IMS Funds Form 485BPOS

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 259

0001193125-12-475651.txt : 20121119 0001193125-12-475651.hdr.sgml : 20121119 20121119161739 ACCESSION NUMBER: 0001193125-12-475651 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121119 EFFECTIVENESS DATE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIFIED SERIES TRUST CENTRAL INDEX KEY: 0001199046 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-100654 FILM NUMBER: 121214793 BUSINESS ADDRESS: STREET 1: 2960 NORTH MERIDIAN STREET, STE. 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 BUSINESS PHONE: 317-917-7000 MAIL ADDRESS: STREET 1: 2960 NORTH MERIDIAN STREET, STE. 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIFIED SERIES TRUST CENTRAL INDEX KEY: 0001199046 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21237 FILM NUMBER: 121214794 BUSINESS ADDRESS: STREET 1: 2960 NORTH MERIDIAN STREET, STE. 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208 BUSINESS PHONE: 317-917-7000 MAIL ADDRESS: STREET 1: 2960 NORTH MERIDIAN STREET, STE. 300 CITY: INDIANAPOLIS STATE: IN ZIP: 46208

0001199046 S000000522 IMS CAPITAL VALUE FUND

C000001408 IMS CAPITAL VALUE FUND IMSCX

0001199046 S000000523 IMS Dividend Growth Fund

C000001409 IMS Dividend Growth Fund IMSAX

0001199046 S000000524 IMS STRATEGIC INCOME FUND

C000001410 IMS STRATEGIC INCOME FUND IMSIX

485BPOS 1 d431029d485bpos.htm IMS FUNDS FORM 485BPOS IMS Funds Form 485BPOS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER

and/or

REGISTRATION STATEMENT

UNDER


		*THE INVESTMENT COMPANY ACT OF 1940*		x

UNIFIED SERIES TRUST

(Exact Name of Registrant as Specified In Charter)

2960 North Meridian Street, Suite 300

Indianapolis, Indiana 46208

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (317) 917-7000

John C. Swhear

Interim President

2960 N. Meridian St., Suite 300

Indianapolis, Indiana 46208

(Name and Address of Agent for Service)

Copies to:

Dee Anne Sjögren, Esq.

Thompson Coburn LLP

One US Bank Plaza

St. Louis, MO 63101

(314) 552-6295

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 this box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and it has duly caused this Post-Effective Amendment No. 259 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Indianapolis and the State of Indiana on November 19, 2012.


UNIFIED SERIES TRUST

By:		/s/ John C. Swhear
		John C. Swhear, Interim President


Attest:

By:		/s/ Robert W. Silva****
		Robert W. Silva, Treasurer and Chief Financial Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the date indicated by the consent of all of Registrant’s trustees.


Signature	Title	Date

/s/ John C. Swhear John C. Swhear	Interim President	November 19, 2012

/s/ Robert W. Silva **** Robert W. Silva	Treasurer and CFO	November 19, 2012

/s/ Daniel Condon * Daniel Condon	Trustee	November 19, 2012

/s/ Gary E. Hippenstiel * Gary E. Hippenstiel	Trustee	November 19, 2012

/s/ Stephen Little * Stephen Little	Trustee	November 19, 2012

/s/ Ronald Tritschler * Ronald Tritschler	Trustee	November 19, 2012

/s/ Nancy V. Kelly ** Nancy V. Kelly	Trustee	November 19, 2012

/s/ Kenneth Grant *** Kenneth Grant	Trustee	November 19, 2012



* ///***		/s/ Carol J. Highsmith
		Carol J. Highsmith, Attorney in Fact

*Signed pursuant to a Power of Attorney dated May 21, 2007 and filed with Registrant’s registration statement on Form N-1A on June 21, 2007 and incorporated herein by reference.

**Signed pursuant to a Power of Attorney dated December 12, 2007 and filed with Registrant’s registration statement on Form N-1A on December 17, 2007 and incorporated herein by reference.

***Signed pursuant to a Power of Attorney dated June 19, 2008 and filed with Registrant’s registration statement on Form N-1A on July 3, 2008 and incorporated herein by reference.

****Signed pursuant to a Power of Attorney dated June 24, 2011 and filed with Registrant’s registration statement on Form N-1A on June 24, 2011 and incorporated herein by reference.

EXHIBIT INDEX


Exhibit Number		Description

EX-101.ins		XBRL Instance Document

EX-101.sch		XBRL Taxonomy Extension Schema Document

EX-101.cal		XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.lab		XBRL Taxonomy Extension Labels Linkbase

EX-101.pre		XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.def		XBRL Taxonomy Extension Definition Linkbase

EX-101.INS 2 ust8-20121029.xml XBRL INSTANCE DOCUMENT 0001199046 ust8:S000000524Member ust8:C000001410Member 2011-10-30 2012-10-29 0001199046 ust8:S000000522Member ust8:C000001408Member 2011-10-30 2012-10-29 0001199046 ust8:S000000524Member 2011-10-30 2012-10-29 0001199046 ust8:S000000523Member ust8:C000001409Member 2011-10-30 2012-10-29 0001199046 ust8:S000000522Member 2011-10-30 2012-10-29 0001199046 ust8:S000000523Member 2011-10-30 2012-10-29 0001199046 2011-10-30 2012-10-29 0001199046 ust8:S000000524Member rr:AfterTaxesOnDistributionsMember ust8:C000001410Member 2011-10-30 2012-10-29 0001199046 ust8:S000000524Member rr:AfterTaxesOnDistributionsAndSalesMember ust8:C000001410Member 2011-10-30 2012-10-29 0001199046 ust8:S000000524Member ust8:BarclaysCapitalAggregateBondIndexMember 2011-10-30 2012-10-29 0001199046 ust8:S000000523Member rr:AfterTaxesOnDistributionsMember ust8:C000001409Member 2011-10-30 2012-10-29 0001199046 ust8:S000000523Member rr:AfterTaxesOnDistributionsAndSalesMember ust8:C000001409Member 2011-10-30 2012-10-29 0001199046 ust8:S000000523Member ust8:SAndPFiveHundredIndexMember 2011-10-30 2012-10-29 0001199046 ust8:S000000522Member rr:AfterTaxesOnDistributionsMember ust8:C000001408Member 2011-10-30 2012-10-29 0001199046 ust8:S000000522Member rr:AfterTaxesOnDistributionsAndSalesMember ust8:C000001408Member 2011-10-30 2012-10-29 0001199046 ust8:S000000522Member ust8:SAndPFiveHundredIndexMember 2011-10-30 2012-10-29 pure iso4217:USD 2012-09-30 2012-09-30 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleShareholderFeesIMSSTRATEGICINCOMEFUND column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleShareholderFeesIMSCAPITALVALUEFUND column period compact * ~</div> <div style="display:none">~ http://www.imsfunds.com/role/ScheduleShareholderFeesIMSDividendGrowthFund column period compact * ~</div> Expense Example: 1076 1021 Expense Example: 1178 0.5607 Expense Example: 0.1305 <center>SUMMARY SECTION – IMS STRATEGIC INCOME FUND</center> The Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Expense Example above, affect the Funds performance. During the most recent fiscal year, the Income Funds portfolio turnover rate was 392.81% of the average value of its portfolio. <center>SUMMARY SECTION – IMS DIVIDEND GROWTH FUND</center> <center>SUMMARY SECTION –IMS CAPITAL VALUE FUND</center> The Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Expense Example above, affect the Funds performance. During the most recent fiscal year, the Growth Funds portfolio turnover rate was 47.08% of the average value of its portfolio. The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Expense Example above, affect the Funds performance. During the most recent fiscal year, the Value Funds portfolio turnover rate was 98.21% of the average value of its portfolio. 0.1285 www.imsfunds.com 0.2532 www.imsfunds.com 0.0577 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualFundOperatingExpensesIMSSTRATEGICINCOMEFUND column period compact * ~</div> 0.0774 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualFundOperatingExpensesIMSCAPITALVALUEFUND column period compact * ~</div> www.imsfunds.com <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualFundOperatingExpensesIMSDividendGrowthFund column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold shares of the Income Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) UNIFIED SERIES TRUST 192 This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund. Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 192 198 The bar chart below shows how the Income Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. During the period shown in the bar chart, the highest return for a quarter was 19.69% during the quarter ended September 30, 2009 and the lowest return for a quarter was -25.03% during the quarter ended December 31, 2008. The Funds year to date return as of September 30, 2012 was 12.85%. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) (800) 934-5550 During the period shown in the bar chart, the highest return for a quarter was 24.34% during the quarter ended June 30, 2003 and the lowest return for a quarter was -27.06% during the quarter ended September 30, 2011. The Funds year to date return as of September 30, 2012 was 5.77% During the period shown in the bar chart, the highest return for a quarter was 16.43% during the quarter ended June 30, 2003 and the lowest return for a quarter was -19.91% during the quarter ended December 31, 2008. The Fund's year to date return as of September 30, 2012 was 7.74%. 2002-11-05 2002-11-05 2002-11-05 2002-11-05 The bar chart below shows how the Value Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. (800) 934-5550 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualTotalReturnsIMSSTRATEGICINCOMEFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualTotalReturnsIMSCAPITALVALUEFUNDBarChart column period compact * ~</div> 2002-11-05 2002-11-05 2002-11-05 2002-11-05 (800) 934-5550 The bar chart below shows how the Growth Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. Investment Objective Fees and Expenses of the Fund 485BPOS October 31, 2013 0.0202 -0.0013 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 2012-06-30 0001199046 621 2012-10-29 Investment Objective Principal Investment Strategies Investment Objective Fees and Expenses of the Fund Fees and Expenses of the Fund 0.0189 594 0.0225 -0.003 0.0522 0.0463 0.045 0.0292 All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. Below are some of the specific risks of investing in the Fund. <ul type="square"><li>Fixed Income Securities Risk. The value of the Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates rise, the value of most income producing instruments decreases to adjust to price the market yields. Interest rate risk is greater for long-term debt securities than for short-term and floating rate securities. It is possible that an issuer of a security will become unable to meet its obligations. This risk is greater for securities that are rated below investment grade or that are unrated. </li> <li>High Yield Securities Risk. The Fund may be subject to greater levels of price volatility as a result of investing in high yield securities and unrated securities of similar credit quality (commonly known as junk bonds). The issuers of such bonds have a lower ability to make principal and interest payments. An economic downturn, a period of rising interest rates or increased price volatility could adversely affect the market for these securities, and reduce the number of buyers should the Fund need to sell these securities (liquidity risk). Should an issuer declare bankruptcy, the Fund could also lose its entire investment. When the Fund invests in foreign high yield bonds (including sovereign debt), it will be subject to additional risks not typically associated with investing in U.S. securities. These risks are described below under Foreign Securities Risk.</li> <li>Liquidity Risk. Illiquid securities in the Funds portfolio may reduce the Funds returns because the Fund may be unable to sell such illiquid securities at an advantageous time or price. </li> <li>Dividend Strategy Risk. There can be no assurances that the advisor will be able to correctly anticipate the level of dividends that companies will pay in any given timeframe. If the advisors expectations as to potential dividends are wrong, the Funds performance may be adversely affected. The strategy also will expose the Fund to increased trading costs and potential for short-term capital losses or gains. </li> <li>Market Risk. The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. The equity securities purchased by the Fund may involve large price swings and potential for loss. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investments such as junk bonds, reverse convertible notes and emerging market securities typically are more volatile than common stock or similar investments. The Fund may be subject to increased volatility as a result of these investments. </li> <li>Dividend Tax Risk. There can be no assurances that the dividends received by the Fund from its investments will consist of tax-advantaged qualifying dividends eligible for either the dividends-received deduction for corporate Fund shareholders that are otherwise eligible for such deduction or for treatment as qualified dividends eligible for long-term capital gain rates in respect of noncorporate Fund shareholders. Furthermore, there is no guarantee that dividends received by the Fund will continue to receive favorable tax treatment in future years. This favorable treatment, in the case of qualified dividends, is currently scheduled to expire for tax years beginning after December 31, 2012. </li> <li>Income Trust Risk. Investments in income trusts are subject to various risks related to the underlying operating companies controlled by such trusts, including dependence upon specialized management skills and the risk that such management may lack or have limited operating histories. When the Fund invests in oil royalty trusts, its return on the investment will be highly dependent on oil and gas prices, which can be highly volatile. Moreover, oil royalty trusts are subject to the risk that the underlying oil and gas reserves attributable to the royalty trust may be depleted. As a group, business trusts typically invest in a broad range of industries and therefore the related risks will vary depending on the underlying industry represented in the business trusts portfolio. </li> <li>Foreign Securities Risk. Investments in foreign securities may be affected by currency controls and exchange rates; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries. </li> <li>Management Risk. The strategy used by the advisor may fail to produce the intended results, and you could lose money.</li> <li>Portfolio Turnover Risk. The Fund may, at times, have a portfolio turnover rate that is higher than other income funds. A higher portfolio turnover would result in correspondingly greater brokerage commission expenses and may result in the distribution to shareholders of additional capital gains for tax purposes. These factors may negatively affect the Funds performance.</li> <li>Preferred Stock Risk. Preferred stocks rated in the lowest categories of investment grade have speculative characteristics. Preferred stock generally is subject to risks associated with fixed income securities, including credit risk and sensitivity to interest rates. Changes in economic conditions or other circumstances that have a negative impact on the issuer are more likely to lead to a weakened capacity to pay the preferred stock obligations than is the case with higher grade securities. Preferred stock issuers, under certain conditions, may skip or defer dividend payments for long periods of time. As with common stock, preferred stock is subordinated to bonds and other debt instruments in any issuers capital structure in terms of priority to corporate income and liquidation payments, and therefore is subject to greater credit risk than those debt instruments. </li> <li>REIT Risk. To the extent that the Fund invests in companies that invest in real estate, such as REITs, the Fund may be subject to risk associated with the real estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate market, and with direct ownership of real estate, such as decrease in real estate values, overbuilding, environmental liabilities and increases in operating costs, interest rates and/or property taxes. </li> <li>Investment Company Securities Risk. When the Fund invests in other investment companies, including ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the underlying funds). ETFs are subject to additional risks such as the fact that the ETFs shares may trade at a market price that is above or below its net asset value or an active market may not develop. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of their trade will default). </li> <li>Structured Notes Risk. Structured notes, such as reverse convertible notes, are subject to a number of fixed income risks including general market risk, interest rate risk, as well as the risk that the issuer on the note may fail to make interest and/or principal payments when due, or may default on its obligations entirely. In addition, as a result of imbedded derivative features in these securities, structured notes generally are subject to more risk than investing in a simple note or bond issued by the same issuer. </li> <li>Borrowing and Leverage Risk. Borrowing magnifies the potential for gain or loss by the Fund and, therefore increases the possibility of fluctuation in the Funds net asset value. This is the speculative factor known as leverage. Because the Funds investments will fluctuate in value, while the interest on borrowed amounts may be fixed, the Funds net asset value may tend to increase more as the value of its investments increases, or to decrease more as the value of its investments decreases, during times of borrowing. Unless profits on investments acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will decrease the Funds investment performance. </li></ul> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. The Example reflects the advisers agreement to waive fees and/or reimburse expenses for one year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 675 As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. -0.1114 -0.3337 -0.0927 Principal Investment Strategies This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies 2009-09-30 0.1969 lowest return 2008-12-31 -0.3931 -0.0457 <center>Average Annual Total Returns (for the periods ended December 31, 2011)</center> After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Current performance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by calling (800) 934-5550 or accessed on the advisors website at www.imsfunds.com. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. Below are some of the specific risks of investing in the Fund. Market Risk. The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. The equity securities purchased by the Fund may involve large price swings and potential for loss. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. <ul type="square"><li>Small- and Mid-Cap Risk. Securities of companies with small and medium market capitalizations are often more volatile and less liquid than investments in larger companies. Small and medium cap companies may face a greater risk of business failure, which could increase the volatility of the Funds portfolio. </li><li>REIT Risk. To the extent that the Fund invests in companies that invest in real estate, such as REITs, the Fund may be subject to risk associated with the real estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate market, and with direct ownership of real estate, such as a decrease in real estate values, overbuilding, environmental liabilities and increases in operating costs, interest rates and/or property taxes. </li><li> Management Risk. The strategy used by the advisor may fail to produce the intended results, and you could lose money.</li><li>Foreign Securities Risk. Investments in foreign securities may be affected by currency controls and exchange rates; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. These risks may be heightened in connection with investments in emerging or developing countries.</li><li>Portfolio Turnover Risk. The Funds investment strategy may involve active trading, which would result in a high portfolio turnover rate, which may negatively affect performance.</li><li>Fixed Income Securities Risk. The value of the Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates rise, the value of most income- producing instruments decreases to adjust to price the market yields. Interest rate risk is greater for long-term debt securities than for short-term and floating rate securities.</li><li> Investment Company Securities Risk. When the Fund invests in other investment companies, including ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the underlying funds). ETFs are subject to additional risks such as the fact that the ETFs shares may trade at a market price that is above or below its net asset value or an active market may not develop. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of their trade will default).</li><li> Borrowing and Leverage Risk. Borrowing magnifies the potential for gain or loss by the Fund and, therefore increases the possibility of fluctuation in the Funds net asset value. This is the speculative factor known as leverage. Because the Funds investments will fluctuate in value, while the interest on borrowed amounts may be fixed, the Funds net asset value may tend to increase more as the value of its investments increases, or to decrease more as the value of its investments decreases, during times of borrowing. Unless profits on investments acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will decrease the Funds investment performance.</li></ul> All investments involve risks, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. Below are some of the specific risks of investing in the Fund. <ul type="square"><li>Market Risk. The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. The equity securities purchased by the Fund may involve large price swings and potential for loss. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</li><li>Portfolio Turnover Risk. The Funds investment strategy may involve active trading, which would result in a high portfolio turnover rate, which may negatively affect performance. </li><li>Mid-Cap Risk. Securities of companies with medium market capitalizations are often more volatile and less liquid than investments in larger companies. Mid-cap companies may face a greater risk of business failure, which could increase the volatility of the Funds portfolio. </li><li>Large-Cap Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. </li><li>Management Risk. The advisors value-oriented approach may fail to produce the intended results. If the advisors perception of the value of a company is not realized in the expected time frame, the Funds overall performance may suffer. </li><li>Investment Company Securities Risk. When the Fund invests in other investment companies, including ETFs, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the underlying funds). ETFs are subject to additional risks such as the fact that the ETFs shares may trade at a market price that is above or below its net asset value or an active market may not develop. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of their trade will default). </li><li>Borrowing and Leverage Risk. Borrowing magnifies the potential for gain or loss by the Fund and, therefore increases the possibility of fluctuation in the Funds net asset value. This is the speculative factor known as leverage. Because the Funds investments will fluctuate in value, while the interest on borrowed amounts may be fixed, the Funds net asset value may tend to increase more as the value of its investments increases, or to decrease more as the value of its investments decreases, during times of borrowing. Unless profits on investments acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will decrease the Funds investment performance. </li></ul> <center>Average Annual Total Returns (for the periods ended December 31, 2011)</center> -0.0001 After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Current performance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by calling (800) 934-5550 or accessed on the advisors website at www.imsfunds.com. <center>Average Annual Total Returns (for the periods ended December 31, 2011)</center> As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. 2003-06-30 0.2434 lowest return 2011-09-30 2003-06-30 0.1643 2008-12-31 After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. Current performance of the Fund may be lower or higher than the performance quoted above. Updated performance information may be obtained by calling (800) 934-5550 or accessed on the advisors website at www.imsfunds.com. lowest return October 31, 2013 As with any mutual fund investment, the Funds returns and share price will fluctuate, and you may lose money by investing in the Fund. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAnnualTotalReturnsIMSDividendGrowthFundBarChart column period compact * ~</div> The investment objective of the IMS Strategic Income Fund (the Income Fund or the Fund) is current income, 0.0126 0 and a secondary objective of capital appreciation. 0.0076 0 0.0189 false Portfolio Turnover 3.9281 2012-10-29 2338 The investment objective of the IMS Dividend Growth Fund (the Growth Fund or the Fund) is long-term growth from capital appreciation and dividends. The investment objective of the IMS Capital Value Fund (the Value Fund or the Fund) is long-term growth from capital appreciation and, secondarily, income from dividends and interest. The Funds advisor, IMS Capital Management, Inc., has the flexibility to invest in a broad range of fixed income and equity securities that produce current income. The advisor allocates the Funds assets among different types of securities based on its assessment of potential risks and returns, and the advisor may change the weighting among securities as market conditions change, in an effort to obtain the most attractive combination of current income and, secondarily, capital appreciation. In pursuing its investment objectives, the Fund generally invests in corporate bonds, government bonds, dividend-paying common stocks, preferred and convertible preferred stocks, income trusts (including business trusts, oil royalty trusts and real estate investment trusts), money market instruments and cash equivalents. The Fund may also invest in structured products, such as reverse convertible notes, a type of structured note. Under normal circumstances, the Fund will invest at least 80% of its assets in dividend paying or other income producing securities. The Fund can invest in debt securities of any duration and maturity. The Fund considers investment-grade securities to be those rated BBB- or higher by Standard & Poors Corporation (S&P) or Baa3 or higher by Moodys Investor Services, Inc. (Moodys), or if unrated, determined by the Funds advisor to be of comparable quality, each at the time of purchase. The Fund may also invest up to 35% (measured at the time of purchase) of its assets in domestic high yield fixed income securities (junk bonds) of any duration and maturity. The Fund may continue to hold a security that later becomes illiquid. At times, the Funds position in illiquid securities will comprise a significant portion of the portfolio. Illiquid securities are subject to a number of risks which are discussed below. If market quotations for illiquid securities are not readily available, or are deemed unreliable by the Funds advisor, the security will be valued at a fair value determined in good faith by the advisor. There is no assurance that the Fund will receive fair valuation upon the sale of a security. The Fund may invest up to 35% (measured at the time of purchase) of its assets in foreign equity and debt securities that pay dividends or interest, including foreign debt securities and foreign sovereign debt of any duration, quality and maturity, as well as securities of issuers located in emerging markets. The Funds advisor seeks to invest in debt securities it expects will have a high yield to maturity or dividend yield relative to potential price volatility, such as securities of an issuer which the adviser believes have a stable or improving financial condition with a higher than average yield for its asset class, or securities that the adviser expects will continue to pay dividends and increase in price. The Fund may hold a substantial portion of its assets in high yield bonds rated below investment grade (commonly known as junk bonds). Because the Fund is strategic and has the ability to invest across multiple bond sectors when it finds opportunities, the Fund could have up to 70% of its assets in high yield bonds. This could only be accomplished if the Fund chose to hold the maximum allowed percentage in U.S. high yield bonds, 35%, and chose to hold the maximum percentage in foreign bonds, 35%, and chose to hold all of that 35% in foreign high yield bonds, without owning any foreign investment grade bonds. These limits are measured at the time of purchase and subsequently could increase as a result of shareholder activity or market fluctuation. In this event, the Fund would not be required to sell portfolio securities. The Fund considers high yield bonds to be debt securities rated lower than BBB- by Standard & Poors Corporation or Baa3 by Moodys Investor Services, Inc. or, if unrated, determined by the Advisor to be of comparable quality, each as determined as of the time of purchase. These bonds are subject to a number of risks which can be significant. The Fund typically will sell a portfolio security if any of the following occur: (1) the security price exceeds the advisors target sell price; (2) market conditions or the issuers financial condition threaten the securitys price or coupon/dividend payment; or (3) the Funds adviser identifies a security it deems more attractive or better suited to achieving the Funds investment objective. Subject to the limitations described above, the Fund may pursue its investment objective directly or indirectly through investments in other investment companies (including ETFs, and open-end and closed-end mutual funds) that invest in the securities described above. As a result of the advisors overall strategy, the Fund engages in active trading of portfolio securities which causes the Fund to experience a high portfolio turnover rate. Principal Risks -0.0457 -0.0739 -0.0274 0.0784 -0.0287 -0.0568 -0.0376 0.065 0.0121 0 0.0066 0.0002 0.0126 2212 0 0.0099 -0.005 0 0.0195 2012-10-29 -0.0927 -0.0927 -0.0602 0.0211 -0.03 -0.0354 -0.026 -0.0025 0.0312 0.0074 0.0166 0.0547 2562 An investment in the Fund is not insured or guaranteed by any government agency. Performance 0.1285 The bar chart below shows how the Income Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance of the Fund is not necessarily an indication of how it will perform in the future. 0.1046 Portfolio Turnover 0.1211 0.0037 0.2107 0.1688 Past performance of the Fund is not necessarily an indication of how it will perform in the future. <center>Year-by-Year Total Return (for periods ended December 31) </center> Portfolio Turnover The Fund invests primarily in a diversified portfolio of dividendpaying common stocks. The Funds advisor, IMS Capital Management, employs a selection process designed to include small-, mid- and large-cap companies with dividend yields and dividend growth rates that exceed the average of the S&P 500 Index. The Fund may invest in both growth and value stocks, as well as international dividend-paying stocks and real estate investment trusts (REITs). The Funds assets are typically allocated among several equity asset classes, investment styles and market capitalizations based on the advisors assessment of the relative opportunities and risks related with each category. In selecting the Funds investments, the advisor employs a combination of fundamental, technical and macro market research to identify companies that the advisor believes have the ability to maintain or increase their dividend payments, because of their low debt, high return on equity and significant cash flow production. Individual securities are selected based on the advisors assessment of capital appreciation potential and expected dividend payments. Under normal circumstances, the Fund will invest at least 80% of its assets in securities of companies that pay regular dividends. Payments by REITs will be counted as dividends for this purpose even if such payments do not qualify as dividends for federal income tax purposes. Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible preferred stocks, and equity REITs, which typically will trade on a U.S. national securities exchange. The Fund may also invest up to 35% (measured at the time of purchase) of its assets in foreign equity securities, including securities of companies located in emerging markets. The Fund may invest up to 20% of its assets in securities other than dividend-paying common stocks, such as common stock of any market capitalization, corporate bonds, money market mutual funds or investment grade, short-term money market instruments, including U.S. Government and agency securities, commercial paper, certificates of deposit, repurchase agreements and other cash equivalents. Subject to the limitations described above, the Fund may pursue its investment objective directly or indirectly through investments in other investment companies (including ETFs, and open-end and closed-end mutual funds) that invest in the securities described above. As a result of the advisors overall strategy, the Fund engages in active trading of portfolio securities which causes the Fund to experience a high portfolio turnover rate. year to date return Principal Risks highest return 0.0845 0.0107 0.1704 -0.0034 The Fund invests primarily in common stocks of mid-cap and large-cap U.S. companies. With respect to both mid-cap and large-cap stocks, the Funds advisor, IMS Capital Management, Inc., employs a selection process designed to produce a diversified portfolio of companies exhibiting both value and positive momentum characteristics. Value characteristics include a historically low stock price, as well as historically low fundamental ratios such as price to earnings, price to sales, price to book value and price to cash flow. Positive momentum characteristics include positive earnings revisions, positive earnings surprises, relative price strength and other developments that may favorably affect a companys stock price, such as a new product or change in management. The advisor seeks to reduce risk through diversification and through the ownership of undervalued companies, which may be less volatile than overpriced companies whose fundamentals do not support their valuations. The Fund typically invests in mid-cap securities, which the advisor defines as those with a market capitalization of approximately $2 billion to $11 billion, and in large-cap securities, which the advisor defines as those with a market capitalization of greater than $11 billion. The advisor generally seeks companies that the advisor believes are well-capitalized, globally diversified, and that have the resources to weather negative business conditions successfully. Most stocks in the Funds portfolio fall into one of the advisors seven strategic focus areas: healthcare, technology, financial services, communications/entertainment, consumer, consolidating industries and industries that, in the past, have declined less than others during general market declines. The advisor believes that stocks in these focus areas have the potential to produce superior long-term returns. In addition, the advisor carefully diversifies the Funds holdings to ensure representation in all ten major broad-based industry sectors as defined by Standard & Poors, Inc. Although the Fund intends to be invested primarily in mid-cap and large-cap stocks as described above, the Fund may also invest in common stocks of any capitalization. The Fund may pursue its investment objective directly or indirectly through investments in other investment companies (including exchange-traded funds (ETFs), and open-end and closed-end mutual funds) that invest in the securities described above. The Fund typically will sell a portfolio company if both of the following occur: (1) a companys stock price exceeds the advisors target sell price and (2) the company demonstrates that it may be losing positive momentum as described above. The Fund also could sell a portfolio company earlier if the adviser believes that the companys stock price may not reach the advisors target sell price due to a material event, such as major industry-wide change, a significant change in the companys management or direction, the emergence of a better opportunity within the same industry, or if the company becomes involved in a merger or acquisition. The Value Funds primary objective is capital appreciation. The Fund seeks to achieve its secondary objective of income by investing in dividend-paying stocks and seeking to earn interest on cash balances invested in money market funds. As a result of the advisors overall strategy, the Fund engages in active trading of portfolio securities which causes the Fund to experience a high portfolio turnover rate. -0.2503 0.3245 0.1308 Principal Risks After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. Performance The bar chart below shows how the Growth Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance of the Fund is not necessarily an indication of how it will perform in the future. <center>Year-by-Year Total Return (for periods ended December 31) </center> Performance <center>Year-by-Year Total Return (for periods ended December 31) </center> The bar chart below shows how the Value Funds investment results have varied from year to year. The table below shows how the Funds average annual total returns compare over time to those of a broad-based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance of the Fund is not necessarily an indication of how it will perform in the future. 0.1201 -0.03 0.1195 0.0159 -0.3526 0.2128 0.1344 0.9821 An investment in the Fund is not insured or guaranteed by any government agency. Past performance of the Fund is not necessarily an indication of how it will perform in the future. After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. year to date return highest return -0.2706 -0.1991 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleExpenseExampleTransposedIMSSTRATEGICINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIMSSTRATEGICINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.imsfunds.com/role/ScheduleExpenseExampleTransposedIMSCAPITALVALUEFUND column period compact * ~</div> year to date return highest return -0.0001 -0.0025 0.0029 0.0211 -0.0198 -0.0276 -0.0179 -0.0025 0.0318 0.0252 0.0262 0.0563 -0.005 0.4708 <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIMSCAPITALVALUEFUND column period compact * ~</div> An investment in the Fund is not insured or guaranteed by any government agency. Past performance of the Fund is not necessarily an indication of how it will perform in the future. After-tax returns are calculated using the historical highest individual federal income tax rates in effect and do not reflect the impact of state and local taxes. <div style="display:none">~ http://www.imsfunds.com/role/ScheduleExpenseExampleTransposedIMSDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.imsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIMSDividendGrowthFund column period compact * ~</div> -0.005 The Fund's advisor contractually has agreed to waive its management fee and/or reimburse expenses so that total annual fund operating expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as acquired fund fees and expenses; any 12b-1 fees; and extraordinary litigation expenses) do not exceed 1.89% of the Fund's average daily net assets through October 31, 2013, subject to the advisor's right to recoup payments on a rolling three-year basis so long as the payment would not exceed the 1.89% expense cap. This expense cap may not be terminated prior to October 31, 2013 except by the Board of Trustees. The Fund's advisor contractually has agreed to waive its management fee and/or reimburse expenses so that total annual fund operating expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; any indirect expenses, such as acquired fund fees and expenses; any 12b-1 fees; and extraordinary litigation expenses) do not exceed 1.95% of the Fund's average daily net assets through October 31, 2013, subject to the advisor's right to recoup payments on a rolling three-year basis so long as the payment would not exceed the 1.95% expense cap. This expense cap may not be terminated prior to October 31, 2013 except by the Board of Trustees. 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