WBI Absolute Return Dividend Growth Fund (Prospectus Summary) | WBI Absolute Return Dividend Growth Fund

WBI ABSOLUTE RETURN DIVIDEND GROWTH FUND (the "Dividend Growth Fund")

Investment Objective

The Dividend Growth Fund's investment objectives are to seek long-term capital
appreciation and current 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 Dividend Growth Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees WBI Absolute Return Dividend Growth Fund	No Load Class	Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases	none	none
Maximum Deferred Sales Charge (Load)	none	none
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less)	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 WBI Absolute Return Dividend Growth Fund		No Load Class	Institutional Class
Management Fees		1.00%	1.00%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Shareholder Servicing Plan Fees		0.40%	0.40%
Other Expenses (includes Shareholder Servicing Plan Fees)		3.31%	1.92%
Acquired Fund Fees and Expenses		0.03%	0.03%
Total Annual Fund Operating Expenses		4.59%	2.95%
Less: Fee Waiver and Expense Reimbursement	[1]	(2.56%)	(1.17%)
Net Annual Fund Operating Expenses	[2]	2.03%	1.78%

Example.

This Example is intended to help you compare the cost of investing in
the Dividend 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 WBI Absolute Return Dividend 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
No Load Class	206	1,155	2,112	4,539
Institutional Class	181	802	1,450	3,188

Portfolio Turnover.

The Dividend 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
year, the Fund's portfolio turnover rate was 301.31% of the average value of its
portfolio.

Principal Investment Strategies

Under normal market conditions, the Dividend Growth Fund will invest at least
80% of its net assets (including any borrowings for investment purpose) in
dividend-paying equity securities of foreign and domestic
companies. Approximately 10% of the Fund's net assets may be invested in
non-dividend paying equities, domestic and foreign fixed income securities,
ETFs, ETNs, and/or in option strategies to enhance the Fund's returns or to
mitigate risk and volatility. The Fund may also invest in cash or cash
equivalents as part of the normal operation of its investment process.

The types of equity securities in which the Fund will generally invest include
common stocks, preferred stocks, rights, warrants, convertibles and master
limited partnerships (businesses organized as partnerships which trade on public
exchanges). The types of fixed income securities in which the Fund will
generally invest include corporate debt securities, U.S. Government securities,
debt securities of foreign issuers, sovereign fixed income securities, U.S.
government agency securities, high-yield bonds (also known as "junk bonds"),
ETNs, and variable and floating rate securities. The Fund expects to invest in
fixed income securities of all maturities, from less than one year up to thirty
years, depending on the portfolio manager's assessment of the risks and
opportunities along the yield curve. (The yield curve refers to differences in
yield among fixed income assets of varying maturities.)

The Dividend Growth Fund may invest without limitation in securities of foreign
issuers, and up to 50% of its net assets in the securities of issuers located in
emerging markets. The Fund may invest up to 10% of its net assets in high-yield
bonds (also known as "junk bonds"). Excluding money market funds, which may be
used as cash equivalents, the Fund may also invest up to 60% of its net assets
in other investment companies, including ETFs. Investments in other investment
companies that invest predominantly in dividend-paying equity securities are
considered dividend-paying equity securities for the 80% test. The Fund may
invest in companies of any size market capitalization.

The Dividend Growth Fund seeks to provide absolute returns, regardless of the
performance of the overall market, by using quantitative computer screening of
fundamental stock information to evaluate domestic and foreign equity securities
in an attempt to find the best value and dividend opportunities worldwide. Once
securities are identified, an overlay of technical analysis confirms timeliness
of security purchases using a combination of price regression and momentum
factors. The Advisor's buy discipline systematically adds qualifying securities
within the Fund's target allocations using available cash.

Once securities are purchased, the Advisor maintains a strict sell discipline
with a dynamic stop loss and goal setting process that attempts to control the
effects of the volatility of each invested position on the Dividend Growth
Fund's value. If a security stays within its acceptable price channel, the
Advisor will continue to hold it in the Fund's portfolio. If the security moves
outside the acceptable price channel, a stop is triggered and the Advisor will
sell the security. This results in a responsive process that actively adjusts
the Fund's allocation by causing it to become more fully invested or by raising
cash to protect capital.
                                                                                 
The Dividend Growth Fund's target allocation is 90% dividend-paying equity
securities.

At the discretion of the Advisor, the Fund may invest its assets in cash, cash
equivalents, and high-quality, short-term debt securities and money market
instruments for temporary defensive purposes in response to adverse market,
economic or political conditions. The Advisor expects that the Fund's investment
strategy may result in a portfolio turnover rate in excess of 100% on an annual
basis.

Principal Investment Risks

Losing all or a portion of your investment is a risk of investing in the
Dividend Growth Fund. The following additional risks could affect the value of
your investment:

·  Market Risk - Either the stock market as a whole, or the value of an          
   individual company, goes down resulting in a decrease in the value of the     
   Dividend Growth Fund.                                                         
  
·  Management Risk - Your investment in the Dividend Growth Fund varies with the
   success and failure of the Advisor's investment strategies and the Advisor's  
   research, analysis, and determination of portfolio securities. If the         
   Advisor's investment strategies, including its stop loss and goal setting     
   process, do not produce the expected results, the value of the Fund would     
   decrease. The Advisor has not previously managed a mutual fund.               

·  Newer Fund Risk - The Dividend 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.                                                           

·  Equity Market Risk - Common stocks are susceptible to general stock market    
   fluctuations and to volatile increases and decreases in value as market       
   confidence in and perceptions of their issuers change. If you held common     
   stock, or common stock equivalents, of any given issuer, you would generally  
   be exposed to greater risk than if you held preferred stocks and debt         
   obligations of the issuer.                                                    

·  Foreign and Emerging Market Securities Risk - Foreign investments may carry   
   risks associated with investing outside the United States, such as currency   
   fluctuation, economic or financial instability, lack of timely or reliable    
   financial information or unfavorable political or legal developments. Foreign
   securities can be more volatile than domestic (U.S.) securities. Securities   
   markets of other countries are generally smaller than U.S. securities         
   markets. Many foreign securities may also be less liquid than U.S. securities,
   which could affect the Dividend Growth Fund's investments. Investments in     
   emerging markets may have more risk because the markets are less developed and
   less liquid as well as being subject to increased economic, political,        
   regulatory or other uncertainties.                                            
  
·  Investment Style Risk - The Dividend Growth Fund's investments in             
   dividend-paying common stocks may cause the Fund to underperform funds that do
   not limit their investments to dividend-paying common stocks during periods   
   when dividend-paying stocks underperform other types of stocks. In addition,  
   if stocks held by the Fund reduce or stop paying dividends, the Fund's ability
   to generate income may be affected.                                           
  
·  Small and Medium Companies Risk - Investing in securities of small and medium
   capitalization companies may involve greater volatility than investing in     
   larger and more established companies because small and medium capitalization
   companies can be subject to more abrupt or erratic share price changes than   
   larger, more established companies.                                           

·  ETF and Mutual Fund Risk - When the Dividend 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.                                                                         

·  Master Limited Partnership Risk - Investing in Master Limited Partnerships    
   ("MLPs") entails risk including fluctuations in energy prices, decreases in   
   supply of or demand for energy commodities and various other risks.           
  
·  Options Risk - Options on securities may be subject to greater fluctuations in
   value than an investment in the underlying securities. Purchasing and writing
   put and call options are highly specialized activities and entail greater than
   ordinary investment risks.                                                    
  
·  Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) has   
   the potential to result in the realization and distribution to shareholders of
   higher capital gains, which may subject you to a higher tax liability.        
  
·  Fixed Income Securities Risk - Interest rates may go up resulting in a        
   decrease in the value of the fixed income securities held by the Dividend     
   Growth Fund. 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 sell or buy
   a security at a favorable price or time.                                      

·  High-Yield Securities Risk - The fixed income securities 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 valued based on public perception of the issuer.                   

·  Exchange-Traded Note Risk - The value of an ETN may be influenced by time to  
   maturity, level of supply and demand for the ETN, volatility and lack of      
   liquidity in underlying securities' markets, changes in the applicable        
   interest rates, changes in the issuer's credit rating, and economic, legal,   
   political, or geographic events that affect the referenced index. In addition,
   the notes issued by ETNs and held by a fund are unsecured debt of the issuer.

Performance

The following performance information provides some indication of the risks of
investing in the Dividend Growth Fund. The bar chart shows the annual return for
the Fund's Institutional Shares for one year. The table shows how the Fund's
average annual returns for one year and since inception compare to those of a
broad measure of market performance. 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.wbifunds.com or by calling the Fund toll-free at 1-855-WBI-FUND
(1-855-924-3863).

Calendar Year Total Return as of December 31 - Institutional Shares

During the period shown on the bar chart, the Dividend Growth Fund's highest
total return for a quarter was 12.11% (quarter ended December 31, 2011) and the
lowest total return for a quarter was -19.59% (quarter ended September
30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2011)

Average Annual Total Returns WBI Absolute Return Dividend Growth Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
No Load Class	Return before taxes	(3.32%)	(3.79%)	Dec. 29, 2010
Institutional Class	Return before taxes	(3.33%)	(3.79%)	Dec. 29, 2010
Institutional Class After Taxes on Distributions	Return after taxes on distributions	(3.39%)	(3.85%)	Dec. 29, 2010
Institutional Class After Taxes on Distributions and Sales	Return after taxes on distributions and sale of Fund shares	(2.09%)	(3.22%)	Dec. 29, 2010
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	2.11%	1.93%	Dec. 29, 2010

The after-tax returns were calculated using the historical 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, and after-tax returns are not relevant to investors
who hold shares of the Dividend Growth Fund through tax-deferred arrangements,
such as 401(k) plans or IRAs.

The Return After Taxes on Distributions and Sale of Fund Shares is higher than
other return figures when a capital loss occurs upon the redemption of Fund
shares.

[1] The Advisor 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 AFFE, interest, taxes and extraordinary expenses) do not exceed 2.00% of average daily net assets for No Load shares and 1.75% of average daily net assets for Institutional shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 30, 2013, and may be terminated only by 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 paid, subject to the Expense Caps.

[2] Net Annual Fund Operating Expenses do 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.