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<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 when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.</tt>
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<tt>The Logan Capital Long/Short Fund (the "Fund") seeks long-term capital<br />appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the Expense Caps only in the first<br />year). Although your actual costs may be higher or lower, based on these<br />assumptions, your costs would be:</tt>
<tt>The Fund employs a "long/short" investment strategy to attempt to achieve<br />capital appreciation and manage risk by purchasing stocks believed by the<br />Advisor to be undervalued and selling short stocks believed by the Advisor to be<br />overvalued. The Fund will generally maintain a net long bias; however, the Fund<br />will have at least some short exposure at all times. The net long exposure of<br />the Fund (gross long exposures minus gross short exposures) is usually expected<br />to be between 50% and 100%. Under normal market conditions, the Fund will invest<br />primarily in equity securities that are traded on U.S. securities exchanges.<br />Equity securities in which the Fund may invest include common stocks, preferred<br />stocks, American Depositary Receipts ("ADRs"), rights and warrants, and may<br />include securities of companies that are offered pursuant to an initial public<br />offering ("IPO"). The Fund may invest up to 20% of its total assets in securities <br />of foreign issuers, including issuers in emerging markets. Additionally, the Fund <br />may invest up to 50% of its total assets in other investment companies, including <br />exchange-traded funds ("ETFs"), and may purchase and sell options on equities and <br />stock indices with respect to 25% of its total assets.<br /> <br />The Fund's long strategy divides investments between two disciplined equity<br />styles - Growth (with a target of approximately 50% to 60% of the Fund's total<br />assets allocated to growth long positions) and Value (with a target of<br />approximately 50% to 40% of the Fund's total assets allocated to value long<br />positions). With respect to the Growth style, the Fund's investment process is<br />"bottom up" and focused on superior security selection. The investment team<br />utilizes a three-component process that includes top-down macroeconomic<br />analysis, fundamental research and technical analysis. For a stock to be<br />eligible for portfolio inclusion, it must pass all three independent components<br />of this process.<br /> <br />With respect to the Value style, the Advisor seeks to identify financially<br />stable, high dividend yielding companies. The buy discipline seeks to screen<br />from a universe of all stocks traded on U.S. exchanges. Factors used to screen<br />these companies include, but are not limited to, market capitalization, cash<br />flow, financial leverage, modest valuations and price volatility. The remaining<br />companies are then further refined to include those companies with the highest<br />dividend yield. The Advisor may sell a position when it no longer qualifies for<br />purchase under its respective buy discipline.<br /> <br />The Advisor has hired Waterloo International Advisors, LLC ("Waterloo") as a<br />sub-advisor to manage the short portion of the Fund. The Fund's short positions<br />will generally range between 1% and 50% of the value of the net assets of the<br />Fund. The Fund's short investment approach will involve a disciplined, methodical <br />search for overvalued companies. Such companies may be evidenced by high<br />inventories or accounts receivable, decelerating sales growth, heavy insider <br />selling or deteriorating technical factors. To identify such companies, Waterloo <br />carefully scrutinizes the quality of earnings, the proxy statement (background of <br />directors and management, director or accountant resignations, litigation and <br />related transactions), the balance sheet and footnotes (accounts receivable, <br />inventories, other current assets, reserve levels, changes in amortization or <br />depreciation schedules, off-balance sheet liabilities), and the income and<br />cash-flow statements (margin trends, one-time gains or losses, tax rates).<br /> <br />Additionally, Waterloo will consider the time horizon likely to be required for<br />positions to become profitable. Accordingly, Waterloo will seek to identify<br />so-called "catalysts", i.e., particular anticipated events or circumstances that<br />are likely to accelerate the time frame in which the key flaw in the issuer will<br />be reflected in its stock price. By emphasizing catalysts, Waterloo will seek to<br />avoid potential short situations that would require extensive holding periods<br />and their attendant increased costs and risks.<br /> <br />Waterloo will seek to reduce, cover or close positions if the analytical basis<br />for the original investment decision has become questionable or if there are<br />other developments that create a lack of continuing analytic confidence in the<br />position. The Advisor expects that the Fund's active or frequent trading of<br />portfolio securities will result in a portfolio turnover rate in excess of 100%<br />on an annual basis.</tt>
Logan Long/Short Fund
Example
Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.
When the Fund has been in operation for a full calendar year, performance information will be shown here.
Investment Objective
Principal Investment Risks
Shareholder Fees (fees paid directly from your investment)
Performance
1-855-215-1200
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover
<tt>·   Management Risk. The Fund is subject to management risk because it is an     <br />    actively managed portfolio. The Advisor's or Sub-Advisor's management        <br />    practices and investment strategies might not produce the desired            <br />    results. The Advisor or Sub-Advisor may be incorrect in their assessment of a<br />    stock's appreciation or depreciation potential. Neither the Advisor nor the  <br />    Sub-Advisor has previously managed a mutual fund.                            <br /> <br />·   Leverage Risk. Leverage is investment exposure which exceeds the initial     <br />    amount invested. Leverage can cause the portfolio to lose more than the      <br />    principal amount invested. Leverage can magnify the portfolio's gains and    <br />    losses and therefore increase its volatility.                                <br /> <br />·   Market Risk. The prices of the securities in which the Fund invests may      <br />    decline for a number of reasons. These reasons may include changing economic <br />    circumstances and/or perceptions about the creditworthiness of individual    <br />    issuers.                                                                     <br /> <br />·   Equity Risk. The risks that could affect the value of the Fund's shares and  <br />    the total return on your investment include the possibility that the equity  <br />    securities held by the Fund will experience sudden, unpredictable drops in   <br />    value or long periods of decline in value.                                   <br /><br />·   Short Sales Risk. A short sale is the sale by the Fund of a security which it<br />    does not own in anticipation of purchasing the same security in the future at<br />    a lower price to close the short position. A short sale will be successful if<br />    the price of the shorted security decreases. However, if the underlying      <br />    security goes up in price during the period in which the short position is   <br />    outstanding, the Fund will realize a loss. The risk on a short sale is       <br />    unlimited because the Fund must buy the shorted security at the higher price <br />    to complete the transaction. Therefore, short sales may be subject to greater<br />    risks than investments in long positions.                                    <br /> <br />·   Growth Style Investment Risk. Growth stocks can perform differently from the <br />    market as a whole and from other types of stocks. While growth stocks may    <br />    react differently to issuer, political, market and economic developments than<br />    the market as a whole and other types of stocks by rising or falling in price<br />    in certain environments, growth stocks also tend to be sensitive to changes  <br />    in the earnings of their underlying companies and more volatile than other   <br />    types of stocks, particularly over the short term.                           <br /> <br />·   Value Style Investment Risk. Value stocks can perform differently from the   <br />    market as a whole and from other types of stocks. Value stocks may be        <br />    purchased based upon the belief that a given security may be out of favor;   <br />    that belief may be misplaced or the security may stay out of favor for an    <br />    extended period of time.                                                     <br /> <br />·   Investment Company Risk. When the Fund invests in an ETF or mutual fund, it  <br />    will bear additional expenses based on its pro rata share of the ETF's or    <br />    mutual fund's operating expenses, including the potential duplication of     <br />    management fees. The risk of owning an ETF or mutual fund generally reflects <br />    the risks of owning the underlying securities the ETF or mutual fund         <br />    holds. The Fund also will incur brokerage costs when it purchases ETFs.      <br /> <br />·   Foreign Securities and Emerging Markets Risk. The Fund may invest in foreign <br />    securities, including in emerging markets. These foreign investments are     <br />    subject to special risks. Foreign securities can be more volatile than       <br />    domestic (U.S.) securities. Securities markets of other countries are        <br />    generally smaller than U.S. securities markets. Many foreign securities may  <br />    be less liquid and more volatile than U.S. securities, which could affect the<br />    Fund's investments. In addition, the Fund may invest in emerging markets     <br />    which are more volatile than the markets of developed countries.             <br />  <br />·   Options Risk. Options on securities may be subject to greater fluctuations in<br />    value than an investment in the underlying securities. Purchasing and writing<br />    put and call options are highly specialized activities and entail greater    <br />    than ordinary investment risks.                                              <br /> <br />·   Initial Public Offering Risk. The Fund may purchase securities of companies  <br />    that are offered pursuant to an IPO. The risk exists that the market value of<br />    IPO shares will fluctuate considerably due to factors such as the absence of <br />    a prior public market, unseasoned trading, the small number of shares        <br />    available for trading and limited information about the issuer. The purchase <br />    of IPO shares may involve high transaction costs. IPO shares are subject to  <br />    market risk and liquidity risk. When the Fund's asset base is small, a       <br />    significant portion of the Fund's performance could be attributable to       <br />    investments in IPOs, because such investments would have a magnified impact  <br />    on the Fund.                                                                 <br /> <br />·   Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) has  <br />    the potential to result in the realization and distribution to shareholders  <br />    of higher capital gains, which may subject you to a higher tax liability.    <br />  <br />.   New Fund Risk. The Fund is new with no operating history and there can be no <br />    assurance that the Fund will grow to or maintain an economically viable size,<br />    in which case the Board may determine to liquidate the Fund.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies of the Fund
www.logancapital.com/funds
<tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Updated performance information is available on<br />the Fund's website at www.logancapital.com/funds or by calling the Fund<br />toll-free at 1-855-215-1200.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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Other expenses and acquired fund fees and expenses ("AFFE") are based on estimated amounts for the current fiscal year.
Logan Capital Management, Inc. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding AFFE, interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 2.25% and 2.50% of average daily net assets of the Fund's Institutional Class shares and Investor Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least September 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.