Schooner Global Absolute Return Fund (Prospectus Summary) | Schooner Global Absolute Return Fund

Schooner Global Absolute Return Fund

Investment Objective.

The investment objective of the Schooner Global Absolute Return Fund (the "Fund") is

capital appreciation while maintaining a low or negative correlation over time with

the major equity indices.

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) None

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

Annual Fund Operating Expenses		Schooner Global Absolute Return Fund
Management Fees		1.65%
Other Expenses	[1]	0.68%
Total Annual Fund Operating Expenses		2.33%
Fee Waiver/ Expense Reimbursement		(0.38%)
Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement	[2]	1.95%

Example.

This example is intended to help you compare the costs 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 limitation for the

first year of each period).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Schooner Global Absolute Return Fund	198	612

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

Total Annual Fund Operating Expenses or in the Example, affect the Fund's

performance.

Principal Investment Strategies.

The Fund seeks to generate positive absolute returns (in other words, positive

gains measured as a percentage of the Fund's investment portfolio over a

period of time) without tracking the performance of any traditional indexes

through a combination of long and short positions in derivative instruments,

such as futures contracts (including currency, index and commodity futures),

swaps and forward currency contracts. The Advisor will allocate the Fund's

investments to provide the Fund with exposure to global equity, bond, currency

and commodities markets in proportions consistent with the Advisor's evaluation

of their expected risks and returns. The Fund uses derivatives rather than

investing directly in these asset classes as a low-cost, effective means to

gain exposure to these asset classes. The Fund may also invest in exchange

traded funds ("ETFs") and exchange traded notes ("ETNs") to provide exposure

to these markets and asset classes. In addition, the Fund invests in fixed

income securities including securities of varying maturities and durations,

and securities of any investment grade, including those rated below investment

grade by a nationally recognized statistical ratings organization ("NRSRO"),

commonly referred to as "junk bonds" or "high yield bonds."



Under normal market conditions, the Fund will invest in, or have exposure to,

securities of issuers from at least three different countries (including the

United States), with at least 40% of the Fund's net assets invested in foreign

securities or derivative instruments with exposure to foreign securities,

including emerging markets securities. Investments are deemed to be "foreign"

if: (a) an issuer's domicile or location of headquarters is in a foreign

country; (b) an issuer derives a significant proportion (at least 50 percent) of

its revenues or profits from goods produced or sold, investments made, or

services performed in a foreign country or has at least 50 percent of its assets

situated in a foreign country; (c) the principal trading market for a security

is located in a foreign country; or (d) it is a foreign currency. The Fund's

investments in derivative securities, ETFs and ETNs will be considered to be

"foreign" if the underlying assets represented by the investment are determined

to be foreign using the foregoing criteria.



The Fund does not have a maximum or minimum allocation or target exposure to any

one type of derivative instrument or asset class, except that at least 40% of

the Fund's net assets will be invested in foreign securities or derivative

instruments with exposure to foreign securities, including emerging markets

securities. To construct the Fund's investment portfolio, the Advisor applies

proprietary models that use value, momentum and analysis of other economic

components to estimate an investment's expected return:



o  Value signals indicate when a security, group of securities or asset class may

   be trading for less than their intrinsic values based on fundamental measures.



o  Momentum signals indicate the short-term trading behavior of individual

   securities within an asset classes, or the asset classes themselves.



o  "Strategic" economic components provide a long-term expected return estimate

   that is separate from and combined with the expected return estimates

   generated from value and momentum signals. An example of a strategic component

   is a long-term, historical average return of an investment strategy, asset

   class or a macroeconomic estimate of a strategy's long-term expected return.



The Advisor's proprietary models also estimate the potential risk of each

investment opportunity based on the volatility of the individual investment and

in correlation to the Fund's other investments. When selecting investments for

the Fund's portfolio, the Advisor's models consider both expected returns and

risk-contributions. Other factors, such as liquidity and transaction costs, may

also affect the Advisor's decision to purchase a security for the Fund.



The Fund will sell an investment during portfolio rebalancing periods when the

Fund's holdings in that investment are larger than the allocation suggested by

the Advisor's investment models or when a more attractive investment becomes

available. The Fund is non-diversified under federal securities laws, which

means that it may invest a high percentage of its assets in a limited number of

securities. The Adviser may engage in active trading of the Fund's portfolio

investments to achieve the Fund's investment objective.

Principal Risks.

Before investing in the Fund, you should carefully consider your own investment

goals, the amount of time you are willing to leave your money invested, and the

amount of risk you are willing to take. Remember that in addition to possibly not

achieving your investment goals, you could lose money by investing in the Fund.

The principal risks of investing in the Fund are:



o  Management Risk. The risk that strategies and sub-strategies employed by the

   Advisor in selecting investments and asset allocations for the Fund may not

   result in an increase in the value of your investment or in overall

   performance equal to other investments.



o  General Market Risk. The risk that the value of the Fund's shares will

   fluctuate based on the performance of the Fund's investments and other factors

   affecting the securities markets generally.



o  Derivatives Risk. Derivatives, including futures, swaps and forward foreign

   currency contracts, may be more volatile than investments directly in the

   underlying securities, involve additional costs and may involve a small

   initial investment relative to the risk assumed. In addition, the value of a

   derivative may not correlate perfectly to the underlying securities index or

   overall securities markets. Specific types of derivative securities are also

   subject to a number of additional risks, such as:



o  Futures Risk. Futures contracts may be more volatile than investments directly

   in the underlying securities, involve additional costs and may involve a small

   initial investment relative to the risk assumed.



o  Swap Agreement Risk. A swap contract may not be assigned without the consent

   of the counterparty, and may result in losses in the event of a default or

   bankruptcy of the counterparty.



o  Liquidity Risk. The risk that the Fund may not be able to sell or close out a

   derivative instrument.



o  Interest Rate Risk. The risk that underlying investments may lose value due to

   interest rate changes.



o  Credit Risk. The risk that underlying investments may lose value due to

   borrowers defaulting or failing to pay back debt.



o  Commodities Markets Risk. Exposure to commodity markets through investments in

   commodities futures contracts may subject the Fund to greater volatility than

   investments in traditional securities. This is because the value of companies

   in commodity-related businesses may be affected by overall market movements

   and other factors affecting the value of a particular industry or commodity,

   such as weather, disease, embargoes, or political and regulatory developments.



o  Short Sales Risk. The risk on a short sale is the risk of loss if the value of

   a security sold short increases prior to the delivery date, since the Fund

   must pay more for the security than it received from the purchaser in the

   short sale. Therefore, the risk of loss may be unlimited.



o  Foreign and Emerging Market Securities Risk. Foreign investments may carry

   risks associated with investing outside the United States, such as currency

   fluctuation, economic or financial instability, lack of timely or reliable

   financial information or unfavorable political or legal developments. Those

   risks are increased for investments in emerging markets.



o  Currency and Forward Currency Contracts Risks. Changes in foreign currency

   exchange rates will affect the value of what the Fund owns and the Fund's

   share price. Generally, when the U.S. dollar rises in value against a foreign

   currency, an investment in that foreign currency loses value because it is

   worth fewer U.S. dollars. Devaluation of a currency by a country's government

   or banking authority also will have a significant impact on the value of any

   investments denominated in that currency. Currency markets generally are not

   as regulated as securities markets. Investments in forward currency contracts

   could minimize the risk of loss due to a decline in the value of the hedged

   currency, but may also limit any potential gain from an increase in the value

   of the currency.



o  Exchange Traded Fund Risk. When the Fund invests in an ETF, it will bear

   additional expenses based on its pro rata share of the ETF's operating

   expenses, including the potential duplication of management fees. The risk of

   owning an ETF generally reflects the risks of owning the underlying securities

   the ETF holds. The Fund also will incur brokerage costs when it purchases and

   sells ETFs.



o  Exchange-Traded Note Risk. 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 the underlying securities' 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 index. In addition,

   the notes issued by ETNs and held by a fund are unsecured debt of the issuer.



o  Equity Market Risk. The Fund will be exposed to equity market risk through its

   investment in derivative instruments and direct investments in equity

   securities. Common stocks are susceptible to general stock market fluctuations

   and to volatile increases and decreases in value as market confidence in and

   perceptions of their issuers change. Preferred stocks are subject to the risk

   that the dividend on the stock may be changed or omitted by the issuer, and

   that participation in the growth of an issuer may be limited.



o  Debt Securities Risk. The Fund will be exposed to debt securities risk through

   its investment in derivative instruments and direct investments in debt

   securities. Interest rates may go up resulting in a decrease in the value of

   debt securities. Investments in debt securities include credit risk, which is

   the risk that an issuer will not make timely payments of principal and

   interest. There is also the risk that a bond issuer may "call," or repay, its

   high yielding bonds before their maturity dates. Debt securities subject to

   prepayment can offer less potential for gains during a declining interest rate

   environment and similar or greater potential for loss in a rising interest

   rate environment. Rising interest rates could cause prepayments of the

   obligation to decrease, extending the life of debt securities with lower

   payment rates. This is known as extension risk. Limited trading opportunities

   for certain debt securities may make it more difficult to sell or buy a

   security at a favorable price or time.



o  High-Yield Fixed Income Securities Risk. The fixed income securities held by

   the Fund that are rated below investment grade are subject to additional risk

   factors such as increased possibility of default, illiquidity of the security,

   and changes in value based on public perception of the issuer. Such securities

   are generally considered speculative because they present a greater risk of

   loss, including default, than higher rated debt securities.



o  High Portfolio Turnover Rate Risk. A high portfolio turnover rate (100% or

   more) has the potential to result in increased brokerage transaction costs and

   the realization by the Fund, and distribution to shareholders, of a greater

   amount of capital gains than if the Fund had a low portfolio turnover rate,

   which may lower the Fund's return. This may mean that you could have a higher

   income tax liability. Distributions to shareholders of short-term capital

   gains are taxed as ordinary income under federal income tax laws.



o  Risk of Non-Diversification. The Fund is non-diversified under federal

   securities laws, which means that it may invest a high percentage of its

   assets in a limited number of securities. Since the Fund is non-diversified,

   its net asset value ("NAV") and total returns may fluctuate or fall more in

   times of weaker markets than a diversified mutual fund.



o  Leverage Risk. Investments in derivative instruments and selling securities

   short involve the use of leverage. Leverage can increase the investment

   returns of the Fund. However, if the securities decrease in value, the Fund

   will suffer a greater loss than would have resulted without the use of

   leverage. The Fund will maintain long positions in securities available for

   collateral, consisting of cash, cash equivalents and other liquid securities,

   to comply with applicable legal requirements.



o  Tax Risk. There is the risk that the Fund's investment strategies,

   specifically its investments in derivative instruments, may subject the Fund

   to special tax rules, the effect of which may be to accelerate income to the

   Fund, defer losses to the Fund, cause adjustments in the holding periods of

   the Fund's securities, convert long-term capital gains into short-term capital

   gains or convert short-term capital losses into long-term capital losses.



o  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 of Trustees may determine to liquidate the Fund.

Performance.

Effective on November 4, 2011, the Nakoma Absolute Return Fund (the

"Predecessor Fund"), a series of Nakoma Mutual Funds, was reorganized into the

Fund (the "Reorganization"). Nakoma Capital Management, LLC (the "Predecessor

Advisor") served as the investment advisor to the Predecessor Fund. The

performance of the Predecessor Fund is not relevant to investors because the

Predecessor Fund was managed by the Predecessor Advisor. The Advisor does not

and never has controlled the Predecessor Advisor. In addition, the Advisor does

not employ any officers or employees of the Predecessor Advisor who were

responsible for providing investment advisory or portfolio management services

to the Predecessor Fund. Performance information for the Fund will be included

in future prospectuses after the Fund has completed one calendar year of

operations under the Advisor.

[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.

[2] Pursuant to an operating expenses limitation agreement between the Fund's investment advisor, Schooner Investment Group, LLC (the "Advisor") and the Fund, the Advisor has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of interest and tax expenses, brokerage commissions, extraordinary and non-recurring expenses, acquired fund fees and expenses ("AFFE") and dividends and interest on short positions) do not exceed 1.95% of the Fund's average net assets. The expense limitation will remain in effect through at least June 1, 2021, and may be terminated only by the Trust's Board of Trustees (the "Board of Trustees"). The Advisor is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitation on the Fund's expenses.