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</LabelSeparator><Level>3</Level><ElementName>rr_DistributionAndService12b1FeesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells /><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>0</Level><ElementName>rr_Component1OtherExpensesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer>[1]</FootnoteIndexer><Cells><Cell FlagID="0" ContextID="Context2" UnitID="Unit3"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>true</DisplayZeroAsNone><NumericAmount>0.0045</NumericAmount><RoundedNumericAmount>0.0045</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_ExpensesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totalLabel</PreferredLabelRole><FootnoteIndexer /><Cells /><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund.  Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>0</Level><ElementName>rr_ExpensesOverAssets</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totalLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context2" UnitID="Unit3"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>true</DisplayZeroAsNone><NumericAmount>0.0160</NumericAmount><RoundedNumericAmount>0.0160</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>rr:NonNegativePure4Type</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund.  Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_ExpenseExampleNarrativeTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;&lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;This Example is intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other funds. This Example does not take into account creation or redemption transaction fees, or the brokerage commissions that you pay when purchasing or selling shares of the Fund. If the commissions were included, your costs would be higher.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&amp;#39;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:&lt;/font&gt;&lt;font color="#292526" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; &lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_PortfolioTurnoverTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &amp;#8220;turns over&amp;#8221; its portfolio). A higher portfolio turnover 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 Total Annual Fund Operating Expenses or in the Example, affect the Fund&amp;#39;s performance. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund&amp;#39;s shares. &lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_StrategyHeading</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin:0in;margin-bottom:.0001pt;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;PRINCIPAL INVESTMENT STRATEGIES&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_StrategyNarrativeTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund seeks to achieve its investment objectives by primarily taking positions in mortgage-related products with interest-only cash flows while managing duration risk with liquid interest rate products. To employ the Fund&amp;#39;s strategy, Treesdale Partners, LLC (the &amp;#8220;Sub-Advisor&amp;#8221;) seeks to generate enhanced returns in an environment of rising interest rates by investing principally in agency interest-only mortgage-backed securities, interest-only swaps and certain other mortgage-related derivative instruments, while maintaining a negative portfolio duration with a generally positive current yield by investing in U.S. Treasury obligations and other liquid rate instruments. The mortgage-related instruments in which the Fund invests are intended to provide significant negative duration exposure and will generally benefit from rising interest rates. The overall duration of the Fund&amp;#39;s fixed income investments will range from -5 to -15 years. Duration is a measure used to determine the sensitivity of a security&amp;#39;s price to changes in interest rates. The longer a security&amp;#39;s duration, the more sensitive it will be to changes in interest rates.&amp;#160;&amp;#160;A portfolio with negative duration generally incurs a loss when interest rates and yields fall.&amp;#160;&amp;#160;To counter the impact of such potential losses, the Fund&amp;#39;s negative duration will be partly offset with long positions in U.S. Treasury obligations, interest rate swaps and other positive duration products. &lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;In determining the Fund&amp;#39;s investment allocations, the Sub-Advisor will perform both top-down and security specific analysis. The overall negative duration target and allocation to specific subsectors of the mortgage interest-only and derivatives markets are based on high-level macro and relative value analysis across fixed income markets. Using these targets, allocations to individual positions are made based on detailed value analysis. Liquid U.S. Treasury obligations and interest rate swaps are used to adjust the portfolio to certain negative duration targets. While the U.S. Treasury and rate swap hedges will be rebalanced daily, the core mortgage portfolio will be less frequently rebalanced.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;To mitigate idiosyncratic prepayment risks and other dimensions of bond risk, the Sub-Advisor seeks to diversify the Fund&amp;#39;s portfolio. To hedge against the risk of a large downward move in interest rates, the Sub-Advisor may also purchase options on interest rates.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_RiskHeading</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin:0in;margin-bottom:.0001pt;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;PRINCIPAL RISKS OF INVESTING IN THE FUND&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Narrative Risk Disclosure.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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</LabelSeparator><Level>3</Level><ElementName>rr_RiskNarrativeTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund is subject to a number of risks that may affect the value of its shares, including:&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Counterparty Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund&amp;#39;s use of such financial instruments, including swap agreements and structured notes, involves risks that are different from those associated with ordinary portfolio securities transactions. For example, if a swap agreement counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Credit Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Derivatives Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&amp;#39;s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;amp;P 500 Index). Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. &lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Early Closing Risk.&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&amp;#160;An unanticipated early closing of the NYSE Arca, Inc. (the &amp;#8220;Exchange&amp;#8221;) may result in a shareholder&amp;#39;s inability to buy or sell shares of the Fund on that day.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Fixed Income Securities Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The market value of fixed income investments in which the Fund may invest may change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the value of fixed income securities generally decline.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Income Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The income from the Fund&amp;#39;s investments may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the Fund portfolio&amp;#39;s current earnings rate.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Interest Rate Risk.&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; The Fund&amp;#39;s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer&amp;#39;s creditworthiness.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Issuer Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The value of a security may increase for a number of reasons which directly relate to the issuer, such as management performance, improved financial condition and increased demand of the issuer&amp;#39;s goods or services. An increase in the value of the securities of an issuer or guarantor of a debt instrument may cause the value of your investment in the Fund to decrease.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Liquidity Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Trading in shares of the Fund may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. A particular investment may be difficult to purchase or sell, and the Fund may be unable to sell illiquid securities (for example, certain swap agreements) at an advantageous time or price or achieve its desired level of exposure to a certain section. &lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Management Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Sub-Advisor continuously evaluates the Fund&amp;#39;s holdings, purchases and sales with a view to achieving the Fund&amp;#39;s investment objectives. However, the achievement of the stated investment objectives cannot be guaranteed over short- or long-term market cycles. The Sub-Advisor&amp;#39;s judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Market Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Due to market conditions, the value of the Fund&amp;#39;s investments may fluctuate significantly from day to day. Price fluctuations may be temporary or may last for extended periods. This volatility may cause the value of your investment in the Fund to decrease.&lt;/font&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Mortgage-Backed and Asset-Backed Securities Risk.&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; The risk that the impairment of the value of collateral underlying a mortgage-backed or asset-backed security, such as due to non-payment of loans, will result in a reduction in the value of such security.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Options Risk.&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; Writing and purchasing call and put options are highly specialized activities and entail greater than ordinary investment risks. The value of the Fund&amp;#39;s positions in options fluctuates in response to changes in the value of the underlying security. The Fund also risks losing all or part of the cash paid for purchasing call and put options. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund&amp;#39;s assets could affect its portfolio management as well as the ability of the Fund to meet other current obligations.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Prepayment Risk.&lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt; The Fund may invest in mortgage related securities, which, like other debt securities, may be paid off early when the issuer of a debt security can repay the principal prior to a security&amp;#39;s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&amp;#39;s income.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Trading Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Shares of the Fund may trade below their net asset value (&amp;#8220;NAV&amp;#8221;). The NAV of shares will fluctuate with changes in the market value of the Fund&amp;#39;s holdings. In addition, although the Fund&amp;#39;s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;U.S. Government Securities Risk. &lt;/font&gt;&lt;/b&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;The Fund may invest in U.S. government securities, which are subject to price fluctuations and to default in the event that an agency or instrumentality defaults on an obligation not backed by the full faith and credit of the United States.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;As with any fund, there is no guarantee that the Fund will achieve its investment objectives.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Narrative Risk Disclosure. 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</LabelSeparator><Level>3</Level><ElementName>rr_PerformanceNarrativeTextBlock</ElementName><ElementPrefix>rr_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="Context3" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;&lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;A comparison of the Fund&amp;#39;s performance with that of a broad measure of market performance may give some indication of the risks of an investment in the Fund; however, the Fund is new and, therefore, does not have a performance history for a full calendar year. Of course, once the Fund has performance, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"&gt;&lt;font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"&gt;Updated performance information is available on the Fund&amp;#39;s website at www.advisorshares.com.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Risk/Return Bar Chart and Table.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef



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