Alpha Defensive Growth Fund (Prospectus Summary) | Alpha Defensive Growth Fund

Alpha Defensive Growth Fund ("Defensive Growth Fund")

Investment Objective

The Defensive Growth Fund seeks to achieve capital preservation. In pursuing its

objective, the Fund looks to emphasize absolute (positive) returns and low

volatility across all market cycles.

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 Defensive Growth Fund.

SHAREHOLDER FEES (fees paid directly from your investment) None

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Alpha Defensive Growth Fund		Class I		Class R
Management Fees		0.65%		0.65%
Distribution and Service (Rule 12b-1) Fees		none		0.25%
Other Expenses		2.81%		2.81%
Acquired Fund Fees and Expenses		0.89%		0.89%
Total Annual Fund Operating Expenses		4.35%		4.60%
Less: Fee Waiver and/or Expense Reimbursement		(2.21%)		(2.21%)
Net Annual Fund Operating Expenses	[1]	2.14%	[2]	2.39%

Example

This Example is intended to help you compare the cost of investing in the

Defensive Growth Fund with the cost of investing in other mutual funds. The

Example assumes that you invest $10,000 in the Fund for the time periods

indicated and then redeem all of your shares at the end of those periods. The

Example also assumes that your investment has a 5% return each year and that the

Fund's operating expenses remain the same (taking into account the Expense Caps

only in the first year).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Alpha Defensive Growth Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class I	217	1,118	2,030	4,364
Class R	242	1,190	2,145	4,567

Portfolio Turnover

The Defensive Growth Fund pays transaction costs, such as commissions, when it

buys and sells securities (or "turns over" its portfolio). A higher portfolio

turnover rate may indicate higher transaction costs and may result in higher

taxes when Fund shares are held in a taxable account. These costs, which are not

reflected in annual fund operating expenses or in the Example, affect the Fund's

performance. During the most recent fiscal period of January 31, 2011 through

September 30, 2011, the Fund's portfolio turnover rate was 30.40% of the average

value of its portfolio.

Principal Investment Strategies of the Fund

Under normal market conditions, the Defensive Growth Fund will invest in

multiple open-end and closed-end mutual funds and exchange-traded funds

("ETFs") in an attempt to preserve capital and produce positive returns

regardless of broad equity and debt market direction. The mutual funds and ETFs

(together, the "Underlying Funds") in which the Fund invests have the ability to

pursue their own investment strategies including, but not limited to: long-only

strategies (Underlying Fund can only purchase securities), short-only strategies

(Underlying Fund only sells securities short), long-short strategies (Underlying

Fund can both purchase securities and sell securities short), arbitrage

strategies (Underlying Fund attempts to profit from simultaneously purchasing

one security and selling another security) and global macroeconomic strategies

(Underlying Fund attempts to profit from price movements in global equity,

currency, interest rate and commodity markets).



The Underlying Funds also have the ability to pursue their own sector exposures

by investing in different asset classes, including, but not limited to: domestic

and foreign equity securities of all types of issuers (including common and

preferred stocks of any size market capitalization); domestic and foreign debt

securities of all types of issuers (including corporate and government debt

securities) and all maturities and ratings (including high-yield debt

securities); mortgage-related and other asset-backed securities; foreign

currencies; commodities or in instruments whose performance is linked to the

price of an underlying commodity or commodity index; other investment companies;

or any combination thereof. The foreign securities in which the Underlying Funds

invest may be those of emerging markets. The Underlying Funds may also invest in

derivatives such as options, futures, swaps and credit default swaps which

provide a low cost, effective way for the Fund to gain exposure to certain

securities. The Adviser itself does not use leverage or invest in

derivatives. The Defensive Growth Fund's multiple strategy and sector approach

seeks to provide greater overall returns with similar volatility when compared

to the Hedge Fund Research, Inc. ("HFRI") Hedge Fund of Funds Composite

Index. The Fund, however, is not a hedge fund.



The Adviser employs a rigorous process in an attempt to construct a portfolio of

Underlying Funds that will preserve capital and generate positive returns in all

market environments. The Adviser begins the portfolio construction process by

screening the universe of Underlying Funds using qualitative inputs such as fund

strategy, assets under management, fund expenses, and manager tenure, and

quantitative inputs based on historical returns, standard deviation and variance

of returns, value added by the Underlying Fund managers and the Underlying

Fund's sensitivity to broad market movements. Second, managers of Underlying

Funds that make it past the initial screen are interviewed by the Adviser. Last,

the actual selection and weight of each Underlying Fund is determined by how

each Underlying Fund contributes to expected portfolio returns, in addition to

the Adviser's forward looking outlook for each sector and strategy. No single

Underlying Fund will have a position size greater than 20% of net assets based

on cost at the time of investment.



Underlying Funds can be sold for a number of reasons and are reviewed on a

case-by-case basis. Reasons for selling an Underlying Fund include, but are not

limited to: underperformance of the Underlying Fund vs. peers or expectations,

identification of a more attractive Underlying Fund, identification of a lower

cost Underlying Fund, an increase in volatility of the Underlying Fund's

returns, an unwanted change or drift in an Underlying Fund's strategy, or a

change in the Underlying Fund's management.



Because the Defensive Growth Fund is a "fund of funds," you will indirectly bear

your proportionate share of any fees and expenses charged by the Underlying

Funds in which the Fund invests in addition to the expenses of the Fund. Actual

underlying expenses are expected to vary with changes in the allocation of the

Fund's assets among various Underlying Funds.

Principal Risks of Investing in the Fund

Losing all or a portion of your investment is a risk of investing in the

Defensive Growth Fund. The following additional risks, which are primarily risks

of the Underlying Funds, could affect the value of your investment:



o Management Risk - The Defensive Growth Fund is subject to management risk

  because it is an actively managed portfolio. The Adviser's management practices

  and investment strategies might not work to produce the desired results.



o ETF and Mutual Fund Risk - When the Defensive Growth Fund invests in an ETF or

  mutual fund, it will bear additional expenses based on its pro rata share of

  the ETF's or mutual fund's operating expenses, including the potential

  duplication of management fees. The risk of owning an ETF or mutual fund

  generally reflects the risks of owning the underlying securities the ETF or

  mutual fund holds. The Fund also will incur brokerage costs when it purchases

  ETFs.



o Closed-End Fund Risk - The value of the shares of closed-end funds may be lower

  than the value of the portfolio securities held by the closed-end fund.

  Closed-end funds may trade infrequently, with small volume, which may make it

  difficult for the Fund to buy and sell shares. Also, the market price of

  closed-end funds tends to rise more in response to buying demand and fall more

  in response to selling pressure than is the case with larger capitalization

  companies.



o Equity Market Risk - Common and preferred stocks are susceptible to general

  stock market fluctuations and to volatile increases and decreases in

  value. Preferred stocks are also subject to the risk that interest rates will

  rise resulting in a decrease in their value. The stock market may experience

  declines or stocks in an Underlying Fund's portfolio may not increase their

  earnings at the rate anticipated.



o Fixed Income Securities Risk - Interest rates may go up resulting in a decrease

  in the value of the fixed income securities held by the Underlying

  Funds. Credit risk is the risk that an issuer will not make timely payments of

  principal and interest. There is also the risk that an issuer may "call," or

  repay, its high yielding bonds before their maturity dates. Fixed income

  securities subject to prepayment can offer less potential for gains during a

  declining interest rate environment and similar or greater potential for loss

  in a rising interest rate environment. Limited trading opportunities for

  certain fixed income securities may make it more difficult to buy or sell a

  security at a favorable price or time.



o Default Risk - The risk that the Defensive Growth Fund could lose money if the

  issuer or guarantor of a fixed income security owned by an Underlying Fund, or

  the counterparty to a derivative contract, is unable or unwilling to meet its

  financial obligations.



o High Yield Securities Risk - Fixed income securities in an Underlying Fund that

  are rated below investment grade (i.e., "junk bonds") are subject to additional

  risk factors such as increased possibility of default liquidation of the

  security, and changes in value based on public perception of the issuer. High

  yield securities are considered primarily speculative with respect to the

  issuer's continuing ability to make principal and interest payments.



o Foreign and Emerging Market Securities Risk - To the extent the Defensive

  Growth Fund invests in Underlying Funds that invest in the securities of

  foreign issuers, including emerging market issuers, the Fund is exposed to

  certain risks that can include fluctuations in foreign currencies, foreign

  currency exchange controls, political and economic instability, differences in

  securities regulation and trading, and foreign taxation issues. These risks are

  greater in emerging markets.



 o Currency Risk - Changes in foreign currency exchange rates will affect the

  value of what an Underlying Fund owns and the Underlying Fund's share price.

  Generally, when the U.S. dollar rises in value against a foreign currency, an

  investment in that country loses value because that currency is worth fewer

  U.S. dollars. Devaluation of a currency by a country's government or banking

  authority also will have a significant impact on the value of any investments

  denominated in that currency. Currency markets generally are not as regulated

  as securities markets.



o Short Sales Risk - Short sales involve specific risk considerations and may be

  considered a speculative technique. For example, under adverse market

  conditions, an Underlying Fund might have difficulty purchasing securities to

  meet its short sale delivery obligations, and might have to sell portfolio

  securities to raise the capital necessary to meet its short sale obligations at

  a time when fundamental investment considerations would not favor such sales.



o Commodities Risk - Investments by an Underlying Fund in companies involved in

  commodity-related businesses may be subject to greater volatility than

  investments in companies involved in more traditional businesses. This is

  because the value of companies in commodity-related businesses may be affected

  by overall market movements and other factors affecting the value of a

  particular industry or commodity, such as weather, disease, embargoes, or

  political and regulatory developments.



o Mortgage-Related and Other Asset-Backed Securities Risk - Generally, rising

  interest rates tend to extend the duration of fixed rate mortgage-related

  securities, making them more sensitive to changes in interest rates. As a

  result, in a period of rising interest rates, if an Underlying Fund holds

  mortgage-related securities, it may exhibit additional volatility. This is

  known as extension risk. In addition, adjustable and fixed rate

  mortgage-related securities are subject to prepayment risk. When interest rates

  decline, borrowers may pay off their mortgages sooner than expected. This can

  reduce the returns of the Underlying Fund because the Underlying Fund may have

  to reinvest that money at the lower prevailing interest rates. Asset-backed

  securities are subject to risks similar to those associated with

  mortgage-related securities.



o Derivatives Risk - An Underlying Fund's use of derivatives (which may include

  options, futures, swaps and credit default swaps) may reduce the Underlying

  Fund's returns and/or increase volatility. A risk of the Underlying Fund's use

  of derivatives is that the fluctuations in their values may not correlate

  perfectly with the overall securities markets. Additionally, derivatives are

  also subject to liquidity risk, interest rate risk, market risk, credit risk

  and management risk.



o Newer Fund Risk - The Defensive Growth Fund is newer with limited operating

  history and there can be no assurance that the Fund will grow to or maintain an

  economically viable size, in which case the Board may determine to liquidate

  the Fund.



o Small- and Medium-Sized Company Risk - The Defensive Growth Fund invests in

  Underlying Funds that invest in small- and medium-sized companies which often

  have less predictable earnings, more limited product lines, markets,

  distribution channels or financial resources and the management of such

  companies may be dependent upon one or a few key people. The market movements

  of equity securities of small- and medium-sized companies may be more abrupt

  and volatile than the market movements of equity securities of larger, more

  established companies or the stock market in general and small-sized companies

  in particular, are generally less liquid than the equity securities of larger

  companies.



o Asset Allocation Risk - The risk that the Defensive Growth Fund's allocation

  among Underlying Funds with various asset classes and investments will not

  produce the desired results.



o Leverage Risk - When an Underlying Fund uses derivatives for leverage,

  investments in that Underlying Fund will tend to be more volatile, resulting in

  larger gains or losses in response to market changes. Because many derivatives

  have a leverage component, adverse changes in the value or level of the

  underlying asset, reference rate or index can result in a loss substantially

  greater than the amount invested in the derivative itself. Certain derivatives

  have the potential for unlimited loss, regardless of the size of the initial

  investment.



o Concentration Risk - To the extent the Underlying Funds concentrate their

  investments in a particular industry or sector, such Underlying Fund's shares

  may be more volatile and fluctuate more than shares of a fund investing in a

  broader range of securities.



o Sector Risk - To the extent the Defensive Growth Fund invests in an Underlying

  Fund that invests a significant portion of its assets in the securities of

  companies in the same sector of the market, the Fund is more susceptible to

  economic, political, regulatory and other occurrences influencing those

  sectors.

Performance

When the Defensive Growth Fund has been in operation for a full calendar year,

performance information will be shown here. Updated performance information is

available on the Fund's website at www.alphacapitalfunds.com or by calling the

Fund toll-free at 1-877-9Alphacap (1-877-925-7422).

[1] Alpha Capital Funds Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.25% and 1.50% of average daily net assets for Class I and Class R, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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.

[2] Net Annual Fund Operating Expenses for the Fund's Class I shares does not correlate to the Ratio of Expenses to Average Net Assets After Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include expenses attributed to AFFE.