S1 Fund (Second 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
R Shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	S1 Fund R 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 R SHARES
Management Fees		2.75%
Distribution (12b-1) Fees		0.25%
Dividend Expense on Short Sales	[1]	0.99%
Interest Expense on Borrowings		0.48%
Other Operating Expenses		1.02%
Total Other Expenses		2.49%
Acquired Fund Fees and Expenses	[2]	0.05%
Total annual Fund operating expenses		5.54%
Less Fee Waiver and Expense Reimbursements	[3]	(0.82%)
Net expenses		4.72%

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 R SHARES	473	1,502	2,605	5,309

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. During the most recent fiscal year, the Fund's portfolio turnover
rate was 249.27%.

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, sponsored or unsponsored depositary receipts, exchange traded funds
("ETFs"), Rule 144A equity 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, Rule 144A 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 borrow money from banks in
order to purchase securities or for other 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. The Fund may invest in securities of foreign issuers either directly
or through depositary receipts. Depositary receipts may be available through
"sponsored" or "unsponsored" facilities. Holders of unsponsored depositary
receipts generally bear all of the costs of the unsponsored facility. The
depository of an unsponsored facility is frequently under no obligation to
distribute shareholder communications received from the issuer of the deposited
security or to pass through, to the holders of the receipts, voting rights with
respect to the deposited securities. The depository of unsponsored depositary
receipts may provide less information to receipt holders.

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 borrow money from banks in order to purchase securities
for other 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. ETFs 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 the ETF is
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.

o New Adviser Risk. The Fund's Sub-Advisers may be newly-formed, newly
registered with the SEC and/or have not previously managed a mutual fund.
Accordingly, investors in the Fund bear the risk that a Sub-Adviser's
inexperience may limit its effectiveness.

Fund Performance

As of the date of this Prospectus, the Fund's R Shares have not yet commenced
operations. The chart below illustrates the performance of the Fund's I Shares,
which are offered in a separate Prospectus. Had R Shares been operational during
the periods in the chart and table below, they would have had substantially
similar annual returns as the I Shares because R Shares are invested in the same
portfolio of securities. Annual returns would differ only to the extent that R
Shares and I Shares do not have the same expenses. The information provides some
indication of the risks of investing in the Fund. The chart assumes reinvestment
of dividends and distributions. As with all such investments, past performance
(before and after taxes) is not an indication of future results. Performance
reflects fee waivers in effect. If fee waivers were not in place, the Fund's
performance would be reduced. Updated performance information may be obtained at
www.S1Fund.com or 1-866-882-1226.

TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31

Best and Worst Quarterly Performance (for the periods reflected in the chart
above):

Best Quarter:       2.13% (quarter ended March 31, 2011)          
Worst Quarter:      (3.93)% (quarter ended September 30, 2011)    
Year-to-date total return for the nine months ended September 30, 2012: 4.00%

AVERAGE ANNUAL TOTAL RETURNS

The table below compares the Fund's total returns for the calendar year ended
December 31, 2011 to the average annual total returns of a broad-based
securities market index for the same period. Past performance (before and after
taxes) is not necessarily an indicator of how the Fund will perform in the
future.

AVERAGE ANNUAL TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31, 2011

Average Annual Total Returns S1 Fund	Label		1 Year	Since Inception		Inception Date
R SHARES	I Shares Before Taxes		(1.21%)	(1.92%)	[1]	Sep. 30, 2010
R SHARES After Taxes on Distributions	I Shares After Taxes on Distributions	[1]	(1.21%)	(1.92%)	[1]	Sep. 30, 2010
R SHARES After Taxes on Distributions and Sales	I Shares After Taxes on Distributions and Sale of Fund Shares		(0.79%)	(1.63%)	[1]	Sep. 30, 2010
S&P 500® Index	S&P 500® Index (reflects no deduction for fees, expenses or taxes)		2.11%	13.10%	[1]	Sep. 30, 2010

[1] There are additional costs associated with the use of short sales. 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 invests or has invested during the current fiscal year ended August 31, 2012. 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 3.20% of the average daily net assets attributable to the Fund's R Shares. This contractual limitation is in effect until at least December 31, 2014 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 R Shares 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 Total Annual Fund Operating Expenses for that year are less than 3.20%, 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.

[1] After-tax returns are 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). After-tax returns are shown for only the I Shares and may vary for R Shares.