niemann_497k.htm

NIEMANN TACTICAL RETURN FUND

Summary Prospectus

March 29, 2010

Trading Symbol: NCMTX (Class A Shares)

NCMCX (Class C Shares)

www.ncmfunds.net

Before you invest, you may want to review the Fund’s statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated March 29, 2010, are incorporated by reference into this Summary Prospectus. You can find the Fund’s statutory prospectus, statement of additional information and other information about the Fund online at www.ncmfunds.net/forms_literature.php. You can also get this information at no cost by calling the Fund toll-free at 1-877-626-6080 or by sending an email request to orders@ncm.net.

Investment Objective

The Niemann Tactical Return Fund (the “Fund”) seeks long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Class A or Class C 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 $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in the “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 29 of the Fund’s Statement of Additional Information (“SAI”).

	Class A Shares	Class C Shares
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.00%	None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	None	1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends	None	None
Redemption Fee (as a percentage of amount redeemed on shares held 90 days or less)	1.00%	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees		1.00%		1.00%
Distribution and Service (Rule 12b-1) Fees		0.25%		1.00%
Other Expenses (includes Shareholder Servicing Plan Fees)(1)		4.49%		4.49%
Shareholder Servicing Plan Fees	0.50%		0.50%
Acquired Fund Fees and Expenses(2)		1.00%		1.00%
Total Annual Fund Operating Expenses		6.74%		7.49%
Less: Fee Waiver and Expense Reimbursement(3)		-3.99%		-3.99%
Net Annual Fund Operating Expenses		2.75%		3.50%

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(1)	Other expenses are based on estimated customary Fund expenses for the current fiscal year.

(2)	Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

(3)

Niemann Capital Management, Inc. (the “Advisor”) has contractually agreed to waive all or a portion of its management fees and/or pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses (“AFFE”), interest, taxes and extraordinary expenses) do not exceed 1.75% of average daily net assets of the Fund’s Class A shares and 2.50% of average daily net assets of the Fund’s Class C shares. The expense limitations will remain in effect through at least June 30, 2011, and may be terminated only by the Trust’s Board of Trustees (the “Board”).

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 limitations in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Class A shares	1 Year	3 Years
If you redeem your shares at the end of the period:	$764	$2,051
If you do not redeem your shares at the end of the period:	$764	$2,051

Class C shares	1 Year	3 Years
If you redeem your shares at the end of the period:	$453	$1,835
If you do not redeem your shares at the end of the period:	$353	$1,835

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 the 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 typically invest in a broad universe of equity securities of issuers of any size market capitalization and in exchange-traded funds (“ETFs”) and mutual funds that invest in fixed-income, money market and equity securities. The types of equity securities in which the Fund will directly invest include common stocks, preferred stocks, and American Depositary Receipts (“ADRs”). The Fund may also invest in mutual funds that hold options, warrants and futures and in ETFs and commodity pools that invest in commodities.

The Advisor uses an active allocation strategy to directly respond to movements in the market by identifying whether a security is strengthening or weakening within its market sector. Market sectors are defined as collections of securities based on a common characteristic. Those common characteristics can be based on asset class, (e.g., fixed-income or equity), industry group or sector, value or growth, international or domestic or even market capitalization. The Advisor performs trend analysis to confirm the identification, and then purchases securities that are strengthening or are in a market sector that is gaining strength. Therefore, the Fund has discretion to invest in any market sector depending on market conditions and the Advisor’s analysis.

The factors used to determine whether to purchase or sell a security are based on a proprietary system developed by the Advisor. First, the Advisor employs quantitative analysis to assess data over a number of distinct timeframes. In considering each of these periods of time, investment opportunities are analyzed and scored for both positive and negative characteristics. For example, an investment opportunity is rewarded for such things as: low volatility relative to its peers, upward movement during a flat market, completing a time period above its moving average, or for an upward trend that bridges more than one timeframe. Conversely, an investment opportunity is penalized for: above-average volatility relative to its peers, negative returns in a flat market, or completing a time period below its moving average. In summary, the negatives and positives are combined to determine an individual investment opportunity’s score. Subsequently, this score is utilized to rank each investment opportunity in descending priority order.

The Fund expects that it will invest, under normal circumstances:

1.	From 0% to 100% in equity securities that trade on U.S. exchanges, including ETFs and mutual funds that invest in domestic and international equity securities, including emerging market equity securities; and

2.	From 0% to 100% in ETFs and mutual funds that invest in fixed-income securities of any maturity and any credit quality.

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.

The Fund’s strategy is to reduce portfolio risk and overall loss while seeking to achieve superior returns to its benchmark over a complete market cycle. The benchmark for this portfolio is a combination of one-third of the Russell 3000® Index, which represents a broad-based universe of U.S. equities, one-third of the Barclays Capital Global Aggregate Bond Index, which represents a broad-based measure of the global investment-grade fixed-income markets, and one-third of the MSCI EAFE Index, which represents a broad-based view of international equity markets.

The Fund may temporarily depart from its principal investment strategies by making short-term investments in cash, cash equivalents, money market mutual funds or inverse mutual fund or ETF positions for temporary defensive purposes in response to adverse market, economic or political conditions or based on the Advisor’s analysis.

The Advisor will sell a security if, based on the outcome of its proprietary investment process, it has shown a consistent and substantial drop in its ranking over multiple time periods. The Advisor’s active allocation strategy is likely to cause the Fund to have an annual portfolio turnover rate that may exceed 200%.

Principal Risks of Investing in the Fund

Losing all or a portion of your investment is a risk of investing in the Fund. The following principal risks could affect the value of your investment:

·	Management Risk. Management risk means that your investment in the Fund varies with the success and failure of the Advisor’s investment strategies and the Advisor’s research, analysis and determination of portfolio securities. The Fund’s Advisor has not previously managed a mutual fund.

·	Equity Market Risk. Either the stock market as a whole, or the value of an individual company, goes down resulting in a decrease in the value of the Fund.

ETF and Mutual Fund Risk. When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF’s or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs.

·	Credit Risk. The issuers of the bonds and other debt securities held by the underlying mutual funds and ETFs in which the Fund invests may not be able to make interest or principal payments.

·	Interest Rate Risk. In general, the value of bonds and other debt securities held by underlying mutual funds and ETFs falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.

·	Inflation Risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.

High-Yield Securities Risk. The debt securities held by underlying mutual funds and ETFs that are rated below investment grade (i.e. “junk bonds”) are subject to additional risk factors such as increase possibility of default liquidation of the security, and changes in value based on public perception of the issuer.

Foreign Securities Risk. The Fund may invest directly in foreign securities that trade on U.S. exchanges and through its investments in underlying mutual funds and ETFs. Foreign securities are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund’s investments.

Emerging Markets Risk. The Fund may invest directly in emerging market securities that trade on U.S. exchanges and through its investments in underlying mutual funds and ETFs. Emerging markets may have less developed legal structures and political systems, and the small size of their securities markets and low trading volumes can make investments illiquid and more volatile than investments in more developed foreign countries.

·	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.

·	Non-Diversification Risk. The Fund has the ability to take larger positions in a smaller number of issuers than a diversified fund and the Fund’s share price may therefore be more volatile than the share price of a diversified fund.

Small and Medium Companies Risk. Investing in securities of small and medium capitalization companies may involve greater volatility than investing in larger and more established companies because small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies.

Defensive Position Risk. If the Fund takes a temporary defensive position in response to adverse conditions, the Fund may not achieve its investment objectives. For example, should the market advance during this period, the Fund may not participate as much as it would have if it had been more fully invested.

Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the potential to result in the realization by the Fund and distribution to shareholders of a greater amount of short-term capital gains than if the Fund had a low portfolio turnover rate. This may mean that you would be likely to have a higher tax liability. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal tax laws. When purchasing Fund securities through a broker, high portfolio turnover generally involves correspondingly greater brokerage commission expenses, which must be borne directly by 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.ncmfunds.net or by calling the Fund toll-free at 1-877-626-6080.

Management

Investment Advisor. Niemann Capital Management, Inc. is the Fund’s investment adviser.

Portfolio Managers. Donald W. Niemann, founder and President, and Alan Alpers, CFA are principally responsible for the day-to-day management of the Fund’s portfolio and serve as co-portfolio managers of the Fund. They have been responsible for the Fund’s portfolio management since its inception in March 2010.

Purchase and Sale of Fund Shares

You may purchase or redeem Fund shares on any business day by written request via mail (Niemann Tactical Return Fund, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701), by wire transfer, by telephone at 1-877-626-6080, or through a financial intermediary. The minimum initial and subsequent investment amounts are shown below, although the Fund may reduce or waive them in some cases.

Minimum Investments	To Open Your Account	To Add to Your Account
Regular Accounts	$2,500	$250
Individual Retirement Accounts (“IRAs”) (Traditional, Roth, SEP, and SIMPLE IRAs)	$1,000	Any amount
401(k), Pension or Other Types of ERISA Accounts	Any amount	Any amount
Automatic Investment Plan accounts	$2,500	$100

Tax Information

The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the Fund and/or its Advisor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.