Kellner Merger Fund (Prospectus Summary) | Kellner Merger Fund

SUMMARY SECTION

Investment Objective

The Kellner Merger Fund (the "Fund") seeks to achieve positive risk-adjusted
returns with less volatility than in the equity markets.

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. You may qualify for sales charge discounts if you and your
family invest, or agree to invest in the future, at least $50,000 in the Fund's
Class A shares. More information about these and other discounts is available
from your financial professional and in the "More About Class A Shares" section
on page 14 of the Fund's statutory Prospectus and the "Breakpoints/Volume
Discounts and Sales Charge Waivers" section on page 32 of the Fund's Statement
of Additional Information ("SAI").

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Kellner Merger Fund (USD $)	Class A	Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price)	none	none
Redemption Fee (as a percentage of amount redeemed on shares held for 30 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 Kellner Merger Fund		Class A	Institutional Class
Management Fees		1.25%	1.25%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Interest and Dividends on Securities Sold Short		0.25%	0.25%
Other Expenses (includes interest and dividends on securities sold short)	[1]	1.20%	1.20%
Total Annual Fund Operating Expenses		2.70%	2.45%
Less: Fee Waiver and Expense Reimbursement	[2]	(0.70%)	(0.70%)
Net Annual Fund Operating Expenses		2.00%	1.75%

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 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 Kellner Merger Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Class A	766	1,303
Institutional Class	178	697

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.

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund will invest at least 80% of its net
assets in equity securities of U.S. and foreign companies that are involved
in publicly announced mergers, takeovers, tender offers, leveraged buyouts,
spin-offs, liquidations and other corporate reorganizations (collectively,
"Merger Transactions").  The types of equity securities in which the Fund
primarily invests include common stocks and preferred stocks of any size market
capitalization. The Fund may invest without limitation in securities of foreign
companies.

The Advisor's investment technique, sometimes referred to as "merger arbitrage,"
is a highly specialized investment approach designed to profit from the
successful completion of Merger Transactions. In pursuing its strategy, the
Advisor may employ investment techniques that involve leverage, such as short
selling, borrowing against a line of credit for investment purposes and
purchasing and selling options. The Fund may employ these investment techniques
without limit, subject to the Investment Company Act of 1940, as amended (the
"1940 Act"). The approach most frequently utilized by the Fund involves
purchasing the shares of an announced acquisition target company at a discount
to its expected value upon completion of the acquisition. The Advisor may engage
in selling securities short under certain circumstances, such as when the terms
of a proposed acquisition call for the exchange of common stock and/or other
securities. In such a case, the common stock of the company to be acquired may
be purchased and, at approximately the same time, an equivalent amount of the
acquiring company's common stock and/or other securities may be sold short. The
Fund may enter into equity swap agreements for the purpose of attempting to
obtain a desired return on, or exposure to, certain equity securities or equity
indices in an expedited manner or at a lower cost to the Fund than if the Fund
had invested directly in such securities.

The Advisor employs a research-driven process that aims to identify investment
opportunities with favorable risk/reward trade-offs within the following
guidelines:  

1)  Securities are evaluated for purchase after the public announcement of a      
    corporate event or restructuring.                                             
  
2)  Proprietary analysis is done to consider the strategic rationale of the       
    transaction, the financial resources of the parties involved and the liquidity
    of the securities.                                                            
  
3)  Securities are typically purchased if the Advisor believes the potential      
    return from its investment sufficiently compensates the Fund in light of the  
    risks involved, including the risk that the transaction may not be completed  
    and the length of time until completion of the transaction.                   
  
4)  The potential risk/reward of the position is assessed on an ongoing basis and
    continuously monitored.                                                       
  
Most of the Fund's positions are held until the completion of the transaction.
Positions may be sold prior to the completion of the transaction when the
companies involved in the transaction no longer meet the Fund's expected return
criteria taking into account prevailing market prices and the relative risk of
the transaction. The Advisor expects that the Fund's active or frequent trading
of portfolio securities will result in a portfolio turnover rate in excess of
100% on an annual basis.

The Fund is non-diversified, which means that it can invest a greater percentage
of its assets in any one issuer than a diversified fund. Investing in fewer
issuers makes a fund more susceptible to financial, economic or market events
impacting such issuers and may cause the Fund's share price to be more volatile
than the share price of a diversified fund.

Principal Risks of Investing in the Fund

Like all mutual funds, losing all or a portion of the money you invested is a
risk of investing in the Fund. The following additional risks could affect the
value of your investment:

·  Merger Arbitrage Risk.  Investments in companies that are the subject of a    
   publicly announced transaction carry the risk that the proposed or expected   
   transaction may not be completed or may be completed on less favorable terms  
   than originally expected, which may lower the Fund's performance.             
  
·  Management Risk. The Fund is subject to management risk because it is an      
   actively managed portfolio. The Advisor's management practices and investment
   strategies might not produce the desired results. The Advisor may be incorrect
   in its assessment of a stock's appreciation potential. The Advisor has not    
   previously managed a mutual fund.                                             

·  Market Risk. The prices of the securities in which the Fund invests may       
   decline for a number of reasons. These reasons may include changing economic  
   circumstances and/or perceptions about the creditworthiness of individual     
   issuers.                                                                      

·  Equity Risk. The risks that could affect the value of the Fund's shares and   
   the total return on your investment include the possibility that the equity   
   securities held by the Fund will experience sudden, unpredictable drops in    
   value or long periods of decline in value.                                
  
·  Non-Diversification Risk. The Fund is non-diversified under the 1940 Act. To  
   the extent that the Fund invests its assets in fewer securities, the Fund is  
   subject to greater risk of loss if any of those securities become permanently
   impaired.                                                                     
  
.  Foreign Securities Risk. The risks of investing in the securities of foreign  
   issuers can include fluctuations in foreign currencies, foreign currency      
   exchange controls, political and economic instability, differences in         
   securities regulation and trading, and foreign taxation issues.               
  
.  Small- and Medium-Sized Company Risk.  Small- and medium-sized companies
   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 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.                                                                    
  
.  Derivatives Risk. The Fund's use of derivatives (which may include options,   
   futures, swaps and forward foreign currency contracts) may reduce the Fund's  
   returns and/or increase volatility. A risk of the Fund's use of derivatives is
   that the fluctuations in their values may not correlate perfectly with the    
   overall securities markets.                                                   
  
.  Leverage and Short Sales Risk. Leverage is the practice of borrowing money to
   purchase securities. Leverage can increase the investment returns of the Fund
   if the securities purchased increase in value in an amount exceeding the cost
   of the borrowing. However, if the securities decrease in value, the Fund will
   suffer a greater loss than would have resulted without the use of leverage.
   A short sale is the sale by the Fund of a security which it does not own in     
   anticipation of purchasing the same security in the future at a lower price to
   close the short position. A short sale will be successful if the price of the
   shorted security decreases. However, if the underlying security goes up in    
   price during the period in which the short position is outstanding, the Fund  
   will realize a loss. The risk on a short sale is unlimited because the Fund   
   must buy the shorted security at the higher price to complete the transaction.
   Therefore, short sales may be subject to greater risks than investments in    
   long positions.                                                               

.  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.        
  
.  New Fund Risk. The Fund is new with no 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.

Performance

When the 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.kellnerfunds.com or by calling the Fund toll-free
at 855-KELLNER (855-535-5637).

[1] Other expenses are based on estimated Fund expenses for the current fiscal year.

[2] Kellner Management, L.P. (the "Advisor") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses) in order to limit Net Annual Fund Operating Expenses to 1.75% and 1.50% of average daily net assets of the Fund's Class A and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least August 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.