0001104659-13-008557.txt : 20130208 0001104659-13-008557.hdr.sgml : 20130208 20130207175623 ACCESSION NUMBER: 0001104659-13-008557 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130208 DATE AS OF CHANGE: 20130207 EFFECTIVENESS DATE: 20130208 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: 13583650 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: 1933 Act SEC FILE NUMBER: 333-182743 FILM NUMBER: 13583651 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 a12-28201_7485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

As filed with the Securities and Exchange Commission on February 7, 2013

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

T

 

 

 

 

Pre-Effective Amendment No.

 

 

 

Post-Effective Amendment No. 4

 

 

 

and

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

T

 

 

Amendment No. 6

 

 

KKR Series Trust

 (Exact name of Registrant as Specified in Charter)

 

555 California Street

50th Floor

San Francisco, California 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, California 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 (date) 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

 

If appropriate, check the following box:

 

o   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 February, 2013.

 

 

KKR Series Trust

 

 

 

 

 

By:

/s/ William C. Sonneborn

 

 

William C. Sonneborn, President

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ William C. Sonneborn

 

Trustee and President

 

 

William C. Sonneborn

 

(Principal Executive Officer)

 

February 7, 2013

 

 

 

 

 

/s/ Tobin V. Levy

 

Trustee

 

 

Tobin V. Levy*

 

 

 

February 7, 2013

 

 

 

 

 

/s/ Jeffrey L. Zlot

 

Trustee

 

 

Jeffrey L. Zlot*

 

 

 

February 7, 2013

 

 

 

 

 

/s/ Michael R. McFerran

 

Treasurer

 

 

Michael R. McFerran

 

(Principal Financial and Accounting Officer)

 

February 7, 2013

 

 

*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.CAL 2 ck0001554495-20130128_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 3 ck0001554495-20130128_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 4 ck0001554495-20130128_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.PRE 5 ck0001554495-20130128_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.INS 6 ck0001554495-20130128.xml XBRL INSTANCE DOCUMENT 0001554495 2013-01-28 2013-01-28 0001554495 ck0001554495:S000038460_56Member ck0001554495:S000038460Member 2013-01-28 2013-01-28 0001554495 ck0001554495:S000038460_56Member ck0001554495:S000038460Member ck0001554495:C000118636Member 2013-01-28 2013-01-28 0001554495 ck0001554495:S000038460_56Member ck0001554495:S000038460Member ck0001554495:C000118637Member 2013-01-28 2013-01-28 0001554495 ck0001554495:S000038460_56Member ck0001554495:S000038460Member ck0001554495:C000118638Member 2013-01-28 2013-01-28 0001554495 ck0001554495:S000038460_56Member ck0001554495:S000038460Member ck0001554495:index_Bank_of_America_Merrill_Lynch_US_High_Yield_Master_II_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember 2013-01-28 2013-01-28 xbrli:pure iso4217:USD "All Other Expenses" are based on estimated amounts for the current fiscal year. The returns for Institutional and Investor Class shares would be lower than the returns for KKR Class shares of the Fund, as the expenses of those classes are higher. Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report. KKR Series Trust 485BPOS false 0001554495 2013-01-28 2013-01-28 2013-01-28 2013-01-28 KKR Alternative High Yield Fund Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Market Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fixed-Income Instruments Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Inflation Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market price of fixed-income investments generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Fixed-income investments that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">High Yield Securities Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. High yield securities have greater volatility than investment grade securities 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 and interest rate risk. These investments are considered speculative under traditional investment standards. Prices of high yield securities will rise and fall in response to actual or perceived changes in the issuer's financial health and changes in market interest rates. High yield securities may experience reduced liquidity and sudden and substantial decreases in price.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Loan Risk.</font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Convertible Securities Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivatives Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Structured Products Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Liquidity Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">ETF Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Non-U.S. Securities Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Foreign Currency Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Short Selling Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Non-Diversification Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Portfolio Turnover Risk.</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> You may lose money by investing in the Fund, including the possibility that you may lose all of your investment. 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. 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. Investment Objective <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> Portfolio Turnover <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.64% of the average value of its portfolio.</font> </p> 0.0064 Principal Investment Strategies of the Fund <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended (the "1940 Act").</font> </p> Fees and Expenses of the Fund <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 -0.0200 0.0065 0.0065 0.0065 0.0025 0.0010 0.0041 0.0041 0.0041 0.0041 0.0051 0.0041 0.0131 0.0116 0.0106 ~ http://kkrfunds.kkr.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001554495_S000038460Member row primary compact * ~ ~ http://kkrfunds.kkr.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001554495_S000038460Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "All Other Expenses" are based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Example <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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:</font> </p> 133 415 118 368 108 337 ~ http://kkrfunds.kkr.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001554495_S000038460Member row primary compact * ~ <p style="margin:10pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Example should not be considered a representation of past or future expenses, as actual expenses may be greater or lower than those shown.</font> </p> Performance <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and table provide some indication of the risks of investing in the Fund. On October 23, 2012, a privately offered fund managed by the Adviser was reorganized into the Fund. The bar chart and table show the performance of (i) the private fund for the period prior to the reorganization and (ii) for the period beginning on October 23, 2012, the performance of the Fund's KKR Class shares. The performance of the other classes will differ because the classes have different ongoing fees. The table also shows the performance of a broad-based securities index, the Bank of America Merrill Lynch U.S. High Yield Master II Index, which is a market-value weighted index of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Investors cannot invest directly in an index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The privately offered fund commenced operations on August 11, 2011 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The historical performance information for the privately offered fund is provided to illustrate the past performance of the Adviser in managing a similar fund and should not be considered as an indication of future performance of the Fund or the Adviser. The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to KKR Class shares of the Fund. If the performance of the privately offered fund had been restated to reflect such fees and expenses, the performance would have been lower than the performance shown.</font> </p> 0.1303 ~ http://kkrfunds.kkr.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001554495_S000038460Member row primary compact * ~ highest quarterly return 0.0502 2012-03-31 lowest quarterly return 0.0169 2012-06-30 <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During the calendar year ended December 31, 2012, the highest quarterly return for the Fund or the privately offered fund was 5.02% for the quarter ended March 31, 2012, and the lowest quarterly return for the Fund or the privately offered fund was 1.69% for the quarter ended June 30, 2012.</font> </p> 0.1303 0.1337 0.1558 0.1392 2012-11-14 2012-11-14 2012-10-23 ~ http://kkrfunds.kkr.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001554495_S000038460Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:10pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">After-tax return is calculated using the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Returns After Taxes On Distributions for a period may be the same as Returns Before Taxes for that period because no taxable distributions were made during that period. Also, Returns After Taxes On Distributions and Sale of Fund Shares for a period may be greater than or equal to Returns After Taxes On Distributions for the same period because of losses realized on the sale of Fund shares. After-tax returns are not shown because the privately offered fund, unlike a regulated investment company, was not required to make annual distributions to its investors.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font> </p> After-tax return is calculated using the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report. Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report. The following bar chart and table provide some indication of the risks of investing in the Fund. The historical performance information for the privately offered fund is provided to illustrate the past performance of the Adviser in managing a similar fund and should not be considered as an indication of future performance of the Fund or the Adviser. (reflects no deductions for fees, expenses or taxes) Returns After Taxes On Distributions for a period may be the same as Returns Before Taxes for that period because no taxable distributions were made during that period. Also, Returns After Taxes On Distributions and Sale of Fund Shares for a period may be greater than or equal to Returns After Taxes On Distributions for the same period because of losses realized on the sale of Fund shares. If the performance of the privately offered fund had been restated to reflect such fees and expenses, the performance would have been lower than the performance shown. 1-855-859-3943 www.kkrfunds.kkr.com Average Annual Total Return as of December 31, 2012 Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. 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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
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Label Element Value
Risk/Return: 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. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.64% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 0.64%
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.


Inflation Risk. The market price of fixed-income investments generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Fixed-income investments that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk.


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. High yield securities have greater volatility than investment grade securities 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 and interest rate risk. These investments are considered speculative under traditional investment standards. Prices of high yield securities will rise and fall in response to actual or perceived changes in the issuer's financial health and changes in market interest rates. 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 following bar chart and table provide some indication of the risks of investing in the Fund. On October 23, 2012, a privately offered fund managed by the Adviser was reorganized into the Fund. The bar chart and table show the performance of (i) the private fund for the period prior to the reorganization and (ii) for the period beginning on October 23, 2012, the performance of the Fund's KKR Class shares. The performance of the other classes will differ because the classes have different ongoing fees. The table also shows the performance of a broad-based securities index, the Bank of America Merrill Lynch U.S. High Yield Master II Index, which is a market-value weighted index of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Investors cannot invest directly in an index.


The privately offered fund commenced operations on August 11, 2011 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.


The historical performance information for the privately offered fund is provided to illustrate the past performance of the Adviser in managing a similar fund and should not be considered as an indication of future performance of the Fund or the Adviser. The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to KKR Class shares of the Fund. If the performance of the privately offered fund had been restated to reflect such fees and expenses, the performance would have been lower than the performance shown.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-855-859-3943
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.kkrfunds.kkr.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The historical performance information for the privately offered fund is provided to illustrate the past performance of the Adviser in managing a similar fund and should not be considered as an indication of future performance of the Fund or the Adviser.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads If the performance of the privately offered fund had been restated to reflect such fees and expenses, the performance would have been lower than the performance shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the calendar year ended December 31, 2012, the highest quarterly return for the Fund or the privately offered fund was 5.02% for the quarter ended March 31, 2012, and the lowest quarterly return for the Fund or the privately offered fund was 1.69% for the quarter ended June 30, 2012.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 1.69%
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deductions for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax return is calculated using the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Returns After Taxes On Distributions for a period may be the same as Returns Before Taxes for that period because no taxable distributions were made during that period. Also, Returns After Taxes On Distributions and Sale of Fund Shares for a period may be greater than or equal to Returns After Taxes On Distributions for the same period because of losses realized on the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax return is calculated using the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Returns After Taxes On Distributions for a period may be the same as Returns Before Taxes for that period because no taxable distributions were made during that period. Also, Returns After Taxes On Distributions and Sale of Fund Shares for a period may be greater than or equal to Returns After Taxes On Distributions for the same period because of losses realized on the sale of Fund shares. After-tax returns are not shown because the privately offered fund, unlike a regulated investment company, was not required to make annual distributions to its investors.


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.

Caption rr_AverageAnnualReturnCaption Average Annual Total Return as of December 31, 2012
Bank of America Merrill Lynch U.S. High Yield Master II Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.58%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.92%
Investor Class
 
Risk/Return: 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) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
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
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report.
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01    [2]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception    [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Nov. 14, 2012 [2]
Institutional Class
 
Risk/Return: 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) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
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
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report.
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01    [2]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception    [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Nov. 14, 2012 [2]
KKR Class
 
Risk/Return: 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) rr_RedemptionFeeOverRedemption (2.00%)
Advisory Fees rr_ManagementFeesOverAssets 0.65%
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
Annual Return 2012 rr_AnnualReturn2012 13.03%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.03%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 13.37%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 23, 2012
[1] "All Other Expenses" are based on estimated amounts for the current fiscal year.
[2] The returns for Institutional and Investor Class shares would be lower than the returns for KKR Class shares of the Fund, as the expenses of those classes are higher. Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report.

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KKR Alternative High Yield Fund | 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 $)
1 year
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. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.64% of the average value of its portfolio.

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.


Inflation Risk. The market price of fixed-income investments generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Fixed-income investments that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk.


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. High yield securities have greater volatility than investment grade securities 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 and interest rate risk. These investments are considered speculative under traditional investment standards. Prices of high yield securities will rise and fall in response to actual or perceived changes in the issuer's financial health and changes in market interest rates. 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 following bar chart and table provide some indication of the risks of investing in the Fund. On October 23, 2012, a privately offered fund managed by the Adviser was reorganized into the Fund. The bar chart and table show the performance of (i) the private fund for the period prior to the reorganization and (ii) for the period beginning on October 23, 2012, the performance of the Fund's KKR Class shares. The performance of the other classes will differ because the classes have different ongoing fees. The table also shows the performance of a broad-based securities index, the Bank of America Merrill Lynch U.S. High Yield Master II Index, which is a market-value weighted index of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Investors cannot invest directly in an index.


The privately offered fund commenced operations on August 11, 2011 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.


The historical performance information for the privately offered fund is provided to illustrate the past performance of the Adviser in managing a similar fund and should not be considered as an indication of future performance of the Fund or the Adviser. The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to KKR Class shares of the Fund. If the performance of the privately offered fund had been restated to reflect such fees and expenses, the performance would have been lower than the performance shown.

Bar Chart

During the calendar year ended December 31, 2012, the highest quarterly return for the Fund or the privately offered fund was 5.02% for the quarter ended March 31, 2012, and the lowest quarterly return for the Fund or the privately offered fund was 1.69% for the quarter ended June 30, 2012.

Average Annual Total Return as of December 31, 2012
Average Annual Returns KKR Alternative High Yield Fund
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
KKR Class
13.03% 13.37% Oct. 23, 2012
Institutional Class
[1]       Nov. 14, 2012
Investor Class
[1]       Nov. 14, 2012
Bank of America Merrill Lynch U.S. High Yield Master II Index (reflects no deductions for fees, expenses or taxes)
15.58% 13.92%  
[1] The returns for Institutional and Investor Class shares would be lower than the returns for KKR Class shares of the Fund, as the expenses of those classes are higher. Return information for Institutional and Investor Class shares will be shown in future prospectuses after those classes have a full calendar year of return information to report.

After-tax return is calculated using the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Returns After Taxes On Distributions for a period may be the same as Returns Before Taxes for that period because no taxable distributions were made during that period. Also, Returns After Taxes On Distributions and Sale of Fund Shares for a period may be greater than or equal to Returns After Taxes On Distributions for the same period because of losses realized on the sale of Fund shares. After-tax returns are not shown because the privately offered fund, unlike a regulated investment company, was not required to make annual distributions to its investors.


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.