Al Frank Fund (Prospectus Summary) | Al Frank Fund

Al Frank Fund

Investment Objective

The investment objective of the Al Frank Fund is 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
shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Al Frank Fund	Investor Class	Advisor Class
Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less)	2.00%	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Al Frank Fund		Investor Class	Advisor Class
Management Fee		1.00%	1.00%
Distribution and Service (Rule 12b-1) Fees		0.25%	none
Other Expenses		0.43%	0.43%
Total Annual Fund Operating Expenses	[1]	1.68%	1.43%
Less: Fee Waiver and/or Expense Reimbursement		(0.18%)	(0.18%)
Net Annual Fund Operating Expenses	[2]	1.50%	1.25%

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

Expense Example Al Frank Fund (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
Investor Class	153	512	896	1,972
Advisor Class	127	435	765	1,698

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 annual fund operating expenses or in the Example, affect the
Fund's performance. During the most recent fiscal year, the Fund's portfolio
turnover rate was 34.88% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Under normal market conditions, the Advisor selects equity securities that it
believes are out of favor and undervalued. The Advisor then attempts to purchase
the securities and hold them until it believes that the securities have reached
their fair value.
  
The Advisor selects equity securities consisting of common stocks and
securities having the characteristics of common stocks, such as preferred
stocks, convertible securities, rights and warrants. The Fund may invest in
securities of foreign issuers ("foreign securities"), provided that they are
publicly traded in the United States, including in American Depositary Receipts
("ADRs"). The Advisor screens a universe of more than 6,000 stocks in order to
identify those with low price-to-earnings ratios, price-to-book values, and
price-to-revenues ratios relative to its historical norms, its industry peers or
the overall market.  The Advisor utilizes these and other fundamental valuation
metrics as well as its assessments of a company's long-term growth prospects and
risk characteristics, in order to establish a target price for each stock. The
target price represents the price at which the Advisor believes the stock is
fairly valued. Those stocks with significant appreciation potential relative to
these target prices and perceived risk characteristics become available for
selection. The Advisor employs a go-anywhere style focused on uncovering
undervalued stocks independent of market capitalization. The Fund's portfolio is
expected to hold both dividend and non-dividend paying stocks and seeks broad
market diversification via exposure to a significant number of major market
sectors and industry groups.

The Advisor may sell positions as they reach or approach their target price, if
a lower target price results from a reassessment of earnings or valuation
multiples, or if a more attractive stock is identified.

To earn additional income, the Fund, through its agent, may lend its portfolio
securities to broker-dealers amounting to no more than 33-1/3% of the total
assets of the Fund (including any collateral posted) or 50% of the total assets
of the Fund (excluding any collateral posted). When the Fund loans its portfolio
securities, it will receive collateral equal to at least 102% of the value of
the loaned securities.

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 additional risks could affect the value of your investment:

·  Management Risk - The Fund's ability to achieve its investment objective      
   depends on the ability of the Advisor to correctly identify economic trends   
   and select stocks, particularly in volatile stock markets.                    

·  Market Risk - The value of stocks and other securities the Fund holds or the  
   overall stock market may decline over short or extended periods.              

·  Small- and Medium-Sized Companies Risk - Small- and medium-sized companies may
   be more vulnerable to adverse business or economic events than stocks of      
   larger companies. These stocks present greater risks than securities of       
   larger, more diversified companies.                                           

·  Equity Risk - The equity securities held in the Fund's portfolio may          
   experience sudden, unpredictable drops in value or long periods of decline
   in value. This may occur because of factors that affect securities markets       
   generally or factors affecting specific industries, sectors or companies in   
   which the Fund invests.                                                       

·  Securities Lending Risk - There are certain risks associated with securities  
   lending, including the risk that when lending portfolio securities, the       
   securities may not be available to the Fund on a timely basis and the Fund    
   may, therefore, lose the opportunity to sell the securities at a desirable    
   price.                                                                        

·  Value Style Investing Risk - The Advisor follows an investing style that      
   favors value investments. The value investing style may over time go in and   
   out of favor. At times when the value investing style is out of favor, the    
   Fund may underperform other funds that use different investing styles.        

·  Foreign Securities Risk - The Fund may also invest in foreign securities which
   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.                                                           

If you are looking for current income or short-term market gain, you should not
invest in the Fund as it is designed for long-term investing.

Performance

The following performance information provides some indication of the risks of
investing in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual returns for 1, 5 and 10 years
and since inception compare with those of a broad measure of market performance,
as well as an index that reflects the market sectors in which the Fund
invests. The Fund's past performance, before and after taxes, is not necessarily
an indication of how it will perform in the future. Updated performance
information is available on the Fund's website at www.alfrankfunds.com or by
calling the Fund toll-free at 888.263.6443.

Al Frank Fund - Investor Class Calendar Year Total Returns as of 12/31

During the period of time shown in the bar chart, the Fund's highest quarterly
return was 30.95% for the quarter ended June 30, 2003, and the lowest quarterly
return was -27.79% for the quarter ended September 30, 2002.

Average Annual Total Returns as of December 31, 2011

Average Annual Total Returns Al Frank Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception
Investor Class	Return Before Taxes	(4.60%)	(2.16%)	5.28%	9.09%	[1]
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	(7.76%)	(3.14%)	4.64%	8.51%	[1]
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	1.22%	(1.79%)	4.64%	8.16%	[1]
Advisor Class	Return Before Taxes	(4.40%)	(1.89%)	5.44%	9.21%	[1]
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	(0.25%)	2.92%	3.66%	[1]
Russell 3000® Index	Russell 3000® Index (reflects no deduction for fees, expenses, or taxes)	1.03%	(0.01%)	3.51%	4.01%	[1]

The 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. Actual after-tax returns depend on an investor's tax situation
and may differ from those shown, and after-tax returns are not relevant to
investors who hold shares of the Fund through tax-deferred arrangements, such
as 401(k) plans or individual retirement accounts ("IRAs").

The Return after Taxes on Distributions and Sale of Fund Shares is higher
than other return figures when a capital loss occurs upon the redemption of
Fund shares.

[1] The Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets Before Fee Waivers in the "Financial Highlights," which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE"). For the fiscal year ended December 31, 2011, the Fund incurred AFFE totaling 0.01% or less of the Fund's average daily net assets; these AFFE are included in "Other Expenses" above.

[2] Al Frank Asset Management, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and pay Fund expenses of the Al Frank Fund to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 1.49% of the average daily net assets of the Investor Class and 1.24% of the average daily net assets of the Advisor Class (the "Expense Caps"). The Expense Caps will remain in effect through at least April 30, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Advisor may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.

[1] Investor Class shares commenced operations on January 2, 1998; Advisor Class shares commenced operations on April 30, 2006. Performance shown prior to the inception of the Advisor Class reflects the performance of the Investor Class and includes expenses that are not applicable to and are higher than those of the Advisor Class.