UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | ¨ | |||||
Pre-Effective Amendment No. | ¨ | |||||
Post-Effective Amendment No. 259 | x |
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)
Registrants 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:
x | 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 Registrants 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 Registrants 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 Registrants 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 Registrants 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 Registrants 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 |
IMS STRATEGIC INCOME FUND | ||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||
The investment objective of the IMS Strategic Income Fund (the Income Fund or the Fund) is current income, | ||||||||||||||||||||||||||
and a secondary objective of capital appreciation. | ||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Income Fund. | ||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||
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Expense Example: | ||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||
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. |
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Principal Risks | ||||||||||||||||||||||||||
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.
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Performance | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
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%. | ||||||||||||||||||||||||||
(for the periods ended December 31, 2011) |
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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. |