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | When the Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information will be available on the Fund’s website at www.orindafunds.com or by calling the Fund toll-free at 1-855-467-4632 (855-4ORINDA). |
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| Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | When the Fund has been in operation for a full calendar year, performance information will be shown here. | ||||
| Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-855-467-4632 | ||||
| Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.orindafunds.com | ||||
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Class I
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| Risk/Return: | rr_RiskReturnAbstract | |||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Redemption Fee | rr_RedemptionFeeOverRedemption | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||
| Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
| Interest Expense and Dividends on Securities Sold Short | rr_Component1OtherExpensesOverAssets | 0.03% | ||||
| Shareholder Servicing Plan Fee | rr_Component2OtherExpensesOverAssets | 0.10% | ||||
| Additional Other Expenses | rr_Component3OtherExpensesOverAssets | 0.54% | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.67% | [1] | |||
| Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | [1] | |||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.69% | ||||
| Less: Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.04%) | [2] | |||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.65% | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 168 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 529 | ||||
|
Class A
|
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| Risk/Return: | rr_RiskReturnAbstract | |||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.00% | ||||
| Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Redemption Fee | rr_RedemptionFeeOverRedemption | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||
| Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
| Interest Expense and Dividends on Securities Sold Short | rr_Component1OtherExpensesOverAssets | 0.03% | ||||
| Shareholder Servicing Plan Fee | rr_Component2OtherExpensesOverAssets | 0.15% | ||||
| Additional Other Expenses | rr_Component3OtherExpensesOverAssets | 0.54% | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.72% | [1] | |||
| Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | [1] | |||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.99% | ||||
| Less: Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.04%) | [2] | |||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.95% | ||||
| Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | 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. | ||||
| Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 50,000 | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 688 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 1,090 | ||||
|
Class D
|
||||||
| Risk/Return: | rr_RiskReturnAbstract | |||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Redemption Fee | rr_RedemptionFeeOverRedemption | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||
| Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
| Interest Expense and Dividends on Securities Sold Short | rr_Component1OtherExpensesOverAssets | 0.03% | ||||
| Shareholder Servicing Plan Fee | rr_Component2OtherExpensesOverAssets | 0.15% | ||||
| Additional Other Expenses | rr_Component3OtherExpensesOverAssets | 0.54% | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.72% | [1] | |||
| Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | [1] | |||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.74% | ||||
| Less: Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.04%) | [2] | |||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 2.70% | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 273 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 846 | ||||
|
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