Edgar Lomax Value Fund (Prospectus Summary) | Edgar Lomax Value Fund

EDGAR LOMAX VALUE FUND

Investment Objective

The Fund seeks long-term capital growth while providing some income.

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) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Edgar Lomax Value Fund Investor Class
Management Fees		0.80%
Other Expenses		0.72%
Total Annual Fund Operating Expenses		1.52%
Less: Fee Waiver and/or Expense Reimbursement		(0.53%)
Net Annual Fund Operating Expenses	[1]	0.99%

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 (taking into account the Expense Cap only in the first
year). Although your actual costs may be higher or lower, based on these
assumptions your costs would be:

Expense Example (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
Edgar Lomax Value Fund Investor Class	101	428	779	1,767

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in 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 39.50% of the average
value of its portfolio.

Principal Investment Strategies of the Fund

The Advisor uses a disciplined approach to select stocks for the Fund's
portfolio that it believes are undervalued and have prospects for continued
consistent growth. The Advisor uses fundamental analysis of financial statements
to select stocks of issuers that generally have low price/earnings and
price/book ratios as well as strong balance sheet ratios and high and/or stable
dividend yields.

The Fund invests primarily in large, well-recognized companies. Currently, the
Advisor expects the Fund's portfolio to hold at least 20% of the stocks
comprising the Standard & Poor's 100 Index, a capitalization-weighted index of
100 stocks from a broad range of industries. Normally, the Fund will invest at
least 85% of its total assets in equity securities, consisting of common stocks
and securities having the characteristics of common stocks, such as convertible
securities, exchange-traded funds ("ETFs"), rights and warrants.

The Advisor may choose to sell a security when it believes the security no
longer offers attractive returns or when the Advisor wishes to take advantage of
a better investment opportunity.

Principal Investment Risks

By itself, the Fund is not a complete, balanced investment plan. The Fund cannot
guarantee that it will achieve its investment objectives. You may lose money by
investing in the Fund. The Fund is subject to the following principal risks:

Management Risk. The skill of the Advisor will play a significant role in the
Fund's ability to achieve its investment objectives.

Equity Market Risk. The value of the Fund's shares will go up or down based on
the movement of the overall stock market and the value of the individual
securities held by the Fund, both of which can sometimes be volatile.
  
Sector Risk. Sector risk is the possibility that investments within the same
economic sector will decline in price due to sector-specific market or economic
developments.

Value Style Risk. "Value" investing as a strategy may be out of favor in the
market for an extended period. Value stocks can perform differently from the
market as a whole and from other types of stocks.

Performance

The following performance information provides some indication of the risks of
investing in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual returns for 1, 5, and 10 years
compare with those of a broad measure of market performance, as well as two
indices that reflect the large-cap value segment of the market. The Fund's past
performance, before and after taxes, is not necessarily an indication of how the
Fund will perform in the future. Updated performance information is available on
the Fund's website at www.edgarlomax.com or toll-free at 1-866-205-0524.

Annual Total Returns as of December 31

During the period of time displayed in the bar chart, the Fund's best quarter
was the second quarter 2003, up 18.27%, and its worst quarter was the fourth
quarter 2008, down -20.88%.

Average Annual Total Returns For the periods ended December 31, 2011

Average Annual Total Returns Edgar Lomax Value Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Investor Class	Return Before Taxes	8.95%	(0.43%)	3.93%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	8.58%	(1.16%)	3.24%
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	6.28%	(0.46%)	3.29%
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, taxes, or expenses)	2.11%	(0.25%)	2.92%
S&P 500®/Citigroup Value Index	S&P 500®/Citigroup Value Index (reflects no deduction for fees, taxes, or expenses)	(0.48%)	(2.96%)	2.87%
Lipper Large-Cap Value Funds Index	Lipper Large-Cap Value Funds Index (reflects no deduction for taxes)	(2.17%)	(2.26%)	2.59%

After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown. After-tax returns are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts ("IRAs"). The "Return After Taxes on
Distributions and Sale of Fund Shares" is sometimes higher than the other return
figures because they include the effect of a tax benefit an investor may receive
from the capital losses that may have been incurred by an investor in connection
with the sale of Fund shares.

[1] The Edgar Lomax Company (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 0.99% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least February 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 Cap. In addition, the Advisor has voluntarily agreed to waive a portion of its management fee contingent upon the Fund's performance versus the S&P 500/Citigroup Value Index ("Citigroup Value"), the S&P 500's "value" style index. If the Advisor waives management fees under this arrangement, it has also agreed to absorb all expenses, other than management fees (categorized as "Other Expenses" in the table). The Advisor has agreed to continue this waiver arrangement through at least February 28, 2013. While this waiver arrangement may be discontinued at any time after February 28, 2013, the Advisor has no intention of doing so. For more information, please see the "Management Fee and Voluntary Fee Waiver" section in the statutory prospectus.