Fund Summary

The investment objective of the PCS Commodity Strategy Fund is to seek to provide long term total return. The Fund seeks to achieve its investment objective by investing in:

[A] A portfolio of commodity-linked futures contracts traded on U.S. and foreign exchanges and,

[B] A fixed-income portfolio made up primarily of cash, cash equivalents, short-term U.S. government securities, and certain other money market instruments.

There is no guarantee that any investment will achieve its objectives, generate positive returns or avoid losses.

The Fund

pam  Comments & Resources from the Fund Advisor

  • Commentaries from the Management Team
  • The Commodity Curve | Asset Class Updates
  • Jim Rogers: Don’t Rule Out a Bull Run in Commodities [8/26/15]
  • Jim Rogers: Current State of the Commodity Asset Class [3/11/15]
  • Quarterly RICI® Index Summaries
  • Webinars: Commodities & Energy


Commodity Investments

The Fund will follow a rules-based methodology to seek to replicate the Rogers International Commodity Index® (the “Index”). The Index is a composite, U.S. dollar-based, total return index. The Index was designed to meet the need for consistent investing in a broad-based international vehicle; it represents the value of a basket of commodities consumed in the global economy, including agricultural, energy and metal products. The value of this basket is tracked via futures contracts on 38 different exchange-traded physical commodities, quoted in four currencies, listed on ten exchanges in four countries. The Index aims to be an effective measure of the price action of raw materials not just in the United States but also around the world. The Index’s weightings attempt to balance consumption patterns worldwide (in developed and developing countries) of raw materials with the liquidity of the futures contracts on the raw materials. Each month, the Fund will rebalance the Fund’s futures positions back to the RICI’s® initial weightings.

The Fund will hold long-only positions in the futures contracts underlying the Index. Accordingly, the value of the Fund’s futures portfolio will increase only if, in aggregate, the value of the component raw materials represented in the futures portfolio increases. The Fund will use a series of rules to generate trades and positions in commodity-linked futures contracts that seek to track the Index.

The Fund expects to gain exposure to the commodities market indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary (the “Subsidiary”), which is designed to enhance the ability of the Fund to obtain exposure to the commodities market through commodity-linked futures investments consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (“1940 Act”) asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives.

Fixed Income Investments

Assets not invested by the Fund in the Subsidiary or directly in commodity-linked futures contracts are invested in cash, cash equivalents, short-term U.S. Government securities, and certain other money market instruments. The Fund’s fixed income investments consist primarily of direct and guaranteed obligations of the U.S. Government and senior obligations of U.S. Government agencies as well as money market securities.