WHG DIVIDEND GROWTH FUND (Prospectus Summary) | WHG DIVIDEND GROWTH FUND

WHG DIVIDEND GROWTH FUND

INVESTMENT OBJECTIVE

The investment objective of the WHG Dividend Growth Fund (the "Fund") is to

seek long-term growth of capital.

FUND FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold

Institutional Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Annual Fund Operating Expenses		WHG DIVIDEND GROWTH FUND INSTITUTIONAL CLASS SHARES
Management Fees		0.75%
Other Expenses		0.28%
Acquired Fund Fees and Expenses		0.01%
Total Annual Fund Operating Expenses	[1]	1.04%
Less Fee Reductions and/or Expense Reimbursements		(0.03%)
Total Annual Fund Operating Expenses After Fee Reductions and/or Reimbursements	[1][2]	1.01%

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 (including one year of capped expenses in each period)

remain the same.

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
WHG DIVIDEND GROWTH FUND INSTITUTIONAL CLASS SHARES	103	328	571	1,268

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

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

performance. During its most recent fiscal year, the Fund's portfolio turnover

rate was 66% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to invest primarily in the stocks of domestic and foreign

companies of any size, from larger, well-established companies, which are

preferred by the Adviser, to smaller companies. Under normal circumstances, the

Fund will invest at least 80% of its net assets (plus any borrowings for

investment purposes) in dividend paying equity securities. For purposes of this

policy, dividend paying equity securities include common stock, preferred

stock, Real Estate Investment Trusts ("REITs"), royalty trusts and trust

preferred securities.  The Adviser pursues the Fund's objective by investing

primarily in the stocks of companies that exhibit the potential for significant

long-term appreciation. The Fund may invest up to 50% of its net assets in the

securities of foreign issuers that are publicly traded in the United States or

on foreign exchanges, including American Depositary Receipts ("ADRs"). The Fund

may also invest up to 10% of its net assets in fixed income obligations (I.E.,

U.S. Treasury and agency obligations, corporate debt securities and convertible

bonds), up to 5% of which may be in fixed income securities rated below

investment grade ("junk bonds" or "high-yield securities"). The Adviser

generally makes use of fundamental analytical techniques that combine

quantitative analysis screens with fundamental analysis by the Adviser's equity

investment team to determine which particular stocks to purchase and sell, and

will consider the sale of securities from the Fund's portfolio when the reasons

for the original purchase no longer apply. The Adviser's "quantitative analysis

screens" utilize financial data to rank a universe of stocks by quality and

valuation factors. The investment team's fundamental analysis includes, but is

not limited to, discounted cash flow analysis, assessment of a company's

private market value, evidence of a company's ability to reinvest capital in

growth initiatives, the ability and resolve of a company to return capital to

shareholders through cash dividends and stock repurchases, and a company's

ability to generate excess cash beyond operating needs.



The Fund may also invest in REITs. The Fund will typically invest up to 5% of

its net assets in REITs, but can invest a higher percentage in REITs if REIT

valuations and fundamental prospects are compelling. The Fund will not invest

more than 20% of its net assets in REITs.



In addition, the Fund may use index options and individual stock options for

hedging purposes. At any one time, the combined value of options may be up to

5% of the Fund's net assets.

PRINCIPAL RISKS OF INVESTING IN THE FUND

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.



DERIVATIVES RISK. The Fund may purchase and write call and put options. When

the Fund purchases a put option, it buys the right to sell the instrument

underlying the option at a fixed strike price. In return for this right, the

Fund pays the current market price for the option (known as the "option

premium"). The Fund would ordinarily realize a gain if, during the option

period, the value of the underlying securities decreased below the exercise

price sufficiently to cover the premium and transaction costs. However, if the

price of the underlying instrument does not fall enough to offset the cost of

purchasing the option, a put buyer would lose the premium and related

transaction costs. Call options are similar to put options, except that the

Fund obtains the right to purchase, rather than sell, the underlying instrument

at the option's strike price. The Fund would ordinarily realize a gain if,

during the option period, the value of the underlying instrument exceeded the

exercise price plus the premium paid and related transaction costs. Otherwise,

the Fund would realize either no gain or a loss on the purchase of the call

option.



Derivatives may be 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 investment 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 enters into. The

Fund could be negatively affected if the change in market value of its

securities fails to correlate perfectly with the values of its derivatives

positions.



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 investment objective or to realize profits or limit losses.



The Fund can gain market exposure using derivatives by paying a fraction of the

market value of the investments underlying those derivatives. Thus, a

relatively small price movement in the underlying investment may result in an

immediate and substantial gain or loss to the Fund. Derivatives may be more

volatile than other investments and the Fund may lose more in a derivative than

the original cost of opening the derivative position.



DIVIDEND PAYING STOCKS RISK. The Fund's emphasis on dividend-paying stocks

involves the risk that such stocks may fall out of favor with investors and

underperform the market. Also, a company may reduce or eliminate its dividend.



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.



FIXED INCOME RISK.  The prices of the Fund's fixed income securities respond to

economic developments, particularly interest rate changes, as well as to

perceptions about the creditworthiness of individual issuers. Generally, the

Fund's fixed income securities will decrease in value if interest rates rise

and vice versa, and the volatility of lower-rated securities is even greater

than that of higher-rated securities. Also, longer-term securities are

generally more volatile, so the average maturity or duration of these

securities affects risk. Credit risk is the possibility that an issuer will

fail to make timely payments of interest or principal or go bankrupt. The lower

the ratings of such debt securities, the greater their risks.  In addition,

these risks are often magnified for securities rated below investment grade,

often referred to as "junk bonds," and adverse changes in economic conditions

or market perception are likely to cause issuers of these securities to be unable

to meet their obligations to repay principal and interest to investors.



FOREIGN COMPANY RISK.  Investing in foreign companies, including direct

investments and through ADRs which are traded on U.S. exchanges and represent

an ownership interest in a foreign security, poses additional risks since

political and economic events unique to a country or region will affect those

markets and their issuers.  These risks will not necessarily affect the U.S.

economy or similar issuers located in the United States. In addition,

investments in foreign companies are generally denominated in a foreign

currency. As a result, changes in the value of those currencies compared to the

U.S. dollar may affect (positively or negatively) the value of the Fund's

investments. These currency movements may occur separately from, and in

response to, events that do not otherwise affect the value of the security in

the issuer's home country. While ADRs provide an alternative to directly

purchasing the underlying foreign securities in their respective national

markets and currencies, investments in ADRs continue to be subject to many of

the risks associated with investing directly in foreign securities.



GROWTH STOCKS RISK. Growth stocks typically invest a high portion of their

earnings back into their business and may lack the dividend yield that could

cushion their decline in a market downturn. Growth stocks may be more volatile

than other stocks because they are more sensitive to investor perceptions

regarding the growth potential of the issuing company.



HEDGING RISK. The Fund may purchase and write put and call options on

securities and securities indices 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.



HIGH YIELD BOND RISK.  High yield, or non-investment grade or "junk" bonds are

highly speculative securities that are usually issued by smaller, less

creditworthy and/or highly leveraged (indebted) companies. Compared with

investment-grade bonds, high yield bonds are considered to carry a greater

degree of risk and are considered to be less likely to make payments of

interest and principal. In particular, lower-rated high yield bonds (CCC, CC,

or C) are subject to a greater degree of credit risk than higher-rated high

yield bonds and may be near default. High yield bonds rated D are in default.

Market developments and the financial and business conditions of the

corporation issuing these securities generally influences their price and

liquidity more than changes in interest rates, when compared to

investment-grade debt securities. Insufficient liquidity in the non-investment

grade bond market may make it more difficult to dispose of non-investment grade

bonds and may cause the Fund to experience sudden and substantial price

declines. A lack of reliable, objective data or market quotations may make it

more difficult to value non-investment grade bonds accurately.



MANAGEMENT RISK. The Fund is subject to the risk that a strategy used by the

Fund's management may fail to produce the intended result.



REIT RISK. REITs are pooled investment vehicles that own, and usually operate,

income-producing real estate.  REITs are susceptible to the risks associated

with direct ownership of real estate, such as the following: declines in

property values; increases in property taxes, operating expenses, interest

rates or competition; overbuilding; zoning changes; and losses from casualty or

condemnation. REITs typically incur fees that are separate from those of the

Fund. Accordingly, the Fund's investments in REITs will result in the layering

of expenses such that shareholders will indirectly bear a proportionate share

of the REITs' operating expenses, in addition to paying Fund expenses.



ROYALTY TRUST RISK. The Fund may invest in royalty trusts. A royalty trust

generally acquires an interest in natural resource companies and distributes

the income it receives to the investors of the royalty trust. A sustained

decline in demand for crude oil, natural gas and refined petroleum products

could adversely affect income and royalty trust revenues and cash flows.

Factors that could lead to a decrease in market demand include a recession or

other adverse economic conditions, an increase in the market price of the

underlying commodity, higher taxes or other regulatory actions that increase

costs, or a shift in consumer demand for such products. A rising interest rate

environment could adversely impact the performance of royalty trusts. Rising

interest rates could limit the capital appreciation of royalty trusts because

of the increased availability of alternative investments at more competitive

yields. The Fund's investment in royalty trusts may result in the layering of

expenses such that shareholders will indirectly bear a proportionate share of

the royalty trusts' operating expenses, in addition to paying Fund expenses.



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-cap stocks may be more volatile

than those of larger companies. These securities may be traded over-the-counter

or listed on an exchange.



TRUST PREFERRED SECURITIES. Trust preferred securities are preferred stocks

issued by a special purpose trust subsidiary backed by subordinated debt of the

corporate parent. These securities typically bear a market rate coupon

comparable to interest rates available on debt of a similarly rated company.

The securities are generally senior in claim to standard preferred stock but

junior to other bondholders. Trust preferred securities are subject to unique

risks, which include the fact that dividend payments will only be paid if

interest payments on the underlying obligations are made, which interest

payments are dependent on the financial condition of the parent corporation and

may be deferred for up to 20 consecutive quarters. There is also the risk that

the underlying obligations, and thus the trust preferred securities, may be

prepaid after a stated call date or as a result of certain tax or regulatory

events, resulting in a lower yield to maturity.

PERFORMANCE INFORMATION

The bar chart and the performance table below illustrate the risks and

volatility of an investment in Institutional Shares of the Fund by showing

changes in the Fund's Institutional Shares' performance from year to year and

by showing how the Fund's Institutional Shares' average annual returns for the

1 year, 5 year and since inception periods compare with those of a broad

measure of market performance. Of course, the Fund's past performance (before

and after taxes) does not necessarily indicate how the Fund will perform in the

future.



Updated performance information for the Fund is available on the Fund's website

at www.whgfunds.com or by calling 1-877-FUND-WHG.



The following information illustrates some of the risks of investing in the

Fund. The bar chart shows how performance of the Fund has varied from calendar

year to calendar year. Returns are based on past results and are not an

indication of future performance.

BEST QUARTER      WORST QUARTER

   23.00%            (21.36%)

  (06/30/03)          (12/31/08)



The performance information shown above is based on a calendar year. The Fund's

performance from 1/1/2011 to 9/30/2011 was (7.10)%.

After-tax returns are calculated using the historical highest individual

federal marginal income tax rates and do not reflect the impact of state and

local taxes. Your actual after-tax returns will depend on your tax situation

and may differ from those shown. After-tax returns shown are not relevant to

investors who hold their Fund shares through tax-deferred arrangements, such as

401(k) plans or individual retirement accounts.

AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2010

Average Annual Total Returns WHG DIVIDEND GROWTH FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
INSTITUTIONAL CLASS SHARES	FUND RETURNS BEFORE TAXES	9.03%	1.99%	3.35%	Aug. 06, 2001
INSTITUTIONAL CLASS SHARES After Taxes on Distributions	FUND RETURNS AFTER TAXES ON DISTRIBUTIONS	8.77%	1.34%	2.90%	Aug. 06, 2001
INSTITUTIONAL CLASS SHARES After Taxes on Distributions and Sales	FUND RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES	5.87%	1.54%	2.80%	Aug. 06, 2001
S&P 500 Index	S&P 500 INDEX (REFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES)	15.06%	2.29%	2.45%	Aug. 06, 2001

[1] Total Annual Fund Operating Expenses, both before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly as a result of investment in shares of other investment companies (each, an "acquired fund") and do not correlate to the expense ratio in the Fund's Financial Highlights, which reflects only the direct operating expenses incurred by the Fund.

[2] Westwood Management Corp. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements for Institutional Shares (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.00% of the Fund's Institutional Shares' average daily net assets. This contractual arrangement may not be terminated or increased without shareholder approval. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Trust's Board of Trustees (the "Board") may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and 1.00% to recover 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.