TDA Telephone and Data Systems Inc

DMS Baltic Index Fund

Class A Shares – DBABX

Class I Shares – DBIAX

Fund Prospectus   July 23, 2013

Class A Shares and Class I Shares

DMS Baltic Index Fund

- Class A Shares (­­­DBABX ticker symbol)

        - Class I Shares   (DBIAX ticker symbol)

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus.  Any representation to the contrary is a criminal offense.

NOTE :  The Baltic Benchmark General Index (OMXBBGI) referenced herein is licensed to the Fund, but the Index and its administrator is not a sponsor, manager, or affiliate of the Fund. NASDAQ ^® , OMX ^® , NASDAQ OMX ^® , OMX Baltic Benchmark ^TM Index, and OMXBB ^TM are registered trademarks and trade names of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by The DMS Funds.  The Fund has not been passed on by the Corporations as to their legality or suitability.  The Fund is not issued, endorsed, sold, or promoted by the Corporations.   THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

Table of Contents

RISK/RETURN SUMMARY

1

MANAGEMENT

4

PURCHASE AND SALE OF FUND SHARES

5

TAX INFORMATION

5

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

5

INVESTING IN INDEX FUNDS

5

MORE ON THE FUND

7

DMS BALTIC  INDEX FUND – INFORMATION AND RISKS

9

THE FUNDS AND THE ADVISOR

13

DIVIDENDS, CAPITAL GAINS, AND TAXES

14

GENERAL INFORMATION

16

INVESTING WITH DMS FUNDS

18

OTHER RULES YOU SHOULD KNOW

28

INFORMATION ON LICENSE

34

GLOSSARY OF INVESTMENT TERMS

35

DMS BALTIC INDEX FUND

1 RISK/RETURN SUMMARY

Investment Objective

The Fund seeks to replicate the OMXBBGI, the Baltic Benchmark General Index.  This is an index of the investment return of the thirty largest and most widely traded stocks that are traded on the OMX exchanges in Riga (Latvia), Tallin (Estonia), and Vilnius (Lithuania).  These three countries are commonly known as the Baltic States.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold Class A or Class I Shares of the Fund.  You may qualify for sales charge discounts on Class A Shares if you or your family invest, or agree to invest in the future, at least $50,000 in any series of The DMS Funds.  More information about these and other discounts is available from your financial professional, in the section “Sales Charge Reductions and Waivers” on page 19 of this Prospectus, and in the section “Price of Shares” at page 20 of the Statement of Additional Information.

Shareholder Fees

(Fees paid directly from your investment)

Annual Fund Operating Expenses

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

	Class A	Class I
Management Fees	0.75%	0.75%
Distribution (12b-1) Fees	0.25%	None
Other Expenses¹	12.00%	12.00%
Total Annual Fund Operating Expenses	13.00%	12.75%
Less:  Fee Waivers and Reimbursements²	-11.79%	-11.79%
Total Annual Fund Operating Expenses After Waivers and/or Reimbursements	1.21%	0.96%

¹ The Fund has only recently opened, therefore other expenses have been estimated for the first fiscal year.

² The Advisor has contractually agreed to waive its fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses of the Class I Shares at 0.96%, and of the Class A Shares at 1.21%.  This Agreement will continue in effect until December 31, 2014, and thereafter, will continue in effect until such time as the Baltic Index Fund (including all classes) has reached $50 million in net assets.

Example

The following example is intended to help you compare the cost of investing in the Fund’s shares with the cost of investing in other mutual funds.  It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund’s shares.  This example assumes that the Shares provide a return of 5% a year and that operating expenses remain as stated in the preceding table, but only including the effect of the fee waiver and expense reimbursement referenced in footnote 2 above for the first year.  The results apply whether or not you redeem your investment at the end of the given period.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years
Class A Shares Class  I  Shares	$621 $98	$3,138 $2,708

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 annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance.  

Primary Investment Strategies

The Fund employs a “passive management” - or indexing - investment approach by investing all, or substantially all, of its assets in the common stocks included in the OMXBBGI Index.  The Fund will seek to replicate the Index precisely, using the identical weightings of individual stocks as the Index uses, and will not just invest in a representative sample of the Index.  The Fund has no ability to influence the stocks that compose the Index, or any aspect of weighting or rebalancing the Index.  The OMXBBGI Index is maintained by the NASDAQ OMX Group, Inc., and is completely independent of the Fund.  The Fund has the authority to use the name of the Index, and to have access to the composition and weighting of the stocks in the Index, pursuant to a license agreement.  The Index currently includes common stocks of thirty companies whose stocks are traded on the NASDAQ OMX stock exchanges in Riga, Tallinn, and Vilnius, which together are considered the Baltic exchanges.  The companies whose stocks comprise the Index have been selected by the Index provider as the most liquid and largest capitalized publicly traded companies on such exchanges.  The Index is designed to represent all industries whose stocks trade on the Baltic exchanges, and is not designed to be concentrated in any industry sector, but is concentrated in a particular industry from time to time. (At the date of this Prospectus, more than 25% of the value of the Index is comprised of one stock, and more than 40% of the value of the Index is comprised of stocks in the consumer goods sector.)   The market capitalization of the companies in the Index ranges from approximately U.S. $8 million to U.S. $800 million, with a median weighted capitalization of about U.S. $178 million, which amounts are significantly smaller than what might be considered large capitalization in the United States securities markets.  For more information about the Index and the companies included in the Index, see the Statement of Additional Information, and our website at DMSFunds.com.

Primary Risks

An investment in the Fund could lose money over short or even long periods.  You should expect the Fund’s share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets.  The Fund’s performance could be hurt by:

·

Non-diversified fund status.  Under the United States Investment Company Act of 1940 (the “1940 Act”), the Fund has elected to be classified as a “non-diversified” fund.  To be a diversified fund under the 1940 Act, 75% of a fund’s total assets must be invested so that no more than 5% of such a fund’s assets may be invested in one stock, nor may such fund own more than 10% of the outstanding securities of any one issuer.  Since there are only thirty stocks in the Index, the Fund could have investments in one or more stocks that are greater than 5% of the Fund from time to time.  In fact, as the date of this Prospectus, more than 25% of the value of the Index was in one stock, and more than 40% was in the consumer goods sector.  Generally speaking, a diversified investment portfolio (spread among many investments with no substantial concentration in any one investment) is not as risky as a non-diversified portfolio.    

·

General stock market risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  All stock market investments, even in the most diversified and established markets, such as the United States, are always subject to decline.

·

Emerging markets risk.  The United States securities market is considered an established market, whereas the stock markets of rapidly developing countries, such as the Baltic States, may be considered emerging markets.  While all markets can decline and all markets can achieve gains, emerging markets that are composed of companies that are typically smaller and younger than companies in more established markets may be considered more volatile and riskier than established markets.

·

Single region (Baltic States) risk, which is the chance that extraordinary events - such as political upheaval, financial troubles, or natural disasters - will adversely affect the value of securities issued by companies in individual foreign countries or regions.  Because the Fund will invest all of its assets in securities of companies located in only one region, the Baltic States, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that region.  The Fund is not aware of any risk that is specific to the Baltic region.  The Fund’s investments in Baltic stocks may be considered to be riskier than U.S. stock investments.  The prices of Baltic stocks and the prices of U.S. stocks have, at times, moved in opposite directions.  In addition, the Fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies.  

·

Currency risk, which is the chance that the value of a foreign investment, measured in U.S. Dollars, will decrease because of unfavorable changes in currency exchange rates.  All of the Fund’s investments are foreign investments, and the exchange rate between the U.S. Dollar and the Euro will directly affect the value of the Fund’s investments.

·

New Fund risk.  The Fund is being newly created and has no operating history. The Trustees and officers of the Fund, and the investment adviser and portfolio manager of the Fund, have minimal experience in operating a mutual fund.  While the investment adviser and portfolio manager will not be making any investment decisions for the Fund (because the Fund will invest all its assets by simply replicating the Index), the management of the Fund, due to inexperience, may not operate the Fund as efficiently and professionally as a more experienced team might.

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.

Performance

The Fund has only recently begun operations, and thus has no return data as of yet.  Updated performance information is available on our website at DMSFunds.com, or by calling toll free at 866-282-6743.  Please remember, however, that past performance of the Fund is no guarantee of future returns.

1

2 MANAGEMENT

Investment Advisor

DMS Advisors, Inc.

Portfolio Manager

Peter R. Kohli ChFC, CEO of DMS Advisors.  He has managed the Fund since its inception on May 20, 2013.

3 PURCHASE AND SALE OF FUND SHARES

You may purchase or redeem shares online through our website (DMSFunds.com), by mail through our service provider (Mutual Shareholder Services, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio, 44147), or by telephone (866-282-6743).  The following table provides the Fund’s minimum initial and subsequent investment requirements.

Account Minimums	Class A Shares
To open and maintain an account	$1,500 to open; $1,000 to maintain
To add to an existing account	$100 (other than by Automatic Investment Plan, which has no established minimum) Class I Shares Class I Shares are limited to client accounts of registered investment advisers and certain other financial firms as approved by the Fund.  Class I Shares have a minimum account size of $100,000.  Additions must be $100 or more.

4 TAX INFORMATION

The Fund itself will not be taxed under U.S. tax laws, but the Fund’s distributions to shareholders will be taxable as ordinary income or capital gain (except, of course, for shareholders that are not subject to taxes, such as IRAs, 401Ks, etc.).  

5 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase 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 intermediary and your salesperson to recommend the Fund over another investment.  Ask your salesperson or visit your financial intermediary’s website for more information.

6 INVESTING IN INDEX FUNDS

What Is Indexing?

Indexing is an investment strategy for tracking the performance of a specified market benchmark, or “index.”  An index is an unmanaged group of securities whose overall performance is used as a standard to measure the investment performance of a particular market.  There are many types of indices.  Some represent entire markets - such as the U.S. stock market or the U.S. bond market.  Other indices cover market segments - such as small-capitalization stocks, or a particular industry - such as telecommunications.

An index fund can hold all, or a representative sample, of the securities that make up its target index.  (In the case of the Fund, the Fund will hold all the stocks in the OMXBBGI, in exactly the same weightings as the Index.)  Index funds attempt to mirror the performance of the target index, for better or worse.  However, an index fund does not always perform exactly like its target index.  For example, like all mutual funds, index funds have operating expenses and transaction costs.  Market indices do not, and therefore, will usually have a slight performance advantage over funds that track them.  In addition, since any index is not a true managed portfolio but only a mathematical fiction comprised of the prices of the stocks in the index, an index fund trying to mimic an index will always have some timing issue where 100% of the assets of the fund cannot be invested in the stocks of the index, because investments came into the fund after the time that stocks could be purchased, etc.

Index funds typically have the following characteristics:

·

Variety of investments.  Many index funds invest in the securities of a wide variety of companies and industries.  This depends, of course, on the applicable index; there are many indices that are sector specific, or are otherwise narrowly drawn.  In the case of the Fund, the OMXBBGI Index is very limited and specific (i.e, only thirty stocks on the Baltic exchanges).  Thus, while well-known indices such as the S&P 500 are invested in 500 stocks covering a broad spectrum of U.S. business, the Fund is limited to (currently) thirty stocks in the Baltic States.  Although the Fund is an Index fund, the particular Index is extremely narrow and concentrated.   

·

Relative performance consistency.  Because they seek to track market benchmarks, index funds usually do not perform dramatically better or worse than their benchmarks.  If an index fund were able to perfectly and precisely match the applicable index, the index fund would always have a lower performance return than the index, because the index fund has expenses, and an index does not.  

·

Low cost.  Index funds are usually inexpensive to run compared with actively managed funds.  They have low or no research costs and typically keep trading activity - and thus brokerage commissions and other transaction costs - to a minimum.  In the case of the Fund, the sales load applicable to shares of the Fund may not be consistent with the concept of “low cost,” and the estimated annual expense ratio of 1.21% may not be considered “low cost” when compared to very large index funds, such as an S&P 500 index fund.  However, the estimated expense ratio of the Fund is considered by the Fund to be low when compared to the cost of an actively managed fund that intends to invest in the Baltic States or other single region stocks.  Actively managed funds that concentrate on foreign stocks (whether regional or single country) typically have expense ratios higher than that estimated for the Fund.  

1 MORE ON THE FUND

This prospectus describes the primary risks you would face as a Fund shareholder.  It is important to keep in mind one of the main axioms of investing:  the higher the risk of losing money, the higher the potential reward.  The reverse, also, is generally true:  the lower the risk, the lower the potential reward.  As you consider an investment in any mutual fund, you should take into account your personal tolerance for fluctuations in the securities markets.  Throughout this Prospectus, there is detailed information about the more significant risks that you would confront as a Fund shareholder.  To highlight terms and concepts important to mutual fund investors, we have provided explanations along the way.  Reading the Prospectus may help you decide whether a Fund is the right investment for you.  We suggest that you keep this Prospectus for future reference.

Share Class Overview

This Prospectus offers the Funds’ Class A and Class I Shares, which are the only share classes offered by this Fund at this time.  The Fund may offer additional share classes in the future, to accommodate purchasers having different needs.  Additional share classes may be offered by this Prospectus (as revised in the future) or by separate Prospectuses.   

All share classes that may be offered by the Fund will have the same investment objective, strategies, and policies.  However, different share classes may have different expenses and different sales charge structures; as a result, their investment performances will differ.

Costs of Investing

Costs are an important consideration in choosing a mutual fund.  That’s because you, as a shareholder, pay a proportionate share of the costs of operating a fund, plus any transaction costs incurred when the fund buys or sells securities.  These costs can erode a substantial portion of the gross income or the capital appreciation a fund achieves.  Even seemingly small differences in expenses can, over time, have a dramatic effect on a fund’s performance.  In addition, the sales charge paid when buying Class A Shares of the Fund will reduce the amount of investment in the Fund.

The following sections explain the primary investment strategies and policies that the Fund uses in pursuit of its objective.  The Fund’s board of trustees, which oversees the Fund’s management, may change investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental.  Note that in the case of this Fund, the investment objective is fundamental and cannot be changed without a shareholder vote.  The Fund’s investment objective is to replicate the OMXBBGI Index, by investing all, or substantially all, of the Fund’s assets in the stocks that comprise the Index, in the same weightings as used in the Index.

Market Exposure

The DMS Baltic Index Fund invests all, or substantially all, of its assets in the stocks included in the OMXBBGI Index.  As discussed elsewhere in this Prospectus, the Index currently is composed of only thirty stocks, all issued by companies whose stocks are traded on the Baltic exchanges.  Thus, the Fund is not invested in broad securities markets generally, and is entirely subject to the market for these stocks in the Baltic States.  The Fund does not ever intend to invest in money market instruments or other investments for “defensive” purposes; the Fund will remain fully invested in the Index during both up and down markets.  The Fund may typically have a small amount of liquid money market cash amounts for operational reasons, such as to accommodate new investments in the Fund before the monies can be invested in the Index, and to accommodate expected expenses and redemption requests.  In addition, if the Fund is prevented from buying stocks of the Index due to some market shutdown or other event beyond the control of the Fund, the Fund will invest any cash on hand in money market instruments.  Any cash that is invested in the money markets will not, of course, be able to replicate the return of the Index for the applicable period.

About International Investing

U.S. investors who invest abroad will encounter risks not typically associated with U.S. companies, because foreign stock and bond markets operate differently from the U.S. markets.  For instance, foreign companies are not subject to the same accounting, auditing, and financial-reporting standards and practices as U.S. companies, and their stocks may not be as liquid as those of similar U.S. firms.  In addition, foreign stock exchanges, brokers, and companies generally have less government supervision and regulation than their counterparts in the United States.  These factors, among others, could negatively affect the returns U.S. investors receive from foreign investments.

The Fund is subject to stock market risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  The Fund’s investments in Baltic stocks can be riskier than U.S. stock investments.  The prices of Baltic stocks and the prices of U.S. stocks have, at times, moved in opposite directions.  In addition, the Fund’s target index is, by definition, focused (concentrated) in stocks of a particular group of companies:  stocks traded on the Baltic exchanges.  The Fund has no input or control over the stocks that comprise the Index.

To illustrate the volatility of Baltic stock prices, the following table shows the average annual total returns over various periods as measured by the OMXBBGI Index.  (Total returns consist of dividend income plus change in market price.)  Note that the returns shown do not include the costs of buying and selling stocks or other expenses that a real-world investment portfolio (such as the Fund) would incur, including all the expenses of operating a mutual fund.  The OMXBBGI Index began on January 1, 2000, with a base value of 100.  Since its inception, its lowest value was 100 at inception, and its highest value was 882 in February, 2007. It closed on June 30, 2013 at ____.

OMXBBGI Index Average Annual Returns for the Period Ending December 31, 2012

1 Year	5 Years	10 Years	Inception *

*The Index was first compiled on January 1, 2000.

These average annual returns reflect past performance of just the Baltic stocks in the Index; you should not regard them as an indication of future performance of foreign markets as a whole, the Baltic stock market as a whole, stock markets generally, or the Fund in particular.

The Fund is subject to country/regional risk and currency risk.  Country/regional risk is the chance that world events — such as political upheaval, financial troubles, or natural disasters — will adversely affect the value of securities issued by companies in foreign countries or regions.  Because the Fund invests all of its assets in securities of companies located in just the countries that comprise the Baltic States, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Currency risk is the chance that the value of a foreign investment, measured in U.S. Dollars, will decrease because of unfavorable changes in currency exchange rates.  Country/regional risk and currency risk are especially high in emerging markets.

2 DMS BALTIC  INDEX FUND – INFORMATION AND RISKS

The DMS Baltic Index Fund is the third series of The DMS Funds, which has been organized as a Pennsylvania business trust.  The DMS Funds family, and the individual DMS Baltic Index Fund, is a United States investment company, registered as such with the SEC.  The Fund, however, will be investing all or substantially all its assets in stocks traded on the Baltic exchanges.  The Fund will initially be marketed and sold to U.S. investors only.

The Fund invests all, or substantially all, of its assets in the stocks held in the OMXBBGI Index.  By definition, all stocks held in the Index are issued by companies that are based in the Baltic States.  Because the Index is limited to Baltic stocks only, it can be considered more volatile than an index that would be regional or global in composition.  By design, only thirty stocks comprise the Index, and the companies issuing those stocks had an asset-weighted median market capitalization of approximately $180 million.  The stocks that are included in the Index are selected solely by the Index sponsor, the NASDAQ OMX Group, Inc.  Neither the Fund nor the adviser to the Fund has any ability to affect the stocks that comprise the Index, or the weightings thereof.  The stocks selected to be in the Index come from only the largest publicly traded companies in Baltic States based on market capitalization.  While no industry focus is intended, concentration could occur if the largest public companies all happen to be in the same industry, and concentration has occurred from time to time.  The Index is re-balanced periodically at the sole discretion of the Index sponsor.  In the last several years, the Index was re-balanced twice per year.    

The DMS Baltic Index Fund is subject to investment style risk, which is the chance that returns from Baltic stocks will trail returns from global stock markets.  Historically, non-U.S. stocks have been more volatile in price than the large-cap stocks that dominate the U.S. markets, and they often perform quite differently.  In addition, the Index is limited to stocks traded on the Baltic exchanges, and the market for such stocks alone can be more volatile than the market for stocks of all capitalization levels, whether in the Baltic region or any market. Finally, several of the stocks in the Index would be considered small-cap stocks by U.S. standards, even though large for the Baltic exchanges, and small-cap stocks are generally considered to be more volatile than mid-cap and large-cap stocks.   

The DMS Baltic Index Fund is also subject to emerging markets risk, which is the chance that the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets.

Foreign Tax and Regulatory Risk

The Fund intends to invest all its assets in securities comprising the Index, which is composed solely of companies in the Baltic States.  Therefore, the Fund is expected to be invested in stocks foreign to the United States at all times.  Because the Fund will invest in Baltic stocks, certain of the laws of the Baltic States may directly apply to the Fund, even though the Fund is registered with the SEC as a United States investment company, or mutual fund.

Security Selection

The Fund uses the replication method of investing, meaning that the Fund will generally hold the same stocks as those in its target index, and as closely as possible in the exact same proportions.

The Fund, in most cases, will obtain economic exposure to stocks of its target index (component securities) by investing directly in common stocks.  However, the Fund reserves the right to obtain economic exposure to component securities indirectly by purchasing depositary receipts of the component securities.  Depositary receipts are securities that are listed on exchanges or quoted in over-the-counter markets in one country, but represent shares of issuers domiciled in another country.  Generally, the Fund will hold depositary receipts only when the advisor believes that the Fund would benefit from holding the depositary receipt, rather than the underlying component security.  The Fund might opt to hold depositary receipts if the foreign market in which a stock trades does not provide adequate protection to the rights of foreign investors or if government regulators place restrictions on the free flow of capital or currency.  The Fund treats depositary receipts that represent interests in component securities as component securities for purposes of any requirements related to the percentage of component securities held in the Fund’s portfolio.

Other Investment Policies and Risks

The Fund intends to invest only in the stocks of the Index, it does not intend to make any other kinds of investments.  The Fund reserves the right to substitute a different index for the Index if the current Index is discontinued, if the Fund’s licensing agreement with the sponsor of the Index is terminated, or for any other reason determined in good faith by the Fund’s board of trustees.  In any such instance, the substitute index that may be selected would be chosen based upon its abilities to measure the same market segment as the current Index.

The Fund may invest, to a limited extent, in stock futures and options contracts, warrants, convertible securities, and swap agreements, all of which are types of derivatives.  Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold, oil, or wheat), or a market index (such as the S&P 500 Index).  Investments in derivatives may subject the Fund to risks different from, and possibly greater than, those of the underlying securities, assets, or market indexes.  The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

The Fund may enter into forward foreign currency exchange contracts, which are a type of derivative, in order to maintain the same currency exposure as its respective index.  A forward foreign currency exchange contract is an agreement to buy or sell a country’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future.  In other words, the contract guarantees an exchange rate on a given date.  These contracts, however, would not prevent the Fund’s securities from falling in value during foreign market downswings.  The Fund may use these contracts to gain currency exposure when investing in stock index futures and to settle trades in a foreign currency.

Cash Management

The Fund’s daily cash balance may be invested in one or more U.S. money market funds, which will be selected by the Advisor from time to time.  If the Fund is invested in a money market fund, it will bear a proportionate share of the underlying expenses of the money market fund in which it invests, on the same basis as all other investors in such money market fund.

Temporary Investment Measures

The Fund does not intend to temporarily depart from its normal investment policies and strategies.  The Fund intends to be 100% invested in the Index at all times, regardless of whether the Index is expected by market commentators to go up or down.  There may be times when not all of the cash of the Fund may be invested in the Index, as might be the case when the Fund receives large cash inflows that it cannot practically invest immediately.

Redemption and Account Service Fees

The Fund charges a 2.0% fee on shares redeemed before they have been held for thirty days.  The fee applies if you redeem shares by selling, or by exchanging into another fund that is managed by the Advisor, or if the Fund liquidates your Fund account because the balance falls below the minimum investment balance (except if such reduction is due solely to market fluctuation).  Shares you have held the longest will be considered to be redeemed first.

Unlike a sales charge or a load paid to a broker or a fund management company, the redemption fee is paid directly to the Fund to offset the costs of buying and selling securities.  The redemption fee is designed to ensure that short-term investors pay their share of the Fund’s transaction costs and that long-term investors do not subsidize the activities of short-term traders.

A small account service fee of $20 per year applies to certain Fund accounts whose balances are less than $1,000.  This fee will be assessed once a year against an account whose balance falls below $1,000 for any reason, including partial withdrawals, investment decline, or currency fluctuations.  This fee will be waived for accounts that have made a valid election to receive all account statements, reports, and other information electronically.

Frequent Trading or Market-Timing

Background.  Some investors try to profit from strategies involving frequent trading of mutual fund shares, such as market-timing.  For funds holding foreign securities, investors may try to take advantage of an anticipated difference between the price of the fund’s shares and price movements in overseas markets, a practice also known as time-zone arbitrage.  Investors also may try to engage in frequent trading of funds holding investments such as small-cap stocks and high-yield bonds.  As money is shifted into and out of a fund by a shareholder engaging in frequent trading, a fund incurs costs for buying and selling securities, resulting in increased brokerage and administrative costs.  These costs are borne by all fund shareholders, including the long-term investors who do not generate the costs.  In addition, frequent trading may interfere with an advisor’s ability to efficiently manage the fund.

Policies to Address Frequent Trading .  The DMS Funds do not knowingly accommodate frequent trading.  The board of trustees of the Fund has adopted policies and procedures reasonably designed to detect and discourage frequent trading and, in some cases, to compensate the fund for the costs associated with it.  Although there is no assurance that the Advisor will be able to detect or prevent frequent trading or market-timing in all circumstances, the following policies have been adopted to address these issues:

·

The Fund reserves the right to reject any purchase request — including exchanges from other DMS funds — without notice and regardless of size.  For example, a purchase request could be rejected because of a history of frequent trading by the investor or if the Advisor determines that such purchase may negatively affect a fund’s operation or performance.

·

The Fund generally prohibits an investor’s purchases or exchanges into a fund account for 30 calendar days after the investor has redeemed or exchanged out of that fund account.

·

The Fund charges shareholders a 2% redemption fee on shares redeemed in less than thirty days from purchase.

The Fund, in determining its net asset value, will, when appropriate, use fair-value pricing, as described in the Share Price section.  Fair-value pricing may reduce or eliminate the profitability of certain frequent-trading strategies.

Do not invest with DMS Funds if you are a market-timer.

Turnover Rate

Although the Fund normally seeks to invest for the long term, the Fund may sell securities regardless of how long they have been held.  Generally, index-oriented funds sell securities only in response to redemption requests from the Fund or changes in the composition of a target index.  Because of this, the turnover rate for the Fund is expected to be very low.  A turnover rate of 100%, for example, would mean that a Fund had sold and replaced securities valued at 100% of its net assets within a one-year period.  While the Fund has no historical data as of the date of this Prospectus, the OMXBBGI Index had a turnover of 5% for the calendar year 2012.  (This turnover rate is not directly comparable, as it does not include redemption requests that the Fund would have in the normal course of business.)

General Information About Turnover Rate

Before investing in a mutual fund, you should review its turnover rate.  This gives an indication of how transaction costs, which are not included in the fund’s expense ratio, could affect the fund’s future returns.  In general, the greater the volume of buying and selling by the fund, the greater the impact that brokerage commissions and other transaction costs will have on its return.  Also, funds with high turnover rates may be more likely to generate capital gains that must be distributed to shareholders as taxable income.

1 THE FUNDS AND THE ADVISOR

The Fund is a member of The DMS Funds, an investment company group formed in 2012 that intends to concentrate on index funds that apply to a specific country, region, or sector.  The DMS Baltic Index Fund has selected DMS Advisors, Inc. as the investment adviser for the Fund.  The Fund pays an investment management fee to DMS Advisors, Inc., from which fees the Advisor pays its operating expenses.  In addition, the Fund pays its own separate expenses associated with administrative services and business operations, such as personnel, office space, equipment, and advertising.

The Advisor also provides marketing services to The DMS Funds.  The shareholders and the Funds do not pay any marketing or other costs to the Advisor.

Investment Advisor

DMS Advisors, Inc. (“DMS” or the “Advisor”), is located at 2619 Leiscz’s Bridge Road, Suite 200, Leesport, PA, 19533.  DMS serves as advisor to the Funds.  DMS manages the Funds in exchange for a management fee, subject to the supervision and oversight of the trustees and officers of the Funds.  DMS was registered with the SEC as an investment adviser in 2012.

The board of trustees of the Fund, including a majority of the disinterested trustees, approved the Fund’s investment advisory agreement with DMS, and will review and vote on whether or not to approve the agreement each year.  A discussion regarding the basis of the decision by the trustees to approve the agreement will be contained in the Fund’s annual or semi-annual report to shareholders.  The agreement provides that the Fund will pay the Advisor a fee equal to 0.75% of the Net Asset Value of the Fund.  As the Fund has only recently begun operations, no fees have yet been paid to the Advisor.  The Advisor has agreed to waive its fees, and/or to directly pay the expenses or reimburse the Fund as necessary, to keep the Fund’s total operating expenses at or below 1.21% (for Class A Shares), and 0.96% (for Class I Shares), through at least December 31, 2014, and thereafter, until such time as the Fund (the Baltic Index Fund alone, but including all share classes) reaches an aggregate $50 million in net assets.    

DMS’ investment management is overseen by:

Peter R. Kohli , Chief Executive Officer and Chief Investment Officer of DMS.  As Chief Investment Officer, he is responsible for the oversight of the investment management activities of DMS, and is also the manager primarily responsible for the day-to-day management of the Fund.  At this time, DMS serves as investment manager to The DMS Funds, which presently operates the DMS Baltic Index Fund, the DMS India Bank Index Fund, and the DMS India MidCap Index Fund, and does not manage any individual accounts or any actively managed funds or portfolios.  Mr. Kohli is a registered representative of Trustmont Financial Group, a registered broker dealer and member of FINRA.  Mr. Kohli has been engaged in the securities business on a full time basis for the last fifteen years, and prior thereto on a part time basis.  He received the Chartered Financial Consultant designation from The American College, and holds a Bachelor’s degree in Mathematics from the Open University, England.

The Statement of Additional Information provides information about each portfolio manager’s compensation, other accounts under management, and ownership of shares of the Funds.

2 DIVIDENDS, CAPITAL GAINS, AND TAXES

Fund Distributions

Each Fund distributes to shareholders virtually all of its net income (interest and dividends, less expenses) as well as any net capital gains realized from the sale of its holdings.  Distributions generally occur annually in December.  You can receive distributions of income or capital gains in cash, or you can have them automatically reinvested in more shares of the Fund.

From time to time, a Fund may pay out higher-than-expected distributions.  That’s because, as an index fund, it must adjust its holdings to reflect changes in its target index.  In some cases, such changes may force an index fund to sell securities that have appreciated in value, thereby realizing a capital gain that must be distributed to shareholders.  A security may move out of an index for a number of reasons, including a merger or acquisition, a substantial change in the market capitalization of the issuer, or other change made solely by the creator of the OMXBBGI Index, over which changes the Advisor has no control.

General Information About Distributions

As a shareholder, you are entitled to your portion of a fund’s income from interest and dividends as well as capital gains from the fund’s sale of investments.  Income consists of both the dividends that the fund earns from any stock holdings and the interest it receives from any money market and bond investments.  Capital gains are realized whenever the fund sells securities for higher prices than it paid for them.  These capital gains are either short-term or long-term, depending on whether the fund held the securities for one year or less or for more than one year.

Basic Tax Points

The Fund will send you a statement each year showing the tax status of all your distributions.  In addition, investors in taxable accounts should be aware of the following basic federal income tax points:

·

Distributions are taxable to you whether or not you reinvest these amounts in additional Fund shares.

·

Distributions declared in December — if paid to you by the end of January — are taxable as if received in December.

·

Any dividend and short-term capital gains distributions that you receive are taxable to you as ordinary income.  If you are an individual and meet certain holding-period requirements with respect to your Fund shares, you may be eligible for reduced tax rates on “qualified dividend income,” if any, distributed by the Fund.

·

Any distributions of net long-term capital gains are taxable to you as long-term capital gains, no matter how long you’ve owned shares in the Fund.

·

Capital gains distributions may vary considerably from year to year as a result of the Funds’ normal investment activities and cash flows.

·

A sale or exchange of Fund shares is a taxable event.  This means that you may have a capital gain to report as income, or a capital loss to report as a deduction, when you complete your tax return.

·

Any conversion between classes of shares of the same fund is a nontaxable event.  By contrast, an exchange between classes of shares of different funds is a taxable event.

Dividend and capital gains distributions that you receive, as well as your gains or losses from any sale or exchange of Fund shares, may be subject to state and local income taxes.

The Fund may be subject to foreign taxes or foreign tax withholding on dividends, interest, and some capital gains that the Fund receives on foreign securities.  You may qualify for an offsetting credit or deduction under U.S. tax laws for any amount designated as your portion of the Fund’s foreign tax obligations, provided that you meet certain requirements.  See your tax advisor or IRS publications for more information.

This prospectus provides general tax information only.  If you are investing through a tax-deferred retirement account, such as an IRA, special tax rules apply.  Please consult your tax advisor for detailed information about any tax consequences for you.

General Information:  “Buying a Dividend”

Unless you are investing through a tax-deferred retirement account (such as an IRA), you should consider avoiding a purchase of fund shares shortly before the fund makes a distribution, because doing so can cost you money in taxes.  This is known as “buying a dividend.”  For example:  On December 15, you invest $5,000, buying 250 shares for $20 each.  If the fund pays a distribution of $1 per share on December 16, its share price will drop to $19 (not counting market change).  You still have only $5,000 (250 shares x $19 = $4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you owe tax on the $250 distribution you received - even if you reinvest it in more shares.  To avoid “buying a dividend,” check a fund’s distribution schedule before you invest.

1 GENERAL INFORMATION

Backup withholding .  By law, the Fund must withhold 28% of any taxable distributions or redemptions from your account if you do not:

·

Provide us with your correct taxpayer identification number;

·

Certify that the taxpayer identification number is correct; and

·

Confirm that you are not subject to backup withholding.

Similarly, the Fund must withhold taxes from your account if the IRS instructs us to do so.

Foreign investors .  The Fund is generally not sold outside the United States.

Invalid addresses .  If a dividend or capital gains distribution check mailed to your address of record is returned as undeliverable, the Fund will automatically reinvest the distribution and all future distributions until you provide us with a valid mailing address.  Reinvestments will receive the net asset value calculated on the date of the reinvestment.

Share Price

Share price, also known as net asset value (NAV), is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4 p.m., Eastern time.  Each share class has its own NAV, which is computed by dividing the total assets, minus liabilities, allocated to each share class by the number of Fund Shares outstanding for that class.  On holidays or other days when the Exchange is closed, the NAV is not calculated, and the Fund does not transact purchase or redemption requests.  However, on those days the value of the Fund’s assets may be affected to the extent that the Fund holds foreign securities that trade on foreign markets that are open.  At this time, the holidays on which the New York Stock Exchange is closed are New Year’s Day, Martin Luther King Day, Washington’s Birthday, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas.  (Depending on the day of the week that such holidays fall, the NYSE may close early on the day before such holiday, but will be open for business at least half a day.)  Even though the Fund’s investments will be composed entirely of stocks of Baltic companies, the Fund will conduct normal operations based on the U.S. securities markets, and will not open or close based on holidays in the Baltic States.  

Stocks held by the Fund are valued at their market value when reliable market quotations are readily available.  Certain short-term debt instruments used to manage the Fund’s cash may be valued on the basis of amortized cost.  The values of the foreign securities held by the Fund are converted into U.S. dollars using an exchange rate obtained from an independent third party.  The values of any mutual fund shares held by the Fund are based on the NAVs of the shares.  The values of any ETF or closed-end fund shares held by the Fund are based on the market value of the shares.

When the Fund determines that market quotations either are not readily available or do not accurately reflect the value of a security, the security is priced at its fair value (the amount that the owner might reasonably expect to receive upon the current sale of the security).  The Fund also will use fair-value pricing if the value of a security it holds has been materially affected by events occurring before the Fund’s pricing time but after the close of the primary markets or exchanges on which the security is traded.  This most commonly occurs with foreign securities, which may trade on foreign exchanges that close many hours before the Fund’s pricing time.  (4 p.m. New York time may be 9:00 p.m. Baltic time, depending upon daylight savings time.)   Intervening events might be company-specific (e. g., earnings report, merger announcement), or country-specific or regional/global (e. g., natural disaster, economic or political news, act of terrorism, interest rate change).  Intervening events include price movements in U.S. markets that are deemed to affect the value of foreign securities.

Fair-value prices are determined by the Fund according to procedures adopted by the board of trustees.  When fair-value pricing is employed, the prices of securities used by the Fund to calculate the NAV may differ from quoted or published prices for the same securities.

The Fund’s share prices are published daily on our website at DMSFunds.com.

Financial Highlights

The Fund has not yet begun operations and has no financial performance to report as of this time.  

1 INVESTING WITH DMS FUNDS

This section of the Prospectus explains the basics of doing business with the DMS Funds.  Be sure to carefully read each topic that pertains to your relationship with DMS.  The DMS Funds reserve the right to change the following policies, without notice to shareholders.  Please call or check online for current information.

Each fund you hold in an account is a separate “fund account.”  For example, if you hold shares in a nonretirement account titled in your own name, shares in a nonretirement account titled jointly with your spouse, and shares in an individual retirement account, you have three fund accounts.  Note that each reference to “you” in this Prospectus applies to any one or more registered account owners or persons authorized to transact on your account.

Sales Charges

The Class A Shares of the Fund offered by this Prospectus are sold with a “sales charge.”  The amount of the sales charge you pay each time you buy Class A Shares differs depending on the amount you invest, and may be reduced or eliminated for larger purchases as indicated below.  The “offering price,” the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment.  (For example, an investment of $10,000 will have a 5% sales charge, or $500, which will be deducted from the total, leaving $9,500 to be invested in the Fund.)  Class A Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

The sales charges for the Class A Shares are as follows:

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages in the above table due to rounding.  This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria.  The impact of rounding will vary with the size of the investment and the net asset value of the shares.

For purchases above $1,000,000 or otherwise not subject to a sales charge, the Advisor of the Fund may pay to dealers a commission of up to 1%.  The Fund may reimburse the Advisor for these payments through its plans of distribution.  See “Plans of Distribution” below.

Sales Charge Reduction and Waivers

Certain investors are entitled to a reduction or a waiver of sales charges.  In order to be sure that you are charged the least amount of any sales charge, you must tell your broker or other intermediary that you qualify for a reduction or waiver, or that you believe you may be eligible, so that the appropriate sales charge may be applied to your investment.  

Investors who are employees or agents of the Fund, the Adviser, any related entity, or any service provider to the Fund, are exempt from all initial sales charges, regardless of the amount of investment.  Investors who are not employees or agents are entitled to “aggregate” their purchases among immediate family members to reduce the sales charge that would otherwise be applicable.  Spouses and children under age 22, or children over 21 but still sharing the same household, are considered immediate family for this purpose.  All investments by all members of an immediate family may be combined to satisfy the higher investment thresholds set forth in the table above to qualify for a lower sales charge. In addition, investments made by certain trust accounts, family controlled businesses, and single participant retirement plans or IRAs may also be aggregated to qualify for lower sales charges.  As of the date of this Prospectus, the Fund is one of only three series funds in The DMS Funds family.  The DMS Funds intends, however, to offer additional series in the future.  All investments in any fund that is part of The DMS Funds family are eligible to be aggregated for purposes of reducing the sales charge applicable to the Class A Shares.  

Aggregation of investments can be confusing.  In addition, the Fund may offer waivers or reductions to specific types of purchasers, investors who are members or affiliates of specific charitable or other organizations, or other categories of investors from time to time.  You are encouraged to contact the Fund, or its administrator at 866-282-6743, to inquire whether a reduction or waiver may apply to you.  The Fund’s website at DMSFunds.com will also contain updated information about sales charge waivers that may be applicable to certain investors.

Investors who invest through an account managed by a U.S. registered investment adviser are entitled to purchase Class I Shares, which do not have any sales charges.  In connection with such investment advisory accounts, the Fund may require the customer’s advisory firm to adhere to certain administrative rules, such as minimum purchase requirements in excess of retail customers, and may require such advisory firms to sign administration agreements with the Fund to enable their customers to purchase Class I Shares without a sales charge.  The minimum investment for Class I Shares is $100,000.  Other restrictions and requirements for Class I Shares may be adopted by the Fund at any time, and the Fund may expand the types of customers who may qualify to purchase Class I Shares.     

Plans of Distribution

The Fund has established a plan of distribution, or “12b-1 plan,” for the Class A Shares.  The plan may be used to finance activities primarily intended to sell shares, provided that the categories of expenses are approved in advance by the Board of Trustees.  The plan provides for payments, based on an annualized rate of up to 0.25% of average daily net assets of the Class A Shares.  This entire amount may be used to pay service fees to qualified dealers for providing certain shareholder services.  Any amounts not paid to dealers may be used for distribution expenses as authorized by the Board of Trustees, in accordance with guidance issued by the SEC from time to time.  The estimated 12b-1 fees expected to be paid are indicated in the Annual Fund Operating Expenses table under “Risk/Return Summary” at the beginning of this Prospectus.  Since these fees are paid out of the Fund’s assets or income on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce the return on your investment.  There is no 12b-1 plan for the Class I Shares.

Purchasing Shares

The Fund reserves the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a fund account, or to add to an existing fund account.

Investment minimums may differ for certain categories of investors.

Account Minimums  

Class A:

To open an account:  $1,500.  To maintain an account:  $1,000.

Class I:

To open and maintain an account: $100,000.  

Add to an existing account:  $100 (other than by Automatic Investment Plan, which has no established minimum).

How to Initiate a Purchase Request

Be sure to check Exchanging Shares, Frequent-Trading Policy, and Other Rules You Should Know before placing your purchase request.

Online.  You may open certain types of accounts, request a purchase of shares, and request an exchange (the purchase of shares of one DMS Fund using the proceeds of a simultaneous redemption of shares of another DMS Fund) through our website at DMSFunds.com if you are a registered user.

By telephone .  You may call the DMS Funds (866-282-6743) to begin the account registration process or request that the account-opening forms be sent to you.  You may also call the Advisor to request a purchase of shares in your account.  

By mail .  You may send to the DMS Funds service provider, Mutual Shareholder Services LLC, 8000 Towne Centre Drive, Suite 400, Broadview Heights, Ohio 44147, your account registration form and check to open a new fund account.  To add to an existing fund account, you may send your check with an Invest-by-Mail form (from your account statement), with a deposit slip (available online), or with a written request.  You may also send a written request to the Advisor to make an exchange.  

How to Pay for a Purchase

By electronic bank transfer.  You may purchase shares of a DMS Fund through an electronic transfer of money from a bank account.  To establish the electronic bank transfer option on an account, you must designate the bank account online, complete a special form, or fill out the appropriate section of your account registration form.  After the option is set up on your account, you can purchase shares by electronic bank transfer on a regular schedule (Automatic Investment Plan) or from time to time.  Your purchase request can be initiated online (if you are a registered user of DMSFunds.com), by telephone, or by mail.

By wire.  Wiring instructions vary for different types of purchases.  Please call the Advisor for instructions and policies on purchasing shares by wire.  

By check.  You may send a check to make initial or additional purchases to your fund account.  Also see How to Initiate a Purchase Request:  By mail.  Make your check payable to DMS Funds and include the appropriate fund number (e. g., DMS Baltic Index Fund - 003).  For a list of Fund numbers, see the Statement of Additional Information, or the complete current listing on DMSFunds.com.

By exchange.  You may purchase shares of a DMS Fund using the proceeds from the simultaneous redemption of shares of another DMS Fund.  You may initiate an exchange online (if you are a registered user of DMSFunds.com), by telephone, or by mail.  See Exchanging Shares.

Trade Date

The trade date for any purchase request received in good order will depend on the day and time the DMS Funds receives your request, the manner in which you are paying, and the type of fund you are purchasing.  Your purchase will be executed using the NAV as calculated on the trade date.  NAVs are calculated only on days that the New York Stock Exchange (NYSE) is open for trading (a business day).

For purchases by check, and for purchases by exchange or wire:  If the purchase request is received by the DMS Funds on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date will be the same day.  If the purchase request is received on a business day after the close of regular trading on the NYSE, or on a nonbusiness day, the trade date will be the next business day.

For purchases by electronic bank transfer using an Automatic Investment Plan:  Your trade date generally will be one business day before the date you designated for withdrawal from your bank account.

For purchases by electronic bank transfer not using an Automatic Investment Plan:  If the purchase request is received by the Fund on a business day before 4 p.m., Eastern time, the trade date generally will be that business day.  If the purchase request is received on a business day after 4 p.m., Eastern time, or on a nonbusiness day, the trade date will be the next business day following the day the Fund receives the request.

If your purchase request is not accurate and complete, it may be rejected.  See Other Rules You Should Know — Good Order.

For further information about purchase transactions, consult our website at DMSFunds.com.

Check purchases .  All purchase checks must be written in U.S. Dollars and must be drawn on a U.S. bank.  The Fund does not accept cash, traveler’s checks, or money orders.  In addition, the Fund may refuse “starter checks” and checks that are not made payable to DMS Funds.

New accounts.  We are required by law to obtain from you certain personal information that we will use to verify your identity.  If you do not provide the information, we may not be able to open your account.  If we are unable to verify your identity, we reserve the right, without notice, to close your account or take such other steps as we deem reasonable.

Refused or rejected purchase requests .  The Fund reserves the right to stop selling fund shares or to reject any purchase request at any time and without notice.  This also includes the right to reject any purchase request because of a history of frequent trading by the investor or because the purchase may negatively affect a fund’s operation or performance.

Large purchases .  Please call the Fund before attempting to invest a large dollar amount.

No cancellations.  The Fund will not accept your request to cancel any purchase request once processing has begun.  Please be careful when placing a purchase request.  After a purchase is processed, a redemption of some or all of the amount of that purchase within thirty days will be subject to an early redemption fee of 2%.

Converting Shares

At the time of this Prospectus, the Fund only has two classes of shares, Class A and I.  It is possible that the Fund will have multiple classes of shares in the future.  Subject to eligibility requirements, shareholders may convert from one class to another.  When a conversion occurs, you receive shares of one class in place of shares of another class of the same fund.  At the time of conversion, the dollar value of the “new” shares you receive equals the dollar value of the “old” shares that were converted.  In other words, the conversion has no effect on the value of your investment in the fund at the time of the conversion.  However, the number of shares you own after the conversion may be greater than or less than the number of shares you owned before the conversion, depending on the net asset values of the two share classes.

A conversion between share classes of the same fund is a nontaxable event.

Trade Date

The trade date for any conversion request received in good order will depend on the day and time the Fund receives your request.  Your conversion will be executed using the NAVs of the different share classes on the trade date.  NAVs are calculated only on days that the NYSE is open for trading (a business day).

For a conversion request received by the Fund on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date will be the same day.  For a conversion request received on a business day after the close of regular trading on the NYSE, or on a nonbusiness day, the trade date will be the next business day.  See Other Rules You Should Know.

Redeeming Shares

How to Initiate a Redemption Request

Be sure to check Exchanging Shares, Frequent-Trading Policy, and Other Rules You Should Know before placing your redemption request.

Online .  You may request a redemption of shares through our website at DMSFunds.com if you are a registered user.

By telephone .  You may call the Fund to request a redemption of shares.  

By mail .  You may send a written request to the Fund’s service provider, Mutual Shareholder Services, to redeem from a fund account.

How to Receive Redemption Proceeds

By electronic bank transfer .  You may have the proceeds of a fund redemption sent directly to a designated bank account.  To establish the electronic bank transfer option on an account, you must designate a bank account online, complete a special form, or fill out the appropriate section of your account registration form.  After the option is set up on your account, you can redeem shares by electronic bank transfer on a regular schedule (Automatic Withdrawal Plan) or from time to time.  Your redemption request can be initiated online, by telephone, or by mail.

By wire.  Wire redemptions generally are not available for the DMS Funds.  To establish the wire redemption option, you generally must designate a bank account online, complete a special form, or fill out the appropriate section of your account registration form.  Wire redemptions are subject to rules that may be adopted by the Fund from time to time, and will include some delay in payment to allow the Fund shares to be liquidated and converted to cash in order to fund the wire order.  The Fund will also charge a fee for any wire transfer of redemption proceeds, in addition to any fee that may be imposed your bank when receiving the wire.

By exchange.  You may have the proceeds of a DMS Fund redemption invested directly in shares of another DMS Fund. You may initiate an exchange online (if you are a registered user of DMSFunds.com), by telephone, or by mail.

By check.  If you have not chosen another redemption method, the Fund will mail you a redemption check, generally payable to all registered account owners, normally within two business days of your trade date.

Trade Date

The trade date for any redemption request received in good order will depend on the day and time the Fund receives your request and the manner in which you are redeeming.  Your redemption will be executed using the NAV as calculated on the trade date.  NAVs are calculated only on days that the NYSE is open for trading (a business day).

For redemptions by check:  If the redemption request is received by the Fund on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date will be the same day.  If the redemption request is received on a business day after the close of regular trading on the NYSE, or on a nonbusiness day, the trade date will be the next business day.

For redemptions by electronic bank transfer using an Automatic Withdrawal Plan:  Your trade date generally will be the date you designated for withdrawal of funds (redemption of shares) from your DMS Fund account.  Proceeds of redeemed shares generally will be credited to your designated bank account two business days after your trade date.  If the date you designated for withdrawal of funds from your DMS Fund account falls on a weekend, holiday, or other nonbusiness day, your trade date generally will be the previous business day.

For redemptions by electronic bank transfer not using an Automatic Withdrawal Plan:  If the redemption request is received by the Fund on a business day before the close of regular trading on the NYSE (generally 4 p.m., Eastern time), the trade date will be the same day.  If the redemption request is received on a business day after the close of regular trading on the NYSE, or on a nonbusiness day, the trade date will be the next business day.

If your redemption request is not accurate and complete, it may be rejected.  If we are unable to send your redemption proceeds by wire or electronic bank transfer because the receiving institution rejects the transfer, the Fund will make additional efforts to complete your transaction.  If the Fund is still unable to complete the transaction, we may send the proceeds of the redemption to you by check, generally payable to all registered account owners.  See Other Rules You Should Know — Good Order.

For further information about redemption transactions, consult our website at DMSFunds.com, or contact the Advisor.

Redemption Fee

The Fund charges a 2.0% fee on shares redeemed before they have been held for thirty days.  The fee applies if you redeem shares by selling or by exchanging to another DMS fund, or if DMS liquidates your Fund account because the balance falls below $1,000 (except if the decline is due to market or currency fluctuation).  The fee is withheld from redemption proceeds and is paid directly to the Fund.  Shares held for thirty-one days or more are not subject to the 2% fee.

In an effort to reduce or eliminate the redemption fees you pay, if you redeem less than your full investment in the Fund, we will first redeem those shares not subject to the fee (see below), followed by those shares you have held the longest.

Redemption fees will not apply to DMS Fund account redemptions in the following circumstances:  (1) redemptions of shares purchased with reinvested dividend and capital gains distributions; redemptions of shares to pay Fund or account fees; redemptions of shares to revoke an IRA within the period of time set forth in the IRA Disclosure Document or to remove excess shareholder contributions to an IRA; and redemptions from Section 529 college savings plans; (2) share transfers, rollovers, or re-registrations within the same fund; (3) conversions of shares from one share class to another in the same fund; and (4) redemptions in kind.

In addition, redemption fees will not apply to (1) distributions by shareholders age 70-1/2 or older from traditional IRAs, rollover IRAs, SEP-IRAs, SIMPLE IRAs, certain Individual Section 403(b)(7) Custodial Accounts; and (2) distributions by beneficiaries from inherited IRAs, and certain Individual Section 403(b)(7) Custodial Accounts.

Also, participants in employer-sponsored defined contribution plans will not incur redemption fees for the following:  exchanges of shares purchased with participant payroll or employer contributions; distributions, loans, and in-service withdrawals from a plan; redemptions or transfers of shares as part of a plan termination or at the direction of the plan; and direct rollovers into IRAs.

Participants will incur redemption fees if, after making an exchange, transfer, or rollover into a fund with a redemption fee, the participant makes a subsequent exchange out of that fund within the redemption-fee period.

Other Redemption Rules You Should Know

Documentation for certain accounts.   Special documentation may be required to redeem from certain types of accounts, such as trust, corporate, nonprofit, or retirement accounts.  Please call us before attempting to redeem from these types of accounts.

Potentially disruptive redemptions.  The Fund reserves the right to pay all or part of a redemption in kind — that is, in the form of securities — if we reasonably believe that a cash redemption would negatively affect the Fund’s operation or performance or that the shareholder may be engaged in market-timing or frequent trading.  Under these circumstances, the Fund also reserves the right to delay payment of the redemption proceeds for up to seven calendar days.  By calling us before you attempt to redeem a large dollar amount, you may avoid in-kind or delayed payment of your redemption.  Please see Frequent-Trading Policy for information about our policies to limit frequent trading.

Recently purchased shares.  Although you can redeem shares at any time, proceeds may not be made available to you until the Fund collects payment for your purchase.  This may take up to ten calendar days for shares purchased by check or by electronic bank transfer.  

Address change.   If you change your address online or by telephone, there may be up to a 15-day restriction on your ability to request check redemptions online and by telephone.  You can request a redemption in writing at any time.  Confirmations of address changes are sent to both the old and new addresses.

Payment to a different person or address.   At your request, we can make your redemption check payable to a different person or send it to a different address.  However, this generally requires the written consent of all registered account owners and may require a signature guarantee or a notarized signature.  You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange.

No cancellations.  The Fund will not accept your request to cancel any redemption request once processing has begun.  Please be careful when placing a redemption request.

Emergency circumstances.  The DMS Funds can postpone payment of redemption proceeds for up to seven calendar days.  In addition, the DMS Funds can suspend redemptions and/or postpone payments of redemption proceeds beyond seven calendar days at times when the NYSE is closed or during emergency circumstances, as determined by the SEC.

Exchanging Shares

An exchange occurs when you use the proceeds from the redemption of shares of one DMS Fund to simultaneously purchase shares of a different DMS fund.  You can make exchange requests online (if you are a registered user of DMSFunds.com), by telephone, or by mail.   

If the NYSE is open for regular trading (generally until 4 p.m., Eastern time, on a business day) at the time an exchange request is received in good order, the trade date generally will be the same day.  

Please note that the Fund reserves the right, without notice, to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason.

Exceptions to Frequent-Trading Policy

As indicated above under the section “DMS BALTIC INDEX FUND – INFORMATION AND RISKS – Policies to Address Frequent Trading” on page __, the board of trustees of each DMS Fund places certain limits on frequent trading in the funds.  Each DMS Fund charges a 2% redemption fee in an attempt to limit an investor’s purchases or exchanges into a fund account within thirty calendar days after the investor has redeemed or exchanged out of that fund account.  The fee is not applied to transactions more than thirty days apart.    

The frequent-trading policy does not apply to the following:

·

Purchases of shares with reinvested dividend or capital gains distributions.

·

Transactions through DMS’s Automatic Investment Plan, Automatic Exchange Service, Direct Deposit Service, Automatic Withdrawal Plan, and Required Minimum Distribution Service.

·

Redemptions of shares to pay Fund or account fees.

·

Transfers and re-registrations of shares within the same fund.

·

Purchases of shares by asset transfer or direct rollover.

·

Conversions of shares from one share class to another in the same fund.

·

Section 529 college savings plans.

·

Certain approved institutional portfolios and asset allocation programs.

For participants in employer-sponsored defined contribution plans, the frequent-trading policy does not apply to:

·

Purchases of shares with participant payroll or employer contributions or loan repayments.

·

Purchases of shares with reinvested dividend or capital gains distributions.

·

Distributions, loans, and in-service withdrawals from a plan.

·

Redemptions of shares as part of a plan termination or at the direction of the plan.

·

Redemptions of shares to pay Fund or account fees.

·

Share or asset transfers or rollovers.

·

Re-registrations of shares.

·

Conversions of shares from one share class to another in the same fund.

Accounts Held by Institutions (Other Than Defined Contribution Plans)

The Fund will systematically monitor for frequent trading in institutional clients’ accounts.  If we detect suspicious trading activity, we will investigate and take appropriate action, which may include applying to a client’s accounts the thirty-day policy previously described on pages 12-13 and above, prohibiting a client’s purchases of fund shares, and/or revoking the client’s exchange privilege.

Accounts Held by Intermediaries

When intermediaries establish accounts in the DMS Funds for the benefit of their clients, we cannot always monitor the trading activity of the individual clients.  However, we review trading activity at the intermediary (omnibus) level, and if we detect suspicious activity, we will investigate and take appropriate action.  If necessary, DMS may prohibit additional purchases of fund shares by an intermediary, including for the benefit of certain of the intermediary’s clients.  Intermediaries also may monitor their clients’ trading activities with respect to the DMS Funds.

For those DMS Funds that charge purchase or redemption fees, intermediaries will be asked to assess purchase and redemption fees on client accounts and remit these fees to the Funds.  The application of purchase and redemption fees and frequent-trading policies may vary among intermediaries.  There are no assurances that DMS will successfully identify all intermediaries or that intermediaries will properly assess purchase and redemption fees or administer frequent-trading policies.  If you invest with the DMS Funds through an intermediary, please read that firm’s materials carefully to learn of any other rules or fees that may apply.

1 OTHER RULES YOU SHOULD KNOW

Prospectus and Shareholder Report Mailings

The Fund attempts to eliminate the unnecessary expense of duplicate mailings by sending just one summary prospectus (or prospectus) and/or shareholder report when two or more shareholders have the same last name and address.  You may request individual prospectuses and reports by contacting our Client Services Department in writing, by telephone, or by e-mail.

DMSFunds.com

Registration .  If you are a registered user of DMSFunds.com, you can review your account holdings; buy, sell, or exchange shares of DMS Funds; and perform most other transactions online.  You must register for this service online.

Electronic delivery .  The DMS Funds can deliver your account statements, transaction confirmations, and shareholder reports electronically.  If you are a registered user of DMSFunds.com, you can consent to the electronic delivery of these documents by logging on and changing your mailing preference under “Account Profile.”  You can revoke your electronic consent at any time online, and we will begin to send paper copies of these documents within 30 days of receiving your revocation.

Telephone Transactions

Automatic .  When we set up your account, we’ll automatically enable you to do business with us by telephone, unless you instruct us otherwise in writing.

Proof of a caller’s authority .  We reserve the right to refuse a telephone request if the caller is unable to provide the requested information or if we reasonably believe that the caller is not an individual authorized to act on the account.  Before we allow a caller to act on an account, we may request the following information:

·

Authorization to act on the account (as the account owner or by legal documentation or other means).

·

Account registration and address.

·

Fund name and account number, if applicable.

·

Other information relating to the caller, the account owner, or the account.

Good Order

We reserve the right to reject any transaction instructions that are not in “good order.”  Good order generally means that your instructions:

·

Are provided by the person(s) authorized in accordance with the Fund’s policies and procedures to access the account and request transactions.

·

Include the fund name and account number.

·

Include the amount of the transaction (stated in dollars, shares, or percentage).  Written instructions also must include:

·

Signature guarantees or notarized signatures, if required for the type of transaction.  

·

Any supporting documentation that may be required.

The requirements vary among types of accounts and transactions.  For more information, consult our website at DMSFunds.com.

The DMS Funds reserve the right, without notice, to revise the requirements for good order.

Future Trade-Date Requests

The Fund does not accept requests to hold a purchase, conversion, redemption, or exchange transaction for a future date.  All such requests will receive trade dates as previously described in Purchasing Shares, Converting Shares, and Redeeming Shares.  The Fund reserves the right to return future-dated purchase checks.

Accounts With More Than One Owner

If an account has more than one owner or authorized person, the Fund generally will accept telephone or online instructions from any one owner or authorized person.

Responsibility for Fraud

The DMS Funds will not be responsible for any account losses because of fraud if we reasonably believe that the person transacting business on an account is authorized to do so.  Please take precautions to protect yourself from fraud.  Keep your account information private, and immediately review any account statements or other information that we provide to you.  It is important that you contact the Fund immediately about any transactions or changes to your account that you believe to be unauthorized.

Uncashed Checks

Please cash your distribution or redemption checks promptly.  The Fund will not pay interest on uncashed checks.

Dormant Accounts

If your account has no activity in it for a period of time, the Fund may be required to transfer it to a state under the state’s abandoned property law.

Unusual Circumstances

If you experience difficulty contacting DMS online or by telephone, you can send us your transaction request by U.S. mail or by commercial delivery services (e.g., Fed Ex).  

Investing With DMS Funds Through Other Firms

You may purchase or sell shares of the DMS Funds through a financial intermediary, such as a bank, broker, or investment advisor.  Please consult your financial intermediary to determine which, if any, shares are available through that firm and to learn about other rules that may apply.  Fees charged by such intermediaries, if any, are outside the control of DMS and are not part of the fee structure and expenses of the DMS Funds; they would be in addition to any fees charged by DMS.

Please see Frequent-Trading Policy — Accounts Held by Intermediaries for information about the assessment of any purchase or redemption fees and the monitoring of frequent trading for accounts held by intermediaries.

Account Service Fee

For most shareholders, the DMS Fund charges a $20 account service fee on all fund accounts that have a balance below $1,000 for any reason, including market or currency exchange fluctuations.  The account service fee applies to both retirement and nonretirement fund accounts and will be assessed on fund accounts in all DMS Funds, regardless of a fund’s minimum initial investment amount.  The fee, which will be collected by redeeming fund shares in the amount of $20, will be deducted from a fund account only once per calendar year.

If you register on DMSFunds.com and elect to receive electronic delivery of statements, reports, and other materials for all of your fund accounts, the account service fee for balances below $1,000 will not be charged, so long as that election remains in effect.

The account service fee also does not apply to the following:

·

Accounts held through intermediaries.

·

Participant accounts in employer-sponsored defined contribution plans.  Please consult your enrollment materials for the rules that apply to your account.

·

Section 529 college savings plans.

Low-Balance Accounts

The Fund reserves the right to liquidate a fund account whose balance falls below the minimum initial investment for any reason, including market and currency exchange fluctuation.  This policy applies to nonretirement fund accounts and accounts that are held through intermediaries.  Shares redeemed in accordance with this policy will be subject to applicable redemption fees.

Right to Change Policies

In addition to the rights expressly stated elsewhere in this Prospectus, the DMS Funds reserves the right, without notice, to (1) alter, add, or discontinue any conditions of purchase (including eligibility requirements), redemption, exchange, conversion, service, or privilege at any time; (2) accept initial purchases by telephone; (3) freeze any account and/or suspend account services if the Fund has received reasonable notice of a dispute regarding the assets in an account, including notice of a dispute between the registered or beneficial account owners, or if the Fund reasonably believes a fraudulent transaction may occur or has occurred; (4) temporarily freeze any account and/or suspend account services upon initial notification to the Fund of the death of the shareholder until the Fund receives required documentation in good order; (5) alter, impose, discontinue, or waive any purchase fee, redemption fee, account service fee, or other fees charged to a group of shareholders; and (6) redeem an account or suspend account privileges, without the owner’s permission to do so, in cases of threatening conduct or activity the Fund believes to be suspicious, fraudulent, or illegal.  Changes may affect any or all investors.  These actions will be taken when, at the sole discretion of DMS Funds’ management, the DMS Funds reasonably believes they are deemed to be in the best interest of a fund.

Share Classes

DMS reserves the right, without notice, to change the eligibility requirements of its share classes, including the types of clients who are eligible to purchase each share class.

Fund and Account Updates

Confirmation Statements

We will send (or provide online, whichever you prefer) a confirmation of your trade date and the amount of your transaction when you buy, sell, exchange, or convert shares.  However, we will not send confirmations reflecting the reinvestment of dividend or capital gains distributions.  Promptly review each confirmation statement that we provide to you by mail or online.  It is important that you contact the Fund immediately with any questions you may have about any transaction reflected on a confirmation statement, or the Fund will consider the transaction properly processed.

Portfolio Summaries

We will send (or provide online, whichever you prefer) quarterly portfolio summaries to help you keep track of your accounts throughout the year.  Each summary shows the market value of your account at the close of the statement period, as well as all distributions, purchases, redemptions, exchanges, transfers, and conversions for the current calendar quarter.  Promptly review each summary that we provide to you by mail or online.  It is important that you contact the Fund immediately with any questions you may have about any transaction reflected on the summary, or the Fund will consider the transaction properly processed.

Tax Information Statements

For most accounts, we are required to provide annual tax Forms to assist you in preparing your income tax returns.  These Forms, which are generally mailed in January, will report the previous year’s dividends, capital gains distributions, proceeds from the sale of shares from taxable accounts, and distributions from IRAs and other retirement plans.  Registered users of DMSFunds.com can also view these Forms online.

Average-Cost Review Statements

For most taxable accounts, an average-cost review statement will accompany the annual Form 1099-B.  This statement shows the average cost of shares that you redeemed during the previous calendar year, using the average-cost single-category method, one of the methods established by the IRS and the only method used by the DMS Funds.  You may want to consult a tax professional to determine if a different method is best for you.

Annual and Semiannual Reports

The Fund’s fiscal year ends September 30.  We will send (or provide online, whichever you prefer) reports about the Fund twice a year, in May and November.  These reports include overviews of the financial markets and provide the following specific Fund information:

·

Performance assessments and comparisons with industry benchmarks.

·

Financial statements with listings of Fund holdings.

Portfolio Holdings

We generally post on our website at DMSFunds.com, in the Portfolio section of each Fund’s Portfolio & Management page, a detailed list of the securities held by the Fund, as of the end of the most recent calendar quarter.  This list is generally updated within 30 days after the end of each calendar quarter.  The DMS Funds may exclude any portion of these portfolio holdings from publication when deemed in the best interest of the Fund.  We also generally post the ten largest stock portfolio holdings of the Fund and the percentage of the Fund’s total assets that each of these holdings represents, as of the end of the most recent calendar quarter.  This list is generally updated within 30 calendar days after the end of each calendar quarter.  Please consult the Fund’s Statement of Additional Information or our website for a description of the policies and procedures that govern disclosure of the Fund’s portfolio holdings.

1 INFORMATION ON LICENSE

The Fund is not sponsored, endorsed, sold or promoted by The NASDAQ OMX Group, Inc. or its affiliates (NASDAQ OMX, with its affiliates, are referred to as the “Corporations”).  The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund.  The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the OMXBB Index to track general stock market performance.  The Corporations’ only relationship to The DMS Funds ( “ Licensee ” ) is in the licensing of the NASDAQ ^® , OMX ^® , NASDAQ OMX ^® , OMX Baltic Benchmark ™ Index, and OMXBB ™ registered trademarks and certain trade names of the Corporations and the use of the OMXBB Index which is determined, composed and calculated by NASDAQ OMX without regard to Licensee or the Fund.  NASDAQ OMX has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the OMXBB Index.  The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash.  The Corporations have no liability in connection with the administration, marketing or trading of the Fund.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE OMXBB INDEX OR ANY DATA INCLUDED THEREIN.  THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE OMXBB INDEX OR ANY DATA INCLUDED THEREIN.  THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE OMXBB INDEX OR ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

2 GLOSSARY OF INVESTMENT TERMS

Active Management .  An investment approach that seeks to exceed the average returns of a particular financial market or market segment.  Active managers rely on research, market forecasts, and their own judgment and experience in selecting securities to buy and sell.

Capital Gains Distribution .  Payment to mutual fund shareholders of gains realized on securities that a fund has sold at a profit, minus any realized losses.

Cash Investments .  Cash deposits, short-term bank deposits, and money market instruments that include U.S. Treasury bills and notes, bank certificates of deposit (CDs), repurchase agreements, commercial paper, and banker’s acceptances.

Common Stock .  A security representing ownership rights in a corporation.  A stockholder is entitled to share in the company’s profits, some of which may be paid out as dividends.

Dividend Distribution .  Payment to mutual fund shareholders of income from interest or dividends generated by a fund’s investments.

Expense Ratio .  The percentage of a fund’s average net assets used to pay its expenses during a fiscal year.  The expense ratio includes management expenses (such as advisory fees, account maintenance, reporting, internal accounting, legal, and other administrative expenses); any 12b-1 distribution fees; and “other” expenses (usually fees paid to independent third parties, such as the fund’s custodian and auditor).  It does not include the transaction costs of buying and selling portfolio securities.

Float-Adjusted Index .  An index that weights its constituent securities based on the value of the constituent securities that are available for public trading, rather than the value of all constituent securities.  Some portion of an issuer’s securities may be unavailable for public trading because, for example, those securities are owned by company insiders on a restricted basis or by a government agency.  By excluding unavailable securities, float-adjusted indexes can produce a more accurate picture of the returns actually experienced by investors in the measured market.

Inception Date .  The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective.  For funds with a subscription period, the inception date is the day after that period ends.  Investment performance is measured from the inception date.

Median Market Capitalization .  An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock.  Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.

Mutual Fund .  An investment company that pools the money of many people and invests it in a variety of securities in an effort to achieve a specific objective over time.

OMXBBGI Index .  An index that measures the performance of thirty selected stocks traded on one of the NASDAQ OMX Baltic exchanges.  At the time of this Prospectus, the issuers of those stocks have a median capitalization of approximately US $__ billion.  The NASDAQ OMX Group, Inc. is the entity that created and maintains the Index.  The Fund has a license agreement with NASDAQ OMX, but the Fund has no input into the stocks that comprise the Index, or any other aspect of formulating or maintaining the Index.

Passive Management .  A low-cost investment strategy in which a mutual fund attempts to track - rather than outperform - a specified market benchmark or “index;” also known as indexing.

Securities .  Stocks, bonds, money market instruments, and other investments.

Total Return .  A percentage change, over a specified time period, in a mutual fund’s net asset value, assuming the reinvestment of all distributions of dividends and capital gains.

Volatility .  The fluctuations in value of a mutual fund or other security.  The greater a fund’s volatility, the wider the fluctuations in its returns.

Yield .  Income (interest or dividends) earned by an investment, expressed as a percentage of the investment’s price.

[BACK COVER]

The DMS Baltic Index Fund

Class A Shares – DBABX

Class I Shares – DBIAX

Prospectus Dated July 23, 2013

Additional information about the Fund’s investments is available in the Fund’s annual and semi-annual reports to shareholders.  In the Fund’s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during its last fiscal year.  The annual and semi-annual reports are available, without charge, upon request.  You may request the annual and semi-annual reports, as well as the current Statement of Additional Information for the Fund, which SAI is incorporated by reference into this Prospectus, by contacting the Fund’s administrator at 866-282-6743, or by email request at info@dmsadvisors.net .   In addition, these materials are also available on the Fund’s website, DMSFunds.com.  The website also contains a feature whereby shareholders or prospective shareholders may ask questions about the Fund.  

In addition, information about the Fund, including the SAI, can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.  Information about the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. All filings made by the Fund, including the SAI and annual and semi-annual reports, is also available on the EDGAR Database on the SEC’s internet website at http://www.sec.gov .  Copies of this information may also be obtained, after payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov , or by writing the SEC’s Public Reference Section, Washington D.C. 20549-1520.

SEC ICA File No. 811-22706