The Texas Fund 
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- The Texas Fund
- Investment Objective
- Principle Investment Strategies
- Principle Investment Risks
- Prospectus
Investment Selection Risk. The Fund’s ability to achieve its investment objective is dependent on the Sub-Adviser’s ability to identify profitable investment opportunities for the Fund. Market Risk. The value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions and general equity market conditions.
Business and Sector Risk. From time to time, a particular set of circumstances may affect a particular industry or certain companies within an industry, while having little or no impact on other industries or other companies within the industry.
Geographic Concentration Risk. The Fund’s investments are concentrated in Texas, and therefore the Fund will be susceptible to adverse market, political, regulatory, social, economic and geographic events affecting Texas.The Fund’s performance may be more volatile than the performance of more geographically diverse funds.Since one of the main industries in Texas is mining and logging, including the oil and gas sectors, Texas is particularly susceptible to economic, environmental and political activities affecting this industry.
Oil and Gas Sector Risk. Companies in the oil and gas sector may have significant operations in areas at risk for natural disasters, social unrest and environmental damage.These companies may also be at risk for increased government regulations and intervention, litigation, and negative publicity and perception.
Large Company Risk. The Fund may invest in larger, more established companies, which may be unable to respond to new competitive challenges.Additionally, large companies may be unable to attain the high growth rates of successful, small companies, especially during extended periods of economic expansion.
Small and Mid-Capitalization Company Risk. The Fund may invest in small and medium capitalization companies which involve greater risks than those associated with larger, more established companies.Smaller companies may be subject to more abrupt or erratic price movements.
New Portfolio Managers Risk. Although the Fund’s Portfolio Managers have managed individual separate accounts in the past, they have not had previous experience managing a mutual fund prior to serving as the Portfolio Managers for the Fund, which may limit the Portfolio Managers’ effectiveness.
New Fund Risk. The Fund was formed in September, 2013, and the Sub-Adviser has not previously managed an investment company registered under the Investment Company Act of 1940.Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.The Fund is not a complete investment program.