Securities Act Registration No. 333- 181176

Investment Company Act Registration No. 811- 22696

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ¨

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ¨

(Check appropriate box or boxes.)

Compass EMP Funds Trust

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street, Omaha, NE  68130

(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, including Area Code: (402) 895-1600

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

614-469-3265 (phone)

614-469-3361 (fax)

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

¨ Immediately upon filing pursuant to paragraph (b)

¨ On (date) pursuant to paragraph (b)

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ On (date) pursuant to paragraph (a)(1)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

[______], 2012

Prospectus

The information in this prospectus is not complete and may be changed.   We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.   This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

This Prospectus provides important information about the Funds that you should know before investing.   Please Read it carefully and keep it for future reference.

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

TABLE OF CONTENTS

Prospectus – [_________, 2012]

FUND SUMMARY—COMPASS EMP U.S. LARGE CAP 500 VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP U.S. REIT HEDGED VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP U.S. EQUITY HEDGED VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP U.S. EQUITY LONG/SHORT FUND

FUND SUMMARY—COMPASS EMP INTERNATIONAL EQUITY LONG/SHORT FUND

FUND SUMMARY—COMPASS EMP INTERNATIONAL EQUITY HEDGED VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP COMMODITY LONG/SHORT STRATEGIES FUND

FUND SUMMARY—COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

FUND SUMMARY—COMPASS EMP MANAGED FUTURES STRATEGY FUND

FUND SUMMARY—COMPASS EMP U.S. HEDGED BOND FUND

FUND SUMMARY—COMPASS EMP INTERNATIONAL HEDGED BOND FUND

FUND SUMMARY—COMPASS EMP U.S. ENHANCED BOND FUND

FUND SUMMARY—COMPASS EMP INTERNATIONAL ENHANCED BOND FUND

FUND SUMMARY—COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS

MANAGEMENT

HOW SHARES ARE PRICED

HOW TO PURCHASE SHARES

HOW TO REDEEM SHARES

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

TAX STATUS, DIVIDENDS AND DISTRIBUTIONS

DISTRIBUTION OF SHARES

FINANCIAL HIGHLIGHTS

PRIVACY NOTICE

FUND SUMMARY—COMPASS EMP U.S. LARGE CAP 500 VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP U.S. Large Cap 500 Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [_] of the Fund's Prospectus.

(1)  Estimated for the current fiscal year.

(2)  The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0. 95% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stock of large capitalization companies that have their headquarters in the U.S. and the stock of which trades on a U.S. exchange.   The Fund seeks to track the returns of the CEMP U.S. Large Cap 500 Volatility Weighted Index (the " Index ") before expenses.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies that have their headquarters in the U.S. and the stock of which trades on U.S. exchanges by market capitalization with consistent positive earnings and weighted based on the volatility of each stock.   The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria. The Index is reconstituted every March and September and is adjusted to limit exposure to any particular sector to 25%.  

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution .  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.   In the future, performance information will be presented in this section of this Prospectus.   Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, David Hallum, Dan Banaszak and David Moore serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP U.S. SMALL CAP 500 VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP U.S. Small Cap 500 Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.00 % for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stock of small capitalization companies that have their headquarters in the U.S. and the stock of which trades on a U.S. Exchange.   The Fund seeks to track the returns of the CEMP U.S. Small Cap 500 Volatility Weighted Index (the " Index ") before expenses.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies by market capitalization that have their headquarters in the U.S., market capitalizations of less than $3 billion, and the stock of which trades on a U.S. exchange.   The Index includes only companies with consistent positive earnings and is weighted based on the volatility of each stock.   The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria. The Index is reconstituted every March and September and is adjusted to limit exposure to any particular sector to 25%.  

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution .  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Smaller Capitalization Stock Risk.   The earnings and prospects of smaller-sized companies are more volatile than larger companies and may experience higher failure rates than larger companies.   Smaller-sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.   In the future, performance information will be presented in this section of this Prospectus.   Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, David Hallum, Dan Banaszak and David Moore serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP INTERNATIONAL 500 VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP International 500 Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1. 15% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stock of companies that have their headquarters in a developed country (other than the U.S. and emerging markets) and the stock of which trades on an exchange in a developed country (other than the U.S. and emerging markets).   The Fund seeks to track the returns of the CEMP International 500 Volatility Weighted Index (the " Index ") before expenses.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies by market capitalization that have their headquarters in a developed country (excluding the U.S. and emerging markets) and the stock of which trades on an exchange in a developed country (other than the U.S. and emerging markets).  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.   The Index includes only those companies with consistent positive earnings and is weighted based on the volatility of each stock.   The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria. The Index is reconstituted every March and September and is adjusted to limit exposure to any particular country to 20%.  

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution .  

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Currency Risk.   The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.  

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Stock Market Risk.   Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks.   The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP EMERGING MARKET 500 VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP Emerging Market 500 Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1. 20% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stock of companies that have their headquarters in emerging markets countries and the stock of which trades on an exchange in an emerging market country to track the returns of the CEMP Emerging Market 500 Volatility Weighted Index (the " Index ") before expenses.  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies by market capitalization that have their headquarters in emerging markets countries and the stock of which trades on an exchange in an emerging markets country.   The Index includes only those companies with consistent positive earnings and is weighted based on the volatility of each stock.   The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria. The Index is reconstituted every March and September and is adjusted to limit exposure to any particular country to 20%.  

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution .  

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Currency Risk.   The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.  

·

Emerging Markets Risks.   Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders.   Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.   Emerging market securities also tend to be less liquid.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Limited History of Operations.   The Fund is a new mutual fund and has a limited history of operation.  

·

Liquidity Risk.  Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.   In the future, performance information will be presented in this section of this Prospectus.   Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, David Hallum, Dan Banaszak and David Moore serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $ 50 .   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.   Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP U.S. REIT HEDGED VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP REIT Hedged Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [_] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.15 % for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.35 % for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stocks of large capitalization companies that have their headquarters in the U.S. and the stock of which trades on a U.S. exchange.   The Fund seeks to track the returns of the CEMP U.S. Equity Hedged Volatility Weighted Index (the " Index ") before expenses.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies that have their headquarters in the U.S. and the stock of which trades on U.S. exchanges by market capitalization with consistent positive earnings and weighted based on the volatility of each stock.   The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria.   The Index seeks to limit risk during unfavorable market conditions by reducing its exposure to the market.   During a period of market decline (non-normal market conditions), the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.   The Index's large cap component is reconstituted every March and September.   When the Index's exposure to the market is less than 100%, the uninvested assets will be invested in short term fixed income securities.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution .  

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Limited History of Operations.   The Fund is a new mutual fund and has a limited history of operation.  

·

Management Risk.  The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.   In the future, performance information will be presented in this section of this Prospectus.   Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, David Hallum, Dan Banaszak and David Moore serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $[50].   There is no minimum initial investment for retirement accounts.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:  

Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP U.S. EQUITY LONG/SHORT FUND

Investment Objective:   The Fund's objective is capital appreciation .

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [_] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.35 % for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing long or short primarily in a portfolio of equity securities of companies that have their headquarters in the U.S. and the stock of which trades on a U.S. exchange.   The Fund defines equity securities to include common stock, futures on common stock or stock indices, options on common stock; and other entities, including limited partnerships and limited liability companies ("Underlying Funds"), that invest primarily in equity securities.  Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in equity securities as defined above.

The Fund will invest its cash in excess of the amount required for futures collateral primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds. With respect to such excess cash investments, the Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be "A" or better.

The Fund's Advisor uses a proprietary model to determine whether to be long or short in certain equities, industries, sectors or other parts of the equity markets.  The Fund's Advisor uses the model to attempt to achieve high, low or negative correlations to the broader equity markets.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Fixed Income Risk. The value of the Fund's investments in bonds or other investment companies that own bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk .  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.   Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.   The Fund's losses are potentially unlimited in a short position transaction.

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

Performance:

·

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  

In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor : Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Manager:   Stephen Hammers serves as the Fund's Portfolio Manager.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.   Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP INTERNATIONAL EQUITY LONG/SHORT FUND

Investment Objective:   The Fund's objective is capital appreciation.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1. 35% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing long or short primarily in a portfolio of equity securities of companies that have their headquarters in a foreign country (including emerging markets) and the stock of which trades on an exchange in a foreign country (including emerging markets).  The Fund defines equity securities to include common stock, futures on common stock or stock indices, options on common stock; and other entities, including limited partnerships and limited liability companies ("Underlying Funds"), that invest primarily in equity securities.  Under normal market conditions, the Fund invests at least 80 % of its assets (defined as net assets plus any borrowing for investment purposes) in equity securities as defined above.  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.  

The Fund will invest its cash in excess of the amount required for futures collateral primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds . With respect to such excess cash investments , the Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be " A " or better.

The Fund's Advisor uses a proprietary model to determine whether to be long or short in certain equities, industries, sectors, countries or other parts of the equity markets.  The Fund's Advisor uses the model to attempt to

achieve high, low or negative correlations to the broader equity markets.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

·

Emerging Markets Risks.  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid.

·

Fixed Income Risk. The value of the Fund's investments in bonds or other investment companies that own bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk .  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  

In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor : Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Manager:   Stephen Hammers serves as the Fund's Portfolio Manager.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.  Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP INTERNATIONAL EQUITY HEDGED VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP International Equity Hedged Volatility Weighted Index before expenses.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1. 40% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of common stocks of large capitalization companies that have their headquarters in a developed country (excluding the U.S. and emerging markets) and the stock of which trades on an exchange in a developed country (other than the U.S. and emerging markets).  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.  The Fund seeks to track the returns of the CEMP International Equity Hedged Volatility Weighted Index (the "Index") before expenses.  

The Index is an unmanaged index that generally consists of the common stock of the 500 largest companies by market capitalization that have their headquarters in a developed country (excluding the U.S. and emerging markets) and the stock of which trades on an exchange in a developed country (other than the U.S. and emerging markets).  The Index includes only those companies with consistent positive earnings and is weighted based on the volatility of each stock.

 The Index may include less than 500 stocks depending on the number of companies meeting the Index's criteria. The Index seeks to limit risk during unfavorable (non-normal) market conditions by reducing its exposure to the market.  During a period of market decline, the Index's exposure to the market may be as low as 25% depending on the magnitude and duration of such decline.  The Index's large cap component is reconstituted every March and September.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in the stocks included in the Index as of its most recent reconstitution.  

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers , David Hallum, Dan Banaszak and David Moore serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP COMMODITY LONG/SHORT STRATEGIES FUND

Investment Objective:   The Fund's objective is capital appreciation.      

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [_] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.35% for each class of shares of the Fund.  The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives by investing up to 25% of the Fund's net assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the "Subsidiary") that will invest primarily in (long and short) commodity futures, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions.  The Subsidiary may invest in other entities, such as limited partnerships (including commodity pools) and limited liability companies ("Underlying Funds") that invest primarily in (long and short) commodity futures.  When viewed on a consolidated basis, the Subsidiary will be subject to the same investment restrictions as the Fund.  The Subsidiary's investments in futures contracts are weighted based on the volatility of each contract as well as the Advisor's proprietary futures selection strategy.  The Fund limits its exposure to one commodity to 25%.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.

The Fund will invest the balance of its assets primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds.  The Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be "A" or better.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  The Fund's returns will vary and you could lose money on your investment in the Fund.  The Fund is not intended to be a complete investment program.

·

Commodity Risk. Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors. Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

Fixed Income Risk. The value of the Fund's investments in bonds or other investment companies that own bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Limited History of Operations.  The Fund is a new mutual fund and has a limited history of operation.  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk .  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

·

Wholly-Owned Subsidiary Risk. The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information is available by calling 1-888-944-4367.

Adviser: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment Advisor (the "Advisor").

Portfolio Manager:  Stephen Hammers and Dan Banaszak serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.  The minimum subsequent investment in each share class is $50.  You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP COMMODITY STRATEGIES VOLATILITY WEIGHTED FUND

Investment Objective:   The Fund seeks to provide investment results that match the performance of the CEMP Commodity Volatility Weighted Index before expenses.      

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.15% for each class of shares of the Fund.  The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies

The Fund seeks to achieve its investment objectives by investing up to 25% of the Fund's net assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the "Subsidiary") that will invest primarily in (long only) futures contracts related to the twenty most liquid commodities by trading volume.  The Fund seeks to track the returns of the CEMP Commodity Volatility Weighted Index (the "Index") before expenses.  

The Index is an unmanaged index that generally consists of long-only futures contracts related to the twenty most liquid commodities by trading volume.  The Index is weighted based on the volatility of each commodity.  The Index is reconstituted every March and September and is adjusted to limit exposure to any particular commodity to 25%.  The Fund limits its exposure to one commodity to 25%.  The Fund may gain exposure to a commodity that is scheduled to be included in the Index prior to the effective inclusion date.

The Subsidiary's investments in such commodity futures are weighted based on the volatility of each commodity.  When viewed on a consolidated basis, the Subsidiary will be subject to the same investment restrictions as the Fund.  

The Fund will invest the balance of its assets primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions.  The Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be "A" or better.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  The Fund's returns will vary and you could lose money on your investment in the Fund.  The Fund is not intended to be a complete investment program.

·

Commodity Risk. Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors. Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

Fixed Income Risk. The value of the Fund's investments in bonds or other investment companies that own bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Limited History of Operations.  The Fund is a new mutual fund and has a limited history of operation.  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Tracking Risks. The Fund may not be able to replicate exactly the performance of the Index because of transaction costs incurred by the Fund in adjusting the actual balance of the investments in the Fund's portfolio.

·

Wholly-Owned Subsidiary Risk. The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information is available by calling 1-888-944-4367.

Adviser: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment Advisor (the "Advisor").

Portfolio Managers:  Stephen Hammers and Dan Banaszak serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.  The minimum subsequent investment in each share class is $[50].  There is no minimum initial investment for retirement accounts.  You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP MANAGED FUTURES STRATEGY FUND

Investment Objective:   The Fund's objective is absolute return.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 1.35% for each class of shares of the Fund.  The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives by investing up to 25% of the Fund's net assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the "Subsidiary") that will invest primarily in (long and short) commodity, currency and financial futures, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions.  The Subsidiary may invest in other entities, such as limited partnerships (including commodity pools) and limited liability companies ("Underlying Funds") that invest primarily in (long and short) commodity futures.  When viewed on a consolidated basis, the Subsidiary will be subject to the same investment restrictions as the Fund.  The Subsidiary's investments in futures contracts are weighted based on the volatility of each contract.  The Fund limits its exposure to one commodity to 25%.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.

The Fund will invest the balance of its assets primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds.  The Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be "A" or better.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  The Fund's returns will vary and you could lose money on your investment in the Fund.  The Fund is not intended to be a complete investment program.

·

Commodity Risk. Commodity-related risks include production risks caused by unfavorable weather, animal and plant disease, geologic and environmental factors. Commodity-related risks also include unfavorable changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

Currency Risk.   The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.  

·

Fixed Income Risk. The value of the Fund's direct or indirect investments in bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Limited History of Operations.  The Fund is a new mutual fund and has a limited history of operation.  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk .  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.    

·

Wholly-Owned Subsidiary Risk. The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information is available by calling 1-888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the "Advisor").

Portfolio Manager:  Stephen Hammers, Rob Bateman and Dan Banaszak serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.  The minimum subsequent investment in each share class is $50.  You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.  Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP U.S. HEDGED BOND FUND

Investment Objective:   The Fund's objective is total return.      

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0.90 % for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives primarily by investing (long or short) in U.S. Treasury futures or holding cash.   The Fund may invest directly in bond futures, individual Treasury bills or corporate bonds or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles ("Underlying Funds").  Some Underlying Funds that invest in bond or interest rate derivatives may technically be considered commodity pools.   The Fund's fixed-income investments will be weighted based on the volatility of each investment.   The Fund seeks to limit risk during unfavorable market conditions by reducing its exposure to the market.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.  

The Fund will invest its cash in excess of the amount required for futures collateral primarily 0n7fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds. With respect to such excess cash investments, the Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be " A " or better.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) directly in bonds issued by U.S. companies or government entities or agencies or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles that primarily invest in such bonds or bond futures.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Fixed Income Risk. The value of the Fund's direct or indirect investments in bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases.   The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk.  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, Dan Banaszak and Rob Bateman serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.  You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.  Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP INTERNATIONAL HEDGED BOND FUND

Investment Objective:   The Fund's objective is total return.      

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0. 95% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.   Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives primarily by investing (long or short ) in fixed-income futures related to bonds issued by foreign (non-U.S. and non-emerging markets) companies and governments or by holding cash.   The Fund may invest directly in bond futures, individual foreign government bonds or foreign corporate bonds or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles ("Underlying Funds").  Some Underlying Funds that invest in bond or interest rate derivatives may technically be considered commodity pools.   The Fund's fixed-income investments will be weighted based on the volatility of each investment.  The Fund seeks to limit risk during unfavorable market conditions by reducing its exposure to the market.  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.  The Advisor may engage a sub-adviser or sub-advisers to execute a portion of the Fund's investment strategy.

The Fund will invest its cash in excess of the amount required for futures collateral primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds . With respect to such excess cash investments, the Fund expects the average fixed-income maturity to be 12 months or less and the average credit quality of such securities to be " A " or better.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) directly in bonds issued by companies headquartered outside of the U.S. and not in emerging markets countries or foreign (non-emerging markets) government entities or agencies or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles that primarily invest in such bonds or bond futures.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  The Fund's returns will vary and you could lose money on your investment in the Fund. The Fund is not intended to be a complete investment program.

·

Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

·

Fixed Income Risk. The value of the Fund's direct or indirect investments in bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases.   The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Short Position Risk .  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Adviser : Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment Advisor (the " Advisor ").

Portfolio Managers:   Stephen Hammers, Dan Banaszak and Rob Bateman serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.   The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.  Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP U.S. ENHANCED BOND FUND

Investment Objective:   The Fund's objective is total return.     

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.   More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0.60% for each class of shares of the Fund.   The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.

 Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives primarily by investing in long-only U.S. Treasury futures.  The Fund may invest directly in bond futures, individual Treasury bills or corporate bonds or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles ("Underlying Funds").  Some Underlying Funds that invest in bond or interest rate derivatives may technically be considered commodity pools.  The Fund's fixed-income investments will be weighted based on the volatility of each investment.  The Fund will invest its cash in excess of the amount required for futures collateral primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds with an average credit quality of " A " or better.  The Fund's target bond duration is three to seven years; however , the Fund may reduce the bond duration based on the rising trend of yields or the declining trend of bond prices.  The Fund does not invest in high-yield ("junk") bonds as part of its principal strategy.

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) directly in bonds issued by U.S. companies or government entities or agencies or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles that primarily invest in such bonds or bond futures.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.   The Fund's returns will vary and you could lose money on your investment in the Fund.   The Fund is not intended to be a complete investment program.

·

Fixed Income Risk. The value of the Fund's direct or indirect investments in bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases.  The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's long exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Limited History of Operations.  The Fund is a new mutual fund and has a limited history of operation.  

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.  

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information is available by calling 1-888-944-4367.

Advisor: Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the "Advisor").

Portfolio Managers:  Stephen Hammers, Dan Banaszak and Rob Bateman serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.  The minimum subsequent investment in each share class is $50.  You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP INTERNATIONAL ENHANCED BOND FUND

Investment Objective:   The Fund's objective is total return.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A or Class T shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0.70% for each class of shares of the Fund.  The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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 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 Example, affect the Fund's performance.  

Principal Investment Strategies  

The Fund seeks to achieve its investment objectives primarily by investing (long only) directly in bonds issued by foreign (non-U.S. and non-emerging markets) companies and governments.  The Fund may invest directly in bond futures, individual foreign government bonds or foreign corporate bonds or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles ("Underlying Funds"). Some Underlying Funds that invest in bond or interest rate derivatives may technically be considered commodity pools.  The Fund's fixed-income investments will be weighted based on the volatility of each investment.  The Fund will invest its cash in excess of the amount required for futures collateral primarily in fixed-income securities, including U.S. Treasury bills and notes, commercial paper and corporate bonds with an average credit quality of "A" or better.  Emerging markets are generally those with a less-developed economy and per-capital income significantly lower than the U.S.  

The Fund's target bond duration is three to seven years; however, the Fund may reduce the bond duration based on the rising trend of yields or the declining trend of bond prices.  The Fund does not invest in high-yield ("junk") bonds as part of its principal strategy. In considering fixed-income securities or indirect investments in fixed-income securities, the average credit rating for these securities is expected to be investment grade (defined as having a rating of BBB- and above).

Under normal market conditions, the Fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) directly in bonds issued by companies headquartered outside of the U.S. and not in emerging markets countries or foreign (non-emerging markets) government entities or agencies or indirectly in such investments through limited partnerships, limited liability companies and other types of pooled investment vehicles that primarily invest in such bonds or bond futures.

Principal Risks of Investing in the Fund

As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  The Fund's returns will vary and you could lose money on your investment in the Fund. The Fund is not intended to be a complete investment program.

·

Currency Risk. The Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Additionally, certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

·

Fixed Income Risk. The value of the Fund's direct or indirect investments in bonds will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

·

Foreign Exposure Risk. Special risks associated with investments in foreign markets may include less liquidity, greater volatility, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards.

·

Futures Risk. The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

·

Leverage Risk. Using derivatives to increase the Fund's long exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk.   The Advisor's asset selection methodology may produce incorrect judgments about the value a particular asset and may not produce the desired results.

·

Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.    

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.   Updated performance information is available by calling 1- 888-944-4367.

Advisor : Compass Efficient Model Portfolios, LLC, also known as Compass EMP, is the Fund's investment advisor (the " Advisor ").

Portfolio Managers:  Stephen Hammers, Dan Banaszak and Rob Bateman serve as the Fund's Portfolio Management Team.  

Purchase and Sale of Fund Shares:   The minimum initial investment in the Fund is $2,500 for Class A, Class C and Class T shares and $100,000 for Class I shares.  The minimum subsequent investment in each share class is $50.   You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open.  Redemption requests may be made in writing, by telephone or through a financial intermediary and will be paid by check or wire transfer.

Tax Information:   Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or a 401(k) plan.   If you are investing in a tax-free plan, distributions may be taxable upon withdrawal from the plan.

Payment 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.

FUND SUMMARY—COMPASS EMP ULTRA SHORT-TERM FIXED INCOME FUND

Investment Objective:   The Fund's objective is current income.

Fees and Expenses of the Fund:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Compass EMP Funds.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page [____] of the Fund's Prospectus.

(1)

Estimated for the current fiscal year.

(2)

The advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until [____], 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, 12b-1 distribution and/or servicing fees and extraordinary expenses, such as litigation or reorganization costs, and inclusive of organizational costs incurred prior to the commencement of operations) will not exceed 0.45% for each class of shares of the Fund.  The agreement may be terminated only by the Fund's Board of Trustees on 60 days' written notice to the advisor.  

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 each Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be: