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Samson STRONG Nations Currency Fund (Prospectus Summary) | Samson STRONG Nations Currency Fund
Samson STRONG Nations Currency Fund
Investment Objective
The Samson STRONG Nations Currency Fund (the "Fund") seeks to generate positive
returns with limited drawdowns over full market cycles through investments in
currencies, securities and instruments that are associated with strong nations.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
Shareholder Fees (fees paid directly from your investment) None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Samson STRONG Nations Currency Fund
Institutional Class
Investor Class
Management Fees 0.70% 0.70%
Distribution and/or Service (12b-1) Fees none 0.35%
Other Expenses [1] 0.59% 0.59%
Total Annual Fund Operating Expenses 1.29% 1.64%
Less: Fee Waiver and/or Expense Reimbursement (0.29%) (0.29%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.00% 1.35%
[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
[2] Pursuant to an operating expense limitation agreement between Samson Capital Advisors LLC (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions, and extraordinary expenses) do not exceed 1.00% and 1.35% of the Fund's average annual net assets for Institutional Class shares and Investor Class shares, respectively, through at least August 22, 2015. The operating expense limitation agreement can be terminated only by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitations on Fund expenses described herein.
Example
This Example is intended to help you compare the costs 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 Samson STRONG Nations Currency Fund (USD $)
Institutional Class
Investor Class
Expense Example, with Redemption, 1 Year
102 137
Expense Example, with Redemption, 3 Years
318 428
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 transaction costs and potentially
higher taxes, which are not reflected in the annual fund operating expenses
or in the Example, affect the Fund's performance.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of the value of its
net assets (plus borrowings for investment purposes) in securities that expose the
Fund to currencies of "STRONG nations," as defined by the Adviser's currency
selection investment process set forth below. To achieve its investment objective,
the Fund normally invests in short maturity sovereign bonds, provincial bonds,
obligations of multilateral institutions and forward currency contracts. The Fund
will invest in short-maturity bonds rated A- or A3 or better (or other comparable
rating) by a nationally recognized statistical rating organization, or that are
determined to be of comparable quality by the Adviser if the bond is unrated.

STRONG nations are nations and regions that share the following characteristics:

S Sustainability                                          
  Healthy Fiscal Trends                                   
                                                                     
T Transparency                                            
  Readily Available Data                                  
                                                                     
R Regulatory Quality                                      
  Rule of Law                                             
                                                                     
O Openness                                                
  Freer Countries and FX (foreign exchange or Forex) Rates
                                                                     
N National Fundamentals                                   
  Healthier Economies and Financial Systems

G Governance                                              
  More Democratic                                         

The Adviser's investment selection process identifies currencies for the Fund's
portfolio using an approach that combines top-down, bottom-up and quantitative
analysis to examine the STRONG nations characteristics of a universe of nations
that includes nations affiliated with the Organization for Economic Cooperation
and Development ("OECD"), including developed nations and emerging markets. The
universe of STRONG nations from which the Adviser will make its investment
selection for the Fund is composed of the current 34 OECD member countries, as
well as those countries engaged in discussions to become OECD members and those
countries with OECD observer status. This universe currently includes nations
that are considered emerging markets. However, the Adviser will only select
those emerging markets that display the STRONG characteristics described in this
Prospectus. Currencies are selected for the Fund's investment portfolio by
applying the Adviser's evaluation of STRONG nations characteristics in combination
with indicators produced by leading research centers around the world. The Fund
will invest in securities representing approximately 8-12 currencies with equal
weightings, which the Adviser will rebalance on a monthly basis. The Adviser
selects investments in liquid, short-duration investments that are intended to
provide the Fund with exposure to the selected STRONG nations currencies, while
mitigating interest rate risk and credit risk. The Fund may seek to hedge foreign
currency exposures back in to the U.S. dollar during periods of dollar rally.

The Fund is authorized to use various hedging and other strategic transactions.
In pursuing its investment goal, the Fund may enter into derivative currency
transactions, including currency forwards. The Fund's derivative transactions will
typically be fully collateralized on a net basis. The Fund's investments in
derivative currency transactions may result in net short exposure to a particular
currency that is not offset by a long position in another currency. The Fund may
use derivatives for many purposes, including for hedging, and as a substitute for
direct investment in securities or other assets.

The Fund is a "non-diversified" fund, meaning that a relatively high percentage
of its assets may be invested in a limited number of issuers of securities.
Principal Risks
Before investing in the Fund, you should carefully consider your own investment
goals, the amount of time you are willing to leave your money invested, and the
amount of risk you are willing to take. Remember, in addition to possibly not
achieving your investment goals, you could lose all or a portion of your
investment in the Fund over long or even short periods of time. The principal
risks of investing in the Fund are:

·  General Market Risk. The risk that certain securities selected for the Fund's
   portfolio may be worth less than the price originally paid for them, or less  
   than they were worth at an earlier time.                                      

·  New Fund Risk. There can be no assurance that the Fund will grow to or        
   maintain an economically viable size.                                         

·  Management Risk. The risk that the Adviser's judgments about the              
   attractiveness, value and potential appreciation of the Fund's investments may
   prove to be incorrect and that the investment strategies employed by the      
   Adviser in selecting investments for the Fund may not result in an increase in
   the value of your investment or in overall performance equal to other similar
   investment vehicles having similar investment strategies.                    

·  Credit and Counterparty Risk. The issuer or guarantor of a fixed-income       
   security, the counterparty to an over-the-counter ("OTC") derivatives         
   contract, spot transactions, currency forwards, currency options or other OTC
   derivatives contracts, or a borrower of the Fund's securities may be unable or
   unwilling to make timely principal, interest or settlement payments, or       
   otherwise honor its obligations. By investing in fixed-income securities the  
   Fund is subject to varying degrees of risk that the issuers of the securities
   will have their credit rating downgraded or will default, potentially reducing
   a fund's share price and income level.                                        

·  Currency Exchange Rate Risk. Changes in foreign currency exchange rates will  
   affect the value of the Fund's investments in securities denominated in       
   foreign currencies and the Fund's share price. Generally, when the U.S. dollar
   rises in value against a foreign currency, an investment in that country loses
   value because that currency is worth fewer U.S. dollars. Devaluation of a     
   currency by a country's government or banking authority also will have a      
   significant impact on the value of any investments denominated in that        
   currency. Currency markets generally are not as regulated as securities       
   markets. Additionally, the Fund may invest in a limited number of             
   currencies. As a result, an increase or decrease in the value of any of these
   currencies would have a greater impact on the Fund's net asset value ("NAV")  
   and total return than if the Fund held a more diversified portfolio of        
   currencies.                                                                   

·  Currency Investment Risk. The performance of the Fund in part is linked to the
   daily performance of the spot price of the exchange rates of foreign          
   currencies. The price relationship between a foreign currency and the U.S.    
   dollar may be highly volatile and can change quickly and unpredictably due to
   a number of factors, including the supply of and demand of each currency,     
   political, economic, legal, financial, accounting and tax matters and other   
   events that the Fund cannot control. In addition, the demand for a foreign    
   currency might not be sufficient to accommodate a sudden change in the supply
   of the foreign currency to the market. Consequently, the price of the foreign
   currency could decline, which would adversely affect an investment in the Fund
   if it held that currency.                                                     
  
·  Hedging, Derivatives and Other Strategic Transactions Risk. Hedging and other
   strategic transactions may increase the volatility of the Fund and, if the    
   transaction is not successful, could result in a significant loss to the      
   Fund. The use of derivative instruments could produce disproportionate gains  
   or losses, more than the principal amount invested. Investing in derivative   
   instruments involves risks different from, or possibly greater than, the risks
   associated with investing directly in securities and other traditional        
   investments and, in transactions in a down market, could become harder to     
   value or sell at a fair price. Furthermore, investments in forward currency   
   contracts could minimize the risk of loss due to a decline in the value of the
   hedged currency, but may also limit any potential gain from an increase in the
   value of the currency.                                                        

·  Fixed Income Securities Risks. Interest rates may go up resulting in a        
   decrease in the value of the fixed income securities held by the Fund. Fixed  
   income securities are also subject to credit risk, or the risk that an issuer
   will not make timely payments of principal and interest.                      

·  Foreign Securities Risk. The risk of investments in securities of foreign     
   issuers involve certain risks not generally associated with investments in the
   securities of U.S. issuers, including changes in currency exchange rates,     
   unstable political, social and economic conditions, a lack of adequate or     
   accurate company information, differences in the way securities markets       
   operate, less secure international banks or securities depositories than those
   in the U.S. and foreign controls on investment. In addition, individual       
   international country economies may differ favorably or unfavorably from the  
   U.S. economy in such respects as growth of gross domestic product, rates of   
   inflation, capital reinvestment, resources, self-sufficiency and balance of   
   payments position. The Fund may invest in emerging markets, which can involve
   higher degrees of risk as compared with developed economies.                  

·  Interest Rate Risk. This risk refers to the chance that interest rates will   
   increase, causing a decline in bond prices. Generally, securities with longer
   maturities and funds with longer weighted average maturities carry greater    
   interest rate risk. The impact and likelihood of local interest rate changes  
   are difficult to predict given the various monetary policies of foreign       
   countries.                                                                    

·  Geographic Concentration Risk. To the extent that the Fund focuses its        
   investments in particular countries, nations or regions, the Fund may be      
   subject to greater risks of adverse economic, political or regulatory events  
   affecting those geographic locations.                                         

·  Tax Risk. As a regulated investment company ("RIC"), the Fund must derive at  
   least 90% of its gross income for each taxable year from sources treated as   
   "qualifying income" under the Internal Revenue Code of 1986, as amended (the  
   "Code"). Although foreign currency gains currently constitute qualifying      
   income, the U.S. Treasury Department has the authority to issue regulations   
   excluding from the definition of "qualifying income" a RIC's foreign currency
   gains not "directly related" to its "principal business" of investing in stock
   or securities (or options and futures with respect thereto). Such regulations
   might treat gains from some of the Fund's foreign currency-denominated        
   positions as excluded from constituting qualifying income, and there is a     
   remote possibility that such regulations might be applied retroactively, in   
   which case the Fund might not qualify as a RIC for one or more years.         

·  Non-Diversified Fund Risk. Because the Fund is "non-diversified," it may      
   invest a greater percentage of its assets in the securities of a single       
   issuer. However, a decline in the value of an investment in a single issuer   
   could cause the Fund's overall value to decline to a greater degree than if   
   the Fund held a more diversified portfolio.
Performance
When the Fund has been in operation for a full calendar year, performance
information will be shown in this Prospectus. Updated performance information
will be available on the Fund's website at www.samsonfunds.com or by calling
the Fund toll-free at 1-855-SCA-FNDS (1-855-722-3637).