Definitive Materials Filed by Investment Companies. (497)
March 05 2014 - 4:46PM
Edgar (US Regulatory)
B. RILEY
DIVERSIFIED EQUITY FUND
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a series
of
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WORLD
FUNDS TRUST
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8730
Stony Point Parkway, Suite 205
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Richmond,
Virginia 23235
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Supplement
dated March 5, 2014
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To the Funds Prospectus dated February 10, 2014
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*****
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On March 5,
2014, the Board of Trustees of the Trust approved the removal of the 2.00% redemption
fee applicable to the Investor Class and Institutional Class shares of the B. Riley
Diversified Equity Fund that are redeemed within 60 days of purchase.
The section
entitled Fees and Expenses of the Fund on pages 1-2 of the prospectus
is hereby replaced in its entirety by the following:
Fees and Expenses of the Fund
This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.
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Shareholder
Fees
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Investor
Class
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Institutional
Class
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(fees paid
directly from your investment)
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Shares
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Shares
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Maximum sales
charge (load) imposed on purchases
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(as a percentage of offering price)
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None
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None
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Maximum deferred
sales charges (load)
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(as a percentage
of the NAV at time of purchase)
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None
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None
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Redemption
Fee
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None
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None
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Exchange Fee
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None
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None
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Annual
Fund Operating Expenses
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(expenses
that you pay each year as a percentage of the value
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of your
investment)
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Management Fee
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1.25
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%
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1.25
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%
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Distribution
(12b-1) and Service Fees
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0.25
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%
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None
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Other Expenses
(1)
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0.35
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%
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0.35
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%
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Acquired Fund
Fees and Expenses
(1)
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0.00
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%
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0.00
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%
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Total Annual
Fund Operating Expenses
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1.85
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%
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1.60
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%
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Fee Waiver
and/or Expense Reimbursement
(2)
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(0.35
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%)
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(0.35
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%)
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Total Annual
Fund Operating Expenses (After Fee Waiver
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and/or Expense
Reimbursement)
(2)
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1.50
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%
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1.25
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%
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(1)
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Based on estimated
amounts for the current fiscal year. It is anticipated that Acquired Fund Fees and
Expenses will be less than 0.01%.
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(2)
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B. Riley Asset
Management, LLC (the Adviser) has entered into a written expense limitation
agreement under which it has agreed to limit the total expenses of the Fund (exclusive
of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund
fees and expenses, brokerage commissions, extraordinary expenses and dividend expense
on short sales) to an annual rate of 1.25% of the average daily net assets of the
Fund. This expense limitation agreement may be terminated by the Adviser or the
Trust at any time after April 30, 2015. The Adviser may recoup any waived amount
from the Fund pursuant to this agreement if such reimbursement does not cause the
Fund to exceed existing expense limitations and the expense reimbursement is made
within three years after the year in which the Adviser incurred the expense.
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Example
This example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of those periods. The example also
assumes that your investment has a 5% return each year and that the Funds
operating expenses remain the same. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
Share
Class
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1 Year
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3 Years
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Investor
Class Shares
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$153
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$548
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Institutional
Class Shares
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$127
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$471
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Additionally, references to
the 2.00% redemption fee elsewhere in the prospectus, including in the section entitled
Frequent Purchases and Redemptions are hereby deleted.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE
REFERENCE
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