485BPOS

As filed with the Securities and Exchange Commission on January 22, 2013
Registration No. 333-29289
Registration No. 811-08255

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ( X )

Pre-Effective Amendment No. ( )
Post-Effective Amendment No. (89)
and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ( X )
Amendment No. (90)

WORLD FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)

8730 Stony Point Parkway, Suite 205, Richmond, VA 23235
(Address of Principal Executive Offices)

(800) 527-9525
(Registrant’s Telephone Number)

Jones & Keller, P.C.
1999 Broadway, Suite 3150
Denver, CO 80202
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box):

[X	]	immediately upon filing pursuant to paragraph (b).
[	]	on ____________ pursuant to paragraph (b).
[	]	60 days after filing pursuant to paragraph (a)(a).
[	]	on ____________ pursuant to paragraph (a)(1).
[	]	75 days after filing pursuant to paragraph (a)(2).
[	]	on (date) pursuant to paragraph (a)(2) of Rule 485.

EXPLANATORY NOTE

This Post-Effective Amendment No. 89 to the Company’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 88 filed on January 2, 2013 and incorporates Parts A, B and C from said amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 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 (the “Securities Act”) and the Registrant has duly caused this Post-Effective Amendment No. 89 to the Registrant’s Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 22^th day of January 2013.

WORLD FUNDS, INC.

By:	/s/ John Pasco, III
John Pasco, III
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 89 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/s/ John Pasco, III	Director, Chairman and Chief Executive Officer	January 22, 2013
*Sam Boyd, Jr.	Director	January 22, 2013
*Paul M. Dickinson	Director	January 22, 2013
*William E. Poist	Director	January 22, 2013
*Karen Shupe	Treasurer and Chief Financial Officer	January 22, 2013

*By: /s/ John Pasco, III
John Pasco, III

Attorney-in-fact pursuant to Powers of Attorney are incorporated herein by reference to Exhibit No. 23(q)(1) of Post Effective Amendment No. 62 to the Registrant’s Registration Statement on Form N-1A (File Nos. 333-29289 and 811-8255) as filed with the SEC on May 1, 2007.

EXHIBIT INDEX

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

Toreador International Fund

FUND SUMMARY

Investment Objective

The investment objective of the Fund is capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 

Shareholder Transaction Fees
(fees paid directly from your investment)

Shareholder Fees Toreador International Fund		Investor Shares (previously Class A Shares)	Institutional Shares
Redemption Fee as a % of amount redeemed, if applicable)	[1]	1.00%	1.00%

Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Toreador International Fund		Investor Shares (previously Class A Shares)	Institutional Shares
Advisory Fee		1.15%	1.15%
Distribution (12b-1) and Service Fees		0.25%	none
Other Expenses		1.95%	1.95%
Acquired Fund Fees and Expenses		none	none
Total Annual Fund Operating Expenses	[1]	3.35%	3.10%
Less Fee Waivers and/or Expense Reimbursements	[1]	(1.35%)	(1.35%)
Net Expenses	[1]	2.00%	1.75%

Example:

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the 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 Toreador International Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Investor Shares (previously Class A Shares)	203	904	1,629	3,549
Institutional Shares	178	830	1,508	3,317

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 37.69% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing in a non-diversified portfolio consisting primarily of equity securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in securities of companies located outside the United States.  This investment policy may be changed by the Fund upon 60 days’ prior notice to shareholders. Equity securities consist of common stock, depositary receipts, and securities convertible into common stock, such as warrants, rights, convertible bonds, debentures and convertible preferred stocks.

The foreign securities the Fund purchases may not always be purchased on the principal market.  For example, depositary receipts may be purchased if trading conditions make them more attractive than the underlying security.  Depositary  receipts  include  securities such as American  Depositary  Receipts ("ADRs"),  European  Depositary  Receipts ("EDRs"),  Global Depositary  Receipts ("GDRs") and Registered Depositary  Certificates ("RDCs").  ADRs are securities, typically issued by a U.S. financial institution (a "depositary"), that represent ownership interests in a security or a pool of securities issued by a foreign issuer and deposited with the depositary.  GDRs and EDRs are securities that represent ownership interests in a security or pool of securities issued by a foreign or U.S. corporation.  Depositary receipts may be available through "sponsored" or "unsponsored" facilities.  A sponsored  facility is established jointly by the issuer of the security underlying the receipt and the depositary, whereas  an  unsponsored  facility  is  established  by the  depositary  without participation  by the issuer of the  underlying  security.  The market  value of depositary  receipts  is  dependent  on  the  market  value  of  the  underlying securities,  and  fluctuations  in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

In addition to the equity  securities  described  above,  the Fund may also invest in shares of other registered  investment  companies,  such as closed-end investment  companies and  exchange-traded  funds ("ETFs").  ETFs, generally, are investment companies that seek to track the performance of a particular market index. These investment companies invest in securities that are consistent with the Fund's investment objective and strategies. By investing in other investment companies, the Fund indirectly pays a portion of the expenses and brokerage costs of these companies as well as its own expenses.  Also, federal securities laws impose limits on such investments, which may affect the ability of the Fund to purchase or sell these shares.  Securities of other investment companies will be acquired by the Fund within the limits contained in the Investment Company Act of 1940, as amended (the "1940 Act").

In selecting securities for the Fund, Toreador Research & Trading, LLC  (the “Adviser”) emphasizes fundamental company-by-company analysis in conjunction with a broader analysis of specific sectors. When relevant, however, the Adviser may consider historical value measures, such as price/earnings ratios, operating profit margins and liquidation values. The primary factor in selecting securities for investment by the Fund will be the company's current price relative to its long-term earnings potential, or intrinsic value as determined using discounted cash flow analysis and other valuation techniques, whichever are appropriate. In addition, the Adviser will consider overall growth prospects, competitive positions in export markets, technologies, research and development, productivity, labor costs, raw material costs and sources, profit margins, returns on investment, capital resources, state regulation, management and other factors in comparison to other companies around the world which the Adviser believes are comparable. The Adviser, in selecting investments, will also consider macro-economic factors such as inflation and gross domestic product growth.

In determining which portfolio securities to sell, the Adviser considers the following: (1) if a security appreciates such that, as a total percentage of the Fund's portfolio, it becomes too large; (2) if the sector or security appears to be under-performing; (3) if the company’s management appears to be engaging in conduct not in the best interest of public shareholders; (4) if it is necessary to sell loss positions in order to reduce taxable gains to Fund shareholders reflected in earlier sales of positions with gains; and (5) if it is necessary to raise funds to cover redemptions.

Principal Risks

The principal risk of investing in the Fund is that the value of its investments are subject to market, economic and business risk that may cause the Fund's net asset value ("NAV") to fluctuate over time. Therefore, the value of your investment in the Fund could decline and you could lose money. There is no assurance that the Adviser will achieve the Fund's investment objective.  An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Equity Risk – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Market Risk – The Fund is subject to market risk. Market risk is the possibility that, over short or long periods, stock prices will decline. Because stock prices tend to fluctuate, the value of your investment in the Fund may increase or decrease. The Fund's investment success depends on the skill of the Adviser in evaluating, selecting and monitoring the portfolio assets. If the Adviser's conclusions about growth rates or securities values are incorrect, the Fund may not perform as anticipated.

Foreign Investing – The Fund will invest in foreign securities. These investments may involve financial, economic or political risks that are not ordinarily associated with investments in U.S. securities. Therefore, the Fund's NAV may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, different regulatory standards, less liquidity and increased volatility, taxes and adverse social or political developments.

The Fund also invests in securities of companies that trade in emerging and developing markets. In addition to the typical risks that are associated with investing in foreign countries, companies in developing countries generally do not have lengthy operating histories. Consequently, these markets may be subject to more substantial volatility and price fluctuations than securities traded in more developed markets.

Emerging and Developing Markets – The Fund's investments in emerging and developing countries involve the same risks that are associated with foreign investing in general. In addition to those risks, companies in such countries generally do not have lengthy operating histories. Consequently, these markets may be subject to more substantial volatility and price fluctuations than securities that are traded on more developed markets.

Depositary Receipts – In addition to the risk of foreign investments applicable to the underlying securities, unsponsored depositary receipts may also be subject to the risks that the foreign issuer may not be obligated to cooperate with the U.S. depository, may not provide additional financial and other information to the depository or the investor, or that such information in the U.S. market may not be current.

Investment Companies and ETFs – The Fund may invest a portion of its assets in other investment companies, including ETFs. By investing in other investment companies, the Fund indirectly pays a portion of the expenses and brokerage costs of these companies as well as its own expenses. Also, federal securities laws impose limits on such investments, which may affect the ability of the Fund to purchase or sell these shares.  Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which may result in a loss. 

Non-Diversification Risk – The Fund operates as a non-diversified fund for purposes of the Investment Company Act of 1940, as amended (the "1940 Act"). This means that the Fund may invest a larger portion of its assets in a small number of securities. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these securities, and may experience increased volatility due to its investments in these securities.  

Performance Information

The Fund began operations on October 1, 1998  as the Third Millennium Russia Fund (the "Predecessor Fund").  On August 2, 2012, the Board of Directors of the Fund approved a new Interim Investment Advisory Agreement between the Company, on behalf of the Fund, and the Adviser.  On October 10, 2012 the Fund’s name and investment policies were changed and on December 27, 2012, shareholders approved the new investment advisory agreement between the Company, on behalf of the Fund, and the Adviser; therefore no performance information is being presented as the Fund has not yet completed a full calendar year of operations.

[1] This redemption charge applies to shares redeemed within 90 days of purchase and is retained by the Fund to defray expenses created by short-term investments in the Fund.

[1] The Adviser has contractually agreed to reduce fees and reimburse expenses until December 31, 2013 in order to keep Net Expenses (excluding interest, taxes, brokerage commissions, other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business) from exceeding 2.00% and 1.75% of the Fund's Investor Class (previously Class A) and Institutional shares' average daily net assets, respectively. As a result of the Advisor and the related advisory contract being approved by the shareholders on December 27, 2012, the Total Annual Fund Operating Expenses in this table reflect the new fees and are different from those in the Financial Highlights section of this Prospectus.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Dec. 31, 2012

Registrant Name

dei_EntityRegistrantName

WORLD FUNDS INC /MD/

Central Index Key

dei_EntityCentralIndexKey

0001040674

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Dec. 31, 2012

Document Effective Date

dei_DocumentEffectiveDate

Dec. 31, 2012

Prospectus Date

rr_ProspectusDate

Dec. 31, 2012

Toreador International Fund | Investor Shares (previously Class A Shares)

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee as a % of amount redeemed, if applicable) {negatedLabel}

rr_RedemptionFeeOverRedemption

(1.00%)

^[1]

Advisory Fee

rr_ManagementFeesOverAssets

1.15%

Distribution (12b-1) and Service Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

1.95%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

none

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.35%

^[2]

Less Fee Waivers and/or Expense Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(1.35%)

^[2]

Net Expenses

rr_NetExpensesOverAssets

2.00%

^[2]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

203

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

904

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,629

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

3,549

Toreador International Fund | Institutional Shares

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee as a % of amount redeemed, if applicable) {negatedLabel}

rr_RedemptionFeeOverRedemption

(1.00%)

^[1]

Advisory Fee

rr_ManagementFeesOverAssets

1.15%

Distribution (12b-1) and Service Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

1.95%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

none

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.10%

^[2]

Less Fee Waivers and/or Expense Reimbursements

rr_FeeWaiverOrReimbursementOverAssets

(1.35%)

^[2]

Net Expenses

rr_NetExpensesOverAssets

1.75%

^[2]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

178

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

830

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,508

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

3,317

Toreador International Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return

rr_RiskReturnHeading

FUND SUMMARY

Objective

rr_ObjectiveHeading

Investment Objective

Objective, Primary

rr_ObjectivePrimaryTextBlock

The investment objective of the Fund is capital appreciation.

Expense

rr_ExpenseHeading

Fees and Expenses

Expense Narrative

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 

Shareholder Fees Caption

rr_ShareholderFeesCaption

Shareholder Transaction Fees
(fees paid directly from your investment)

Operating Expenses Caption

rr_OperatingExpensesCaption

Annual Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover Heading

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 37.69% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

37.69%

Expense Example

rr_ExpenseExampleHeading

Example:

Expense Example Narrative

rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the 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

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative

rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing in a non-diversified portfolio consisting primarily of equity securities. Under normal market conditions, the Fund will invest at least 80% of its net assets in securities of companies located outside the United States.  This investment policy may be changed by the Fund upon 60 days’ prior notice to shareholders. Equity securities consist of common stock, depositary receipts, and securities convertible into common stock, such as warrants, rights, convertible bonds, debentures and convertible preferred stocks.

The foreign securities the Fund purchases may not always be purchased on the principal market.  For example, depositary receipts may be purchased if trading conditions make them more attractive than the underlying security.  Depositary  receipts  include  securities such as American  Depositary  Receipts ("ADRs"),  European  Depositary  Receipts ("EDRs"),  Global Depositary  Receipts ("GDRs") and Registered Depositary  Certificates ("RDCs").  ADRs are securities, typically issued by a U.S. financial institution (a "depositary"), that represent ownership interests in a security or a pool of securities issued by a foreign issuer and deposited with the depositary.  GDRs and EDRs are securities that represent ownership interests in a security or pool of securities issued by a foreign or U.S. corporation.  Depositary receipts may be available through "sponsored" or "unsponsored" facilities.  A sponsored  facility is established jointly by the issuer of the security underlying the receipt and the depositary, whereas  an  unsponsored  facility  is  established  by the  depositary  without participation  by the issuer of the  underlying  security.  The market  value of depositary  receipts  is  dependent  on  the  market  value  of  the  underlying securities,  and  fluctuations  in the relative value of the currencies in which the depositary receipts and the underlying securities are quoted.

In addition to the equity  securities  described  above,  the Fund may also invest in shares of other registered  investment  companies,  such as closed-end investment  companies and  exchange-traded  funds ("ETFs").  ETFs, generally, are investment companies that seek to track the performance of a particular market index. These investment companies invest in securities that are consistent with the Fund's investment objective and strategies. By investing in other investment companies, the Fund indirectly pays a portion of the expenses and brokerage costs of these companies as well as its own expenses.  Also, federal securities laws impose limits on such investments, which may affect the ability of the Fund to purchase or sell these shares.  Securities of other investment companies will be acquired by the Fund within the limits contained in the Investment Company Act of 1940, as amended (the "1940 Act").

In selecting securities for the Fund, Toreador Research & Trading, LLC  (the “Adviser”) emphasizes fundamental company-by-company analysis in conjunction with a broader analysis of specific sectors. When relevant, however, the Adviser may consider historical value measures, such as price/earnings ratios, operating profit margins and liquidation values. The primary factor in selecting securities for investment by the Fund will be the company's current price relative to its long-term earnings potential, or intrinsic value as determined using discounted cash flow analysis and other valuation techniques, whichever are appropriate. In addition, the Adviser will consider overall growth prospects, competitive positions in export markets, technologies, research and development, productivity, labor costs, raw material costs and sources, profit margins, returns on investment, capital resources, state regulation, management and other factors in comparison to other companies around the world which the Adviser believes are comparable. The Adviser, in selecting investments, will also consider macro-economic factors such as inflation and gross domestic product growth.

In determining which portfolio securities to sell, the Adviser considers the following: (1) if a security appreciates such that, as a total percentage of the Fund's portfolio, it becomes too large; (2) if the sector or security appears to be under-performing; (3) if the company’s management appears to be engaging in conduct not in the best interest of public shareholders; (4) if it is necessary to sell loss positions in order to reduce taxable gains to Fund shareholders reflected in earlier sales of positions with gains; and (5) if it is necessary to raise funds to cover redemptions.

Risk

rr_RiskHeading

Principal Risks

Risk Narrative

rr_RiskNarrativeTextBlock

The principal risk of investing in the Fund is that the value of its investments are subject to market, economic and business risk that may cause the Fund's net asset value ("NAV") to fluctuate over time. Therefore, the value of your investment in the Fund could decline and you could lose money. There is no assurance that the Adviser will achieve the Fund's investment objective.  An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Equity Risk – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Market Risk – The Fund is subject to market risk. Market risk is the possibility that, over short or long periods, stock prices will decline. Because stock prices tend to fluctuate, the value of your investment in the Fund may increase or decrease. The Fund's investment success depends on the skill of the Adviser in evaluating, selecting and monitoring the portfolio assets. If the Adviser's conclusions about growth rates or securities values are incorrect, the Fund may not perform as anticipated.

Foreign Investing – The Fund will invest in foreign securities. These investments may involve financial, economic or political risks that are not ordinarily associated with investments in U.S. securities. Therefore, the Fund's NAV may be affected by changes in exchange rates between foreign currencies and the U.S. dollar, different regulatory standards, less liquidity and increased volatility, taxes and adverse social or political developments.

The Fund also invests in securities of companies that trade in emerging and developing markets. In addition to the typical risks that are associated with investing in foreign countries, companies in developing countries generally do not have lengthy operating histories. Consequently, these markets may be subject to more substantial volatility and price fluctuations than securities traded in more developed markets.

Emerging and Developing Markets – The Fund's investments in emerging and developing countries involve the same risks that are associated with foreign investing in general. In addition to those risks, companies in such countries generally do not have lengthy operating histories. Consequently, these markets may be subject to more substantial volatility and price fluctuations than securities that are traded on more developed markets.

Depositary Receipts – In addition to the risk of foreign investments applicable to the underlying securities, unsponsored depositary receipts may also be subject to the risks that the foreign issuer may not be obligated to cooperate with the U.S. depository, may not provide additional financial and other information to the depository or the investor, or that such information in the U.S. market may not be current.

Investment Companies and ETFs – The Fund may invest a portion of its assets in other investment companies, including ETFs. By investing in other investment companies, the Fund indirectly pays a portion of the expenses and brokerage costs of these companies as well as its own expenses. Also, federal securities laws impose limits on such investments, which may affect the ability of the Fund to purchase or sell these shares.  Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which may result in a loss. 

Non-Diversification Risk – The Fund operates as a non-diversified fund for purposes of the Investment Company Act of 1940, as amended (the "1940 Act"). This means that the Fund may invest a larger portion of its assets in a small number of securities. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these securities, and may experience increased volatility due to its investments in these securities.  

Risk Lose Money

rr_RiskLoseMoney

The principal risk of investing in the Fund is that the value of its investments are subject to market, economic and business risk that may cause the Fund's net asset value ("NAV") to fluctuate over time. Therefore, the value of your investment in the Fund could decline and you could lose money.

Bar Chart and Performance Table

rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative

rr_PerformanceNarrativeTextBlock

The Fund began operations on October 1, 1998  as the Third Millennium Russia Fund (the "Predecessor Fund").  On August 2, 2012, the Board of Directors of the Fund approved a new Interim Investment Advisory Agreement between the Company, on behalf of the Fund, and the Adviser.  On October 10, 2012 the Fund’s name and investment policies were changed and on December 27, 2012, shareholders approved the new investment advisory agreement between the Company, on behalf of the Fund, and the Adviser; therefore no performance information is being presented as the Fund has not yet completed a full calendar year of operations.

[1] This redemption charge applies to shares redeemed within 90 days of purchase and is retained by the Fund to defray expenses created by short-term investments in the Fund.

[2] The Adviser has contractually agreed to reduce fees and reimburse expenses until December 31, 2013 in order to keep Net Expenses (excluding interest, taxes, brokerage commissions, other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business) from exceeding 2.00% and 1.75% of the Fund's Investor Class (previously Class A) and Institutional shares' average daily net assets, respectively. As a result of the Advisor and the related advisory contract being approved by the shareholders on December 27, 2012, the Total Annual Fund Operating Expenses in this table reflect the new fees and are different from those in the Financial Highlights section of this Prospectus.