0001398344-13-001950.txt : 20130417 0001398344-13-001950.hdr.sgml : 20130417 20130417135353 ACCESSION NUMBER: 0001398344-13-001950 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130417 EFFECTIVENESS DATE: 20130417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 360 Funds CENTRAL INDEX KEY: 0001319067 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-123290 FILM NUMBER: 13766477 BUSINESS ADDRESS: STREET 1: 420 LEXINGTON AVENUE STREET 2: SUITE 601 CITY: NEW YORK STATE: NY ZIP: 10170 BUSINESS PHONE: 215-830-8990, X101 MAIL ADDRESS: STREET 1: 420 LEXINGTON AVENUE STREET 2: SUITE 601 CITY: NEW YORK STATE: NY ZIP: 10170 FORMER COMPANY: FORMER CONFORMED NAME: Parr Family of Funds DATE OF NAME CHANGE: 20070905 FORMER COMPANY: FORMER CONFORMED NAME: PARR FINANCIAL GROUP, LLC DATE OF NAME CHANGE: 20070829 FORMER COMPANY: FORMER CONFORMED NAME: POPE FAMILY OF FUNDS DATE OF NAME CHANGE: 20050225 0001319067 S000040268 Snow Capital Dividend Plus Fund C000125135 Class A Shares SDPAX C000125136 Class I Shares SDPIX 0001319067 S000040269 Snow Capital Focused Value Fund C000125137 Class A Shares SFOAX C000125138 Class I Shares SFOIX 0001319067 S000040270 Snow Capital Hedged Equity Fund C000125139 Class A Shares SHEAX C000125140 Class I Shares SHEIX 0001319067 S000040271 Snow Capital Market Plus Fund C000125141 Class A Shares SPLAX C000125142 Class I Shares SPLIX 0001319067 S000040272 Snow Capital Inflation Advantaged Equities Fund C000125143 Class I Shares SIAIX C000125144 Class A Shares SIAAX 0001319067 S000040273 Snow Capital Mid Cap Value Fund C000125145 Class A Shares SNMAX C000125146 Class I Shares SNMIX 0001319067 S000040274 Stringer Growth Fund C000125147 Class A Shares SRGAX C000125148 Class C Shares SRGCX C000125149 Institutional Class Shares SRGIX 497 1 fp0006940_497-xbrl.htm fp0006940_497-xbrl.htm
 
360 FUNDS
420 Lexington Avenue, Suite 601
New York, New York 10170
(901) 680-5266

April 18, 2013

VIA EDGAR
Securities and Exchange Commission
Filing Desk
100 F Street, N.E.
Washington, D.C. 20549

RE:
360 Funds (“Registrant”) (File Nos. 333-123290 and 811-21726); on behalf of Snow Capital Focused Value Fund, Snow Capital Hedged Equity Fund, Snow Capital Market Plus Fund, Snow Capital Inflation Advantaged Equities Fund, Snow Capital Dividend Plus Fund, Snow Capital Mid Cap Value Fund and Stringer Growth Fund (“Funds”), each a series of the 360 Funds Trust

Ladies and Gentlemen:

Pursuant to Rule 497 of the General Rules and Regulations under the Securities Act of 1933, as amended, enclosed herewith please find the XBRL-coded version of prospectus disclosure for the above-referenced Registrant as it pertains to the Funds’ prospectuses. The attached XBRL-coded prospectus disclosure is based on the disclosure found in the prospectuses that were included in Post-Effective Amendment No. 17 to the Registrant’s Registration Statement on Form N-1A, which was filed with the Securities and Exchange Commission electronically on March 27, 2013 and was declared effective on March 28, 2013, and supplemented on April 3, 2013 pursuant to Rule 497.

If you have any questions concerning the foregoing, please call the undersigned at 215-830-8990.

Sincerely,
360 Funds

/s/ David F. Ganley

David F. Ganley
Secretary

cc:
Matthew A. Swendiman, Esq.
Graydon Head & Ritchey LLP
511 Walnut Street
Suite 1900
Cincinnati, Ohio 45202
EX-101.INS 2 threesixtyfunds-20130328.xml XBRL INSTANCE DOCUMENT 0001319067 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040269Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040269Member threesixtyfunds:C000125137Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040269Member threesixtyfunds:C000125138Member 2013-03-28 2013-03-28 iso4217:USD pure shares iso4217:USD shares 0001319067 360 Funds Other false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Focused Value Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Focused Value Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040269Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040269Member ~ </div> 0.009 0.0025 0.1413 0.1528 -0.1388 0.014 0.009 0 0.1413 0.1503 -0.1388 0.0115 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040269Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040269Member ~ </div> 660 3359 660 3359 117 2934 117 2934 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest primarily in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (&ldquo;ETFs&rdquo;) that invest in equity securities, fixed income securities, or other similar investments. Under normal market conditions the Fund will invest at least 80% of its net assets in equity securities of companies with market capitalizations greater than $1 billion.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">In addition to equity securities, the Fund may also invest up to 15% of its net assets in U.S. Government or U.S. agency obligations of varying maturities and durations. The Fund may have up to 25% of its net assets invested directly or indirectly in foreign equity securities, including investments in emerging markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s portfolio typically consists of 15 to 25 companies that are weighted according to the Adviser&rsquo;s projected return expectations The Adviser selects stocks for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion resulting in higher stock price valuations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Credit risk </b>&ndash; An issuer of debt securities may not make timely payments of principal and interest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Debt securities risk </b>&ndash; Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may &ldquo;call,&rdquo; or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Junk bonds risk</b> &ndash; Investments in junk bonds involve a greater risk of default, are considered speculative, and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash;</b> There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SFOAX SFOIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. 2013-03-28 2013-03-27 2013-03-27 2013-03-27 Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.15% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.15% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040270Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040270Member threesixtyfunds:C000125139Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040270Member threesixtyfunds:C000125140Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Hedged Equity Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Hedged Equity Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital and protection of investment principal with lower volatility than the U.S. equity market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040270Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040270Member ~ </div> 0.01 0.0025 0.0714 0.0839 -0.0689 0.015 0.01 0 0.0714 0.0814 -0.0689 0.0125 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040270Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040270Member ~ </div> 660 2260 660 2260 117 1764 117 1764 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest at least 80% of long net assets in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (&ldquo;ETFs&rdquo;) that invest in equity securities. The Adviser will utilize short equity positions in individual equity securities and ETFs to reduce the portfolio&rsquo;s overall market exposure. The Fund may borrow money from banks or other financial institutions to purchase securities, commonly known as &ldquo;leveraging,&rdquo; in an amount not to exceed one-third of its total assets, as permitted by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Fund may invest in equity and/or fixed income securities of companies of any size. In addition to domestic securities, the Fund may also directly or indirectly invest in foreign equity, including investments in emerging markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">To the extent deemed appropriate by the Adviser to mitigate the risks of volatility in the U.S. equity market, the Fund seeks protection of investment principal by using options and futures. Through the Fund&rsquo;s use of options, the Adviser attempts to enhance equity returns relative to a long-only equity strategy and to lower the overall volatility of the Fund&rsquo;s investment portfolio. The Fund may also use futures contracts in place of options to achieve similar results. The Fund may use an investment in options or futures contracts as a substitute for a comparable market position in the underlying equity security or to attempt to &ldquo;hedge&rdquo; or limit the exposure of the Fund&rsquo;s position in an equity security.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">In addition to equity securities, the Fund may invest up to 20% of its long net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (&ldquo;NRSRO&rdquo;), commonly referred to as &ldquo;junk bonds&rdquo; or &ldquo;high yield bonds.&rdquo; However, the Fund will not purchase debt securities rated as in default by an NRSRO.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Credit risk </b>&ndash; An issuer of debt securities may not make timely payments of principal and interest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Debt securities risk </b>&ndash; Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may &ldquo;call,&rdquo; or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Junk bonds risk</b> &ndash; Investments in junk bonds involve a greater risk of default, are considered speculative, and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Options and futures risk</b>.- Options and futures may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. In addition, the value of an option or future may not correlate perfectly with the underlying securities index or overall securities market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Short sale risk </b>&ndash; Short sale strategies are riskier than long investment strategies. Short selling shares of equity securities or ETFs may cause the Fund&rsquo;s investment performance to suffer if the Fund is required to close out a short position earlier than it had intended. Furthermore, until the Fund replaces a security borrowed, or sold short, it must pay to the lender amounts equal to any dividends that accrue during the short sale period.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Leverage risk &ndash; </b>The Fund&rsquo;s exposure to fluctuations in the prices of securities purchased with money borrowed from banks or other financial institutions is increased in relation to the extent of the Fund&rsquo;s leverage.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Tax risk </b>&ndash; Certain of the Fund&rsquo;s investment strategies, including transactions in options and futures contracts, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and its shareholders.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash; </b>There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SHEAX SHEIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.25% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.25% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040271Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040271Member threesixtyfunds:C000125141Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040271Member threesixtyfunds:C000125142Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Market Plus Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Capital Market Plus Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040271Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040271Member ~ </div> 0.005 0.0025 0.1413 0.1488 -0.1388 0.01 0.005 0 0.1413 0.1463 -0.1388 0.0075 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040271Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040271Member ~ </div> 660 3272 660 3272 117 2840 117 2840 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest primarily in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and ETFs that invest in equity securities. Under normal market conditions, the Fund will invest approximately 80% of its net assets in equity securities of companies that are among the top 300 securities by weighting in the Russell 3000 Value Index. The Fund will invest in each of the top 20 securities by weighting in the Russell 3000 Value Index. The Adviser will use fundamental analysis and valuation techniques to determine an appropriate weight for each position.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">With respect to its remaining 20% of assets, the Fund may invest in any securities favored by the Adviser at the time of investment, which securities may include equity securities (including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (&ldquo;ETFs&rdquo;) that invest in equity securities, or other similar investments), of companies of any size, U.S. Government or U.S. agency obligations and foreign equity securities, including investments in emerging markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Adviser selects stocks for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion leading to higher stock price valuations. This portion of the Fund&rsquo;s holdings are weighted according to the Adviser&rsquo;s projected return expectations.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash;</b> There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SPLAX SPLIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 0.75% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 0.75% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040272Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040272Member threesixtyfunds:C000125144Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040272Member threesixtyfunds:C000125143Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Inflation Advantaged Equities Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Capital Inflation Advantaged Equities Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital and protection of investment principal.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040272Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040272Member ~ </div> 0.01 0.0025 0.1413 0.1538 -0.1388 0.015 0.01 0 0.1413 0.1513 -0.1388 0.0125 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040272Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040272Member ~ </div> 660 3381 660 3381 117 2957 117 2957 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest primarily in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and ETFs that invest in equity securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">An important component of the Adviser&rsquo;s investment process is a focus on inflation. The Adviser will consider companies that may prosper from rising prices as evidenced by growing revenues, expanding margins, or other drivers of income. Inflation may be driven by macroeconomic factors, but it can also be company or sector specific, allowing for a broad range of investment candidates in any economic environment. The Adviser will utilize short equity positions in individual equity securities and ETFs to reduce the portfolio&rsquo;s overall market exposure. In addition, to the extent deemed appropriate by the Adviser to mitigate the risks of volatility in the U.S. equity market, the Fund seeks protection of investment principal by using futures and options.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal market conditions, the Fund will invest at least 80% of its net assets in equity securities of companies with market capitalizations greater than $1 billion. With respect to its remaining assets, the Fund may invest in equity and/or fixed income securities of companies of any size. In addition to equity securities, the Fund may invest up to 15% of its net assets in U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (&ldquo;NRSRO&rdquo;), commonly referred to as &ldquo;junk bonds&rdquo; or &ldquo;high yield bonds.&rdquo; However, the Fund will not purchase debt securities rated as in default by an NRSRO. The Fund may have up to 25% of its net assets invested directly or indirectly in foreign equity securities, including investments in emerging markets.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Credit risk </b>&ndash; An issuer of debt securities may not make timely payments of principal and interest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Debt securities risk </b>&ndash; Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may &ldquo;call,&rdquo; or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Junk bonds risk</b> &ndash; Investments in junk bonds involve a greater risk of default, are considered speculative, and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Short sale risk </b>&ndash; Short sale strategies are riskier than long investment strategies. Short selling shares of equity securities or ETFs may cause the Fund&rsquo;s investment performance to suffer if the Fund is required to close out a short position earlier than it had intended. Furthermore, until the Fund replaces a security borrowed, or sold short, it must pay to the lender amounts equal to any dividends that accrue during the short sale period.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Options and futures risk</b>.- Options and futures may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. In addition, the value of an option or future may not correlate perfectly with the underlying securities index or overall securities market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Tax risk </b>&ndash; Certain of the Fund&rsquo;s investment strategies, including transactions in options and futures contracts, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and its shareholders.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash; </b>There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SIAAX SIAIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.25% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.25% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040268Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040268Member threesixtyfunds:C000125135Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040268Member threesixtyfunds:C000125136Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Dividend Plus Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Capital Dividend Plus Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital and income.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040268Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040268Member ~ </div> 0.0075 0.0025 0.1413 0.1513 -0.1388 0.0125 0.0075 0 0.1413 0.1488 -0.1388 0.01 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040268Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040268Member ~ </div> 660 3327 660 3327 117 2899 117 2899 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest in a diversified portfolio of equities, bonds, preferred stock, and options. Under normal market conditions, the Fund will invest at least 80% of its net assets in equity securities that pay a dividend and are within the market capitalization range of the Russell 1000 Value Index. With respect to its remaining assets, the Fund may invest in corporate bonds, sovereign bonds, convertible bonds, preferred stocks, or other securities or instruments whose prices are linked to the value of the underlying common stock of the issuer of the securities. The Fund may have up to 25% of its net assets invested directly or indirectly in foreign equity securities, including investments in emerging markets.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Options risk </b>- Options may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. In addition, the value of an option may not correlate perfectly with the underlying securities index or overall securities market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Tax risk </b>&ndash; Certain of the Fund&rsquo;s investment strategies, including transactions in options, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and its shareholders.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SDPAX SDPIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.00% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.00% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040273Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040273Member threesixtyfunds:C000125145Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040273Member threesixtyfunds:C000125146Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary of the Snow Capital Mid Cap Value Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Mid Cap Value Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 41 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 30 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><b> </b><i>(fees paid directly from your investment</i><i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><b> </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040273Member ~ </div> 0.0525 0.005 -0.005 0 0 -0.005 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040273Member ~ </div> 0.0075 0.0025 0.1413 0.1513 -0.1388 0.0125 0.0075 0 0.1413 0.1488 -0.1388 0.01 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040273Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact threesixtyfunds_S000040273Member ~ </div> 660 3327 660 3327 117 2899 117 2899 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>The Fund&rsquo;s principal investment strategy is to invest at least 80% of its net assets in equity securities of companies within the market capitalizations range of the Russell Mid Cap Value Index (&ldquo;mid-cap securities&rdquo;). The Fund&rsquo;s investments in equity securities may include common and preferred stocks, convertible securities and shares of other investment companies and ETFs that invest in equity securities of mid-cap companies. In addition to equity securities, the Fund may also invest up to 15% of its net assets in U.S. Government or U.S. agency obligations. The Fund may have up to 20% of its net assets invested directly or indirectly in foreign equity securities, including investments in emerging markets.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Emerging market risk</b> - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund&rsquo;s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund will invest in mid-sized, or mid-cap, companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exchange risk</b> &ndash; Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash; </b>There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk &ndash; </b>The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SNMAX SNMIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. 25000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Snow Capital Management L.P. (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, dividend and interest expenses related to short investments, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.00% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.00% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 0001319067 threesixtyfunds:S000040274Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040274Member threesixtyfunds:C000125147Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040274Member threesixtyfunds:C000125148Member 2013-03-28 2013-03-28 0001319067 threesixtyfunds:S000040274Member threesixtyfunds:C000125149Member 2013-03-28 2013-03-28 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Summary</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective. </b>The investment objective of the Stringer Growth Fund (the &ldquo;Fund&rdquo;) is long-term growth of capital.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund. </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned &ldquo;Purchasing Shares&rdquo; on page 13 of the Fund&rsquo;s prospectus and the section captioned &ldquo;Purchases&rdquo; beginning on page 29 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left; text-indent: 36pt"><b>Shareholder Fees </b>(fees paid directly from your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact threesixtyfunds_S000040274Member ~ </div> 0.055 0.01 0 0.01 0 0 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact threesixtyfunds_S000040274Member ~ </div> 0.0095 0.0025 0.0103 0.004 0.0263 -0.0058 0.0205 0.0095 0.01 0.0103 0.004 0.0338 -0.0058 0.028 0.0095 0 0.0103 0.004 0.0238 -0.0058 0.018 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example. </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the &ldquo;CDSC&rdquo;) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. See &ldquo;CDSC for Certain Purchases of Class A Shares&rdquo; below. Although your actual costs may be higher or lower, based on these assumptions your cost would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact threesixtyfunds_S000040274Member ~ </div> 747 1271 283 985 183 687 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover. </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategy of the Fund. </b>To meet its investment objective, the Fund will invest primarily in unaffiliated exchange-traded funds (&ldquo;ETFs&rdquo;). The underlying ETFs will invest in various securities including, but not limited to, domestic equity securities (including large, mid and small-cap stocks), stocks offered in international markets, including emerging markets, domestic fixed income securities, foreign debt securities, and cash or cash equivalents. The Fund may also invest in alternative sector ETFs, such as commodity and real estate ETFs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets. The Fund seeks to avoid or minimize the effects of inflation on the portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may also invest directly in domestic equity securities (including large, small and mid-cap stocks), stocks offered in international markets, including emerging markets, and unaffiliated open-end investment companies. At times, the Fund may also invest directly in fixed-income securities. These fixed-income securities, either held directly or through ETFs, may be domestic or foreign, corporate or sovereign, and of any quality or duration. Notwithstanding the foregoing, under normal market conditions, the Fund will generally allocate 100% of its investments to equity securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund. </b>An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Allocation risk </b>&ndash; The performance of the Fund relative to its benchmark will depend largely on the decisions of the Adviser as to strategic asset allocation and tactical adjustments made to the asset allocation. At times, the Adviser&rsquo;s judgments as to the asset classes in which the Fund should invest may prove to be wrong, as some asset classes may perform worse than others or the equity markets generally from time to time or for extended periods of time.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market risk</b> &ndash;Market risk refers to the risk that the value of securities in the Fund&rsquo;s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management style risk</b> &ndash; To the extent the Fund focuses on a particular style of stocks, such as growth or value, its performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Business and sector risk</b> &ndash; From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Large company risk</b> &ndash; The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Mid-sized company risk &ndash; </b>The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small company risk</b> &ndash; The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Real Estate Investment Trust (&ldquo;REIT&rdquo;) risk &ndash; </b>The Fund may invest in ETFs or other pooled investment vehicles that invest in REITs. REITs are susceptible to the risks associated with investing in real estate generally, including, among others, declines in the value of real estate, lack of ability to access the credit markets and defaults by borrowers or tenants.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Commodities risk &ndash; </b>The Fund may invest in ETFs or other pooled investment vehicles that invest in commodities, such as raw materials or agricultural products. Commodities are tied to future market values and future income and are vulnerable to adverse movements in prices and exchange rates. Additionally, the price of commodities may be affected by geopolitical changes and relations.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Credit risk </b>&ndash; An issuer of debt securities may not make timely payments of principal and interest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Debt securities risk </b>&ndash; Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may &ldquo;call,&rdquo; or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited training opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>High yield securities risk</b> &ndash; Investments in high yield fixed income securities, also known as &ldquo;junk bonds&rdquo;, are considered speculative, involve a greater risk of default and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Interest rate risk</b> &ndash; Increases in interest rates typically lower the present value of a company&rsquo;s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Issuer risk</b> &ndash; The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Shares of other investment companies and ETFs risk </b>&ndash; You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&rsquo;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF&rsquo;s shares may trade at a discount to their net asset value or that an active trading market for an ETF&rsquo;s shares may not develop or be maintained.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Non-diversified fund risk</b> &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign exposure risk &ndash; </b>Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Foreign currency risk &ndash; </b>The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or &ldquo;capital controls.&rdquo; Such controls may also affect the value of the Fund&rsquo;s holdings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>U.S. Government and U.S. agency obligations risk &ndash; </b>There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities where it is not obligated to do so.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Portfolio Manager risk - </b>Although the Adviser&rsquo;s principals and the Fund&rsquo;s Portfolio Managers, Gary Stringer, CFA, Kim Escue, CFA, and Chad Keller, CFP, have been portfolio managers for private investment vehicles in the past, they have not had previous experience managing a mutual fund prior to serving as the Portfolio Manager for the Fund, which may limit the Portfolio Managers&rsquo; effectiveness.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund risk -</b> The Fund was formed in April 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance. </b>The Fund is new as of the date of this prospectus and therefore performance information is not available.</p> SRGAX SRGCX SRGIX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Because the Fund is new, these expenses are based on estimated amounts for the Fund&rsquo;s current fiscal year. 2014-04-30 An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. Non-diversified fund risk &ndash; A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. The Fund is new as of the date of this prospectus and therefore performance information is not available. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Stringer Asset Management, LLC (the "Adviser") has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, shareholder services fees, extraordinary expenses, interest and dividend expenses in connection with securities sold short, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.40% through at least April 30, 2014. Subject to approval by the Fund's Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 1.40% expense limitation. The current contractual agreement cannot be terminated prior to at least one year after the effective date without the Board of Trustees' approval. 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Capital Focused Value Fund S000040270Member Snow Capital Hedged Equity Fund S000040271Member Snow Capital Market Plus Fund S000040272Member Snow Capital Inflation Advantaged Equities Fund S000040268Member Snow Capital Dividend Plus Fund S000040273Member Snow Capital Mid Cap Value Fund S000040274Member Stringer Growth Fund C000125137Member Class A Shares C000125138Member Class I Shares C000125139Member Class A Shares C000125140Member Class I Shares C000125141Member Class A Shares C000125142Member Class I Shares C000125143Member Class I Shares C000125144Member Class A Shares C000125135Member Class A Shares C000125136Member Class I Shares C000125145Member Class A Shares C000125146Member Class I Shares C000125147Member Class A Shares C000125148Member Class C Shares C000125149Member Institutional Class Shares Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 12 months of purchase) Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less) Maximum sales charge (load) imposed on reinvested dividends Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Other Fees (as a percentage of net assets) Annual fund operating expenses, heading Annual fund operating expenses, table Management Fees Distribution and Service (12b-1) Fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Fee Waivers and Expense Reimbursement Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense 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Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Period End Date dei_DocumentPeriodEndDate Mar. 27, 2013
Registrant Name dei_EntityRegistrantName 360 Funds
CIK dei_EntityCentralIndexKey 0001319067
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Mar. 27, 2013
Effective Date dei_DocumentEffectiveDate Mar. 27, 2013
Prospectus Date rr_ProspectusDate Mar. 28, 2013
Snow Capital Focused Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

Summary of the Snow Capital Focused Value Fund

Investment objective rr_ObjectivePrimaryTextBlock

Investment Objective. The investment objective of the Focused Value Fund (the “Fund”) is long-term growth of capital.

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned “Purchasing Shares” on page 41 of the Fund’s prospectus and the section captioned “Purchases” beginning on page 30 of the Fund’s statement of additional information.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

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

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-04-30
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

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

Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Example, heading rr_ExpenseExampleHeading

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the “CDSC”) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Narrative rr_StrategyNarrativeTextBlock

Principal Investment Strategy of the Fund. The Fund’s principal investment strategy is to invest primarily in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (“ETFs”) that invest in equity securities, fixed income securities, or other similar investments. Under normal market conditions the Fund will invest at least 80% of its net assets in equity securities of companies with market capitalizations greater than $1 billion.

 

In addition to equity securities, the Fund may also invest up to 15% of its net assets in U.S. Government or U.S. agency obligations of varying maturities and durations. The Fund may have up to 25% of its net assets invested directly or indirectly in foreign equity securities, including investments in emerging markets.

 

The Fund’s portfolio typically consists of 15 to 25 companies that are weighted according to the Adviser’s projected return expectations The Adviser selects stocks for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion resulting in higher stock price valuations.

Risk, Narrative rr_RiskNarrativeTextBlock

Principal Risks of Investing in the Fund. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:

 

Market risk –Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.

 

Foreign exposure risk – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.

 

Emerging market risk - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

 

Credit risk – An issuer of debt securities may not make timely payments of principal and interest.

 

Debt securities risk – Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may “call,” or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.

 

Junk bonds risk – Investments in junk bonds involve a greater risk of default, are considered speculative, and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.

 

Management style risk – The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund’s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.

 

Business and sector risk – From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.

 

Large company risk – The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.

 

Mid-sized company risk – The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.

 

Small company risk – The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.

 

Interest rate risk – Increases in interest rates typically lower the present value of a company’s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.

 

Issuer risk – The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.

 

Shares of other investment companies and ETFs risk – You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund’s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF’s shares may trade at a discount to their net asset value or that an active trading market for an ETF’s shares may not develop or be maintained.

 

Non-diversified fund risk – A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.

 

Foreign exchange risk – Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.

 

Foreign currency risk – The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or “capital controls.” Such controls may also affect the value of the Fund’s holdings.

 

U.S. Government and U.S. agency obligations risk – There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.

 

New Fund risk – The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.

May Lose Money rr_RiskLoseMoney An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
Risk, Nondiversified rr_RiskNondiversifiedStatus Non-diversified fund risk – A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.
Performance, Narrative rr_PerformanceNarrativeTextBlock

Performance. The Fund is new as of the date of this prospectus and therefore performance information is not available.

Performance, One Year or Less rr_PerformanceOneYearOrLess The Fund is new as of the date of this prospectus and therefore performance information is not available.
Snow Capital Focused Value Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SFOAX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice 0.50%
Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 14.13% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 15.28%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (13.88%) [2]
Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 1.40%
Expense Example, 1 YEAR rr_ExpenseExampleYear01 660
Expense Example, 3 YEARS rr_ExpenseExampleYear03 3,359
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 660
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 3,359
Snow Capital Focused Value Fund | Class I Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SFOIX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 14.13% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 15.03%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (13.88%) [2]
Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 1.15%
Expense Example, 1 YEAR rr_ExpenseExampleYear01 117
Expense Example, 3 YEARS rr_ExpenseExampleYear03 2,934
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 117
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 2,934
Snow Capital Hedged Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

Summary of the Snow Capital Hedged Equity Fund

Investment objective rr_ObjectivePrimaryTextBlock

Investment Objective. The investment objective of the Hedged Equity Fund (the “Fund”) is long-term growth of capital and protection of investment principal with lower volatility than the U.S. equity market.

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned “Purchasing Shares” on page 41 of the Fund’s prospectus and the section captioned “Purchases” beginning on page 30 of the Fund’s statement of additional information.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

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

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-04-30
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

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

Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates Because the Fund is new, these expenses are based on estimated amounts for the Fund’s current fiscal year.
Example, heading rr_ExpenseExampleHeading

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the “CDSC”) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Narrative rr_StrategyNarrativeTextBlock

Principal Investment Strategy of the Fund. The Fund’s principal investment strategy is to invest at least 80% of long net assets in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (“ETFs”) that invest in equity securities. The Adviser will utilize short equity positions in individual equity securities and ETFs to reduce the portfolio’s overall market exposure. The Fund may borrow money from banks or other financial institutions to purchase securities, commonly known as “leveraging,” in an amount not to exceed one-third of its total assets, as permitted by the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may invest in equity and/or fixed income securities of companies of any size. In addition to domestic securities, the Fund may also directly or indirectly invest in foreign equity, including investments in emerging markets.

 

To the extent deemed appropriate by the Adviser to mitigate the risks of volatility in the U.S. equity market, the Fund seeks protection of investment principal by using options and futures. Through the Fund’s use of options, the Adviser attempts to enhance equity returns relative to a long-only equity strategy and to lower the overall volatility of the Fund’s investment portfolio. The Fund may also use futures contracts in place of options to achieve similar results. The Fund may use an investment in options or futures contracts as a substitute for a comparable market position in the underlying equity security or to attempt to “hedge” or limit the exposure of the Fund’s position in an equity security.

 

In addition to equity securities, the Fund may invest up to 20% of its long net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (“NRSRO”), commonly referred to as “junk bonds” or “high yield bonds.” However, the Fund will not purchase debt securities rated as in default by an NRSRO.

Risk, Narrative rr_RiskNarrativeTextBlock

Principal Risks of Investing in the Fund. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:

 

Market risk –Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.

 

Foreign exposure risk – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.

 

Emerging market risk - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

 

Credit risk – An issuer of debt securities may not make timely payments of principal and interest.

 

Debt securities risk – Increases in interest rates typically lower the value of debt securities held by the Fund. Investments in debt securities include credit risk. There is also the risk that a bond issuer may “call,” or repay its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.

 

Junk bonds risk – Investments in junk bonds involve a greater risk of default, are considered speculative, and are subject to a substantially higher degree of credit risk or price fluctuations than other types of debt securities.

 

Options and futures risk.- Options and futures may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. In addition, the value of an option or future may not correlate perfectly with the underlying securities index or overall securities market.

 

Short sale risk – Short sale strategies are riskier than long investment strategies. Short selling shares of equity securities or ETFs may cause the Fund’s investment performance to suffer if the Fund is required to close out a short position earlier than it had intended. Furthermore, until the Fund replaces a security borrowed, or sold short, it must pay to the lender amounts equal to any dividends that accrue during the short sale period.

 

Leverage risk – The Fund’s exposure to fluctuations in the prices of securities purchased with money borrowed from banks or other financial institutions is increased in relation to the extent of the Fund’s leverage.

 

Tax risk – Certain of the Fund’s investment strategies, including transactions in options and futures contracts, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and its shareholders.

 

Management style risk – The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund’s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.

 

Business and sector risk – From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.

 

Large company risk – The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.

 

Mid-sized company risk – The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.

 

Small company risk – The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.

 

Interest rate risk – Increases in interest rates typically lower the present value of a company’s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.

 

Issuer risk – The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.

 

Shares of other investment companies and ETFs risk – You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund’s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF’s shares may trade at a discount to their net asset value or that an active trading market for an ETF’s shares may not develop or be maintained.

 

Non-diversified fund risk – A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.

 

Foreign exchange risk – Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.

 

Foreign currency risk – The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or “capital controls.” Such controls may also affect the value of the Fund’s holdings.

 

U.S. Government and U.S. agency obligations risk – There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.

 

New Fund risk – The Fund was formed in 2013, and the Adviser had not previously managed an investment company registered under the Investment Company Act of 1940 in the investment style of the Fund. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.

May Lose Money rr_RiskLoseMoney An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
Risk, Nondiversified rr_RiskNondiversifiedStatus Non-diversified fund risk – A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.
Performance, Narrative rr_PerformanceNarrativeTextBlock

Performance. The Fund is new as of the date of this prospectus and therefore performance information is not available.

Performance, One Year or Less rr_PerformanceOneYearOrLess The Fund is new as of the date of this prospectus and therefore performance information is not available.
Snow Capital Hedged Equity Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SHEAX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice 0.50%
Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 7.14% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.39%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.89%) [3]
Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, 1 YEAR rr_ExpenseExampleYear01 660
Expense Example, 3 YEARS rr_ExpenseExampleYear03 2,260
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 660
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 2,260
Snow Capital Hedged Equity Fund | Class I Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SHEIX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of purchases of $1,000,000 or more that are redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fees (as a % of amount redeemed; a redemption fee will be assessed on shares of the Fund that are held for 30 days or less) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 7.14% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.14%
Fee Waivers and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.89%) [3]
Total Annual Fund Operating Expenses after Fee Waivers and Expense Reimbursement rr_NetExpensesOverAssets 1.25%
Expense Example, 1 YEAR rr_ExpenseExampleYear01 117
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,764
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 117
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,764
Snow Capital Market Plus Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

Summary of the Snow Capital Market Plus Fund

Investment objective rr_ObjectivePrimaryTextBlock

Investment Objective. The investment objective of the Capital Market Plus Fund (the “Fund”) is long-term growth of capital.

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section captioned “Purchasing Shares” on page 41 of the Fund’s prospectus and the section captioned “Purchases” beginning on page 30 of the Fund’s statement of additional information.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

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

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-04-30
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

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

Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates Because the Fund is new, these expenses are based on estimated amounts for the Fund’s current fiscal year.
Example, heading rr_ExpenseExampleHeading

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This expense 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 expense example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until April 30, 2014. The Contingent Deferred Sales Charge (the “CDSC”) is not included in these calculations for Class A Shares. If the CDSC were included, your costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your cost would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Narrative rr_StrategyNarrativeTextBlock

Principal Investment Strategy of the Fund. The Fund’s principal investment strategy is to invest primarily in equity securities, including common and preferred stocks, convertible securities and shares of other investment companies and ETFs that invest in equity securities. Under normal market conditions, the Fund will invest approximately 80% of its net assets in equity securities of companies that are among the top 300 securities by weighting in the Russell 3000 Value Index. The Fund will invest in each of the top 20 securities by weighting in the Russell 3000 Value Index. The Adviser will use fundamental analysis and valuation techniques to determine an appropriate weight for each position.

 

With respect to its remaining 20% of assets, the Fund may invest in any securities favored by the Adviser at the time of investment, which securities may include equity securities (including common and preferred stocks, convertible securities and shares of other investment companies and exchange-traded funds (“ETFs”) that invest in equity securities, or other similar investments), of companies of any size, U.S. Government or U.S. agency obligations and foreign equity securities, including investments in emerging markets.

 

The Adviser selects stocks for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion leading to higher stock price valuations. This portion of the Fund’s holdings are weighted according to the Adviser’s projected return expectations.

Risk, Narrative rr_RiskNarrativeTextBlock

Principal Risks of Investing in the Fund. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks:

 

Market risk –Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.

 

Foreign exposure risk – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, or economic developments.

 

Emerging market risk - The risks of foreign investing may be magnified for investments in emerging markets, which may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

 

Management style risk – The Fund intends to invest in value-oriented stocks (stocks that the Adviser believes are undervalued), and the Fund’s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style.

 

Business and sector risk – From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.

 

Large company risk – The Fund may invest in larger, more established companies, which may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansions.

 

Mid-sized company risk – The Fund may invest in mid-cap companies, which may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.

 

Small company risk – The Fund may invest in smaller companies, which generally have less experienced management teams, serve smaller markets, and find it more difficult to obtain financing for growth or potential development than larger companies.

 

Interest rate risk – Increases in interest rates typically lower the present value of a company’s future earnings stream. Accordingly, stock prices will generally decline when investors anticipate or experience rising interest rates.

 

Issuer risk – The value of an individual security or particular type of security can be more volatile and thus perform differently than the market as a whole.

 

Shares of other investment companies and ETFs risk – You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund’s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares. Investments in ETFs bear the risk that the market price of the ETF’s shares may trade at a discount to their net asset value or that an active trading market for an ETF’s shares may not develop or be maintained.

 

Non-diversified fund risk – A non-diversified fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.

 

Foreign exchange risk – Investing in securities listed on non-U.S. exchanges involves a number of risks, including greater price volatility, fewer regulatory and accounting controls, higher brokerage costs and adverse tax consequences.

 

Foreign currency risk – The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar. Additionally, certain countries may utilize formal or informal currency-exchange controls or “capital controls.” Su