0001162044-13-000169.txt : 20130211 0001162044-13-000169.hdr.sgml : 20130211 20130211165631 ACCESSION NUMBER: 0001162044-13-000169 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WorldCommodity Funds, Inc. CENTRAL INDEX KEY: 0001336218 IRS NUMBER: 203974259 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-127924 FILM NUMBER: 13592567 BUSINESS ADDRESS: STREET 1: 6700 VERNON WOODS DR. STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 404-437-7420 MAIL ADDRESS: STREET 1: 6700 VERNON WOODS DR. STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WorldCommodity Funds, Inc. CENTRAL INDEX KEY: 0001336218 IRS NUMBER: 203974259 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21802 FILM NUMBER: 13592568 BUSINESS ADDRESS: STREET 1: 6700 VERNON WOODS DR. STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 404-437-7420 MAIL ADDRESS: STREET 1: 6700 VERNON WOODS DR. STREET 2: SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30328 0001336218 S000011568 WorldCommodity Fund C000031857 WorldCommodity Fund WCOMX 485BPOS 1 xbrlcover.htm XBRL Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-1A

REGISTRATION STATEMENT   

(No.        

333-127924)

UNDER THE SECURITIES ACT OF 1933

[X]

Post-Effective Amendment No. 10

[X]

and


REGISTRATION STATEMENT

(No.        

811-21802)

UNDER THE INVESTMENT COMPANY ACT OF 1940

[X]

Amendment No. 18

[X]






WorldCommodity Funds, Inc.

(Exact Name of Registrant as Specified in Charter)


6700 Vernon Woods Drive, Suite 100

Atlanta, GA 30328

(Address of Principal Executive Offices)


404-437-7420

800-595-4922

(Registrant’s Telephone Number)


Mr. James Llewellyn

WorldCommodity Asset Management

6700 Vernon Woods Drive, Suite 100

Atlanta, GA 30328

(Name and Address of Agent for Service)




It is proposed that this filing will become effective:

[   ] immediately upon filing pursuant to paragraph (b)

[X] on January 28, 2013 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.



Registrant declares that it is registering an indefinite number or amount of its securities by this Registration Statement.



SIGNATURES


Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Atlanta, and the State of Georgia on the 7th day of February, 2013.



WORLDCOMMODITY FUNDS, INC.


By: /s/ JAMES LLEWELLYN

James Llewellyn

President



Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.



/s/ JAMES LLEWELLYN

President and Director

2/7/2013

James Llewellyn



/s/ CHRISTOPHER WITTE *

Director

2/7/2013

Christopher Witte



/s/ TERRY CORNETT *

Director

2/7/2013

Terry L. Cornett




*By /s/ JAMES LLEWELLYN


James Llewellyn, Attorney-in-Fact, pursuant to powers of attorney.



Exhibit Index


Index NoDescription of Exhibit

1.

EX-101.INS

XBRL Instance Document

2.

EX-101.SCH

XBRL Taxonomy Extension Schema Document

3.

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

4.

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

5.

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

6.

EX-101.PRE ……………………………………  XBRL Taxonomy Extension Presentation Linkbase



EX-101.PRE 2 wcomx-20130128_pre.xml EX-101.INS 3 wcomx-20130128.xml 485BPOS 2012-09-30 false WorldCommodity Funds, Inc. 0001336218 2013-01-28 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000011568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000011568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0 0 0 -0 <div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 0.0090 0.0000 0.0071 0.0005 0.0166 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000011568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000011568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000011568Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000011568Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 169 523 902 1965 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000011568Member row primary compact * ~</div> 0.0025 -0.3610 0.3807 0.2782 -0.0169 -0.0641 -0.0641 0.0074 0.0133 -0.0639 0.0065 0.0098 -0.0543 0.0060 0.0090 0.1600 0.0166 0.0263 <p><b>Investment Objective</b></p> <p>The WorldCommoditySM Fund seeks capital appreciation.</p> <p><b>Fees and Expenses of the Fund</b></p> <p>The following table describes the estimated expenses and fees that you may pay if you buy and hold shares of the Fund.&#160; Annual fund operating expenses are paid out of the assets of the Fund, so their effect is already included in the Fund&#8217;s daily share price.</p> <p><b>SHAREHOLDER FEES (fees paid directly from your investment)</b></p> <p><b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as percentage of the value of your investment)</b></p> <p><b>Example</b></p> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p>&nbsp;</p> <p>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.&#160; The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.&#160; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p><b>Portfolio Turnover</b></p> <p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; 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.&#160; These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 87% of the average value of its portfolio.</p> <p><b>Principal Investment Strategies</b></p> <p><b>Principal Risks of Investing in the Fund</b></p> <p><i>General Risks.</i>&#160; All investments have risk to some degree.&#160; There are several risk factors that could hurt the Fund&#8217;s performance, cause you to lose money or cause the Fund&#8217;s performance to trail that of other investments.&#160; You should consider your own investment goals, time horizon, and risk tolerance before investing in the Fund.&#160; When you sell your shares, they may be worth more or less than what you paid for them.&#160; There is no assurance that the Fund will achieve its investment objective.</p> <p>&nbsp;</p> <p><i>Market Risk.</i>&#160; The market values of the investments held by the Fund, and thus the value of the Fund's shares, can fluctuate at times dramatically.&#160; Markets can trade in random or cyclical price patterns, and prices can decline over short or long-term periods.</p> <p>&nbsp;</p> <p><i>Equity Securities Risk.</i>&#160; The Fund invests in equity securities such as common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.&#160; The market values of all types of equity securities are affected by a number of factors, including fluctuation in interest rates, reduced demand for the issuer&#8217;s goods and services, management performance, financial leverage, investor perceptions, political events, and developments affecting the particular issuer or its industry or geographic sector.</p> <p>&nbsp;</p> <p><i>Non-Diversification Risk.</i>&#160; The Fund is classified as non-diversified.&#160; This means that the Fund can invest a greater percentage of its assets in fewer securities than a diversified fund.&#160; Because the Fund invests in fewer securities; the Fund is subject to greater risk of loss if any of those securities become permanently impaired.&#160; Additionally, the net asset value of a non-diversified fund generally is more volatile and a shareholder may have a greater risk of loss if he or she redeems during a period of high volatility.&#160; Lack of broad diversification also may cause the Fund to be more susceptible to economic, political or regulatory events than a diversified fund.</p> <p>&nbsp;</p> <p><i>Sector Focus Risk.</i>&#160; The Fund&#8217;s investments in commodity-related companies can be significantly effected by events relating to those sectors.&#160; The prices of agriculture, metals, and energy sector commodities may fluctuate widely due to changes in value, which depend largely on the price and supply, international political events relating to commodity producing countries, the success of new projects, and tax and other governmental regulatory policies.&#160; As a result, the securities owned by the Fund may react similarly to and move in unison with one another.&#160; Because the Fund may focus its investments in the agriculture, metals, or energy sectors, it is subject to the risks affecting that sector and the Fund&#8217;s share price may be more volatile than a fund that invests in a wide variety of market sectors.</p> <p>&nbsp;</p> <p><i>Foreign Securities Risk.</i>&#160; The Fund&#8217;s investments in foreign securities may involve greater risks compared to domestic investments as a result of, among other things, not being subject to the regulatory requirements of U.S. companies, there being less publicly available information about foreign issuers than U.S. companies; and different accounting, auditing and financial reporting standards.</p> <p>&nbsp;</p> <p><i>Foreign Currency Risk.</i>&#160; The Fund&#8217;s investments in securities denominated in foreign currencies are subject to currency risk.&#160; The value of the Fund's assets measured in U.S. dollars may be affected by changes in currency exchange rates and exchange control regulations.</p> <p>&nbsp;</p> <p>An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency.&#160; Further discussion about other risks of investing in the WorldCommodity Fund may be found in the following section titled &#8220;Additional Information about the Fund&#8217;s Principal Investment Strategies and Risks&#8221; and the Fund&#8217;s SAI.</p> <p><b>Fund Performance History</b></p> <p>The bar chart and table set out below show the WorldCommodity Fund's historical performance and provide some indication of the risks of investing in the WorldCommodity Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare to the performance of the S&amp;P 500 Index.&#160; The WorldCommodity Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.&#160; The Fund updates its performance information periodically.&#160; You may find these updates on the Fund&#8217;s website at www.worldcommodityfunds.com.</p> <p><b>Performance Bar Chart</b></p> <p><b>&nbsp;</b></p> <p><b>Annual Total Returns for Calendar Year</b></p> <p><b>Periods Ending December 31</b></p> <p>The year-to-date return as of the most recent calendar quarter, which ended December 31, was -6.41%.</p> <p>&nbsp;</p> <p>The highest and lowest return for a quarter during the period of the bar chart is:</p> <p>&nbsp;</p> <p>Best Quarter&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4th Quarter 2010&#160;&#160;&#160;&#160;&#160; 23.59%</p> <p>Worst Quarter&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2nd Quarter 2010&#160;&#160;&#160; (20.12)%</p> <p><b>Performance Table</b></p> <p><b>&nbsp;</b></p> <p><b>Average Annual Total Returns for the periods ended December 31, 2012</b></p> <p><b>Portfolio Returns</b></p> <p>The theoretical &#8220;after-tax&#8221; returns shown in the table are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state or local taxes.&#160; Your actual &#8220;after-tax&#8221; returns depend on your individual tax situation and may differ from the returns shown above.&#160; Also, &#8220;after-tax&#8221; return information is not relevant to shareholders who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.&#160; The &#8220;after-tax&#8221; returns shown in the table reflect past tax effects and are not predictive of future tax effects.</p> <p>The S&amp;P 500 Total Return Index is a widely recognized, unmanaged index of 500 of the largest companies in the United States as measured by market capitalization.&#160; The index assumes reinvestment of all dividends and distributions and does not reflect any charges for management fees, transaction expenses, or taxes.</p> <font style="font-size:12.0pt; font-family:Times New Roman">There are several risk factors that could hurt the Fund&#8217;s performance, cause you to lose money or cause the Fund&#8217;s performance to trail that of other investments.</font> <font style="font-size:12.0pt; font-family:Times New Roman">The WorldCommodity Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</font> <font style="font-size:12.0pt; font-family:Times New Roman">www.worldcommodityfunds.com</font> <font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font> 2010-12-31 .2359 <font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font> 2010-06-30 -.2012 <font style="font-size:12.0pt; font-family:Times New Roman">The theoretical &#8220;after-tax&#8221; returns shown in the table are calculated using the highest historical individual federal marginal income tax rates</font> <font style="font-size:12.0pt; font-family:Times New Roman">Also, &#8220;after-tax&#8221; return information is not relevant to shareholders who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font> <p>The WorldCommoditySM Fund (the &#8220;Fund&#8221;) will normally invest at least 80% of its net assets in:</p> <p>&nbsp;</p> <p>- equity securities issued by &#8220;commodity-related companies&#8221;, both domestic and foreign; without regard to market value (or &#8220;market capitalization&#8221;); and</p> <p>&nbsp;</p> <p>- commodity-linked note securities that derive their value from the performance of a commodity index</p> <p>&nbsp;</p> <p>The Fund may invest in all types of equity securities including common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.&#160; The WorldCommodity Fund may also use other investment strategies and invest in other types of investments, which are described in the following section titled &#8220;Additional Information about the Fund&#8217;s Principal Investment Strategies and Risks&#8221; and the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</p> .87 0001336218 2013-01-28 2013-01-28 0001336218 fil:S000011568Member 2013-01-28 2013-01-28 0001336218 fil:S000011568Memberfil:C000031857Member 2013-01-28 2013-01-28 0001336218 fil:S000011568Memberfil:C000031857Memberrr:AfterTaxesOnDistributionsMember 2013-01-28 2013-01-28 0001336218 fil:S000011568Memberfil:C000031857Memberrr:AfterTaxesOnDistributionsAndSalesMember 2013-01-28 2013-01-28 0001336218 fil:S000011568Memberfil:SMember 2013-01-28 2013-01-28 pure iso4217:USD Although the Fund's Board of Directors has adopted a Plan of Distribution pursuant to Rule 12b-1 of the Investment Company Act of 1940 (the "1940 Act"), the Plan has not been implemented, and the Fund has no present intention of implementing the Plan. Any change in this policy will be based upon a Board finding or resolution. If the Board adopts such finding or resolution, you will be informed at least thirty days prior to its implementation. The maximum amount that the Fund would pay under the Plan annually would be 0.25% of average daily net assets. Pursuant to an Operating Services Agreement, WorldCommodity Asset Management, LLC, the Fund's adviser, is responsible for paying all the Fund's expenses except management fees, commissions and other brokerage fees, taxes, interest, litigation expenses and extraordinary expenses. Fees payable under the Operating Services Agreement are fixed at 0.70% of the Fund's average daily net assets. The "Total Annual Fund Operating Expenses" in this table will not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section in this Prospectus, because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of Acquired Fund fees and expenses. The Fund commenced operations on October 27, 2006. 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redeemed, if applicable){neg} Operating Expenses: Operating Expenses: Management Fees Management Fees Distribution (and/or Service) (12b-1) Fees Distribution (and/or Service) (12b-1) Fees Other Expenses Other Expenses Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Expense Example: Expense Example: 1 Year Expense Example, with Redemption, 1 Year 3 Years Expense Example, with Redemption, 3 Years 5 Years Expense Example, with Redemption, 5 Years 10 Years Expense Example, with Redemption, 10 Years Bar Chart Table: Bar Chart Table: Annual Return 2007 Annual Return 2007 Annual Return 2008 Annual Return 2008 Annual Return 2009 Annual Return 2009 Annual Return 2010 Annual Return 2010 Annual Return 2011 Annual Return 2011 Annual Return 2012 Annual Return 2012 Average Annual Return: Average Annual Return: 1 Year 1 Year 5 Years 5 Years Since Inception Since Inception Risk/Return Detail [Table] Risk/Return 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XML 12 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012
Registrant Name dei_EntityRegistrantName WorldCommodity Funds, Inc.
Central Index Key dei_EntityCentralIndexKey 0001336218
Amendment Flag dei_AmendmentFlag false
Prospectus Date rr_ProspectusDate Jan. 28, 2013
WorldCommodity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The WorldCommoditySM Fund seeks capital appreciation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The following table describes the estimated expenses and fees that you may pay if you buy and hold shares of the Fund.  Annual fund operating expenses are paid out of the assets of the Fund, so their effect is already included in the Fund’s daily share price.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 87% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 87.00%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The WorldCommoditySM Fund (the “Fund”) will normally invest at least 80% of its net assets in:

 

- equity securities issued by “commodity-related companies”, both domestic and foreign; without regard to market value (or “market capitalization”); and

 

- commodity-linked note securities that derive their value from the performance of a commodity index

 

The Fund may invest in all types of equity securities including common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.  The WorldCommodity Fund may also use other investment strategies and invest in other types of investments, which are described in the following section titled “Additional Information about the Fund’s Principal Investment Strategies and Risks” and the Fund’s Statement of Additional Information (“SAI”).

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

General Risks.  All investments have risk to some degree.  There are several risk factors that could hurt the Fund’s performance, cause you to lose money or cause the Fund’s performance to trail that of other investments.  You should consider your own investment goals, time horizon, and risk tolerance before investing in the Fund.  When you sell your shares, they may be worth more or less than what you paid for them.  There is no assurance that the Fund will achieve its investment objective.

 

Market Risk.  The market values of the investments held by the Fund, and thus the value of the Fund's shares, can fluctuate at times dramatically.  Markets can trade in random or cyclical price patterns, and prices can decline over short or long-term periods.

 

Equity Securities Risk.  The Fund invests in equity securities such as common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.  The market values of all types of equity securities are affected by a number of factors, including fluctuation in interest rates, reduced demand for the issuer’s goods and services, management performance, financial leverage, investor perceptions, political events, and developments affecting the particular issuer or its industry or geographic sector.

 

Non-Diversification Risk.  The Fund is classified as non-diversified.  This means that the Fund can invest a greater percentage of its assets in fewer securities than a diversified fund.  Because the Fund invests in fewer securities; the Fund is subject to greater risk of loss if any of those securities become permanently impaired.  Additionally, the net asset value of a non-diversified fund generally is more volatile and a shareholder may have a greater risk of loss if he or she redeems during a period of high volatility.  Lack of broad diversification also may cause the Fund to be more susceptible to economic, political or regulatory events than a diversified fund.

 

Sector Focus Risk.  The Fund’s investments in commodity-related companies can be significantly effected by events relating to those sectors.  The prices of agriculture, metals, and energy sector commodities may fluctuate widely due to changes in value, which depend largely on the price and supply, international political events relating to commodity producing countries, the success of new projects, and tax and other governmental regulatory policies.  As a result, the securities owned by the Fund may react similarly to and move in unison with one another.  Because the Fund may focus its investments in the agriculture, metals, or energy sectors, it is subject to the risks affecting that sector and the Fund’s share price may be more volatile than a fund that invests in a wide variety of market sectors.

 

Foreign Securities Risk.  The Fund’s investments in foreign securities may involve greater risks compared to domestic investments as a result of, among other things, not being subject to the regulatory requirements of U.S. companies, there being less publicly available information about foreign issuers than U.S. companies; and different accounting, auditing and financial reporting standards.

 

Foreign Currency Risk.  The Fund’s investments in securities denominated in foreign currencies are subject to currency risk.  The value of the Fund's assets measured in U.S. dollars may be affected by changes in currency exchange rates and exchange control regulations.

 

An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency.  Further discussion about other risks of investing in the WorldCommodity Fund may be found in the following section titled “Additional Information about the Fund’s Principal Investment Strategies and Risks” and the Fund’s SAI.

Risk Lose Money [Text] rr_RiskLoseMoney There are several risk factors that could hurt the Fund’s performance, cause you to lose money or cause the Fund’s performance to trail that of other investments.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Fund Performance History

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table set out below show the WorldCommodity Fund's historical performance and provide some indication of the risks of investing in the WorldCommodity Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare to the performance of the S&P 500 Index.  The WorldCommodity Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  The Fund updates its performance information periodically.  You may find these updates on the Fund’s website at www.worldcommodityfunds.com.

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.worldcommodityfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The WorldCommodity Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Performance Bar Chart

 

Annual Total Returns for Calendar Year

Periods Ending December 31

Annual Return 2007 rr_AnnualReturn2007 0.25%
Annual Return 2008 rr_AnnualReturn2008 (36.10%)
Annual Return 2009 rr_AnnualReturn2009 38.07%
Annual Return 2010 rr_AnnualReturn2010 27.82%
Annual Return 2011 rr_AnnualReturn2011 (1.69%)
Annual Return 2012 rr_AnnualReturn2012 (6.41%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The year-to-date return as of the most recent calendar quarter, which ended December 31, was -6.41%.

 

The highest and lowest return for a quarter during the period of the bar chart is:

 

Best Quarter            4th Quarter 2010      23.59%

Worst Quarter         2nd Quarter 2010    (20.12)%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.12%)
Performance Table Heading rr_PerformanceTableHeading

Performance Table

 

Average Annual Total Returns for the periods ended December 31, 2012

Portfolio Returns

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The theoretical “after-tax” returns shown in the table are calculated using the highest historical individual federal marginal income tax rates
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Also, “after-tax” return information is not relevant to shareholders who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The theoretical “after-tax” returns shown in the table are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state or local taxes.  Your actual “after-tax” returns depend on your individual tax situation and may differ from the returns shown above.  Also, “after-tax” return information is not relevant to shareholders who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  The “after-tax” returns shown in the table reflect past tax effects and are not predictive of future tax effects.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

The S&P 500 Total Return Index is a widely recognized, unmanaged index of 500 of the largest companies in the United States as measured by market capitalization.  The index assumes reinvestment of all dividends and distributions and does not reflect any charges for management fees, transaction expenses, or taxes.

WorldCommodity Fund | - Comparison Index - S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Since Inception rr_AverageAnnualReturnSinceInception 2.63% [4]
WorldCommodity Fund | WorldCommodity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable){neg} rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (and/or Service) (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.71% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.66% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 169
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 523
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 902
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,965
1 Year rr_AverageAnnualReturnYear01 (6.41%)
5 Years rr_AverageAnnualReturnYear05 0.74%
Since Inception rr_AverageAnnualReturnSinceInception 1.33% [4]
WorldCommodity Fund | WorldCommodity Fund | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.39%) [4]
5 Years rr_AverageAnnualReturnYear05 0.65% [4]
Since Inception rr_AverageAnnualReturnSinceInception 0.98% [4]
WorldCommodity Fund | WorldCommodity Fund | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.43%) [4]
5 Years rr_AverageAnnualReturnYear05 0.60% [4]
Since Inception rr_AverageAnnualReturnSinceInception 0.90% [4]
[1] Although the Fund's Board of Directors has adopted a Plan of Distribution pursuant to Rule 12b-1 of the Investment Company Act of 1940 (the "1940 Act"), the Plan has not been implemented, and the Fund has no present intention of implementing the Plan. Any change in this policy will be based upon a Board finding or resolution. If the Board adopts such finding or resolution, you will be informed at least thirty days prior to its implementation. The maximum amount that the Fund would pay under the Plan annually would be 0.25% of average daily net assets.
[2] Pursuant to an Operating Services Agreement, WorldCommodity Asset Management, LLC, the Fund's adviser, is responsible for paying all the Fund's expenses except management fees, commissions and other brokerage fees, taxes, interest, litigation expenses and extraordinary expenses. Fees payable under the Operating Services Agreement are fixed at 0.70% of the Fund's average daily net assets.
[3] The "Total Annual Fund Operating Expenses" in this table will not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section in this Prospectus, because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of Acquired Fund fees and expenses.
[4] The Fund commenced operations on October 27, 2006.
XML 13 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
WorldCommodity Fund

Investment Objective

The WorldCommoditySM Fund seeks capital appreciation.

Fees and Expenses of the Fund

The following table describes the estimated expenses and fees that you may pay if you buy and hold shares of the Fund.  Annual fund operating expenses are paid out of the assets of the Fund, so their effect is already included in the Fund’s daily share price.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees
WorldCommodity Fund
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee (as a percentage of amount redeemed, if applicable) none

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as percentage of the value of your investment)

Annual Fund Operating Expenses
WorldCommodity Fund
Management Fees 0.90%
Distribution (and/or Service) (12b-1) Fees [1] none
Other Expenses [2] 0.71%
Acquired Fund Fees and Expenses [3] 0.05%
Total Annual Fund Operating Expenses [3] 1.66%
[1] Although the Fund's Board of Directors has adopted a Plan of Distribution pursuant to Rule 12b-1 of the Investment Company Act of 1940 (the "1940 Act"), the Plan has not been implemented, and the Fund has no present intention of implementing the Plan. Any change in this policy will be based upon a Board finding or resolution. If the Board adopts such finding or resolution, you will be informed at least thirty days prior to its implementation. The maximum amount that the Fund would pay under the Plan annually would be 0.25% of average daily net assets.
[2] Pursuant to an Operating Services Agreement, WorldCommodity Asset Management, LLC, the Fund's adviser, is responsible for paying all the Fund's expenses except management fees, commissions and other brokerage fees, taxes, interest, litigation expenses and extraordinary expenses. Fees payable under the Operating Services Agreement are fixed at 0.70% of the Fund's average daily net assets.
[3] The "Total Annual Fund Operating Expenses" in this table will not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section in this Prospectus, because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of Acquired Fund fees and expenses.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
WorldCommodity Fund
169 523 902 1,965
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000011568Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 87% of the average value of its portfolio.

Principal Investment Strategies

The WorldCommoditySM Fund (the “Fund”) will normally invest at least 80% of its net assets in:

 

- equity securities issued by “commodity-related companies”, both domestic and foreign; without regard to market value (or “market capitalization”); and

 

- commodity-linked note securities that derive their value from the performance of a commodity index

 

The Fund may invest in all types of equity securities including common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.  The WorldCommodity Fund may also use other investment strategies and invest in other types of investments, which are described in the following section titled “Additional Information about the Fund’s Principal Investment Strategies and Risks” and the Fund’s Statement of Additional Information (“SAI”).

Principal Risks of Investing in the Fund

General Risks.  All investments have risk to some degree.  There are several risk factors that could hurt the Fund’s performance, cause you to lose money or cause the Fund’s performance to trail that of other investments.  You should consider your own investment goals, time horizon, and risk tolerance before investing in the Fund.  When you sell your shares, they may be worth more or less than what you paid for them.  There is no assurance that the Fund will achieve its investment objective.

 

Market Risk.  The market values of the investments held by the Fund, and thus the value of the Fund's shares, can fluctuate at times dramatically.  Markets can trade in random or cyclical price patterns, and prices can decline over short or long-term periods.

 

Equity Securities Risk.  The Fund invests in equity securities such as common stock, preferred stock, convertible preferred stock, convertible bonds, depository receipts, rights and warrants.  The market values of all types of equity securities are affected by a number of factors, including fluctuation in interest rates, reduced demand for the issuer’s goods and services, management performance, financial leverage, investor perceptions, political events, and developments affecting the particular issuer or its industry or geographic sector.

 

Non-Diversification Risk.  The Fund is classified as non-diversified.  This means that the Fund can invest a greater percentage of its assets in fewer securities than a diversified fund.  Because the Fund invests in fewer securities; the Fund is subject to greater risk of loss if any of those securities become permanently impaired.  Additionally, the net asset value of a non-diversified fund generally is more volatile and a shareholder may have a greater risk of loss if he or she redeems during a period of high volatility.  Lack of broad diversification also may cause the Fund to be more susceptible to economic, political or regulatory events than a diversified fund.

 

Sector Focus Risk.  The Fund’s investments in commodity-related companies can be significantly effected by events relating to those sectors.  The prices of agriculture, metals, and energy sector commodities may fluctuate widely due to changes in value, which depend largely on the price and supply, international political events relating to commodity producing countries, the success of new projects, and tax and other governmental regulatory policies.  As a result, the securities owned by the Fund may react similarly to and move in unison with one another.  Because the Fund may focus its investments in the agriculture, metals, or energy sectors, it is subject to the risks affecting that sector and the Fund’s share price may be more volatile than a fund that invests in a wide variety of market sectors.

 

Foreign Securities Risk.  The Fund’s investments in foreign securities may involve greater risks compared to domestic investments as a result of, among other things, not being subject to the regulatory requirements of U.S. companies, there being less publicly available information about foreign issuers than U.S. companies; and different accounting, auditing and financial reporting standards.

 

Foreign Currency Risk.  The Fund’s investments in securities denominated in foreign currencies are subject to currency risk.  The value of the Fund's assets measured in U.S. dollars may be affected by changes in currency exchange rates and exchange control regulations.

 

An investment in the Fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency.  Further discussion about other risks of investing in the WorldCommodity Fund may be found in the following section titled “Additional Information about the Fund’s Principal Investment Strategies and Risks” and the Fund’s SAI.

Fund Performance History

The bar chart and table set out below show the WorldCommodity Fund's historical performance and provide some indication of the risks of investing in the WorldCommodity Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare to the performance of the S&P 500 Index.  The WorldCommodity Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  The Fund updates its performance information periodically.  You may find these updates on the Fund’s website at www.worldcommodityfunds.com.

Performance Bar Chart

 

Annual Total Returns for Calendar Year

Periods Ending December 31

Bar Chart

The year-to-date return as of the most recent calendar quarter, which ended December 31, was -6.41%.

 

The highest and lowest return for a quarter during the period of the bar chart is:

 

Best Quarter            4th Quarter 2010      23.59%

Worst Quarter         2nd Quarter 2010    (20.12)%

Performance Table

 

Average Annual Total Returns for the periods ended December 31, 2012

Portfolio Returns

The theoretical “after-tax” returns shown in the table are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state or local taxes.  Your actual “after-tax” returns depend on your individual tax situation and may differ from the returns shown above.  Also, “after-tax” return information is not relevant to shareholders who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  The “after-tax” returns shown in the table reflect past tax effects and are not predictive of future tax effects.

Average Annual Total Returns
1 Year
5 Years
Since Inception
WorldCommodity Fund - Comparison Index - S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)
16.00% 1.66% 2.63% [1]
WorldCommodity Fund
(6.41%) 0.74% 1.33% [1]
WorldCommodity Fund Return After Taxes on Distributions
[1] (6.39%) 0.65% 0.98%
WorldCommodity Fund Return After Taxes on Distributions and Sale of Fund Shares
[1] (5.43%) 0.60% 0.90%
[1] The Fund commenced operations on October 27, 2006.
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The S&P 500 Total Return Index is a widely recognized, unmanaged index of 500 of the largest companies in the United States as measured by market capitalization.  The index assumes reinvestment of all dividends and distributions and does not reflect any charges for management fees, transaction expenses, or taxes.

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