S1 Fund (First Prospectus Summary) | S1 Fund

SUMMARY SECTION

Investment Objective

The S1 Fund (the "Fund") seeks to provide long-term capital appreciation with an

emphasis on absolute (positive) returns and low correlation to traditional

financial market indices such as the S&P 500® Index.

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold

I Shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)	S1 Fund I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends	none
Redemption Fee (as a percentage of amount redeemed, if applicable)	none
Exchange Fee	none

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

Annual Fund Operating Expenses		S1 Fund I Shares
Management fees		2.75%
Distribution (12b-1) Fees		none
Dividend expense on short sales	[1]	0.68%
Interest expense on borrowings		0.43%
Other Operating Expenses		2.53%
Total Other Expenses		3.64%
Acquired Fund Fees and Expenses	[2]	0.02%
Total Annual Fund Operating Expenses		6.41%
Fee waivers and expense reimbursements	[3]	(2.33%)
Net Expenses (includes dividend and interest expenses on short sales)		4.08%

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. 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	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
S1 Fund I Shares	410	1,685	2,925	5,875

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. For the fiscal period September 30, 2010 through August 31, 2011,

the Fund's portfolio turnover rate was 440.88%.

Summary of Principal Investment Strategies

The Fund utilizes a "multi-manager" approach whereby the Fund's assets are

allocated to one or more sub-advisers ("Sub-Advisers") in percentages determined

at the discretion of the Fund's investment adviser, Simple Alternatives, LLC

(the "Adviser"). The Adviser also manages a portion of the Fund's assets and

monitors Sub-Adviser trading with the dual objectives of maximizing each

Sub-Adviser's investment flexibility and assuring that the Fund as a whole

complies with investment restrictions. Otherwise, each Sub-Adviser acts

independently from the others and utilizes its own distinct investment style in

selecting securities. However, each Sub-Adviser must operate within the

constraints of the Fund's investment objective and strategies and the particular

investment restrictions applicable to that Sub-Adviser.



The strategies utilized by the Fund are hedge fund-type strategies and include

absolute return strategies as well as strategies aimed at enhanced risk-adjusted

returns. The strategies and investment techniques employed by the Sub-Advisers

aim to produce absolute returns over a full market cycle while managing risk

exposure. These strategies and techniques may attempt to exploit disparities or

inefficiencies in particular markets or geographical regions; take advantage of

security mispricings or anticipated price movements; and/or benefit from

cyclical themes and relationships or special situations and events (such as

spin-offs or reorganizations). Such strategies may have low correlation to

traditional markets because they seek asymmetric investment opportunities that

may present risks unrelated to traditional markets.



The Sub-Advisers may invest and trade in a wide range of instruments, markets

and asset classes in U.S. and non-U.S., developed and emerging markets.

Investments include equities and equity-related instruments, fixed-income and

other debt-related instruments, currencies, financial futures, options and

swaps, commodity-linked instruments and private placements. Equities and

equity-related instruments include common stocks, preferred stocks, convertible

securities, depositary receipts, exchange traded funds ("ETFs"), Rule 144A

securities, warrants, rights, and equity derivatives such as call and put

options, forward currency exchange contracts, swaps and futures. Debt-related

instruments include corporate bonds, defaulted debt securities, distressed debt

securities, mezzanine investments, bank loans, asset-backed securities,

mortgage-backed securities, unrated securities and securities of companies in

bankruptcy. Commodity-linked instruments include commodity-linked structured

notes, commodity index-linked securities and other derivative instruments that

provide exposure to the investment returns of the commodities markets. The

Sub-Advisers may invest in asset-backed securities, which represent

participations in, or are secured by and payable from, pools of assets such as

motor vehicle installment sale contracts, installment loan contracts, leases of

various types of real and personal property, receivables from revolving credit

(credit card) agreements and other categories of receivables. Asset-backed

securities acquired by the Fund may also include collateralized debt obligations

("CDOs"). CDOs include collateralized bond obligations ("CBOs") and

collateralized loan obligations ("CLOs") and other similarly structured

securities. The Sub-Advisers may invest in equity and debt securities of

companies of all sizes and without limit on the credit quality or maturity of

debt securities. These securities can be rated investment grade, rated below

investment grade, or high yield securities (also known as "junk bonds"), which

are below Baa3 by Moody's, BBB- by S&P or BBB- by Fitch or unrated. The Fund may

invest in securities of the lowest rating category, including securities in

default. There is no limit to the amount the Fund may invest in junk bonds. The

Sub-Advisers may make margin purchases of securities and, in connection with the

purchases, borrow money from banks and other financial institutions for

investment purposes. The Sub-Advisers may also sell securities short, which is a

form of leverage.



The Adviser has primary responsibility for allocating Fund assets in a manner

that attempts to diversify the Fund's portfolio across multiple strategies and

investment styles that the Adviser believes are complementary and, when

combined, will produce enhanced risk-adjusted returns. The Adviser reviews a

range of qualitative and quantitative factors when determining the allocations

and reallocations to Sub-Advisers, including, but not limited to, the Sub-Adviser's

style, historical performance and the characteristics of each Sub-Adviser's allocated

assets (including investment process and statistical analysis). The Adviser will

allocate Fund assets among strategies of the Sub-Advisers that it believes offer

the potential for attractive long-term investment returns individually and are

expected to blend within the Fund's portfolio so that it will have low

correlation and low volatility relative to the broader stock and bond markets.

The Adviser may direct a Sub-Adviser to reduce or limit its investment in

certain assets or asset classes in order to achieve the desired composition of

the Fund's overall portfolio. The Adviser retains the discretion to invest the

Fund's assets in securities and other instruments directly and may do so in

certain circumstances including pending allocation to a Sub-Adviser, to hedge

against overall Fund exposure created by the Sub-Advisers, or to increase or

reduce the Fund's exposure to a particular issuer, sector, industry or general

market risk, including interest rate risk.

Summary of Principal Risks

As with all mutual funds, a shareholder is subject to the risk that his or her

investment could lose money. The Fund is only a suitable investment for

investors who can bear leverage and derivatives securities risks. The principal

risk factors affecting shareholders' investments in the Fund are set forth

below.



o Multi-Manager Dependence. The success of the Fund's investment strategy

depends both on the Adviser's ability to select Sub-Advisers and to allocate

assets to those Sub-Advisers and on each Sub-Adviser's ability to execute the

relevant strategy and select investments for the Fund. The Sub-Advisers'

investment styles may not always be complementary, which could affect the

performance of the Fund.



o Absolute Return Focus. The Fund's returns may deviate from overall market

returns to a greater degree than other funds that do not employ an absolute

return focus. In addition, if the Fund or a Sub-Adviser takes a defensive

posture by hedging its portfolio and stock prices subsequently advance, the

Fund's returns may be lower than expected and lower than if the Fund's portfolio

had not been hedged.



o Equity Securities. The Fund is designed for investors who can accept the risks

of investing in a portfolio with significant holdings of equity securities.

Equity securities tend to be more volatile than other investment choices, such

as debt and money market instruments. The value of your investment may decrease

in response to overall stock market movements or the value of individual

securities held by the Fund.



o Mid-Cap Company Investments. Securities of companies with mid-cap

capitalizations tend to be riskier than securities of companies with

large-capitalizations. This is because mid cap companies typically have smaller

product lines and less access to liquidity than large cap companies, and are

therefore more sensitive to economic downturns. In addition, growth prospects of

mid cap companies tend to be less certain than large cap companies, and the

dividends paid by mid cap stocks are frequently negligible. Moreover, mid cap

stocks have, on occasion, fluctuated in the opposite direction of large cap

stocks or the general stock market. Consequently, securities of mid cap

companies tend to be more volatile than those of large cap companies.



o Small-Cap Company Investments. Securities of companies with small

capitalizations tend to be riskier than securities of companies with mid-cap and

large capitalizations. Smaller companies may have limited product lines, markets

and financial resources. The prices of small capitalization stocks tend to be

more volatile than those of other stocks. Small capitalization stocks are not

priced as efficiently as stocks of larger companies. In addition, it may be

harder to sell these stocks, especially during a down market or upon the

occurrence of adverse company-specific events, which can reduce their selling

prices.



o Fixed-Income Securities. Fixed income securities in which the Fund may invest

are subject to certain risks, including: interest rate risk, prepayment risk and

credit/default risk. Interest rate risk involves the risk that prices of fixed

income securities will rise and fall in response to interest rate changes.

Prepayment risk involves the risk that in declining interest rate environments

prepayments of principal could increase and require the Fund to reinvest

proceeds of the prepayments at lower interest rates. Credit risk involves the

risk that the credit rating of a security may be lowered.



o Asset-Backed Securities. The risks of investing in asset-backed securities

include interest rate risk, prepayment risk and the risk that the Fund could

lose money if there are defaults on the loans underlying these securities.



o Mortgaged-Backed Securities. The risks of investing in mortgaged-backed

securities include interest rate risk, prepayment risk and the risk that the

Fund could lose money if there are defaults on the mortgage loans underlying

these securities.



o High Yield Debt Obligations. The Fund may invest in high yield debt

obligations, such as bonds and debentures, issued by corporations and other

business organizations. An issuer of debt obligations may default on its

obligation to pay interest and repay principal. Also, changes in the financial

strength of an issuer or changes in the credit rating of a security may affect

its value. Such high yield debt obligations are referred to as "junk bonds" and

are not considered to be investment grade.



o Foreign Investments. International investing is subject to special risks,

including currency exchange rate volatility, political, social or economic

instability, and differences in taxation, auditing and other financial

practices.



o Emerging Markets. Investment in emerging market securities involves greater

risk than that associated with investment in foreign securities of developed

foreign countries. These risks include volatile currency exchange rates, periods

of high inflation, increased risk of default, greater social, economic and

political uncertainty and instability, less governmental supervision and

regulation of securities markets, weaker auditing and financial reporting

standards, lack of liquidity in the markets, and the significantly smaller

market capitalizations of emerging market issuers.



o Leverage. The Fund may make margin purchases of securities and, in connection

with the purchases, borrow money from banks and other financial institutions for

investment purposes. The Fund may also engage in selling securities short, which

is a form of leverage. Although the use of leverage by the Fund may create an

opportunity for increased return, it also results in additional risks and can

magnify the effect of any losses. There is no assurance that the use of leverage

as an investment strategy will be successful.



o Derivatives. The Fund's investments in derivative instruments such as options,

forward currency exchange contracts, swaps and futures, which may be leveraged,

may result in losses. Investments in derivative instruments may result in losses

exceeding the amounts invested.



o Commodity Sector Risk. Exposure to the commodities markets may subject the

Fund to greater volatility than investments in traditional securities. The value

of commodity-linked derivative instruments may be affected by changes in overall

market movements, commodity index volatility, changes in interest rates, or

factors affecting a particular industry or commodity, such as drought, floods,

weather, livestock disease, embargoes, tariffs and international economic,

political and regulatory developments. The prices of energy, industrial metals,

precious metals, agriculture and livestock sector commodities may fluctuate

widely due to factors such as changes in value, supply and demand and

governmental regulatory policies. The commodity-linked securities in which the

Fund invests may be issued by companies in the financial services sector, and

events affecting the financial services sector may cause the Fund's share value

to fluctuate.



o Convertible Securities. Securities that can be converted into common stock,

such as certain securities and preferred stock, are subject to the usual risks

associated with fixed income investments, such as interest rate risk and credit

risk. In addition, because they react to changes in the value of the equity

securities into which they will convert, convertible securities are also subject

to the risks associated with equity securities.



o Valuation. Portfolio securities that have been valued using techniques other

than market quotations may have valuations that are different from those

produced using market quotations, and the security may be sold at a discount to

the value established by the Fund.



o Redemptions. The Fund could experience a loss when selling securities to meet

redemption requests by shareholders if the redemption requests are unusually

large or frequent, occur in times of overall market turmoil or declining prices

for the securities sold, or when the securities the Fund wishes to or is

required to sell are illiquid.



o Portfolio Turnover. The Fund frequently trades its portfolio securities. High

portfolio turnover will cause the Fund to incur higher brokerage commissions and

transaction costs, which could lower the Fund's performance. In addition to

lower performance, high portfolio turnover could result in taxable capital

gains.



o Exchange Traded Funds. ETF are a type of investment company bought and sold on

a securities exchange. An ETF represents a fixed portfolio of securities

designed to track a particular market index. The risks of owning an ETF

generally reflect the risks of owning the underlying securities that they are

designed to track, although lack of liquidity in an ETF could result in its

being more volatile. The Fund may incur brokerage fees in connection with its

purchase of ETF shares.

Fund Performance

No performance information is presented because the Fund has not been in

operation for a full calendar year.

[1] Short-sale dividends generally reduce the market value of the securities by the amount of the dividend declared; thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on the securities sold short.

[2] "Acquired Fund" means any investment company in which the Fund expects to invest during the current fiscal year. Net Operating Expenses will not correlate to the Fund's ratio of expenses to average net assets, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Fund calculates the Acquired Fund's expenses using the net expense ratios reported in the Acquired Fund's most recent shareholder reports.

[3] The Fund's investment adviser, Simple Alternatives, LLC (the "Adviser"), has contractually agreed to forgo all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total Annual Fund Operating Expenses (other than acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, litigation, extraordinary items, interest or taxes) exceeds 2.95% of the average daily net assets attributable to the Fund's I Shares. This contractual limitation is in effect until at least December 31, 2012 and may not be terminated without Board approval. Because dividend expenses on short sales, acquired fund fees and expenses, brokerage commissions, litigation, extraordinary items, interest and taxes are excluded from the expense limitation, Total Annual Fund Operating Expenses (after fees forgone and expense reimbursements) are expected to exceed the applicable expense limitation. If at any time during the first three years the Fund's Advisory Agreement with the Adviser is in effect, the Fund's I Shares Total Annual Fund Operating Expenses for that year are less than 2.95%, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund during such three-year period if such reimbursement by the Fund does not cause the Fund to exceed existing expense limitations.