ALPHAONE MICRO CAP EQUITY FUND

PROSPECTUS

Prices and performance for other share classes may vary.

* Daily share class NAV history and total net assets as of last close. ** As of 3/28/13.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 855.4.ALPHAONE (1.855.425.7426).

Expense ratios are as follows: I shares 1.85% (gross), 1.54% (net), Investor shares 6.00% (gross), 1.79% (net). The Fourth Quarter Average Expense Ratios are 1.80% for the Investor shares, and 1.55% for the I shares. The quarterly expense ratio reflects the average of the actual daily expenses incurred for this share class over a three-month period and does not reflect waivers in effect. Actual expenses incurred over a different or longer time period may vary. Inception for all classes is 3/31/11. The advisor has contractually agreed to waive fees beyond 1.54% and 1.79% for the I and Investor classes respectively until 3/1/2014. Additional waivers are voluntary and may be discontinued at any time. In the absence of such fee waivers, total return would be reduced. There is a 2% redemption fee on shares held less than 90 days.

To determine if this Fund is an appropriate investment for you, carefully consider the Funds investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 855.4.ALPHAONE (1.855.425.7426). Read the prospectus carefully before investing or sending money.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. There can be no assurance that the Fund will achieve its stated objectives.

AlphaOne Funds are distributed by SEI Investments Distribution Co., which is not affiliated with AlphaOne Investment Services, LLC or any of its affiliates.

AlphaOne mutual funds are available to U.S. investors only.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.

PROSPECTUS

* Portfolio data is subject to change and is as of 3/28/13. ** Return on Assets (ROA), Return on Equity (ROE).

To determine if this Fund is an appropriate investment for you, carefully consider the Funds investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 855.4.ALPHAONE (1.855.425.7426). Read the prospectus carefully before investing or sending money. There is a 2% redemption fee on shares held less than 90 days.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. There can be no assurance that the Fund will achieve its stated objectives.

AlphaOne Funds are distributed by SEI Investments Distribution Co., which is not affiliated with AlphaOne Investment Services, LLC or any of its affiliates.

AlphaOne mutual funds are available to U.S. investors only.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.