As filed with the Securities and Exchange Commission on May 31, 2013
File Nos. 002-67052 and 811-03023
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
Post-Effective Amendment No. 415
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 416
FORUM FUNDS
Three Canal Plaza, Suite 600
Portland, Maine 04101
207-347-2090
Stacy Fuller, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006
Copies to:
Lina Bhatnagar
Atlantic Fund Services
Three Canal Plaza
Portland, ME 04101
It is proposed that this filing will become effective:
[X] immediately upon filing pursuant to Rule 485, paragraph (b)(1)
[ ] on _____________, pursuant to Rule 485, paragraph (b)(1)
[ ] 60 days after filing pursuant to Rule 485, paragraph (a)(1)
[ ] on _____________, pursuant to Rule 485, paragraph (a)(1)
[ ] 75 days after filing pursuant to Rule 485, paragraph (a)(2)
[ ] on _____________, pursuant to Rule 485, paragraph (a)(2)
[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
This PEA No. 415 is filed for the sole purpose of submitting XBRL exhibit for the risk/return summary first provided in PEA No. 410 to the Trusts Registration Statement.
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 has met all of the requirements for effectiveness of this registration statement under Rule 485(b) of the Securities Act of 1933 and has duly caused this amendment to its registration statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Portland, and State of Maine on May 31, 2013.
Forum Funds |
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/s/ Stacey E. Hong |
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Stacey E. Hong, President |
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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 indicated on May 31, 2013.
(a) | Principal Executive Officer | |
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| /s/ Stacey E. Hong |
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| Stacey E. Hong |
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| Principal Executive Officer |
(b) | Principal Financial Officer |
| /s/ Karen Shaw |
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| Karen Shaw |
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| Principal Financial Officer |
(c) | A majority of the Trustees |
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| John Y. Keffer, Trustee* |
| James C. Cheng, Trustee* |
| J. Michael Parish, Trustee* |
| Costas Azariadis, Trustee* |
| David Tucker, Trustee* |
By: | /s/ Lina Bhatnagar |
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| Lina Bhatnagar |
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| As Attorney-in-fact |
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* Pursuant to powers of attorney previously filed.
EXHIBIT INDEX
Index No. |
| Description of Exhibit |
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EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
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Monongahela All Cap Value Fund | |||||||||||||||||||||||||
Monongahela All Cap Value Fund |
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Investment Objective |
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Monongahela All Cap Value Fund (the Fund) seeks total return through long-term capital appreciation and income. |
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Fees and Expenses |
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This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees (fees paid directly from your investment) |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Example. |
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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Portfolio Turnover. |
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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 annual fund operating expenses or in the Example, affect the Funds performance. |
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Principal Investment Strategies |
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The Fund seeks to achieve its investment objective by investing primarily in a portfolio of domestic equity securities, which primarily consist of common and preferred stocks and securities convertible into common stocks, securities of companies of any market capitalization. The Fund invests in securities that the Adviser believes are undervalued and exhibit the likelihood of exceeding market returns. Utilizing fundamental research, the Fund seeks equity securities selling at discounts to their underlying values with the intention to hold these securities until their market values reflect or exceed their intrinsic values. Under normal circumstances the Adviser expects the holding period of the equity securities in which the Fund invests to be between 2 and 6 years. While the Funds vision is long term, however, the relationship of equity price to intrinsic value will ultimately determine the holding period of a given security. When discounts to intrinsic value are discovered, a security becomes a candidate for purchase. Conversely, when the market places a premium on a security as compared to its intrinsic value, the security becomes a sell candidate. Consistent with its investment objective, the Fund intends to invest opportunistically in the various market capitalization segments and to vary its allocations to micro, small, mid and large capitalization companies. The Fund may invest in foreign equity securities and sponsored and unsponsored American Depositary Receipts (ADRs) of companies located in developed countries using the same value-oriented approach the Fund uses to invest in domestic equity securities. The Fund may sell covered call options with proceeds totaling up to 10% of the value of the Fund's assets. The Adviser believes this strategy will add to the performance and reduce the volatility of the Fund by generating income to offset losses on portfolio securities in falling markets and limiting returns on portfolio securities to the exercise price in rising markets. The Fund may invest up to 30% of its assets in fixed-income securities whose returns the Adviser believes will provide comparable returns to the equities in which the Fund invests. The Fund will only invest in fixed-income investments of investment grade quality, defined as Baa in the case of Moodys Investors Service, Inc. (Moodys) and BBB in the case of Standard & Poors Financial Services, LLC, a division of the McGraw-Hill Companies, Inc. (S&P). |
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Principal Investment Risks |
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The Funds net asset value (NAV) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund or the Fund could underperform other investments. 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. It is important that investors closely review and understand the risks of investing in the Fund. Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for trading. Equity Risk. The Funds equity holdings, which include common stocks, may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security or broader economic or market events including changes in interest rates. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause an increase in investment risk and price volatility. Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest. Foreign Investments Risk. Foreign investments may be subject to the same risks as domestic investments and to additional risks which include international trade, currency, political, regulatory and diplomatic risks, which may affect their value. Also, foreign securities are subject to the risk that their market price may not reflect the issuers condition because there is not sufficient publicly available information about the issuer. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Large Capitalization Company Risk. The Funds investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. Management Risk. The Fund is actively managed, and its performance will reflect the Advisers ability to make investment decisions that are suited to achieving the Funds investment objectives. Additionally, while the Adviser has been managing assets for investors since 1999, the Adviser has not previously managed a registered mutual fund. Mid Capitalization Company Risk. The Funds investments in mid capitalization companies may be less liquid and their securities prices may fluctuate more than those of larger, more established companies. Selling Call Options Risk. The Fund may sell covered call options and may be required to sell the underlying security and, therefore, not participate in gains if the stock price exceeds the exercise price, before the expiration date of the option. Small and Micro Capitalization Company Risk. The Funds investments in small and micro capitalization companies may be less liquid and their securities prices may fluctuate more than those of larger, more established companies. Value Investment Risk. The Fund may invest in securities the Adviser believes are undervalued. The value of the Funds shares may decline, even if stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political and economic developments. |
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Performance Information |
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The Fund is newly created and does not have a full calendar year performance record. Performance information will be included after the Fund has been in operation for one calendar year. |
Label | Element | Value | ||||
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[RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
Document Type | dei_DocumentType | 485BPOS | ||||
Document Period End Date | dei_DocumentPeriodEndDate | May 15, 2013 | ||||
Registrant Name | dei_EntityRegistrantName | Forum Funds | ||||
Central Index Key | dei_EntityCentralIndexKey | 0000315774 | ||||
Amendment Flag | dei_AmendmentFlag | false | ||||
Document Creation Date | dei_DocumentCreationDate | May 15, 2013 | ||||
Document Effective Date | dei_DocumentEffectiveDate | May 15, 2013 | ||||
Prospectus Date | rr_ProspectusDate | May 15, 2013 | ||||
Monongahela All Cap Value Fund
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[RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Monongahela All Cap Value Fund |
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Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Monongahela All Cap Value Fund (the Fund) seeks total return through long-term capital appreciation and income. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
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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 Fund. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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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) |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2016-09-01 | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. |
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Portfolio Turnover [Text Block] | 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 annual fund operating expenses or in the Example, affect the Funds performance. |
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Expense Example by Year [Heading] | rr_ExpenseExampleByYearHeading | Example. |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to achieve its investment objective by investing primarily in a portfolio of domestic equity securities, which primarily consist of common and preferred stocks and securities convertible into common stocks, securities of companies of any market capitalization. The Fund invests in securities that the Adviser believes are undervalued and exhibit the likelihood of exceeding market returns. Utilizing fundamental research, the Fund seeks equity securities selling at discounts to their underlying values with the intention to hold these securities until their market values reflect or exceed their intrinsic values. Under normal circumstances the Adviser expects the holding period of the equity securities in which the Fund invests to be between 2 and 6 years. While the Funds vision is long term, however, the relationship of equity price to intrinsic value will ultimately determine the holding period of a given security. When discounts to intrinsic value are discovered, a security becomes a candidate for purchase. Conversely, when the market places a premium on a security as compared to its intrinsic value, the security becomes a sell candidate. Consistent with its investment objective, the Fund intends to invest opportunistically in the various market capitalization segments and to vary its allocations to micro, small, mid and large capitalization companies. The Fund may invest in foreign equity securities and sponsored and unsponsored American Depositary Receipts (ADRs) of companies located in developed countries using the same value-oriented approach the Fund uses to invest in domestic equity securities. The Fund may sell covered call options with proceeds totaling up to 10% of the value of the Fund's assets. The Adviser believes this strategy will add to the performance and reduce the volatility of the Fund by generating income to offset losses on portfolio securities in falling markets and limiting returns on portfolio securities to the exercise price in rising markets. The Fund may invest up to 30% of its assets in fixed-income securities whose returns the Adviser believes will provide comparable returns to the equities in which the Fund invests. The Fund will only invest in fixed-income investments of investment grade quality, defined as Baa in the case of Moodys Investors Service, Inc. (Moodys) and BBB in the case of Standard & Poors Financial Services, LLC, a division of the McGraw-Hill Companies, Inc. (S&P). |
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Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund seeks to achieve its investment objective by investing primarily in a portfolio of domestic equity securities, which primarily consist of common and preferred stocks and securities convertible into common stocks, securities of companies of any market capitalization. The Fund invests in securities that the Adviser believes are undervalued and exhibit the likelihood of exceeding market returns. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Funds net asset value (NAV) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund or the Fund could underperform other investments. 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. It is important that investors closely review and understand the risks of investing in the Fund. Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for trading. Equity Risk. The Funds equity holdings, which include common stocks, may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security or broader economic or market events including changes in interest rates. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause an increase in investment risk and price volatility. Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest. Foreign Investments Risk. Foreign investments may be subject to the same risks as domestic investments and to additional risks which include international trade, currency, political, regulatory and diplomatic risks, which may affect their value. Also, foreign securities are subject to the risk that their market price may not reflect the issuers condition because there is not sufficient publicly available information about the issuer. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Large Capitalization Company Risk. The Funds investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. Management Risk. The Fund is actively managed, and its performance will reflect the Advisers ability to make investment decisions that are suited to achieving the Funds investment objectives. Additionally, while the Adviser has been managing assets for investors since 1999, the Adviser has not previously managed a registered mutual fund. Mid Capitalization Company Risk. The Funds investments in mid capitalization companies may be less liquid and their securities prices may fluctuate more than those of larger, more established companies. Selling Call Options Risk. The Fund may sell covered call options and may be required to sell the underlying security and, therefore, not participate in gains if the stock price exceeds the exercise price, before the expiration date of the option. Small and Micro Capitalization Company Risk. The Funds investments in small and micro capitalization companies may be less liquid and their securities prices may fluctuate more than those of larger, more established companies. Value Investment Risk. The Fund may invest in securities the Adviser believes are undervalued. The value of the Funds shares may decline, even if stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political and economic developments. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You could lose money on your investment in the Fund or the Fund could underperform other investments. |
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Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | 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. |
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Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund is newly created and does not have a full calendar year performance record. Performance information will be included after the Fund has been in operation for one calendar year. |
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund is newly created and does not have a full calendar year performance record. Performance information will be included after the Fund has been in operation for one calendar year. |
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Monongahela All Cap Value Fund | Monongahela All Cap Value Fund
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[RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
Trading Symbol | dei_TradingSymbol | MCMVX | ||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase, if applicable) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
Management Fees | rr_ManagementFeesOverAssets | 0.75% | ||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other Expenses | rr_OtherExpensesOverAssets | 0.54% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.29% | ||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.44%) | [2] | |||
Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 0.85% | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 87 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 271 | ||||
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