0001193125-13-158142.txt : 20130417 0001193125-13-158142.hdr.sgml : 20130417 20130417110321 ACCESSION NUMBER: 0001193125-13-158142 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130417 EFFECTIVENESS DATE: 20130417 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: 13766107 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: 13766108 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 S000014641 Symons Value Institutional Fund C000040085 Symons Value Institutional Fund SAVIX 0001199046 S000022336 Symons Small Cap Institutional Fund C000064216 Symons Small Cap Institutional Fund SSMIX 485BPOS 1 d502171d485bpos.htm SYMONS FUNDS FORM 485BPOS Symons Funds Form 485BPOS

 

 

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. 278    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)

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:

 

  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. 278 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 April 16, 2013.

 

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   April 16, 2013

/s/ Robert W. Silva ****

Robert W. Silva

      Treasurer and CFO   April 16, 2013

/s/ Daniel Condon *

Daniel Condon

      Trustee   April 16, 2013

/s/ Gary E. Hippenstiel *

Gary E. Hippenstiel

      Trustee   April 16, 2013

/s/ Stephen Little *

Stephen Little

      Trustee   April 16, 2013

/s/ Ronald Tritschler *

Ronald Tritschler

      Trustee   April 16, 2013

/s/ Nancy V. Kelly **

Nancy V. Kelly

      Trustee   April 16, 2013

/s/ Kenneth Grant ***

Kenneth Grant

      Trustee   April 16, 2013

* /**/***/****/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 ust22-20130328.xml XBRL INSTANCE DOCUMENT 0001199046 ust22:S000014641Member 2012-04-02 2013-04-01 0001199046 2012-04-02 2013-04-01 0001199046 ust22:S000022336Member 2012-04-02 2013-04-01 0001199046 ust22:S000014641Member ust22:C000040085Member 2012-04-02 2013-04-01 0001199046 ust22:S000014641Member rr:AfterTaxesOnDistributionsMember ust22:C000040085Member 2012-04-02 2013-04-01 0001199046 ust22:S000014641Member rr:AfterTaxesOnDistributionsAndSalesMember ust22:C000040085Member 2012-04-02 2013-04-01 0001199046 ust22:S000014641Member ust22:RussellThreeThousandValueIndexMember 2012-04-02 2013-04-01 0001199046 ust22:S000022336Member ust22:C000064216Member 2012-04-02 2013-04-01 0001199046 ust22:S000022336Member rr:AfterTaxesOnDistributionsMember ust22:C000064216Member 2012-04-02 2013-04-01 0001199046 ust22:S000022336Member rr:AfterTaxesOnDistributionsAndSalesMember ust22:C000064216Member 2012-04-02 2013-04-01 0001199046 ust22:S000022336Member ust22:RussellTwoThousandIndexMember 2012-04-02 2013-04-01 pure iso4217:USD <div style="display:none">~ http://www.scmfunds.com/role/ScheduleShareholderFeesSymonsValueInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAnnualFundOperatingExpensesSymonsValueInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleExpenseExampleTransposedSymonsValueInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSymonsValueInstitutionalFund column period compact * ~</div> 2013-04-01 485BPOS UNIFIED SERIES TRUST 0001199046 2013-03-28 2013-03-28 false 2012-11-30 <div style="display:none">~ http://www.scmfunds.com/role/ScheduleShareholderFeesSymonsSmallCapInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAnnualFundOperatingExpensesSymonsSmallCapInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleExpenseExampleTransposedSymonsSmallCapInstitutionalFund column period compact * ~</div> <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSymonsSmallCapInstitutionalFund column period compact * ~</div> <b><a name="ptoc501456_1"></a>SUMMARY SECTION </b><br/><b>SYMONS VALUE INSTITUTIONAL FUND </b> <b>INVESTMENT OBJECTIVE </b> The investment objective of the Symons Value Institutional Fund (the &#8220;Value Fund&#8221;) is long-term capital appreciation. <b><a name="ptoc501456_3"></a>FEES AND EXPENSES OF THE FUND </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Value Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Value Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Example above, affect the Value Fund&#8217;s performance. During the most recent fiscal year, the Value Fund&#8217;s portfolio turnover rate was 28.28% of the average value of its portfolio. Expense Example: This Example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Value 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b><a name="ptoc501456_4"></a>Principal Investment Strategies </b> The Value Fund seeks to achieve its objective by investing primarily in a diversified portfolio of companies, with market capitalizations at the time of purchase above approximately $500 million, that are trading at attractive prices and that appear to have limited downside price risk over the long-term.<br/><br/> The Value Fund's investment adviser, Symons Capital Management, Inc., utilizes market capitalization and average trading volume screens to identify approximately 2,000 stocks that are possible candidates for investment. The adviser then utilizes several additional investment screens to reduce the universe to approximately 40-60 issuers that fit the Value Fund's investment criteria. The adviser then performs a fundamental analysis of each of the candidates to identify approximately 25-40 companies that the adviser believes are "value" companies. The adviser defines a "value" company as one that is trading at less than its intrinsic value, as determined by the adviser, and that does not appear to present significant downside price risk. The adviser's "value" strategy places a strong emphasis on risk aversion.<br/><br/> The Value Fund typically holds approximately 25-40 companies, representing various products or service lines of business. To the extent the adviser can find "value" companies whose stocks are trading at sufficiently attractive prices for purchase in various sectors, it will attempt to allocate the Value Fund's investments among a broad cross-section of market sectors and industries. However, there may be times when the Value Fund may hold a large portion of its assets in any one sector at a given time.<br/><br/> Equity securities in which the Value Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Value Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Value Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Value Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").<br/><br/> The Value Fund may use options for purposes consistent with its investment objective such as hedging or managing risk. The Value Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.<br/><br/> If the adviser believes, based on its valuation methodology, that stocks in general are over-valued, or if the adviser cannot find "value" companies whose stocks are trading at sufficiently attractive prices, a significant portion of the Value Fund's portfolio may be held in cash or cash equivalents. This may occur on a temporary basis, or for periods of up to a year or longer. Holding a significant cash position may make it difficult or impossible for the Value Fund to achieve its investment objective. <b><a name="ptoc501456_5"></a>Principal Risks </b> All investments involve risks, and the Value Fund cannot guarantee that it will achieve its investment objective. An investment in the Value Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Value Fund's returns and share price will fluctuate, and you may lose money by investing in the Value Fund. Below are some of the specific risks of investing in the Value Fund. <ul type="square"><li style="margin-left:20px"><blockquote><b>General.</b> Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Value Fund.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Market Risk.</b> Market risk includes the possibility that the Value Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Value Style Risk.</b> Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Management Risk.</b> The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Value Fund may invest may fail to produce the intended results.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Company Risk.</b> The value of the Value Fund may decrease in response to the activities and financial prospects of an individual company in the Value Fund's portfolio. The value of an individual company can be more volatile than the market as a whole.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Sector/Industry Risk.</b> From time to time, the Value Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>REIT Risk.</b> When the Value Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus. REITs may also be less liquid and experience greater price volatility than other publicly traded securities. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Small and Medium Cap Company Risk.</b> 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 Value Fund's portfolio.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Foreign Securities Risk.</b> Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Value Fund's investments.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Risks of Other Investment Companies.</b> When the Value Fund invests in an underlying mutual fund or ETF, the Value Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Value Fund will incur higher expenses, many of which may be duplicative. In addition, the Value 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 funds). ETFs are subject to additional risks, such as the fact that its shares may trade at a market price 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 Value Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Options Risk.</b> There are risks that option writing strategies the Value Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Value Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Value Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.</blockquote></li></ul> <b><a name="ptoc501456_6"></a>Performance </b> The bar chart below shows how the Value Fund&#8217;s investment results have varied from year to year. The table below shows how the Value Fund&#8217;s 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 Value Fund. Past performance of the Value Fund is not necessarily an indication of how it will perform in the future. YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31<sup>ST</sup> Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Quarter, 2009, 13.71%<br/>Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4th Quarter, 2008, (10.87)% After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <b>AVERAGE ANNUAL TOTAL RETURNS </b><br/>(for the periods ended December 31, 2012) -0.02 0.01 0 0.0029 0.0004 0.0133 -0.0017 0.015 153 438 745 1616 <b>SUMMARY SECTION<br/>SYMONS SMALL CAP INSTITUTIONAL FUND </b> <b>Investment Objective </b> The investment objective of the Symons Small Cap Institutional Fund (the &#8220;Small Cap Fund&#8221;) is long-term capital appreciation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Fund. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Small Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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 Example above, affect the Small Cap Fund&#8217;s performance. During the most recent fiscal year, the Small Cap Fund&#8217;s portfolio turnover rate was 55.87% of the average value of its portfolio. Expense Example: 0.0636 0.058 0.0488 0.1755 This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Small Cap 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&#8217;s operating expenses remain the same. Only the 1 and 3 year numbers shown below reflect the adviser&#8217;s agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <b>Principal Investment Strategies </b> The Small Cap Fund seeks to achieve its objective by investing primarily in a diversified portfolio of small capitalization companies. The Small Cap Fund's investment adviser, Symons Capital Management, Inc., manages the Small Cap Fund using a "core" investment strategy, pursuant to which the Small Cap Fund will purchase small cap stocks at what the adviser believes are attractive prices, and that appear to have strong potential for capital appreciation over the long-term. The adviser typically allocates the Small Cap Fund's investments among a broad cross-section of market sectors and industries, so long as small cap stocks with attractive valuations are available for purchase in these sectors and industries. The sectors and industries presenting the best opportunities for investment vary over time. As a result, the Small Cap Fund's investments may, at times, tilt towards growth stocks with an emphasis on capital appreciation and, at other times, tilt towards value stocks with an emphasis on preservation of capital.<br/><br/> The adviser utilizes market capitalization and daily trading volume screens to identify approximately 2,000 small cap companies that are possible candidates for investment by the Small Cap Fund. The adviser defines "small cap" companies as those with market capitalizations of $2 billion or less at the time of purchase. In addition, the adviser looks for an average daily trading volume that demonstrates a level of liquidity that is acceptable to the adviser. The adviser then evaluates a number of additional factors in order to initially reduce the universe to approximately 50-70 issuers that fit the adviser's basic investment criteria. The adviser performs a fundamental analysis of potential candidates to identify those small cap companies that the adviser believes present the best opportunities for investment by the Small Cap Fund. Pursuant to the adviser's core investment strategy, the Small Cap Fund purchases securities of small cap companies that the adviser believes have sustainable business models, over the long-term, and that are trading at attractive prices. The Small Cap Fund typically holds a diversified portfolio of approximately 45-70 stocks among a broad cross-section of market sectors and industries. However, there may be times when the Small Cap Fund may hold a large portion of its assets in any one sector at a given time.<br/><br/> Under normal circumstances, the Small Cap Fund typically invests at least 80% of its net assets in equity securities of small capitalization companies. Equity securities in which the Small Cap Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Small Cap Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Small Cap Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Small Cap Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").<br/><br/> The Small Cap Fund may use options for purposes consistent with its investment objective, such as hedging or risk management. The Small Cap Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.<br/><br/> To the extent consistent with its obligation to invest under normal circumstances at least 80% of its net assets in equity securities of small cap companies, the Small Cap Fund may invest up to 20% of its net assets in securities other than small cap securities or it may invest in cash or money market mutual funds, 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.<br/><br/> The Small Cap Fund also may continue to hold a portfolio security notwithstanding the fact that the issuer's market capitalization has subsequently increased above $2 billion. 0.0496 0.045 0.0421 0.0083 <b>Principal Risks </b> 0.0437 0.0387 0.0365 0.0057 All investments involve risks, and the Small Cap Fund cannot guarantee that it will achieve its investment objective. An investment in the Small Cap Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Small Cap Fund's returns and share price will fluctuate, and you may lose money by investing in the Small Cap Fund. Below are some of the specific risks of investing in the Small Cap Fund.<ul type="square"><li style="margin-left:20px"><blockquote><b>General.</b> Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Small Cap Fund.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b> Market Risk.</b> Market risk includes the possibility that the Small Cap Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Small and Medium Cap Company Risk.</b> 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 Small Cap Fund's portfolio. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Value Style Risk.</b> Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Growth Style Risk.</b> Investments in growth stocks include the risk that the adviser's perceptions of a company's growth potential may be wrong, or the securities purchased may not perform as expected, causing losses to the Small Cap Fund. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Management Risk.</b> The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Small Cap Fund may invest may fail to produce the intended results. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Company Risk.</b> The value of the Small Cap Fund may decrease in response to the activities and financial prospects of an individual company in the Small Cap Fund's portfolio. The value of an individual company can be more volatile than the market as a whole. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Sector/Industry Risk.</b> From time to time, the Small Cap Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>REIT Risk.</b> When the Small Cap Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus,. REITs may also be less liquid and experience more price volatility than other publicly traded securities. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Foreign Securities Risk.</b> Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Small Cap Fund's investments. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Risks of Other Investment Companies.</b> When the Small Cap Fund invests in an underlying mutual fund or ETF, the Small Cap Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Small Cap Fund will incur higher expenses, many of which may be duplicative. In addition, the Small Cap 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 funds). ETFs are subject to additional risks such as the fact that its shares may trade at a market price 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 Small Cap Fund invests in ETFs that invest in commodities, the Small Cap Fund will be subject to the risk that the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default). </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Options Risk.</b> There are risks that option writing strategies the Small Cap Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Small Cap Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Small Cap Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote><b>Portfolio Turnover Risk.</b> The Small Cap Fund's investment strategy may result in a high portfolio turnover rate. High portfolio turnover may 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 Small Cap Fund's performance.</blockquote></li></ul> <b>Performance </b> The bar chart below shows how the Small Cap Fund&#8217;s investment results have varied from year to year. The table below shows how the Small Cap Fund&#8217;s 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 Small Cap Fund. Past performance of the Small Cap Fund is not necessarily an indication of how it will perform in the future. YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31<sup>ST</sup> Best Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Quarter, 2009, 31.01%<br/>Worst Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3rd Quarter, 2011, (16.16)% After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. 2006-12-22 2006-12-22 <b>AVERAGE ANNUAL TOTAL RETURNS </b><br/>(for the periods ended December 31, 2012) March 31, 2016 0.5587 As with any mutual fund investment, the Small Cap Fund's returns and share price will fluctuate, and you may lose money by investing in the Small Cap Fund. An investment in the Small Cap Fund is not insured or guaranteed by any government agency. The bar chart below shows how the Small Cap Fund&#8217;s investment results have varied from year to year. The table below shows how the Small Cap Fund&#8217;s average annual total returns compare over time to those of a broad-based securities market index. (877)-679-6667 www.scm-funds.com Past performance of the Small Cap 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 as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. -0.02 0.011 0 0.01 0.0003 0.0213 -0.0054 0.0159 162 615 1095 2420 0.4922 0.2439 -0.0851 0.0441 0.0441 0.0419 0.0317 0.1635 0.0063 0.0017 0.0049 0.0498 2006-12-22 2008-05-06 2008-05-06 2008-05-06 March 31, 2016 0.2828 <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAnnualTotalReturnsSymonsSmallCapInstitutionalFundBarChart column period compact * ~</div> As with any mutual fund investment, the Value Fund's returns and share price will fluctuate, and you may lose money by investing in the Value Fund. An investment in the Value Fund is not insured or guaranteed by any government agency. The bar chart below shows how the Value Fund&#8217;s investment results have varied from year to year. The table below shows how the Value Fund&#8217;s average annual total returns compare over time to those of a broad-based securities market index. (877)-679-6667 www.scm-funds.com Past performance of the Value Fund is not necessarily an indication of how it will perform in the future. Best Quarter: 2009-06-30 0.3101 Worst Quarter: 2011-09-30 -0.1616 0.0197 -0.1321 0.1828 0.104 0.057 0.0636 Best Quarter: 2009-06-30 0.1371 Worst Quarter: 2008-12-31 -0.1087 After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs. <div style="display:none">~ http://www.scmfunds.com/role/ScheduleAnnualTotalReturnsSymonsValueInstitutionalFundBarChart column period compact * ~</div> 2006-12-22 Current performance of the Value Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Value Fund&#8217;s website at www.scm-funds.com. 2008-05-06 Current performance of the Small Cap Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Small Cap Fund&#8217;s website at www.scm-funds.com. The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.46% of the Value Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation. A repayment by the Fund is referred to as an Expense Recapture in the table above. The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.56% of the Small Cap Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation. 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Symons Small Cap Institutional Fund
SUMMARY SECTION
SYMONS SMALL CAP INSTITUTIONAL FUND
Investment Objective
The investment objective of the Symons Small Cap Institutional Fund (the “Small Cap Fund”) is long-term 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 Small Cap Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Symons Small Cap Institutional Fund
Redemption Fee (as a percentage of the amount redeemed within 60 days of purchase) 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Symons Small Cap Institutional Fund
Management Fees 1.10%
Distribution (12b-1) Fees none
Other Expenses 1.00%
Acquired Fund Fees and Expenses 0.03%
Total Annual Fund Operating Expenses 2.13%
Fee Waiver/Expense Reimbursement [1] (0.54%)
Total Annual Fund Operating Expenses [2] 1.59%
[1] The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.56% of the Small Cap Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation.
[2] (After Fee Waiver/Expense Reimbursement)
Expense Example:
This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Small Cap 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. Only the 1 and 3 year numbers shown below reflect the adviser’s agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example (USD $)
1 year
3 years
5 years
10 years
Symons Small Cap Institutional Fund
162 615 1,095 2,420
Portfolio Turnover
The Small Cap 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 Example above, affect the Small Cap Fund’s performance. During the most recent fiscal year, the Small Cap Fund’s portfolio turnover rate was 55.87% of the average value of its portfolio.
Principal Investment Strategies
The Small Cap Fund seeks to achieve its objective by investing primarily in a diversified portfolio of small capitalization companies. The Small Cap Fund's investment adviser, Symons Capital Management, Inc., manages the Small Cap Fund using a "core" investment strategy, pursuant to which the Small Cap Fund will purchase small cap stocks at what the adviser believes are attractive prices, and that appear to have strong potential for capital appreciation over the long-term. The adviser typically allocates the Small Cap Fund's investments among a broad cross-section of market sectors and industries, so long as small cap stocks with attractive valuations are available for purchase in these sectors and industries. The sectors and industries presenting the best opportunities for investment vary over time. As a result, the Small Cap Fund's investments may, at times, tilt towards growth stocks with an emphasis on capital appreciation and, at other times, tilt towards value stocks with an emphasis on preservation of capital.

The adviser utilizes market capitalization and daily trading volume screens to identify approximately 2,000 small cap companies that are possible candidates for investment by the Small Cap Fund. The adviser defines "small cap" companies as those with market capitalizations of $2 billion or less at the time of purchase. In addition, the adviser looks for an average daily trading volume that demonstrates a level of liquidity that is acceptable to the adviser. The adviser then evaluates a number of additional factors in order to initially reduce the universe to approximately 50-70 issuers that fit the adviser's basic investment criteria. The adviser performs a fundamental analysis of potential candidates to identify those small cap companies that the adviser believes present the best opportunities for investment by the Small Cap Fund. Pursuant to the adviser's core investment strategy, the Small Cap Fund purchases securities of small cap companies that the adviser believes have sustainable business models, over the long-term, and that are trading at attractive prices. The Small Cap Fund typically holds a diversified portfolio of approximately 45-70 stocks among a broad cross-section of market sectors and industries. However, there may be times when the Small Cap Fund may hold a large portion of its assets in any one sector at a given time.

Under normal circumstances, the Small Cap Fund typically invests at least 80% of its net assets in equity securities of small capitalization companies. Equity securities in which the Small Cap Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Small Cap Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Small Cap Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Small Cap Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Small Cap Fund may use options for purposes consistent with its investment objective, such as hedging or risk management. The Small Cap Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.

To the extent consistent with its obligation to invest under normal circumstances at least 80% of its net assets in equity securities of small cap companies, the Small Cap Fund may invest up to 20% of its net assets in securities other than small cap securities or it may invest in cash or money market mutual funds, 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.

The Small Cap Fund also may continue to hold a portfolio security notwithstanding the fact that the issuer's market capitalization has subsequently increased above $2 billion.
Principal Risks
All investments involve risks, and the Small Cap Fund cannot guarantee that it will achieve its investment objective. An investment in the Small Cap Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Small Cap Fund's returns and share price will fluctuate, and you may lose money by investing in the Small Cap Fund. Below are some of the specific risks of investing in the Small Cap Fund.
  • General. Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Small Cap Fund.
  • Market Risk. Market risk includes the possibility that the Small Cap Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations.
  • Small and Medium Cap Company 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 Small Cap Fund's portfolio.
  • Value Style Risk. Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.
  • Growth Style Risk. Investments in growth stocks include the risk that the adviser's perceptions of a company's growth potential may be wrong, or the securities purchased may not perform as expected, causing losses to the Small Cap Fund.
  • Management Risk. The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Small Cap Fund may invest may fail to produce the intended results.
  • Company Risk. The value of the Small Cap Fund may decrease in response to the activities and financial prospects of an individual company in the Small Cap Fund's portfolio. The value of an individual company can be more volatile than the market as a whole.
  • Sector/Industry Risk. From time to time, the Small Cap Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole.
  • REIT Risk. When the Small Cap Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus,. REITs may also be less liquid and experience more price volatility than other publicly traded securities.
  • Foreign Securities Risk. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Small Cap Fund's investments.
  • Risks of Other Investment Companies. When the Small Cap Fund invests in an underlying mutual fund or ETF, the Small Cap Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Small Cap Fund will incur higher expenses, many of which may be duplicative. In addition, the Small Cap 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 funds). ETFs are subject to additional risks such as the fact that its shares may trade at a market price 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 Small Cap Fund invests in ETFs that invest in commodities, the Small Cap Fund will be subject to the risk that the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).
  • Options Risk. There are risks that option writing strategies the Small Cap Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Small Cap Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Small Cap Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.
  • Portfolio Turnover Risk. The Small Cap Fund's investment strategy may result in a high portfolio turnover rate. High portfolio turnover may 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 Small Cap Fund's performance.
Performance
The bar chart below shows how the Small Cap Fund’s investment results have varied from year to year. The table below shows how the Small Cap Fund’s 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 Small Cap Fund. Past performance of the Small Cap Fund is not necessarily an indication of how it will perform in the future.
YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31ST
Bar Chart
Best Quarter:                     2nd Quarter, 2009, 31.01%
Worst Quarter:                  3rd Quarter, 2011, (16.16)%
AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2012)
Average Annual Total Returns
1 Year
Since Inception
Inception Date
Symons Small Cap Institutional Fund
4.41% 0.63% May 06, 2008
Symons Small Cap Institutional Fund Return After Taxes on Distributions
4.19% 0.17% May 06, 2008
Symons Small Cap Institutional Fund Return After Taxes on Distributions and Sale of Fund Shares
3.17% 0.49% May 06, 2008
Symons Small Cap Institutional Fund Russell 2000 Index® (reflects no deductions for fees, expenses, or taxes)
16.35% 4.98% May 06, 2008
After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Current performance of the Small Cap Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Small Cap Fund’s website at www.scm-funds.com.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName UNIFIED SERIES TRUST
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Symons Value Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading SUMMARY SECTION
SYMONS VALUE INSTITUTIONAL FUND
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment objective of the Symons Value Institutional Fund (the “Value Fund”) is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Value Fund.
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 a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 31, 2016
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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 Value Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Example above, affect the Value Fund’s performance. During the most recent fiscal year, the Value Fund’s portfolio turnover rate was 28.28% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.28%
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Value 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 Value Fund seeks to achieve its objective by investing primarily in a diversified portfolio of companies, with market capitalizations at the time of purchase above approximately $500 million, that are trading at attractive prices and that appear to have limited downside price risk over the long-term.

The Value Fund's investment adviser, Symons Capital Management, Inc., utilizes market capitalization and average trading volume screens to identify approximately 2,000 stocks that are possible candidates for investment. The adviser then utilizes several additional investment screens to reduce the universe to approximately 40-60 issuers that fit the Value Fund's investment criteria. The adviser then performs a fundamental analysis of each of the candidates to identify approximately 25-40 companies that the adviser believes are "value" companies. The adviser defines a "value" company as one that is trading at less than its intrinsic value, as determined by the adviser, and that does not appear to present significant downside price risk. The adviser's "value" strategy places a strong emphasis on risk aversion.

The Value Fund typically holds approximately 25-40 companies, representing various products or service lines of business. To the extent the adviser can find "value" companies whose stocks are trading at sufficiently attractive prices for purchase in various sectors, it will attempt to allocate the Value Fund's investments among a broad cross-section of market sectors and industries. However, there may be times when the Value Fund may hold a large portion of its assets in any one sector at a given time.

Equity securities in which the Value Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Value Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Value Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Value Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Value Fund may use options for purposes consistent with its investment objective such as hedging or managing risk. The Value Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.

If the adviser believes, based on its valuation methodology, that stocks in general are over-valued, or if the adviser cannot find "value" companies whose stocks are trading at sufficiently attractive prices, a significant portion of the Value Fund's portfolio may be held in cash or cash equivalents. This may occur on a temporary basis, or for periods of up to a year or longer. Holding a significant cash position may make it difficult or impossible for the Value Fund to achieve its investment objective.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risks, and the Value Fund cannot guarantee that it will achieve its investment objective. An investment in the Value Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Value Fund's returns and share price will fluctuate, and you may lose money by investing in the Value Fund. Below are some of the specific risks of investing in the Value Fund.
  • General. Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Value Fund.
  • Market Risk. Market risk includes the possibility that the Value Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations.
  • Value Style Risk. Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.
  • Management Risk. The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Value Fund may invest may fail to produce the intended results.
  • Company Risk. The value of the Value Fund may decrease in response to the activities and financial prospects of an individual company in the Value Fund's portfolio. The value of an individual company can be more volatile than the market as a whole.
  • Sector/Industry Risk. From time to time, the Value Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole.
  • REIT Risk. When the Value Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus. REITs may also be less liquid and experience greater price volatility than other publicly traded securities.
  • Small and Medium Cap Company 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 Value Fund's portfolio.
  • Foreign Securities Risk. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Value Fund's investments.
  • Risks of Other Investment Companies. When the Value Fund invests in an underlying mutual fund or ETF, the Value Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Value Fund will incur higher expenses, many of which may be duplicative. In addition, the Value 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 funds). ETFs are subject to additional risks, such as the fact that its shares may trade at a market price 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 Value Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).
  • Options Risk. There are risks that option writing strategies the Value Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Value Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Value Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund investment, the Value Fund's returns and share price will fluctuate, and you may lose money by investing in the Value Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Value Fund is not insured or guaranteed by any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart below shows how the Value Fund’s investment results have varied from year to year. The table below shows how the Value Fund’s 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 Value Fund. Past performance of the Value Fund is not necessarily an indication of how it will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart below shows how the Value Fund’s investment results have varied from year to year. The table below shows how the Value Fund’s average annual total returns compare over time to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (877)-679-6667
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.scm-funds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Value Fund is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31ST
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter:                     2nd Quarter, 2009, 13.71%
Worst Quarter:                  4th Quarter, 2008, (10.87)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2012)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock Current performance of the Value Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Value Fund’s website at www.scm-funds.com.
Symons Value Institutional Fund | Symons Value Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of the amount redeemed within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.29%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33%
Expense Recapture or (Fee Waiver) rr_FeeWaiverOrReimbursementOverAssets 0.17% [1]
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.50% [2]
1 year rr_ExpenseExampleYear01 153
3 years rr_ExpenseExampleYear03 438
5 years rr_ExpenseExampleYear05 745
10 years rr_ExpenseExampleYear10 1,616
2007 rr_AnnualReturn2007 1.97%
2008 rr_AnnualReturn2008 (13.21%)
2009 rr_AnnualReturn2009 18.28%
2010 rr_AnnualReturn2010 10.40%
2011 rr_AnnualReturn2011 5.70%
2012 rr_AnnualReturn2012 6.36%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.71%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.87%)
1 Year rr_AverageAnnualReturnYear01 6.36%
5 Years rr_AverageAnnualReturnYear05 4.96%
Since Inception rr_AverageAnnualReturnSinceInception 4.37%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2006
Symons Value Institutional Fund | Return After Taxes on Distributions | Symons Value Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.80%
5 Years rr_AverageAnnualReturnYear05 4.50%
Since Inception rr_AverageAnnualReturnSinceInception 3.87%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2006
Symons Value Institutional Fund | Return After Taxes on Distributions and Sale of Fund Shares | Symons Value Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.88%
5 Years rr_AverageAnnualReturnYear05 4.21%
Since Inception rr_AverageAnnualReturnSinceInception 3.65%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2006
Symons Value Institutional Fund | Russell 3000 Value Index® (reflects no deductions for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.55%
5 Years rr_AverageAnnualReturnYear05 0.83%
Since Inception rr_AverageAnnualReturnSinceInception 0.57%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2006
[1] The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.46% of the Value Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation. A repayment by the Fund is referred to as an Expense Recapture in the table above.
[2] (After Expense Recapture)
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Symons Value Institutional Fund
SUMMARY SECTION
SYMONS VALUE INSTITUTIONAL FUND
INVESTMENT OBJECTIVE
The investment objective of the Symons Value Institutional Fund (the “Value Fund”) is long-term 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 Value Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Symons Value Institutional Fund
Redemption Fee (as a percentage of the amount redeemed within 60 days of purchase) 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Symons Value Institutional Fund
Management Fees 1.00%
Distribution (12b-1) Fees none
Other Expenses 0.29%
Acquired Fund Fees and Expenses 0.04%
Total Annual Fund Operating Expenses 1.33%
Expense Recapture or (Fee Waiver) [1] 0.17%
Total Annual Fund Operating Expenses [2] 1.50%
[1] The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.46% of the Value Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation. A repayment by the Fund is referred to as an Expense Recapture in the table above.
[2] (After Expense Recapture)
Expense Example:
This Example is intended to help you compare the cost of investing in the Value Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Value 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 $)
1 year
3 years
5 years
10 years
Symons Value Institutional Fund
153 438 745 1,616
Portfolio Turnover
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 Value Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Example above, affect the Value Fund’s performance. During the most recent fiscal year, the Value Fund’s portfolio turnover rate was 28.28% of the average value of its portfolio.
Principal Investment Strategies
The Value Fund seeks to achieve its objective by investing primarily in a diversified portfolio of companies, with market capitalizations at the time of purchase above approximately $500 million, that are trading at attractive prices and that appear to have limited downside price risk over the long-term.

The Value Fund's investment adviser, Symons Capital Management, Inc., utilizes market capitalization and average trading volume screens to identify approximately 2,000 stocks that are possible candidates for investment. The adviser then utilizes several additional investment screens to reduce the universe to approximately 40-60 issuers that fit the Value Fund's investment criteria. The adviser then performs a fundamental analysis of each of the candidates to identify approximately 25-40 companies that the adviser believes are "value" companies. The adviser defines a "value" company as one that is trading at less than its intrinsic value, as determined by the adviser, and that does not appear to present significant downside price risk. The adviser's "value" strategy places a strong emphasis on risk aversion.

The Value Fund typically holds approximately 25-40 companies, representing various products or service lines of business. To the extent the adviser can find "value" companies whose stocks are trading at sufficiently attractive prices for purchase in various sectors, it will attempt to allocate the Value Fund's investments among a broad cross-section of market sectors and industries. However, there may be times when the Value Fund may hold a large portion of its assets in any one sector at a given time.

Equity securities in which the Value Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Value Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Value Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Value Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Value Fund may use options for purposes consistent with its investment objective such as hedging or managing risk. The Value Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.

If the adviser believes, based on its valuation methodology, that stocks in general are over-valued, or if the adviser cannot find "value" companies whose stocks are trading at sufficiently attractive prices, a significant portion of the Value Fund's portfolio may be held in cash or cash equivalents. This may occur on a temporary basis, or for periods of up to a year or longer. Holding a significant cash position may make it difficult or impossible for the Value Fund to achieve its investment objective.
Principal Risks
All investments involve risks, and the Value Fund cannot guarantee that it will achieve its investment objective. An investment in the Value Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Value Fund's returns and share price will fluctuate, and you may lose money by investing in the Value Fund. Below are some of the specific risks of investing in the Value Fund.
  • General. Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Value Fund.
  • Market Risk. Market risk includes the possibility that the Value Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations.
  • Value Style Risk. Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.
  • Management Risk. The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Value Fund may invest may fail to produce the intended results.
  • Company Risk. The value of the Value Fund may decrease in response to the activities and financial prospects of an individual company in the Value Fund's portfolio. The value of an individual company can be more volatile than the market as a whole.
  • Sector/Industry Risk. From time to time, the Value Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole.
  • REIT Risk. When the Value Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus. REITs may also be less liquid and experience greater price volatility than other publicly traded securities.
  • Small and Medium Cap Company 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 Value Fund's portfolio.
  • Foreign Securities Risk. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Value Fund's investments.
  • Risks of Other Investment Companies. When the Value Fund invests in an underlying mutual fund or ETF, the Value Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Value Fund will incur higher expenses, many of which may be duplicative. In addition, the Value 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 funds). ETFs are subject to additional risks, such as the fact that its shares may trade at a market price 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 Value Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).
  • Options Risk. There are risks that option writing strategies the Value Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Value Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Value Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.
Performance
The bar chart below shows how the Value Fund’s investment results have varied from year to year. The table below shows how the Value Fund’s 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 Value Fund. Past performance of the Value Fund is not necessarily an indication of how it will perform in the future.
YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31ST
Bar Chart
Best Quarter:                     2nd Quarter, 2009, 13.71%
Worst Quarter:                  4th Quarter, 2008, (10.87)%
AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2012)
Average Annual Total Returns
1 Year
5 Years
Since Inception
Inception Date
Symons Value Institutional Fund
6.36% 4.96% 4.37% Dec. 22, 2006
Symons Value Institutional Fund Return After Taxes on Distributions
5.80% 4.50% 3.87% Dec. 22, 2006
Symons Value Institutional Fund Return After Taxes on Distributions and Sale of Fund Shares
4.88% 4.21% 3.65% Dec. 22, 2006
Symons Value Institutional Fund Russell 3000 Value Index® (reflects no deductions for fees, expenses, or taxes)
17.55% 0.83% 0.57% Dec. 22, 2006
After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Value Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Current performance of the Value Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Value Fund’s website at www.scm-funds.com.
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'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
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XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Apr. 01, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Nov. 30, 2012
Registrant Name UNIFIED SERIES TRUST
Central Index Key 0001199046
Amendment Flag false
Document Creation Date Mar. 28, 2013
Document Effective Date Mar. 28, 2013
Prospectus Date Apr. 01, 2013
XML 16 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName UNIFIED SERIES TRUST
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Symons Small Cap Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading SUMMARY SECTION
SYMONS SMALL CAP INSTITUTIONAL FUND
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment objective of the Symons Small Cap Institutional Fund (the “Small Cap Fund”) is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Small Cap Fund.
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 a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination March 31, 2016
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Small Cap 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 Example above, affect the Small Cap Fund’s performance. During the most recent fiscal year, the Small Cap Fund’s portfolio turnover rate was 55.87% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 55.87%
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Small Cap 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. Only the 1 and 3 year numbers shown below reflect the adviser’s agreement to waive fees and/or reimburse Fund expenses. 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 Small Cap Fund seeks to achieve its objective by investing primarily in a diversified portfolio of small capitalization companies. The Small Cap Fund's investment adviser, Symons Capital Management, Inc., manages the Small Cap Fund using a "core" investment strategy, pursuant to which the Small Cap Fund will purchase small cap stocks at what the adviser believes are attractive prices, and that appear to have strong potential for capital appreciation over the long-term. The adviser typically allocates the Small Cap Fund's investments among a broad cross-section of market sectors and industries, so long as small cap stocks with attractive valuations are available for purchase in these sectors and industries. The sectors and industries presenting the best opportunities for investment vary over time. As a result, the Small Cap Fund's investments may, at times, tilt towards growth stocks with an emphasis on capital appreciation and, at other times, tilt towards value stocks with an emphasis on preservation of capital.

The adviser utilizes market capitalization and daily trading volume screens to identify approximately 2,000 small cap companies that are possible candidates for investment by the Small Cap Fund. The adviser defines "small cap" companies as those with market capitalizations of $2 billion or less at the time of purchase. In addition, the adviser looks for an average daily trading volume that demonstrates a level of liquidity that is acceptable to the adviser. The adviser then evaluates a number of additional factors in order to initially reduce the universe to approximately 50-70 issuers that fit the adviser's basic investment criteria. The adviser performs a fundamental analysis of potential candidates to identify those small cap companies that the adviser believes present the best opportunities for investment by the Small Cap Fund. Pursuant to the adviser's core investment strategy, the Small Cap Fund purchases securities of small cap companies that the adviser believes have sustainable business models, over the long-term, and that are trading at attractive prices. The Small Cap Fund typically holds a diversified portfolio of approximately 45-70 stocks among a broad cross-section of market sectors and industries. However, there may be times when the Small Cap Fund may hold a large portion of its assets in any one sector at a given time.

Under normal circumstances, the Small Cap Fund typically invests at least 80% of its net assets in equity securities of small capitalization companies. Equity securities in which the Small Cap Fund may invest include common stocks and common stock equivalents (such as rights, warrants and convertible securities), preferred stocks, shares of equity real estate investment trusts ("REITs"), and shares of other investment companies, including open-end and closed-end funds and exchange-traded funds ("ETFs") whose portfolios primarily consist of equity securities. The Small Cap Fund may invest in inverse and leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis, while leveraged ETFs seek to multiply the return, or the inverse of the return, of the tracked index (e.g., twice the return). The Small Cap Fund also may invest in ETFs whose portfolios primarily consist of commodities. The Small Cap Fund may invest in equity securities of foreign issuers, directly or through American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

The Small Cap Fund may use options for purposes consistent with its investment objective, such as hedging or risk management. The Small Cap Fund may buy (hold) or write (sell) put and call options on assets, such as securities, currencies, financial commodities, and indices of debt and equity securities and enter into closing transactions with respect to such options to terminate an existing position.

To the extent consistent with its obligation to invest under normal circumstances at least 80% of its net assets in equity securities of small cap companies, the Small Cap Fund may invest up to 20% of its net assets in securities other than small cap securities or it may invest in cash or money market mutual funds, 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.

The Small Cap Fund also may continue to hold a portfolio security notwithstanding the fact that the issuer's market capitalization has subsequently increased above $2 billion.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risks, and the Small Cap Fund cannot guarantee that it will achieve its investment objective. An investment in the Small Cap Fund is not insured or guaranteed by any government agency. As with any mutual fund investment, the Small Cap Fund's returns and share price will fluctuate, and you may lose money by investing in the Small Cap Fund. Below are some of the specific risks of investing in the Small Cap Fund.
  • General. Investors should carefully consider their risk tolerance before investing. As with all mutual fund investments, loss of money is a risk of investing. Please read the other risks detailed below that apply to investing in the Small Cap Fund.
  • Market Risk. Market risk includes the possibility that the Small Cap Fund's investments in equity securities will decline because of falls in the stock market, reducing the value of individual companies' stocks regardless of the success or failure of an individual company's operations.
  • Small and Medium Cap Company 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 Small Cap Fund's portfolio.
  • Value Style Risk. Investing in "value" stocks presents the risk that the stocks may never reach what the adviser believes are their full market values, either because the market fails to recognize what the adviser considers to be the companies' true business values or because the adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.
  • Growth Style Risk. Investments in growth stocks include the risk that the adviser's perceptions of a company's growth potential may be wrong, or the securities purchased may not perform as expected, causing losses to the Small Cap Fund.
  • Management Risk. The adviser's strategy and the strategies employed by the portfolio managers of the underlying funds in which the Small Cap Fund may invest may fail to produce the intended results.
  • Company Risk. The value of the Small Cap Fund may decrease in response to the activities and financial prospects of an individual company in the Small Cap Fund's portfolio. The value of an individual company can be more volatile than the market as a whole.
  • Sector/Industry Risk. From time to time, the Small Cap Fund may have overweighted positions in particular market sectors and/or industries, which can be more volatile or underperform relative to the market as a whole.
  • REIT Risk. When the Small Cap Fund invests in REITs, it is subject to risks generally associated with investing in real estate and risks related specifically to their structure and focus,. REITs may also be less liquid and experience more price volatility than other publicly traded securities.
  • Foreign Securities Risk. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Small Cap Fund's investments.
  • Risks of Other Investment Companies. When the Small Cap Fund invests in an underlying mutual fund or ETF, the Small Cap Fund indirectly will bear its proportionate share of any fees and expenses payable directly by the underlying fund. Therefore, the Small Cap Fund will incur higher expenses, many of which may be duplicative. In addition, the Small Cap 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 funds). ETFs are subject to additional risks such as the fact that its shares may trade at a market price 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 Small Cap Fund invests in ETFs that invest in commodities, the Small Cap Fund will be subject to the risk that the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives which expose them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).
  • Options Risk. There are risks that option writing strategies the Small Cap Fund uses will not be successful due to market behavior or unexpected events. In buying call and put options, the Small Cap Fund may forego its investment should the options fail to reach their strike prices before expiration. In selling call and put options, the Small Cap Fund receives a premium, but may be required to sell or buy the underlying asset at a disadvantageous price.
  • Portfolio Turnover Risk. The Small Cap Fund's investment strategy may result in a high portfolio turnover rate. High portfolio turnover may 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 Small Cap Fund's performance.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund investment, the Small Cap Fund's returns and share price will fluctuate, and you may lose money by investing in the Small Cap Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Small Cap Fund is not insured or guaranteed by any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart below shows how the Small Cap Fund’s investment results have varied from year to year. The table below shows how the Small Cap Fund’s 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 Small Cap Fund. Past performance of the Small Cap Fund is not necessarily an indication of how it will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart below shows how the Small Cap Fund’s investment results have varied from year to year. The table below shows how the Small Cap Fund’s average annual total returns compare over time to those of a broad-based securities market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (877)-679-6667
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.scm-funds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Small Cap Fund is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31ST
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter:                     2nd Quarter, 2009, 31.01%
Worst Quarter:                  3rd Quarter, 2011, (16.16)%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2012)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2012 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Small Cap Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock Current performance of the Small Cap Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877)-679-6667, a toll-free number, or data current to the most recent quarter end may be accessed on the Small Cap Fund’s website at www.scm-funds.com.
Symons Small Cap Institutional Fund | Symons Small Cap Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of the amount redeemed within 60 days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.00%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.13%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.54%) [1]
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.59% [2]
1 year rr_ExpenseExampleYear01 162
3 years rr_ExpenseExampleYear03 615
5 years rr_ExpenseExampleYear05 1,095
10 years rr_ExpenseExampleYear10 2,420
2009 rr_AnnualReturn2009 49.22%
2010 rr_AnnualReturn2010 24.39%
2011 rr_AnnualReturn2011 (8.51%)
2012 rr_AnnualReturn2012 4.41%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 31.01%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.16%)
1 Year rr_AverageAnnualReturnYear01 4.41%
Since Inception rr_AverageAnnualReturnSinceInception 0.63%
Inception Date rr_AverageAnnualReturnInceptionDate May 06, 2008
Symons Small Cap Institutional Fund | Return After Taxes on Distributions | Symons Small Cap Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.19%
Since Inception rr_AverageAnnualReturnSinceInception 0.17%
Inception Date rr_AverageAnnualReturnInceptionDate May 06, 2008
Symons Small Cap Institutional Fund | Return After Taxes on Distributions and Sale of Fund Shares | Symons Small Cap Institutional Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.17%
Since Inception rr_AverageAnnualReturnSinceInception 0.49%
Inception Date rr_AverageAnnualReturnInceptionDate May 06, 2008
Symons Small Cap Institutional Fund | Russell 2000 Index® (reflects no deductions for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
Since Inception rr_AverageAnnualReturnSinceInception 4.98%
Inception Date rr_AverageAnnualReturnInceptionDate May 06, 2008
[1] The adviser 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; any 12b-1 fees; taxes; any indirect expenses, such as fees and expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses do not exceed 1.56% of the Small Cap Fund's average daily net assets through March 31, 2016. This expense cap may not be terminated prior to this date except by the Board of Trustees. Each fee waiver and expense reimbursement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the particular expense or reimbursement was incurred, provided that the Fund is able to make the repayment without exceeding the applicable expense limitation.
[2] (After Fee Waiver/Expense Reimbursement)
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