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<b><font style="font-size:12.0pt; font-family:Times New Roman">Investment Objective</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund seeks to provide a high level of current income with capital appreciation as a secondary objective.</font>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Fees and Expenses of the Fund</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy or hold shares of the Fund.</font>
<p><b>Shareholder Fees</b></p> <font style="font-size:12.0pt; font-family:Times New Roman">(fees paid directly from your investment</font>
<p><b><font style="font-size:12.0pt; font-family:Times New Roman; color:black">Annual Fund Operating Expenses </font></b><font style="font-size:12.0pt; font-family:Times New Roman; color:black"></font></p> <p style="margin-right:-1.8pt; text-align:justify; tab-stops:right dotted 391.5pt">(expenses that you pay each year as a percentage of the value of your investment)</p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Example</font></b><font style="font-size:12.0pt; font-family:Times New Roman">:</font>
<font style="font-size:12.0pt; font-family:Times New Roman">The 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Portfolio Turnover</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover 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. The portfolio turnover rate of the Fund for the fiscal period ended June 30, 2012 was 35%.</font>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">Principal Investment Strategies</font>
<p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:0in; text-align:justify"><font style="color:black" lang="X-NONE">The Fund invests in a non-diversified group of low-quality, high yield U.S. corporate bonds, convertible securities and asset-backed securities.  The Fund may invest without limitation in non-investment grade corporate bonds rated Baa or lower by Moody’s or BBB or lower by S&P (also known as “junk” bonds).  The Fund may also invest in corporate issues that have defaulted.  Because of their low credit quality, these securities typically pay higher interest rates to compensate investors for the substantial credit risk they assume.  While there are no restrictions on maturity, the bonds in the Fund’s portfolio will generally have an average maturity of less than ten years.  The Fund seeks capital appreciation from selling securities above the purchase price.  Bonds may appreciate in value through an improvement in credit quality among other reasons. </font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:0in; text-align:justify"><font style="color:black">            </font><font style="color:black" lang="X-NONE">To select the securities in which to i</font><font lang="X-NONE">nvest, the Advisor con<font style="color:black">ducts fundamental credit research on each issuer.  Securities may be sold when the Advisor believes that they no longer represent relatively attractive investment opportunities.</font></font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:6.0pt; margin-left:0in; text-align:justify"><font style="color:black">            </font><font style="color:black" lang="X-NONE">The Fund invests primarily in, and will choose its investments from, the following types of securities:</font></p> <table style="margin-left:-5.4pt; border-collapse:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="600" style="width:6.25in; padding:0in 0in 0in 0in" valign="bottom"> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; text-align:justify; text-indent:-.25in; tab-stops:list .5in"><font style="font-family:Symbol; color:black">·<font style="font:7.0pt Times New Roman"> </font></font><b><font style="color:black">Corporate debt.</font></b><font style="color:black"> Debt obligations (usually called bonds) are loans by an investor to a corporation. They usually have a set interest rate and term.</font></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify"><font style="color:black"> </font></p> </td> </tr> <tr> <td width="600" style="width:6.25in; padding:0in 0in 0in 0in" valign="bottom"> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; text-align:justify; text-indent:-.25in; tab-stops:list .5in"><font style="font-family:Symbol; color:black">·<font style="font:7.0pt Times New Roman"> </font></font><b><font style="color:black">Preferred stocks.</font></b><font style="color:black"> Preferred stock is corporate stock that pays set dividends to its holders. </font></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify"><font style="color:black"> </font></p> </td> </tr> <tr> <td width="600" style="width:6.25in; padding:0in 0in 0in 0in" valign="bottom"> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; text-align:justify; text-indent:-.25in; tab-stops:list .5in"><font style="font-family:Symbol; color:black">·<font style="font:7.0pt Times New Roman"> </font></font><b><font style="color:black">Convertible securities.</font></b><font style="color:black"> Bonds or preferred stocks which are convertible into, or exchangeable for, common stocks.</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-align:justify"><font style="color:black"> </font></p> </td> </tr> <tr> <td width="600" style="width:6.25in; padding:0in 0in 0in 0in" valign="bottom"> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; text-align:justify; text-indent:-.25in; tab-stops:list .5in"><font style="font-family:Symbol; color:black">·<font style="font:7.0pt Times New Roman"> </font></font><b><font style="color:black">Asset-backed securities.</font></b><font style="color:black"> Asset-backed securities are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables and home equity loans, which pass through the payments on the underlying obligations to the security holders (less servicing fees paid to the originator or fees for any credit enhancement).</font></p> <p style="margin:0in; margin-bottom:.0001pt; text-align:justify"><font style="color:black"> </font></p> </td> </tr> <tr> <td width="600" style="width:6.25in; padding:0in 0in 0in 0in" valign="bottom"> <p style="margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; text-align:justify; text-indent:-.25in; tab-stops:list .5in"><font style="font-family:Symbol; color:black">·<font style="font:7.0pt Times New Roman"> </font></font><b><font style="color:black">Collateralized Mortgage Obligations (CMOs).</font></b><font style="color:black"> CMOs are a specific type of asset backed securities that are collateralized by mortgages or mortgage pass-through securities. </font></p> </td> </tr> </table> <p> </p> <p style="text-indent:0in"><font style="color:windowtext">            The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</font></p>
<font style="font-size:12.0pt; font-family:Times New Roman">Principal Risks of Investing in the Fund</font>
<p style="text-indent:0in">As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font style="color:black" lang="X-NONE">Asset-Backed Security Risk.  </font></b><font style="color:black" lang="X-NONE">When the Fund invests in asset-backed securities, including mortgage-backed securities and CMOs, the Fund is subject to the risk that, if the issuer fails to pay interest or repay principal, the assets backing these securities may not be         sufficient to support payments on the securities.  </font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">Convertible Securities Risk</font></b><font lang="X-NONE">.</font><font style="font-size:10.0pt" lang="X-NONE"> </font><font lang="X-NONE">Convertible securities are hybrid securities that have characteristics of both fixed income and equity securities and are subject to risks associated with both fixed income and equity securities.</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">Credit Risk. </font></b><font lang="X-NONE">Credit risk may be substantial for the Fund (the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the Fund’s total return).</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">Income Risk. </font></b><font lang="X-NONE">Income risk is the risk that the income from the Fund’s portfolio will decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio’s current earnings rate.</font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">Interest Rate Risk. </font></b><font lang="X-NONE">Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.</font></p> <p style="margin-left:.5in; text-align:justify"><b>Junk Bond Risk.</b>  Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund’s share price.</p> <p style="text-align:justify"> </p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">Lower Quality Debt.</font></b><font lang="X-NONE"> Lower-quality debt securities and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. </font></p> <p style="margin-left:.5in; text-indent:0in"><b>Management Risk</b>.  The portfolio managers’ judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgment will produce the desired results.  </p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b>Market Risk.  </b>Overall stock or bond market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b>Non-diversification Risk. </b>Because a relatively high percentage of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify; tab-stops:list 40.5pt"><b><font lang="X-NONE">Prepayment Risk.  </font></b><font lang="X-NONE">During periods of declining interest rates, prepayment of loans underlying mortgage-backed and asset-backed securities usually accelerates.  Prepayment may shorten the effective maturities of these securities and the Fund may have to reinvest at a lower interest rate. </font></p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b>Security Risk.  </b>The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.  There can be no guarantee the securities held by the Fund will appreciate in value.</p> <p style="margin-top:0in; margin-right:0in; margin-bottom:12.0pt; margin-left:.5in; text-align:justify"><b><font lang="X-NONE">U.S. Agency Securities Risk. </font></b><font lang="X-NONE">The Fund may invest in Securities issued by the U.S. government or its agencies or instrumentalities. Securities issued or guaranteed by federal agencies and U.S. government sponsored entities may or may not be backed by the full faith and credit of the U.S. government.</font></p>
<b><font style="font-size:12.0pt; font-family:Times New Roman">Performance</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">The bar chart and accompanying table shown below provide an indication of the risks of investing in the </font><font style="font-size:12.0pt; font-family:Times New Roman">Fund by showing its performance for each full calendar year and since the Fund commenced operations, and by showing how its average annual returns compare over time with those of a broad measure of market performance.  How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.  Updated performance information is available at no cost by calling 1-<font style="color:black">866-447-4228 and on the Fund’s website at </font></font><font style="font-size:12.0pt; font-family:Times New Roman">www.smhca.com</font><font style="font-size:12.0pt; font-family:Times New Roman">.</font>
<b><font style="font-size:12.0pt; font-family:Times New Roman; color:black">Annual Total Returns</font></b>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">During the period shown in the bar chart, the highest return for a quarter was 6.27% (quarter ended December 31, 2011), and the lowest return for a quarter was (6.95)% (quarter ended  September 30, 2011). </font><font style="font-size:12.0pt; font-family:Times New Roman; color:black">For the year to date period ended September 30, 2012, the total return was 9.01%.</font>
<p style="margin-left:0in; text-align:left; text-indent:0in; tab-stops:22.5pt 63.0pt 94.5pt 121.5pt 148.5pt center 222.0pt left 279.0pt center 294.0pt 366.0pt 438.0pt left 463.5pt 481.5pt 6.75in" align="left"><b><font style="font-size:12.0pt; color:black">Average Annual Total Returns</font></b></p> <p style="text-align:left; tab-stops:center 222.0pt 294.0pt 366.0pt 438.0pt" align="left">(for the periods ended December 31, 2011)</p>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.</font>
<font style="font-size:12.0pt; font-family:Times New Roman">The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</font>
<font style="font-size:12.0pt; font-family:Times New Roman">How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.</font>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">866-447-4228</font>
<font style="font-size:12.0pt; font-family:Times New Roman">www.smhca.com</font>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">highest return for a quarter</font>
2011-12-31
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">lowest return for a quarter</font>
2011-09-30
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font>
<font style="font-size:12.0pt; font-family:Times New Roman; color:black">After-tax returns are not relevant for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.</font>
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The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
The Advisor has contractually agreed to waive all fees and/or reimburse all ordinary expenses of the Fund (other than the indirect costs of investing in other funds) through October 31, 2013 and intends to continue to waive fees and reimburse expenses as long as the Fund is used exclusively for "wrap account" programs. The expense limitation agreement may only be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor.
Fund Inception Date 5/24/2010