0001435109-13-000020.txt : 20130118 0001435109-13-000020.hdr.sgml : 20130118 20130117173839 ACCESSION NUMBER: 0001435109-13-000020 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130117 EFFECTIVENESS DATE: 20130118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 IRS NUMBER: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-67052 FILM NUMBER: 13535714 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 IRS NUMBER: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03023 FILM NUMBER: 13535715 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607

0000315774 S000026460 Merk Absolute Return Currency Fund

C000079393 Investor MABFX

C000087782 Institutional Share Class MAAIX

0000315774 S000033758 Merk Currency Enhanced U.S. Equity Fund

C000104328 Investor Shares MUSFX

C000104329 Institutional Shares MUSIX

485BPOS 1 d30106.htm 485BPOS

As filed with the Securities and Exchange Commission on January 18, 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. 391

AND

REGISTRATION STATEMENT UNDER THE

INVESTMENT COMPANY ACT OF 1940

Amendment No. 392

_____________________________________________________________________________________________

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. 391 is filed for the sole purpose of submitting XBRL exhibit for the risk/return summary first provided in PEA No. 389 to the Trust’s 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 January 18, 2013.

Forum Funds

/s/ Stacey E. Hong
Stacey E. Hong, President

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 January 18, 2013.

(a)	Principal Executive Officer

	/s/ Stacey E. Hong
	Stacey E. Hong
	Principal Executive Officer

(b)	Principal Financial Officer

	/s/ Karen Shaw
	Karen Shaw
	Principal Financial Officer

(c)	A majority of the Trustees

	John Y. Keffer, Trustee*
	James C. Cheng, Trustee*
	J. Michael Parish, Trustee*
	Costas Azariadis, Trustee*
	David Tucker, Trustee*

By:	/s/ Lina Bhatnagar
	Lina Bhatnagar
	As Attorney-in-fact

* Pursuant to powers of attorney previously filed.

EXHIBIT INDEX

Index No.		Description of Exhibit

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 ff-20121231.xml XBRL INSTANCE FILE 0000315774 2012-12-31 2012-12-31 0000315774 FF:S000026460Member 2012-12-31 2012-12-31 0000315774 FF:S000026460Member FF:Citigroup3MonthUSTBillIndexMember 2012-12-31 2012-12-31 0000315774 FF:S000026460Member FF:C000079393Member 2012-12-31 2012-12-31 0000315774 FF:S000026460Member FF:C000079393Member rr:AfterTaxesOnDistributionsMember 2012-12-31 2012-12-31 0000315774 FF:S000026460Member FF:C000079393Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-12-31 2012-12-31 0000315774 FF:S000026460Member FF:C000087782Member 2012-12-31 2012-12-31 0000315774 FF:S000033758Member 2012-12-31 2012-12-31 0000315774 FF:S000033758Member FF:C000104328Member 2012-12-31 2012-12-31 0000315774 FF:S000033758Member FF:C000104329Member 2012-12-31 2012-12-31 iso4217:USD xbrli:pure 485BPOS Forum Funds 0000315774 false 2012-12-31 2013-01-01 2013-01-01 Investment Objective Investment Objective The Fund seeks to generate positive absolute returns by investing in securities and instruments that create exposure to currencies. The Fund seeks to generate total return by investing in securities and instruments that create exposure to U.S. equities and currencies. Fees and Expenses Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FF_S000026460Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FF_S000033758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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: 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: <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact FF_S000026460Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact FF_S000033758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Portfolio Turnover. 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 annual fund operating expenses or in the Example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 0% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less. 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. From the date of the Funds inception, September 12, 2011, through the end of the Funds fiscal year, March 31, 2012, the Funds portfolio turnover rate was 0% of the average value of its portfolio. Principal Investment Strategies Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in money market instruments and high quality debt securities denominated in a currency to which the Fund seeks exposure or in a combination of U.S. dollar denominated securities and forward currency contracts that expose the Fund to such currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. Positive absolute returns may be generated from the income produced by the debt securities, plus (minus) the gains (losses) resulting from fluctuations in the values of currencies relative to the U.S. dollar. Absolute returns means a positive return over time irrespective of prevailing market conditions. For purposes of pursuing its investment goal, the Fund will be exposed primarily to currencies of developed countries that, in the Advisers opinion, have liquid currency markets. The Fund typically will buy and sell currencies in the spot and forward markets. In addition, the Fund may enter into derivative currency transactions, including cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, and cross currency swaps. The Fund also may invest in gold, indirectly through exchange traded products (ETPs), forward and futures contracts. In seeking to achieve positive absolute returns, the Adviser makes currency exposure allocations based on quantitative and qualitative analysis in the context of strategic and tactical considerations. Strategic versus Tactical. The Adviser considers factors that lead to gradual allocation changes over months strategic. In contrast, the Adviser considers factors that lead to allocation changes over shorter-periods tactical. Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations. Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a countrys gross domestic product or the central banks benchmark interest rate. Technical considerations may include the relative performance of currencies over time. Additionally, the Adviser may utilize statistical currency analysis to manage overall portfolio risk. This process is referred to as risk overlay. Qualitative Analysis. Qualitative factors that the Adviser may consider include an analysis of monetary policies pursued by central banks and economic environments; a countrys perceived political stability; the risk of government intervention in its financial markets; and proprietary analysis on the outlook of a countrys currency and of gold. This process is referred to as macro overlay. The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses. Once the Adviser has determined the appropriate currency exposure levels, the Adviser will select instruments to create a liquid portfolio of short duration. To mitigate interest rate and credit risk to its portfolio, the Adviser typically maintains a weighted average portfolio maturity of less than eighteen months and buys money market and other short-term debt instruments that are issued by entities with an outstanding unsecured debt issue rated in the top three ratings by U.S. nationally recognized services or that the Adviser considers comparable in quality to instruments rated in the top three ratings. The Adviser may modify the Funds currency and gold allocations as its analysis evolves. When the Fund is invested in currency denominated investments composed of high quality, short-term debt instruments and in gold, the Adviser may employ derivatives to shift the Funds currency exposure to reflect an evolution in the analysis of the strategic and tactical considerations. The Adviser may sacrifice yield in return for high credit quality of debt securities. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies. The Fund seeks to generate total return by managing the currency exposure associated with investments in U.S. equities and financial instruments that provide exposure to the S&P 500. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equities, currencies and financial instruments that provide exposure to U.S. equities and currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. The Fund intends to obtain investment exposure to the S&P 500 correlated to the value of its net assets by investing in exchange traded products (ETPs), other investment companies, securities of companies included in the S&P 500 and S&P 500 derivatives. Because the Fund invests in currency derivatives, the Fund can invest in currencies, while concurrently obtaining investment exposure to the S&P 500 equivalent to the value of its net assets. To gain exposure to the S&P 500, the Fund typically will invest principally in index-based ETPs and other investment companies that track the S&P 500. The Fund also may seek exposure to the S&P 500 by investing directly in the common stocks of companies listed on the S&P 500 or indirectly in options, futures, options on futures and swaps. The performance of these equities and financial instruments in which the Fund will invest is expected to correlate closely to the performance of the S&P 500. The S&P 500 is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The Fund intends to remain invested in ETPs, other investment companies, S&P 500 common stocks, and S&P 500 derivatives, even when the S&P 500 is declining. The Adviser will seek to actively manage the currency exposure associated with the broad U.S. equities markets by seeking exposure to the currencies of countries that, in the Advisers opinion, have liquid currency markets, meaning any market in which there are many buyers and sellers present and in which transactions can take place with relative ease and low costs. The Fund may, but generally will not, take delivery of foreign currencies and sell actual foreign currencies. Rather, the Fund will typically enter into derivative currency transactions, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps and cross currency swaps. The Fund also may invest in gold indirectly through ETPs, forward and futures contracts. The assets that will be used to settle the Funds investments in currency derivatives will be invested in common stocks and financial instruments that provide exposure to the S&P 500 and gold. The Adviser will make currency exposure allocations based on quantitative analysis and qualitative analysis in the context of strategic and tactical considerations. Strategic versus Tactical. The Adviser considers factors that lead to gradual allocation changes over months strategic. In contrast, the Adviser considers factors that lead to allocation changes over shorter-periods tactical. Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations. Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a countrys gross domestic product or the central banks benchmark interest rate. Technical considerations may include the relative performance of currencies over time. Additionally, the Adviser may utilize statistical currency analysis to assess overall currency risk to the portfolio. This process is referred to as risk overlay. Qualitative Analysis. Qualitative factors that the Adviser may consider include an analysis of monetary policies pursued by central banks and economic environments; a countrys perceived political stability; the risk of government intervention in its financial markets; and proprietary analysis on the outlook of a countrys currency and of gold. This process is referred to as macro overlay. The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies. Principal Investment Risks Principal Investment Risks 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. Counterparty Risk. A counterparty to a derivative or other financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. The Fund may experience delays in obtaining recovery or obtain limited or no recovery in such circumstances. Currency Exchange Rate Risk. Changes in currency exchange rates may affect the U.S. dollar value of the Funds investments, including forward currency contracts, cross currency forwards, currency futures, currency swaps and cross currency swaps. Currency Management Strategies Risk. Currency management strategies, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, cross currency swaps, and cross-hedging, may substantially change the Funds exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects. Defensive Position Risk. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive position. Derivatives Risk. The risks of investments in derivatives, including swaps, options, futures contracts and options on futures contracts, include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid. Exchange-Traded Products and Investment Companies Risk. The Funds investments in ETPs and other investment companies generally subjects the Fund to its proportionate share of the ETPs or investment companys expenses and entails the same risks as the underlying investments held by the ETP or the investment company. In addition, certain ETP securities may trade and be purchased by the Fund at a premium or discount to the aggregate value of the underlying investments. When selling ETP securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Trading in an ETP may be halted if the trading in one or more of the ETPs underlying investments is halted. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The value of your investment in the Fund may change in response to changes in the credit ratings of the Funds securities. Investment risk and price volatility may increase as a securitys credit rating declines. Interest Rate Risk. The value of your investment in the Fund may change in response to changes in interest rates. An increase in interest rates may cause a fall in the value of the fixed-income securities in which the Fund may invest. Foreign Instruments Risk. Foreign investments are subject to 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. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S. Forward Currency Contract Risk. Entering into forward currency transactions may generate profits or losses for the Fund depending upon movements in the currencies in which the forward currency contract is denominated. Futures Contract Risk. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts. Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments. Gold-Related Securities Risk. Investments in gold may be subject to greater volatility than investments in traditional securities. The value of investments in gold may be affected by market movements and political, regulatory or other factors affecting the gold industry. Gold generates no interest or dividends, and the return from investments in gold will be derived solely from the price gains or losses from the commodity. Investments in gold may have negative tax consequences for the Fund. Leverage Risk. Certain transactions of the Funds derivatives transactions, such as when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. For example, a small investment in equity index futures could have a meaningful impact on performance. Liquidity Risk. Certain securities and derivatives held by the Fund may be difficult to sell at the time and price the Adviser would like. As a result, the Fund may have to hold these investments longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. 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. 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. Tax Risk. As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code of 1986, as amended. In the event the U.S. Department of the Treasury issues regulations excluding from the definition of qualifying income a regulated investment companys foreign currency gains not directly related to its principal business of investing in securities (or options and futures with respect thereto), the Funds Board may authorize a significant change in investment strategy or Fund liquidation. 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. Counterparty Risk. A counterparty to a derivative or other financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. The Fund may experience delays in obtaining recovery or obtain limited or no recovery in such circumstances. Currency Exchange Rate Risk. Changes in currency exchange rates may affect the U.S. dollar value of the Funds investments, including forward currency contracts, cross currency forwards, currency futures, currency swaps and cross currency swaps. Currency Management Strategies Risk. Currency management strategies, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, cross currency swaps, and cross-hedging, may substantially change the Funds exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects. Defensive Position Risk. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive position. Derivatives Risk. The risks of investments in derivatives, including swaps, options, futures contracts and options on futures contracts, include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid. Enhanced Correlation Risk. Because the Fund invests in ETFs based on the S&P 500, equities of companies in the S&P 500 and financial instruments that provide exposure to the S&P 500, the Funds performance generally may move in the same direction as the S&P 500. However, the Advisers management of the currency risk associated with the Funds investments in equities and financial instruments may not cause the Fund to outperform the S&P 500 or may negatively affect the performance of the Fund, even when the S&P 500 rises. Equity Risk. The Fund is subject to the risks of broad stock market decline or a decline in particular holdings. In addition, the value of a security may decline for a number of reasons which directly relate to the issuer of a security, such as management performance, financial leverage and reduced demand for the issuers goods or services. Common stocks, which are a type of equity security, are generally subordinate to issuers other securities, including convertible and preferred securities. Exchange-Traded Products and Investment Companies Risk. The Funds investments in ETPs and other investment companies generally subjects the Fund to its proportionate share of the ETPs or investment companys expenses and entails the same risks as the underlying investments held by the ETP or the investment company. In addition, certain ETP securities may trade and be purchased by the Fund at a premium or discount to the aggregate value of the underlying investments. When selling ETP securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Trading in an ETP may be halted if the trading in one or more of the ETPs underlying investments is halted. Foreign Instruments Risk. Foreign investments are subject to 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. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S. Forward Currency Contract Risk. Entering into forward currency transactions may generate profits or losses for the Fund depending upon movements in the currencies in which the forward currency contract is denominated. Futures Contract Risk. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts. Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments. Gold-Related Securities Risk. Investments in gold may be subject to greater volatility than investments in traditional securities. The value of investments in gold may be affected by market movements and political, regulatory or other factors affecting the gold industry. Gold generates no interest or dividends, and the return from investments in gold will be derived solely from the price gains or losses from the commodity. Investments in gold may have negative tax consequences for the Fund. Index Futures Risk. The use of index futures involves additional risks and transaction costs that could leave the Fund in a worse position than if it had invested directly in the securities underlying the index. Leverage Risk. Certain transactions of the Funds derivatives transactions, such as when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. For example, a small investment in equity index futures could have a meaningful impact on performance. Liquidity Risk. Certain securities and derivatives held by the Fund may be difficult to sell at the time and price the Adviser would like. As a result, the Fund may have to hold these investments longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. 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. 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. Tax Risk. As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code of 1986, as amended. In the event the U.S. Department of the Treasury issues regulations excluding from the definition of qualifying income a regulated investment companys foreign currency gains not directly related to its principal business of investing in securities (or options and futures with respect thereto), the Funds Board may authorize a significant change in investment strategy or Fund liquidation. Performance Information Performance Information The following chart illustrates the variability of the Investor Share's returns as of December 31, 2011. Because the Investor Shares have higher expenses than the Institutional Shares, the performance of the Investor Shares would be lower than the performance that the Institutional Shares realized for the same period. The chart and table provide some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Funds average annual returns for one year and since inception compare to the Citigroup 3-Month U.S. T-Bill Index. Updated performance information is available at www.merkfunds.com or by calling (866) MERK FUND or (866) 637-5386 (toll free). Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year. <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact FF_S000026460Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FF_S000026460Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FF_S000033758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact FF_S000026460Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Average Annual Total Returns (For the periods ended December 31, 2011) Annual Returns as of December 31 Investor Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0100 0.0100 0.0072 0.0072 0.0025 0 0.0025 0 0.0005 0.0005 0.0033 0.0033 0.0008 0.0008 132 107 141 115 412 334 437 359 713 579 755 622 1568 1283 1657 1375 0.0465 -0.0841 2009-09-09 (reflects no deduction for fees, expenses or taxes) Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes 0.0008 -0.0841 -0.0922 -0.0542 -0.0829 0.0011 -0.0263 -0.0301 -0.0242 -0.0246 MABFX MAAIX MUSFX MUSIX Merk Absolute Return Currency Fund - Investor Shares and Institutional Shares Merk Currency Enhanced U.S. Equity Fund - Investor Shares and Institutional Shares 0.0130 0.0105 0.0138 0.0113 0 0 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"><td>Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses (AFFE).</td></tr></table> Example. Example. Under normal market conditions, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in money market instruments and high quality debt securities denominated in a currency to which the Fund seeks exposure or in a combination of U.S. dollar denominated securities and forward currency contracts that expose the Fund to such currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. Positive absolute returns may be generated from the income produced by the debt securities, plus (minus) the gains (losses) resulting from fluctuations in the values of currencies relative to the U.S. dollar. Absolute returns means a positive return over time irrespective of prevailing market conditions. The Fund seeks to generate total return by managing the currency exposure associated with investments in U.S. equities and financial instruments that provide exposure to the S&P 500. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equities, currencies and financial instruments that provide exposure to U.S. equities and currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. The Fund intends to obtain investment exposure to the S&P 500 correlated to the value of its net assets by investing in exchange traded products (ETPs), other investment companies, securities of companies included in the S&P 500 and S&P 500 derivatives. Because the Fund invests in currency derivatives, the Fund can invest in currencies, while concurrently obtaining investment exposure to the S&P 500 equivalent to the value of its net assets. You could lose money on your investment in the Fund or the Fund could underperform other investments. 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. 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. Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year. The following chart illustrates the variability of the Investor Share's returns as of December 31, 2011. The chart and table provide some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Funds average annual returns for one year and since inception compare to the Citigroup 3-Month U.S. T-Bill Index. (866) 637-5386 www.merkfunds.com Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. 2012-09-30 -0.0513 During the period shown, the highest return for a quarter was and the lowest return was 2010-12-31 0.0256 2011-09-30 -0.0601 <table align="center" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td>(reflects no deduction for fees, expenses or taxes)</td> </tr></table> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 2012-03-31 During the period shown, the highest return for a quarter was 2.56% for the quarter ended December 31, 2010, and the lowest return was -6.01% for the quarter ended September 30, 2011. The calendar year-to-date total return as of September 30, 2012 was -5.13%. The Adviser is contractually obligated to pay all expenses of the Fund other than the following: management fees, distribution and/or service fees, shareholder servicing fee, acquired fund fees and expenses, taxes, leverage interest, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation or other expenses outside of the typical day-to-day operations of the Fund. This Operating Agreement may be terminated at any time by the Board of Trustees. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses ("AFFE"). For the Institutional Shares, performance for the periods are blended average annual returns which include the returns of Investor Shares prior to April 1, 2010, the commencement of operations of Institutional Shares. Since August 31, 2009. 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Label Element Value

[RiskReturnAbstract] rr_RiskReturnAbstract

Document Type dei_DocumentType 485BPOS

Document Period End Date dei_DocumentPeriodEndDate Mar. 31, 2012

Registrant Name dei_EntityRegistrantName Forum Funds

Central Index Key dei_EntityCentralIndexKey 0000315774

Amendment Flag dei_AmendmentFlag false

Document Creation Date dei_DocumentCreationDate Dec. 31, 2012

Document Effective Date dei_DocumentEffectiveDate Jan. 01, 2013

Prospectus Date rr_ProspectusDate Jan. 01, 2013

Merk Absolute Return Currency Fund

[RiskReturnAbstract] rr_RiskReturnAbstract

Risk/Return [Heading] rr_RiskReturnHeading
Merk Absolute Return Currency Fund - Investor Shares and Institutional Shares

Objective [Heading] rr_ObjectiveHeading
Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund seeks to generate positive absolute returns by investing in securities and instruments that create exposure to currencies.

Expense [Heading] rr_ExpenseHeading
Fees and Expenses

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.

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)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover.

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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 0.00%

Expense Example by Year [Heading] rr_ExpenseExampleByYearHeading
Example.

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 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
Under normal market conditions, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in money market instruments and high quality debt securities denominated in a currency to which the Fund seeks exposure or in a combination of U.S. dollar denominated securities and forward currency contracts that expose the Fund to such currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. Positive absolute returns may be generated from the income produced by the debt securities, plus (minus) the gains (losses) resulting from fluctuations in the values of currencies relative to the U.S. dollar. Absolute returns means a positive return over time irrespective of prevailing market conditions.

For purposes of pursuing its investment goal, the Fund will be exposed primarily to currencies of developed countries that, in the Adviser’s opinion, have liquid currency markets. The Fund typically will buy and sell currencies in the spot and forward markets. In addition, the Fund may enter into derivative currency transactions, including cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, and cross currency swaps. The Fund also may invest in gold, indirectly through exchange traded products (“ETPs”), forward and futures contracts.

In seeking to achieve positive absolute returns, the Adviser makes currency exposure allocations based on quantitative and qualitative analysis in the context of strategic and tactical considerations.

Strategic versus Tactical. The Adviser considers factors that lead to gradual allocation changes over months “strategic.” In contrast, the Adviser considers factors that lead to allocation changes over shorter-periods “tactical.”

Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations.

Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a country’s gross domestic product or the central bank’s benchmark interest rate. Technical considerations may include the relative performance of currencies over time.

Additionally, the Adviser may utilize statistical currency analysis to manage overall portfolio risk. This process is referred to as “risk overlay.”

Qualitative Analysis. Qualitative factors that the Adviser may consider include an analysis of monetary policies pursued by central banks and economic environments; a country’s perceived political stability; the risk of government intervention in its financial markets; and proprietary analysis on the outlook of a country’s currency and of gold. This process is referred to as “macro overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

Once the Adviser has determined the appropriate currency exposure levels, the Adviser will select instruments to create a liquid portfolio of short duration. To mitigate interest rate and credit risk to its portfolio, the Adviser typically maintains a weighted average portfolio maturity of less than eighteen months and buys money market and other short-term debt instruments that are issued by entities with an outstanding unsecured debt issue rated in the top three ratings by U.S. nationally recognized services or that the Adviser considers comparable in quality to instruments rated in the top three ratings.

The Adviser may modify the Fund’s currency and gold allocations as its analysis evolves. When the Fund is invested in currency denominated investments composed of high quality, short-term debt instruments and in gold, the Adviser may employ derivatives to shift the Fund’s currency exposure to reflect an evolution in the analysis of the strategic and tactical considerations.

The Adviser may sacrifice yield in return for high credit quality of debt securities.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration
Under normal market conditions, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in money market instruments and high quality debt securities denominated in a currency to which the Fund seeks exposure or in a combination of U.S. dollar denominated securities and forward currency contracts that expose the Fund to such currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. Positive absolute returns may be generated from the income produced by the debt securities, plus (minus) the gains (losses) resulting from fluctuations in the values of currencies relative to the U.S. dollar. Absolute returns means a positive return over time irrespective of prevailing market conditions.

Risk [Heading] rr_RiskHeading
Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
The Fund’s 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.

Counterparty Risk. A counterparty to a derivative or other financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. The Fund may experience delays in obtaining recovery or obtain limited or no recovery in such circumstances.

Currency Exchange Rate Risk. Changes in currency exchange rates may affect the U.S. dollar value of the Fund’s investments, including forward currency contracts, cross currency forwards, currency futures, currency swaps and cross currency swaps.

Currency Management Strategies Risk. Currency management strategies, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, cross currency swaps, and cross-hedging, may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects.

Defensive Position Risk. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive position.

Derivatives Risk. The risks of investments in derivatives, including swaps, options, futures contracts and options on futures contracts, include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Exchange-Traded Products and Investment Companies Risk. The Fund’s investments in ETPs and other investment companies generally subjects the Fund to its proportionate share of the ETP’s or investment company’s expenses and entails the same risks as the underlying investments held by the ETP or the investment company. In addition, certain ETP securities may trade and be purchased by the Fund at a premium or discount to the aggregate value of the underlying investments. When selling ETP securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Trading in an ETP may be halted if the trading in one or more of the ETP’s underlying investments is halted.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

Credit Risk. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s securities. Investment risk and price volatility may increase as a security’s credit rating declines.

Interest Rate Risk. The value of your investment in the Fund may change in response to changes in interest rates. An increase in interest rates may cause a fall in the value of the fixed-income securities in which the Fund may invest.

Foreign Instruments Risk. Foreign investments are subject to 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 issuer’s condition because there is not sufficient publicly available information about the issuer. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S.

Forward Currency Contract Risk. Entering into forward currency transactions may generate profits or losses for the Fund depending upon movements in the currencies in which the forward currency contract is denominated.

Futures Contract Risk. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Gold-Related Securities Risk. Investments in gold may be subject to greater volatility than investments in traditional securities. The value of investments in gold may be affected by market movements and political, regulatory or other factors affecting the gold industry. Gold generates no interest or dividends, and the return from investments in gold will be derived solely from the price gains or losses from the commodity. Investments in gold may have negative tax consequences for the Fund.

Leverage Risk. Certain transactions of the Fund’s derivatives transactions, such as when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. For example, a small investment in equity index futures could have a meaningful impact on performance.

Liquidity Risk. Certain securities and derivatives held by the Fund may be difficult to sell at the time and price the Adviser would like. As a result, the Fund may have to hold these investments longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

Management Risk. The Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the Fund’s investment objectives.

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.

Tax Risk. As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as “qualifying income” under the Internal Revenue Code of 1986, as amended. In the event the U.S. Department of the Treasury issues regulations excluding from the definition of “qualifying income” a regulated investment company’s foreign currency gains not “directly related” to its “principal business” of investing in securities (or options and futures with respect thereto), the Fund’s Board may authorize a significant change in investment strategy or Fund liquidation.

Risk Lose Money [Text] rr_RiskLoseMoney
You could lose money on your investment in the Fund or the Fund could underperform other investments.

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.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following chart illustrates the variability of the Investor Share's returns as of December 31, 2011. Because the Investor Shares have higher expenses than the Institutional Shares, the performance of the Investor Shares would be lower than the performance that the Institutional Shares realized for the same period. The chart and table provide some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Fund’s average annual returns for one year and since inception compare to the Citigroup 3-Month U.S. T-Bill Index. Updated performance information is available at www.merkfunds.com or by calling (866) MERK FUND or (866) 637-5386 (toll free).

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The following chart illustrates the variability of the Investor Share's returns as of December 31, 2011.

Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex
The chart and table provide some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Fund’s average annual returns for one year and since inception compare to the Citigroup 3-Month U.S. T-Bill Index.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone
(866) 637-5386

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress
www.merkfunds.com

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Bar Chart [Heading] rr_BarChartHeading
Annual Returns as of December 31

Investor Shares

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period shown, the highest return for a quarter was 2.56% for the quarter ended December 31, 2010, and the lowest return was -6.01% for the quarter ended September 30, 2011.

The calendar year-to-date total return as of September 30, 2012 was -5.13%.

Performance Table Heading rr_PerformanceTableHeading
Average Annual Total Returns
(For the periods ended December 31, 2011)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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 Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

Inception Date rr_AverageAnnualReturnInceptionDate Sep. 09, 2009

Merk Absolute Return Currency Fund | Investor Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol MABFX

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, if applicable) rr_RedemptionFeeOverRedemption none

Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none

Management Fees rr_ManagementFeesOverAssets 1.00%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses rr_OtherExpensesOverAssets 0.05%

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 132

3 Years rr_ExpenseExampleYear03 412

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 713

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,568

Annual Return 2010 rr_AnnualReturn2010 4.65%

Annual Return 2011 rr_AnnualReturn2011 (8.41%)

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012

Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (5.13%)

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
During the period shown, the highest return for a quarter was

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010

Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.56%

Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
and the lowest return was

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011

Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.01%)

Label rr_AverageAnnualReturnLabel Return Before Taxes

1 Year rr_AverageAnnualReturnYear01 (8.41%)

Since Inception rr_AverageAnnualReturnSinceInception (2.63%)

Merk Absolute Return Currency Fund | Institutional Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol MAAIX

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, if applicable) rr_RedemptionFeeOverRedemption none

Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none

Management Fees rr_ManagementFeesOverAssets 1.00%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses rr_OtherExpensesOverAssets 0.05%

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 107

3 Years rr_ExpenseExampleYear03 334

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 579

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,283

Label rr_AverageAnnualReturnLabel Return Before Taxes

1 Year rr_AverageAnnualReturnYear01 (8.29%) ^[1]

Since Inception rr_AverageAnnualReturnSinceInception (2.46%) ^[1]

Merk Absolute Return Currency Fund | After Taxes on Distributions | Investor Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions

1 Year rr_AverageAnnualReturnYear01 (9.22%)

Since Inception rr_AverageAnnualReturnSinceInception (3.01%)

Merk Absolute Return Currency Fund | After Taxes on Distributions and Sales | Investor Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares

1 Year rr_AverageAnnualReturnYear01 (5.42%)

Since Inception rr_AverageAnnualReturnSinceInception (2.42%)

Merk Absolute Return Currency Fund | Citigroup 3-Month U.S. T-Bill Index

[RiskReturnAbstract] rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Label rr_AverageAnnualReturnLabel (reflects no deduction for fees, expenses or taxes)

1 Year rr_AverageAnnualReturnYear01 0.08%

Since Inception rr_AverageAnnualReturnSinceInception 0.11% ^[2]

Merk Currency Enhanced U.S. Equity Fund

[RiskReturnAbstract] rr_RiskReturnAbstract

Risk/Return [Heading] rr_RiskReturnHeading
Merk Currency Enhanced U.S. Equity Fund - Investor Shares and Institutional Shares

Objective [Heading] rr_ObjectiveHeading
Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Fund seeks to generate total return by investing in securities and instruments that create exposure to U.S. equities and currencies.

Expense [Heading] rr_ExpenseHeading
Fees and Expenses

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.

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)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover.

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 Fund’s performance. From the date of the Fund’s inception, September 12, 2011, through the end of the Fund’s fiscal year, March 31, 2012, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 0.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses (“AFFE”).

Expense Example by Year [Heading] rr_ExpenseExampleByYearHeading
Example.

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 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 Fund seeks to generate total return by managing the currency exposure associated with investments in U.S. equities and financial instruments that provide exposure to the S&P 500. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equities, currencies and financial instruments that provide exposure to U.S. equities and currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. The Fund intends to obtain investment exposure to the S&P 500 correlated to the value of its net assets by investing in exchange traded products (“ETPs”), other investment companies, securities of companies included in the S&P 500 and S&P 500 derivatives. Because the Fund invests in currency derivatives, the Fund can invest in currencies, while concurrently obtaining investment exposure to the S&P 500 equivalent to the value of its net assets.

To gain exposure to the S&P 500, the Fund typically will invest principally in index-based ETPs and other investment companies that track the S&P 500. The Fund also may seek exposure to the S&P 500 by investing directly in the common stocks of companies listed on the S&P 500 or indirectly in options, futures, options on futures and swaps. The performance of these equities and financial instruments in which the Fund will invest is expected to correlate closely to the performance of the S&P 500.

The S&P 500 is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The Fund intends to remain invested in ETPs, other investment companies, S&P 500 common stocks, and S&P 500 derivatives, even when the S&P 500 is declining.

The Adviser will seek to actively manage the currency exposure associated with the broad U.S. equities markets by seeking exposure to the currencies of countries that, in the Adviser’s opinion, have liquid currency markets, meaning any market in which there are many buyers and sellers present and in which transactions can take place with relative ease and low costs. The Fund may, but generally will not, take delivery of foreign currencies and sell actual foreign currencies. Rather, the Fund will typically enter into derivative currency transactions, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps and cross currency swaps. The Fund also may invest in gold indirectly through ETPs, forward and futures contracts. The assets that will be used to settle the Fund’s investments in currency derivatives will be invested in common stocks and financial instruments that provide exposure to the S&P 500 and gold.

The Adviser will make currency exposure allocations based on quantitative analysis and qualitative analysis in the context of strategic and tactical considerations.

Strategic versus Tactical. The Adviser considers factors that lead to gradual allocation changes over months “strategic.” In contrast, the Adviser considers factors that lead to allocation changes over shorter-periods “tactical.”

Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations. Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a country’s gross domestic product or the central bank’s benchmark interest rate. Technical considerations may include the relative performance of currencies over time.

Additionally, the Adviser may utilize statistical currency analysis to assess overall currency risk to the portfolio. This process is referred to as “risk overlay.”

Qualitative Analysis. Qualitative factors that the Adviser may consider include an analysis of monetary policies pursued by central banks and economic environments; a country’s perceived political stability; the risk of government intervention in its financial markets; and proprietary analysis on the outlook of a country’s currency and of gold. This process is referred to as “macro overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration
The Fund seeks to generate total return by managing the currency exposure associated with investments in U.S. equities and financial instruments that provide exposure to the S&P 500. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equities, currencies and financial instruments that provide exposure to U.S. equities and currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. The Fund intends to obtain investment exposure to the S&P 500 correlated to the value of its net assets by investing in exchange traded products (“ETPs”), other investment companies, securities of companies included in the S&P 500 and S&P 500 derivatives. Because the Fund invests in currency derivatives, the Fund can invest in currencies, while concurrently obtaining investment exposure to the S&P 500 equivalent to the value of its net assets.

Risk [Heading] rr_RiskHeading
Principal Investment Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
The Fund’s 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.

Counterparty Risk. A counterparty to a derivative or other financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. The Fund may experience delays in obtaining recovery or obtain limited or no recovery in such circumstances.

Currency Exchange Rate Risk. Changes in currency exchange rates may affect the U.S. dollar value of the Fund’s investments, including forward currency contracts, cross currency forwards, currency futures, currency swaps and cross currency swaps.

Currency Management Strategies Risk. Currency management strategies, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, cross currency swaps, and cross-hedging, may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects.

Defensive Position Risk. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive position.

Derivatives Risk. The risks of investments in derivatives, including swaps, options, futures contracts and options on futures contracts, include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Enhanced Correlation Risk. Because the Fund invests in ETFs based on the S&P 500, equities of companies in the S&P 500 and financial instruments that provide exposure to the S&P 500, the Fund’s performance generally may move in the same direction as the S&P 500. However, the Adviser’s management of the currency risk associated with the Fund’s investments in equities and financial instruments may not cause the Fund to outperform the S&P 500 or may negatively affect the performance of the Fund, even when the S&P 500 rises.

Equity Risk. The Fund is subject to the risks of broad stock market decline or a decline in particular holdings. In addition, the value of a security may decline for a number of reasons which directly relate to the issuer of a security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Common stocks, which are a type of equity security, are generally subordinate to issuers’ other securities, including convertible and preferred securities.

Exchange-Traded Products and Investment Companies Risk. The Fund’s investments in ETPs and other investment companies generally subjects the Fund to its proportionate share of the ETP’s or investment company’s expenses and entails the same risks as the underlying investments held by the ETP or the investment company. In addition, certain ETP securities may trade and be purchased by the Fund at a premium or discount to the aggregate value of the underlying investments. When selling ETP securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Trading in an ETP may be halted if the trading in one or more of the ETP’s underlying investments is halted.

Foreign Instruments Risk. Foreign investments are subject to 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 issuer’s condition because there is not sufficient publicly available information about the issuer. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S.

Forward Currency Contract Risk. Entering into forward currency transactions may generate profits or losses for the Fund depending upon movements in the currencies in which the forward currency contract is denominated.

Futures Contract Risk. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Gold-Related Securities Risk. Investments in gold may be subject to greater volatility than investments in traditional securities. The value of investments in gold may be affected by market movements and political, regulatory or other factors affecting the gold industry. Gold generates no interest or dividends, and the return from investments in gold will be derived solely from the price gains or losses from the commodity. Investments in gold may have negative tax consequences for the Fund.

Index Futures Risk. The use of index futures involves additional risks and transaction costs that could leave the Fund in a worse position than if it had invested directly in the securities underlying the index.

Leverage Risk. Certain transactions of the Fund’s derivatives transactions, such as when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. For example, a small investment in equity index futures could have a meaningful impact on performance.

Liquidity Risk. Certain securities and derivatives held by the Fund may be difficult to sell at the time and price the Adviser would like. As a result, the Fund may have to hold these investments longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

Management Risk. The Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the Fund’s investment objectives.

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.

Tax Risk. As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as “qualifying income” under the Internal Revenue Code of 1986, as amended. In the event the U.S. Department of the Treasury issues regulations excluding from the definition of “qualifying income” a regulated investment company’s foreign currency gains not “directly related” to its “principal business” of investing in securities (or options and futures with respect thereto), the Fund’s Board may authorize a significant change in investment strategy or Fund liquidation.

Risk Lose Money [Text] rr_RiskLoseMoney
You could lose money on your investment in the Fund or the Fund could underperform other investments.

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.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance Information

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess
Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year.

Merk Currency Enhanced U.S. Equity Fund | Investor Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol MUSFX

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, if applicable) rr_RedemptionFeeOverRedemption none

Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none

Management Fees rr_ManagementFeesOverAssets 0.72%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses rr_OtherExpensesOverAssets 0.33% ^[3]

Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08% ^[4]

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 141

3 Years rr_ExpenseExampleYear03 437

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 755

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,657

Merk Currency Enhanced U.S. Equity Fund | Institutional Shares

[RiskReturnAbstract] rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol MUSIX

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, if applicable) rr_RedemptionFeeOverRedemption none

Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none

Management Fees rr_ManagementFeesOverAssets 0.72%

Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses rr_OtherExpensesOverAssets 0.33% ^[3]

Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08% ^[4]

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.13%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 115

3 Years rr_ExpenseExampleYear03 359

Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 622

Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,375

[1] For the Institutional Shares, performance for the periods are blended average annual returns which include the returns of Investor Shares prior to April 1, 2010, the commencement of operations of Institutional Shares.

[2] Since August 31, 2009.

[3] The Adviser is contractually obligated to pay all expenses of the Fund other than the following: management fees, distribution and/or service fees, shareholder servicing fee, acquired fund fees and expenses, taxes, leverage interest, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation or other expenses outside of the typical day-to-day operations of the Fund. This Operating Agreement may be terminated at any time by the Board of Trustees.

[4] Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses ("AFFE").

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Merk Currency Enhanced U.S. Equity Fund

Investment Objective

The Fund seeks to generate total return by investing in securities and instruments that create exposure to U.S. equities and currencies.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Merk Currency Enhanced U.S. Equity Fund	Investor Shares	Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price)	none	none
Redemption Fee (as a percentage of amount redeemed, if applicable)	none	none
Exchange Fee (as a percentage of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses Merk Currency Enhanced U.S. Equity Fund		Investor Shares	Institutional Shares
Management Fees		0.72%	0.72%
Distribution and/or Service (12b-1) Fees		0.25%	none
Other Expenses	^[1]	0.33%	0.33%
Acquired Fund Fees and Expenses	^[2]	0.08%	0.08%
Total Annual Fund Operating Expenses		1.38%	1.13%

[1]

The Adviser is contractually obligated to pay all expenses of the Fund other than the following: management fees, distribution and/or service fees, shareholder servicing fee, acquired fund fees and expenses, taxes, leverage interest, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation or other expenses outside of the typical day-to-day operations of the Fund. This Operating Agreement may be terminated at any time by the Board of Trustees.

[2]

Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses ("AFFE").

Example.

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 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 Merk Currency Enhanced U.S. Equity Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Investor Shares	141	437	755	1,657
Institutional Shares	115	359	622	1,375

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 annual fund operating expenses or in the Example, affect the Fund’s performance. From the date of the Fund’s inception, September 12, 2011, through the end of the Fund’s fiscal year, March 31, 2012, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to generate total return by managing the currency exposure associated with investments in U.S. equities and financial instruments that provide exposure to the S&P 500. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. equities, currencies and financial instruments that provide exposure to U.S. equities and currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. The Fund intends to obtain investment exposure to the S&P 500 correlated to the value of its net assets by investing in exchange traded products (“ETPs”), other investment companies, securities of companies included in the S&P 500 and S&P 500 derivatives. Because the Fund invests in currency derivatives, the Fund can invest in currencies, while concurrently obtaining investment exposure to the S&P 500 equivalent to the value of its net assets.

To gain exposure to the S&P 500, the Fund typically will invest principally in index-based ETPs and other investment companies that track the S&P 500. The Fund also may seek exposure to the S&P 500 by investing directly in the common stocks of companies listed on the S&P 500 or indirectly in options, futures, options on futures and swaps. The performance of these equities and financial instruments in which the Fund will invest is expected to correlate closely to the performance of the S&P 500.

The S&P 500 is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The Fund intends to remain invested in ETPs, other investment companies, S&P 500 common stocks, and S&P 500 derivatives, even when the S&P 500 is declining.

The Adviser will seek to actively manage the currency exposure associated with the broad U.S. equities markets by seeking exposure to the currencies of countries that, in the Adviser’s opinion, have liquid currency markets, meaning any market in which there are many buyers and sellers present and in which transactions can take place with relative ease and low costs. The Fund may, but generally will not, take delivery of foreign currencies and sell actual foreign currencies. Rather, the Fund will typically enter into derivative currency transactions, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps and cross currency swaps. The Fund also may invest in gold indirectly through ETPs, forward and futures contracts. The assets that will be used to settle the Fund’s investments in currency derivatives will be invested in common stocks and financial instruments that provide exposure to the S&P 500 and gold.

The Adviser will make currency exposure allocations based on quantitative analysis and qualitative analysis in the context of strategic and tactical considerations.

Strategic versus Tactical. The Adviser considers factors that lead to gradual allocation changes over months “strategic.” In contrast, the Adviser considers factors that lead to allocation changes over shorter-periods “tactical.”

Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations. Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a country’s gross domestic product or the central bank’s benchmark interest rate. Technical considerations may include the relative performance of currencies over time.

Additionally, the Adviser may utilize statistical currency analysis to assess overall currency risk to the portfolio. This process is referred to as “risk overlay.”

Qualitative Analysis. Qualitative factors that the Adviser may consider include an analysis of monetary policies pursued by central banks and economic environments; a country’s perceived political stability; the risk of government intervention in its financial markets; and proprietary analysis on the outlook of a country’s currency and of gold. This process is referred to as “macro overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Principal Investment Risks

The Fund’s 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.

Counterparty Risk. A counterparty to a derivative or other financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. The Fund may experience delays in obtaining recovery or obtain limited or no recovery in such circumstances.

Currency Exchange Rate Risk. Changes in currency exchange rates may affect the U.S. dollar value of the Fund’s investments, including forward currency contracts, cross currency forwards, currency futures, currency swaps and cross currency swaps.

Currency Management Strategies Risk. Currency management strategies, including currency forwards and cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, cross currency swaps, and cross-hedging, may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects.

Defensive Position Risk. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive position.

Derivatives Risk. The risks of investments in derivatives, including swaps, options, futures contracts and options on futures contracts, include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transaction may not be liquid.

Enhanced Correlation Risk. Because the Fund invests in ETFs based on the S&P 500, equities of companies in the S&P 500 and financial instruments that provide exposure to the S&P 500, the Fund’s performance generally may move in the same direction as the S&P 500. However, the Adviser’s management of the currency risk associated with the Fund’s investments in equities and financial instruments may not cause the Fund to outperform the S&P 500 or may negatively affect the performance of the Fund, even when the S&P 500 rises.

Equity Risk. The Fund is subject to the risks of broad stock market decline or a decline in particular holdings. In addition, the value of a security may decline for a number of reasons which directly relate to the issuer of a security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services. Common stocks, which are a type of equity security, are generally subordinate to issuers’ other securities, including convertible and preferred securities.

Exchange-Traded Products and Investment Companies Risk. The Fund’s investments in ETPs and other investment companies generally subjects the Fund to its proportionate share of the ETP’s or investment company’s expenses and entails the same risks as the underlying investments held by the ETP or the investment company. In addition, certain ETP securities may trade and be purchased by the Fund at a premium or discount to the aggregate value of the underlying investments. When selling ETP securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Trading in an ETP may be halted if the trading in one or more of the ETP’s underlying investments is halted.

Foreign Instruments Risk. Foreign investments are subject to 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 issuer’s condition because there is not sufficient publicly available information about the issuer. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the U.S.

Forward Currency Contract Risk. Entering into forward currency transactions may generate profits or losses for the Fund depending upon movements in the currencies in which the forward currency contract is denominated.

Futures Contract Risk. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Gold-Related Securities Risk. Investments in gold may be subject to greater volatility than investments in traditional securities. The value of investments in gold may be affected by market movements and political, regulatory or other factors affecting the gold industry. Gold generates no interest or dividends, and the return from investments in gold will be derived solely from the price gains or losses from the commodity. Investments in gold may have negative tax consequences for the Fund.

Index Futures Risk. The use of index futures involves additional risks and transaction costs that could leave the Fund in a worse position than if it had invested directly in the securities underlying the index.

Leverage Risk. Certain transactions of the Fund’s derivatives transactions, such as when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. For example, a small investment in equity index futures could have a meaningful impact on performance.

Liquidity Risk. Certain securities and derivatives held by the Fund may be difficult to sell at the time and price the Adviser would like. As a result, the Fund may have to hold these investments longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

Management Risk. The Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the Fund’s investment objectives.

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.

Tax Risk. As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as “qualifying income” under the Internal Revenue Code of 1986, as amended. In the event the U.S. Department of the Treasury issues regulations excluding from the definition of “qualifying income” a regulated investment company’s foreign currency gains not “directly related” to its “principal business” of investing in securities (or options and futures with respect thereto), the Fund’s Board may authorize a significant change in investment strategy or Fund liquidation.

Performance Information

Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year.

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Merk Absolute Return Currency Fund

Merk Absolute Return Currency Fund - Investor Shares and Institutional Shares

Investment Objective

The Fund seeks to generate positive absolute returns by investing in securities and instruments that create exposure to currencies.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Merk Absolute Return Currency Fund	Investor Shares	Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price)	none	none
Redemption Fee (as a percentage of amount redeemed, if applicable)	none	none
Exchange Fee (as a percentage of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses Merk Absolute Return Currency Fund	Investor Shares	Institutional Shares
Management Fees	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	0.25%	none
Other Expenses	0.05%	0.05%
Total Annual Fund Operating Expenses	1.30%	1.05%

Example.

Expense Example Merk Absolute Return Currency Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Investor Shares	132	412	713	1,568
Institutional Shares	107	334	579	1,283

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 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 0% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in money market instruments and high quality debt securities denominated in a currency to which the Fund seeks exposure or in a combination of U.S. dollar denominated securities and forward currency contracts that expose the Fund to such currencies. Over time, the Fund seeks to generate more gains from securities than derivatives. Positive absolute returns may be generated from the income produced by the debt securities, plus (minus) the gains (losses) resulting from fluctuations in the values of currencies relative to the U.S. dollar. Absolute returns means a positive return over time irrespective of prevailing market conditions.

For purposes of pursuing its investment goal, the Fund will be exposed primarily to currencies of developed countries that, in the Adviser’s opinion, have liquid currency markets. The Fund typically will buy and sell currencies in the spot and forward markets. In addition, the Fund may enter into derivative currency transactions, including cross currency forwards, options on currencies, currency futures contracts, options on currency futures contracts, currency swaps, and cross currency swaps. The Fund also may invest in gold, indirectly through exchange traded products (“ETPs”), forward and futures contracts.

In seeking to achieve positive absolute returns, the Adviser makes currency exposure allocations based on quantitative and qualitative analysis in the context of strategic and tactical considerations.

Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations.

Quantitative factors that the Adviser may consider include fundamental and technical analysis of currency, gold and economic data. Fundamental considerations may include a country’s gross domestic product or the central bank’s benchmark interest rate. Technical considerations may include the relative performance of currencies over time.

Additionally, the Adviser may utilize statistical currency analysis to manage overall portfolio risk. This process is referred to as “risk overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

Once the Adviser has determined the appropriate currency exposure levels, the Adviser will select instruments to create a liquid portfolio of short duration. To mitigate interest rate and credit risk to its portfolio, the Adviser typically maintains a weighted average portfolio maturity of less than eighteen months and buys money market and other short-term debt instruments that are issued by entities with an outstanding unsecured debt issue rated in the top three ratings by U.S. nationally recognized services or that the Adviser considers comparable in quality to instruments rated in the top three ratings.

The Adviser may modify the Fund’s currency and gold allocations as its analysis evolves. When the Fund is invested in currency denominated investments composed of high quality, short-term debt instruments and in gold, the Adviser may employ derivatives to shift the Fund’s currency exposure to reflect an evolution in the analysis of the strategic and tactical considerations.

The Adviser may sacrifice yield in return for high credit quality of debt securities.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Principal Investment Risks

It is important that investors closely review and understand the risks of investing in the Fund.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

Credit Risk. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s securities. Investment risk and price volatility may increase as a security’s credit rating declines.

Interest Rate Risk. The value of your investment in the Fund may change in response to changes in interest rates. An increase in interest rates may cause a fall in the value of the fixed-income securities in which the Fund may invest.

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Performance Information

The following chart illustrates the variability of the Investor Share's returns as of December 31, 2011. Because the Investor Shares have higher expenses than the Institutional Shares, the performance of the Investor Shares would be lower than the performance that the Institutional Shares realized for the same period. The chart and table provide some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Fund’s average annual returns for one year and since inception compare to the Citigroup 3-Month U.S. T-Bill Index. Updated performance information is available at www.merkfunds.com or by calling (866) MERK FUND or (866) 637-5386 (toll free).

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Annual Returns as of December 31

Investor Shares

During the period shown, the highest return for a quarter was 2.56% for the quarter ended December 31, 2010, and the lowest return was -6.01% for the quarter ended September 30, 2011.

The calendar year-to-date total return as of September 30, 2012 was -5.13%.

Average Annual Total Returns
(For the periods ended December 31, 2011)

Average Annual Total Returns	Label	1 Year		Since Inception		Inception Date
Merk Absolute Return Currency Fund Investor Shares	Return Before Taxes	(8.41%)		(2.63%)
Merk Absolute Return Currency Fund Investor Shares After Taxes on Distributions	Return After Taxes on Distributions	(9.22%)		(3.01%)
Merk Absolute Return Currency Fund Investor Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(5.42%)		(2.42%)
Merk Absolute Return Currency Fund Institutional Shares	Return Before Taxes	(8.29%)	^[1]	(2.46%)	^[1]
Merk Absolute Return Currency Fund						Sep. 09, 2009
Merk Absolute Return Currency Fund Citigroup 3-Month U.S. T-Bill Index	(reflects no deduction for fees, expenses or taxes)	0.08%		0.11%	^[2]

[1]	For the Institutional Shares, performance for the periods are blended average annual returns which include the returns of Investor Shares prior to April 1, 2010, the commencement of operations of Institutional Shares.
[2]	Since August 31, 2009.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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 Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

Merk Currency Enhanced U.S. Equity Fund

Merk Currency Enhanced U.S. Equity Fund - Investor Shares and Institutional Shares

Investment Objective

The Fund seeks to generate total return by investing in securities and instruments that create exposure to U.S. equities and currencies.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Merk Currency Enhanced U.S. Equity Fund	Investor Shares	Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price)	none	none
Redemption Fee (as a percentage of amount redeemed, if applicable)	none	none
Exchange Fee (as a percentage of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses Merk Currency Enhanced U.S. Equity Fund		Investor Shares	Institutional Shares
Management Fees		0.72%	0.72%
Distribution and/or Service (12b-1) Fees		0.25%	none
Other Expenses	^[1]	0.33%	0.33%
Acquired Fund Fees and Expenses	^[2]	0.08%	0.08%
Total Annual Fund Operating Expenses		1.38%	1.13%

[1]

[2]

Example.

Expense Example Merk Currency Enhanced U.S. Equity Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Investor Shares	141	437	755	1,657
Institutional Shares	115	359	622	1,375

Portfolio Turnover.

Principal Investment Strategies

The Adviser will make currency exposure allocations based on quantitative analysis and qualitative analysis in the context of strategic and tactical considerations.

Additionally, the Adviser may utilize statistical currency analysis to assess overall currency risk to the portfolio. This process is referred to as “risk overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Principal Investment Risks

It is important that investors closely review and understand the risks of investing in the Fund.

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Performance Information

Performance information for the Fund is not provided because the Fund has not been operational for a full calendar year.

XML 15 R1.htm IDEA: XBRL DOCUMENT

Merk Absolute Return Currency Fund

Investment Objective

The Fund seeks to generate positive absolute returns by investing in securities and instruments that create exposure to currencies.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Merk Absolute Return Currency Fund	Investor Shares	Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price)	none	none
Redemption Fee (as a percentage of amount redeemed, if applicable)	none	none
Exchange Fee (as a percentage of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses Merk Absolute Return Currency Fund	Investor Shares	Institutional Shares
Management Fees	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	0.25%	none
Other Expenses	0.05%	0.05%
Total Annual Fund Operating Expenses	1.30%	1.05%

Example.

Expense Example Merk Absolute Return Currency Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Investor Shares	132	412	713	1,568
Institutional Shares	107	334	579	1,283

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 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 0% of the average value of its portfolio. The portfolio turnover rate is calculated without regard to any securities whose maturities or expiration dates at the time of acquisition were one year or less.

Principal Investment Strategies

Quantitative Analysis. The Adviser may consider quantitative factors to determine portfolio allocations.

Additionally, the Adviser may utilize statistical currency analysis to manage overall portfolio risk. This process is referred to as “risk overlay.”

The Adviser determines currency allocations by integrating strategic and tactical considerations with quantitative and qualitative analyses.

The Adviser may sacrifice yield in return for high credit quality of debt securities.

In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies.

Principal Investment Risks

It is important that investors closely review and understand the risks of investing in the Fund.

Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:

Geographic Focus Risk. The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments.

Performance Information

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.

Annual Returns as of December 31

Investor Shares

During the period shown, the highest return for a quarter was 2.56% for the quarter ended December 31, 2010, and the lowest return was -6.01% for the quarter ended September 30, 2011.

The calendar year-to-date total return as of September 30, 2012 was -5.13%.

Average Annual Total Returns
(For the periods ended December 31, 2011)

Average Annual Total Returns	Label	1 Year		Since Inception		Inception Date
Merk Absolute Return Currency Fund Investor Shares	Return Before Taxes	(8.41%)		(2.63%)
Merk Absolute Return Currency Fund Investor Shares After Taxes on Distributions	Return After Taxes on Distributions	(9.22%)		(3.01%)
Merk Absolute Return Currency Fund Investor Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	(5.42%)		(2.42%)
Merk Absolute Return Currency Fund Institutional Shares	Return Before Taxes	(8.29%)	^[1]	(2.46%)	^[1]
Merk Absolute Return Currency Fund						Sep. 09, 2009
Merk Absolute Return Currency Fund Citigroup 3-Month U.S. T-Bill Index	(reflects no deduction for fees, expenses or taxes)	0.08%		0.11%	^[2]

[1]	For the Institutional Shares, performance for the periods are blended average annual returns which include the returns of Investor Shares prior to April 1, 2010, the commencement of operations of Institutional Shares.
[2]	Since August 31, 2009.

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