0000894189-12-005632.txt : 20120928 0000894189-12-005632.hdr.sgml : 20120928 20120928171139 ACCESSION NUMBER: 0000894189-12-005632 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120928 DATE AS OF CHANGE: 20120928 EFFECTIVENESS DATE: 20120928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-172080 FILM NUMBER: 121117533 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22525 FILM NUMBER: 121117534 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 0001511699 S000038208 Bushido Capital Long/Short Fund C000117808 Investor Class Shares C000117809 Institutional Class Shares 485BPOS 1 bushido_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL bushido_bxbrl.htm

Filed with the Securities and Exchange Commission on September 28, 2012

1933 Act Registration File No. 333-172080
1940 Act File No. 811-22525
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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X
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
57
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
58
 
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X
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(Check appropriate box or boxes.)

MANAGED PORTFOLIO SERIES
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, WI  53202
(Address of Principal Executive Offices, including Zip Code)
 
Registrant’s Telephone Number, including Area Code:  (414) 287-3700
 
James R. Arnold, President and Principal Executive Officer
Managed Portfolio Series
615 East Michigan Street
Milwaukee, WI  53202
(Name and Address of Agent for Service)
 
Copy to:
Scot Draeger, Esq.
Bernstein, Shur, Sawyer & Nelson P.A.
100 Middle Street
P.O. Box 9729
Portland, ME 04104-5029

It is proposed that this filing will become effective (check appropriate box)
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immediately upon filing pursuant to paragraph (b)
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On April 30, 2010 pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 57 to the Registration Statement of Managed Portfolio Series (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 48 on Form N-1A filed on September 7, 2012.  This PEA No. 57 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 48 to the Trust’s Registration Statement.
 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 57 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 57 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 28th day of September, 2012.

Managed Portfolio Series

By: /s/ James R. Arnold                     
James R. Arnold
President


Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on the 28th day of September, 2012.

Signature
 
Title
     
/s/ Roel C. Campos*
 
Trustee
Roel C. Campos
   
     
/s/ Robert J. Kern*
 
Trustee
Robert J. Kern
   
     
/s/ David A. Massart*
 
Trustee
David A. Massart
   
     
/s/ Leonard M. Rush*
 
Trustee
Leonard M. Rush
   
     
/s/ David M. Swanson*
 
Trustee
David M. Swanson
   
     
/s/ James R. Arnold
 
President and Principal Executive Officer
James R. Arnold
   
     
/s/ Brian R. Wiedmeyer
 
Treasurer and Principal Financial Officer
Brian R. Wiedmeyer
   
     
*By:
/s/ James R. Arnold
   
 
James R. Arnold, Attorney-In Fact pursuant to Power of Attorney
   
 
 
 

 

 
INDEX TO EXHIBITS

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


 
 

EX-101.INS 2 ck0001511699-20120907.xml INSTANCE DOCUMENT 485BPOS 2012-09-07 0001511699 2012-09-07 Managed Portfolio Series false 2012-09-07 2012-09-07 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance.</tt> <div style="display:none">~ http://bushidofunds.com/role/ExpenseExample_S000038208Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Bushido Capital Long/Short Fund (the "Fund") investment objective is<br />long-term growth of capital.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one year).</tt> <tt>The Fund pursues its investment objective by taking long and short positions <br />in equity securities utilizing a fundamental value approach to individual <br />stock selection that incorporates both quantitative and qualitative analysis. <br />The Fund will normally hold 35 to 60 long positions in equity securities of <br />any capitalization deemed to be undervalued. The Fund will also employ its <br />flexible value approach to long investments in securities across a company's <br />entire capital structure when market conditions price other securities of the <br />company at superior risk-reward prices to equity securities. Equity securities <br />include common stocks, securities convertible into common stock, and American <br />Depositary Receipts ("ADRs"). The Fund may also invest in exchange-traded funds <br />("ETFs") and other registered investment companies.<br /> <br />The Fund will short securities of companies that it deems to be prohibitively<br />expensive and/or suffering a secular decline in the underlying fundamentals of<br />their business. Shorting securities may also be coupled with long positions to<br />form paired trades designed to mitigate sector, market or country-specific risk. <br />In addition to individual equity positions, ETFs may be used for shorting and <br />hedging purposes. ETFs may include "inverse" or "short" ETFs that are designed <br />to deliver the opposite return of an index.<br /> <br />Although the Fund anticipates primarily holding equity securities, the Fund <br />also may invest up to 65% of its net assets in corporate debt securities, <br />including up to 35% in securities rated below investment grade ("junk bonds") <br />by a nationally recognized statistical rating organization ("NRSRO") or judged <br />by the Adviser to be of comparable credit quality, when the Adviser perceives<br />attractive opportunities from such securities, or so that the Fund may receive <br />a competitive return on its uninvested cash. The Fund may also invest up to <br />15% of its net assets in illiquid securities. In addition, the Fund may invest <br />up to 50% of its net assets in the securities of foreign companies of any size,<br />including up to 35% of its net assets in securities issued by corporations or<br />governments located in developing or emerging markets. The Fund's portfolio<br />manager actively trades the Fund's portfolio, and the Fund may engage in<br />short-term trading.<br /> <br />To the extent permitted by the Investment Company Act of 1940, as amended (the<br />"1940 Act"), the Fund may also borrow money from banks or other financial<br />institutions to purchase securities, which is commonly known as "leveraging."<br />Leveraging allows the Fund to generate a return that is larger than what would<br />be generated on the invested capital without leverage, thus changing small<br />market movements into larger changes in the value of the investments of the<br />Fund.<br /> <br />The Fund normally holds a portfolio of equity, fixed income and other securities, <br />but the Fund is not required to be fully invested in such securities and may <br />maintain a significant portion of total assets in cash and securities generally <br />considered to be cash equivalents. In addition, at the discretion of the Adviser, <br />the Fund may invest its assets in cash, cash equivalents, and high-quality, <br />short-term debt securities and money market instruments for temporary defensive <br />purposes in response to adverse market, economic or political conditions and to <br />retain flexibility in meeting redemptions and paying expenses, which may result <br />in the Fund not achieving its investment objective.</tt> Bushido Capital Long/Short 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. Example When the Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance 25000 855-359-1515 Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>As with any mutual fund, there are risks to investing. An investment in <br />the Fund is not a deposit of a bank and is not insured or guaranteed by <br />the Federal Deposit Insurance Corporation or any other governmental <br />agency. Remember, in addition to possibly not achieving your investment <br />goals, you could lose all or a portion of your investment in the Fund <br />over short or even long periods of time. The principal risks of investing <br />in the Fund are:<br /> <br />General Market Risk. The Fund's net asset value and investment return <br />will fluctuate based upon changes in the value of its portfolio securities.&#xA0;&#xA0;<br />Certain securities selected for the Fund's portfolio may be worth less than <br />the price originally paid for them, or less than they were worth at an <br />earlier time.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser <br />cannot successfully implement the Fund's investment strategies.<br /> <br />Short Sales Risk. In connection with establishing a short position in a <br />security or index, the Fund is subject to the risk that it may not always <br />be able to borrow a security, or to close out a short position at a <br />particular time or at an acceptable price. If the price of the borrowed <br />security increases between the date of the short sale and the date on <br />which the Fund replaces the security or closes out the position, the Fund <br />will experience a loss.<br /> <br />Asset Segregation Risk. Under applicable law, the Fund must segregate liquid<br />assets, or engage in other measures, to "cover" open positions with respect <br />to short sales. The Fund may incur losses on such short sales even if they <br />are covered.<br /> <br />Leveraging Risk. The Fund's direct use of leverage through borrowing and <br />short sales or indirect use through an underlying holding in an ETF may magnify <br />the Fund's gains or losses. Because many derivatives have a leverage component,<br />adverse changes in the value or level of the underlying instrument can result <br />in a loss substantially greater than the amount invested in the derivative <br />itself.<br /> <br />Equity Securities Risk. The equity securities held in the Fund's portfolio <br />may experience sudden, unpredictable drops in value or long periods of decline <br />in value. This may occur because of factors that affect securities markets<br />generally or factors affecting specific industries, sectors or companies in<br />which the Fund invests.<br /> <br />Foreign Securities Risk. Foreign companies involve risks not generally associated <br />with investment in the securities of U.S. companies, including risks relating to <br />political, social and economic developments abroad and differences between U.S. <br />and foreign regulatory requirements and market practices, including fluctuations <br />in foreign currencies.<br /> <br />Emerging Markets Risk. Emerging markets are markets of countries in the initial<br />stages of industrialization and that generally have low per capita income. In<br />addition to the risks of foreign securities in general, emerging markets are<br />generally more volatile, have relatively unstable governments, social and legal<br />systems that do not protect shareholders, economies based on only a few<br />industries and securities markets that are substantially smaller, less liquid<br />and more volatile with less government oversight than more developed countries.<br /> <br />ADRs Risk. ADRs are generally subject to the same risks as the foreign<br />securities because their values depend on the performance of the underlying<br />foreign securities. ADRs may be purchased through "sponsored" or "unsponsored"<br />facilities. A sponsored facility is established jointly by the issuer of the<br />underlying security and a depositary, whereas a depositary may establish an<br />unsponsored facility without participation by the issuer of the depositary<br />security. Holders of unsponsored ADRs generally bear all the costs of such<br />depositary receipts, and the issuers of unsponsored ADRs frequently are under <br />no obligation to distribute shareholder communications received from the company<br />that issues the underlying foreign securities or to pass through voting rights<br />to the holders of the ADRs. As a result, there may not be a correlation between<br />such information and the market values of unsponsored ADRs.<br />&#xA0;&#xA0;<br />Debt Securities Risks. Debt securities are also subject to credit, interest<br />rate, call or prepayment, duration and maturity risks that can negatively affect<br />their value or force the Fund to re-invest at lower yields. The value of debt<br />securities may decline for a number of reasons, such as management performance,<br />financial leverage and reduced demand for the issuer's products and services.<br /> <br />Below Investment Grade Debt Securities Risk. Investments in below investment<br />grade debt securities and unrated securities of similar credit quality as<br />determined by the Adviser (commonly known as "junk bonds") involve a greater<br />risk of default and are subject to greater levels of credit and liquidity<br />risk. Below investment grade debt securities have speculative characteristics<br />and their value may be subject to greater fluctuation than investment grade <br />debt securities.<br /> <br />Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund's investment in larger<br />companies is subject to the risk that larger companies are sometimes unable to<br />attain the high growth rates of successful, smaller companies, especially during<br />extended periods of economic expansion.&#xA0;&#xA0;Securities of mid-cap and small-cap<br />companies may be more volatile and less liquid than the securities of large-cap<br />companies.<br /> <br />Other Investment Companies and ETFs Risk. Investments in the securities of other<br />investment companies and ETFs may involve duplication of advisory fees and certain <br />other expenses. Fund shareholders indirectly bear the Fund's proportionate share <br />of the fees and expenses paid by shareholders of the other investment company or <br />ETF, in addition to the fees and expenses Fund shareholders directly bear in <br />connection with the Fund's own operations. If the investment company or ETF fails <br />to achieve its investment objective, the value of the Fund's investment will <br />decline, adversely affecting the Fund's performance. In addition, ETF shares <br />potentially may trade at a discount or a premium and are subject to brokerage <br />and other trading costs, which could result in greater expenses to the Fund. <br />Finally, because the value of ETF shares depends on the demand in the market, <br />the Adviser may not be able to liquidate the Fund's holdings in an ETF's shares <br />at the most optimal time, adversely affecting the Fund's performance.<br /> <br />Tracking Risk. Although an ETF may seek to match positively or negatively the<br />returns of an index, the ETF's return may not match or achieve a high degree of<br />correlation with the return of its applicable index.<br /> <br />Compounding Risk. As a result of mathematical compounding and because most ETFs<br />have a single day investment objective to track the performance of an index or a<br />multiple thereof, the performance of an ETF for periods greater than a single<br />day is likely to be either greater than or less than the index performance,<br />before accounting for the ETF's fees and expenses. Compounding will cause longer<br />term results to vary from the return of the index, particularly during periods<br />of higher index volatility.<br /> <br />Inverse or Short Correlation Risk. If an ETF is designed to deliver the opposite<br />return of an index, it should lose money when such index rises -- a result that<br />is the opposite from traditional mutual funds. This risk is compounded if the<br />ETF seeks to achieve a return that is a multiple of the inverse performance of<br />its index.<br /> <br />Value-Style Investing Risk. The Fund's value investments are subject to the risk<br />that their intrinsic values may not be recognized by the broad market or that<br />their prices may decline.<br /> <br />Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the<br />potential to result in the realization by the Fund and distribution to<br />shareholders of a greater amount of capital gains than if the Fund had a low<br />portfolio turnover rate. This may mean that you would be likely to have a higher<br />tax liability. Distributions to shareholders of short-term capital gains are<br />taxed as ordinary income under federal tax laws. The Fund's tax loss carry<br />forwards may help reduce your tax liability. A high portfolio turnover rate also<br />leads to higher transaction costs, which could negatively affect the Fund's<br />performance.<br />&#xA0;&#xA0;<br />Liquidity Risk. The Fund may invest in securities that may be considered<br />"illiquid" under applicable law. The Fund may not be able to dispose of illiquid<br />securities promptly or at reasonable prices and may thereby experience losses<br />and difficulty satisfying redemptions.<br /> <br />New Fund Risk. The Fund is new with no operating history and there can be no<br />assurance that the Fund will grow to or maintain an economically viable size, <br />in which case the Board of Trustees may determine to liquidate the Fund.<br /> <br />Adviser Risk. The Adviser has not previously managed a mutual fund.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.bushidofunds.com <tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Until such time, inception-to-date <br />performance information as of the end of most recently completed calendar <br />quarter will be available on the Fund's website at www.bushidofunds.com <br />or by calling the Fund toll-free at 855-359-1515. Performance information, <br />when available, will provide some indication of the risks of investing in <br />the Fund by showing changes in the Fund's performance from year-to-year <br />and by showing how the Fund's average annual returns for certain periods <br />compare with those of a broad measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $25,000 in the Fund. <br />More information about these and other discounts is available from your financial <br />professional and in "Shareholder Information - Class Descriptions" of the Fund's <br />statutory Prospectus on page 24.</tt> <div style="display:none">~ http://bushidofunds.com/role/OperatingExpensesData_S000038208Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://bushidofunds.com/role/ShareholderFeesData_S000038208Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BSHDX 0.0000 0.0000 202 1341 -0.0357 -0.0200 0.0382 0.0125 2014-12-31 0.0049 0.0000 0.0199 0.0556 0.00 BCLSX 0.0475 0.0010 701 1846 -0.0357 -0.0200 0.0382 0.0125 2014-12-31 0.0049 0.0025 0.0234 0.0591 0.00 0001511699 ck0001511699:SummaryS000038208Memberck0001511699:S000038208Memberck0001511699:C000117808Member 2012-09-07 2012-09-07 0001511699 ck0001511699:SummaryS000038208Memberck0001511699:S000038208Memberck0001511699:C000117809Member 2012-09-07 2012-09-07 0001511699 ck0001511699:SummaryS000038208Memberck0001511699:S000038208Member 2012-09-07 2012-09-07 0001511699 2012-09-07 2012-09-07 iso4217:USD pure Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Bushido Capital Partners, LLC. (the "Adviser" or "Bushido") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage interest (dividend and interest expense on short sales), brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 1.85% of the average daily net assets of the Investor Class and 1.50% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld. 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Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund
Bushido Capital Long/Short Fund
Investment Objective
The Bushido Capital Long/Short Fund (the "Fund") investment objective is
long-term growth of capital.
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 "Shareholder Information - Class Descriptions" of the Fund's
statutory Prospectus on page 24.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Bushido Capital Long/Short Fund
Investor Class
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) 4.75% none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) none none
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Bushido Capital Long/Short Fund
Investor Class
Institutional Class
Management Fees 1.25% 1.25%
Distribution (12b-1) Fee 0.25% none
Shareholder Servicing Fee 0.10% none
Dividend and Interest Expense on Short Sales [1] 0.49% 0.49%
Other Expenses [1] 3.82% 3.82%
Total Annual Fund Operating Expenses 5.91% 5.56%
Fee Waiver/Expense Reimbursement [2] (3.57%) (3.57%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 2.34% 1.99%
[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
[2] Bushido Capital Partners, LLC. (the "Adviser" or "Bushido") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage interest (dividend and interest expense on short sales), brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 1.85% of the average daily net assets of the Investor Class and 1.50% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld.
Example
This Example is intended to help you compare the costs of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the expense limitation for one year).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example Bushido Capital Long/Short Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Investor Class
701 1,846
Institutional Class
202 1,341
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
the annual fund operating expenses or in the Example, affect the Fund's
performance.
Principal Investment Strategies
The Fund pursues its investment objective by taking long and short positions
in equity securities utilizing a fundamental value approach to individual
stock selection that incorporates both quantitative and qualitative analysis.
The Fund will normally hold 35 to 60 long positions in equity securities of
any capitalization deemed to be undervalued. The Fund will also employ its
flexible value approach to long investments in securities across a company's
entire capital structure when market conditions price other securities of the
company at superior risk-reward prices to equity securities. Equity securities
include common stocks, securities convertible into common stock, and American
Depositary Receipts ("ADRs"). The Fund may also invest in exchange-traded funds
("ETFs") and other registered investment companies.

The Fund will short securities of companies that it deems to be prohibitively
expensive and/or suffering a secular decline in the underlying fundamentals of
their business. Shorting securities may also be coupled with long positions to
form paired trades designed to mitigate sector, market or country-specific risk.
In addition to individual equity positions, ETFs may be used for shorting and
hedging purposes. ETFs may include "inverse" or "short" ETFs that are designed
to deliver the opposite return of an index.

Although the Fund anticipates primarily holding equity securities, the Fund
also may invest up to 65% of its net assets in corporate debt securities,
including up to 35% in securities rated below investment grade ("junk bonds")
by a nationally recognized statistical rating organization ("NRSRO") or judged
by the Adviser to be of comparable credit quality, when the Adviser perceives
attractive opportunities from such securities, or so that the Fund may receive
a competitive return on its uninvested cash. The Fund may also invest up to
15% of its net assets in illiquid securities. In addition, the Fund may invest
up to 50% of its net assets in the securities of foreign companies of any size,
including up to 35% of its net assets in securities issued by corporations or
governments located in developing or emerging markets. The Fund's portfolio
manager actively trades the Fund's portfolio, and the Fund may engage in
short-term trading.

To the extent permitted by the Investment Company Act of 1940, as amended (the
"1940 Act"), the Fund may also borrow money from banks or other financial
institutions to purchase securities, which is commonly known as "leveraging."
Leveraging allows the Fund to generate a return that is larger than what would
be generated on the invested capital without leverage, thus changing small
market movements into larger changes in the value of the investments of the
Fund.

The Fund normally holds a portfolio of equity, fixed income and other securities,
but the Fund is not required to be fully invested in such securities and may
maintain a significant portion of total assets in cash and securities generally
considered to be cash equivalents. In addition, at the discretion of the Adviser,
the Fund may invest its assets in cash, cash equivalents, and high-quality,
short-term debt securities and money market instruments for temporary defensive
purposes in response to adverse market, economic or political conditions and to
retain flexibility in meeting redemptions and paying expenses, which may result
in the Fund not achieving its investment objective.
Principal Risks
As with any mutual fund, there are risks to investing. An investment in
the Fund is not a deposit of a bank and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental
agency. Remember, in addition to possibly not achieving your investment
goals, you could lose all or a portion of your investment in the Fund
over short or even long periods of time. The principal risks of investing
in the Fund are:

General Market Risk. The Fund's net asset value and investment return
will fluctuate based upon changes in the value of its portfolio securities.  
Certain securities selected for the Fund's portfolio may be worth less than
the price originally paid for them, or less than they were worth at an
earlier time.

Management Risk. The Fund may not meet its investment objective or may
underperform investment vehicles with similar strategies if the Adviser
cannot successfully implement the Fund's investment strategies.

Short Sales Risk. In connection with establishing a short position in a
security or index, the Fund is subject to the risk that it may not always
be able to borrow a security, or to close out a short position at a
particular time or at an acceptable price. If the price of the borrowed
security increases between the date of the short sale and the date on
which the Fund replaces the security or closes out the position, the Fund
will experience a loss.

Asset Segregation Risk. Under applicable law, the Fund must segregate liquid
assets, or engage in other measures, to "cover" open positions with respect
to short sales. The Fund may incur losses on such short sales even if they
are covered.

Leveraging Risk. The Fund's direct use of leverage through borrowing and
short sales or indirect use through an underlying holding in an ETF may magnify
the Fund's gains or losses. Because many derivatives have a leverage component,
adverse changes in the value or level of the underlying instrument can result
in a loss substantially greater than the amount invested in the derivative
itself.

Equity Securities Risk. The equity securities held in the Fund's portfolio
may experience sudden, unpredictable drops in value or long periods of decline
in value. This may occur because of factors that affect securities markets
generally or factors affecting specific industries, sectors or companies in
which the Fund invests.

Foreign Securities Risk. Foreign companies involve risks not generally associated
with investment in the securities of U.S. companies, including risks relating to
political, social and economic developments abroad and differences between U.S.
and foreign regulatory requirements and market practices, including fluctuations
in foreign currencies.

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

ADRs Risk. ADRs are generally subject to the same risks as the foreign
securities because their values depend on the performance of the underlying
foreign securities. ADRs may be purchased through "sponsored" or "unsponsored"
facilities. A sponsored facility is established jointly by the issuer of the
underlying security and a depositary, whereas a depositary may establish an
unsponsored facility without participation by the issuer of the depositary
security. Holders of unsponsored ADRs generally bear all the costs of such
depositary receipts, and the issuers of unsponsored ADRs frequently are under
no obligation to distribute shareholder communications received from the company
that issues the underlying foreign securities or to pass through voting rights
to the holders of the ADRs. As a result, there may not be a correlation between
such information and the market values of unsponsored ADRs.
  
Debt Securities Risks. Debt securities are also subject to credit, interest
rate, call or prepayment, duration and maturity risks that can negatively affect
their value or force the Fund to re-invest at lower yields. The value of debt
securities may decline for a number of reasons, such as management performance,
financial leverage and reduced demand for the issuer's products and services.

Below Investment Grade Debt Securities Risk. Investments in below investment
grade debt securities and unrated securities of similar credit quality as
determined by the Adviser (commonly known as "junk bonds") involve a greater
risk of default and are subject to greater levels of credit and liquidity
risk. Below investment grade debt securities have speculative characteristics
and their value may be subject to greater fluctuation than investment grade
debt securities.

Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund's investment in larger
companies is subject to the risk that larger companies are sometimes unable to
attain the high growth rates of successful, smaller companies, especially during
extended periods of economic expansion.  Securities of mid-cap and small-cap
companies may be more volatile and less liquid than the securities of large-cap
companies.

Other Investment Companies and ETFs Risk. Investments in the securities of other
investment companies and ETFs may involve duplication of advisory fees and certain
other expenses. Fund shareholders indirectly bear the Fund's proportionate share
of the fees and expenses paid by shareholders of the other investment company or
ETF, in addition to the fees and expenses Fund shareholders directly bear in
connection with the Fund's own operations. If the investment company or ETF fails
to achieve its investment objective, the value of the Fund's investment will
decline, adversely affecting the Fund's performance. In addition, ETF shares
potentially may trade at a discount or a premium and are subject to brokerage
and other trading costs, which could result in greater expenses to the Fund.
Finally, because the value of ETF shares depends on the demand in the market,
the Adviser may not be able to liquidate the Fund's holdings in an ETF's shares
at the most optimal time, adversely affecting the Fund's performance.

Tracking Risk. Although an ETF may seek to match positively or negatively the
returns of an index, the ETF's return may not match or achieve a high degree of
correlation with the return of its applicable index.

Compounding Risk. As a result of mathematical compounding and because most ETFs
have a single day investment objective to track the performance of an index or a
multiple thereof, the performance of an ETF for periods greater than a single
day is likely to be either greater than or less than the index performance,
before accounting for the ETF's fees and expenses. Compounding will cause longer
term results to vary from the return of the index, particularly during periods
of higher index volatility.

Inverse or Short Correlation Risk. If an ETF is designed to deliver the opposite
return of an index, it should lose money when such index rises -- a result that
is the opposite from traditional mutual funds. This risk is compounded if the
ETF seeks to achieve a return that is a multiple of the inverse performance of
its index.

Value-Style Investing Risk. The Fund's value investments are subject to the risk
that their intrinsic values may not be recognized by the broad market or that
their prices may decline.

Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the
potential to result in the realization by the Fund and distribution to
shareholders of a greater amount of capital gains than if the Fund had a low
portfolio turnover rate. This may mean that you would be likely to have a higher
tax liability. Distributions to shareholders of short-term capital gains are
taxed as ordinary income under federal tax laws. The Fund's tax loss carry
forwards may help reduce your tax liability. A high portfolio turnover rate also
leads to higher transaction costs, which could negatively affect the Fund's
performance.
  
Liquidity Risk. The Fund may invest in securities that may be considered
"illiquid" under applicable law. The Fund may not be able to dispose of illiquid
securities promptly or at reasonable prices and may thereby experience losses
and difficulty satisfying redemptions.

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

Adviser Risk. The Adviser has not previously managed a mutual fund.
Performance
When the Fund has been in operation for a full calendar year, performance
information will be shown here. Until such time, inception-to-date
performance information as of the end of most recently completed calendar
quarter will be available on the Fund's website at www.bushidofunds.com
or by calling the Fund toll-free at 855-359-1515. Performance information,
when available, will provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year-to-year
and by showing how the Fund's average annual returns for certain periods
compare with those of a broad measure of market performance.

XML 12 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Sep. 07, 2012
Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Bushido Capital Long/Short Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Bushido Capital Long/Short Fund (the "Fund") investment objective is
long-term growth of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. You may qualify for sales charge discounts if you and your
family invest, or agree to invest in the future, at least $25,000 in the Fund.
More information about these and other discounts is available from your financial
professional and in "Shareholder Information - Class Descriptions" of the Fund's
statutory Prospectus on page 24.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the annual fund operating expenses or in the Example, affect the Fund's
performance.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the costs of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the expense limitation for one year).
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund pursues its investment objective by taking long and short positions
in equity securities utilizing a fundamental value approach to individual
stock selection that incorporates both quantitative and qualitative analysis.
The Fund will normally hold 35 to 60 long positions in equity securities of
any capitalization deemed to be undervalued. The Fund will also employ its
flexible value approach to long investments in securities across a company's
entire capital structure when market conditions price other securities of the
company at superior risk-reward prices to equity securities. Equity securities
include common stocks, securities convertible into common stock, and American
Depositary Receipts ("ADRs"). The Fund may also invest in exchange-traded funds
("ETFs") and other registered investment companies.

The Fund will short securities of companies that it deems to be prohibitively
expensive and/or suffering a secular decline in the underlying fundamentals of
their business. Shorting securities may also be coupled with long positions to
form paired trades designed to mitigate sector, market or country-specific risk.
In addition to individual equity positions, ETFs may be used for shorting and
hedging purposes. ETFs may include "inverse" or "short" ETFs that are designed
to deliver the opposite return of an index.

Although the Fund anticipates primarily holding equity securities, the Fund
also may invest up to 65% of its net assets in corporate debt securities,
including up to 35% in securities rated below investment grade ("junk bonds")
by a nationally recognized statistical rating organization ("NRSRO") or judged
by the Adviser to be of comparable credit quality, when the Adviser perceives
attractive opportunities from such securities, or so that the Fund may receive
a competitive return on its uninvested cash. The Fund may also invest up to
15% of its net assets in illiquid securities. In addition, the Fund may invest
up to 50% of its net assets in the securities of foreign companies of any size,
including up to 35% of its net assets in securities issued by corporations or
governments located in developing or emerging markets. The Fund's portfolio
manager actively trades the Fund's portfolio, and the Fund may engage in
short-term trading.

To the extent permitted by the Investment Company Act of 1940, as amended (the
"1940 Act"), the Fund may also borrow money from banks or other financial
institutions to purchase securities, which is commonly known as "leveraging."
Leveraging allows the Fund to generate a return that is larger than what would
be generated on the invested capital without leverage, thus changing small
market movements into larger changes in the value of the investments of the
Fund.

The Fund normally holds a portfolio of equity, fixed income and other securities,
but the Fund is not required to be fully invested in such securities and may
maintain a significant portion of total assets in cash and securities generally
considered to be cash equivalents. In addition, at the discretion of the Adviser,
the Fund may invest its assets in cash, cash equivalents, and high-quality,
short-term debt securities and money market instruments for temporary defensive
purposes in response to adverse market, economic or political conditions and to
retain flexibility in meeting redemptions and paying expenses, which may result
in the Fund not achieving its investment objective.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, there are risks to investing. An investment in
the Fund is not a deposit of a bank and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental
agency. Remember, in addition to possibly not achieving your investment
goals, you could lose all or a portion of your investment in the Fund
over short or even long periods of time. The principal risks of investing
in the Fund are:

General Market Risk. The Fund's net asset value and investment return
will fluctuate based upon changes in the value of its portfolio securities.  
Certain securities selected for the Fund's portfolio may be worth less than
the price originally paid for them, or less than they were worth at an
earlier time.

Management Risk. The Fund may not meet its investment objective or may
underperform investment vehicles with similar strategies if the Adviser
cannot successfully implement the Fund's investment strategies.

Short Sales Risk. In connection with establishing a short position in a
security or index, the Fund is subject to the risk that it may not always
be able to borrow a security, or to close out a short position at a
particular time or at an acceptable price. If the price of the borrowed
security increases between the date of the short sale and the date on
which the Fund replaces the security or closes out the position, the Fund
will experience a loss.

Asset Segregation Risk. Under applicable law, the Fund must segregate liquid
assets, or engage in other measures, to "cover" open positions with respect
to short sales. The Fund may incur losses on such short sales even if they
are covered.

Leveraging Risk. The Fund's direct use of leverage through borrowing and
short sales or indirect use through an underlying holding in an ETF may magnify
the Fund's gains or losses. Because many derivatives have a leverage component,
adverse changes in the value or level of the underlying instrument can result
in a loss substantially greater than the amount invested in the derivative
itself.

Equity Securities Risk. The equity securities held in the Fund's portfolio
may experience sudden, unpredictable drops in value or long periods of decline
in value. This may occur because of factors that affect securities markets
generally or factors affecting specific industries, sectors or companies in
which the Fund invests.

Foreign Securities Risk. Foreign companies involve risks not generally associated
with investment in the securities of U.S. companies, including risks relating to
political, social and economic developments abroad and differences between U.S.
and foreign regulatory requirements and market practices, including fluctuations
in foreign currencies.

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

ADRs Risk. ADRs are generally subject to the same risks as the foreign
securities because their values depend on the performance of the underlying
foreign securities. ADRs may be purchased through "sponsored" or "unsponsored"
facilities. A sponsored facility is established jointly by the issuer of the
underlying security and a depositary, whereas a depositary may establish an
unsponsored facility without participation by the issuer of the depositary
security. Holders of unsponsored ADRs generally bear all the costs of such
depositary receipts, and the issuers of unsponsored ADRs frequently are under
no obligation to distribute shareholder communications received from the company
that issues the underlying foreign securities or to pass through voting rights
to the holders of the ADRs. As a result, there may not be a correlation between
such information and the market values of unsponsored ADRs.
  
Debt Securities Risks. Debt securities are also subject to credit, interest
rate, call or prepayment, duration and maturity risks that can negatively affect
their value or force the Fund to re-invest at lower yields. The value of debt
securities may decline for a number of reasons, such as management performance,
financial leverage and reduced demand for the issuer's products and services.

Below Investment Grade Debt Securities Risk. Investments in below investment
grade debt securities and unrated securities of similar credit quality as
determined by the Adviser (commonly known as "junk bonds") involve a greater
risk of default and are subject to greater levels of credit and liquidity
risk. Below investment grade debt securities have speculative characteristics
and their value may be subject to greater fluctuation than investment grade
debt securities.

Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund's investment in larger
companies is subject to the risk that larger companies are sometimes unable to
attain the high growth rates of successful, smaller companies, especially during
extended periods of economic expansion.  Securities of mid-cap and small-cap
companies may be more volatile and less liquid than the securities of large-cap
companies.

Other Investment Companies and ETFs Risk. Investments in the securities of other
investment companies and ETFs may involve duplication of advisory fees and certain
other expenses. Fund shareholders indirectly bear the Fund's proportionate share
of the fees and expenses paid by shareholders of the other investment company or
ETF, in addition to the fees and expenses Fund shareholders directly bear in
connection with the Fund's own operations. If the investment company or ETF fails
to achieve its investment objective, the value of the Fund's investment will
decline, adversely affecting the Fund's performance. In addition, ETF shares
potentially may trade at a discount or a premium and are subject to brokerage
and other trading costs, which could result in greater expenses to the Fund.
Finally, because the value of ETF shares depends on the demand in the market,
the Adviser may not be able to liquidate the Fund's holdings in an ETF's shares
at the most optimal time, adversely affecting the Fund's performance.

Tracking Risk. Although an ETF may seek to match positively or negatively the
returns of an index, the ETF's return may not match or achieve a high degree of
correlation with the return of its applicable index.

Compounding Risk. As a result of mathematical compounding and because most ETFs
have a single day investment objective to track the performance of an index or a
multiple thereof, the performance of an ETF for periods greater than a single
day is likely to be either greater than or less than the index performance,
before accounting for the ETF's fees and expenses. Compounding will cause longer
term results to vary from the return of the index, particularly during periods
of higher index volatility.

Inverse or Short Correlation Risk. If an ETF is designed to deliver the opposite
return of an index, it should lose money when such index rises -- a result that
is the opposite from traditional mutual funds. This risk is compounded if the
ETF seeks to achieve a return that is a multiple of the inverse performance of
its index.

Value-Style Investing Risk. The Fund's value investments are subject to the risk
that their intrinsic values may not be recognized by the broad market or that
their prices may decline.

Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the
potential to result in the realization by the Fund and distribution to
shareholders of a greater amount of capital gains than if the Fund had a low
portfolio turnover rate. This may mean that you would be likely to have a higher
tax liability. Distributions to shareholders of short-term capital gains are
taxed as ordinary income under federal tax laws. The Fund's tax loss carry
forwards may help reduce your tax liability. A high portfolio turnover rate also
leads to higher transaction costs, which could negatively affect the Fund's
performance.
  
Liquidity Risk. The Fund may invest in securities that may be considered
"illiquid" under applicable law. The Fund may not be able to dispose of illiquid
securities promptly or at reasonable prices and may thereby experience losses
and difficulty satisfying redemptions.

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

Adviser Risk. The Adviser has not previously managed a mutual fund.
Risk Lose Money [Text] rr_RiskLoseMoney Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock When the Fund has been in operation for a full calendar year, performance
information will be shown here. Until such time, inception-to-date
performance information as of the end of most recently completed calendar
quarter will be available on the Fund's website at www.bushidofunds.com
or by calling the Fund toll-free at 855-359-1515. Performance information,
when available, will provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year-to-year
and by showing how the Fund's average annual returns for certain periods
compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess When the Fund has been in operation for a full calendar year, performance information will be shown here.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 855-359-1515
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bushidofunds.com
Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets 0.10%
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.49% [1]
Other Expenses rr_OtherExpensesOverAssets 3.82% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.91%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (3.57%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.34% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 701
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,846
Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets none
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.49% [1]
Other Expenses rr_OtherExpensesOverAssets 3.82% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.56%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (3.57%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.99% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 202
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,341
[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
[2] Bushido Capital Partners, LLC. (the "Adviser" or "Bushido") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage interest (dividend and interest expense on short sales), brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 1.85% of the average daily net assets of the Investor Class and 1.50% of the average daily net assets of the Institutional Class. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such reimbursement or reduction was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board of Trustees") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld.
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Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 07, 2012
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Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol BCLSX
Bushido Capital Long/Short Fund (Prospectus Summary) | Bushido Capital Long/Short Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol BSHDX
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