AL FRANK FUND
Investor Class Shares: VALUX
Advisor Class Shares: VALAX
Summary Prospectus May 1, 2016
Before you invest,
you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. The Fund’s
prospectus and Statement of Additional Information, both dated May 1, 2016, are incorporated by reference into this Summary
Prospectus. You can obtain these documents and other information about the Fund online at www.alfrankfunds.com/resources/.
You can also obtain these documents at no cost by calling 1-888-263-6443 or by sending an email request to firstname.lastname@example.org.
Investment Objective. The investment objective
of the Al Frank Fund is long-term capital appreciation.
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 Al Frank Fund.
(fees paid directly from your investment)
(as a percentage of amount redeemed on shares held for 60 days or less)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
Total Annual Fund Operating Expenses
After Fee Waiver/Expense Reimbursement(2)
Example. This Example is intended to help you
compare the cost of investing in the Al Frank Fund with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Al Frank 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 Al Frank Fund’s operating expenses remain
the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through April 30, 2017.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Portfolio Turnover. The Al Frank 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 Al Frank Fund’s
performance. During the most recent fiscal year, the Al Frank Fund’s portfolio turnover rate was 12.38% of the average value
of its portfolio.
Principal Investment Strategies. Under normal
market conditions, the Adviser selects equity securities that it believes are out of favor and undervalued. The Adviser then attempts
to purchase the securities and hold them until it believes that the securities have reached their fair value.
The Adviser selects equity securities consisting of
common stocks and securities having the characteristics of common stocks, such as preferred stocks, convertible securities, rights
and warrants. The Al Frank Fund may invest in securities of foreign issuers (“foreign securities”), provided that they
are publicly traded in the United States, including in American Depositary Receipts (“ADRs”). The Adviser screens a
universe of more than 6,000 stocks in order to identify those with low price-to-earnings ratios, price-to-book values, and price-to-revenues
ratios relative to its historical norms, its industry peers or the overall market. The Adviser utilizes these and other fundamental
valuation metrics as well as its assessments of a company’s long-term growth prospects and risk characteristics, in order
to establish a target price for each stock. The target price represents the price at which the Adviser believes the stock is fairly
valued. Those stocks with significant appreciation potential relative to these target prices and perceived risk characteristics
become available for selection. The Adviser employs a go-anywhere style focused on uncovering undervalued stocks independent of
market capitalization. The Al Frank Fund’s portfolio is expected to hold both dividend and nondividend paying stocks and
seeks broad market diversification via exposure to a significant number of major market sectors and industry groups.
The Adviser may sell positions as they reach or approach
their target price, if a lower target price results from a reassessment of earnings or valuation multiples, or if a more attractive
stock is identified.
To earn additional income, the Al Frank Fund, through
its agent, may lend its portfolio securities to broker-dealers amounting to no more than 33-1/3% of the total assets of the Fund
(including any collateral posted) or 50% of the total assets of the Fund (excluding any collateral posted). When the Al Frank Fund
loans its portfolio securities, it will receive collateral equal to at least 102% of the value of the loaned securities.
Principal Risks. Remember that in addition
to possibly not achieving your investment goals, you could lose money by investing in the Al Frank Fund. The principal risks of
investing in the Al Frank Fund are:
If you are looking for current income or short-term
market gain, you should not invest in the Al Frank Fund as it is designed for long-term investing.
Performance. The bar chart illustrates the
risks of investing in the Al Frank Fund by showing how the Al Frank Fund’s average annual returns for each calendar year
since the Al Frank Fund’s inception compare with those of a broad measure of market performance. The Average Annual Total
Returns table also demonstrates these risks by showing how the Al Frank Fund’s average annual returns compare with those
of a broad measure of market performance. Remember, the Al Frank Fund’s past performance, before and after taxes, is not
necessarily an indication of how the Al Frank Fund will perform in the future. Updated performance information is available on
the Al Frank Fund’s website at www.alfrankfunds.com or by calling the Al Frank Fund toll-free at 1-888-263-6443.
The Al Frank Fund was reorganized on January 18, 2013
from a series of the Advisors Series Trust (the “Al Frank Predecessor Fund”), a Delaware statutory trust to a series
of Northern Lights Fund Trust II, also a Delaware statutory trust (the “Reorganization”). The Al Frank Fund is a continuation
of the Al Frank Predecessor Fund and, therefore, the performance information below includes the performance of Investor Class and
Advisor Class shares of the Al Frank Predecessor Fund.
Al Frank Fund – Investor Class
Calendar Year Total Returns as of December
During the period of time shown in the bar chart,
the Al Frank Fund’s highest quarterly return was 19.38% for the quarter ended September 30, 2009, and the lowest quarterly
return was (25.74)% for the quarter ended December 31, 2008.
Average Annual Total Returns for the periods ended December 31, 2015
The 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, and after-tax returns are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
After tax returns are shown for only Investor Class shares and after tax returns for Advisor Class shares will vary.
The Return after Taxes on Distributions and Sale of
Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.
The S&P 500® is widely regarded
as the best single gauge of large-cap U.S. equities. There is over USD 7 trillion benchmarked to the index, with index assets comprising
approximately USD 1.9 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage
of available market capitalization.
The Russell 3000 Index measures the performance of
the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is
constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually
to ensure new and growing equities are reflected.
Investment Adviser. AFAM Capital,
Inc. serves as the Al Frank Fund’s investment adviser (the “Adviser”).
Portfolio Managers. Mr. John Buckingham, Chief
Investment Officer of the Adviser, and Jason Clark Vice President and Senior Portfolio Manager are the portfolio managers of the
Al Frank Fund. Mr. Buckingham has been a portfolio manager since the Al Frank Predecessor Fund’s inception. Mr. Clark has
been a portfolio manager of the Al Frank Fund since January 2016. Mr. Buckingham and Mr. Clark are supported by an investment committee.
Purchase and Sale of Fund Shares. You may conduct
transactions by mail (The Al Frank Fund, c/o Gemini Fund Services, LLC, 17605 Wright Street, Suite 2, Omaha NE 68130), or by telephone
at 1-888-263-6443. Investors who wish to purchase or redeem Al Frank Fund shares through a financial intermediary should contact
the financial intermediary directly. The minimum initial investment in each share class of the Al Frank Fund is $1,000 and $100,000
for Investor Class and Advisor Class, respectively, with a minimum subsequent investment of $100 and $100 for Investor Class and
Advisor Class, respectively, although the Fund reserves the right to waive minimum initial investment or minimum subsequent investment
requirements in its sole discretion.
Tax Information. The Al Frank Fund’s
distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or an individual retirement account.
Payments to Broker-Dealers and Other Financial
Intermediaries. If you purchase Al Frank Fund shares through a broker-dealer or other financial intermediary (such as a bank),
the Al Frank Fund and its related companies may pay the intermediary for the sale of Al Frank Fund shares and related services.
These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to
recommend the Al Frank Fund over another investment. Ask your salesperson or visit your financial intermediary’s website
for more information.