Even Keel Premium Income Fund

EVEN KEEL PREMIUM INCOME FUND

Investment Objective:

The Even Keel Premium Income Fund (the “Portfolio”) seeks to provide income while preserving capital.

Fees and Expenses of the Portfolio:

This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio. However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. You should review the insurance contract prospectus for a complete description of fees and expenses.

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

Annual Fund Operating Expenses Even Keel Premium Income Fund		Class 1 Shares	Class 2 Shares
Management Fees		0.60%	0.60%
Distribution and/or Service (12b-1) Fees		0.25%	none
Other Expenses	[1]	0.10%	0.10%
Acquired Fund Fees and Expenses	[1][2]	0.75%	0.75%
Total Annual Fund Operating Expenses	[1]	1.70%	1.45%

Example:

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example Even Keel Premium Income Fund (USD $)	1 Year	3 Years
Class 1 Shares	173	536
Class 2 Shares	148	459

Portfolio Turnover:

The Portfolio 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. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance.

Principal Investment Strategies:

The Portfolio may purchase or sell (i) equity securities of domestic large capitalization companies, (ii) call options on equity securities of domestic large capitalization companies, (iii) call options on the S&P 500 Index, (iv) futures contracts on the S&P 500 Index, (v) exchange-traded funds (“ETFs”) that track the S & P 500, (vi) call options on S&P 500 ETFs, (vii) S&P 500 buy/write ETFs (S&P 500 ETFs that use a covered call strategy), and (viii) futures contracts on U.S. Treasuries. The Portfolio will short sell these securities and also hold cash positions. The Portfolio defines a large capitalization company as one whose market capitalization falls within the range of the S&P 500 Index, which as of December 31, 2012 was between $1.6 billion and $500.6 billion. The market capitalization of companies in the index changes with market conditions and the composition of the index.

The adviser utilizes a covered call (or buy / write) strategy as part of the investment strategy of the Portfolio. This strategy is used in an effort to generate income for the portfolio by collecting premiums from the sale of call options. The adviser attempts to match call options that have been sold with holdings in the securities or indices on which the options are based. In addition, the adviser uses a proprietary risk management strategy, the Milliman Managed Risk Strategy ™, in an effort to manage risk within the Portfolio. By combining the covered call strategy with the Milliman Managed Risk Strategy, the adviser attempts to generate consistent income for the Portfolio and to reduce market risk.

Principal Investment Risks:

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Portfolio. The Portfolio is not intended to be a complete investment program. The principal risks of investing in the Portfolio are:

• Credit Risk: Issuers might not make payments on debt securities, resulting in losses. Credit quality of securities may be lowered if an issuer’s financial condition changes, also resulting in losses.

• Derivatives Risk. Even a small investment in derivatives (which include options, futures and other transactions) may give rise to leverage risk (which can increase volatility and magnify the Portfolio’s potential for loss), and can have a significant impact on the Portfolio’s performance. Derivatives are also subject to credit risk (the counterparty may default) and liquidity risk (the Portfolio may not be able to sell the security or otherwise exit the contract in a timely manner).

• ETF Risk: The cost of investing in the Portfolio will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

• Futures Risk: Futures contract short positions may not provide an effective hedge because changes in futures contract prices may not track those of the ETFs they are intended to hedge. Futures create leverage, which can magnify the Portfolio’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Portfolio’s share price.

• Limited History of Operations. The Portfolio is a new mutual fund and has a limited history of operations for investors to evaluate.

• Management Risk. The adviser’s judgments about the attractiveness, value and potential appreciation of particular security or derivative in which the Portfolio invests or sells short may prove to be incorrect and may not produce the desired results.

• Market Risk: Overall securities market risks may affect the value of securities held by the Portfolio. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the securities and futures markets.

• Option Risk: The Portfolio may lose the entire put or call option premium paid if the reference asset or index does not decrease below or rise above the respective strike price before expiration. Options may not be an effective hedge because they may have imperfect correlation to the value of the Portfolio’s assets.

• Short Position Risk: The Portfolio will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. The Portfolio’s losses are potentially large in a short position transaction.

• Turnover Risk. A higher portfolio turnover may result in higher transactional and brokerage costs.

Performance:

Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. In the future, Portfolio performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 1-855-645-5462.

[1] Estimated for the current fiscal year.

[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Portfolios financial highlights because the financial statements include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies.