0001104659-12-075145.txt : 20121107 0001104659-12-075145.hdr.sgml : 20121107 20121107110402 ACCESSION NUMBER: 0001104659-12-075145 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121107 DATE AS OF CHANGE: 20121107 EFFECTIVENESS DATE: 20121107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KKR Series Trust CENTRAL INDEX KEY: 0001554495 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-182743 FILM NUMBER: 121185363 BUSINESS ADDRESS: STREET 1: C/O KKR ASSET MANAGEMENT LLC STREET 2: 555 CALIFORNIA ST., 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: (415) 315-3620 MAIL ADDRESS: STREET 1: C/O KKR ASSET MANAGEMENT LLC STREET 2: 555 CALIFORNIA ST., 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KKR Series Trust CENTRAL INDEX KEY: 0001554495 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22720 FILM NUMBER: 121185364 BUSINESS ADDRESS: STREET 1: C/O KKR ASSET MANAGEMENT LLC STREET 2: 555 CALIFORNIA ST., 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: (415) 315-3620 MAIL ADDRESS: STREET 1: C/O KKR ASSET MANAGEMENT LLC STREET 2: 555 CALIFORNIA ST., 50TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 0001554495 S000038460 KKR Alternative High Yield Fund C000118636 Investor Class C000118637 Institutional Class C000118638 KKR Class 485BPOS 1 a12-24860_1485bpos.htm 485BPOS

As filed with the Securities and Exchange Commission on November 7, 2012

 

File Nos. 333-182743

811-22720

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form N-1A

 

 

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933   
x

 

 

 

 

 

Pre-Effective Amendment No.

 

 

Post-Effective Amendment No. 1

 

 

and

 

 

 

 

 

REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940   
x

 

 

 

 

 

Amendment No. 3

 

 

KKR Series Trust

(Exact name of Registrant as Specified in Charter)

 

555 California Street
50th Floor
San Francisco, CA 94104

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including area code:

(415) 315-3620

 

Name and address of agent for service:

Nicole J. Macarchuk, Esq.
KKR Asset Management LLC
555 California Street
50th Floor
San Francisco, CA 94104

 

COPY TO:

 

Allison M. Fumai, Esq.
Richard Horowitz, Esq.
Kenneth E. Young, Esq.
Dechert LLP
1095 Avenue of the Americas
New York, NY 10036

 

Approximate Date of Proposed Public Offering:

As soon as practicable after the effective date of this registration statement.

 

It is proposed that this filing will become effective (check appropriate box):

 

x           Immediately upon filing pursuant to paragraph (b)

 

o            On October 17, 2012 pursuant to paragraph (b)

 

o            60 days after filing pursuant to paragraph (a)(1)

 

o            On (date) pursuant to paragraph (a)(1)

 

o            75 days after filing pursuant to paragraph (a)(2)

 

o            On (date) pursuant to paragraph (a)(2) of Rule 485

 

Amending the Prospectus and Updating Financial Statements

 

If appropriate, check the following box:

 

This post-effective amendment designates a new effective

 

date for a previously filed post-effective amendment.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York in the State of New York on the 7th day of November, 2012.

 

 

 

KKR Series Trust

 

 

 

By:

/s/ WILLIAM C. SONNEBORN

 

 

William C. Sonneborn,

 

 

President

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ WILLIAM C. SONNEBORN

 

Trustee and President (Principal Executive Officer)

 

November 7, 2012

William C. Sonneborn

 

 

 

 

 

 

 

 

/s/ TOBIN V. LEVY

 

Trustee

 

November 7, 2012

Tobin V. Levy*

 

 

 

 

 

 

 

 

 

/s/ JEFFREY L. ZLOT

 

Trustee

 

November 7, 2012

Jeffrey L. Zlot*

 

 

 

 

 

 

 

 

 

/s/ MICHAEL R. MCFERRAN

 

Treasurer (Principal Financial and Accounting Officer)

 

November 7, 2012

Michael R. McFerran

 

 

 

 

 

 

 

 

 

 *By:

/s/ NICOLE J. MACARCHUK

 

 

 

 

 

Nicole J. Macarchuk

 

 

 

 

 

as attorney-in-fact

 

 

 

 

 

*                 Pursuant to power of attorney filed with Pre-Effective Amendment No. 1 to Registration Statement No. 333-182743 on September 19, 2012.

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

EX-101.INS 2 ck0001554495-20121017.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-10-17 0001554495 2012-10-22 KKR Series Trust false 2012-10-17 2012-10-17 Because the Fund can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund, it may be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence. <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 may<br />indicate higher transaction costs and may result in higher taxes to shareholders<br />when Fund shares are held in a taxable account. These costs, which are not<br />reflected in Annual Fund Operating Expenses or in the example, affect the Fund's<br />performance. No portfolio turnover rate is provided for the Fund because the<br />Fund had not commenced operations as of the date of this Prospectus.</tt> <div style="display:none">~ http://www.kkrfunds.kkr.com/role/ExpenseExample_S000038460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>KKR Alternative High Yield Fund (the "Fund") seeks to generate an attractive total <br />return consisting of a high level of current income and capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the<br />Fund with the cost of investing in other mutual funds.<br /> <br />The Example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />Example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Although your actual costs may be<br />higher or lower, based on these assumptions your costs would be:</tt> <tt>The Fund seeks to achieve its investment objective by investing in a portfolio <br />of fixed-income investments. Under normal market conditions, the Fund will invest <br />at least 80% of its net assets, including any borrowings for investment purposes, <br />in corporate fixed-income instruments that are rated below investment grade ("high <br />yield" or "junk") by a nationally recognized statistical rating organization or <br />are unrated but deemed by KKR Asset Management LLC, the Fund's investment adviser <br />(the "Adviser"), to be of comparable quality. These fixed-income instruments may <br />include high yield bonds, notes, debentures, convertible securities, preferred <br />stock and loans.<br /> <br />The Adviser seeks to identify investment opportunities with the potential for <br />attractive risk-adjusted returns by employing a rigorous, fundamentals-based due <br />diligence process that leverages the expertise and experience of its fixed-income <br />investment professionals and portfolio managers who focus extensively on<br />fixed-income investing within the Adviser. The Adviser's due diligence process <br />focuses on the preservation of capital within the Fund's portfolio and facilitates <br />the identification of opportunistic, short-term tactical investment opportunities <br />by the Fund as the Adviser seeks to identify and capture discounts or premiums over <br />purchase price in response to changes in market environments and credit events.<br /> <br />The Adviser currently anticipates that the majority of the Fund's investments <br />will be in fixed-income instruments issued by U.S. companies, but the Fund may, <br />from time to time, be invested outside the United States, including investments in <br />issuers located in emerging markets. Such obligations may be U.S. dollar-denominated <br />as well as non-U.S. dollar-denominated, subject to the limitation that the Fund will <br />not invest more than 30% of its total assets in non-U.S. dollar-denominated securities <br />or instruments issued by non-U.S. issuers that are not publicly traded in the United <br />States. The Fund may invest in fixed-income instruments without regard to their <br />maturity.<br /> <br />The Fund may also invest in loan participations. The Fund may seek to obtain<br />market exposure to the securities and instruments in which it invests by investing <br />in exchange-traded funds ("ETFs") and may invest in various types of derivatives, <br />including swaps, futures and options, and structured products in pursuing its <br />investment objective or for hedging purposes. Derivative instruments used by the <br />Fund will be counted towards the 80% investment policy discussed above to the extent <br />they have economic characteristics similar to the securities included within that <br />policy.<br /> <br />The Fund is "non-diversified" for purposes of the Investment Company Act of<br />1940, as amended (the "1940 Act").</tt> KKR Alternative High Yield Fund Example "All Other Expenses" are based on estimated amounts for the current fiscal year. The Fund does not have a full calendar year of performance. Thus, no bar chart or Average Annual Total Returns table is included for the Fund. Investment Objective You may lose money by investing in the Fund, including the possibility that you may lose all of your investment. Principal Risks of Investing in the Fund <tt>The Example should not be considered a representation of past or future<br />expenses, as actual expenses may be greater or lower than those shown.</tt> Shareholder Fees (fees paid directly from your investment) Performance 1-855-859-3943 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>You may lose money by investing in the Fund, including the possibility that<br />you may lose all of your investment. An investment in the Fund is not a deposit<br />in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance<br />Corporation ("FDIC") or any other governmental agency.<br />&#xA0;&#xA0;<br />Market Risk. The value of the securities and instruments in the Fund's<br />portfolio may fluctuate, sometimes rapidly and unpredictably. At any point <br />in time, an investment in the Fund may be worth less than the original amount<br />invested, even after taking into account distributions paid by the Fund and the<br />ability of shareholders to reinvest dividends.<br /> <br />Fixed-Income Instruments Risk. The prices of fixed-income instruments respond <br />to economic developments, particularly interest rate changes, changes in the <br />general level of spreads, and changes in the actual or perceived creditworthiness <br />of the issuer of the fixed-income instrument. If interest rates increase, then <br />the price of fixed-rate fixed-income instruments will generally decrease.<br />Fixed-income instruments with longer terms to maturity or duration are subject <br />to greater volatility than investments in shorter-term obligations. The obligor <br />of a fixed-income instrument may not be able or willing to pay interest or to <br />repay principal when due in accordance with the terms of the associated <br />agreement.<br /> <br />High Yield Securities Risk. High yield securities carry a greater degree of<br />risk and are considered speculative by the major credit rating agencies. High<br />yield securities may be issued by companies that are restructuring, are smaller<br />and less creditworthy, or are more highly indebted than other companies. This<br />means that they may have more difficulty making scheduled payments of principal<br />and interest. Changes in the value of high yield securities are influenced more<br />by changes in the financial and business position of the issuing company than by<br />changes in interest rates when compared to investment grade securities. High<br />yield securities have greater volatility because there is less certainty that<br />principal and interest payments will be made as scheduled. The Fund's investments <br />in high yield securities expose it to a substantial degree of credit risk. These <br />investments are considered speculative under traditional investment standards. <br />Prices of high yield securities will rise and fall primarily in response to actual <br />or perceived changes in the issuer's financial health, although changes in market <br />interest rates also will affect prices. High yield securities may experience <br />reduced liquidity and sudden and substantial decreases in price.<br /> <br />Loan Risk. The risks associated with investing in loans are similar to the<br />risks of investing in high yield securities. If a borrower under a loan defaults, <br />becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction <br />of what is owed on the loan, or nothing at all. Collateral used to secure loans <br />may not be able to be readily liquidated or the liquidation of such collateral <br />may not satisfy the borrower's obligation in the event of non-payment of scheduled <br />interest or principal. Unsecured loans have lower priority in right of payment to <br />any higher ranking obligations of the borrower and are not backed by a security <br />interest in any specific collateral, they are subject to additional risk that the <br />cash flow of the borrower and available assets may be insufficient to meet <br />scheduled payments after giving effect to any higher ranking obligations of the <br />borrower. Unsecured loans generally have greater price volatility than secured <br />loans and may be less liquid.<br /> <br />Convertible Securities Risk. The investment value of a convertible security<br />is influenced by changes in interest rates, with investment value declining as<br />interest rates increase and increasing as interest rates decline by the credit<br />standing of the issuer and other factors. If a convertible security held by the<br />Fund is called for redemption, the Fund will be required to permit the issuer to<br />redeem the security, convert it into the underlying common stock or sell it to a<br />third party, which may adversely affect the Fund.<br /> <br />Derivatives Risk. The Fund's derivative investments have risks, including<br />the imperfect correlation between the value of such instruments and the<br />underlying assets of the Fund, which creates the possibility that the loss on<br />such instruments may be greater than the gain in the value of the underlying<br />assets in the Fund's portfolio; the loss of principal; the possible default of<br />the other party to the transaction; and illiquidity of the derivative investments. <br />If a counterparty becomes bankrupt or otherwise fails to perform its obligations <br />under a derivative contract due to financial difficulties, the Fund may experience <br />significant delays in obtaining any recovery under the derivative contract in a<br />bankruptcy or other reorganization proceeding. Certain derivatives may give rise<br />to a form of leverage. Leverage magnifies the potential for gain and the risk of<br />loss.<br /> <br />Structured Products Risk. Holders of structured products bear risks of the<br />underlying investments, index or reference obligation and are subject to issuer<br />repayment or counterparty risk. Certain structured products may be thinly traded<br />or have a limited trading market and as a result may be characterized by the<br />Fund as illiquid securities.<br /> <br />Liquidity Risk. Illiquid and restricted securities may be difficult to dispose <br />of at a fair price at times when the Fund believes it is desirable to do so. <br />The market price of illiquid and restricted securities generally is more<br />volatile than that of more liquid securities, which may adversely affect the<br />price that the Fund pays for or recovers upon the sale of such securities.<br />Illiquid and restricted securities are also more difficult to value, especially<br />in challenging markets.<br /> <br />ETF Risk. ETF shareholders are generally subject to the same risks as holders <br />of the underlying securities in the ETF's portfolio. The Fund will bear, along <br />with other shareholders, its pro rata portion of the ETF's expenses, including <br />management fees. In sharing their proportionate share of the Fund's expenses, <br />Fund shareholders may also indirectly bear similar expenses of an ETF.<br /> <br />Non-U.S. Securities Risk. Investments in securities or other instruments of<br />non-U.S. issuers involve certain risks not involved in domestic investments <br />and may experience more rapid and extreme changes in value than investments <br />in securities of U.S. companies. Financial markets in foreign countries often <br />are not as developed, efficient or liquid as financial markets in the United <br />States, and therefore, the prices of non-U.S. securities and instruments can be <br />more volatile. In addition, the Fund will be subject to risks associated with <br />adverse political and economic developments in foreign countries. Generally, <br />there is less readily available and reliable information about non-U.S. issuers <br />due to less rigorous disclosure or accounting standards and regulatory practices. <br />The foreign securities in which the Fund may invest may be issued by companies or<br />governments located in emerging market countries. Investing in the securities of<br />issuers operating in emerging markets involves a high degree of risk and special<br />considerations not typically associated with investing in the securities of<br />other foreign or U.S. issuers.<br /> <br />Foreign Currency Risk. Changes in foreign currency exchange rates may affect the <br />value of securities in the Fund and the unrealized appreciation or depreciation <br />of investments. Currencies of certain countries may be volatile and therefore may <br />affect the value of securities denominated in such currencies, which means that <br />the Fund's net asset value ("NAV") could decline as a result of changes in the <br />exchange rates between foreign currencies and the U.S. dollar. The Fund's use of <br />forward, futures or options contracts to purchase or sell foreign currencies may <br />result in reduced returns to the Fund.<br /> <br />Short Selling Risk. If a security sold short increases in price, the Fund<br />may have to cover its short position at a higher price than the short sale<br />price, resulting in a loss. The Fund may not be able to borrow a security that<br />it needs to deliver or it may not be able to close out a short position at an<br />acceptable price and may have to sell related long positions earlier than it <br />had expected.<br /> <br />Non-Diversification Risk. Because the Fund can invest a greater portion of<br />its assets in obligations of a single issuer than a "diversified" fund, it may<br />be more susceptible than a diversified fund to being adversely affected by a<br />single corporate, economic, political or regulatory occurrence.<br /> <br />Portfolio Turnover Risk. The Fund's annual portfolio turnover rate may vary<br />greatly from year to year, as well as within a given year. A high portfolio<br />turnover may increase the brokerage commissions and other transactional expenses<br />that are borne by the Fund.</tt> Fees and Expenses of the Fund Principal Investment Strategies of the Fund www.kkrfunds.kkr.com <tt>The Fund does not have a full calendar year of performance. Thus, no bar <br />chart or Average Annual Total Returns table is included for the Fund. <br />Performance for the Fund is updated daily and quarterly and may be obtained <br />on the Fund's website at www.kkrfunds.kkr.com or by calling toll-free <br />1-855-859-3943.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.kkrfunds.kkr.com/role/OperatingExpensesData_S000038460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. <div style="display:none">~ http://www.kkrfunds.kkr.com/role/ShareholderFeesData_S000038460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> KHYKX 0.00 108 337 -0.0200 0.0041 0.0065 0.0041 0.0106 0.00 KHYLX 0.00 0.0010 118 368 -0.0200 0.0051 0.0065 0.0041 0.0116 0.00 KHYZX 0.00 133 415 -0.0200 0.0041 0.0065 0.0041 0.0025 0.0131 0.00 0001554495 ck0001554495:SummaryS000038460Memberck0001554495:S000038460Memberck0001554495:C000118636Member 2012-10-17 2012-10-17 0001554495 ck0001554495:SummaryS000038460Memberck0001554495:S000038460Memberck0001554495:C000118637Member 2012-10-17 2012-10-17 0001554495 ck0001554495:SummaryS000038460Memberck0001554495:S000038460Memberck0001554495:C000118638Member 2012-10-17 2012-10-17 0001554495 ck0001554495:SummaryS000038460Memberck0001554495:S000038460Member 2012-10-17 2012-10-17 0001554495 2012-10-17 2012-10-17 pure iso4217:USD "All Other Expenses" are based on estimated amounts for the current fiscal year. 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KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund
KKR Alternative High Yield Fund
Investment Objective
KKR Alternative High Yield Fund (the "Fund") seeks to generate an attractive total
return consisting of a high level of current income and capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees KKR Alternative High Yield Fund
Investor Class
Institutional Class
KKR Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price) none none none
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less) 2.00% 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 KKR Alternative High Yield Fund
Investor Class
Institutional Class
KKR Class
Advisory Fees 0.65% 0.65% 0.65%
Distribution and/or Service (12b-1) Fees 0.25%      
Shareholder Servicing Fees    0.10%   
All Other Expenses [1] 0.41% 0.41% 0.41%
Total Other Expenses 0.41% 0.51% 0.41%
Total Annual Fund Operating Expenses 1.31% 1.16% 1.06%
[1] "All Other Expenses" are based on estimated amounts for the current fiscal year.
Example
This Example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds.

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. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
Expense Example KKR Alternative High Yield Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Investor Class
133 415
Institutional Class
118 368
KKR Class
108 337
The Example should not be considered a representation of past or future
expenses, as actual expenses may be greater or lower than those shown.
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 to shareholders
when Fund shares are held in a taxable account. These costs, which are not
reflected in Annual Fund Operating Expenses or in the example, affect the Fund's
performance. No portfolio turnover rate is provided for the Fund because the
Fund had not commenced operations as of the date of this Prospectus.
Principal Investment Strategies of the Fund
The Fund seeks to achieve its investment objective by investing in a portfolio
of fixed-income investments. Under normal market conditions, the Fund will invest
at least 80% of its net assets, including any borrowings for investment purposes,
in corporate fixed-income instruments that are rated below investment grade ("high
yield" or "junk") by a nationally recognized statistical rating organization or
are unrated but deemed by KKR Asset Management LLC, the Fund's investment adviser
(the "Adviser"), to be of comparable quality. These fixed-income instruments may
include high yield bonds, notes, debentures, convertible securities, preferred
stock and loans.

The Adviser seeks to identify investment opportunities with the potential for
attractive risk-adjusted returns by employing a rigorous, fundamentals-based due
diligence process that leverages the expertise and experience of its fixed-income
investment professionals and portfolio managers who focus extensively on
fixed-income investing within the Adviser. The Adviser's due diligence process
focuses on the preservation of capital within the Fund's portfolio and facilitates
the identification of opportunistic, short-term tactical investment opportunities
by the Fund as the Adviser seeks to identify and capture discounts or premiums over
purchase price in response to changes in market environments and credit events.

The Adviser currently anticipates that the majority of the Fund's investments
will be in fixed-income instruments issued by U.S. companies, but the Fund may,
from time to time, be invested outside the United States, including investments in
issuers located in emerging markets. Such obligations may be U.S. dollar-denominated
as well as non-U.S. dollar-denominated, subject to the limitation that the Fund will
not invest more than 30% of its total assets in non-U.S. dollar-denominated securities
or instruments issued by non-U.S. issuers that are not publicly traded in the United
States. The Fund may invest in fixed-income instruments without regard to their
maturity.

The Fund may also invest in loan participations. The Fund may seek to obtain
market exposure to the securities and instruments in which it invests by investing
in exchange-traded funds ("ETFs") and may invest in various types of derivatives,
including swaps, futures and options, and structured products in pursuing its
investment objective or for hedging purposes. Derivative instruments used by the
Fund will be counted towards the 80% investment policy discussed above to the extent
they have economic characteristics similar to the securities included within that
policy.

The Fund is "non-diversified" for purposes of the Investment Company Act of
1940, as amended (the "1940 Act").
Principal Risks of Investing in the Fund
You may lose money by investing in the Fund, including the possibility that
you may lose all of your investment. An investment in the Fund is not a deposit
in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance
Corporation ("FDIC") or any other governmental agency.
  
Market Risk. The value of the securities and instruments in the Fund's
portfolio may fluctuate, sometimes rapidly and unpredictably. At any point
in time, an investment in the Fund may be worth less than the original amount
invested, even after taking into account distributions paid by the Fund and the
ability of shareholders to reinvest dividends.

Fixed-Income Instruments Risk. The prices of fixed-income instruments respond
to economic developments, particularly interest rate changes, changes in the
general level of spreads, and changes in the actual or perceived creditworthiness
of the issuer of the fixed-income instrument. If interest rates increase, then
the price of fixed-rate fixed-income instruments will generally decrease.
Fixed-income instruments with longer terms to maturity or duration are subject
to greater volatility than investments in shorter-term obligations. The obligor
of a fixed-income instrument may not be able or willing to pay interest or to
repay principal when due in accordance with the terms of the associated
agreement.

High Yield Securities Risk. High yield securities carry a greater degree of
risk and are considered speculative by the major credit rating agencies. High
yield securities may be issued by companies that are restructuring, are smaller
and less creditworthy, or are more highly indebted than other companies. This
means that they may have more difficulty making scheduled payments of principal
and interest. Changes in the value of high yield securities are influenced more
by changes in the financial and business position of the issuing company than by
changes in interest rates when compared to investment grade securities. High
yield securities have greater volatility because there is less certainty that
principal and interest payments will be made as scheduled. The Fund's investments
in high yield securities expose it to a substantial degree of credit risk. These
investments are considered speculative under traditional investment standards.
Prices of high yield securities will rise and fall primarily in response to actual
or perceived changes in the issuer's financial health, although changes in market
interest rates also will affect prices. High yield securities may experience
reduced liquidity and sudden and substantial decreases in price.

Loan Risk. The risks associated with investing in loans are similar to the
risks of investing in high yield securities. If a borrower under a loan defaults,
becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction
of what is owed on the loan, or nothing at all. Collateral used to secure loans
may not be able to be readily liquidated or the liquidation of such collateral
may not satisfy the borrower's obligation in the event of non-payment of scheduled
interest or principal. Unsecured loans have lower priority in right of payment to
any higher ranking obligations of the borrower and are not backed by a security
interest in any specific collateral, they are subject to additional risk that the
cash flow of the borrower and available assets may be insufficient to meet
scheduled payments after giving effect to any higher ranking obligations of the
borrower. Unsecured loans generally have greater price volatility than secured
loans and may be less liquid.

Convertible Securities Risk. The investment value of a convertible security
is influenced by changes in interest rates, with investment value declining as
interest rates increase and increasing as interest rates decline by the credit
standing of the issuer and other factors. If a convertible security held by the
Fund is called for redemption, the Fund will be required to permit the issuer to
redeem the security, convert it into the underlying common stock or sell it to a
third party, which may adversely affect the Fund.

Derivatives Risk. The Fund's derivative investments have risks, including
the imperfect correlation between the value of such instruments and the
underlying assets of the Fund, which creates the possibility that the loss on
such instruments may be greater than the gain in the value of the underlying
assets in the Fund's portfolio; the loss of principal; the possible default of
the other party to the transaction; and illiquidity of the derivative investments.
If a counterparty becomes bankrupt or otherwise fails to perform its obligations
under a derivative contract due to financial difficulties, the Fund may experience
significant delays in obtaining any recovery under the derivative contract in a
bankruptcy or other reorganization proceeding. Certain derivatives may give rise
to a form of leverage. Leverage magnifies the potential for gain and the risk of
loss.

Structured Products Risk. Holders of structured products bear risks of the
underlying investments, index or reference obligation and are subject to issuer
repayment or counterparty risk. Certain structured products may be thinly traded
or have a limited trading market and as a result may be characterized by the
Fund as illiquid securities.

Liquidity Risk. Illiquid and restricted securities may be difficult to dispose
of at a fair price at times when the Fund believes it is desirable to do so.
The market price of illiquid and restricted securities generally is more
volatile than that of more liquid securities, which may adversely affect the
price that the Fund pays for or recovers upon the sale of such securities.
Illiquid and restricted securities are also more difficult to value, especially
in challenging markets.

ETF Risk. ETF shareholders are generally subject to the same risks as holders
of the underlying securities in the ETF's portfolio. The Fund will bear, along
with other shareholders, its pro rata portion of the ETF's expenses, including
management fees. In sharing their proportionate share of the Fund's expenses,
Fund shareholders may also indirectly bear similar expenses of an ETF.

Non-U.S. Securities Risk. Investments in securities or other instruments of
non-U.S. issuers involve certain risks not involved in domestic investments
and may experience more rapid and extreme changes in value than investments
in securities of U.S. companies. Financial markets in foreign countries often
are not as developed, efficient or liquid as financial markets in the United
States, and therefore, the prices of non-U.S. securities and instruments can be
more volatile. In addition, the Fund will be subject to risks associated with
adverse political and economic developments in foreign countries. Generally,
there is less readily available and reliable information about non-U.S. issuers
due to less rigorous disclosure or accounting standards and regulatory practices.
The foreign securities in which the Fund may invest may be issued by companies or
governments located in emerging market countries. Investing in the securities of
issuers operating in emerging markets involves a high degree of risk and special
considerations not typically associated with investing in the securities of
other foreign or U.S. issuers.

Foreign Currency Risk. Changes in foreign currency exchange rates may affect the
value of securities in the Fund and the unrealized appreciation or depreciation
of investments. Currencies of certain countries may be volatile and therefore may
affect the value of securities denominated in such currencies, which means that
the Fund's net asset value ("NAV") could decline as a result of changes in the
exchange rates between foreign currencies and the U.S. dollar. The Fund's use of
forward, futures or options contracts to purchase or sell foreign currencies may
result in reduced returns to the Fund.

Short Selling Risk. If a security sold short increases in price, the Fund
may have to cover its short position at a higher price than the short sale
price, resulting in a loss. The Fund may not be able to borrow a security that
it needs to deliver or it may not be able to close out a short position at an
acceptable price and may have to sell related long positions earlier than it
had expected.

Non-Diversification Risk. Because the Fund can invest a greater portion of
its assets in obligations of a single issuer than a "diversified" fund, it may
be more susceptible than a diversified fund to being adversely affected by a
single corporate, economic, political or regulatory occurrence.

Portfolio Turnover Risk. The Fund's annual portfolio turnover rate may vary
greatly from year to year, as well as within a given year. A high portfolio
turnover may increase the brokerage commissions and other transactional expenses
that are borne by the Fund.
Performance
The Fund does not have a full calendar year of performance. Thus, no bar
chart or Average Annual Total Returns table is included for the Fund.
Performance for the Fund is updated daily and quarterly and may be obtained
on the Fund's website at www.kkrfunds.kkr.com or by calling toll-free
1-855-859-3943.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Oct. 17, 2012
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading KKR Alternative High Yield Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock KKR Alternative High Yield Fund (the "Fund") seeks to generate an attractive total
return consisting of a high level of current income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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 to shareholders
when Fund shares are held in a taxable account. These costs, which are not
reflected in Annual Fund Operating Expenses or in the example, affect the Fund's
performance. No portfolio turnover rate is provided for the Fund because the
Fund had not commenced operations as of the date of this Prospectus.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "All Other Expenses" are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the
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. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
Expense Example Closing [Text Block] rr_ExpenseExampleClosingTextBlock The Example should not be considered a representation of past or future
expenses, as actual expenses may be greater or lower than those shown.
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by investing in a portfolio
of fixed-income investments. Under normal market conditions, the Fund will invest
at least 80% of its net assets, including any borrowings for investment purposes,
in corporate fixed-income instruments that are rated below investment grade ("high
yield" or "junk") by a nationally recognized statistical rating organization or
are unrated but deemed by KKR Asset Management LLC, the Fund's investment adviser
(the "Adviser"), to be of comparable quality. These fixed-income instruments may
include high yield bonds, notes, debentures, convertible securities, preferred
stock and loans.

The Adviser seeks to identify investment opportunities with the potential for
attractive risk-adjusted returns by employing a rigorous, fundamentals-based due
diligence process that leverages the expertise and experience of its fixed-income
investment professionals and portfolio managers who focus extensively on
fixed-income investing within the Adviser. The Adviser's due diligence process
focuses on the preservation of capital within the Fund's portfolio and facilitates
the identification of opportunistic, short-term tactical investment opportunities
by the Fund as the Adviser seeks to identify and capture discounts or premiums over
purchase price in response to changes in market environments and credit events.

The Adviser currently anticipates that the majority of the Fund's investments
will be in fixed-income instruments issued by U.S. companies, but the Fund may,
from time to time, be invested outside the United States, including investments in
issuers located in emerging markets. Such obligations may be U.S. dollar-denominated
as well as non-U.S. dollar-denominated, subject to the limitation that the Fund will
not invest more than 30% of its total assets in non-U.S. dollar-denominated securities
or instruments issued by non-U.S. issuers that are not publicly traded in the United
States. The Fund may invest in fixed-income instruments without regard to their
maturity.

The Fund may also invest in loan participations. The Fund may seek to obtain
market exposure to the securities and instruments in which it invests by investing
in exchange-traded funds ("ETFs") and may invest in various types of derivatives,
including swaps, futures and options, and structured products in pursuing its
investment objective or for hedging purposes. Derivative instruments used by the
Fund will be counted towards the 80% investment policy discussed above to the extent
they have economic characteristics similar to the securities included within that
policy.

The Fund is "non-diversified" for purposes of the Investment Company Act of
1940, as amended (the "1940 Act").
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock You may lose money by investing in the Fund, including the possibility that
you may lose all of your investment. An investment in the Fund is not a deposit
in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance
Corporation ("FDIC") or any other governmental agency.
  
Market Risk. The value of the securities and instruments in the Fund's
portfolio may fluctuate, sometimes rapidly and unpredictably. At any point
in time, an investment in the Fund may be worth less than the original amount
invested, even after taking into account distributions paid by the Fund and the
ability of shareholders to reinvest dividends.

Fixed-Income Instruments Risk. The prices of fixed-income instruments respond
to economic developments, particularly interest rate changes, changes in the
general level of spreads, and changes in the actual or perceived creditworthiness
of the issuer of the fixed-income instrument. If interest rates increase, then
the price of fixed-rate fixed-income instruments will generally decrease.
Fixed-income instruments with longer terms to maturity or duration are subject
to greater volatility than investments in shorter-term obligations. The obligor
of a fixed-income instrument may not be able or willing to pay interest or to
repay principal when due in accordance with the terms of the associated
agreement.

High Yield Securities Risk. High yield securities carry a greater degree of
risk and are considered speculative by the major credit rating agencies. High
yield securities may be issued by companies that are restructuring, are smaller
and less creditworthy, or are more highly indebted than other companies. This
means that they may have more difficulty making scheduled payments of principal
and interest. Changes in the value of high yield securities are influenced more
by changes in the financial and business position of the issuing company than by
changes in interest rates when compared to investment grade securities. High
yield securities have greater volatility because there is less certainty that
principal and interest payments will be made as scheduled. The Fund's investments
in high yield securities expose it to a substantial degree of credit risk. These
investments are considered speculative under traditional investment standards.
Prices of high yield securities will rise and fall primarily in response to actual
or perceived changes in the issuer's financial health, although changes in market
interest rates also will affect prices. High yield securities may experience
reduced liquidity and sudden and substantial decreases in price.

Loan Risk. The risks associated with investing in loans are similar to the
risks of investing in high yield securities. If a borrower under a loan defaults,
becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction
of what is owed on the loan, or nothing at all. Collateral used to secure loans
may not be able to be readily liquidated or the liquidation of such collateral
may not satisfy the borrower's obligation in the event of non-payment of scheduled
interest or principal. Unsecured loans have lower priority in right of payment to
any higher ranking obligations of the borrower and are not backed by a security
interest in any specific collateral, they are subject to additional risk that the
cash flow of the borrower and available assets may be insufficient to meet
scheduled payments after giving effect to any higher ranking obligations of the
borrower. Unsecured loans generally have greater price volatility than secured
loans and may be less liquid.

Convertible Securities Risk. The investment value of a convertible security
is influenced by changes in interest rates, with investment value declining as
interest rates increase and increasing as interest rates decline by the credit
standing of the issuer and other factors. If a convertible security held by the
Fund is called for redemption, the Fund will be required to permit the issuer to
redeem the security, convert it into the underlying common stock or sell it to a
third party, which may adversely affect the Fund.

Derivatives Risk. The Fund's derivative investments have risks, including
the imperfect correlation between the value of such instruments and the
underlying assets of the Fund, which creates the possibility that the loss on
such instruments may be greater than the gain in the value of the underlying
assets in the Fund's portfolio; the loss of principal; the possible default of
the other party to the transaction; and illiquidity of the derivative investments.
If a counterparty becomes bankrupt or otherwise fails to perform its obligations
under a derivative contract due to financial difficulties, the Fund may experience
significant delays in obtaining any recovery under the derivative contract in a
bankruptcy or other reorganization proceeding. Certain derivatives may give rise
to a form of leverage. Leverage magnifies the potential for gain and the risk of
loss.

Structured Products Risk. Holders of structured products bear risks of the
underlying investments, index or reference obligation and are subject to issuer
repayment or counterparty risk. Certain structured products may be thinly traded
or have a limited trading market and as a result may be characterized by the
Fund as illiquid securities.

Liquidity Risk. Illiquid and restricted securities may be difficult to dispose
of at a fair price at times when the Fund believes it is desirable to do so.
The market price of illiquid and restricted securities generally is more
volatile than that of more liquid securities, which may adversely affect the
price that the Fund pays for or recovers upon the sale of such securities.
Illiquid and restricted securities are also more difficult to value, especially
in challenging markets.

ETF Risk. ETF shareholders are generally subject to the same risks as holders
of the underlying securities in the ETF's portfolio. The Fund will bear, along
with other shareholders, its pro rata portion of the ETF's expenses, including
management fees. In sharing their proportionate share of the Fund's expenses,
Fund shareholders may also indirectly bear similar expenses of an ETF.

Non-U.S. Securities Risk. Investments in securities or other instruments of
non-U.S. issuers involve certain risks not involved in domestic investments
and may experience more rapid and extreme changes in value than investments
in securities of U.S. companies. Financial markets in foreign countries often
are not as developed, efficient or liquid as financial markets in the United
States, and therefore, the prices of non-U.S. securities and instruments can be
more volatile. In addition, the Fund will be subject to risks associated with
adverse political and economic developments in foreign countries. Generally,
there is less readily available and reliable information about non-U.S. issuers
due to less rigorous disclosure or accounting standards and regulatory practices.
The foreign securities in which the Fund may invest may be issued by companies or
governments located in emerging market countries. Investing in the securities of
issuers operating in emerging markets involves a high degree of risk and special
considerations not typically associated with investing in the securities of
other foreign or U.S. issuers.

Foreign Currency Risk. Changes in foreign currency exchange rates may affect the
value of securities in the Fund and the unrealized appreciation or depreciation
of investments. Currencies of certain countries may be volatile and therefore may
affect the value of securities denominated in such currencies, which means that
the Fund's net asset value ("NAV") could decline as a result of changes in the
exchange rates between foreign currencies and the U.S. dollar. The Fund's use of
forward, futures or options contracts to purchase or sell foreign currencies may
result in reduced returns to the Fund.

Short Selling Risk. If a security sold short increases in price, the Fund
may have to cover its short position at a higher price than the short sale
price, resulting in a loss. The Fund may not be able to borrow a security that
it needs to deliver or it may not be able to close out a short position at an
acceptable price and may have to sell related long positions earlier than it
had expected.

Non-Diversification Risk. Because the Fund can invest a greater portion of
its assets in obligations of a single issuer than a "diversified" fund, it may
be more susceptible than a diversified fund to being adversely affected by a
single corporate, economic, political or regulatory occurrence.

Portfolio Turnover Risk. The Fund's annual portfolio turnover rate may vary
greatly from year to year, as well as within a given year. A high portfolio
turnover may increase the brokerage commissions and other transactional expenses
that are borne by the Fund.
Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund, including the possibility that you may lose all of your investment.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Because the Fund can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund, it may be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund does not have a full calendar year of performance. Thus, no bar
chart or Average Annual Total Returns table is included for the Fund.
Performance for the Fund is updated daily and quarterly and may be obtained
on the Fund's website at www.kkrfunds.kkr.com or by calling toll-free
1-855-859-3943.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund does not have a full calendar year of performance. Thus, no bar chart or Average Annual Total Returns table is included for the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-855-859-3943
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.kkrfunds.kkr.com
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets   
All Other Expenses rr_Component2OtherExpensesOverAssets 0.41% [1]
Total Other Expenses rr_OtherExpensesOverAssets 0.41%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 133
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 415
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
All Other Expenses rr_Component2OtherExpensesOverAssets 0.41% [1]
Total Other Expenses rr_OtherExpensesOverAssets 0.51%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 118
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 368
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | KKR Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed on shares held 30 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets   
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets   
All Other Expenses rr_Component2OtherExpensesOverAssets 0.41% [1]
Total Other Expenses rr_OtherExpensesOverAssets 0.41%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 108
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 337
[1] "All Other Expenses" are based on estimated amounts for the current fiscal year.

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XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Oct. 17, 2012
Registrant Name dei_EntityRegistrantName KKR Series Trust
Central Index Key dei_EntityCentralIndexKey 0001554495
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Oct. 17, 2012
Document Effective Date dei_DocumentEffectiveDate Oct. 22, 2012
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | Investor Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol KHYZX
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | Institutional Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol KHYLX
KKR Alternative High Yield Fund (Prospectus Summary) | KKR Alternative High Yield Fund | KKR Class
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol KHYKX
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