SiM Dynamic Allocation Diversified Income Fund (Prospectus Summary) | SiM Dynamic Allocation Diversified Income Fund

SiM Dynamic Allocation Diversified Income Fund (the "Diversified Income Fund")

Investment Objective

The Diversified Income Fund seeks to provide total return, consisting primarily
of growth of income with some long-term capital appreciation.

Fees and Expenses of the Diversified Income Fund

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Diversified Income Fund. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least $100,000
in the SiM Funds. More information about these and other discounts is available
from your financial professional and in the "Shareholder Information" section on
page 18 of the Fund's Prospectus and the "Additional Purchase and Redemption
Information" section on page 35 of the Fund's Statement of Additional Information
("SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees SiM Dynamic Allocation Diversified Income Fund	Class A	Class C	Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	none	1.00%	none

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses SiM Dynamic Allocation Diversified Income Fund		Class A	Class C	Class I
Management Fees		0.75%	0.75%	0.75%
Distribution and Service (Rule 12b-1) Fees		0.25%	1.00%	none
Other Expenses		3.51%	2.20%	3.51%
Acquired Fund Fees and Expenses		0.28%	0.28%	0.28%
Total Annual Fund Operating Expenses	[1]	4.79%	4.23%	4.54%
Less: Fee Waiver and/or Expense Reimbursement	[2]	(3.16%)	(1.85%)	(3.16%)
Net Annual Fund Operating Expenses		1.63%	2.38%	1.38%

Example

This Example is intended to help you compare the cost of investing in the
Diversified Income 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 SiM Dynamic Allocation Diversified Income 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	535	1,490	2,449	4,864
Class C	341	1,116	2,004	4,286
Class I	140	1,086	2,040	4,463

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption (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
SiM Dynamic Allocation Diversified Income Fund Class C	241	1,116	2,004	4,286

Portfolio Turnover

The Diversified Income 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 period, the Fund's portfolio turnover
rate was 13.88% of the average value of its portfolio.

Principal Investment Strategies of the Diversified Income Fund

The Diversified Income Fund is considered a "fund-of-funds" that seeks to achieve
its investment objective by primarily investing in exchange-traded funds ("ETFs")
and other exchange-traded products such as exchange-traded notes ("ETNs"),
exchange-traded trusts and closed-end funds (collectively, with ETFs and ETNs,
"Underlying ETPs"), that offer diversified exposure to various different types of
investments, regions and sectors. The Underlying ETPs can invest in many different
types of investments, such as equities (including common stocks and convertible
securities), debt securities of all maturities and ratings (including corporate
and government debt securities as well as mortgage-backed securities, preferred
stocks and high yield securities ("junk bonds")), commodities and real estate
investment trusts ("REITs"). The Underlying ETPs may also have exposure to
different global regions, foreign countries (including emerging markets), and
investment styles (all market capitalizations, as well as both value and growth
securities).

In addition to investing in Underlying ETPs, the Diversified Income Fund may
also invest a portion of its portfolio directly in REITs and individual fixed
income securities ("Individual Fixed Income Securities") of any maturity, some
of which could include investment grade and below investment grade (such as BBB
or lower by Standard & Poor's Ratings Services or Fitch Ratings and/or Baa or
lower by Moody's Investors Service, Inc.) securities (known as "high yield
securities" or "junk bonds"). Individual Fixed Income Securities in which the
Diversified Income Fund may invest include: corporate bonds, preferred stock,
bank and senior loans, emerging market debt, and Rule 144A securities. The
Underlying ETPs, REITs and Individual Fixed Income Securities are referred to
collectively in this Prospectus as the "Fund Assets."

The Diversified Income Fund seeks to offer the potential for total return from a
high level of income and a low level of capital growth, with exposure to a low
level of principal risk. The Diversified Income Fund generally invests at least
60% of its net assets in fixed income securities and at least 15% of its net
assets in equity securities. No more than half of the fixed income securities
will be invested in high yield securities, whether through the Underlying ETPs
or in Individual Fixed Income Securities.

The Diversified Income Fund allocates its investments in the Fund Assets in
accordance with the Adviser's outlook for the economy, the financial markets
and the relative market valuations of the Fund Assets. The Adviser's outlook
is based on the Adviser's research regarding market forces affecting the
economy, capital markets, and potential investment sectors, and the Adviser's
analysis of historical and projected risk, return, and correlation between the
asset classes considered for each Fund. The Adviser then examines a number of
possible Fund portfolio compositions of available ETF and individual fixed
income security holdings. For potential ETF investments, the Adviser analyzes
every individual underlying security within each potential ETF investment. In
assessing the underlying ETF holdings, the Adviser analyzes equity styles,
sectors, industries, countries, and capitalizations, as well as bond ratings,
maturities, and interest rates. The Diversified Income Fund will sell Fund
Assets or reduce investment exposure among market segments, if appropriate,
when the Adviser's research methodology as described above indicates a low
relative strength of a particular asset class, equity/fixed income style,
size, sector, industry, or country market segment, and that such market
segment(s) is likely to underperform the market as a whole.

Principal Risks of Investing in the Diversified Income Fund

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

Asset Allocation Risk. The selection of the Fund Assets, and the allocation of
the Fund Assets among the various market segments, may cause the Diversified
Income Fund to underperform other funds with a similar investment objective that
do not employ an asset allocation strategy. Because the risks and returns of
different asset classes can vary widely over any given time period, the
Diversified Income Fund's performance could suffer if a particular asset class
does not perform as expected.

Closed-End Fund Risk. Secondary market trading prices of shares of closed-end
funds should be expected to fluctuate and such prices may be higher or lower
than the net asset value ("NAV") of a closed-end fund's portfolio holdings.
There can be no guarantee that shares of a closed-end fund held by the Diversified
Income Fund will not trade at a persistent and ongoing discount. Nor can there be
any guarantee that an active market in shares of closed-end funds held by the
Diversified Income Fund will exist. The Diversified Income Fund may not be able
to sell closed-end fund shares at a price equal to the NAV of the closed-end fund.

Exchange-Traded Investments Risk. The Diversified Income Fund may invest in ETFs
and ETNs. While the risks of owning shares of an ETF or ETN generally reflect
the risks of owning the underlying investments of the ETF or ETN, lack of
liquidity in an ETF or ETN can result in its value being more volatile than the
underlying portfolio investments. While ETFs and ETNs have historically traded
at or near the value of their underlying assets, there is no guarantee that they
will continue to do so and such shares can trade at prices higher or lower than
the value of their underlying assets.
  
Market Risk. The value of securities the Diversified Income Fund holds or the
overall stock market may decline over short or extended periods, which may cause
the value of your investment in the Diversified Income Fund to decrease.

Individual Fixed Income Securities Risk. The following risks associated with the
Diversified Income Fund's investment in fixed income securities are also
applicable to the Underlying ETPs:

·  Credit Risk. The risk that a decline in the credit quality of an investment   
   could cause the Fund's share price to fall. The Fund could lose money if the  
   issuer or guarantor of a portfolio investment or the counterparty to a        
   derivatives contract fails to make timely principal or interest payments or   
   otherwise honor its obligations.                                              

·  Fixed Income Risk. The risk that the securities may be paid off earlier or    
   later than expected. Either situation could cause the Fund to hold securities
   paying lower-than-market rates of interest, which could affect the Fund's     
   yield or share price, sometimes negatively.                                   

·  High Yield Risk. The Fund may invest in high yield securities and unrated     
   securities of similar credit quality (commonly known as "junk bonds"). High   
   yield securities generally pay higher yields (greater income) than investment
   in higher quality securities; however, high yield securities and junk bonds   
   may be subject to greater levels of interest rate, credit and liquidity risk  
   than funds that do not invest in such securities, and are considered          
   predominantly speculative with respect to an issuer's continuing ability to   
   make principal and interest payments.                                         

·  Interest Rate Risk. The risk that an increase in interest rates typically     
   causes a decline in the value of fixed income and other debt securities. Debt
   securities with longer maturities are generally more sensitive to interest    
   rate changes than those with shorter maturities.                              

Real Estate Investment Trusts Risk. Investments in REITs will be subject to
the risks associated with the direct ownership of real estate. Risks commonly
associated with the direct ownership of real estate include fluctuations in
the value of underlying properties, defaults by borrowers or tenants, changes
in interest rates and risks related to general or local economic conditions.
This risk is also applicable to the Underlying ETPs.

Rule 144A Securities Risk. The market for Rule 144A securities typically is
less active than the market for public securities. Rule 144A securities carry
the risk that the trading market may not continue.

Underlying Fund Investment Risk. Through its investments in the Underlying ETPs,
the Diversified Income Fund will be subject to the risks associated with the
Underlying ETPs' investments, including the possibility that the value of the
securities or other assets held by an Underlying ETP could decrease. These risks
include any combination of the risks described below, although the Diversified
Income Fund's exposure to a particular risk will be proportionate to the
Diversified Income Fund's overall allocation and Underlying ETP's asset
allocation. Additionally, the Diversified Income Fund will bear additional
expenses based on its pro rata share of the Underlying ETP's operating expenses,
including the potential duplication of management fees.

·  Commodities Risk. The commodities industries can be significantly affected by
   the level and volatility of commodity prices; world events including international
   monetary and political developments; import controls and worldwide competition;
   exploration and production spending; and tax and other government regulations and
   economic conditions.                               
                                                                                 
·  Concentration Risk. An Underlying ETP may, at various times, concentrate in the
   securities of a particular industry, group of industries, or sector, and when a
   fund is over weighted in an industry, group of industries, or sector, it may be
   more sensitive to any single economic, business, political, or regulatory
   occurrence than a fund that is not over weighted in an industry, group of
   industries, or sector.                                               
                                                                                 
·  Emerging Markets Risk. There is an increased risk of price volatility         
   associated with an Underlying ETP's investments in emerging market countries,
   which may be magnified by currency fluctuations relative to the U.S. dollar.  

·  Equity Risk. The prices of equity securities in which an Underlying ETP       
   invests rise and fall daily. These price movements may result from factors    
   affecting individual companies, industries or the securities market as a      
   whole.                                                                        

·  Foreign Currency Risk. Currency movements may negatively impact the value of  
   an Underlying ETP's investments in securities of foreign issuers even when    
   there is no change in the value of the security in the issuer's home country.
   Under normal circumstances, the Underlying ETPs are not expected to hedge     
   against the risk of currency exchange rate fluctuations, but some Underlying  
   ETPs may reserve the right to do so if there is extreme volatility in currency
   exchange rates.                                                               
                                                                                 
·  Foreign Securities Risk. An Underlying ETP's investments in securities of     
   foreign issuers involve certain risks including, but not limited to, risks of
   adverse changes in foreign economic, political, regulatory and other conditions,
   or changes in currency exchange rates or exchange control regulations (including
   limitations on currency movements and exchanges). In certain countries, legal
   remedies available to investors may be more limited than those available with
   respect to investments in the United States. In addition, the securities of
   some foreign companies may be less liquid and, at times, more volatile than
   securities of comparable U.S. companies.            
                                         
·  "Growth" Investing Risk. An Underlying ETP may pursue a "growth style" of     
   investing. Growth stocks can be volatile for several reasons. Since those     
   companies usually invest a high portion of earnings in their businesses, they
   may lack the dividends of value stocks that can cushion stock prices in a     
   falling market. The prices of growth stocks are based largely on projections  
   of the issuer's future earnings and revenues. If a company's earnings or      
   revenues fall short of expectations, its stock price may fall dramatically.   

·  Income Risk. An Underlying ETP may derive dividend and interest income from   
   certain of its investments. This income can vary widely over the short- and   
   long-term. If prevailing market interest rates drop, distribution rates of an
   Underlying ETP's income producing investments may decline which then may      
   adversely affect the Fund's value.                                            
                                                                                 
·  Interest Rate Risk. An Underlying ETP's investments in fixed income securities
   are subject to the risk that interest rates rise and fall over time. As with  
   any investment whose yield reflects current interest rates, an Underlying     
   ETP's yield will change over time. During periods when interest rates are low,
   an Underlying ETP's yield (and total return) also may be low. To the extent   
   that the investment adviser (or sub-adviser) of an Underlying ETP anticipates
   interest rate trends imprecisely, the Underlying ETP could miss yield         
   opportunities or its share price could fall.                                  

·  Large-Cap Risk. An Underlying ETP may invest in large-cap companies. Returns  
   on investments in stocks of large U.S. companies could trail the returns on   
   investments in stocks of smaller and mid-sized companies.                     

·  Mid-Cap Risk. An Underlying ETP may invest in mid-cap companies. Mid-sized    
   companies may be more volatile and more likely than large-capitalization      
   companies to have limited product lines, markets or financial resources, or   
   depend on a few key employees. Returns on investments in stocks of mid-size   
   companies could trail the returns on investments in stocks of larger or       
   smaller companies.                                                            
                                                                                 
·  Small-Cap Risk. An Underlying ETP may invest in small-cap companies. Small    
   capitalization companies may be more vulnerable than larger, more established
   organizations to adverse business or economic developments. In particular,    
   small capitalization companies may have limited product lines, markets, and   
   financial resources and may be dependent upon a relatively small management   
   group. These securities may be listed on an exchange or trade over-the-counter,
   and may or may not pay dividends. During a period when the performance of
   small-cap stocks lags other types of investments - large-cap stocks, for
   instance - the Underlying ETP's performance could be reduced.     
                                                                                 
·  "Value" Investing Risk. An Underlying ETP may pursue a "value style" of investing.
   "Value style" investing as a strategy may be out of favor in the market for an
   extended period. Value stocks can perform differently from the market as a whole
   and from other types of stocks.

Performance

When the Diversified Income 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.SiM-Funds.com or by calling the Fund
toll-free at 1-855-746-3863 (855-SIM-FUND).

[1] Total Annual Fund Operating Expenses does not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include the 0.28% attributed to acquired fund fees and expenses ("AFFE").

[2] Strategic Income Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses in order to limit the Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) to 1.35%, 2.10% and 1.10% of average daily net assets of the Fund's Class A, Class C and Class I shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least August 28, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser 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.