INVESTMENT OBJECTIVE

FUND FEES AND EXPENSES

Shareholder Fees AlphaOne U.S. Equity Long Short Fund	I Class Shares	Investor Class Shares	R Class Shares
Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days)	2.00%	2.00%	2.00%

Annual Fund Operating Expenses AlphaOne U.S. Equity Long Short Fund		I Class Shares	Investor Class Shares	R Class Shares
Management Fees		1.25%	1.25%	1.25%
12b-1 Fees		none	0.25%	0.25%
Dividend and Interest Expense on Securities Sold Short	^[1]	0.20%	0.20%	0.20%
Shareholder Servicing Fees		none	none	0.25%
Other Operating Expenses	^[1]	0.80%	0.80%	0.80%
Total Other Expenses	^[1]	1.00%	1.00%	1.25%
Acquired Fund Fees and Expenses	^[2]	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses		2.26%	2.51%	2.76%
Less Fee Reductions and/or Expense Reimbursements		(0.05%)	(0.05%)	(0.05%)
Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements	^[3]	2.21%	2.46%	2.71%

[1]	"Dividend and Interest Expense on Securities Sold Short," "Other Operating Expenses" and "Total Other Expenses" are based on estimated amounts for the current fiscal year.
[2]	Total Annual Fund Operating Expenses, both before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly by the Fund as a result of investment in shares of other investment companies (each, an "acquired fund"). Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.
[3]	AlphaOne Investment Services, LLC (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, dividend and interest expense on securities sold short, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 2.00% of the Fund's average daily net assets until April 1, 2012. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and 2.00% to recapture all or a portion of its fee reductions or expense reimbursements made during the preceding three-year period during which this agreement was in place. This agreement may be terminated: (i) by the Board, for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 1, 2012.

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 (including one year of capped expenses in each
period) remain the same.

Expense Example AlphaOne U.S. Equity Long Short Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
I Class Shares	224	702
Investor Class Shares	249	777
R Class Shares	274	851

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
total annual fund operating expenses or in the example, affect the Fund's
performance.

AlphaOne Investment Services, LLC (the "Adviser"), the Fund's adviser, seeks to
achieve long-term capital appreciation for the Fund by investing long and short
in publicly-traded equity securities and listed options based on a fundamental
research process and a hedged portfolio discipline.  In selecting securities
for the Fund, the Adviser seeks to create a portfolio that generates positive
absolute returns with low correlation and low volatility when compared to the
broad equity market.

The Fund buys long and sells short positions in common stocks, American
Depository Receipts (ADRs), exchange traded funds (ETFs), and listed options
contracts on common equity securities, ADRs, indices and ETFs. The Fund may
invest in equity securities of firms of any market capitalization and across
multiple industry sectors. The Fund's ETF investments may include ETFs designed
to provide investment results that match a positive or negative multiple of the
performance of an underlying index.

With a long position, the Fund purchases a security outright; with a short
position, the Fund sells a security that it has borrowed. When the Fund sells a
security short, it borrows the security from a third party and sells it at the
then current market price. The Fund is then obligated to buy the security at a
later date so that it can return the security to the lender. Short positions
are used to hedge long positions and to seek positive returns in instances
where the Adviser believes a security's price will decline. The Fund will
either realize a profit or incur a loss from a short position, depending on
whether the value of the underlying stock decreases or increases, respectively,
between the time it is sold and when the Fund replaces the borrowed security.

The Fund's maximum gross equity market exposure (long market value + short
market value) is 200%. The Fund may reinvest the proceeds of its short sales by
taking additional long positions, thus allowing the Fund to maintain long
positions in excess of 100% of its net assets.

The Fund's expected net equity market exposure (long market value -- short
market value) is variable within a targeted range of -10% to +30%.

The Adviser employs a systematic fundamental research process to select
securities for long and short positions in the Fund. This research process
includes quantitative evaluation, proprietary firm-level modeling, and primary
fundamental research which may include meetings with firm management, due
diligence visits to factories and key physical assets, reference checks, and
interviews with a firm's customers, competitors and suppliers, where
appropriate. On behalf of the Fund, the Adviser buys and/or covers short
positions in securities that are identified as undervalued and sells and/or
takes short positions in securities that are identified as overvalued.

The Adviser's research focuses on elements of fundamental change in firms and
industry sectors, including changes in: management, strategy, regulation,
business mix (through acquisition and divestitures, new introductions), product
cycles (and obsolescence), capital structure, balance sheet, access to credit,
competitive dynamics (including changes in pricing,  and new competitors),
input costs, and other fundamental factors. The Adviser attempts to forecast
how these types of fundamental dynamics may drive revisions to expectations for
a firm's growth rates, earnings and cash flow, and possible revaluation of the
equity security.  The Adviser develops and maintains proprietary models to (i)
test the sensitivity of earnings forecasts to changes in assumptions around
growth rates, expenditures, margins and other fundamental factors and (ii)
compare versus consensus expectations. The Adviser considers valuations
relative to a firm's historical and forecasted earnings, cash flows, assets and
other metrics as well as relative to a firm's own valuation history and mean
and extreme valuations of comparable firms. Modeling and valuation analysis are
critical steps for the Adviser in characterizing a candidate position as
overvalued or undervalued and developing an expected target price for active
and candidate positions in the Fund.  The Adviser seeks to anticipate event
paths for potential revaluation and trades actively to increase/decrease long
and short position sizing accordingly. The Adviser will sell (close) a long
position or buy (cover) a short position for the Fund as expectancy of the
investment idea diminishes due to a favorable revaluation of the security
and/or if new fundamental developments change the expectancy of the investment
idea in a negative direction.

When considering new investment ideas for the Fund and overall portfolio risk
exposures, the Adviser evaluates the suitability of multiple position
structures and hedges. The Adviser's goal in constructing the portfolio is to
balance long and short position exposures to maintain low net directional
exposure to the equity market overall and to factors such as economic sector,
security liquidity, and geographic risks in particular.

Listed options are employed strategically to pursue certain asymmetric
risk/reward returns and to hedge other exposures in the portfolio. The Adviser
will not write uncovered or "naked options" which would expose the Fund to
undefined loss scenarios.

The Fund may be largely or completely un-invested for short periods of time.
The Adviser believes the option to reduce capital at risk is a critical tool in
protecting investor capital in certain market environments. Even for short
periods of time in typical market environments, the Adviser favors protecting
capital rather than risking exposure in marginal or low-conviction opportunities.

Under normal circumstances, the Fund invests 80% of its assets in U.S. equity
securities. This investment policy may be changed by the Fund upon 60 days'
prior notice to shareholders. For purposes of the Fund's 80% investment policy
in U.S. equity securities, the Adviser considers (i) a U.S. company to be a
company whose securities are listed on a U.S. exchange or available on the U.S.
over-the-counter (OTC) market, including foreign companies whose securities
trade in the United States through ADRs; and (ii) equity securities to include
financial instruments with economic characteristics that are driven by the
performance of an equity security, including listed options.

As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT
INSURED OR GUARANTEED BY THE FDIC OR ANY GOVERNMENT AGENCY. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.

EQUITY RISK -- Since it purchases equity securities, the Fund is subject to the
risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the
Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or
economic trends and developments.  The prices of securities issued by such
companies may suffer a decline in response. These factors contribute to price
volatility, which is the principal risk of investing in the Fund.

SMALL- AND MID-CAPITALIZATION COMPANY RISK -- The small- and mid-capitalization
companies in which the Fund may invest may be more vulnerable to adverse
business or economic events than larger, more established companies.  In
particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product
lines, markets and financial resources, and may depend upon a relatively small
management group. Therefore, small- and mid- capitalization stocks may be more
volatile than those of larger companies.  These securities may be traded over
the counter or listed on an exchange.

INVESTMENTS IN ETFS RISK -- ETFs are pooled investment vehicles, such as
registered investment companies and grantor trusts, whose shares are listed and
traded on U.S. stock exchanges or otherwise traded in the over-the-counter
market. To the extent that the Fund invests in ETFs, the Fund will be subject
to substantially the same risks as those associated with the direct ownership
of the securities comprising the index on which the ETF is based, and the value
of the Fund's investment will fluctuate in response to the performance of the
underlying index. ETFs typically incur fees that are separate from those of the
Fund. Accordingly, the Fund's investments in ETFs will result in the layering
of expenses such that shareholders will indirectly bear a proportionate share
of the ETFs' operating expenses, in addition to paying Fund expenses. Because
the value of ETF shares depends on the demand in the market, shares may trade
at a discount or premium and the Adviser may not be able to liquidate the
Fund's holdings at the most optimal time, which could adversely affect the
Fund's performance.

LEVERAGED ETF RISK -- Leveraged ETFs contain all of the risks that
non-leveraged ETFs present. Additionally, to the extent the Fund invests in
ETFs that achieve leveraged exposure to their underlying indexes through the
use of derivative instruments, the Fund will indirectly be subject to
leveraging risk.  The more these ETFs invest in derivative instruments that
give rise to leverage, the more this leverage will magnify any losses on those
investments. Leverage will cause the value of an ETF's shares to be more
volatile than if the ETF did not use leverage. This is because leverage tends
to exaggerate the effect of any increase or decrease in the value of an ETF's
portfolio securities or other investments. A leveraged ETF will engage in
transactions and purchase instruments that give rise to forms of leverage. Such
transactions and instruments may include, among others, the use of reverse
repurchase agreements and other borrowings, the investment of collateral from
loans of portfolio securities, the use of when issued, delayed-delivery or
forward commitment transactions or short sales. The use of leverage may also
cause a leveraged ETF to liquidate portfolio positions when it would not be
advantageous to do so in order to satisfy its obligations or to meet
segregation requirements. Certain types of leveraging transactions, such as
short sales that are not "against the box," could theoretically be subject to
unlimited losses in cases where a leveraged ETF, for any reason, is unable to
close out the transaction. In addition, to the extent a leveraged ETF borrows
money, interest costs on such borrowed money may not be recovered by any
appreciation of the securities purchased with the borrowed funds and could
exceed the ETF's investment income, resulting in greater losses. The value of a
leveraged ETF's shares will tend to increase or decrease more than the value of
any increase or decrease in its underlying index due to the fact that the ETF's
investment strategies involve consistently applied leverage.  Such ETFs often
"reset" daily, meaning that they are designed to achieve their stated
objectives on a daily basis. Due to the effect of compounding, their
performance over longer periods of time can differ significantly from the
performance (or inverse of the performance) of their underlying index or
benchmark during the same period of time. This effect may be enhanced during
the periods of increased market volatility. Consequently, leveraged ETFs may
not be suitable as long-term investments.

INVERSE ETF RISK -- Inverse ETFs contain all of the risks that regular ETFs
present. Additionally, to the extent the Fund invests in ETFs that seek to
provide investment results that match a negative multiple of the performance of
an underlying index, the Fund will indirectly be subject to the risk that the
performance of such ETF will fall as the performance of that ETF's benchmark
rises -- a result that is the opposite from traditional mutual funds.

LEVERAGED INVERSE ETF RISK -- Leveraged inverse ETFs contain all of the risks
that regular ETFs present. Additionally, these unique ETFs also pose all of the
risks associated with other leveraged ETFs as well as other inverse ETFs. These
investment vehicles are extremely volatile and can expose an investor to
theoretically unlimited losses.

SHORT SALES RISK -- Short sales are transactions in which the Fund sells a
security it does not own. The Fund must borrow the security to make delivery to
the buyer. The Fund is then obligated to replace the security borrowed by
purchasing the security at the market price at the time of replacement. The
price at such time may be higher or lower than the price at which the security
was sold by the Fund. If the underlying security goes down in price between the
time the Fund sells the security and buys it back, the Fund will realize a gain
on the transaction. Conversely, if the underlying security goes up in price
during the period, the Fund will realize a loss on the transaction. Because the
market price of the security sold short could increase without limit, the Fund
could be subject to a theoretically unlimited loss. The risk of such price
increases is the principal risk of engaging in short sales.

In addition, the Fund's investment performance may suffer if the Fund is
required to close out a short position earlier than it had intended. This would
occur if the securities lender required the Fund to deliver the securities the
Fund borrowed at the commencement of the short sale and the Fund was unable to
borrow the securities from another securities lender or otherwise obtain the
security by other means. Moreover, the Fund may be subject to expenses related
to short sales that are not typically associated with investing in securities
directly, such as costs of borrowing and margin account maintenance costs
associated with the Fund's open short positions. These expenses negatively
impact the performance of the Fund. For example, when the Fund short sells an
equity security that pays a dividend, it is obligated to pay the dividend on
the security it has sold. However, a dividend paid on a security sold short
generally reduces the market value of the shorted security and thus, increases
the Fund's unrealized gain or reduces the Fund's unrealized loss on its short
sale transaction. To the extent the dividend that the Fund is obligated to pay
is greater than the return earned by the Fund on investments, the performance
of the Fund will be negatively impacted. Furthermore, the Fund may be required
to pay a premium or interest to the lender of the security. The foregoing types
of short sale expenses are sometimes referred to as the "negative cost of
carry," and will tend to cause the Fund to lose money on a short sale even in
instances where the price of the underlying security sold short does not change
over the duration of the short sale. The Fund is also required to segregate
other assets on its books to cover its obligation to return the security to the
lender which means that those other assets may not be available to meet the
Fund's needs for immediate cash or other liquidity.

DERIVATIVES RISK -- The Fund may invest in derivatives. Derivatives are often
more volatile than other investments and may magnify the Fund's gains or
losses. There are various factors that affect the Fund's ability to achieve its
objective with derivatives. Successful use of a derivative depends upon the
degree to which prices of the underlying assets correlate with price movements
in the derivatives the Fund buys or sells. The Fund could be negatively
affected if the change in market value of its securities fails to correlate
perfectly with the values of the derivatives it purchased or sold. The lack of
a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its
objective and to realize profits or limit losses. Since derivatives may be
purchased for a fraction of their value, a relatively small price movement in a
derivative may result in an immediate and substantial loss or gain to the Fund.
Derivatives are often more volatile than other investments and the Fund may
lose more in a derivative than it originally invested in it. There can be no
assurance that the Adviser's use of derivatives will be successful in achieving
their intended goals.

Additionally, derivative instruments, particularly market access products, are
subject to counterparty risk, meaning that the party that issues the derivative
may experience a significant credit event and may be unwilling or unable to
make timely settlement payments or otherwise honor its obligations.

The Fund may purchase or sell options, which involve the payment or receipt of
a premium by the investor and the corresponding right or obligation, as the
case may be, to either purchase or sell the underlying security for a specific
price at a certain time or during a certain period. Purchasing options involves
the risk that the underlying instrument will not change price in the manner
expected, so that the investor loses its premium.  Selling options involves
potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium
payment received (which could result in a potentially unlimited loss).
Over-the-counter options also involve counterparty risk.

HEDGING RISK -- The Fund may use derivative instruments for hedging purposes.
Hedging through the use of these instruments does not eliminate fluctuations in
the underlying prices of the securities that the Fund owns or intends to
purchase or sell. While entering into these instruments tends to reduce the
risk of loss due to a decline in the value of the hedged asset, such
instruments also limit any potential gain that may result from the increase in
value of the asset. To the extent that the Fund engages in hedging strategies,
there can be no assurance that such strategy will be effective or that there
will be a hedge in place at any given time.

The Fund is new, and therefore has no performance history. Once the Fund has
completed a full calendar year of operations, a bar chart and table will be
included that will provide some indication of the risks of investing in the
Fund by showing the variability of the Fund's return based on net assets and
comparing the Fund's performance to a broad measure of market performance.