On July 23, 2013, the board of trustees approved a request by SMI Advisory Services, the investment adviser to the SMI Dynamic Allocation Fund, to re-classify the fund from a non-diversified fund to a diversified fund. As a result of this classification change, the fund is limited in the proportion of its assets that may be invested in the securities of a single issuer. The classification change to a diversified fund may cause the fund to benefit less from appreciation in a single issuer than if it had greater exposure to that issuer. [SEC Filing]. 

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