Niemann Tactical Return Fund (Prospectus Summary) | Niemann Tactical Return Fund

NIEMANN TACTICAL RETURN FUND

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 16 of the Fund's statutory Prospectus and the "Breakpoints/Volume
Discounts and Sales Charge Waivers" section on page 34 of the Fund's Statement
of Additional Information ("SAI").

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Niemann Tactical Return Fund	Class A	Class C
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%
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)

Annual Fund Operating Expenses Niemann Tactical Return Fund		Class A	Class C
Management Fees		1.00%	1.00%
Distribution and Service (Rule 12b-1) Fees		0.25%	1.00%
Shareholder Servicing Plan Fees	[1]	0.15%	0.15%
Other Expenses (includes Shareholder Servicing Plan Fees)	[1]	1.12%	1.12%
Acquired Fund Fees and Expenses		0.31%	0.31%
Total Annual Fund Operating Expenses		2.68%	3.43%
Less: Fee Waiver and Expense Reimbursement	[2]	(0.62%)	(0.62%)
Net Annual Fund Operating Expenses		2.06%	2.81%

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:

If you redeem your shares at the end of the period:

Expense Example Niemann Tactical Return 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
Class A	699	1,235	1,797	3,319
Class C	384	996	1,731	3,671

If you do not redeem your shares at the end of the period:

Expense Example, No Redemption Niemann Tactical Return Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A	699	1,235	1,797	3,319
Class C	284	996	1,731	3,671

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. During the most recent fiscal year, the Fund's portfolio turnover
rate was 578.14% of the average value of its portfolio.

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,
exchange-traded funds ("ETFs") and mutual funds that invest in fixed-income,
money market and equity securities, and in exchange-traded notes ("ETNs"). The
types of equity securities in which the Fund will directly invest include common
stocks, preferred stocks, and American Depositary Receipts ("ADRs"). In addition
to investing in ADRs, the Fund may invest in foreign securities (including those
from emerging markets) that trade on U.S. exchanges and through its investments
in mutual funds and ETFs. 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, and in ETNs.              

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.                                                                  
  
·  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.       
  
·  Derivatives Risk. An underlying ETF's or mutual fund's use of derivatives may
   reduce the underlying ETF's or mutual fund's returns and/or increase          
   volatility. A risk of derivatives is that the fluctuations in their values may
   not correlate perfectly with the overall securities markets. Additionally,    
   derivatives are also subject to liquidity risk, interest rate risk, market    
   risk, credit risk and management risk.                                        

·  ETN Risk. ETNs are notes representing unsecured debt of the issuer. The value
   of an ETN may be influenced by time to maturity, level of supply and demand   
   for the ETN, volatility and lack of liquidity in underlying commodities       
   markets, changes in the applicable interest rates, changes in the issuer's    
   credit rating and economic, legal, political or geographic events that affect
   the referenced commodity.                                                     

·  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, ETFs and ETNs 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 the Fund's assets
   can decline as can the value of the Fund's distributions.                     
  
·  High-Yield Securities Risk. The debt securities held by underlying mutual     
   funds, ETFs and ETNs that are rated below investment grade (i.e. "junk bonds")
   are subject to additional risk factors such as an increased 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.                
   
·  Newer Fund Risk. The Fund is relatively new with limited 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       
   objective. 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

The following performance information provides some indication of the risks of
investing in the Fund. The bar chart shows the annual return for the Fund's
Class A shares for one year and does not reflect the sales charge imposed on
purchases. If such sales charges were reflected, returns would be less than
those shown. The table shows how the Fund's average annual returns for one year
and since inception compare with those of several broad measures of market
performance, as well as a blended index representing one-third of each of these
broad measures of market performance. The Fund's past performance, before and
after taxes, is not necessarily an indication of how the Fund will perform in
the future. 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.

Calendar Year Return as of December 31, 2011 - Class A

^[1]

During the period of time shown in the bar chart, the highest return for a
calendar quarter was 2.56% for the quarter ended March 31, 2011 and the
lowest return for a calendar quarter was -8.86% for the quarter ended
September 30, 2011.

Average Annual Total Returns (for the period ended December 31, 2011)

Average Annual Total Returns Niemann Tactical Return Fund	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class A	Return Before Taxes		(16.84%)	(8.31%)	Mar. 29, 2010
Class A After Taxes on Distributions	Return After Taxes on Distributions		(16.92%)	(8.36%)	Mar. 29, 2010
Class A After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares		(10.92%)	(7.04%)	Mar. 29, 2010
Class C	Return Before Taxes		(14.02%)	(6.24%)	Mar. 29, 2010
Barclays Capital Global Aggregate Bond Index	Barclays Capital Global Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		5.64%	6.67%	Mar. 29, 2010
MSCI EAFE Index	MSCI EAFE Index (reflects no deduction for fees, expenses or taxes)		(12.14%)	(3.41%)	Mar. 29, 2010
Russell 3000® Index	Russell 3000® Index (reflects no deduction for fees, expenses or taxes)		1.03%	6.19%	Mar. 29, 2010
Blended Index	Blended Index (reflects no deduction for fees, expenses or taxes)	[1]	(1.81%)	3.44%	Mar. 29, 2010

The after-tax returns were 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] Effective January 1, 2012, the Fund's shareholder servicing plan fee accrual was reduced from 0.50% of the Fund's average daily net assets to 0.15% of the Fund's average daily net assets. The reduction to the shareholder servicing plan fee accrual will remain in effect at least through June 27, 2013 and any increase must first be approved by the Trust's Board of Trustees (the "Board"). Accordingly, "Other Expenses" have been restated to reflect current fees.

[2] Niemann Capital Management, Inc. (the "Advisor") has contractually agreed to waive all or a portion of its management fees and 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 Caps"). The Expense Caps will remain in effect through at least June 27, 2013, and may be terminated only by 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] The Blended Index is a combination of one-third of the Barclays Capital Global Aggregate Bond Index, one-third of the MSCI EAFE Index and one-third of the Russell 3000® Index.

[1] The Fund's year-to-date return as of March 31, 2012 was 3.85%