485APOS 1 e1842.htm

As filed with the Securities and Exchange Commission on March 2, 2016
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. (160)

  [X]
     
and/or
     
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940   [X]
     

Amendment No. (161)

  [X]

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 GroupTM
11300 Tomahawk Creek Parkway, Suite 310
Leawood, KS 66211

Approximate Date of Proposed Public Offering:  As soon as practicable after the effective date of this filing.

It is proposed that this filing will become effective (check appropriate box):

[  ]   immediately upon filing pursuant to paragraph (b);
[  ]   On _____________ pursuant to paragraph (b);
[  ]   60 days after filing pursuant to paragraph (a)(1);
[  ]   On ______________ (date) pursuant to paragraph (a)(1);
[X]   75 days after filing pursuant to paragraph (a)(2); or
[  ]   On _________ (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:

|   | This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Title of Securities Being Registered: shares of beneficial interest.


The Vest Family of Funds

PROSPECTUS
May __, 2016

Vest Armor S&P 500® Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)

This prospectus describes the Vest Armor S&P 500® Fund. The Vest Armor S&P 500® Fund is authorized to offer 4 classes of shares, two of which are offered by this prospectus.

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH STATE.


 
TABLE OF CONTENTS PAGE
 

Fund Summary

 

Investment Objective

1

Fees and Expenses of the Fund

1

Portfolio Turnover

2

Principal Investment Strategies

2

Principal Risks

4

Performance History

8

Investment Adviser

8

Portfolio Managers

8

Purchase and Sale of Fund Shares

8

Tax Information

9

Payments to Broker-Dealers and Other Intermediaries

9

Additional Information About the Fund’s Investments

10

Additional Information About Certain Affiliated Parties of the Adviser and the Fund’s Methodology

12

Additional Information About Risk

13

Management

18

How to Buy Shares

21

How to Sell Shares

22

General Information

24

Dividends, Distributions and Taxes

25

Net Asset Value

26

Share Class Alternatives

27

Frequent Purchases and Redemptions

28

Distribution Arrangements

29

Financial Highlights

30

For More Information

31
 

FUND SUMMARY

Investment Objective

The Vest Armor S&P 500® Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect Index (the “SPPRO Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.52 %     0.52 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.52 %     1.27 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.02 %)     (0.02 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)     Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Share Class 1 Year 3 Years
Investor Class Shares $152.63 $478.32
Institutional Class Shares $127.34 $400.79

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

The Fund generally invests in a series of 12 monthly rolling “tranches” with each tranche seeking a target return over approximately one-year.

Each monthly tranche seeks to provide returns or losses before all estimated fees and expenses based on the price performance of the S&P500 Index from third Wednesday of the month to which the tranche belongs to the third Wednesday of the same month the following year (the “tranche holding period”):

  If the S&P500 Index appreciates over the tranche holding period, the tranche seeks to provide with a total return that increases by the percentage increase of the S&P500 Index, up to a maximum return that is determined at the start of the tranche holding period.
     
  If the S&P500 Index decreases over the tranche holding period by [10%] or less (the “Buffer Amount”), the tranche seeks to provide with a total return of zero.
     
  If the S&P500 Index decrease over the tranche holding period by more than [10%], the tranche seeks to provide with a total return loss that is 10% less than percentage loss on the S&P500 Index with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy for each monthly tranche, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

The SPPRO Index is an equally weighted average of the twelve (12) CBOE® Buffer Protect S&P 500® Indices that correspond to each month of the year (e.g., the CBOE® Buffer Protect S&P 500® January Index, the CBOE® Buffer Protect S&P 500® February Index, . . .etc.). The SPPRO Index is rebalanced each month. The methodology for the SPPRO Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. Each of the monthly indices measures the performance of a portfolio of hypothetical exchange traded FLexible

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EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. Each of the monthly indices is designed to track the returns of a hypothetical investment that, over a period of approximately one year, seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

In seeking to achieve its objective, the Fund will construct a non-diversified portfolio for each monthly tranche that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO Index to mitigate losses when the S&P 500® declines in exchange for accepting a limit on gains when the S&P 500® increases. In seeking to track the SPPRO Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index ( “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price.

The FLEX Options that will be used by the Fund seek to protect in each monthly tranche an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap.Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

The Fund generally invests in a series of 12 monthly rolling “tranches” with each tranche having approximately a one-year term. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche’s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately one year. The rolling nature of the tranches creates diversification of investment time period and market level compared to the risk of buying or selling investments at any one time. The Fund expects that its assets will generally be invested evenly across the monthly tranches, thereby continuously protecting an investment against downturns and sacrificing upswings.

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The strategy is designed so that any amount owed by the Fund on FLEX Options written by the Fund (“Written Options”) will be covered by payouts at expiration from the FLEX Options purchased by the Fund (“Purchased Options”). The Fund receives premiums in exchange for the Written Options and pays premiums in exchange for the Purchased Options. Because amounts owed on the Written Options will be covered by payouts at expiration from the Purchased Options, the Fund will not be have a net obligation from the use of FLEX Options.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

The Fund will implement its investment strategy directly or by investing in other mutual funds advised by the Adviser. To the extent that the Fund invest other mutual funds to implement the investment strategy, it will only invest in mutual funds that seek to track, before fees and expenses, the performance of one or more of the monthly CBOE® Buffer Protect S&P 500® Indices (“Monthly Funds”). There are twelve (12) Monthly Funds that are advised by the Adviser that are offered in a separate prospectus. Once the Fund’s assets reach a certain level, the Fund will only implement its investment strategy by investing in the Monthly Funds. Until such time, the Fund’s portfolio will be allocated to twelve (12) separate annual tranches (i.e., one for each month of the year). Each tranche will be constructed with FLEX Options as described above. Specifically, each tranche may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset or the value of the S&P® 500 Index), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset or the value of the S&P® 500 Index), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset or the value of the S&P® 500 Index), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset or the value of the S&P® 500 Index) and fixed income securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly

4


can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options

Index Limitations. The SPPRO Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices are designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO Index and each of the monthly CBOE® Buffer Protect S&P 500® Indices do not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

Equity Risk. The SPPRO Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that seeks to track the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.

Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

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Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The return of each monthly tranche or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in each monthly tranche is based an assumption of holding the investment for one year, the price performance of the S&P® 500 Index or the Reference Asset, and the maximum capped return. Because the each monthly tranche’s return (or the return for one of the Monthly Funds as the case may be) will be capped, the return of the Fund with respect to any particular tranche (or the Monthly Funds) may be less than the performance of the Reference Index or Reference Asset.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

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The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that

7


required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for units.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

VestSM Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Johnathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on days when the New York Stock Exchange is open for regular trading through a financial advisor, by mail (addressed to Vest Armor S&P 500® Fund, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235), by wire, or by calling the Fund toll free at 855-505-VEST (8378). Purchases and

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redemptions by telephone are only permitted if you previously established this option on your account. The minimum initial purchase or exchange into the Fund is $1,000 for Investor Class Shares and $100,000 for Institutional Class Shares. Subsequent investments must be in amounts of $100 or more for Investor Class Shares and Institutional Class Shares. The Fund may waive minimums for purchases or exchanges through employer-sponsored retirement plans.

Tax Information

The Fund’s distributions will be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account in which case withdrawals will be taxed.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary’s website for more information.

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ADDITIONAL INFORMATION ABOUT THE FUND’S INVESTMENTS

The Vest Armor S&P 500® Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect Index. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval upon 60 days written notice to shareholders.

Under normal conditions, the Fund’s portfolio consists of six kinds of FLEX Options referred to as the Purchased Call Options, Purchased Put Options, Written Type A Put Options, Written Type B Put Options, Written Type A Call Options and Written Type B Call Options (each of these is further described below). The Purchased Call Options and Purchased Put Options may be referred to as the “Purchased Options.” The Written Type A Put Options, Written Type B Put Options, Written Type A Call Options and Written Type B Call Options may be referred to as the “Written Options.” The Purchased Call Options, Written Type A Call Options and Written Type B Call Options together may be referred to as the “Call Options.” The Purchased Put Options, Written Type A Put Options and Written Type B Put Options may be referred to as the “Put Options”.

The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse. The Options are listed on the Chicago Board Options Exchange. FLEX Options provide investors with the ability to customize assets and indices referenced by the options, exercise prices, exercise styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Each option contract entitles the holder thereof (i.e. the purchaser of the option) to purchase (for the call options) or sell (for the put options) 100 shares of the Reference Asset at the strike price.

The Fund is designed so that any amount owed by the Fund on the Written Options will be covered by payouts at expiration from the Purchased Options. The Fund receives premiums in exchange for the Written Options and pays premiums in exchange for the Purchased Options. The OCC and securities exchange that the Options are listed on do not charge ongoing fees to writers or purchasers of the options during their life for continuing to hold the option contracts. Because amounts owed on the Written Options will be covered by payouts at expiration from the Purchased Options, the Fund will not be required to post any additional collateral for the options. [It is possible that applicable regulations governing the Fund’s utilization of the FLEX Options may change at some point in the future in which case the Fund will conform to such requirements and, accordingly, its obligations to cover its positions may change.]

     Purchased Call Options. The “Purchased Call Options” are call options purchased by the Fund, each with a strike price at 50% of the “Initial Level,” which is the price of the S&P® 500 Index (or the Reference Asset if the option is on the Reference Asset) on the third Wednesday of the month of the respective monthly tranche of the Fund (“Purchased Call Option Strike Price”). If the price of shares of the S&P® 500 Index (or the Reference Asset if the option is on the Reference Asset) as of the option expiration date (the “Closing Value”) is less than or equal to the Purchased Call Option Strike Price at the option expiration date, the Purchased Call Options will expire without a payment being made to the Fund (i.e. the Purchased Call Options will expire worthless). If the Closing Value is greater than the Purchased Call Option Strike Price, then the Purchased Call Options collectively provide payment to be made to the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type A Put Options. The “Written Type A Put Options” are put options written by the trust each with a strike price at 50% of the Initial Level (“Written Type A Put Option Strike Price”). If the Closing Value is greater than or equal to the Written Type A Put Option Strike Price at the option expiration date, the Written Type A Put Options will expire without a payment being made by the Fund. If the Closing Value is less than the Written Type A Put Option Strike Price, then the Written Type A Put Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

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     Written Type B Put Options. The “Written Type B Put Options” are put options written by the Fund each with a strike price at 90% of the Initial Level (“Written Type B Put Option Strike Price”). If the Closing Value is greater than or equal to the Written Type B Put Option Strike Price at the option expiration date, the Written Type B Put Options will expire without a payment being made by the Fund If the Closing Value is less than the Written Type B Put Option Strike Price, then the Written Type B Put Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     Purchased Put Options. The “Purchased Put Options” are put options purchased by the Fund each with a strike price at the Initial Level (“Purchased Put Option Strike Price”). If the Closing Value is greater than or equal to the Purchased Put Option Strike Price at the option expiration date, the Purchased Put Options will expire without a payment being made to the trust (i.e. the Purchased Put Options will expire worthless). If the Closing Value is less than the Purchased Put Option Strike Price, then the Purchased Put Options collectively provide payment to be made to the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type A Call Options. The “Written Type A Call Options” are call options written by the Fund each with a strike price at the Initial Level (“Written Type A Call Option Strike Price”). If the Closing Value is less than or equal to the Written Type A Call Option Strike Price at the option expiration date, the Written Type A Call Options will expire without a payment being made by the Fund. If the Closing Value is greater than the Written Type A Call Option Strike Price, then the Written Type A Call Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type B Call Options. The “Written Type B Call Options” are call options written by the Fund each with a strike price that will be determined on the third Wednesday of the month of the respective monthly tranche of the Fund (“Written Type B Call Option Strike Price”). If the value of the Closing Value is less than or equal to the Written Type B Call Option Strike Price at the option expiration date, the Written Type B Call Options will expire without a payment being made by the Fund. If the Closing Value is greater than the Written Type B Call Option Strike Price, then the Written Type B Call Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     The Reference Asset and the S&P 500® Index. The summary information below regarding the Reference Asset, where the reference assets is an exchange traded fund (“ETF”) and the S&P 500® Index. Information regarding any ETF comes from such ETF’s filings with the U.S. Securities and Exchange Commission (“SEC”) filings. You are urged to refer to the SEC filings made by the issuer and to other publicly available information (e.g. the issuer’s annual report) to obtain an understanding of the issuer’s business and financial prospects. The summary information contained below is not designed to be, and should not be interpreted as, an effort to present information regarding the financial prospects of any issuer or any trends, events or other factors that may have a positive or negative influence on those prospects or as an endorsement of any particular issuer or ETF. The Fund has not undertaken any independent review or due diligence of the SEC filings of the issuer of any ETF or of any other publicly available information regarding such an issuer.

     The ETFs will generally seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies. The S&P 500® Index is considered one of the best representations of the U.S. stock market.

     The Fund is not sponsored, endorsed, sold or promoted by any ETF or any ETF’s investment adviser, nor have any such persons passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. No ETF or any investment adviser thereof have made any representations or warranties, express or implied, regarding the advisability of investing in the Fund, the FLEX Options or the results sought to be obtained by the Fund or the FLEX Options. No ETF or any investment adviser thereof shall have any liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

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     The Fund is not sponsored, endorsed, sold or promoted by the S&P Dow Jones Indices, LLC a part of McGraw Hill Companies Financial (“S&P”). S&P makes no representation or warranty, express or implied, to the owners of shares of the Fund, the FLEX Options, shares of any ETF that is a Reference Asset or any member of the public regarding the advisability of investing in securities generally or in such the Reference Asset, the FLEX Options or the Fund particularly or the ability of the S&P 500® Index to track general stock market performance. S&P’s only relationship to any Reference Asset or Reference Asset’s adviser or its affiliates is the licensing of certain trademarks and trade names of S&P and of the S&P 500® Index, which is determined, composed and calculated by S&P without regard to any Reference Asset, any Reference Asset’s adviser or their affiliates or the Fund. S&P has no obligation to take the needs of any Reference Asset’s adviser, affiliates, the owners of shares of any Reference Asset, the FLEX Options or shares of the Fund into consideration in determining, composing or calculating the S&P 500® Index. S&P is not responsible for and has not participated in the determination of the prices and amount of shares of any Reference Asset, the FLEX Options or shares of the Fund, or the timing of the issuance or sale of such shares, FLEX Options or shares of the Fund or in the determination or calculation of the equation by which shares, FLEX Options or units are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of shares of any Reference Asset, the FLEX Options or shares of the Fund. S&P does not guarantee the accuracy or the completeness of the S&P 500® Index or any data included therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, express or implied, as to results to be obtained by any Reference Asset or its advisers or owners of shares of any Reference Asset, the FLEX Options or shares of the Fund or any other person or entity from the use of the S&P 500® Index or any data included therein. S&P makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P 500® Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) resulting from the use of the S&P 500® Index or any data included therein, even if notified of the possibility of such damages.

     Shares of any Reference Asset may be invested in directly without paying the fees and expenses associated with the trust. There are a variety other investments available that track or reference the S&P 500® Index.

     Tax Strategy. To the extent consistent with the primary objectives and other strategies of the Fund, the Adviser intends to minimize taxes by harvesting capital losses to minimize current year capital gains. In addition, where feasible, the Adviser will utilize options contracts that qualify as §1256 contracts, which are options contracts that are taxed at more preferable tax rate regardless of the length of the holding period. There is no assurance the Adviser can implement this tax strategy to reduce the tax burden for the shareholders.

ADDITIONAL INFORMATION ABOUT CERTAIN AFFILATED PARTIES OF THE ADVISER AND THE FUND’S METHODOLOGY

The S&P Dow Jones Indices LLC (“S&P”), Chicago Board of Options Exchange (“CBOE®”), a subsidiary of CBOE® Holdings, Inc. and Vest Financial LLC, the investment adviser to the Fund and a majority owned subsidiary of CBOE® Holdings, Inc. have entered into an understanding (the “Licensing Arrangement”) pursuant to which CBOE® calculates and disseminates the Index values. CBOE® and Chicago Board Options Exchange® are registered trademarks of the CBOE®. S&P® is the registered trademark of S&P. The methodology of the SPPRO is owned by CBOE® and is licensed to Vest Financial Group Inc. (“Vest”) by S&P. The Advisor has entered into a sublicense agreement with Vest to use the Indexes by which terms the Indexes are usable by the Funds so long as the Advisor serves the Funds. Additional information about the CBOE® Buffer Protect S&P 500 Indexes, including the components and weightings, as well as the rules that govern inclusion and weighting, is available at _________________.

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ADDITIONAL INFORMATION ABOUT RISK

It is important that you closely review and understand the risks of investing in the Fund. References herein to “the Fund” are to any one of the Funds generally. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

The Fund also might not perform as well as you expect. This can happen for the following reasons:

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The S&PPROT Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices are designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO Index and each of the monthly CBOE® Buffer Protect S&P 500® Indices do not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes. In the construction of the hypothetical indexes, the options are assumed to be purchased and written at a certain price on the third Wednesday of the month. However, there is no guarantee that all investors will be able to sell at this price, and investors attempting to replicate the Indexes should discuss with their brokers possible timing and liquidity issues. Transaction costs for a strategy such the indexes could be significantly higher than transaction costs for a passive strategy of investing in Treasury bills.

Equity Risk. Equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. These fluctuations could be a drastic movement or a sustained trend. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services or broader economic or market events, including changes in interest rates. Common stocks in general are subject to the risk of an issuer liquidating or declaring bankruptcy, in which case the claims of owners of the issuer’s debt securities and preferred stock take precedence over the claims of common stockholders.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gain or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities whose value depends generally on an issuer’s credit rating and the interest rate of the security. Fixed-income securities are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default or become unable to pay interest or principal due on the security. If an issuer defaults, a fixed-income security could lose all of its value, be renegotiated at a lower interest rate or principal amount or become illiquid. Generally, investment risk and price volatility increase as a fixed-income security’s credit rating declines, which can cause the price of fixed-income securities to go down.
 
 
Interest Rate Risk. Fixed-income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed-income securities with shorter maturities.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. Following the financial crisis that began in 2007, the Federal Reserve has attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate at or near zero percent. As the Federal Reserve raises the federal funds rate, there is a risk that interest rates across the U.S. financial system will rise. These policy changes may expose markets to heightened volatility and may reduce liquidity for certain Fund investments, causing the value of the Fund’s investments and share price to decline. To the extent that the Fund experiences high redemptions because of these governmental policy changes, the Fund may experience increased portfolio turnover, which will increase the costs that the Fund incurs and will lower the Fund’s performance.

Non-Diversification Risk. The Fund is non-diversified, which means that there is no restriction on how much the Fund may invest in the securities of an obligor under the 1940 Act. Because of this, greater investment in a single obligor makes the Fund more susceptible to financial, economic or market events impacting such obligor.

Options Risk. An option represents a contract sold by one party (the option writer) to another party (the option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a certain period of time or on a specific date. Option transactions in which the Fund may engage involve the following risks:

  the writer of an option may be assigned an exercise at any time during the option period;
  disruptions in the markets for underlying instruments could result in losses for options investors;
  imperfect or no correlation between the option and securities being hedged;
  the insolvency of a broker could present risks for the broker’s customers; and
  market imposed restrictions may prohibit the exercise of certain options.

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In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund, which may reduce returns.

Call Options. A call option is an option to buy assets at an agreed-upon price on or before a particular date. The seller (writer) of a call option which is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The buyer of a call option assumes the risk of losing its entire investment (i.e., the premium paid) in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security.

Put Options. A put option is an option to sell assets at an agreed price on or before a particular date. The seller (writer) of a put option which is covered (i.e., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the short position for values of the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment (i.e., the premium paid) in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security.

The Fund’s investment strategy is designed to achieve its investment objective over the life of the Fund. The Fund’s investment strategy has not been designed to deliver on its objective if the shares are bought and held for less than one year. Prior to the end of a one year holding period, the value of the securities in the Fund could vary because of related factors other than the price of shares of the Reference Asset. Certain related factors are interest rates, implied volatility levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index and implied dividend levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Market risk is the possibility that, over short or long periods, prices of assets that may be held by the Fund will decline. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. An investment in the Fund represents an indirect investment in the FLEX Options. The shares of the Fund at any point in time may be worth less than the original investment.

Leverage Risk. The Fund may seek to gain exposure to certain securities in excess of 100%. Such exposure will make each Fund more sensitive to movement in the value of those instruments. In particular, investments in options and derivative instruments may provide the economic effect of financial leverage by creating additional investment exposure such that increases or decreases in the value of each Fund’s portfolio will be magnified.

Option Risk: Purchased put options may expire worthless and may have imperfect correlation to the value of the Fund’s sector ETFs. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference

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Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. Prior to option expiration date, the value of the FLEX Options is determined based upon market quotations, the last asked or bid price in the over-the-counter market or using other recognized pricing methods. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. Factors that may influence the value of the FLEX Options are interest rate changes, implied volatility levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index and implied dividend levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index, among others. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector. Maintaining investments in the securities regardless of market conditions of the performance of individual securities could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. The performance of the Reference Asset may not replicate the performance of, and may underperform, the S&P 500® Index. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances. Because the return or loss on the FLEX Options references the price performance of the Reference Asset and not the S&P 500® Index, the return or loss on the FLEX Options and your investment in the Fund may be less than that of an alternative investment linked directly to the S&P 500® Index.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

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New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of the S&P 500® Index that the Fund seeks to track. Tracking error may occur because of differences between the securities held in the Fund’s portfolio and those included in the S&P 500® Index, pricing differences, transaction costs, the Fund’s holding of cash, differences in timing of the accrual of dividends, changes to the S&P 500® Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the S&P 500® Index does not.

Temporary Investments. To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities. These short-term debt securities include: treasury bills, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. The Fund may also invest a substantial portion if their respective assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies. When the Fund takes such a position, it may not achieve its investment objective.

MANAGEMENT

The Investment Adviser. VestSM Financial LLC (the “Adviser”), 8300 Greensboro Drive, Suite 800, McLean, Virginia 22102, serves as investment adviser to the Fund. Subject to the authority of the Board of Trustees, the Adviser is responsible for management of the Fund’s investment portfolio. The Adviser is responsible for selecting the Fund’s investments according to the Fund’s investment objective, policies and restrictions. The Adviser was established in September 2012. As of the date of this prospectus, the Adviser manages _______ other funds in the Trust and Institutional sub-advised separately managed accounts. As of December 31, 2015, the Adviser had approximately $4.7 million in assets under management.

The Adviser also furnishes the Fund with office space and certain administrative services. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, as a percentage of the Fund’s average daily net assets according to the following schedule.

     Asset Level   Fee Rate
$0 - $249,999.99   0.75%
$250,000 - $749,999.99   0.65%
$750,000 - $1,499,999.99   0.60%
$1,500,000 – $4,999,999.99   0.55%
>$5,000,000   0.50%

To the extent, the Fund invest in any of the Monthly Funds, it will waive the fee that it is entitled to under the advisory agreement with respect to the Fund.

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

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1.25% 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 February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

A discussion regarding the basis for the Board of Trustees approving the investment advisory agreement for the Fund will be available in the Fund’s annual report for the period ending October 31, 2016 once that report is produced.

The Adviser is a subsidiary of Vest Financial Group, Inc. (“VFG”). VFG is majority owned by CBOE® Vest, LLC, a wholly-owned subsidiary of CBOE® Holdings, Inc. The remaining portion of VFG is owned by certain individuals who operate VFG and the Adviser. CBOE® Holdings, Inc. is the holding company for the Chicago Board of Options Exchange, Incorporated (“CBOE®”) and other subsidiaries. CBOE® is the largest U.S. options exchange and creator of listed options. CBOE® offers equity, index and ETF options, including proprietary products, such as the S&P 500 options, the most active U.S. index option, and these products may trade on CBOE® affiliated exchanges resulting in transaction and other revenues accruing to CBOE®. The Adviser will cause the Fund to purchase FLEX Options on CBOE®, including S&P 500 options. The Fund will not pay, and the CBOE® (and its parent and affiliates) will not receive any special compensation or consideration in connection with such transactions other than the typical costs that are associated with conducting such transactions by any other non-affiliated party. Certain option used by the Fund may trade on one or more CBOE® affiliated exchanges, in some cases exclusively on these exchanges, resulting in transaction and other revenues accruing to CBOE®. CBOE® is a registered trademark of CBOE®. VestSM is a service mark of VFG.

The Portfolio Managers

The Fund is managed on a day-to-day basis by Karan Sood and Jonathan Hale.

Mr. Sood has ten years of experience in derivative based investment strategy design and trading. Prior to joining Vest, Mr. Sood worked as a senior manager in new product development at ProShares Advisors LLC. At ProShares he was instrumental in developing several first-to-market derivative based exchange traded funds. Prior to ProShares, Mr. Sood worked as a Vice President at Barclays Capital. Last based in New York, he was responsible for using derivatives to design structured investment strategies and solutions for the firm’s institutional clients in the Americas. Prior to his role in New York, Mr. Sood worked in similar capacity in London with Barclays Capital’s European clients. Mr. Sood received a master’s degree in Decision Sciences & Operations Research from London School of Economics & Political Science, London. He also holds a bachelor’s degree in engineering from the Indian Institute of Technology, Delhi.

Mr. Hale has experience in investment and securities valuation and analysis. Prior to joining Vest, Mr. Hale worked as an investment banking analyst at Citigroup. Mr. Hale has a background in conducting quantitative analysis on corporations and derivatives. Mr. Hale holds a bachelor’s degree in Mathematics and Economics from Stanford University.

The SAI provides additional information about each portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership in the Fund.

The Trust

The Fund is a series of the World Funds Trust, an open-end management investment company organized as a Delaware statutory trust on April 9, 2007. The Trustees supervise the operations of the Fund according to applicable state and federal law, and the Trustees are responsible for the overall management of the Fund’s business affairs.

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Rule 12b-1 Fees

The Board has adopted a Distribution and Service Plan for the Fund’s Investor Class (the “12b-1 Plan”) in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the 12b-1 Plan, the Fund may finance from the assets of a particular class certain activities or expenses that are intended primarily to result in the sale of shares of such class. The Fund finances these distribution and service activities through payments made to the Distributor. The fee paid to the Distributor by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Investor Class Shares. Because these fees are paid out of a class’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 12b-1 Plan, while primarily intended to compensation for shareholder services, expenses, was adopted pursuant to Rule 12b-1 under the 1940 Act, and it therefore may be used to pay for certain expenditures related to financing distribution related activities for the Fund.

Shareholder Servicing Plan.

The Fund has adopted a shareholder service plan on behalf of its Investor Class Shares. Under a shareholder services plan, the Fund may pay an authorized firm up to 0.15% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, such as: 1) receiving and processing shareholder orders; 2) performing the accounting for the shareholder’s account; 3) maintaining retirement plan accounts; 4) answering questions and handling correspondence for individual accounts; 5) acting as the sole shareholder of record for individual shareholders; 6) issuing shareholder reports and transaction confirmations; 7) executing daily investment “sweep” functions; and 8) furnishing investment advisory services.

Because the Fund has adopted the shareholder services plan to compensate authorized firms for providing the types of services described above, the Fund believes the shareholder services plan is not covered by Rule 12b-1 under the 1940 Act, which relates to payment of distribution fees. The Fund, however, follows the procedural requirements of Rule 12b-1 in connection with the implementation and administration of each shareholder services plan.

An authorized firm generally represents in a service agreement used in connection with the shareholder services plan that all compensation payable to the authorized firm from its customers in connection with the investment of their assets in the Fund will be disclosed by the authorized firm to its customers. It also generally provides that all such compensation will be authorized by the authorized firm’s customers.

The Fund does not monitor the actual services being performed by an authorized firm under the plan and related service agreement. The Fund also does not monitor the reasonableness of the total compensation that an authorized firm may receive, including any service fee that an authorized firm may receive from the Fund and any compensation the authorized firm may receive directly from its clients.]

Shareholder Servicing

Certain financial intermediaries that maintain “street name” or omnibus accounts with the Fund provide sub-accounting, recordkeeping and/or administrative services to the Fund and are compensated for such services by the Fund. These service fees may be paid in addition to the fees paid under the 12b-1 Plan. For more information, please refer to the SAI.

Other Expenses

In addition to the 12b-1 fees and the investment advisory fees, the Fund pays all expenses not assumed by the Adviser, including, without limitation, the following: the fees and expenses of its independent accountants and legal counsel; the

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costs of printing and mailing to shareholders annual and semi-annual reports, proxy statements, prospectuses, statements of additional information, and supplements thereto; the costs of printing registration statements; bank transaction charges and custodian’s fees; any proxy solicitors’ fees and expenses; filing fees; any federal, state, or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees’ liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made.

Portfolio Holdings

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund’s Statement of Additional Information. Complete holdings (as of the dates of such reports) are available in reports on Form N-Q and Form N-CSR filed with the SEC.

HOW TO BUY SHARES

You may purchase shares of the Fund through financial intermediaries, such as fund supermarkets or through brokers or dealers who are authorized by the Distributor to sell shares of the Fund (collectively, “Financial Intermediaries”). You may also purchase shares directly from the Distributor. You may request a copy of this prospectus by calling the Fund toll free at 855-505-VEST (8378). Financial Intermediaries may require the payment of fees from their individual clients, which may be different from those described in this prospectus. For example, Financial Intermediaries may charge transaction fees or set different minimum investment amounts. Financial Intermediaries may also have policies and procedures that are different from those contained in this prospectus. Investors should consult their Financial Intermediary regarding its procedures for purchasing and selling shares of the Fund as the policies and procedures may be different. The price you pay for a share of the Fund is the net asset value next determined upon receipt by the Transfer Agent or financial intermediary. The Fund will be deemed to have received your purchase or redemption order when the Financial Intermediary receives the order. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund’s behalf.

Certain Financial Intermediaries may have agreements with the Fund that allow them to enter confirmed purchase and redemption orders on behalf of clients and customers. Under this arrangement, the Financial Intermediary must send your payment to the Fund by the time the Fund prices its shares on the following business day.

The Fund is not responsible for ensuring that a Financial Intermediary carries out its obligations. You should look to the Financial Intermediary through whom you wish to invest for specific instructions on how to purchase or redeem shares of the Fund.

     Minimum Investments. The minimum initial investment for Investor Class Shares is $1,000 and Institutional Class Shares is $100,000. Subsequent investments must be in amounts of $100 or more. The Trust may waive the minimum initial investment requirement for purchases made by directors, officers and employees of the Trust, the Adviser or any of their respective affiliates. The Trust may also waive the minimum investment requirement for purchases by its affiliated entities and certain related advisory accounts and retirement accounts (such as IRAs). The Trust may also change or waive policies concerning minimum investment amounts at any time. The Trust retains the right to refuse to accept an order.

     Customer Identification Program. Federal regulations require that the Trust obtain certain personal information about you when opening a new account. As a result, the Trust must obtain the following information for each person that opens a new account:

  Name;
  Date of birth (for individuals);
  Residential or business street address (although post office boxes are still permitted for mailing); and
  Social security number, taxpayer identification number, or other identifying number.

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You may also be asked for a copy of your driver’s license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities.

After an account is opened, the Trust may restrict your ability to purchase additional shares until your identity is verified. The Trust also may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time.

If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

     Purchases by Mail. For initial purchases, the account application, which accompanies this prospectus, should be completed, signed and mailed to Commonwealth Fund Services, Inc. (the “Transfer Agent”), the Fund’s transfer and dividend disbursing agent, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 together with your check payable to the respective Fund. When you buy shares, be sure to specify the Fund and class of shares in which you choose to invest. For subsequent purchases, include with your check the tear-off stub from a prior purchase confirmation or otherwise identify the name(s) of the registered owner(s) and social security number(s).

     Purchases by Wire. You may purchase shares by requesting your bank to transmit by wire directly to the Transfer Agent. To invest by wire, please call the Fund toll free at 855-505-VEST (8378) or the Transfer Agent at (800) 628-4077 to advise the Trust of your investment and to receive further instructions. Your bank may charge you a small fee for this service. Once you have arranged to purchase shares by wire, please complete and mail the account application promptly to the Transfer Agent. This account application is required to complete the Fund’s records. You will not have access to your shares until the purchase order is completed in good form, which includes the receipt of completed account information by the Transfer Agent. Once your account is opened, you may make additional investments using the wire procedure described above. Be sure to include your name and account number in the wire instructions you provide your bank.

     Purchases by Telephone. You may also purchase shares by telephone, by contacting the Fund toll free at 855-505-VEST (8378) or the Transfer Agent at (800) 628-4077.

     Other Purchase Information. You may purchase and redeem Fund shares, or exchange shares of the Fund for those of another, by contacting any broker authorized by the Distributor to sell shares of the Fund, by contacting the Fund toll free at 855-505-VEST (8378) or by contacting the Transfer Agent, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 or by telephoning (800) 628-4077. Brokers may charge transaction fees for the purchase or sale of the Fund’s shares, depending on your arrangement with the broker.

HOW TO SELL SHARES

You may redeem your shares of the Fund at any time and in any amount by contacting your Financial Intermediary or by contacting the Fund by mail or telephone. For your protection, the Transfer Agent will not redeem your shares until it has received all information and documents necessary for your request to be considered in “proper order.” The Transfer Agent will promptly notify you if your redemption request is not in proper order. The Transfer Agent cannot accept redemption requests which specify a particular date for redemption or which specify any special conditions.

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The Fund’s procedure is to redeem shares at the NAV next determined after the Transfer Agent or authorized Financial Intermediary receives the redemption request in proper order. Payment of redemption proceeds will be made promptly, but no later than the seventh day following the receipt of the request in proper order. The Fund may suspend the right to redeem shares for any period during which the NYSE is closed or the SEC determines that there is an emergency. In such circumstances you may withdraw your redemption request or permit your request to be held for processing after the suspension is terminated.

If you sell your Shares through a securities dealer or investment professional, it is such person’s responsibility to transmit the order to the Fund in a timely fashion. Any loss to you resulting from failure to do so must be settled between you and such person.

Delivery of the proceeds of a redemption of shares purchased and paid for by check shortly before the receipt of the redemption request may be delayed until the Fund determines that the Transfer Agent has completed collection of the purchase check, which may take up to 15 days. Also, payment of the proceeds of a redemption request for an account for which purchases were made by wire may be delayed until the Fund receives a completed account application for the account to permit the Fund to verify the identity of the person redeeming the shares and to eliminate the need for backup withholding.

     Redemption By Mail. To redeem shares by mail, send a written request for redemption, signed by the registered owner(s) exactly as the account is registered, to: Vest Armor S&P 500® Fund, Attn: Redemptions, 8730 Stony Point Parkway, Suite 205, Richmond, VA 23235. Certain written requests to redeem shares may require signature guarantees. For example, signature guarantees may be required if you sell a large number of shares, if your address of record on the account application has been changed within the last 30 days, or if you ask that the proceeds be sent to a different person or address. Signature guarantees are used to help protect you and the Fund. You can obtain a signature guarantee from most banks or securities dealers, but not from a Notary Public. Please call the Transfer Agent at (800) 628-4077 to learn if a signature guarantee is needed or to make sure that it is completed appropriately in order to avoid any processing delays. There is no charge to shareholders for redemptions by mail.

     Redemption By Telephone. You may redeem your shares by telephone provided that you requested this service on your initial account application. If you request this service at a later date, you must send a written request along with a signature guarantee to the Transfer Agent. Once your telephone authorization is in effect, you may redeem shares by calling the Transfer Agent at (800) 628-4077. There is no charge to shareholders for redemptions by telephone. If it should become difficult to reach the Transfer Agent by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests, a shareholder may send a redemption request by overnight mail to the Transfer Agent at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235.

     Redemption By Wire. If you request that your redemption proceeds be wired to you, please call your bank for instructions prior to writing or calling the Transfer Agent. Be sure to include your name, Fund name, Fund account number, your account number at your bank and wire information from your bank in your request to redeem by wire.

The Fund will not be responsible for any losses resulting from unauthorized transactions (such as purchases, sales or exchanges) if it follows reasonable security procedures designed to verify the identity of the investor. You should verify the accuracy of your confirmation statements immediately after you receive them. There is no charge to shareholders for redemptions by wire.

     Redemption in Kind. The Fund does not intend, under normal circumstances, to redeem shares by payment in kind. It is possible, however, that conditions may arise in the future which would, in the opinion of the Trustees, make it undesirable for the Fund to pay for all redemptions in cash. In such a case, the Trustees may authorize payment to be made in readily marketable portfolio securities of the Fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing the Fund’s net asset value per share. Shareholders receiving them may incur brokerage costs when these securities are sold and will be subject to market risk until such securities

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are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein the Fund must pay redemptions in cash, rather than in kind, to any shareholder of record of the Fund who redeem during any 90-day period, the lesser of (a) $250,000 or (b) 1% of the Fund’s net asset value at the beginning of such period. Redemption requests in excess of this limit may be satisfied in cash or in kind at the Fund’s election.

GENERAL INFORMATION

     Signature Guarantees. To help protect you and the Fund from fraud, signature guarantees are required for: (1) all redemptions ordered by mail if you require that the check be made payable to another person or that the check be mailed to an address other than the one indicated on the account registration; (2) all requests to transfer the registration of shares to another owner; and (3) all authorizations to establish or change telephone redemption service, other than through your initial account application. Signature guarantees may be required for certain other reasons. For example, a signature guarantee may be required if you sell a large number of shares or if your address of record on the account has been changed within the last thirty (30) days.

In the case of redemption by mail, signature guarantees must appear on either: (1) the written request for redemption; or (2) a separate instrument of assignment (usually referred to as a “stock power”) specifying the total number of shares being redeemed. The Trust may waive these requirements in certain instances.

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Notarization is not an acceptable substitute. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program (STAMP2000). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers and member firms of a national securities exchange.

     Proper Form. Your order to buy shares is in proper form when your completed and signed account application and check or wire payment is received. Your written request to sell or exchange shares is in proper form when written instructions signed by all registered owners, with a signature guarantee if necessary, is received by the Fund.

     Small Account Balances. If the value of your account falls below the minimum account balance of $3,000, the Fund may ask you to increase your balance. If the account value is still below the minimum balance after 60 days, the Fund may close your account and send you the proceeds. The Fund will not close your account if it falls below this amount solely as a result of Fund performance. Please check with your Financial Intermediary concerning required minimum account balances.

     Automatic Investment Plan. Existing shareholders, who wish to make regular monthly investments in amounts of $100 or more, may do so through the Automatic Investment Plan. Under the Automatic Investment Plan, your designated bank or other financial institution debits a pre-authorized amount from your account on or about the 15th day of each month and applies the amount to the purchase of Fund shares. To use this service, you must authorize the transfer of funds by completing the Automatic Investment Plan section of the account application and sending a blank voided check.

     Exchange Privilege. To the extent that the Adviser manages other funds in the Trust, you may exchange all or a portion of your shares in the Fund for shares of the same class of certain other funds of the Trust managed by the Adviser having different investment objectives, provided that the shares of the fund you are exchanging into are registered for sale in your state of residence. Your account may be charged $10 for a telephone exchange. An exchange is treated as a redemption and purchase and may result in realization of a taxable gain or loss on the transaction. You won’t pay a deferred sales charge on an exchange; however, when you sell the shares you acquire in an exchange, you will pay a deferred sales charge based on the date you bought the original shares you exchanged. As of the date of this Prospectus, the Adviser manages _____ other funds in the Trust.

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Frequent purchases and redemptions (“Frequent Trading”) (as discussed below) can adversely impact Fund performance and shareholders. Therefore, the Trust reserves the right to temporarily or permanently modify or terminate the Exchange Privilege. The Trust also reserves the right to refuse exchange requests by any person or group if, in the Trust’s judgment, the Fund would be unable to invest the money effectively in accordance with their investment objective and policies, or would otherwise potentially be adversely affected. The Trust further reserves the right to restrict or refuse an exchange request if the Trust has received or anticipates simultaneous orders affecting significant portions of the Fund’s assets or detects a pattern of exchange requests that coincides with a “market timing” strategy. Although the Trust will attempt to give you prior notice when reasonable to do so, the Trust may modify or terminate the Exchange Privilege at any time.

     How to Transfer Shares. If you wish to transfer shares to another owner, send a written request to the Transfer Agent at 8730 Stony Point Parkway, Suite 205, Richmond, VA 23235. Your request should include: (i) the name of the Fund and existing account registration; (ii) signature(s) of the registered owner(s); (iii) the new account registration, address, taxpayer identification number and how dividends and capital gains are to be distributed; (iv) any stock certificates which have been issued for the shares being transferred; (v) signature guarantees (See “Signature Guarantees”); and (vi) any additional documents which are required for transfer by corporations, administrators, executors, trustees, guardians, etc. If you have any questions about transferring shares, call the Transfer Agent at (800) 628-4077.

     Account Statements and Shareholder Reports. Each time you purchase, redeem or transfer shares of the Fund, you will receive a written confirmation. You will also receive a year-end statement of your account if any dividends or capital gains have been distributed, and an annual and a semi-annual report.

     Shareholder Communications. The Fund may eliminate duplicate mailings of portfolio materials to shareholders who reside at the same address, unless instructed to the contrary. Investors may request that the Fund send these documents to each shareholder individually by calling the Fund toll free at 855-505-VEST (8378).

     General. The Fund will not be responsible for any losses from unauthorized transactions (such as purchases, sales or exchanges) if it follows reasonable security procedures designed to verify the identity of the investor. You should verify the accuracy of your confirmation statements immediately after you receive them.

DIVIDENDS, DISTRIBUTIONS AND TAXES

     Dividends and Capital Gain Distributions. Dividends from net investment income, if any, are declared and paid annually for the Fund. The Fund intends to distribute annually any net capital gains.

Dividends and distributions will automatically be reinvested in additional shares of the Fund, unless you elect to have the distributions paid to you in cash. There are no sales charges or transaction fees for reinvested dividends and all shares will be purchased at NAV. Shareholders will be subject to tax on all dividends and distributions whether paid to them in cash or reinvested in shares. If the investment in shares is made within an IRA, all dividends and capital gain distributions must be reinvested.

Unless you are investing through a tax deferred retirement account, such as an IRA, it is not to your advantage to buy shares of the Fund shortly before the next distribution, because doing so can cost you money in taxes. This is known as “buying a dividend”. To avoid buying a dividend, check the Fund’s distribution schedule before you invest.

     Taxes. In general, the Fund distributions are taxable to you as ordinary income, qualified dividend income, or capital gain. This is true whether you reinvest your distributions in additional shares of the Fund or receive them in cash. Any long-term capital gain the Fund distributes are taxable to you as long-term capital gain no matter how long you

25


have owned your shares. Other Fund distributions (including distributions attributable to short-term capital gain of the Fund) will generally be taxable to you as ordinary income, except that distributions that are designated as “qualified dividend income” will be taxable at the rates applicable to long-term capital gain. Every January, you will receive a Form 1099 that shows the tax status of distributions you received for the previous year. Distributions declared in December but paid in January are taxable as if they were paid in December. The one major exception to these tax principles is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA (or other tax-deferred retirement account) will not be currently taxable.

When you sell shares of the Fund, you may have a capital gain or loss. For tax purposes, an exchange of your shares of the Fund for shares of a different fund of the Trust is the same as a sale. The individual tax rate on any gain from the sale or exchange of your shares depends on how long you have held your shares.

Fund distributions and gains from the sale or exchange of your shares will generally be subject to state and local income tax. Non-U.S. investors may be subject to U.S. withholding and estate tax. You should consult with your tax adviser about the federal, state, local or foreign tax consequences of your investment in the Fund.

By law, the Fund must withhold 28% of your taxable distributions and proceeds if you do not provide your correct taxpayer identification number (TIN) or fail to certify that your TIN is correct and that you are a U.S. person, or if the Internal Revenue Service (the “IRS”) has notified you that you are subject to backup withholding and instructs the Fund to do so.

Cost Basis Reporting. Federal law requires that mutual fund companies report their shareholders’ cost basis, gain/loss, and holding period to the Internal Revenue Service on the Fund’s shareholders’ Consolidated Form 1099s when “covered” securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Fund has chosen average cost as the standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Fund will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders. The Fund’s standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Fund’s standing method and will be able to do so at the time of your purchase or upon the sale of covered shares. Please refer to the appropriate Internal Revenue Service regulations or consult your tax advisor with regard to your personal circumstances.

For those securities defined as “covered” under current Internal Revenue Service cost basis tax reporting regulations, the Fund is responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Fund is not responsible for the reliability or accuracy of the information for those securities that are not “covered.” The Fund and its service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

NET ASSET VALUE

The Fund’s share price, called the NAV per share, is determined as of the close of trading on the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m. Eastern time) on each business day that the NYSE is open (the “Valuation Time”). As of the date of this prospectus, the Fund has been informed that the NYSE observes the following holidays: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. NAV per share is computed by adding the total value of the Fund’s investments and other assets attributable to the Fund’s Investor Class and Institutional Class shares, subtracting any liabilities

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attributable to the applicable class and then dividing by the total number of the applicable classes’ shares outstanding. Due to the fact that different expenses may be charged against shares of different classes of the Fund, the NAV of the different classes may vary.

Shares of the Fund are bought or exchanged at the public offering price per share next determined after a request has been received in proper form. The public offering price of the Fund’s Shares is equal to the NAV plus the applicable front-end sales charge, if any. Shares of the Fund held by you are sold or exchanged at the NAV per share next determined after a request has been received in proper form, less any applicable deferred sales charge. Any request received in proper form before the Valuation Time, will be processed the same business day. Any request received in proper form after the Valuation Time, will be processed the next business day.

The Fund’s securities are valued at current market prices. Investments in securities traded on national securities exchanges or included in the NASDAQ National Market System are valued at the last reported sale price. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust, which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the NYSE. The value of these securities used in computing the NAV is determined as of such times.

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security. Since most of the Fund’s investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Trust’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Trust’s procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

SHARE CLASS ALTERNATIVES

The Fund offers investors two different classes of shares through this prospectus. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices and minimum investment requirements. When you buy shares be sure to specify the class of shares in which you choose to invest. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

Investor Class Shares

Investor Class Shares are offered with no front-end or contingent deferred sales charge and are subject to a 0.25% Rule 12b-1 fee.

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Institutional Class Shares

Institutional Class Shares are offered with no front-end or contingent deferred sales charge and are not subject to any Rule 12b-1 fees.

FREQUENT PURCHASES AND REDEMPTIONS

Frequent purchases and redemptions (“Frequent Trading”) of shares of the Fund may present a number of risks to other shareholders of the Fund. These risks may include, among other things, dilution in the value of shares of the Fund held by long-term shareholders, interference with the efficient management by the Adviser of the Fund’s portfolio holdings, and increased brokerage and administration costs. Due to the potential of an overall adverse market, economic, political, or other conditions affecting the sale price of portfolio securities, the Fund could face untimely losses as a result of having to sell portfolio securities prematurely to meet redemptions. Current shareholders of the Fund may face unfavorable impacts as portfolio securities concentrated in certain sectors may be more volatile than investments across broader ranges of industries as sector-specific market or economic developments may make it more difficult to sell a significant amount of shares at favorable prices to meet redemptions. Frequent Trading may also increase portfolio turnover, which may result in increased capital gains taxes for shareholders of the Fund. These capital gains could include short-term capital gains taxed at ordinary income tax rates.

The Fund will assess a 2.00% redemption fee on Investor Class Shares of the Fund redeemed within 30 days of purchase as a percentage of amount redeemed. The redemption fee is deducted from your proceeds and is retained by the Fund for the benefit of long-term shareholders. The “first in-first out” (“FIFO”) method is used to determine the holding period; this means that if you purchase shares on different days, the shares you held longest will be redeemed first for purposes of determining whether the redemption fee applies. The fee does not apply to Fund shares acquired through the reinvestment of dividends and the Automatic Investment Plan or shares redeemed through the Systematic Withdrawal Program. The Fund reserves the right to change the terms and amount of this fee upon at least a 30-day notice to shareholders.

The Trustees have adopted a policy that is intended to identify and discourage Frequent Trading by shareholders of the Fund under which the Trust’s Chief Compliance Officer and Transfer Agent will monitor Frequent Trading through the use of various surveillance techniques. Under these policies and procedures, shareholders may not engage in more than four “round-trips” (a purchase and sale or an exchange in and then out of a Fund) within a rolling twelve month period. Shareholders exceeding four round-trips will be investigated by the Fund and if, as a result of this monitoring, the Fund believes that a shareholder has engaged in frequent trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder’s accounts. The intent of the policies and procedures is not to inhibit legitimate strategies, such as asset allocation, dollar cost averaging or similar activities that may nonetheless result in Frequent Trading of Fund shares. To minimize harm to the Fund and its shareholders, the Fund reserves the right to reject any exchange or purchase of Fund shares with or without prior notice to the account holder. In the event the foregoing purchase and redemption patterns occur, it shall be the policy of the Trust that the shareholder’s account and any other account with the Fund under the same taxpayer identification number shall be precluded from investing in the Fund (including investment that are part of an exchange transaction) for such time period as the Trust deems appropriate based on the facts and circumstances (including, without limitation, the dollar amount involved and whether the Investor has been precluded from investing in the Fund before); provided that such time period shall be at least 30 calendar days after the last redemption transaction. The above policies shall not apply if the Trust determines that a purchase and redemption pattern is not a Frequent Trading pattern or is the result of inadvertent trading errors.

These policies and procedures will be applied uniformly to all shareholders and, subject to certain permissible exceptions as described above, the Fund will not accommodate abusive Frequent Trading. The policies also apply to any account, whether an individual account or accounts with Financial Intermediaries such as investment advisers, broker

28


dealers or retirement plan administrators, commonly called omnibus accounts, where the intermediary holds Fund shares for a number of its customers in one account. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and purchase, redeem and exchange Fund shares without the identity of the particular shareholder(s) being known to the Fund. Accordingly, the ability of the Fund to monitor and detect Frequent Trading activity through omnibus accounts is very limited and there is no guarantee that the Fund will be able to identify shareholders who may be engaging in Frequent Trading through omnibus accounts or to curtail such trading. However, the Fund will establish information sharing agreements with intermediaries as required by Rule 22c-2 under the 1940 Act that may require sharing of information about you and your account, and otherwise use reasonable efforts to work with intermediaries to identify excessive short-term trading in underlying accounts.

If the Fund identifies that excessive short-term trading is taking place in a participant-directed employee benefit plan accounts, the Fund or its Adviser or Transfer Agent will contact the plan administrator, sponsor or trustee to request that action be taken to restrict such activity. However, the ability to do so may be constrained by regulatory restrictions or plan policies. In such circumstances, it is generally not the policy of the Fund to close the account of an entire plan due to the activity of a limited number of participants. However, the Fund will take such actions as deemed appropriate in light of all the facts and circumstances.

The Fund’s policies provide for ongoing assessment of the effectiveness of current policies and surveillance tools, and the Trustees reserves the right to modify these or adopt additional policies and restrictions in the future. Shareholders should be aware, however, that any surveillance techniques currently employed by the Fund or other techniques that may be adopted in the future, may not be effective, particularly where the trading takes place through certain types of omnibus accounts. As noted above, if the Fund is unable to detect and deter trading abuses, the Fund’s performance, and its long term shareholders, may be harmed. In addition, shareholders may be harmed by the extra costs and portfolio management inefficiencies that result from Frequent Trading, even when the trading is not for abusive purposes.

DISTRIBUTION ARRANGEMENTS

The Fund is offered through financial supermarkets, investment advisers and consultants, financial planners, brokers, dealers and other investment professionals, and directly through the Distributor. Investment professionals who offer shares may request fees from their individual clients. If you invest through a third party, the policies and fees may be different than those described in this prospectus. For example, third parties may charge transaction fees or set different minimum investment amounts. If you purchase your shares through a broker-dealer, the broker-dealer firm is entitled to receive a percentage of the sales charge you pay in order to purchase Fund shares.

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FINANCIAL HIGHLIGHTS

Because the Fund has only recently commenced investment operations, no financial highlights are available for the Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

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You will find more information about the Fund in the following documents:

The Fund’s annual and semi-annual reports will contain more information about the Fund. The Fund’s annual report will contain a discussion of the market conditions and investment strategies that had a significant effect on the Fund’s performance during the last fiscal year.

For more information about the Fund, you may wish to refer to the Fund’s Statement of Additional Information (the “SAI”) dated May __, 2016, which is on file with the SEC and incorporated by reference into this prospectus. You can obtain a free copy of the annual and semi-annual reports, and SAI by writing to World Funds Trust, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll free at 855-505-VEST (8378) , by e-mail at: mail@ccofva.com or on the Fund’s website at www.vestfunds.com. General inquiries regarding the Fund may also be directed to the above address or telephone number.

Information about the Trust, including the SAI, can be reviewed and copied at the SEC’s Public Reference Room, 100 F Street NE, Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling the SEC at (202) 551-8090. Reports and other information regarding the Fund are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the Commission’s Public Reference Section, Washington D.C. 20549-0102.

(Investment Company Act File No. 811-22172)

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The Vest Financial Family of Funds

PROSPECTUS
May __, 2016

Vest Armor S&P 500® Fund
Class A Shares (XXXXX)
Class C Shares (XXXXX)

This prospectus describes the Vest Armor S&P 500® Fund. The Vest Armor S&P 500® Fund is authorized to offer 4 classes of shares, two of which are offered by this prospectus.

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH STATE.


 
TABLE OF CONTENTS PAGE
 

Fund Summary

 

Investment Objective

1

Fees and Expenses of the Fund

1

Portfolio Turnover

2

Principal Investment Strategies

2

Principal Risks

4

Performance History

8

Investment Adviser

8

Portfolio Managers

8

Purchase and Sale of Fund Shares

9

Tax Information

9

Payments to Broker-Dealers and Other Intermediaries

9

Additional Information About the Fund’s Investments

10

Additional Information About Certain Affiliated Parties of the Adviser and the Fund’s Methodology

12

Additional Information About Risk

12

Management

18

How to Buy Shares

21

How to Sell Shares

22

General Information

23

Dividends, Distributions and Taxes

25

Net Asset Value

26

Share Class Alternatives

27

Frequent Purchases and Redemptions

30

Distribution Arrangements

31

Financial Highlights

32

For More Information

33
 

FUND SUMMARY

Investment Objective

The Vest Armor S&P 500® Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect Index (the “SPPRO Index”).

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)
  Class A
Shares
    Class C
Shares
 
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   5.75%     None  
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None(1)     1.00%  
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     2.00%  
 
Exchange Fee   None     None  
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     1.00 %  
Other Expenses(2)     0.52 %     0.52 %  
Acquired Fund Fees and Expenses(2)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.52 %     2.27 %  
 
Fee Waivers and/or Expense Reimbursements(3)     (0.02 %)     (0.02 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(3)     1.50 %     2.25 %  
 

 
(1)    
With respect to certain purchases made without the imposition of a sales charge at the time of purchase, you may be charged a 1.00% deferred sales charge on Class A Shares if you redeem your shares less than one year after you purchase them.
(2)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(3)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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

1


Fund’s operating expenses remain the same. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Class A Shares $718.85 $1,025.80
Class C Shares $328.09 $707.40

     If you did not redeem your shares, your cost would be:

Share Class 1 Year 3 Years
Class A Shares $718.85 $
Class C Shares $228.09 $

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

The Fund generally invests in a series of 12 monthly rolling “tranches” with each tranche seeking a target return over approximately one-year.

Each monthly tranche seeks to provide returns or losses before all estimated fees and expenses based on the price performance of the S&P500 Index from third Wednesday of the month to which the tranche belongs to the third Wednesday of the same month the following year (the “tranche holding period”):

 
If the S&P500 Index appreciates over the tranche holding period, the tranche seeks to provide with a total return that increases by the percentage increase of the S&P500 Index, up to a maximum return that is determined at the start of the tranche holding period.
     
  If the S&P500 Index decreases over the tranche holding period by [10%] or less (the “Buffer Amount”), the tranche seeks to provide with a total return of zero.
     
 
If the S&P500 Index decrease over the tranche holding period by more than [10%], the tranche seeks to provide with a total return loss that is 10% less than percentage loss on the S&P500 Index with a maximum loss of approximately [90%].

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The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy for each monthly tranche, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

The SPPRO Index is an equally weighted average of the twelve (12) CBOE® Buffer Protect S&P 500® Indices that correspond to each month of the year (e.g., the CBOE® Buffer Protect S&P 500® January Index, the CBOE® Buffer Protect S&P 500® February Index, . . .etc.). The SPPRO Index is rebalanced each month. The methodology for the SPPRO Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. Each of the monthly indices measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. Each of the monthly indices is designed to track the returns of a hypothetical investment that, over a period of approximately one year, seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

In seeking to achieve its objective, the Fund will construct a non-diversified portfolio for each monthly tranche that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO Index to mitigate losses when the S&P 500® declines in exchange for accepting a limit on gains when the S&P 500® increases. In seeking to track the SPPRO Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index ( “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price.

3


The FLEX Options that will be used by the Fund seek to protect in each monthly tranche an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

The Fund generally invests in a series of 12 monthly rolling “tranches” with each tranche having approximately a one-year term. In other words, at any given time, the Fund will generally have one tranche with options expiring in approximately one month, a second tranche expiring in approximately two months, and so on, up to a twelfth tranche expiring in approximately twelve months. Each month, a previously purchased tranche’s options will generally expire, be exercised or be sold at or near their expiration, and the proceeds generally are used to purchase (or roll into) a new tranche of options expiring in approximately one year. The rolling nature of the tranches creates diversification of investment time period and market level compared to the risk of buying or selling investments at any one time. The Fund expects that its assets will generally be invested evenly across the monthly tranches, thereby continuously protecting an investment against downturns and sacrificing upswings.

The strategy is designed so that any amount owed by the Fund on FLEX Options written by the Fund (“Written Options”) will be covered by payouts at expiration from the FLEX Options purchased by the Fund (“Purchased Options”). The Fund receives premiums in exchange for the Written Options and pays premiums in exchange for the Purchased Options. Because amounts owed on the Written Options will be covered by payouts at expiration from the Purchased Options, the Fund will not be have a net obligation from the use of FLEX Options.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

The Fund will implement its investment strategy directly or by investing in other mutual funds advised by the Adviser. To the extent that the Fund invest other mutual funds to implement the investment strategy, it will only invest in mutual funds that seek to track, before fees and expenses, the performance of one or more of the monthly CBOE® Buffer Protect S&P 500® Indices (“Monthly Funds”). There are twelve (12) Monthly Funds that are advised by the Adviser that are offered in a separate prospectus. Once the Fund’s assets reach a certain level, the Fund will only implement its investment strategy by investing in the Monthly Funds. Until such time, the Fund’s portfolio will be allocated to twelve (12) separate annual tranches (i.e., one for each month of the year). Each tranche will be constructed with FLEX Options as described above. Specifically, each tranche may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset or the value of the S&P® 500 Index), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset or the value of the S&P® 500 Index), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset or the value of the S&P® 500 Index), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset or the value of the S&P® 500 Index) and fixed income securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be

4


expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options

Index Limitations. The SPPRO Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices are designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO Index and each of the monthly CBOE® Buffer Protect S&P 500® Indices do not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

Equity Risk. The SPPRO Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that seeks to track the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.

Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

5


Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The return of each monthly tranche or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in each monthly tranche is based an assumption of holding the investment for one year, the price performance of the S&P® 500 Index or the Reference Asset, and the maximum capped return. Because the each monthly tranche’s return (or the return for one of the Monthly Funds as the case may be) will be capped, the return of the Fund with respect to any particular tranche (or the Monthly Funds) may be less than the performance of the Reference Index or Reference Asset.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

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The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

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Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for units.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

VestSM Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

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Purchase and Sale of Fund Shares

You may purchase, redeem or exchange shares of the Fund on days when the New York Stock Exchange is open for regular trading through a financial advisor, by mail (addressed to Vest Armor S&P 500® Fund, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235), by wire, or by calling the Fund toll free at 855-505-VEST (8378). Purchases and redemptions by telephone are only permitted if you previously established this option on your account. The minimum initial purchase or exchange into the Fund is $1,000 for Class A Shares and for Class C Shares. Subsequent investments must be in amounts of $100 or more. The Funds may waive minimums for purchases or exchanges through employer-sponsored retirement plans.

Tax Information

The Fund’s distributions will be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account in which case withdrawals will be taxed.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary’s website for more information.

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ADDITIONAL INFORMATION ABOUT THE FUND’S INVESTMENTS

The Vest Armor S&P 500® Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect Index. The Fund’s investment objective may be changed by the Board of Trustees without shareholder approval upon 60 days written notice to shareholders.

Under normal conditions, the Fund’s portfolio consists of six kinds of FLEX Options referred to as the Purchased Call Options, Purchased Put Options, Written Type A Put Options, Written Type B Put Options, Written Type A Call Options and Written Type B Call Options (each of these is further described below). The Purchased Call Options and Purchased Put Options may be referred to as the “Purchased Options.” The Written Type A Put Options, Written Type B Put Options, Written Type A Call Options and Written Type B Call Options may be referred to as the “Written Options.” The Purchased Call Options, Written Type A Call Options and Written Type B Call Options together may be referred to as the “Call Options.” The Purchased Put Options, Written Type A Put Options and Written Type B Put Options may be referred to as the “Put Options”.

The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse. The Options are listed on the Chicago Board Options Exchange. FLEX Options provide investors with the ability to customize assets and indices referenced by the options, exercise prices, exercise styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Each option contract entitles the holder thereof (i.e. the purchaser of the option) to purchase (for the call options) or sell (for the put options) 100 shares of the Reference Asset at the strike price.

The Fund is designed so that any amount owed by the Fund on the Written Options will be covered by payouts at expiration from the Purchased Options. The Fund receives premiums in exchange for the Written Options and pays premiums in exchange for the Purchased Options. The OCC and securities exchange that the Options are listed on do not charge ongoing fees to writers or purchasers of the options during their life for continuing to hold the option contracts. Because amounts owed on the Written Options will be covered by payouts at expiration from the Purchased Options, the Fund will not be required to post any additional collateral for the options. [It is possible that applicable regulations governing the Fund’s utilization of the FLEX Options may change at some point in the future in which case the Fund will conform to such requirements and, accordingly, its obligations to cover its positions may change.]

     Purchased Call Options. The “Purchased Call Options” are call options purchased by the Fund, each with a strike price at 50% of the “Initial Level,” which is the price of the S&P® 500 Index (or the Reference Asset if the option is on the Reference Asset) on the third Wednesday of the month of the respective monthly tranche of the Fund (“Purchased Call Option Strike Price”). If the price of shares of the S&P® 500 Index (or the Reference Asset if the option is on the Reference Asset) as of the option expiration date (the “Closing Value”) is less than or equal to the Purchased Call Option Strike Price at the option expiration date, the Purchased Call Options will expire without a payment being made to the Fund (i.e. the Purchased Call Options will expire worthless). If the Closing Value is greater than the Purchased Call Option Strike Price, then the Purchased Call Options collectively provide payment to be made to the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type A Put Options. The “Written Type A Put Options” are put options written by the trust each with a strike price at 50% of the Initial Level (“Written Type A Put Option Strike Price”). If the Closing Value is greater than or equal to the Written Type A Put Option Strike Price at the option expiration date, the Written Type A Put Options will expire without a payment being made by the Fund. If the Closing Value is less than the Written Type A Put Option Strike Price, then the Written Type A Put Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

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     Written Type B Put Options. The “Written Type B Put Options” are put options written by the Fund each with a strike price at 90% of the Initial Level (“Written Type B Put Option Strike Price”). If the Closing Value is greater than or equal to the Written Type B Put Option Strike Price at the option expiration date, the Written Type B Put Options will expire without a payment being made by the Fund If the Closing Value is less than the Written Type B Put Option Strike Price, then the Written Type B Put Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     Purchased Put Options. The “Purchased Put Options” are put options purchased by the Fund each with a strike price at the Initial Level (“Purchased Put Option Strike Price”). If the Closing Value is greater than or equal to the Purchased Put Option Strike Price at the option expiration date, the Purchased Put Options will expire without a payment being made to the trust (i.e. the Purchased Put Options will expire worthless). If the Closing Value is less than the Purchased Put Option Strike Price, then the Purchased Put Options collectively provide payment to be made to the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type A Call Options. The “Written Type A Call Options” are call options written by the Fund each with a strike price at the Initial Level (“Written Type A Call Option Strike Price”). If the Closing Value is less than or equal to the Written Type A Call Option Strike Price at the option expiration date, the Written Type A Call Options will expire without a payment being made by the Fund. If the Closing Value is greater than the Written Type A Call Option Strike Price, then the Written Type A Call Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     Written Type B Call Options. The “Written Type B Call Options” are call options written by the Fund each with a strike price that will be determined on the third Wednesday of the month of the respective monthly tranche of the Fund (“Written Type B Call Option Strike Price”). If the value of the Closing Value is less than or equal to the Written Type B Call Option Strike Price at the option expiration date, the Written Type B Call Options will expire without a payment being made by the Fund. If the Closing Value is greater than the Written Type B Call Option Strike Price, then the Written Type B Call Options collectively provide payment to be made by the Fund on the option expiration date corrected for any Corporate Actions.

     The Reference Asset and the S&P 500® Index. The summary information below regarding the Reference Asset, where the reference assets is an exchange traded fund (“ETF”) and the S&P 500® Index. Information regarding any ETF comes from such ETF’s filings with the U.S. Securities and Exchange Commission (“SEC”) filings. You are urged to refer to the SEC filings made by the issuer and to other publicly available information (e.g. the issuer’s annual report) to obtain an understanding of the issuer’s business and financial prospects. The summary information contained below is not designed to be, and should not be interpreted as, an effort to present information regarding the financial prospects of any issuer or any trends, events or other factors that may have a positive or negative influence on those prospects or as an endorsement of any particular issuer or ETF. The Fund has not undertaken any independent review or due diligence of the SEC filings of the issuer of any ETF or of any other publicly available information regarding such an issuer.

     The ETFs will generally seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies. The S&P 500® Index is considered one of the best representations of the U.S. stock market.

     The Fund is not sponsored, endorsed, sold or promoted by any ETF or any ETF’s investment adviser, nor have any such persons passed on the legality or suitability of, or the accuracy or adequacy of, descriptions and disclosures relating to the Fund or the FLEX Options. No ETF or any investment adviser thereof have made any representations or warranties, express or implied, regarding the advisability of investing in the Fund, the FLEX Options or the results sought to be obtained by the Fund or the FLEX Options. No ETF or any investment adviser thereof shall have any liability in connection with the management, administration, marketing or trading of the Fund or the FLEX Options.

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     The Fund is not sponsored, endorsed, sold or promoted by the S&P Dow Jones Indices, LLC a part of McGraw Hill Companies Financial (“S&P”). S&P makes no representation or warranty, express or implied, to the owners of shares of the Fund, the FLEX Options, shares of any ETF that is a Reference Asset or any member of the public regarding the advisability of investing in securities generally or in such the Reference Asset, the FLEX Options or the Fund particularly or the ability of the S&P 500® Index to track general stock market performance. S&P’s only relationship to any Reference Asset or Reference Asset’s adviser or its affiliates is the licensing of certain trademarks and trade names of S&P and of the S&P 500® Index, which is determined, composed and calculated by S&P without regard to any Reference Asset, any Reference Asset’s adviser or their affiliates or the Fund. S&P has no obligation to take the needs of any Reference Asset’s adviser, affiliates, the owners of shares of any Reference Asset, the FLEX Options or shares of the Fund into consideration in determining, composing or calculating the S&P 500® Index. S&P is not responsible for and has not participated in the determination of the prices and amount of shares of any Reference Asset, the FLEX Options or shares of the Fund, or the timing of the issuance or sale of such shares, FLEX Options or shares of the Fund or in the determination or calculation of the equation by which shares, FLEX Options or units are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of shares of any Reference Asset, the FLEX Options or shares of the Fund. S&P does not guarantee the accuracy or the completeness of the S&P 500® Index or any data included therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, express or implied, as to results to be obtained by any Reference Asset or its advisers or owners of shares of any Reference Asset, the FLEX Options or shares of the Fund or any other person or entity from the use of the S&P 500® Index or any data included therein. S&P makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P 500® Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) resulting from the use of the S&P 500® Index or any data included therein, even if notified of the possibility of such damages.

     Shares of any Reference Asset may be invested in directly without paying the fees and expenses associated with the trust. There are a variety other investments available that track or reference the S&P 500® Index.

     Tax Strategy. To the extent consistent with the primary objectives and other strategies of the Fund, the Adviser intends to minimize taxes by harvesting capital losses to minimize current year capital gains. In addition, where feasible, the Adviser will utilize options contracts that qualify as §1256 contracts, which are options contracts that are taxed at more preferable tax rate regardless of the length of the holding period. There is no assurance the Adviser can implement this tax strategy to reduce the tax burden for the shareholders.

ADDITIONAL INFORMATION ABOUT CERTAIN AFFILATED PARTIES OF THE ADVISER AND THE FUND’S METHODOLOGY

The S&P Dow Jones Indices LLC (“S&P”), Chicago Board of Options Exchange (“CBOE®”), a subsidiary of CBOE® Holdings, Inc. and Vest Financial LLC, the investment adviser to the Fund and a majority owned subsidiary of CBOE® Holdings, Inc. have entered into an understanding (the “Licensing Arrangement”) pursuant to which CBOE® calculates and disseminates the Index values. CBOE® and Chicago Board Options Exchange® are registered trademarks of the CBOE®. S&P® is the registered trademark of S&P. The methodology of the SPPRO is owned by CBOE® and is licensed to Vest Financial Group Inc. (“Vest”) by S&P. The Advisor has entered into a sublicense agreement with Vest to use the Indexes by which terms the Indexes are usable by the Funds so long as the Advisor serves the Funds. Additional information about the CBOE® Buffer Protect S&P 500 Indexes, including the components and weightings, as well as the rules that govern inclusion and weighting, is available at _________________.

ADDITIONAL INFORMATION ABOUT RISK

It is important that you closely review and understand the risks of investing in the Fund. References herein to “the Fund” are to any one of the Funds generally. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could

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underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

The Fund also might not perform as well as you expect. This can happen for the following reasons:

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The S&PPROT Index, as well as each of the monthly CBOE® Buffer Protect S&P 500® Indices are designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO Index and each of the monthly CBOE® Buffer Protect S&P 500® Indices do not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes. In the construction of the hypothetical indexes, the options are assumed to be purchased and written at a certain price on the third Wednesday of the month. However, there is no guarantee that all investors will be able to sell at this price, and investors attempting to replicate the Indexes should discuss with their brokers possible timing and liquidity issues. Transaction costs for a strategy such the indexes could be significantly higher than transaction costs for a passive strategy of investing in Treasury bills.

Equity Risk. Equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. These fluctuations could be a drastic movement or a sustained trend. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services or broader economic or market events, including changes in interest rates. Common stocks in general are subject to the risk of an issuer liquidating or declaring bankruptcy, in which case the claims of owners of the issuer’s debt securities and preferred stock take precedence over the claims of common stockholders.

Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of

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the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gain or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities whose value depends generally on an issuer’s credit rating and the interest rate of the security. Fixed-income securities are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default or become unable to pay interest or principal due on the security. If an issuer defaults, a fixed-income security could lose all of its value, be renegotiated at a lower interest rate or principal amount or become illiquid. Generally, investment risk and price volatility increase as a fixed-income security’s credit rating declines, which can cause the price of fixed-income securities to go down.
 
Interest Rate Risk. Fixed-income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed-income securities with shorter maturities.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. Following the financial crisis that began in 2007, the Federal Reserve has attempted to stabilize the U.S. economy and support the U.S. economic recovery by keeping the federal funds rate at or near zero percent. As the Federal Reserve raises the federal funds rate, there is a risk that interest rates across the U.S. financial system will rise. These policy changes may expose markets to heightened volatility and may reduce liquidity for certain Fund investments, causing the value of the Fund’s investments and share price to decline. To the extent that the Fund experiences high redemptions because of these governmental policy changes, the Fund may experience increased portfolio turnover, which will increase the costs that the Fund incurs and will lower the Fund’s performance.

Non-Diversification Risk. The Fund is non-diversified, which means that there is no restriction on how much the Fund may invest in the securities of an obligor under the 1940 Act. Because of this, greater investment in a single obligor makes the Fund more susceptible to financial, economic or market events impacting such obligor.

Options Risk. An option represents a contract sold by one party (the option writer) to another party (the option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a certain period of time or on a specific date. Option transactions in which the Fund may engage involve the following risks:

 
the writer of an option may be assigned an exercise at any time during the option period;
 
disruptions in the markets for underlying instruments could result in losses for options investors;
 
imperfect or no correlation between the option and securities being hedged;
 
the insolvency of a broker could present risks for the broker’s customers; and
 
market imposed restrictions may prohibit the exercise of certain options.

In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund, which may reduce returns.

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Call Options. A call option is an option to buy assets at an agreed-upon price on or before a particular date. The seller (writer) of a call option which is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The buyer of a call option assumes the risk of losing its entire investment (i.e., the premium paid) in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security.

Put Options. A put option is an option to sell assets at an agreed price on or before a particular date. The seller (writer) of a put option which is covered (i.e., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the short position for values of the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment (i.e., the premium paid) in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security.

The Fund’s investment strategy is designed to achieve its investment objective over the life of the Fund. The Fund’s investment strategy has not been designed to deliver on its objective if the shares are bought and held for less than one year. Prior to the end of a one year holding period, the value of the securities in the Fund could vary because of related factors other than the price of shares of the Reference Asset. Certain related factors are interest rates, implied volatility levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index and implied dividend levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Market risk is the possibility that, over short or long periods, prices of assets that may be held by the Fund will decline. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. An investment in the Fund represents an indirect investment in the FLEX Options. The shares of the Fund at any point in time may be worth less than the original investment.

Leverage Risk. The Fund may seek to gain exposure to certain securities in excess of 100%. Such exposure will make each Fund more sensitive to movement in the value of those instruments. In particular, investments in options and derivative instruments may provide the economic effect of financial leverage by creating additional investment exposure such that increases or decreases in the value of each Fund’s portfolio will be magnified.

Option Risk: Purchased put options may expire worthless and may have imperfect correlation to the value of the Fund’s sector ETFs. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund’s losses are potentially large in a written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same

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month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. Prior to option expiration date, the value of the FLEX Options is determined based upon market quotations, the last asked or bid price in the over-the-counter market or using other recognized pricing methods. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. Factors that may influence the value of the FLEX Options are interest rate changes, implied volatility levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index and implied dividend levels of the Reference Asset, S&P 500® Index and securities comprising the S&P 500® Index, among others. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector. Maintaining investments in the securities regardless of market conditions of the performance of individual securities could impact the unit price of the Reference Asset, the FLEX Options and the Fund.

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Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. The performance of the Reference Asset may not replicate the performance of, and may underperform, the S&P 500® Index. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances. Because the return or loss on the FLEX Options references the price performance of the Reference Asset and not the S&P 500® Index, the return or loss on the FLEX Options and your investment in the Fund may be less than that of an alternative investment linked directly to the S&P 500® Index.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of the S&P 500® Index that the Fund seeks to track. Tracking error may occur because of differences between the securities held in the Fund’s portfolio and those included in the S&P 500® Index, pricing differences, transaction costs, the Fund’s holding of cash, differences in timing of the accrual of dividends, changes to the S&P 500® Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the S&P 500® Index does not.

Temporary Investments. To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities. These short-term debt securities include: treasury bills, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. The Fund may also invest a substantial portion if their respective assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies. When the Fund takes such a position, it may not achieve its investment objective.

MANAGEMENT

The Investment Adviser. VestSM Financial LLC (the “Adviser”), 8300 Greensboro Drive, Suite 800, McLean, Virginia 22102, serves as investment adviser to the Fund. Subject to the authority of the Board of Trustees, the Adviser is responsible for management of the Fund’s investment portfolio. The Adviser is responsible for selecting the Fund’s investments according to the Fund’s investment objective, policies and restrictions. The Adviser was established in September 2012. As of the date of this prospectus, the Adviser manages _______ other funds in the Trust and Institutional sub-advised separately managed accounts. As of December 31, 2015, the Adviser had approximately $4.7 million in assets under management.

The Adviser also furnishes the Fund with office space and certain administrative services. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, as a percentage of the Fund’s average daily net assets according to the following schedule.

     Asset Level   Fee Rate
$0 - $249,999.99   0.75%
$250,000 - $749,999.99   0.65%
$750,000 - $1,499,999.99   0.60%
$1,500,000 – $4,999,999.99   0.55%
>$5,000,000   0.50%

To the extent, the Fund invest in any of the Monthly Funds, it will waive the fee that it is entitled to under the advisory agreement with respect to the Fund.

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 1.25% 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 February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

A discussion regarding the basis for the Board of Trustees approving the investment advisory agreement for the Fund will be available in the Fund’s annual report for the period ending October 31, 2016 once that report is produced.

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The Adviser is a subsidiary of Vest Financial Group, Inc. (“VFG”). VFG is majority owned by CBOE® Vest, LLC, a wholly-owned subsidiary of CBOE® Holdings, Inc. The remaining portion of VFG is owned by certain individuals who operate VFG and the Adviser. CBOE® Holdings, Inc. is the holding company for the Chicago Board of Options Exchange, Incorporated (“CBOE®”) and other subsidiaries. CBOE® is the largest U.S. options exchange and creator of listed options. CBOE® offers equity, index and ETF options, including proprietary products, such as the S&P 500 options, the most active U.S. index option, and these products may trade on CBOE® affiliated exchanges resulting in transaction and other revenues accruing to CBOE®. The Adviser will cause the Fund to purchase FLEX Options on CBOE®, including S&P 500 options. The Fund will not pay, and the CBOE® (and its parent and affiliates) will not receive any special compensation or consideration in connection with such transactions other than the typical costs that are associated with conducting such transactions by any other non-affiliated party. Certain option used by the Fund may trade on one or more CBOE® affiliated exchanges, in some cases exclusively on these exchanges, resulting in transaction and other revenues accruing to CBOE®. CBOE® is a registered trademark of CBOE®. VestSM is a service mark of VFG.

The Portfolio Managers

The Fund is managed on a day-to-day basis by Karan Sood and Jonathan Hale.

Mr. Sood has ten years of experience in derivative based investment strategy design and trading. Prior to joining Vest, Mr. Sood worked as a senior manager in new product development at ProShares Advisors LLC. At ProShares he was instrumental in developing several first-to-market derivative based exchange traded funds. Prior to ProShares, Mr. Sood worked as a Vice President at Barclays Capital. Last based in New York, he was responsible for using derivatives to design structured investment strategies and solutions for the firm’s institutional clients in the Americas. Prior to his role in New York, Mr. Sood worked in similar capacity in London with Barclays Capital’s European clients. Mr. Sood received a master’s degree in Decision Sciences & Operations Research from London School of Economics & Political Science, London. He also holds a bachelor’s degree in engineering from the Indian Institute of Technology, Delhi.

Mr. Hale has experience in investment and securities valuation and analysis. Prior to joining Vest, Mr. Hale worked as an investment banking analyst at Citigroup. Mr. Hale has a background in conducting quantitative analysis on corporations and derivatives. Mr. Hale holds a bachelor’s degree in Mathematics and Economics from Stanford University.

The SAI provides additional information about each portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership in the Fund.

The Trust

The Fund is a series of the World Funds Trust, an open-end management investment company organized as a Delaware statutory trust on April 9, 2007. The Trustees supervise the operations of the Fund according to applicable state and federal law, and the Trustees are responsible for the overall management of the Fund’s business affairs.

Rule 12b-1 Fees

The Board has adopted a Distribution and Service Plans for the Fund’s Class A Shares and Class C Shares (collectively, the “12b-1 Plans”) in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the 12b-1 Plans, the Fund may finance from the assets of a particular class certain activities or expenses that are intended primarily to result in the sale of shares of such class. The Fund finances these distribution and service activities through payments made to the Distributor. The fee paid to the Distributor by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Class A share expenses and 1.00% for Class C Share expenses. With respect to Class C Shares, 0.75% represents 12b-1 distribution fees and 0.25% represents shareholder servicing fees paid to institutions that have agreements with the Distributor to provide such services. Because these fees are paid out of a class’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

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The 12b-1 Plans, while primarily intended to compensate for shareholder services expenses, were adopted pursuant to Rule 12b-1 under the 1940 Act, and they therefore may be used to pay for certain expenditures related to financing distribution related activities of the Fund.

Shareholder Servicing Plan.

The Fund has adopted a shareholder service plan on behalf of its Class A and Class C Shares. Under a shareholder services plan, the Fund may pay an authorized firm up to 0.15% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, such as: 1) receiving and processing shareholder orders; 2) performing the accounting for the shareholder’s account; 3) maintaining retirement plan accounts; 4) answering questions and handling correspondence for individual accounts; 5) acting as the sole shareholder of record for individual shareholders; 6) issuing shareholder reports and transaction confirmations; 7) executing daily investment “sweep” functions; and 8) furnishing investment advisory services.

Because the Fund has adopted the shareholder services plan to compensate authorized firms for providing the types of services described above, the Fund believes the shareholder services plan is not covered by Rule 12b-1 under the 1940 Act, which relates to payment of distribution fees. The Fund, however, follows the procedural requirements of Rule 12b-1 in connection with the implementation and administration of each shareholder services plan.

An authorized firm generally represents in a service agreement used in connection with the shareholder services plan that all compensation payable to the authorized firm from its customers in connection with the investment of their assets in the Fund will be disclosed by the authorized firm to its customers. It also generally provides that all such compensation will be authorized by the authorized firm’s customers.

The Fund does not monitor the actual services being performed by an authorized firm under the plan and related service agreement. The Fund also does not monitor the reasonableness of the total compensation that an authorized firm may receive, including any service fee that an authorized firm may receive from the Fund and any compensation the authorized firm may receive directly from its clients.]

Shareholder Servicing

Certain financial intermediaries that maintain “street name” or omnibus accounts with the Fund provide sub-accounting, recordkeeping and/or administrative services to the Fund and are compensated for such services by the Fund. These service fees may be paid in addition to the fees paid under the 12b-1 Plan. For more information, please refer to the SAI.

Other Expenses

In addition to the 12b-1 fees and the investment advisory fees, the Fund pays all expenses not assumed by the Adviser, including, without limitation, the following: the fees and expenses of its independent accountants and legal counsel; the costs of printing and mailing to shareholders annual and semi-annual reports, proxy statements, prospectuses, statements of additional information, and supplements thereto; the costs of printing registration statements; bank transaction charges and custodian’s fees; any proxy solicitors’ fees and expenses; filing fees; any federal, state, or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees’ liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made.

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Portfolio Holdings

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund’s Statement of Additional Information. Complete holdings (as of the dates of such reports) are available in reports on Form N-Q and Form N-CSR filed with the SEC.

HOW TO BUY SHARES

You may purchase shares of the Fund through financial intermediaries, such as fund supermarkets or through brokers or dealers who are authorized by the Distributor to sell shares of the Fund (collectively, “Financial Intermediaries”). You may also purchase shares directly from the Distributor. You may request a copy of this prospectus by calling the Fund toll free at 855-505-VEST (8378). Financial Intermediaries may require the payment of fees from their individual clients, which may be different from those described in this prospectus. For example, Financial Intermediaries may charge transaction fees or set different minimum investment amounts. Financial Intermediaries may also have policies and procedures that are different from those contained in this prospectus. Investors should consult their Financial Intermediary regarding its procedures for purchasing and selling shares of the Fund as the policies and procedures may be different. The price you pay for a share of the Fund is the net asset value next determined upon receipt by the Transfer Agent or financial intermediary. The Fund will be deemed to have received your purchase or redemption order when the Financial Intermediary receives the order. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund’s behalf.

Certain Financial Intermediaries may have agreements with the Fund that allow them to enter confirmed purchase and redemption orders on behalf of clients and customers. Under this arrangement, the Financial Intermediary must send your payment to the Fund by the time the Fund prices its shares on the following business day.

The Fund is not responsible for ensuring that a Financial Intermediary carries out its obligations. You should look to the Financial Intermediary through whom you wish to invest for specific instructions on how to purchase or redeem shares of the Fund.

     Minimum Investments. The minimum initial investment for Class A and Class C Shares is $1,000. Subsequent investments must be in amounts of $100 or more. The Trust may waive the minimum initial investment requirement for purchases made by directors, officers and employees of the Trust, the Adviser or any of their respective affiliates. The Trust may also waive the minimum investment requirement for purchases by its affiliated entities and certain related advisory accounts and retirement accounts (such as IRAs). The Trust may also change or waive policies concerning minimum investment amounts at any time. The Trust retains the right to refuse to accept an order.

     Customer Identification Program. Federal regulations require that the Trust obtain certain personal information about you when opening a new account. As a result, the Trust must obtain the following information for each person that opens a new account:

  Name;
  Date of birth (for individuals);
  Residential or business street address (although post office boxes are still permitted for mailing); and
  Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver’s license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities.

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After an account is opened, the Trust may restrict your ability to purchase additional shares until your identity is verified. The Trust also may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time.

If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

     Purchases by Mail. For initial purchases, the account application, which accompanies this prospectus, should be completed, signed and mailed to Commonwealth Fund Services, Inc. (the “Transfer Agent”), the Fund’s transfer and dividend disbursing agent, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 together with your check payable to the respective Fund. When you buy shares, be sure to specify the Fund and class of shares in which you choose to invest. For subsequent purchases, include with your check the tear-off stub from a prior purchase confirmation or otherwise identify the name(s) of the registered owner(s) and social security number(s).

     Purchases by Wire. You may purchase shares by requesting your bank to transmit by wire directly to the Transfer Agent. To invest by wire, please call the Fund toll free at 855-505-VEST (8378) or the Transfer Agent at (800) 628-4077 to advise the Trust of your investment and to receive further instructions. Your bank may charge you a small fee for this service. Once you have arranged to purchase shares by wire, please complete and mail the account application promptly to the Transfer Agent. This account application is required to complete the Fund’s records. You will not have access to your shares until the purchase order is completed in good form, which includes the receipt of completed account information by the Transfer Agent. Once your account is opened, you may make additional investments using the wire procedure described above. Be sure to include your name and account number in the wire instructions you provide your bank.

     Purchases by Telephone. You may also purchase shares by telephone, by contacting the Fund toll free at 855-505-VEST (8378) or the Transfer Agent at (800) 628-4077.

     Other Purchase Information. You may purchase and redeem Fund shares, or exchange shares of the Fund for those of another, by contacting any broker authorized by the Distributor to sell shares of the Fund, by contacting the Fund toll free at 855-505-VEST (8378) or by contacting the Transfer Agent, at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 or by telephoning (800) 628-4077. Brokers may charge transaction fees for the purchase or sale of the Fund’s shares, depending on your arrangement with the broker.

HOW TO SELL SHARES

You may redeem your shares of the Fund at any time and in any amount by contacting your Financial Intermediary or by contacting the Fund by mail or telephone. For your protection, the Transfer Agent will not redeem your shares until it has received all information and documents necessary for your request to be considered in “proper order.” The Transfer Agent will promptly notify you if your redemption request is not in proper order. The Transfer Agent cannot accept redemption requests which specify a particular date for redemption or which specify any special conditions.

The Fund’s procedure is to redeem shares at the NAV next determined after the Transfer Agent or authorized Financial Intermediary receives the redemption request in proper order. Payment of redemption proceeds will be made promptly, but no later than the seventh day following the receipt of the request in proper order. The Fund may suspend the right to redeem shares for any period during which the NYSE is closed or the SEC determines that there is an emergency. In such circumstances you may withdraw your redemption request or permit your request to be held for processing after the suspension is terminated.

If you sell your Shares through a securities dealer or investment professional, it is such person’s responsibility to transmit the order to the Fund in a timely fashion. Any loss to you resulting from failure to do so must be settled between you and such person.

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Delivery of the proceeds of a redemption of shares purchased and paid for by check shortly before the receipt of the redemption request may be delayed until the Fund determines that the Transfer Agent has completed collection of the purchase check, which may take up to 15 days. Also, payment of the proceeds of a redemption request for an account for which purchases were made by wire may be delayed until the Fund receives a completed account application for the account to permit the Fund to verify the identity of the person redeeming the shares and to eliminate the need for backup withholding.

     Redemption By Mail. To redeem shares by mail, send a written request for redemption, signed by the registered owner(s) exactly as the account is registered, to: Vest Armor S&P 500® Fund, Attn: Redemptions, 8730 Stony Point Parkway, Suite 205, Richmond, VA 23235. Certain written requests to redeem shares may require signature guarantees. For example, signature guarantees may be required if you sell a large number of shares, if your address of record on the account application has been changed within the last 30 days, or if you ask that the proceeds be sent to a different person or address. Signature guarantees are used to help protect you and the Fund. You can obtain a signature guarantee from most banks or securities dealers, but not from a Notary Public. Please call the Transfer Agent at (800) 628-4077 to learn if a signature guarantee is needed or to make sure that it is completed appropriately in order to avoid any processing delays. There is no charge to shareholders for redemptions by mail.

     Redemption By Telephone. You may redeem your shares by telephone provided that you requested this service on your initial account application. If you request this service at a later date, you must send a written request along with a signature guarantee to the Transfer Agent. Once your telephone authorization is in effect, you may redeem shares by calling the Transfer Agent at (800) 628-4077. There is no charge to shareholders for redemptions by telephone. If it should become difficult to reach the Transfer Agent by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests, a shareholder may send a redemption request by overnight mail to the Transfer Agent at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235.

     Redemption By Wire. If you request that your redemption proceeds be wired to you, please call your bank for instructions prior to writing or calling the Transfer Agent. Be sure to include your name, Fund name, Fund account number, your account number at your bank and wire information from your bank in your request to redeem by wire.

The Fund will not be responsible for any losses resulting from unauthorized transactions (such as purchases, sales or exchanges) if it follows reasonable security procedures designed to verify the identity of the investor. You should verify the accuracy of your confirmation statements immediately after you receive them. There is no charge to shareholders for redemptions by wire.

     Redemption in Kind. The Fund does not intend, under normal circumstances, to redeem shares by payment in kind. It is possible, however, that conditions may arise in the future which would, in the opinion of the Trustees, make it undesirable for the Fund to pay for all redemptions in cash. In such a case, the Trustees may authorize payment to be made in readily marketable portfolio securities of the Fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing the Fund’s net asset value per share. Shareholders receiving them may incur brokerage costs when these securities are sold and will be subject to market risk until such securities are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein the Fund must pay redemptions in cash, rather than in kind, to any shareholder of record of the Fund who redeem during any 90-day period, the lesser of (a) $250,000 or (b) 1% of the Fund’s net asset value at the beginning of such period. Redemption requests in excess of this limit may be satisfied in cash or in kind at the Fund’s election.

GENERAL INFORMATION

     Signature Guarantees. To help protect you and the Fund from fraud, signature guarantees are required for: (1) all redemptions ordered by mail if you require that the check be made payable to another person or that the check be mailed to an address other than the one indicated on the account registration; (2) all requests to transfer the registration of shares to another owner; and (3) all authorizations to establish or change telephone redemption service, other than through your

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initial account application. Signature guarantees may be required for certain other reasons. For example, a signature guarantee may be required if you sell a large number of shares or if your address of record on the account has been changed within the last thirty (30) days.

In the case of redemption by mail, signature guarantees must appear on either: (1) the written request for redemption; or (2) a separate instrument of assignment (usually referred to as a “stock power”) specifying the total number of shares being redeemed. The Trust may waive these requirements in certain instances.

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Notarization is not an acceptable substitute. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program (STAMP2000). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers and member firms of a national securities exchange.

     Proper Form. Your order to buy shares is in proper form when your completed and signed account application and check or wire payment is received. Your written request to sell or exchange shares is in proper form when written instructions signed by all registered owners, with a signature guarantee if necessary, is received by the Fund.

     Small Account Balances. If the value of your account falls below the minimum account balance of $3,000, the Fund may ask you to increase your balance. If the account value is still below the minimum balance after 60 days, the Fund may close your account and send you the proceeds. The Fund will not close your account if it falls below this amount solely as a result of Fund performance. Please check with your Financial Intermediary concerning required minimum account balances.

     Automatic Investment Plan. Existing shareholders, who wish to make regular monthly investments in amounts of $100 or more, may do so through the Automatic Investment Plan. Under the Automatic Investment Plan, your designated bank or other financial institution debits a pre-authorized amount from your account on or about the 15th day of each month and applies the amount to the purchase of Fund shares. To use this service, you must authorize the transfer of funds by completing the Automatic Investment Plan section of the account application and sending a blank voided check.

     Exchange Privilege. To the extent that the Adviser manages other funds in the Trust, you may exchange all or a portion of your shares in the Fund for shares of the same class of certain other funds of the Trust managed by the Adviser having different investment objectives, provided that the shares of the fund you are exchanging into are registered for sale in your state of residence. Your account may be charged $10 for a telephone exchange. An exchange is treated as a redemption and purchase and may result in realization of a taxable gain or loss on the transaction. You won’t pay a deferred sales charge on an exchange; however, when you sell the shares you acquire in an exchange, you will pay a deferred sales charge based on the date you bought the original shares you exchanged. As of the date of this Prospectus, the Adviser manages _____ other funds in the Trust.

Frequent purchases and redemptions (“Frequent Trading”) (as discussed below) can adversely impact Fund performance and shareholders. Therefore, the Trust reserves the right to temporarily or permanently modify or terminate the Exchange Privilege. The Trust also reserves the right to refuse exchange requests by any person or group if, in the Trust’s judgment, the Fund would be unable to invest the money effectively in accordance with their investment objective and policies, or would otherwise potentially be adversely affected. The Trust further reserves the right to restrict or refuse an exchange request if the Trust has received or anticipates simultaneous orders affecting significant portions of the Fund’s assets or detects a pattern of exchange requests that coincides with a “market timing” strategy. Although the Trust will attempt to give you prior notice when reasonable to do so, the Trust may modify or terminate the Exchange Privilege at any time.

     How to Transfer Shares. If you wish to transfer shares to another owner, send a written request to the Transfer Agent at 8730 Stony Point Parkway, Suite 205, Richmond, VA 23235. Your request should include: (i) the name of the Fund

24


and existing account registration; (ii) signature(s) of the registered owner(s); (iii) the new account registration, address, taxpayer identification number and how dividends and capital gains are to be distributed; (iv) any stock certificates which have been issued for the shares being transferred; (v) signature guarantees (See “Signature Guarantees”); and (vi) any additional documents which are required for transfer by corporations, administrators, executors, trustees, guardians, etc. If you have any questions about transferring shares, call the Transfer Agent at (800) 628-4077.

     Account Statements and Shareholder Reports. Each time you purchase, redeem or transfer shares of the Fund, you will receive a written confirmation. You will also receive a year-end statement of your account if any dividends or capital gains have been distributed, and an annual and a semi-annual report.

     Shareholder Communications. The Fund may eliminate duplicate mailings of portfolio materials to shareholders who reside at the same address, unless instructed to the contrary. Investors may request that the Fund send these documents to each shareholder individually by calling the Fund toll free at 855-505-VEST (8378).

     General. The Fund will not be responsible for any losses from unauthorized transactions (such as purchases, sales or exchanges) if it follows reasonable security procedures designed to verify the identity of the investor. You should verify the accuracy of your confirmation statements immediately after you receive them.

DIVIDENDS, DISTRIBUTIONS AND TAXES

     Dividends and Capital Gain Distributions. Dividends from net investment income, if any, are declared and paid annually for the Fund. The Fund intends to distribute annually any net capital gains.

Dividends and distributions will automatically be reinvested in additional shares of the Fund, unless you elect to have the distributions paid to you in cash. There are no sales charges or transaction fees for reinvested dividends and all shares will be purchased at NAV. Shareholders will be subject to tax on all dividends and distributions whether paid to them in cash or reinvested in shares. If the investment in shares is made within an IRA, all dividends and capital gain distributions must be reinvested.

Unless you are investing through a tax deferred retirement account, such as an IRA, it is not to your advantage to buy shares of the Fund shortly before the next distribution, because doing so can cost you money in taxes. This is known as “buying a dividend”. To avoid buying a dividend, check the Fund’s distribution schedule before you invest.

     Taxes. In general, the Fund distributions are taxable to you as ordinary income, qualified dividend income, or capital gain. This is true whether you reinvest your distributions in additional shares of the Fund or receive them in cash. Any long-term capital gain the Fund distributes are taxable to you as long-term capital gain no matter how long you have owned your shares. Other Fund distributions (including distributions attributable to short-term capital gain of the Fund) will generally be taxable to you as ordinary income, except that distributions that are designated as “qualified dividend income” will be taxable at the rates applicable to long-term capital gain. Every January, you will receive a Form 1099 that shows the tax status of distributions you received for the previous year. Distributions declared in December but paid in January are taxable as if they were paid in December. The one major exception to these tax principles is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA (or other tax-deferred retirement account) will not be currently taxable.

When you sell shares of the Fund, you may have a capital gain or loss. For tax purposes, an exchange of your shares of the Fund for shares of a different fund of the Trust is the same as a sale. The individual tax rate on any gain from the sale or exchange of your shares depends on how long you have held your shares.

Fund distributions and gains from the sale or exchange of your shares will generally be subject to state and local income tax. Non-U.S. investors may be subject to U.S. withholding and estate tax. You should consult with your tax adviser about the federal, state, local or foreign tax consequences of your investment in the Fund.

25


By law, the Fund must withhold 28% of your taxable distributions and proceeds if you do not provide your correct taxpayer identification number (TIN) or fail to certify that your TIN is correct and that you are a U.S. person, or if the Internal Revenue Service (the “IRS”) has notified you that you are subject to backup withholding and instructs the Fund to do so.

Cost Basis Reporting. Federal law requires that mutual fund companies report their shareholders’ cost basis, gain/loss, and holding period to the Internal Revenue Service on the Fund’s shareholders’ Consolidated Form 1099s when “covered” securities are sold. Covered securities are any regulated investment company and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Fund has chosen average cost as the standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Fund will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders. The Fund’s standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Fund’s standing method and will be able to do so at the time of your purchase or upon the sale of covered shares. Please refer to the appropriate Internal Revenue Service regulations or consult your tax advisor with regard to your personal circumstances.

For those securities defined as “covered” under current Internal Revenue Service cost basis tax reporting regulations, the Fund is responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Fund is not responsible for the reliability or accuracy of the information for those securities that are not “covered.” The Fund and its service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

NET ASSET VALUE

The Fund’s share price, called the NAV per share, is determined as of the close of trading on the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m. Eastern time) on each business day that the NYSE is open (the “Valuation Time”). As of the date of this prospectus, the Fund has been informed that the NYSE observes the following holidays: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. NAV per share is computed by adding the total value of the Fund’s investments and other assets attributable to the Fund’s Investor Class and Institutional Class shares, subtracting any liabilities attributable to the applicable class and then dividing by the total number of the applicable classes’ shares outstanding. Due to the fact that different expenses may be charged against shares of different classes of the Fund, the NAV of the different classes may vary.

Shares of the Fund are bought or exchanged at the public offering price per share next determined after a request has been received in proper form. The public offering price of the Fund’s Shares is equal to the NAV plus the applicable front-end sales charge, if any. Shares of the Fund held by you are sold or exchanged at the NAV per share next determined after a request has been received in proper form, less any applicable deferred sales charge. Any request received in proper form before the Valuation Time, will be processed the same business day. Any request received in proper form after the Valuation Time, will be processed the next business day.

The Fund’s securities are valued at current market prices. Investments in securities traded on national securities exchanges or included in the NASDAQ National Market System are valued at the last reported sale price. Other securities traded in the over-the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust, which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair market value using amortized cost. Other assets for which market

26


prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Board. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the NYSE. The value of these securities used in computing the NAV is determined as of such times.

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security. Since most of the Fund’s investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Trust’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Trust’s procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

SHARE CLASS ALTERNATIVES

The Fund offers investors two different classes of shares through this prospectus. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices and minimum investment requirements. When you buy shares be sure to specify the class of shares in which you choose to invest. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

Class A Shares

Class A Shares are subject to a front-end sales charge and a distribution fee. The following schedule governs the percentage to be received by the selling broker-dealer firm for selling Class A Shares.

      Sales charge as a percentage of      
Amount of purchase at the public offering price     Offering Price(1)   Net amount invested   Discount as a percentage of offering price  
Less than $50,000     5.75%   6.10%   5.00%  
$50,000 but less than $100,000     4.50%   4.71%   3.75%  
$100,000 but less than $250,000     3.50%   3.63%   2.75%  
$250,000 but less than $500,000     2.50%   2.56%   2.00%  
$500,000 but less than $1,000,000     2.00%   2.04%   1.75%  
$1,000,000 or more (2)     See below(2)   See below(2)   See below(2)  

(1)  
The term “Offering Price” includes the front-end sales charge.
 
(2)  
If you are in a category of investors who may purchase Class A Shares without paying a front-end sales charge, you will be subject to a 1.00% deferred sales charge if you redeem your shares within one year of the date of purchase. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a front-end or deferred sales charge. In addition, the deferred sales charge on shares purchased without the payment of a front-end sales charge and redeemed within one year of the date of purchase of purchase may be waived in certain circumstances. The deferred sales charge on redemptions of shares is computed based on a percentage of the NAV at the time the shares were purchased, net of reinvested dividends and capital gains distributions. The deferred sales charge would equal 1.00% of the offering price and of the net amount invested. In determining whether to charge a deferred sales charge, the Funds will assume that you have redeemed shares on which there is no deferred sales charge first and then shares in the order of purchase.

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For accounts that are subject to a deferred sales charge, the Fund will use the first-in, first-out (“FIFO”) method to determine the one year holding period. Under this method, the date of the redemption will be compared to the earliest purchase date of shares held in the account. If this holding period is less than one year, the deferred sales charge will be assessed. The deferred sales charge will be applied on redemptions of each investment made by a shareholder that does not remain in the Funds for a one year period from the date of purchase.

Sales Charge Reductions and Waivers

The Fund reserves the right to waive the deferred sales charge on certain Class A Shares in order to qualify the Funds for inclusion in brokerage platforms, wrap programs and fund supermarkets. If you are in a category of investors who purchase Class A Shares through such programs, you will not be subject to a 1.00% deferred sales charge if you redeem your shares less than one year after you purchase them. If this fee is imposed it would raise the expenses of your shares. Such fees, when imposed, are credited directly to the assets of the Fund to help defray the expenses to the Fund of short-term trading activities. These fees are never used to pay distribution or sales fees or expenses. The redemption fee will not be assessed on certain types of accounts or under certain conditions.

Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a front-end or redemption fee. In addition, the redemption fee on shares purchased without the payment of a front-end sales charge and redeemed within one year of purchase may be waived in certain circumstances. The redemption fee is computed based on a percentage of the NAV at the time the shares were purchased, net of reinvested dividends and capital gains distributions. The redemption fee would equal 1.00% of the offering price and of the net amount invested.

To receive a reduction or waiver of your initial sales charge, you or your financial consultant must notify the Fund’s transfer agent or your Financial Intermediary at the time of purchase that you qualify for such a reduction or waiver. If you do not let your Financial Intermediary or the Fund’s Transfer Agent know that you are eligible for a reduction or waiver, you may not receive the reduction or waiver to which you are otherwise entitled. Certain individuals and employer-sponsored retirement plans may link accounts for the purpose of qualifying for lower initial sales charges. You or your financial consultant must provide other account numbers to be considered for Rights of Accumulation, or mark the Letter of Intent section on the account application, or provide other relevant documentation, so that the Fund’s Transfer Agent can verify your eligibility for the reduction or waiver. In order to receive a reduction or waiver, you may be required to provide your Financial Intermediary or the Fund’s Transfer Agent with evidence of your qualification for the reduction or waiver, such as records regarding Fund shares held in accounts with that Financial Intermediary and other Financial Intermediaries. Consult the Fund’s SAI for additional details.

You can reduce your initial sales charge in the following ways:

Right of Accumulation. After making an initial purchase, you may reduce the sales charge applied to any subsequent purchases. Your Class A Shares purchased will be taken into account on a combined basis at the current NAV per share in order to establish the aggregate investment amount to be used in determining the applicable sales charge. Only previous purchases of Class A Shares that are still held in the Fund and that were sold subject to a sales charge will be included in the calculation. To take advantage of this privilege, you must give notice at the time you place your initial order and subsequent orders that you wish to combine purchases. When you send your payment and request to combine purchases, please specify your account number(s).

Statement of Intention. A reduced sales charge on Class A Shares of the Funds as set forth above, applies immediately to all purchases where the investor has executed a Statement of Intention calling for the purchase within a 13-month period of an amount qualifying for the reduced sales charge. The investor must actually purchase the amount stated in such statement to avoid later paying the full sales charge on shares that are purchased.

28


Combine with family member. You can also count toward the amount of your investment all investments by your spouse and your children under age 21 (family members), including their rights of accumulation and goals under a letter of intent. Certain other groups may also be permitted to combine purchases for purposes of reducing or eliminating sales charges, such as: a retirement plan established exclusively for the benefit of an Individual, specifically including, but not limited to, a Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, Solo 401(k), Keogh plan, or a tax-sheltered 403(b)(7) custodial account; and a qualified tuition plan account, maintained pursuant to Section 529 of the Code, or a Coverdell Education Savings Account, maintained pursuant to Section 530 of the Code (in either case, the account must be established by an Individual or have an Individual named as the beneficiary thereof).

Waiver of Front-End Sales Charges - Class A Shares

No sales charge shall apply to:

(1)  
reinvestment of income dividends and capital gain distributions;
 
(2)  
exchanges of a Fund’s shares for those of another fund of the Trust;
 
(3)  
purchases of Fund shares made by current or former directors, officers or employees, or agents of the Trust, the Adviser, the Distributor, or affiliates of the Adviser, and by members of their immediate families and employees (including immediate family members) of a broker-dealer distributing Fund shares;
 
(4)  
purchases of Fund shares by the Fund’s Distributor for their own investment account and for investment purposes only;
 
(5)  
a “qualified institutional buyer,” as that term is defined under Rule 144A of the Securities Act of 1933, including, but not limited to, insurance companies, investment companies registered under the 1940 Act, business development companies registered under the 1940 Act, and small business investment companies;
 
(6)  
a charitable organization, as defined in Section 501(c)(3) of the Internal Revenue Code (the “Code”), as well as other charitable trusts and endowments, investing $50,000 or more;
 
(7)  
a charitable remainder trust, under Section 664 of the Code, or a life income pool, established for the benefit of a charitable organization as defined in Section 501(c)(3) of the Code;
 
(8)  
investment advisers or financial planners who place trades for their own accounts or the accounts of their clients and who charge a management, consulting or other fee for their services; and clients of those investment advisers or financial planners who place trades for their own accounts if the accounts are linked to the master account of the investment adviser or financial planner on the books and records of the broker or agent;
 
(9)  
institutional retirement and deferred compensation plans and trusts used to fund those plans, including, but not limited to, those defined in section 401(a), 403(b) or 457 of the Code and “rabbi trusts”; and
 
(10)  
the purchase of Fund shares, if available, through certain third-party fund “supermarkets.” Some fund supermarkets may offer Fund shares without a sales charge or with a reduced sales charge. Other fees may be charged by the service-provider sponsoring the fund supermarket, and transaction charges may apply to purchases and sales made through a broker-dealer.

Additional information regarding the waiver of sales charges may be obtained by calling the Fund toll free at 855-505-VEST (8378). All account information is subject to acceptance and verification by the Fund’s Distributor.

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Class C Shares

Deferred Sales Charge – Class C Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested. A deferred sales charge of 1.00% is applied if your Class C Shares are sold within one year and is paid to the distributor.

Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a deferred sales charge. In addition, the deferred sales charge may be waived in certain circumstances. The deferred sales charge is a percentage of the net asset value at the time of purchase. Class C Shares are subject to a Distribution (12b-1) and Service Fee as described below under “Rule 12b-1 Fees.”

Waiver of Deferred Sales Charge

The deferred sales charge on Class C Shares is waived for:

(1)  
certain post-retirement withdrawals from an IRA or other retirement plan if you are over 70.5;
(2)  
redemptions by certain eligible 401(a) and 401(k) plans and certain retirement plan rollovers;
(3)  
withdrawals resulting from shareholder death or disability provided that the redemption is requested within one year of death or disability; and
(4)  
withdrawals through Systematic Monthly Investment (systematic withdrawal plan).

Additional information regarding the waiver of sales charges may be obtained by calling the Fund toll free at 855-505-VEST (8378). All account information is subject to acceptance and verification by the Fund’s Distributor

FREQUENT PURCHASES AND REDEMPTIONS

Frequent purchases and redemptions (“Frequent Trading”) of shares of the Fund may present a number of risks to other shareholders of the Fund. These risks may include, among other things, dilution in the value of shares of the Fund held by long-term shareholders, interference with the efficient management by the Adviser of the Fund’s portfolio holdings, and increased brokerage and administration costs. Due to the potential of an overall adverse market, economic, political, or other conditions affecting the sale price of portfolio securities, the Fund could face untimely losses as a result of having to sell portfolio securities prematurely to meet redemptions. Current shareholders of the Fund may face unfavorable impacts as portfolio securities concentrated in certain sectors may be more volatile than investments across broader ranges of industries as sector-specific market or economic developments may make it more difficult to sell a significant amount of shares at favorable prices to meet redemptions. Frequent Trading may also increase portfolio turnover, which may result in increased capital gains taxes for shareholders of the Fund. These capital gains could include short-term capital gains taxed at ordinary income tax rates.

The Fund will assess a 2.00% redemption fee on Class A and the Class C Shares of the Fund redeemed within 30 days of purchase as a percentage of amount redeemed. The redemption fee is deducted from your proceeds and is retained by the Fund for the benefit of long-term shareholders. The “first in-first out” (“FIFO”) method is used to determine the holding period; this means that if you purchase shares on different days, the shares you held longest will be redeemed first for purposes of determining whether the redemption fee applies. The fee does not apply to Fund shares acquired through the reinvestment of dividends and the Automatic Investment Plan or shares redeemed through the Systematic Withdrawal Program. The Fund reserves the right to change the terms and amount of this fee upon at least a 30-day notice to shareholders.

The Trustees have adopted a policy that is intended to identify and discourage Frequent Trading by shareholders of the Fund under which the Trust’s Chief Compliance Officer and Transfer Agent will monitor Frequent Trading through the use of

30


various surveillance techniques. Under these policies and procedures, shareholders may not engage in more than four “round-trips” (a purchase and sale or an exchange in and then out of a Fund) within a rolling twelve month period. Shareholders exceeding four round-trips will be investigated by the Fund and if, as a result of this monitoring, the Fund believes that a shareholder has engaged in frequent trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder’s accounts. The intent of the policies and procedures is not to inhibit legitimate strategies, such as asset allocation, dollar cost averaging or similar activities that may nonetheless result in Frequent Trading of Fund shares. To minimize harm to the Fund and its shareholders, the Fund reserves the right to reject any exchange or purchase of Fund shares with or without prior notice to the account holder. In the event the foregoing purchase and redemption patterns occur, it shall be the policy of the Trust that the shareholder’s account and any other account with the Fund under the same taxpayer identification number shall be precluded from investing in the Fund (including investment that are part of an exchange transaction) for such time period as the Trust deems appropriate based on the facts and circumstances (including, without limitation, the dollar amount involved and whether the Investor has been precluded from investing in the Fund before); provided that such time period shall be at least 30 calendar days after the last redemption transaction. The above policies shall not apply if the Trust determines that a purchase and redemption pattern is not a Frequent Trading pattern or is the result of inadvertent trading errors.

These policies and procedures will be applied uniformly to all shareholders and, subject to certain permissible exceptions as described above, the Fund will not accommodate abusive Frequent Trading. The policies also apply to any account, whether an individual account or accounts with Financial Intermediaries such as investment advisers, broker dealers or retirement plan administrators, commonly called omnibus accounts, where the intermediary holds Fund shares for a number of its customers in one account. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and purchase, redeem and exchange Fund shares without the identity of the particular shareholder(s) being known to the Fund. Accordingly, the ability of the Fund to monitor and detect Frequent Trading activity through omnibus accounts is very limited and there is no guarantee that the Fund will be able to identify shareholders who may be engaging in Frequent Trading through omnibus accounts or to curtail such trading. However, the Fund will establish information sharing agreements with intermediaries as required by Rule 22c-2 under the 1940 Act that may require sharing of information about you and your account, and otherwise use reasonable efforts to work with intermediaries to identify excessive short-term trading in underlying accounts.

If the Fund identifies that excessive short-term trading is taking place in a participant-directed employee benefit plan accounts, the Fund or its Adviser or Transfer Agent will contact the plan administrator, sponsor or trustee to request that action be taken to restrict such activity. However, the ability to do so may be constrained by regulatory restrictions or plan policies. In such circumstances, it is generally not the policy of the Fund to close the account of an entire plan due to the activity of a limited number of participants. However, the Fund will take such actions as deemed appropriate in light of all the facts and circumstances.

The Fund’s policies provide for ongoing assessment of the effectiveness of current policies and surveillance tools, and the Trustees reserves the right to modify these or adopt additional policies and restrictions in the future. Shareholders should be aware, however, that any surveillance techniques currently employed by the Fund or other techniques that may be adopted in the future, may not be effective, particularly where the trading takes place through certain types of omnibus accounts. As noted above, if the Fund is unable to detect and deter trading abuses, the Fund’s performance, and its long term shareholders, may be harmed. In addition, shareholders may be harmed by the extra costs and portfolio management inefficiencies that result from Frequent Trading, even when the trading is not for abusive purposes.

DISTRIBUTION ARRANGEMENTS

The Fund is offered through financial supermarkets, investment advisers and consultants, financial planners, brokers, dealers and other investment professionals, and directly through the Distributor. Investment professionals who offer shares may request fees from their individual clients. If you invest through a third party, the policies and fees may be different than those described in this prospectus. For example, third parties may charge transaction fees or set different minimum investment amounts. If you purchase your shares through a broker-dealer, the broker-dealer firm is entitled to receive a percentage of the sales charge you pay in order to purchase Fund shares.

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FINANCIAL HIGHLIGHTS

Because the Fund has only recently commenced investment operations, no financial highlights are available for the Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

32


You will find more information about the Fund in the following documents:

The Fund’s annual and semi-annual reports will contain more information about the Fund. The Fund’s annual report will contain a discussion of the market conditions and investment strategies that had a significant effect on the Fund’s performance during the last fiscal year.

For more information about the Fund, you may wish to refer to the Fund’s Statement of Additional Information (the “SAI”) dated May __, 2016, which is on file with the SEC and incorporated by reference into this prospectus. You can obtain a free copy of the annual and semi-annual reports, and SAI by writing to World Funds Trust, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll free at 855-505-VEST (8378), by e-mail at: mail@ccofva.com or on the Fund’s website at www.vestfunds.com. General inquiries regarding the Fund may also be directed to the above address or telephone number.

Information about the Trust, including the SAI, can be reviewed and copied at the SEC’s Public Reference Room, 100 F Street NE, Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling the SEC at (202) 551-8090. Reports and other information regarding the Fund are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the Commission’s Public Reference Section, Washington D.C. 20549-0102.

(Investment Company Act File No. 811-22172)

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The Vest Family of Funds

PROSPECTUS

May __, 2016

Vest Armor S&P 500® (January) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (July) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
     
Vest Armor S&P 500® (February) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (August) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
     
Vest Armor S&P 500® (March) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (September) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
     
Vest Armor S&P 500® (April) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (October) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
     
Vest Armor S&P 500® (May) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (November) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
     
Vest Armor S&P 500® (June) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)
  Vest Armor S&P 500® (December) Fund
Investor Class Shares (XXXXX)
Institutional Class Shares (XXXXX)

This prospectus describes the Vest Armor S&P 500® Monthly Funds. The Vest Armor S&P 500® Monthly Funds are each authorized to offer 4 classes of shares, two of which are offered by this prospectus.

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH STATE.


 
TABLE OF CONTENTS PAGE
 

Fund Summary

 

Vest Armor S&P 500(r) (January) Fund

1

Vest Armor S&P 500(r) (February) Fund

9

Vest Armor S&P 500(r) (March) Fund

17

Vest Armor S&P 500(r) (April) Fund

25

Vest Armor S&P 500(r) (May) Fund

33

Vest Armor S&P 500(r) (June) Fund

41

Vest Armor S&P 500(r) (July) Fund

49

Vest Armor S&P 500(r) (August) Fund

57

Vest Armor S&P 500(r) (September) Fund

65

Vest Armor S&P 500(r) (October) Fund

73

Vest Armor S&P 500(r) (November) Fund

81

Vest Armor S&P 500(r) (December) Fund

89

Additional Information About the Funds’ Investments

98

Additional Information About Certain Affiliated Parties of the Adviser and the Funds’ Methodology

100

Additional Information About Risk

100

Management

106

How to Buy Shares

109

How to Sell Shares

110

General Information

111

Dividends, Distributions and Taxes

113

Net Asset Value

114

Share Class Alternatives

115

Frequent Purchases and Redemptions

115

Distribution Arrangements

117

Financial Highlights

118

For More Information

119
 

FUND SUMMARY – Vest Armor S&P 500® (January) Fund

Investment Objective

The Vest Armor S&P 500® (January) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (January) Index (the “SPPRO01 January Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of January of a given year and held until the third Wednesday of the following January (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

The methodology of the SPPRO01 January Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO01 January Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO01 January Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO01 January Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of January to the third Wednesday of the following January), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be

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designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO01 January Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO01 January Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e., American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (January) are continuously protecting against downturns and sacrificing upswings realized in the (January) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO01 January Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO01 January Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (January) and held until the third Wednesday of the following (January). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO01 January Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

4


Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index

5


or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO01 January Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO01 January Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (February) Fund

Investment Objective

The Vest Armor S&P 500® (February) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (February) Index (the “SPPRO02 February Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of February of a given year and held until the third Wednesday of the following February (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

The methodology of the SPPRO02 February Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO02 February Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO02 February Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO02 February Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of February to the third Wednesday of the following February), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be

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designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO02 February Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO02 February Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (February) are continuously protecting against downturns and sacrificing upswings realized in the (February) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO02 February Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO02 February Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (February) and held until the third Wednesday of the following (February). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO02 February Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index

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or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
  Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
  Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO02 February Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO02 February Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (March) Fund

Investment Objective

The Vest Armor S&P 500® (March) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (March) Index (the “SPPRO03 March Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of March of a given year and held until the third Wednesday of the following March (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO03 March Index. The methodology of the SPPRO03 March Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO03 March Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO03 March Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO03 March Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of March to the third Wednesday of the following March), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO03 March Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO03 March Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (March) are continuously protecting against downturns and sacrificing upswings realized in the (March) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO03 March Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO03 March Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (March) and held until the third Wednesday of the following (March). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO03 March Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO03 March Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO03 March Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (April) Fund

Investment Objective

The Vest Armor S&P 500® (April) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (April) Index (the “SPPRO04 April Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of April of a given year and held until the third Wednesday of the following April (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO04 April Index. The methodology of the SPPRO04 April Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO04 April Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO04 April Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO04 April Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of April to the third Wednesday of the following April), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO04 April Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO04 April Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (April) are continuously protecting against downturns and sacrificing upswings realized in the (April) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO04 April Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO04 April Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (April) and held until the third Wednesday of the following (April). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO04 April Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO04 April Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO04 April Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (May) Fund

Investment Objective

The Vest Armor S&P 500® (May) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (May) Index (the “SPPRO05 May Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of May of a given year and held until the third Wednesday of the following May (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO05 May Index. The methodology of the SPPRO05 May Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO05 May Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO05 May Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO05 May Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of May to the third Wednesday of the following January), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO05 May Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO05 May Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (May) are continuously protecting against downturns and sacrificing upswings realized in the (May) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO05 May Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO05 May Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (May) and held until the third Wednesday of the following (May). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO05 May Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO05 May Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO05 May Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (June) Fund

Investment Objective

The Vest Armor S&P 500® (June) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (June) Index (the “SPPRO06 June Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of June of a given year and held until the third Wednesday of the following June (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO06 June Index. The methodology of the SPPRO06 June Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO06 June Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO06 June Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO06 June Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of June to the third Wednesday of the following June), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO06 June Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO06 June Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (June) are continuously protecting against downturns and sacrificing upswings realized in the (June) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

  The return and volatility of the S&P 500® Index;
  The dividend rate on the S&P 500® Index;
  Interest rates;
  Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO06 June Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO06 June Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (June) and held until the third Wednesday of the following (June). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO06 June Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

45


Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO06 June Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO06 June Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (July) Fund

Investment Objective

The Vest Armor S&P 500® (July) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (July) Index (the “SPPRO07 July Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
               
 
Management Fee     0.75 %   0.75 %  
Distribution (12b-1) and Service Fees     0.25 %   None    
Other Expenses(1)     0.70 %   0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %   0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %   1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)   (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %   1.25 %  
 

(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of July of a given year and held until the third Wednesday of the following July (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO07 July Index. The methodology of the SPPRO07 July Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO07 July Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO07 July Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO07 July Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of July to the third Wednesday of the following July), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO07 July Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO07 July Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (July) are continuously protecting against downturns and sacrificing upswings realized in the (July) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

 
The return and volatility of the S&P 500® Index;
 
The dividend rate on the S&P 500® Index;
 
Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO07 July Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO07 July Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (July) and held until the third Wednesday of the following (July). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO07 July Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO07 July Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO07 July Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (August) Fund

Investment Objective

The Vest Armor S&P 500® (August) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (August) Index (the “SPPRO08 August Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of August of a given year and held until the third Wednesday of the following August (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO08 August Index. The methodology of the SPPRO08 August Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO08 August Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO08 August Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO08 August Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of August to the third Wednesday of the following August), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO08 August Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO08 August Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (August) are continuously protecting against downturns and sacrificing upswings realized in the (August) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

 
The return and volatility of the S&P 500® Index;
 
The dividend rate on the S&P 500® Index;
 
Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO08 August Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO08 August Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (August) and held until the third Wednesday of the following (August). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO08 August Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO08 August Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO08 August Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (September) Fund

Investment Objective

The Vest Armor S&P 500® (September) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (September) Index (the “SPPRO09 September Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of September of a given year and held until the third Wednesday of the following September (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO09 September Index. The methodology of the SPPRO09 September Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO09 September Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO09 September Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO09 September Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of September to the third Wednesday of the following September), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO09 September Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO09 September Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (September) are continuously protecting against downturns and sacrificing upswings realized in the (September) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always

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be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

 
The return and volatility of the S&P 500® Index;
 
The dividend rate on the S&P 500® Index;
 
Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO09 September Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO09 September Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (September) and held until the third Wednesday of the following (September). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO09 September Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

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The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, may not employ a successful investment strategy, or may

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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.

Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO09 September Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO09 September Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (October) Fund

Investment Objective

The Vest Armor S&P 500® (October) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (October) Index (the “SPPRO10 October Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of October of a given year and held until the third Wednesday of the following October (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO10 October Index. The methodology of the SPPRO10 October Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO10 October Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO10 October Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO10 October Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of October to the third Wednesday of the following October), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO10 October Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO10 October Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (October) are continuously protecting against downturns and sacrificing upswings realized in the (October) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

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From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

 
The return and volatility of the S&P 500® Index;
 
The dividend rate on the S&P 500® Index;
 
Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO10 October Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO10 October Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (October) and held until the third Wednesday of the following (October). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

Equity Risk. The SPPRO10 October Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

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Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected

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Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.

Management Risk. The skill and judgment of the Adviser in selecting investments will play a significant role in the Fund’s ability to achieve its investment objective.

New Fund Risk. The Fund is recently formed. Accordingly, investors in the Fund bear the risk that they may not be successful in implementing their respective investment strategies, 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.

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Tracking Error Risk. The Fund’s return may not match or achieve a high degree of correlation with the return of the SPPRO10 October Index due to, among other things, fees and expenses paid by the Fund that are not reflected in the SPPRO10 October Index.

Tax Risk. The Fund expects to comply with the requirements of the Internal Revenue Code and other laws so that it will be taxed as a “regulated Investment company”; however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle’ rules, and various loss limitation provisions of the Internal Revenue Code.

Performance History

The Fund recently commenced operations and, as a result, does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance is not necessarily an indication of how the Fund will perform in the future.

Updated performance information is available at www.vestfunds.com or by calling the Fund toll-free at 855-505-VEST (8378).

Investment Adviser

Vest Financial LLC, a CBOE® company, is the investment adviser to the Fund.

Portfolio Managers

Karan Sood, Managing Director of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

Jonathan Hale, a Portfolio Manager of the Adviser, has served as a portfolio manager to the Fund since its inception in May ___, 2016

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled “Purchase and Sale of Fund Shares,” “Tax Information,” and “Payments to Broker-Dealers and Other Financial Intermediaries” on page ____ of the prospectus.

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FUND SUMMARY – Vest Armor S&P 500® (November) Fund

Investment Objective

The Vest Armor S&P 500® (November) Fund (the “Fund”) seeks to track, before fees and expenses, the performance of the CBOE® S&P 500® Buffer Protect (November) Index (the “SPPRO11 November Index”).

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.

 
Shareholder Fees
(fees paid directly from your investment)
  Investor
Class Shares
    Institutional
Class Shares
 
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)   None     None
 
Maximum deferred sales charges (load) (as a percentage of the NAV at time of purchase)   None     None
 
Redemption Fee (as a percentage of the amount redeemed on shares after holding them for 30 days or less)   2.00%     None
 
Exchange Fee   None     None
 

 
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
                 
 
Management Fee     0.75 %     0.75 %  
Distribution (12b-1) and Service Fees     0.25 %     None    
Other Expenses(1)     0.70 %     0.70 %  
Acquired Fund Fees and Expenses(1)     0.00 %     0.00 %  
 
Total Annual Fund Operating Expenses     1.70 %     1.45 %  
 
Fee Waivers and/or Expense Reimbursements(2)     (0.20 %)     (0.20 %)  
 
Total Annual Fund Operating Expenses (after fee waivers and expense reimbursements)(2)     1.50 %     1.25 %  
 

 
(1)    
Other Expenses and Acquired Fund Fees and Expenses are estimated for the Fund’s initial fiscal year.
(2)    
VestSM Financial LLC (the “Adviser”), a CBOE® company, 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 1.25% of the average daily net assets of the Fund. The Adviser may not terminate this expense limitation agreement prior to February 28, 2018. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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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. The effect of the Adviser’s agreement to waive fees and/or reimburse expenses is only reflected in the first year of each example shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Share Class 1 Year 3 Years
Investor Class Shares $152.63 $516.24
Institutional Class Shares $127.34 $438.99

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

The Fund seeks to achieve its objective by providing returns or losses, before all fees and expenses, that based on the price performance of the S&P 500® Index for shares purchased on third Wednesday of November of a given year and held until the third Wednesday of the following November (the “holding period”) correlate to the following:

 
If the S&P 500® Index appreciates over the holding period, the Fund seeks to provide shareholders with a total return that increases by the percentage increase of the S&P 500® Index, up to a maximum return that is determined at the start of the holding period (the “Capped Return”);
     
 
If the S&P 500® Index decreases over the holding period by [10%] or less (the “Buffer Amount”), the Fund seeks to provide shareholders with a total return of zero; and
     
 
If the S&P 500® Index decreases over the holding period by more than [10%], the Fund seeks to provide shareholders with a total return loss that is 10% less than percentage loss on the S&P 500® Index a with a maximum loss of approximately [90%].

The Fund seeks to achieve its objective by implementing a “Buffer Protect” option strategy, which is a strategy that is generally used in a bear, range-bound or modest bull market environment. This strategy is part of an outcome based approach to investing. Underlying this strategy is the belief that many investments target speculative returns, with uncertain levels of risk, over an uncertain period of time that, which, while opportunistic, employ a high degree of uncertainty. The outcome based investing approach utilized by the Fund targets a specific defined range of returns or “payoff,” with an allowance for a specific defined risk, at a specific point in time in the future.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the components of the SPPRO11 November Index. The methodology of the SPPRO11 November Index was created by Chicago Board of Options Exchange (“CBOE®”), an affiliate of the Adviser. The value of the SPPRO11 November Index is calculated daily as of the close of trading hours on the New York Stock Exchange by CBOE® (the “Index Calculation Agent) utilizing data provided to it by CBOE®. The SPPRO11 November Index measures the performance of a portfolio of hypothetical exchange traded FLexible EXchange® Options (“FLEX Options”) that reference the S&P 500® Index. The SPPRO11 November Index is designed to track the returns of a hypothetical investment that, over a period of approximately one year (measured from the third Wednesday of November to the third Wednesday of the following November), seeks to “buffer protect” against the first 10% of losses due a decline in the S&P 500® Index, while providing participation up to a maximum capped gain. [The capped level is determined on each year upon the expiration of the prior year’s FLEX Options such that there is no premium or discount to enter into the hypothetical investment compared to an investment in the index.]

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In seeking to achieve its objective, the Fund will construct a portfolio that is designed to provide partial protection from market downturns at the expense of limiting gains when the market is strongly positive. The Fund’s portfolio will be designed to provide investment returns that are correlated with, but less volatile than, those of the S&P 500® Index and to allow an investment tracking the SPPRO11 November Index to mitigate losses when the S&P 500® Index declines in exchange for accepting a limit on gains when the S&P 500® Index increases. In seeking to track the SPPRO11 November Index, the Fund seeks to provide an investment vehicle with a risk/reward profile in which the risks of an investment are somewhat limited, as are the potential rewards.

To implement the foregoing, the Fund will construct a portfolio of exchange traded FLEX Options that reference the S&P 500® Index or an exchange-traded fund (“ETF”) that seeks to track the S&P 500® Index (the “Reference Asset”). Option contracts on an index give one party the right to receive or deliver cash value of the particular index, and another party the obligation to receive or deliver the cash value of that index. Option contracts on an individual security such as an ETF give one party the right to buy or sell the particular security, and another party the obligation to sell or buy that same security. Many options are exchange-traded and are available to investors with set or defined contract terms. The Fund will use FLEX Options, which are customized equity or index option contracts that trade on an exchange, but that provide investors with the ability to customize key contract terms like exercise prices, styles (i.e. American-style exercisable any time prior to the expiration date or European-style exercisable only on the option expiration date) and expiration dates. Like standardized exchange-traded options, FLEX Options are guaranteed for settlement by The Options Clearing Corporation (“OCC”), a market clearinghouse. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. FLEX Options provide investors with the ability to customize key terms, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of Over-the-Counter (“OTC”) options positions. The Fund will utilize purchased and written put and call FLEX Options. Put options give the holder (i.e., the buyer) the right to sell an asset (or deliver cash value of the index, in case of index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of index call option) at a certain defined price. The Fund’s portfolio may consist of purchased call FLEX Options (i.e., options that gives the Fund the right to buy the Reference Asset), written put FLEX Options (i.e., options that obligate the Fund the buy the Reference Asset), purchased put FLEX Options (i.e., options that give the Fund the right to sell the Reference Asset), and written call FLEX Options (i.e., options that obligate the Fund to sell the Reference Asset) and fixed income securities. The Fund will utilize European style FLEX Options. European style options limit the rights to buy or sell the asset (or receive or deliver value of the index, in case of index options) at the maturity date of the option.

The FLEX Options that will be used by the Fund seek to protect an investment tracking the S&P 500® Index against a decline of up to 10% on an annualized basis. The FLEX Options do not protect against declines of over 10% and investors will bear all such losses. Further, while the Fund seeks to limit losses from declines up to 10% on an annualized basis, there is no guarantee that it will do so. The FLEX Options also are intended to allow the Fund to participate on gains in the S&P 500® Index up to a maximum cap. Thus, even if S&P 500® Index gains exceed that maximum cap, the Fund’s gains will be capped.

As the options mature approximately every year, they are replaced. By replacing options annually, the Fund seeks to ensure that investments made in (November) are continuously protecting against downturns and sacrificing upswings realized in the (November) in the following year. [As explained in the Principal Risks disclosure, a key underlying component of the successful implementation of the Fund’s investment strategy is that an investor should stay invested in the Fund for at least one year.]

Any FLEX Options that are written by the Fund that create an obligation to sell or buy an asset will be offset with a position in FLEX Options purchased by the Fund that to create the right to buy or sell the same asset such that the Fund will always

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be in a net long position. That is, any obligations of the Fund created by its writing of FLEX Options will be covered by offsetting positions in other purchased FLEX Options.

From time to time, the Fund may hold a portion of its assets in cash or invest them in liquid, short-term investments, including U.S. government obligations, certificates of deposit, commercial paper, other investment companies, money market instruments or other securities.

Principal Risks

It is important that you closely review and understand the risks of investing in the Fund. The Fund’s net asset value (“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund does not attempt to, and should not be expected to, reflect the return of the S&P 500® Index. The value of shares may be influenced by multiple factors, including, but not limited to:

 
The return and volatility of the S&P 500® Index;
 
The dividend rate on the S&P 500® Index;
 
Interest rates;
 
Economic, financial, political, regulatory, and other events that affect the S&P 500® Index and/or issuers of securities in the S&P 500® Index.

Derivative Securities Risk: The Fund may invest in derivative securities. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience a loss if derivatives do not perform as anticipated, or are not correlated with the performance of other investments which are used to hedge or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

FLEX Options Risk: The Fund expects to utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. FLEX Options are also subject to the Derivative Securities Risk described above.

Index Limitations. The SPPRO11 November Index is designed to represent a proposed hypothetical option strategy. Like many passive indexes, the SPPRO11 November Index does not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to underperform passive indexes.

The Fund’s investment strategy is designed to achieve the targeted returns linked to the S&P 500® Index over the holding period of approximately one year. The Fund’s investment strategy has not been designed to deliver on targeted returns linked to the S&P 500® Index if the shares are bought on the third Wednesday of (November) and held until the third Wednesday of the following (November). For purchase or sale of the shares outside this holding period, the value of the securities in the Fund could vary because of related factors other than the level of the S&P 500® Index.

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Equity Risk. The SPPRO11 November Index provides an investor exposure to the equity securities markets. Equity securities may decline in value because of declines in the price of a particular holding or the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including changes in interest rates.

Exchange-Traded Funds Risk. The Fund may invest in FLEX Options that reference an exchange traded fund (“ETF”) that tracks the S&P 500® Index. The risks of investment in such options typically reflect the risks of types of instruments in which the exchange traded funds (“ETF”) invest. The value of an ETF is subject to change as the values of the component securities of the reference index fluctuate. An ETF that seeks to track the S&P 500® Index may not exactly match the performance of the S&P 500® Index due to cash drag, differences between the portfolio of the ETF and the components of the S&P 500® Index, expenses and other factors. Certain options on an ETF may not qualify as “section 1256 contracts” under section 1256 of the Internal Revenue Code of 1986, as amended, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

 
Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility.
 
 
Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed income securities in which the Fund may invest. Given the historically low interest rate environment, risks associated with rising rates are heightened. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations.

Indexed Securities and Derivatives Risk. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund.

Non-Diversification Risk. The Fund is non-diversified. The performance of a non-diversified fund may be more volatile than the performance of a diversified fund.

Options Risk. The price of an option, which is a function of interest rates, volatility, dividends, the exercise price, S&P 500® Index changes, and other market factors, may change rapidly over time. Options may expire unexercised, causing the Fund to lose the premium paid for the options. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or ETFs on which the options are based.

Security prices will fluctuate. The value of your investment may fall over time because the Fund is subject to market risk. Because stock prices and the prices of the FLEX Options tend to fluctuate, the value of your investment in the Fund may increase or decrease. The shares of the Fund at any point in time may be worth less than the original investment.

Leveraging Risk: The use of leverage, such as that embedded in options, could magnify the Fund’s gains or losses.

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The Fund return or loss is subject to a capped upside and partial downside protection. The target return or loss for an investment in the Fund is based an assumption of holding the investment from the third Wednesday of the month to the third Wednesday of the same month the following year, the price performance of the S&P 500® Index or the Reference Asset, and the maximum capped return. Because the Fund’s return (or the return for one of the Monthly Buffer Protected Funds as the case may be) will be capped, the return of the Fund may be less than the performance of the S&P 500® Index or the Reference Asset. The Fund’s ability to provide enhanced return, capped upside and partial downside protection is dependent on shareholders purchasing shares on the third Wednesday of the month and holding till the third Wednesday of the same month the following year. You may realize a return or loss that is higher or lower than the intended returns or losses as a result of purchasing shares or redeeming shares outside the investment time period, where the FLEX Options are otherwise liquidated by the Fund prior to expiration, if a corporate action occurs with respect to the S&P 500® Index or the Reference Asset, or increases in potential tax-related expenses and other expenses of the Fund above estimated levels.

The Fund is subject to performance and equity risk related to the Reference Asset, the S&P 500® Index and securities comprising the S&P 500® Index. The formulas to calculate the options’ payments at expiration is based on the price performance of the S&P 500® Index or the Reference Asset. The FLEX Options represent indirect positions in the S&P 500® Index or the Reference Asset and are subject to changes in value as the price of the S&P 500® Index or the Reference Asset rises or falls. The value of the FLEX Options may be adversely affected by various factors affecting the Reference Asset, the S&P 500® Index and the value of the securities comprising the S&P 500® Index. The settlement value of the FLEX Options is based on the S&P 500® Index or the Reference Asset Closing Value on the option expiration date only, and will be substantially determined by market conditions as of such time. The Reference Asset seeks to replicate the performance of the S&P 500® Index. The value of the Reference Asset will fluctuate over time based on fluctuations in the value of the stocks held by the Reference Asset which may be impacted by changes in general economic conditions, expectations for future economic growth and corporate profits, interest rates and the supply and demand for stocks that are components of the S&P 500® Index. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatile returns. Common stocks are structurally subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure, and represent a residual claim on the issuer’s assets that have no value unless such assets are sufficient to cover all other claims.

You may lose all or a portion of your investment. The Fund does not provide principal protection and you may not receive a return of the capital you invest.

The value of the Written Options reduces the value of your investment. The Written Options create an obligation to make a payment in contrast to the Purchased Option which create the potential for receipt of a payment. As the value of the Written Options increases, it has a negative impact on the value of your units.

The value of the FLEX Options may change with the implied volatility of the Reference Asset, the S&P 500® Index and the securities comprising the S&P 500® Index. No one can predict whether implied volatility will rise or fall in the future.

The value of the Fund does not appreciate due to dividend payments paid by the Reference Asset. The Fund seeks to provide target returns on the price performance of the Reference Asset, which does not include returns from dividends paid by the Reference Asset.

The value of the Fund does not appreciate due to dividend payments paid by the companies in the S&P 500® Index. The Fund seeks to provide target returns on the price performance of the S&P 500® Index, which does not include returns from dividends paid by the companies in the S&P 500® Index.

The values of the FLEX Options do not increase or decrease at the same rate as the Reference Asset or the S&P 500® Index. The FLEX Options are all European style options, which means that they will be exercisable at the strike price only on the option expiration date. The value of the FLEX Options prior to the option expiration date may vary because of related factors other than the price of shares of the Reference Asset. The value of the Reference Asset will not increase or decrease at the same rate as the S&P 500® Index due to “tracking error” described below.

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Certain features of the Reference Asset, which may be an exchange-traded fund, will impact the value of the Fund’s Shares. The value of the Reference Asset is subject to the following factors:

 
Passive Investment Risk. The Reference Asset is not actively managed and attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Reference Asset will hold constituent securities of the S&P 500® Index regardless of the current or projected performance on a specific security or particular industry or market sector, which could impact the unit price of the Reference Asset, the FLEX Options and the Fund.
 
Tracking Error. Exchange traded funds face index correlation risk which is the risk that the performance of an exchange traded fund will vary from the actual performance of the target index, known as “tracking error”. It is possible that the Reference Asset may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the S&P 500® Index due to the Reference Asset not investing in all stocks comprising the S&P 500® Index, temporary unavailability of certain securities in the secondary market, differences in trading hours between the Reference Asset and securities comprising the S&P 500® Index, the occurrence of corporate actions (mergers and spinoffs) or due to other circumstances.
 
Securities Lending Risk. The Reference Asset may engage in securities lending. Securities lending involves the risk that the Reference Asset may lose money because the borrower of the Reference Asset’s loaned securities fails to return the securities in a timely manner or at all.
 
Fees and Expenses. Unlike the S&P 500® Index, the Reference Asset will reflect transaction costs and fees that will reduce its price performance relative to the S&P 500® Index.
 
Discount. Shares of exchange-traded funds tend to trade at a discount from their net asset value.

The Fund may experience substantial downside from the Options.

Credit risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations.

Liquidity risk is the risk that the value of a FLEX Option will fall in value if trading in the FLEX Option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the FLEX Options. Trading in the FLEX Options may be less deep and liquid than certain other securities. FLEX Options may be less liquid than certain non-customized options. The Fund expects that its portfolio will be comprised of 10% or less of its net asset value in illiquid securities. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and your investment.

Under certain circumstances, current market prices may not be available with respect to the FLEX Options. Under those circumstances, the value of the FLEX Options will require more reliance on the judgment of the evaluator than that required for securities for which there is an active trading market. This creates a risk of mispricing or improper valuation of the FLEX Options which could impact the value received or paid for shares.