485BPOS

As filed with the Securities and Exchange Commission on July 11, 2013

Registration No. 333-148723

Registration No. 811-22172

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ( X )

Pre-Effective Amendment No. ()

Post-Effective Amendment No. (54)

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ( X )

Amendment No. (55)

WORLD FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

8730 Stony Point Parkway, Suite 205, Richmond, VA 23235

(Address of Principal Executive Offices)

(804) 267-7400

(Registrant’s Telephone Number)

The Corporation Trust Co., Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801

(Name and Address of Agent for Service)

With Copy to:

John H. Lively

The Law Offices of John H. Lively & Associates, Inc.

A member firm of The 1940 Act Law Group^TM

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66221

Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box):

[ X ] immediately upon filing pursuant to paragraph (b).
[     ] on ____________ pursuant to paragraph (b).
[     ] 60 days after filing pursuant to paragraph (a)(a).
[     ] on ____________ pursuant to paragraph (a)(1).
[     ] 75 days after filing pursuant to paragraph (a)(2).
[     ] on (date) pursuant to paragraph (a)(2) of Rule 485.

EXPLANATORY NOTE

This Post-Effective Amendment No. 54 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 53 filed on June 21, 2013 and incorporates Parts A, B and C from said amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 (the “Securities Act”) and the Registrant has duly caused this Post-Effective Amendment No. 54 to the Registrant’s Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 11^th day of July 2013.

WORLD FUNDS TRUST
By:	/s/ John Pasco, III
	John Pasco, III
	Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 54 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
*John Pasco, III	Trustee and Chairman	July 11, 2013
*Anthony J. Hertl	Trustee	July 11, 2013
*David J. Urban	Trustee	July 11, 2013
*Mary Lou H. Ivey	Trustee	July 11, 2013
*Karen Shupe	Treasurer and Chief Financial Officer	July 11, 2013
*Lauren Jones	Secretary	July 11, 2013

*By:  /s/ John Pasco, III

Attorney-in-fact pursuant to Powers of Attorney

EXHIBIT INDEX

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Jun. 24, 2013

Registrant Name

dei_EntityRegistrantName

World Funds Trust

Central Index Key

dei_EntityCentralIndexKey

0001396092

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Jun. 24, 2013

Document Effective Date

dei_DocumentEffectiveDate

Jul. 11, 2013

Prospectus Date

rr_ProspectusDate

Jun. 24, 2013

Virginia Equity Fund | Investor Class

Risk/Return:

rr_RiskReturnAbstract

Maximum sales charge (load) imposed on purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

4.25%

Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Redemption Fee

rr_RedemptionFee

none

Exchange Fee

rr_ExchangeFee

none

Management Fee

rr_ManagementFeesOverAssets

0.90%

Distribution (12b-1) and Service Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

1.68%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.83%

Fee Waivers and/or Expense Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(0.88%)

^[2]

Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)

rr_NetExpensesOverAssets

1.95%

^[2]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

615

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,011

Virginia Equity Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return

rr_RiskReturnHeading

FUND SUMMARY

Objective

rr_ObjectiveHeading

Investment Objective

Objective, Primary

rr_ObjectivePrimaryTextBlock

The Virginia Equity Fund (the “Fund”) seeks to provide long-term capital appreciation and income.

Expense

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section “Distribution Arrangements” of this prospectus and in the section “Distribution” in the Fund’s statement of additional information.

Shareholder Fees Caption

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption

rr_OperatingExpensesCaption

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

Portfolio Turnover Heading

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover

rr_PortfolioTurnoverTextBlock

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.

Expense Example

rr_ExpenseExampleHeading

Example

Expense Example Narrative

rr_ExpenseExampleNarrativeTextBlock

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:

Strategy

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the equity securities of publicly-traded companies having a “significant impact” on the Commonwealth of Virginia’s economy and are organized and/or headquartered in the Commonwealth (referred to as “Virginia Issuers”).    Virginia Financial Innovations Corp., (the “Adviser”) will consider a companyas having a “significant impact” on the Commonwealth if: (1) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold in the Commonwealth of Virginia or (2) the company employs 500 people or more in its operations in Virginia.     

Equity securities in which the Fund may invest may include commonstocks,preferredstocksandconvertiblesecurities.  In selecting portfolio securities, the Adviser may consider current income by selecting securities that pay dividends.  The Adviser may invest in growth stocks which are the stocks of companies believed to be growing faster than the overall economy.  The Fund may invest in companies of any capitalization including micro-cap companies.  The Fund may invest up to 10% of its net assets in foreign securities through American Depository Receipts (“ADRs”) to the extent that the issuer of the security qualifies as a Virginia Issuer.  The Fund may engage in options transactions, which are sometimes referred to as derivatives transactions, for any purpose consistent with its investment objective, such as for hedging or obtaining market exposure.  The derivative securities that the Fund may purchase or sell (write) include exchange-traded put or call options on stocks or stock indices.  A put option gives the owner of the put the right to sell a security and a call option gives the owner of the call a right to buy a security. 

In selecting securities for the Fund, the Adviser begins by establishing an investible universe of securities of Virginia Issuers using publicly-available information about individual companies as well as information available from governmental and regional economic groups.  The Adviser next performs fundamental, “bottom-up” analysis of the securities within this universe. This analysis allows the Adviser to identify those companies which it believes provide superior opportunities for investment. In further narrowing its investible universe, the Adviser considers diversification of industry, sector of the economy and market capitalization, among  other  factors.  The  Adviser  will  generally  make  investments  with  a  buy  and  hold approach, but will dispose of investments when, in the Adviser’s opinion, the security’s fundamentals change substantially, the security’s price is unlikely to appreciate in the longer term, other comparable investments offer better opportunities, or for other reasons.

The Fund is a “non-diversified” fund, which means it can invest in fewer securities at any one time than a diversified fund. Also, from time to time the Fund may invest a significant portion of its assets in a limited number of industry sectors, but will not concentrate in any particular industry.

Risk

rr_RiskHeading

Principal Risks

Risk Narrative

rr_RiskNarrativeTextBlock

Risks of Investing in Equity Securities.  Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.  Inadditiontocommonstocks,theFundcaninvestintheequity or “equityequivalents”ofpreferredstocksandconvertiblesecurities.Preferredstocksgenerally payadividendandrankaheadofcommonstocksandbehinddebtsecuritiesinclaimsforassets of theissuer ina liquidationproceedingorinbankruptcy.Thedividend rateof preferredstocks maycausetheirpricestobehavemorelikethoseofdebtsecurities.Aconvertiblesecurity isone that can beconverted into or exchanged for common stock ofthe issuerwithin aparticular period oftime,ataspecifiedprice,upontheoccurrenceofcertaineventsoraccordingtoaprice formula.ConvertiblesecuritiesoffertheFundtheability toparticipateinstockmarket movementswhilealsoseekingsomecurrentincome.Convertibledebtsecuritiespay interestand convertiblepreferredstockspay dividendsuntilthey matureorareconverted,exchangedor redeemed.TheFundconsiderssomeconvertiblesecuritiestobe“equityequivalents”because they areconvertibleintocommonstock.

RisksofInvestinginSmall-CapStocks.Small-capcompaniesmayhavelessaccessto financial resourcesandlessexperiencedmanagementthan larger, moreestablished companies. Small-capstocksmaybelessliquidthanstocksoflargerissuers.ThatmeansthattheFundcould havegreaterdifficultysellingsmall-capstocksatanacceptableprice,especiallyinperiodsof marketvolatility.ThesefactorsincreasethepotentialforlossestotheFund.Itmay takea substantialperiodof time before theFund realizesa gainonaninvestmentina small-cap companyif it realizes anygainat all.

Risks of Investing in Micro-Cap Stocks.  The stocks of micro-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.  Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources and may lack management depth.  In addition, there may be less public information available about these companies.  The shares of microcap-companies tend to trade less frequently than those of larger, more established companies which can adversely affect the pricing of these securities and the future ability to sell these securities. 

RisksofFocusinVirginiaSecurities.BecausetheFundinvestsprimarily inVirginia Securities,thevalueoftheFund’sportfolioalsowillbeaffectedbythespecialeconomicand other factorsthatmightaffectissuerslocatedinorhavingasignificant impact inthe Commonwealth of Virginia.Thevolatility associatedwithinvestmentsingrowthstocksislikely tobeeven greater wherethe Fund’s investments areconcentratedina singlestate.Achangeinthe economicenvironment oftheCommonwealthwillhaveagreater impactontheFundthanona fundwhoseinvestmentsreflectawidergeographicdistribution.Thereis noassurance thatthese factorsandthe other demographicand economic characteristicsthattheAdviser believesfavor these companiesexistnow orwillcontinue inthe future.Moreover, itshouldbe notedthat numerouseconomicandpoliticalfactorscanhave a detrimentaleffectonbusinesses withinthe Commonwealth.Itshouldalsobenotedthatmany ofthecompaniesin whichtheFundinvests haveoperationsinplacesotherthanVirginia.Asaresult,evenifinvesting inVirginiais advantageous,manyofthecompanieswillderiveabenefitfromVirginiaonlypartiallyor,in some cases, not at all.

Risks of Foreign Securities.  Investing in foreign investments carries potential risks not associated with domestic investments, which may include currency exchange rate fluctuations; political and financial instability; less liquidity and greater volatility; lack of uniform accounting, auditing and financial reporting standards; less government regulation and supervision; increased price volatility; and delays in transaction settlement in some foreign markets. 

Risk of Derivatives. Derivatives are investments the value of which is “derived” from the value of an underlying asset (including an underlying security), reference rate or index. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. If the Fund uses derivatives to “hedge” the overall risk of its portfolio, it is possible that the hedge may not succeed. This may happen for various reasons, including unexpected changes in the value of the rest of the Fund’s portfolio. Over the counter derivatives are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

The value of the Fund’s positions in index options fluctuates in response to changes in the value of the underlying index as well as changes in interest rates, dividends and market volatility. Writing index call options and index call spreads provides the opportunity for adding total return to the Fund through the collection of call premiums. Writing index call options and index call spreads may also limit the opportunity of the Fund to profit from an increase in the market value of the portfolio in exchange for the premium received at the time of selling the options or spreads. The Fund also risks losing all or part of the cash paid for purchasing index put options and index put spreads. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of index options, resulting in an increased exposure to a market decline.

Risk of Non-Diversification.  The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is “diversified.” Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

New Fund and Management Risk.  The Fund was recently formed.   Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.  Such liquidation could have negative tax consequences.  Additionally, the portfolio manager of the Fund does not have prior experience managing a registered investment company and that lack of experience may raise the risk associated with an investment in the Fund.

Bar Chart and Performance Table

rr_BarChartAndPerformanceTableHeading

PERFORMANCE HISTORY

Performance Narrative

rr_PerformanceNarrativeTextBlock

The Fund is new and therefore has no performance history.

[1] Estimated for first year of operations.

[2] Virginia Financial Innovation Corp., (the "Adviser") has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Fund (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 1.95% of the average daily net assets of the Fund. This expense limitation agreement may be terminated by the Adviser or the Trust at any time after October 31, 2014. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations and the expense reimbursement is made within three years after the year in which the Adviser incurred the expense.

XML

Virginia Equity Fund

FUND SUMMARY

Investment Objective

The Virginia Equity Fund (the “Fund”) seeks to provide long-term capital appreciation and income.

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 Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section “Distribution Arrangements” of this prospectus and in the section “Distribution” in the Fund’s statement of additional information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)	Virginia Equity Fund Investor Class
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	4.25%
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)	none
Redemption Fee	none
Exchange Fee	none

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

Annual Fund Operating Expenses		Virginia Equity Fund Investor Class
Management Fee		0.90%
Distribution (12b-1) and Service Fees		0.25%
Other Expenses	[1]	1.68%
Total Annual Fund Operating Expenses		2.83%
Fee Waivers and/or Expense Reimbursements	[2]	(0.88%)
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)	[2]	1.95%

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
Virginia Equity Fund Investor Class	615	1,011

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.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the equity securities of publicly-traded companies having a “significant impact” on the Commonwealth of Virginia’s economy and are organized and/or headquartered in the Commonwealth (referred to as “Virginia Issuers”).    Virginia Financial Innovations Corp., (the “Adviser”) will consider a companyas having a “significant impact” on the Commonwealth if: (1) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold in the Commonwealth of Virginia or (2) the company employs 500 people or more in its operations in Virginia.     

Equity securities in which the Fund may invest may include commonstocks,preferredstocksandconvertiblesecurities.  In selecting portfolio securities, the Adviser may consider current income by selecting securities that pay dividends.  The Adviser may invest in growth stocks which are the stocks of companies believed to be growing faster than the overall economy.  The Fund may invest in companies of any capitalization including micro-cap companies.  The Fund may invest up to 10% of its net assets in foreign securities through American Depository Receipts (“ADRs”) to the extent that the issuer of the security qualifies as a Virginia Issuer.  The Fund may engage in options transactions, which are sometimes referred to as derivatives transactions, for any purpose consistent with its investment objective, such as for hedging or obtaining market exposure.  The derivative securities that the Fund may purchase or sell (write) include exchange-traded put or call options on stocks or stock indices.  A put option gives the owner of the put the right to sell a security and a call option gives the owner of the call a right to buy a security. 

In selecting securities for the Fund, the Adviser begins by establishing an investible universe of securities of Virginia Issuers using publicly-available information about individual companies as well as information available from governmental and regional economic groups.  The Adviser next performs fundamental, “bottom-up” analysis of the securities within this universe. This analysis allows the Adviser to identify those companies which it believes provide superior opportunities for investment. In further narrowing its investible universe, the Adviser considers diversification of industry, sector of the economy and market capitalization, among  other  factors.  The  Adviser  will  generally  make  investments  with  a  buy  and  hold approach, but will dispose of investments when, in the Adviser’s opinion, the security’s fundamentals change substantially, the security’s price is unlikely to appreciate in the longer term, other comparable investments offer better opportunities, or for other reasons.

The Fund is a “non-diversified” fund, which means it can invest in fewer securities at any one time than a diversified fund. Also, from time to time the Fund may invest a significant portion of its assets in a limited number of industry sectors, but will not concentrate in any particular industry.

Principal Risks

Risks of Investing in Equity Securities.  Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.  Inadditiontocommonstocks,theFundcaninvestintheequity or “equityequivalents”ofpreferredstocksandconvertiblesecurities.Preferredstocksgenerally payadividendandrankaheadofcommonstocksandbehinddebtsecuritiesinclaimsforassets of theissuer ina liquidationproceedingorinbankruptcy.Thedividend rateof preferredstocks maycausetheirpricestobehavemorelikethoseofdebtsecurities.Aconvertiblesecurity isone that can beconverted into or exchanged for common stock ofthe issuerwithin aparticular period oftime,ataspecifiedprice,upontheoccurrenceofcertaineventsoraccordingtoaprice formula.ConvertiblesecuritiesoffertheFundtheability toparticipateinstockmarket movementswhilealsoseekingsomecurrentincome.Convertibledebtsecuritiespay interestand convertiblepreferredstockspay dividendsuntilthey matureorareconverted,exchangedor redeemed.TheFundconsiderssomeconvertiblesecuritiestobe“equityequivalents”because they areconvertibleintocommonstock.

RisksofInvestinginSmall-CapStocks.Small-capcompaniesmayhavelessaccessto financial resourcesandlessexperiencedmanagementthan larger, moreestablished companies. Small-capstocksmaybelessliquidthanstocksoflargerissuers.ThatmeansthattheFundcould havegreaterdifficultysellingsmall-capstocksatanacceptableprice,especiallyinperiodsof marketvolatility.ThesefactorsincreasethepotentialforlossestotheFund.Itmay takea substantialperiodof time before theFund realizesa gainonaninvestmentina small-cap companyif it realizes anygainat all.

Risks of Investing in Micro-Cap Stocks.  The stocks of micro-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.  Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources and may lack management depth.  In addition, there may be less public information available about these companies.  The shares of microcap-companies tend to trade less frequently than those of larger, more established companies which can adversely affect the pricing of these securities and the future ability to sell these securities. 

RisksofFocusinVirginiaSecurities.BecausetheFundinvestsprimarily inVirginia Securities,thevalueoftheFund’sportfolioalsowillbeaffectedbythespecialeconomicand other factorsthatmightaffectissuerslocatedinorhavingasignificant impact inthe Commonwealth of Virginia.Thevolatility associatedwithinvestmentsingrowthstocksislikely tobeeven greater wherethe Fund’s investments areconcentratedina singlestate.Achangeinthe economicenvironment oftheCommonwealthwillhaveagreater impactontheFundthanona fundwhoseinvestmentsreflectawidergeographicdistribution.Thereis noassurance thatthese factorsandthe other demographicand economic characteristicsthattheAdviser believesfavor these companiesexistnow orwillcontinue inthe future.Moreover, itshouldbe notedthat numerouseconomicandpoliticalfactorscanhave a detrimentaleffectonbusinesses withinthe Commonwealth.Itshouldalsobenotedthatmany ofthecompaniesin whichtheFundinvests haveoperationsinplacesotherthanVirginia.Asaresult,evenifinvesting inVirginiais advantageous,manyofthecompanieswillderiveabenefitfromVirginiaonlypartiallyor,in some cases, not at all.

Risks of Foreign Securities.  Investing in foreign investments carries potential risks not associated with domestic investments, which may include currency exchange rate fluctuations; political and financial instability; less liquidity and greater volatility; lack of uniform accounting, auditing and financial reporting standards; less government regulation and supervision; increased price volatility; and delays in transaction settlement in some foreign markets. 

Risk of Derivatives. Derivatives are investments the value of which is “derived” from the value of an underlying asset (including an underlying security), reference rate or index. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. If the Fund uses derivatives to “hedge” the overall risk of its portfolio, it is possible that the hedge may not succeed. This may happen for various reasons, including unexpected changes in the value of the rest of the Fund’s portfolio. Over the counter derivatives are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund.

The value of the Fund’s positions in index options fluctuates in response to changes in the value of the underlying index as well as changes in interest rates, dividends and market volatility. Writing index call options and index call spreads provides the opportunity for adding total return to the Fund through the collection of call premiums. Writing index call options and index call spreads may also limit the opportunity of the Fund to profit from an increase in the market value of the portfolio in exchange for the premium received at the time of selling the options or spreads. The Fund also risks losing all or part of the cash paid for purchasing index put options and index put spreads. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of index options, resulting in an increased exposure to a market decline.

Risk of Non-Diversification.  The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is “diversified.” Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

New Fund and Management Risk.  The Fund was recently formed.   Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.  Such liquidation could have negative tax consequences.  Additionally, the portfolio manager of the Fund does not have prior experience managing a registered investment company and that lack of experience may raise the risk associated with an investment in the Fund.

PERFORMANCE HISTORY

The Fund is new and therefore has no performance history.

[1] Estimated for first year of operations.

[2] Virginia Financial Innovation Corp., (the "Adviser") has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Fund (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 1.95% of the average daily net assets of the Fund. This expense limitation agreement may be terminated by the Adviser or the Trust at any time after October 31, 2014. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations and the expense reimbursement is made within three years after the year in which the Adviser incurred the expense.