485BPOS

Filed with the U.S. Securities and Exchange Commission on July 6, 2016

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	☒
Pre‑Effective Amendment No.	☐
Post‑Effective Amendment No.   728	☒
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 730	☒

(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, 5^th Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Domenick Pugliese, Esq.

Schiff Hardin LLP

666 Fifth Avenue, Suite 1700

New York, New York 10103

It is proposed that this filing will become effective

ý	immediately upon filing pursuant to paragraph (b)
☐	on pursuant to paragraph (b)
☐	60 days after filing pursuant to paragraph (a)(1)
☐	on pursuant to paragraph (a)(1)
☐	75 days after filing pursuant to paragraph (a)(2)
☐	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. 728 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. 726 on Form N-1A filed June 27, 2016.  This PEA No. 728 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 726 to the Trust’s Registration Statement for its series: Pzena Mid Cap Value Fund, Pzena Emerging Markets Value Fund, Pzena Long/Short Value Fund and Pzena Small Cap Value 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 (“PEA”) No. 728 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this PEA No. 728 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 6^th day of July, 2016.

Advisors Series Trust

By: /s/ Douglas G. Hess        

Douglas G. Hess

President

Pursuant to the requirements of the Securities Act, this PEA No. 728 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
Gail S. Duree*	Trustee	July 6, 2016
Gail S. Duree
George J. Rebhan*	Trustee	July 6, 2016
George J. Rebhan
George T. Wofford*	Trustee	July 6, 2016
George T. Wofford
Raymond B. Woolson*	Trustee	July 6, 2016
Raymond B. Woolson
Joe D. Redwine*	Trustee, Chairman and	July 6, 2016
Joe D. Redwine	Chief Executive Officer
/s/ Cheryl L. King	Treasurer and Principal	July 6, 2016
Cheryl L. King	Financial Officer
/s/ Douglas G. Hess	President and Principal	July 6, 2016
Douglas G. Hess	Executive Officer
*By:/s/ Douglas G. Hess		July 6, 2016
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

XML

Document and Entity Information	Total
Prospectus:
Document Type	485BPOS
Document Period End Date	Feb. 29, 2016
Registrant Name	ADVISORS SERIES TRUST
Central Index Key	0001027596
Amendment Flag	false
Document Creation Date	Jun. 27, 2016
Document Effective Date	Jun. 28, 2016
Prospectus Date	Jun. 28, 2016
Pzena Mid Cap Value Fund | Investor Class
Prospectus:
Trading Symbol	PZVMX
Pzena Mid Cap Value Fund | Institutional Class
Prospectus:
Trading Symbol	PZIMX
Pzena Small Cap Value Fund | Investor Class
Prospectus:
Trading Symbol	PZVSX
Pzena Small Cap Value Fund | Institutional Class
Prospectus:
Trading Symbol	PZISX
Pzena Emerging Markets Value Fund | Investor Class
Prospectus:
Trading Symbol	PZVEX
Pzena Emerging Markets Value Fund | Institutional Class
Prospectus:
Trading Symbol	PZIEX
Pzena Long/Short Value Fund | Investor Class
Prospectus:
Trading Symbol	PZVLX
Pzena Long/Short Value Fund | Institutional Class
Prospectus:
Trading Symbol	PZILX

XML

Pzena Mid Cap Value Fund

Pzena Mid Cap Value Fund

Investment Objective

The Pzena Mid Cap Value Fund (the “Mid Cap Fund”) seeks to achieve long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Mid Cap Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees - Pzena Mid Cap Value Fund	Investor Class	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less)	1.00%	1.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Pzena Mid Cap Value Fund		Investor Class	Institutional Class
Management Fees		0.80%	0.80%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses (includes Shareholder Servicing Plan Fee)		7.55%	7.45%
Shareholder Servicing Plan Fee		0.10%	none
Total Annual Fund Operating Expenses		8.60%	8.25%
Less: Fee Waiver and Expense Reimbursement	[1]	(7.25%)	(7.25%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement		1.35%	1.00%

Example.

This Example is intended to help you compare the cost of investing in the Mid Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year).

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

Expense Example - Pzena Mid Cap Value Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Investor Class	137	1,857	3,454	6,971
Institutional Class	102	1,763	3,317	6,782

Portfolio Turnover.

The Mid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Mid Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “mid-cap” companies.  The Fund defines a “mid-cap” company as an issuer whose market capitalization falls between the 201 ^st to 1,200 ^th largest market capitalization of U.S. listed, publicly traded companies as determined by the Adviser from publicly available data sources at the time of purchase (“mid cap companies”).  As of May 31, 2016, the market capitalization of these mid-cap companies according to such publicly available data sources ranged from $1.6 billion to $39.7 billion.  In managing the Fund’s assets, the Adviser will follow a classic value strategy.  The Fund’s portfolio will generally consist of 30 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in mid cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign companies, such as American Depositary Receipts (“ADRs”) or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging markets securities.  The Fund may also invest in real estate investment trusts (“REITs”).  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Mid Cap Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Mid Cap Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Principal Risks

Losing all or a portion of your investment is a risk of investing in the Mid Cap Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Mid Cap Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Mid Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid than U.S. securities, which could affect the Mid Cap Fund’s investments.  Foreign securities may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Mid Cap Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Mid Cap Fund at quoted market prices.

· Mid Cap Company Risk.  A mid cap company may be more vulnerable to adverse business or economic events than stocks of larger companies.  These stocks present greater risks than securities of larger, more diversified companies.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Mid Cap Fund may underperform other funds that use different investing styles.

· Financial Sector Risk.  The Mid Cap Fund currently invests a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Real Estate Investment Trust (REIT) Risk.  Investments in REITs will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Mid Cap Fund will bear a proportionate share of those expenses.

· Newer Fund Risk. The Mid Cap 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.

Performance

The following information provides some indication of the risks of investing in the Mid Cap Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Calendar Year Total Returns as of December 31

The Fund’s calendar year-to-date return as of March 31, 2016 was 2.22%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 3.84% (quarter ended December 31, 2015) and the lowest return for a calendar quarter was -9.50% (quarter ended September 30, 2015).

Average Annual Total Returns (For the period ended December 31, 2015)

Average Annual Returns - Pzena Mid Cap Value Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Class	Institutional Class Return Before Taxes	(3.62%)	0.69%	Mar. 31, 2014
Investor Class	Investor Class Return Before Taxes	(3.86%)	0.40%	Mar. 31, 2014
After Taxes on Distributions | Institutional Class	Institutional Class Return After Taxes on Distributions	(4.42%)	(0.51%)
After Taxes on Distributions and Sale of Fund Shares | Institutional Class	Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	(1.36%)	0.26%
Russell Mid Cap Value Index (reflects no deduction for fees, expenses or taxes)	Russell Mid Cap Value Index (reflects no deduction for fees, expenses or taxes)	(4.78%)	2.17%	Mar. 31, 2014

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Mid Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

[1] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Mid Cap Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.35% of average daily net assets of the Investor Class shares and 1.00% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Label

Element

Value

Pzena Mid Cap Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Pzena Mid Cap Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Pzena Mid Cap Value Fund (the “Mid Cap Fund”) seeks to achieve long-term capital appreciation.

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 Mid Cap Fund.

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

Jun. 27, 2017

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Mid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

43.00%

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 Mid Cap 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

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Mid Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “mid-cap” companies.  The Fund defines a “mid-cap” company as an issuer whose market capitalization falls between the 201 ^st to 1,200 ^th largest market capitalization of U.S. listed, publicly traded companies as determined by the Adviser from publicly available data sources at the time of purchase (“mid cap companies”).  As of May 31, 2016, the market capitalization of these mid-cap companies according to such publicly available data sources ranged from $1.6 billion to $39.7 billion.  In managing the Fund’s assets, the Adviser will follow a classic value strategy.  The Fund’s portfolio will generally consist of 30 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in mid cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign companies, such as American Depositary Receipts (“ADRs”) or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging markets securities.  The Fund may also invest in real estate investment trusts (“REITs”).  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Mid Cap Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Mid Cap Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Losing all or a portion of your investment is a risk of investing in the Mid Cap Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Mid Cap Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Mid Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid than U.S. securities, which could affect the Mid Cap Fund’s investments.  Foreign securities may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Mid Cap Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Mid Cap Fund at quoted market prices.

· Mid Cap Company Risk.  A mid cap company may be more vulnerable to adverse business or economic events than stocks of larger companies.  These stocks present greater risks than securities of larger, more diversified companies.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Mid Cap Fund may underperform other funds that use different investing styles.

· Financial Sector Risk.  The Mid Cap Fund currently invests a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Real Estate Investment Trust (REIT) Risk.  Investments in REITs will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Mid Cap Fund will bear a proportionate share of those expenses.

· Newer Fund Risk. The Mid Cap 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.

Risk Lose Money [Text]

rr_RiskLoseMoney

Losing all or a portion of your investment is a risk of investing in the Mid Cap Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks of investing in the Mid Cap Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following information provides some indication of the risks of investing in the Mid Cap Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-844-796-1996

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.pzenafunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Calendar Year Total Returns as of December 31

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

The Fund’s calendar year-to-date return as of March 31, 2016 was 2.22%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 3.84% (quarter ended December 31, 2015) and the lowest return for a calendar quarter was -9.50% (quarter ended September 30, 2015).

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2016

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

2.22%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Dec. 31, 2015

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

3.84%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2015

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(9.50%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Mid Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

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.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Mid Cap Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (For the period ended December 31, 2015)

Pzena Mid Cap Value Fund | Russell Mid Cap Value Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell Mid Cap Value Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(4.78%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

2.17%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Mid Cap Value Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

0.80%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

0.10%

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

7.55%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

8.60%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(7.25%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.35%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 137

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,857

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

3,454

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 6,971

Label

rr_AverageAnnualReturnLabel

Investor Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(3.86%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

0.40%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Mid Cap Value Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

0.80%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

none

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

7.45%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

8.25%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(7.25%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.00%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 102

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,763

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

3,317

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 6,782

Annual Return 2015

rr_AnnualReturn2015

(3.62%)

Label

rr_AverageAnnualReturnLabel

Institutional Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(3.62%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

0.69%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Mid Cap Value Fund | Institutional Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(4.42%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(0.51%)

Pzena Mid Cap Value Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(1.36%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

0.26%

[1] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Mid Cap Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.35% of average daily net assets of the Investor Class shares and 1.00% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Pzena Small Cap Value Fund

Pzena Small Cap Value Fund

Investment Objective

The Pzena Small Cap Value Fund (the “Small Cap Fund”) seeks to achieve long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees - Pzena Small Cap Value Fund	Investor Class	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less)	1.00%	1.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Pzena Small Cap Value Fund		Investor Class	Institutional Class
Management Fees		0.95%	0.95%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses (includes Shareholder Servicing Plan Fee)	[1]	3.00%	2.90%
Shareholder Servicing Plan Fee		0.10%	none
Total Annual Fund Operating Expenses		4.20%	3.85%
Less: Fee Waiver and Expense Reimbursement	[2]	(2.65%)	(2.65%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement		1.55%	1.20%

Example.

This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year).

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

Expense Example - Pzena Small Cap Value Fund - USD ($)	1 Year	3 Years
Investor Class	158	1,034
Institutional Class	122	931

Portfolio Turnover.

The Small Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Principal Investment Strategies

Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “small-cap” companies.  The Fund defines a “small-cap” company as an issuer whose market capitalization at the time of initial purchase is in the range of those found in the Russell 2000 ^® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month (“small cap companies”).  As of May 31, 2016, the market capitalization of companies in the Russell 2000 ^® Index ranged from $9 million to $6.0 billion.  The Fund’s portfolio will generally consist of 40 to 90 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in small cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign securities, such as American Depositary Receipts (“ADRs”) or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging market securities.  The Fund may also invest in real estate investment trusts (“REITs”) and foreign real estate companies.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Small Cap Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches what the Adviser judges to be fair value, there are more attractive opportunities or there is a change in company fundamentals.

Principal Risks

Losing all or a portion of your investment is a risk of investing in the Small Cap Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Small Cap Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Small Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Small Cap Company Risk.  Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.  Smaller companies may have no or relatively short operating histories, or be newly public companies.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid than U.S. securities, which could affect the Small Cap Fund’s investments.  Foreign securities may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Small Cap Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Small Cap Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Small Cap Fund may underperform other funds that use different investing styles.

· Financial Sector Risk.  The Small Cap Fund may invest a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Real Estate Investment Trust (REIT) and Foreign Real Estate Company Risk.  Investments in REITs and foreign real estate companies will be subject to the risks associated with the direct ownership of real estate.  Investments in REITS will also be subject to annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Small Cap Fund will bear a proportionate share of those expenses.

· New Fund Risk. The Small Cap Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.

Performance

When the Small Cap Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

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

[2] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Small Cap Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.55% of average daily net assets of the Investor Class shares and 1.20% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Label

Element

Value

Pzena Small Cap Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Pzena Small Cap Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Pzena Small Cap Value Fund (the “Small Cap Fund”) seeks to achieve long-term capital appreciation.

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 Small Cap Fund.

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

Jun. 27, 2017

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Small Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Other expenses 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 Small Cap 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

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Small Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of “small-cap” companies.  The Fund defines a “small-cap” company as an issuer whose market capitalization at the time of initial purchase is in the range of those found in the Russell 2000 ^® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month (“small cap companies”).  As of May 31, 2016, the market capitalization of companies in the Russell 2000 ^® Index ranged from $9 million to $6.0 billion.  The Fund’s portfolio will generally consist of 40 to 90 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in small cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign securities, such as American Depositary Receipts (“ADRs”) or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging market securities.  The Fund may also invest in real estate investment trusts (“REITs”) and foreign real estate companies.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Small Cap Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches what the Adviser judges to be fair value, there are more attractive opportunities or there is a change in company fundamentals.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Losing all or a portion of your investment is a risk of investing in the Small Cap Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Small Cap Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Small Cap Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Small Cap Company Risk.  Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks.  Smaller companies may have no or relatively short operating histories, or be newly public companies.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid than U.S. securities, which could affect the Small Cap Fund’s investments.  Foreign securities may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Small Cap Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Small Cap Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Small Cap Fund may underperform other funds that use different investing styles.

· Financial Sector Risk.  The Small Cap Fund may invest a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Real Estate Investment Trust (REIT) and Foreign Real Estate Company Risk.  Investments in REITs and foreign real estate companies will be subject to the risks associated with the direct ownership of real estate.  Investments in REITS will also be subject to annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Small Cap Fund will bear a proportionate share of those expenses.

· New Fund Risk. The Small Cap Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.

Risk Lose Money [Text]

rr_RiskLoseMoney

Losing all or a portion of your investment is a risk of investing in the Small Cap Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

When the Small Cap Fund has been in operation for a full calendar year, performance information will be shown here. Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

When the Small Cap Fund has been in operation for a full calendar year, performance information will be shown here.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-844-796-1996

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.pzenafunds.com

Pzena Small Cap Value Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

0.95%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

0.10%

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

3.00%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

4.20%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.65%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.55%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 158

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 1,034

Pzena Small Cap Value Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

0.95%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

none

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

2.90%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.85%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(2.65%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.20%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 122

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 931

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

[2] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Small Cap Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.55% of average daily net assets of the Investor Class shares and 1.20% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Pzena Emerging Markets Value Fund

Pzena Emerging Markets Value Fund

Investment Objective

The Pzena Emerging Markets Value Fund (the “Emerging Markets Fund”) seeks to achieve long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Emerging Markets Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees - Pzena Emerging Markets Value Fund	Investor Class	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	1.00%	1.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Pzena Emerging Markets Value Fund		Investor Class	Institutional Class
Management Fees		1.00%	1.00%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses (includes Shareholder Servicing Plan Fee)		2.12%	2.02%
Shareholder Servicing Plan Fee		0.10%	none
Total Annual Fund Operating Expenses		3.37%	3.02%
Less: Fee Waiver and Expense Reimbursement	[1]	(1.77%)	(1.77%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement		1.60%	1.25%

Example.

This Example is intended to help you compare the cost of investing in the Emerging Markets Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year).

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

Expense Example - Pzena Emerging Markets Value Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Investor Class	163	871	1,603	3,539
Institutional Class	127	766	1,431	3,211

Portfolio Turnover.

The Emerging Markets Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Emerging Markets Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies located in emerging market countries. Emerging market companies are generally located in, or operating within, newly industrialized countries or countries in the beginning stages of development, such as most countries in Africa, Asia, Latin America, the Middle East and Eastern Europe.  This includes companies located in, or primarily operating from, countries in the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index and MSCI Frontier Emerging Markets Index.  In managing the Fund’s assets, the Adviser will follow a classic value strategy and will look to invest in companies whose market capitalization is primarily among the 1,500 largest emerging markets companies as determined by the Adviser from publicly available data sources at the time of purchase. The Fund’s portfolio will generally consist of 40 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  The Fund may also invest in participation notes (“P-Notes”) as a primary investment strategy.  P-Notes are a type of equity-linked derivative which generally are traded over-the-counter.  The Fund may also invest in real estate investment trusts (“REITs”), including foreign real estate companies operating in emerging markets.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Emerging Markets Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Emerging Markets Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Principal Risks

Losing all or a portion of your investment is a risk of investing in the Emerging Markets Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Emerging Markets Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Emerging Markets Fund may experience sudden, unpredictable drops in value or long periods of decline in value. Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Emerging Markets Fund’s investments.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid with less government oversight than more developed countries.

· Currency Risk.  Changes in foreign currency exchange rates will affect the value of what the Emerging Markets 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 and the risk is especially high in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Emerging Markets Fund’s portfolio, could react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Emerging Markets Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Emerging Markets Fund may underperform other funds that use different investing styles.

· P-Note Risk.  Although P-Notes seek to offer a return linked to a particular underlying equity security, the P-Note’s performance may differ due to transaction costs and other expenses.  In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with the Emerging Markets Fund.  There is also no assurance that there will be a secondary trading market for a P-Note and therefore, P-Notes may be considered illiquid.

· Financial Sector Risk.  The Emerging Markets Fund may invest a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

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

· Newer Fund Risk. The Emerging Markets 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.

Performance

The following information provides some indication of the risks of investing in the Emerging Markets Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Calendar Year Total Returns as of December 31

The Fund’s calendar year-to-date return as of March 31, 2016 was 8.26%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 1.61% (quarter ended June 30, 2015) and the lowest return for a calendar quarter was -16.59% (quarter ended September 30, 2015).

Average Annual Total Returns (For the period ended December 31, 2015)

Average Annual Returns - Pzena Emerging Markets Value Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Class	Institutional Class Return Before Taxes	(17.70%)	(16.15%)	Mar. 31, 2014
Investor Class	Investor Class Return Before Taxes	(17.86%)	(16.35%)	Mar. 31, 2014
After Taxes on Distributions | Institutional Class	Institutional Class Return After Taxes on Distributions	(17.95%)	(16.30%)
After Taxes on Distributions and Sale of Fund Shares | Institutional Class	Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	(9.49%)	(11.94%)
MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)	MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)	(14.92%)	(9.72%)	Mar. 31, 2014

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Emerging Markets Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

[1] Pzena Investment Management, LLC (the "Adviser" has contractually agreed to waive a portion or all of its management fees and pay Emerging Markets Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.60% of average daily net assets of the Investor Class shares and 1.25% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Label

Element

Value

Pzena Emerging Markets Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Pzena Emerging Markets Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Pzena Emerging Markets Value Fund (the “Emerging Markets Fund”) seeks to achieve long-term capital appreciation.

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 Emerging Markets Fund.

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

Jun. 27, 2017

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Emerging Markets Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

22.00%

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 Emerging Markets 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

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Emerging Markets Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies located in emerging market countries. Emerging market companies are generally located in, or operating within, newly industrialized countries or countries in the beginning stages of development, such as most countries in Africa, Asia, Latin America, the Middle East and Eastern Europe.  This includes companies located in, or primarily operating from, countries in the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index and MSCI Frontier Emerging Markets Index.  In managing the Fund’s assets, the Adviser will follow a classic value strategy and will look to invest in companies whose market capitalization is primarily among the 1,500 largest emerging markets companies as determined by the Adviser from publicly available data sources at the time of purchase. The Fund’s portfolio will generally consist of 40 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research.  The Fund seeks to invest in stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  The Fund may also invest in participation notes (“P-Notes”) as a primary investment strategy.  P-Notes are a type of equity-linked derivative which generally are traded over-the-counter.  The Fund may also invest in real estate investment trusts (“REITs”), including foreign real estate companies operating in emerging markets.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Emerging Markets Fund, the Adviser focuses on the company’s underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Emerging Markets Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Losing all or a portion of your investment is a risk of investing in the Emerging Markets Fund.  The following additional risks could affect the value of your investment:

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

· Management Risk.  The Emerging Markets Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Emerging Markets Fund may experience sudden, unpredictable drops in value or long periods of decline in value. Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of issuers located in the U.S.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Emerging Markets Fund’s investments.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid with less government oversight than more developed countries.

· Currency Risk.  Changes in foreign currency exchange rates will affect the value of what the Emerging Markets 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 and the risk is especially high in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Emerging Markets Fund’s portfolio, could react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Emerging Markets Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Emerging Markets Fund may underperform other funds that use different investing styles.

· P-Note Risk.  Although P-Notes seek to offer a return linked to a particular underlying equity security, the P-Note’s performance may differ due to transaction costs and other expenses.  In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with the Emerging Markets Fund.  There is also no assurance that there will be a secondary trading market for a P-Note and therefore, P-Notes may be considered illiquid.

· Financial Sector Risk.  The Emerging Markets Fund may invest a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

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

· Newer Fund Risk. The Emerging Markets 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.

Risk Lose Money [Text]

rr_RiskLoseMoney

Losing all or a portion of your investment is a risk of investing in the Emerging Markets Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks of investing in the Emerging Markets Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following information provides some indication of the risks of investing in the Emerging Markets Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-844-796-1996

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.pzenafunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Calendar Year Total Returns as of December 31

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

The Fund’s calendar year-to-date return as of March 31, 2016 was 8.26%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 1.61% (quarter ended June 30, 2015) and the lowest return for a calendar quarter was -16.59% (quarter ended September 30, 2015).

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2016

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

8.26%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2015

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

1.61%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2015

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(16.59%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Emerging Markets Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

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.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Emerging Markets Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (For the period ended December 31, 2015)

Pzena Emerging Markets Value Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(14.92%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(9.72%)

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Emerging Markets Value Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

0.10%

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

2.12%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.37%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.77%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.60%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 163

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

871

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,603

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 3,539

Label

rr_AverageAnnualReturnLabel

Investor Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(17.86%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(16.35%)

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Emerging Markets Value Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

none

Other Expenses (includes Shareholder Servicing Plan Fee)

rr_OtherExpensesOverAssets

2.02%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.02%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.77%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.25%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 127

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

766

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,431

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 3,211

Annual Return 2015

rr_AnnualReturn2015

(17.70%)

Label

rr_AverageAnnualReturnLabel

Institutional Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(17.70%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(16.15%)

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Emerging Markets Value Fund | Institutional Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(17.95%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(16.30%)

Pzena Emerging Markets Value Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(9.49%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(11.94%)

[1] Pzena Investment Management, LLC (the "Adviser" has contractually agreed to waive a portion or all of its management fees and pay Emerging Markets Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 1.60% of average daily net assets of the Investor Class shares and 1.25% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

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Pzena Long/Short Value Fund

Pzena Long/Short Value Fund

Investment Objective

The Pzena Long/Short Value Fund (the “Long/Short Fund”) seeks to achieve long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Long/Short Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees - Pzena Long/Short Value Fund	Investor Class	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	1.00%	1.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Pzena Long/Short Value Fund		Investor Class	Institutional Class
Management Fees		1.50%	1.50%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses (includes Shareholder Servicing Plan Fee and Interest Expense and Dividends on Securities Sold Short)		8.99%	8.89%
Shareholder Servicing Plan Fee		0.10%	none
Interest Expense and Dividends on Securities Sold Short		1.06%	1.06%
Total Annual Fund Operating Expenses		10.74%	10.39%
Less: Fee Waiver and Expense Reimbursement	[1]	(7.58%)	(7.58%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement		3.16%	2.81%

Example.

This Example is intended to help you compare the cost of investing in the Long/Short Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year).

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

Expense Example - Pzena Long/Short Value Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Investor Class	319	2,383	4,216	7,955
Institutional Class	284	2,295	4,094	7,810

Portfolio Turnover.

The Long/Short 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.  The Adviser expects that the Fund’s active or frequent trading of portfolio securities will result in a portfolio turnover rate in excess of 100% on an annual basis.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 51% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Long/Short Fund seeks to achieve long-term capital appreciation through long positions in securities priced below, and short positions in securities priced above, the Adviser’s estimate of long-term earnings power.  The Fund invests primarily in publicly traded equity securities.  The Fund primarily invests in U.S. listed companies among the largest 1,000 ranked companies by market capitalization, including up to 20% of its net assets in shares of foreign companies such as ADRs or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging market securities.  The Fund may also invest in real estate investment trusts (“REITs”).

The Long/Short Fund makes long and short investments in a diversified portfolio of primarily common stocks.  In managing the Fund’s assets, the Adviser will follow a classic value strategy.  The Fund invests in stocks following a research-driven, bottom-up and quantitative security selection process.  The Fund’s long positions are stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  The short portfolio will be a broadly diversified basket of stocks that the Adviser believes to be expensive relative to their earnings history.  On average, the Fund is 110% long and 60% short, for a net long position of 50%.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Long/Short Fund, the Adviser focuses on the company’s earnings history, underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Long/Short Fund expects to engage in frequent trading of the Fund’s portfolio securities.

The Long/Short Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Principal Risks

Losing all or a portion of your investment is a risk of investing in the Long/Short Fund.  The following additional risks could affect the value of your investment:

· Market Risk.  The value of the Long/Short Fund’s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund, and you could lose money.

· Management Risk.  The Long/Short Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Long/Short Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of U.S. issuers.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Long/Short Fund’s investments.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Long/Short Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Long/Short Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Long/Short Fund may underperform other funds that use different investing styles.

· Short Sales Risk .  A short sale is the sale by the Long/Short 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.

· Leverage Risk.  Leverage is investment exposure which exceeds the initial amount invested.  Selling securities short involves the use of leverage.  Leverage can cause the Long/Short Fund’s portfolio to lose more than the principal amount invested.  Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility.

· Financial Sector Risk.  The Long/Short Fund currently invests a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Portfolio Turnover Risk.  A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.

· Real Estate Investment Trust (REIT) Risk.  Investments in REITs will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Long/Short Fund will bear a proportionate share of those expenses.

· Newer Fund Risk. The Long/Short 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.

Performance

The following information provides some indication of the risks of investing in the Long/Short Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Calendar Year Total Returns as of December 31

The Fund’s calendar year-to-date return as of March 31, 2016 was 4.94%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 2.24% (quarter ended September 30, 2015) and the lowest return for a calendar quarter was -3.47% (quarter ended March 31, 2015).

Average Annual Total Returns (For the period ended December 31, 2015)

Average Annual Returns - Pzena Long/Short Value Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Class	Institutional Class Return Before Taxes	(4.21%)	(2.26%)	Mar. 31, 2014
Investor Class	Investor Class Return Before Taxes	(4.32%)	(2.50%)	Mar. 31, 2014
After Taxes on Distributions | Institutional Class	Institutional Class Return After Taxes on Distributions	(4.21%)	(3.39%)
After Taxes on Distributions and Sale of Fund Shares | Institutional Class	Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	(2.38%)	(2.15%)
Russell 1000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)	Russell 1000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)	0.92%	6.67%	Mar. 31, 2014
BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	0.02%	0.02%	Mar. 31, 2014
50% Russell 1000/50% BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	50% Russell 1000/50%BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)	0.67%	3.44%	Mar. 31, 2014

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Long/Short Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

[1] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Long/Short Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 2.10% of average daily net assets of the Investor Class shares and 1.75% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Label

Element

Value

Pzena Long/Short Value Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Pzena Long/Short Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Pzena Long/Short Value Fund (the “Long/Short Fund”) seeks to achieve long-term capital appreciation.

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 Long/Short Fund.

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

Jun. 27, 2017

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Long/Short 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.  The Adviser expects that the Fund’s active or frequent trading of portfolio securities will result in a portfolio turnover rate in excess of 100% on an annual basis.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 51% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

51.00%

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 Long/Short 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

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Long/Short Fund seeks to achieve long-term capital appreciation through long positions in securities priced below, and short positions in securities priced above, the Adviser’s estimate of long-term earnings power.  The Fund invests primarily in publicly traded equity securities.  The Fund primarily invests in U.S. listed companies among the largest 1,000 ranked companies by market capitalization, including up to 20% of its net assets in shares of foreign companies such as ADRs or dollar-denominated foreign securities.  The Fund’s investments in foreign securities may include investments in emerging market securities.  The Fund may also invest in real estate investment trusts (“REITs”).

The Long/Short Fund makes long and short investments in a diversified portfolio of primarily common stocks.  In managing the Fund’s assets, the Adviser will follow a classic value strategy.  The Fund invests in stocks following a research-driven, bottom-up and quantitative security selection process.  The Fund’s long positions are stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects.  The short portfolio will be a broadly diversified basket of stocks that the Adviser believes to be expensive relative to their earnings history.  On average, the Fund is 110% long and 60% short, for a net long position of 50%.  The Fund may invest a significant portion of its assets in securities of companies operating within the financial sector.

In evaluating an investment for purchase by the Long/Short Fund, the Adviser focuses on the company’s earnings history, underlying financial condition and business prospects considering estimated earnings, economic conditions, degree of competitive or pricing pressures, and the experience and competence of management, among other factors.  The Adviser’s sell discipline is guided by the same process with which the Adviser originally screens the investment universe.  The Adviser typically sells a security when it reaches fair value, there are more attractive opportunities or there is a change in company fundamentals.

The Long/Short Fund expects to engage in frequent trading of the Fund’s portfolio securities.

The Long/Short Fund may also make short-term investments in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Losing all or a portion of your investment is a risk of investing in the Long/Short Fund.  The following additional risks could affect the value of your investment:

· Market Risk.  The value of the Long/Short Fund’s shares will fluctuate as a result of the movement of the overall stock market or of the value of the individual securities held by the Fund, and you could lose money.

· Management Risk.  The Long/Short Fund is an actively managed investment portfolio and the Fund relies on the Adviser’s ability to pursue the Fund’s goal.  The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that its decisions will produce the desired results.

· Equity Risk.  The equity securities held by the Long/Short Fund may experience sudden, unpredictable drops in value or long periods of decline in value.  Equity securities generally have greater price volatility than fixed income securities.

· Foreign Securities Risk.  Foreign securities are subject to special risks in addition to those of U.S. issuers.  Foreign securities can be more volatile than domestic (U.S.) securities.  Securities markets of other countries are generally smaller than U.S. securities markets.  Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Long/Short Fund’s investments.

· Emerging Markets Risk.  In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller and less liquid, with less government oversight than those of more developed countries.

· 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 and the risk may be higher in emerging markets.

· Sector Emphasis Risk.  The securities of companies in the same or related businesses, if comprising a significant portion of the Long/Short Fund’s portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund’s portfolio.

· Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Long/Short Fund at quoted market prices.

· Value Style Investing Risk.  The value investing style may over time go in and out of favor.  At times when the value investing style is out of favor, the Long/Short Fund may underperform other funds that use different investing styles.

· Short Sales Risk .  A short sale is the sale by the Long/Short 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.

· Leverage Risk.  Leverage is investment exposure which exceeds the initial amount invested.  Selling securities short involves the use of leverage.  Leverage can cause the Long/Short Fund’s portfolio to lose more than the principal amount invested.  Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility.

· Financial Sector Risk.  The Long/Short Fund currently invests a significant portion of its assets in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.  This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.  During the recent market downturn, numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations.

· Portfolio Turnover Risk.  A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.

· Real Estate Investment Trust (REIT) Risk.  Investments in REITs will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs.  Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.  In addition, REITs have their own expenses, and the Long/Short Fund will bear a proportionate share of those expenses.

· Newer Fund Risk. The Long/Short 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.

Risk Lose Money [Text]

rr_RiskLoseMoney

Losing all or a portion of your investment is a risk of investing in the Long/Short Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following information provides some indication of the risks of investing in the Long/Short Fund.  The bar chart shows the annual return for the Fund’s Institutional Class shares for one year.  The table shows how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance.  The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.pzenafunds.com or by calling the Fund toll-free at 1-844-796-1996 (844-PZN-1996).

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following information provides some indication of the risks of investing in the Long/Short Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-844-796-1996

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.pzenafunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Calendar Year Total Returns as of December 31

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

The Fund’s calendar year-to-date return as of March 31, 2016 was 4.94%.  During the period of time shown in the bar chart, the highest return for a calendar quarter was 2.24% (quarter ended September 30, 2015) and the lowest return for a calendar quarter was -3.47% (quarter ended March 31, 2015).

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2016

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

4.94%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2015

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

2.24%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Mar. 31, 2015

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(3.47%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Long/Short Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

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.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Long/Short Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  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.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (For the period ended December 31, 2015)

Pzena Long/Short Value Fund | Russell 1000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell 1000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

0.92%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

6.67%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Long/Short Value Fund | BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

0.02%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

0.02%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Long/Short Value Fund | 50% Russell 1000/50% BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

50% Russell 1000/50%BofA Merrill Lynch 0-3 Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

0.67%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

3.44%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Long/Short Value Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

1.50%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

0.10%

Interest Expense and Dividends on Securities Sold Short

rr_Component2OtherExpensesOverAssets

1.06%

Other Expenses (includes Shareholder Servicing Plan Fee and Interest Expense and Dividends on Securities Sold Short)

rr_OtherExpensesOverAssets

8.99%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

10.74%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(7.58%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

3.16%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 319

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

2,383

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

4,216

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 7,955

Label

rr_AverageAnnualReturnLabel

Investor Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(4.32%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(2.50%)

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Long/Short Value Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(1.00%)

Management Fees

rr_ManagementFeesOverAssets

1.50%

Distribution and Service (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Shareholder Servicing Plan Fee

rr_Component1OtherExpensesOverAssets

none

Interest Expense and Dividends on Securities Sold Short

rr_Component2OtherExpensesOverAssets

1.06%

Other Expenses (includes Shareholder Servicing Plan Fee and Interest Expense and Dividends on Securities Sold Short)

rr_OtherExpensesOverAssets

8.89%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

10.39%

Less: Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(7.58%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

2.81%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 284

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

2,295

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

4,094

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 7,810

Annual Return 2015

rr_AnnualReturn2015

(4.21%)

Label

rr_AverageAnnualReturnLabel

Institutional Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(4.21%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(2.26%)

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Mar. 31, 2014

Pzena Long/Short Value Fund | Institutional Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(4.21%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(3.39%)

Pzena Long/Short Value Fund | Institutional Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Institutional Class Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(2.38%)

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

(2.15%)

[1] Pzena Investment Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Long/Short Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest expense, taxes, dividends on securities sold short and extraordinary expenses) do not exceed 2.10% of average daily net assets of the Investor Class shares and 1.75% of average daily net assets of the Institutional Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least June 27, 2017, 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 and paid, subject to the Expense Caps.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Jun. 28, 2016