0001435109-13-000022.txt : 20130122 0001435109-13-000022.hdr.sgml : 20130121 20130118173644 ACCESSION NUMBER: 0001435109-13-000022 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130122 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: 13538439 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: 13538440 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 S000029851 Dividend Plus+ Income Fund C000091784 Institutional MAIPX C000091785 Investor DIVPX 485BPOS 1 d30105.htm 485BPOS As filed with the Securities and Exchange Commission on January 22, 2013


As filed with the Securities and Exchange Commission on January 22, 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. 392


AND


REGISTRATION STATEMENT UNDER THE

INVESTMENT COMPANY ACT OF 1940


Amendment No. 393

_____________________________________________________________________________________________

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. 392 is filed for the sole purpose of submitting XBRL exhibit for the risk/return summary first provided in PEA No. 388 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 22, 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 22, 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-20121221.xml XBRL INSTANCE FILE 0000315774 2012-12-21 2012-12-21 0000315774 FF:S000029851Member 2012-12-21 2012-12-21 0000315774 FF:S000029851Member FF:SnP500IndexMember 2012-12-21 2012-12-21 0000315774 FF:S000029851Member FF:C000091785Member 2012-12-21 2012-12-21 0000315774 FF:S000029851Member FF:C000091785Member rr:AfterTaxesOnDistributionsMember 2012-12-21 2012-12-21 0000315774 FF:S000029851Member FF:C000091785Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-12-21 2012-12-21 0000315774 FF:S000029851Member FF:C000091784Member 2012-12-21 2012-12-21 iso4217:USD xbrli:pure 485BPOS 2012-08-31 Forum Funds 0000315774 false 2012-12-21 2012-12-29 2012-12-30 <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Investment Objective</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The objective of the Dividend Plus<sup>+</sup> Income Fund (the &#147;Fund&#148;) is income and long term capital appreciation.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Fees and Expenses</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact FF_S000029851Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Principal Investment Strategies</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund will seek to achieve its investment objective by (1) investing in a portfolio of dividend-producing equity securities which the Adviser believes will pay above-average, sustainable, dividends, (2) selling covered call options on a substantial portion of the Fund&#146;s portfolio of between 25 and 50 equity securities and (3) selling cash-secured put options. The majority of options sold by the Fund will be out-of-the-money on equity securities in the Fund&#146;s portfolio and physically settled. The Fund&#146;s equity portfolio is designed by the Adviser to appreciate for long-term capital gains, and the Fund&#146;s option overlay strategy is designed by the Adviser to generate gains, which are largely short-term capital gains and distributed to shareholders as dividends or lower the cost basis of the Fund&#146;s portfolio. This strategy generally requires the Adviser to hold a substantial amount of the Fund&#146;s assets in cash or cash equivalents which may include U.S. Treasury bills, shares of money market funds and/or other short-term cash investments, which may pay interest that will contribute to Fund performance.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Under normal market conditions, the Fund&#146;s investments in domestic equity securities are primarily in domestic companies with large- and mid-sized market capitalizations. The Adviser defines (1) companies with large market capitalizations as those companies with market capitalizations of $5 billion and over and (2) companies with mid-sized market capitalizations as those companies with market capitalizations of at least $1 billion but not more than $5 billion. Such domestic equity securities include common stock, convertible securities, preferred stock, warrants and sponsored and unsponsored American Depositary Receipts (&#147;ADRs&#148;).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund may also invest in domestic equity securities of companies with small market capitalizations (defined by the Adviser as those companies with market capitalizations of less than $1 billion). In addition, from time to time, the Fund may buy call options to close positions, sell put options to initiate positions and buy put index options that are designed to create a hedge for the Fund&#146;s portfolio.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Adviser uses a total return approach to select the Fund&#146;s investments. The Adviser&#146;s investment process consists of conducting proprietary fundamental research, analyzing company filings, communicating with company management and industry analysts and reviewing third-party research. Once an investment is made, the holding is continuously monitored to ensure that the initial rationale for investment remains. If it is determined that the initial reason for investment is no longer valid or exceeds its target or if other investments with higher expected returns become available, the Adviser may sell the holding.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Principal Investment Risks</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund&#146;s net asset value (&#147;NAV&#148;) 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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">It is important that investors closely review and understand the risks of investing in the Fund.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Market Events Risk. </b></font>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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>ADR Risk. </b></font>The Fund may invest in ADRs. ADR risks include, but are not limited to fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Convertible Securities Risk. </b></font>Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Equity Risk. </b></font>The Fund&#146;s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Fixed-Income Securities Risk. </b></font>The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 30pt"><font style="color: windowtext"><b>Interest Rate Risk. </b></font>An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 30pt"><font style="color: windowtext"><b>Credit Risk. </b></font>The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause an increase in investment risk and price volatility.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Hedging Risk. </b></font>Gains or losses from positions in hedging instruments, such as options, may be much greater than the instrument&#146;s original cost. The counterparty may be unable to honor its financial obligation to the Fund. In addition, the Fund may be unable to close the transaction at the time and price the Adviser would like. This may result in a loss to the Fund.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>High Turnover Risk. </b></font>The Fund&#146;s strategy may result in high turnover rates, which may increase the Fund&#146;s brokerage commission costs and negatively impact the Fund&#146;s performance. Such portfolio turnover also may generate net short-term capital gains.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Large Capitalization Company Risk. </b></font>The Fund&#146;s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Management Risk. </b></font>The Fund is actively managed, and its performance will reflect the Adviser&#146;s ability to make investment decisions that are suited to achieving the Fund&#146;s investment objectives.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Mid Capitalization Company Risk. </b></font>The Fund&#146;s investments in mid capitalization companies may be less liquid and their securities&#146; prices may fluctuate more than those of larger, more established companies.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Preferred Stock Risk. </b></font>Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer&#146;s ability to make payments on the preferred stock.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Selling Call Options Risk. </b></font>The Fund may sell covered call options and may be required to sell the underlying security and, therefore, not participate in gains if the stock price exceeds the exercise price, before the expiration date of the option.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Selling Put Options Risk. </b></font>The Fund may sell put options and may be required to buy the underlying security at the exercise price if the Adviser does not buy back the put. The Fund will incur a loss equal to the difference between the exercise price less the premium received from the sale of the option and the security&#146;s current market value. The Fund may be volatile and lose money in connection with significant redemptions if the Fund&#146;s strategy requires it to meet those redemptions by closing out an options position at a disadvantageous time.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Small Capitalization Company Risk. </b></font>The Fund&#146;s investments in small capitalization companies may be less liquid and their securities&#146; prices may fluctuate more than those of larger, more established companies.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: windowtext"><b>Warrants Risk. </b></font>The Fund may invest in warrants. Warrants can provide a greater potential for loss than an equivalent investment in the underlying security. The price of a warrant does not necessarily move in tandem with the price of the underlying security and therefore, a warrant may be highly volatile and speculative. If a warrant held by the Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Performance Information</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The following chart illustrates the Investor Class returns as of December 31, 2011. Because the Investor Class has higher expenses than the Institutional Class, the performance of the Investor Class would be lower than the performance that the Institutional Class 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 for the past year and how the Fund&#146;s average annual returns for one year and since inception compare to the Standard &#38; Poor's 500 Index (the &#147;S&#38;P 500 Index&#148;). Updated performance information is available at www.divplusfund.com or by calling (877) 414-7884 (toll free).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><i>Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. </i></p> <p style="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"></p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact FF_S000029851Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0 0 0 0 0 0 0 0 <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Shareholder Fees (fees paid directly from your investment)</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</p> 0.0515 0.0075 0.0075 0.0025 0 0.0112 0.0078 0.0009 0.0009 0.0221 0.0162 -0.0088 -0.0054 0.0133 0.0108 135 110 605 457 1102 828 2470 1871 DIVPX MAIPX (reflects no deduction for fees, expenses or taxes) <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dividend Plus<sup>+</sup> Income Fund -- Investor Class and Institutional Class</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact FF_S000029851Member 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_S000029851Member 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_S000029851Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Example.</p> 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&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Returns as of December 31</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund will seek to achieve its investment objective by (1) investing in a portfolio of dividend-producing equity securities which the Adviser believes will pay above-average, sustainable, dividends, (2) selling covered call options on a substantial portion of the Fund&#146;s portfolio of between 25 and 50 equity securities and (3) selling cash-secured put options. The majority of options sold by the Fund will be out-of-the-money on equity securities in the Fund&#146;s portfolio and physically settled. The Fund&#146;s equity portfolio is designed by the Adviser to appreciate for long-term capital gains, and the Fund&#146;s option overlay strategy is designed by the Adviser to generate gains, which are largely short-term capital gains and distributed to shareholders as dividends or lower the cost basis of the Fund&#146;s portfolio. This strategy generally requires the Adviser to hold a substantial amount of the Fund&#146;s assets in cash or cash equivalents which may include U.S. Treasury bills, shares of money market funds and/or other short-term cash investments, which may pay interest that will contribute to Fund performance.</p> <b>Average Annual Total Returns</b><br /> <b>(For the periods ended December 31, 2011)</b> <p style="font: 9pt Sans-Serif; margin: 12pt 0 0; color: Red"><b></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The calendar year-to-date total return as of September 30, 2012 was 6.12%.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">During the period shown, the highest return for a quarter was 8.32% for the quarter ended December 31, 2011, and the lowest return was -6.40% for the quarter ended September 30, 2011.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">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&#146;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 (&#147;IRAs&#148;).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 102% of the average value of its portfolio.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Portfolio Turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 5.6pt; margin-right: 0; margin-left: 0; background-color: white">You could lose money on your investment in the Fund or the Fund could underperform other investments.<p></p></font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 5.6pt; margin-right: 0; margin-left: 0; background-color: white">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.<p></p></font></p> 0.0211 0.0515 0.0389 0.0357 0.0545 0.0487 0.0583 0.0460 0.0434 0.0677 2010-12-02 2010-09-23 <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 style="width: 0.25in"><font style="font-family: Symbol">*</font></td><td>Institutional Class and Investor Class commenced operations on September 23, 2010 and December 2, 2010, respectively.</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The calendar year-to-date total return as of September 30, 2012 was</p> 2012-09-30 0.0612 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">During the period shown, the highest return for a quarter was</p> 2011-12-31 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">the lowest return was</p> 2011-09-30 -0.0640 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><i>Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. </i></p> (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 877-414-7884 www.divplusfund.com 1.02 0.0832 1-1-2014 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The following chart illustrates the Investor Class returns as of December 31, 2011. </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">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. </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">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 (&#147;IRAs&#148;).</p> 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"). MAI Wealth Advisors, LLC (the "Adviser") has contractually agreed to reduce its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding taxes, leverage interest, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions, and extraordinary expenses such as litigation) of Investor Class and Institutional Class to 1.24% and 0.99%, respectively, for the period January 1, 2013 through January 1, 2014 ("Expense Cap"). The Expense Cap may be changed or eliminated at any time, only with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees reduced and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment (1) is made within three years of the fee reduction or expense reimbursement, (2) is approved by the Board and (3) does not cause the Net Annual Fund Operating Expenses of a class to exceed the Expense Cap. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap apply. EX-101.DEF 4 ff-20121221_def.xml XBRL DEFINITION FILE EX-101.LAB 5 ff-20121221_lab.xml XBRL LABEL FILE Dividend Plus+ Income Fund Legal Entity [Axis] S&P 500 Index Performance Measure [Axis] Investor Class Share Class [Axis] After Taxes on Distributions After Taxes on Distributions and Sales Institutional Class Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) Maximum Deferred Sales Charge (Load) (as a percentage of the Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge (Load) on Reinvested Dividends and Distributions (as a percentage of the offering price) Redemption Fee (as a percentage of amount redeemed, if applicable) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Column [Text] Management Fees Distribution and/or Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Fee Waiver and/or Expense Reimbursement Net Annual Fund Operating Expenses Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption, By Year, Column [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Label 1 Year 5 Years 10 Years Since Inception* Inception Date Risk/Return Detail [Table] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Since Inception Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield EX-101.PRE 6 ff-20121221_pre.xml XBRL PRESENTATION FILE EX-101.SCH 7 ff-20121221.xsd XBRL SCHEMA FILE XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report 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Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Aug. 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. 21, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 29, 2012
Prospectus Date rr_ProspectusDate Dec. 30, 2012
Dividend Plus+ Income Fund
  
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Dividend Plus+ Income Fund -- Investor Class and Institutional Class
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The objective of the Dividend Plus+ Income Fund (the “Fund”) is income and long term capital appreciation.
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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 1-1-2014
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 102% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 102.00%
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

The Fund will seek to achieve its investment objective by (1) investing in a portfolio of dividend-producing equity securities which the Adviser believes will pay above-average, sustainable, dividends, (2) selling covered call options on a substantial portion of the Fund’s portfolio of between 25 and 50 equity securities and (3) selling cash-secured put options. The majority of options sold by the Fund will be out-of-the-money on equity securities in the Fund’s portfolio and physically settled. The Fund’s equity portfolio is designed by the Adviser to appreciate for long-term capital gains, and the Fund’s option overlay strategy is designed by the Adviser to generate gains, which are largely short-term capital gains and distributed to shareholders as dividends or lower the cost basis of the Fund’s portfolio. This strategy generally requires the Adviser to hold a substantial amount of the Fund’s assets in cash or cash equivalents which may include U.S. Treasury bills, shares of money market funds and/or other short-term cash investments, which may pay interest that will contribute to Fund performance.

Under normal market conditions, the Fund’s investments in domestic equity securities are primarily in domestic companies with large- and mid-sized market capitalizations. The Adviser defines (1) companies with large market capitalizations as those companies with market capitalizations of $5 billion and over and (2) companies with mid-sized market capitalizations as those companies with market capitalizations of at least $1 billion but not more than $5 billion. Such domestic equity securities include common stock, convertible securities, preferred stock, warrants and sponsored and unsponsored American Depositary Receipts (“ADRs”).

The Fund may also invest in domestic equity securities of companies with small market capitalizations (defined by the Adviser as those companies with market capitalizations of less than $1 billion). In addition, from time to time, the Fund may buy call options to close positions, sell put options to initiate positions and buy put index options that are designed to create a hedge for the Fund’s portfolio.

The Adviser uses a total return approach to select the Fund’s investments. The Adviser’s investment process consists of conducting proprietary fundamental research, analyzing company filings, communicating with company management and industry analysts and reviewing third-party research. Once an investment is made, the holding is continuously monitored to ensure that the initial rationale for investment remains. If it is determined that the initial reason for investment is no longer valid or exceeds its target or if other investments with higher expected returns become available, the Adviser may sell the holding.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The Fund will seek to achieve its investment objective by (1) investing in a portfolio of dividend-producing equity securities which the Adviser believes will pay above-average, sustainable, dividends, (2) selling covered call options on a substantial portion of the Fund’s portfolio of between 25 and 50 equity securities and (3) selling cash-secured put options. The majority of options sold by the Fund will be out-of-the-money on equity securities in the Fund’s portfolio and physically settled. The Fund’s equity portfolio is designed by the Adviser to appreciate for long-term capital gains, and the Fund’s option overlay strategy is designed by the Adviser to generate gains, which are largely short-term capital gains and distributed to shareholders as dividends or lower the cost basis of the Fund’s portfolio. This strategy generally requires the Adviser to hold a substantial amount of the Fund’s assets in cash or cash equivalents which may include U.S. Treasury bills, shares of money market funds and/or other short-term cash investments, which may pay interest that will contribute to Fund performance.
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.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund.

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading.

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities.

Equity Risk. The Fund’s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security.

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

Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest.

Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause an increase in investment risk and price volatility.

Hedging Risk. Gains or losses from positions in hedging instruments, such as options, may be much greater than the instrument’s original cost. The counterparty may be unable to honor its financial obligation to the Fund. In addition, the Fund may be unable to close the transaction at the time and price the Adviser would like. This may result in a loss to the Fund.

High Turnover Risk. The Fund’s strategy may result in high turnover rates, which may increase the Fund’s brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net short-term capital gains.

Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

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

Mid Capitalization Company Risk. The Fund’s investments in mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.

Selling Call Options Risk. The Fund may sell covered call options and may be required to sell the underlying security and, therefore, not participate in gains if the stock price exceeds the exercise price, before the expiration date of the option.

Selling Put Options Risk. The Fund may sell put options and may be required to buy the underlying security at the exercise price if the Adviser does not buy back the put. The Fund will incur a loss equal to the difference between the exercise price less the premium received from the sale of the option and the security’s current market value. The Fund may be volatile and lose money in connection with significant redemptions if the Fund’s strategy requires it to meet those redemptions by closing out an options position at a disadvantageous time.

Small Capitalization Company Risk. The Fund’s investments in small capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.

Warrants Risk. The Fund may invest in warrants. Warrants can provide a greater potential for loss than an equivalent investment in the underlying security. The price of a warrant does not necessarily move in tandem with the price of the underlying security and therefore, a warrant may be highly volatile and speculative. If a warrant held by the Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant.
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 Investor Class returns as of December 31, 2011. Because the Investor Class has higher expenses than the Institutional Class, the performance of the Investor Class would be lower than the performance that the Institutional Class 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 for the past year and how the Fund’s average annual returns for one year and since inception compare to the Standard & Poor's 500 Index (the “S&P 500 Index”). Updated performance information is available at www.divplusfund.com or by calling (877) 414-7884 (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 Investor Class returns as of December 31, 2011.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-414-7884
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.divplusfund.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
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The calendar year-to-date total return as of September 30, 2012 was 6.12%.

During the period shown, the highest return for a quarter was 8.32% for the quarter ended December 31, 2011, and the lowest return was -6.40% for the quarter ended September 30, 2011.
Year to Date Return, Label rr_YearToDateReturnLabel

The calendar year-to-date total return as of September 30, 2012 was
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.12%
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, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.32%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

the lowest return was
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.40%)
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 Footnotes rr_PerformanceTableFootnotesTextBlock
*Institutional Class and Investor Class commenced operations on September 23, 2010 and December 2, 2010, respectively.
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”).
Dividend Plus+ Income Fund | Investor Class
  
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DIVPX
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) 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
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.12% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.21%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.88%) [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.33%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 135
3 Years rr_ExpenseExampleYear03 605
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,102
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,470
Annual Return 2011 rr_AnnualReturn2011 5.15%
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 5.15%
Since Inception* rr_AverageAnnualReturnSinceInception 5.83%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 02, 2010
Dividend Plus+ Income Fund | Institutional Class
  
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MAIPX
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) 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
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.78% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.62%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.54%) [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.08%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 110
3 Years rr_ExpenseExampleYear03 457
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 828
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,871
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 5.45%
Since Inception* rr_AverageAnnualReturnSinceInception 6.77%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 23, 2010
Dividend Plus+ Income Fund | After Taxes on Distributions | Investor Class
  
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 3.89%
Since Inception* rr_AverageAnnualReturnSinceInception 4.60%
Dividend Plus+ Income Fund | After Taxes on Distributions and Sales | Investor Class
  
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 3.57%
Since Inception* rr_AverageAnnualReturnSinceInception 4.34%
Dividend Plus+ Income Fund | S&P 500 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 2.11%
Since Inception* rr_AverageAnnualReturnSinceInception 4.87%
[1] 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").
[2] MAI Wealth Advisors, LLC (the "Adviser") has contractually agreed to reduce its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding taxes, leverage interest, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions, and extraordinary expenses such as litigation) of Investor Class and Institutional Class to 1.24% and 0.99%, respectively, for the period January 1, 2013 through January 1, 2014 ("Expense Cap"). The Expense Cap may be changed or eliminated at any time, only with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees reduced and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment (1) is made within three years of the fee reduction or expense reimbursement, (2) is approved by the Board and (3) does not cause the Net Annual Fund Operating Expenses of a class to exceed the Expense Cap. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap apply.
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Dividend Plus+ Income Fund

Dividend Plus+ Income Fund -- Investor Class and Institutional Class

Investment Objective

The objective of the Dividend Plus+ Income Fund (the “Fund”) is income and long term capital appreciation.

Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Dividend Plus+ Income Fund
Investor Class
Institutional Class
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) 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

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Dividend Plus+ Income Fund
Investor Class
Institutional Class
Management Fees 0.75% 0.75%
Distribution and/or Service (12b-1) Fees 0.25% none
Other Expenses [1] 1.12% 0.78%
Acquired Fund Fees and Expenses 0.09% 0.09%
Total Annual Fund Operating Expenses 2.21% 1.62%
Fee Waiver and/or Expense Reimbursement [2] (0.88%) (0.54%)
Net Annual Fund Operating Expenses 1.33% 1.08%
[1] 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").
[2] MAI Wealth Advisors, LLC (the "Adviser") has contractually agreed to reduce its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding taxes, leverage interest, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions, and extraordinary expenses such as litigation) of Investor Class and Institutional Class to 1.24% and 0.99%, respectively, for the period January 1, 2013 through January 1, 2014 ("Expense Cap"). The Expense Cap may be changed or eliminated at any time, only with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees reduced and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment (1) is made within three years of the fee reduction or expense reimbursement, (2) is approved by the Board and (3) does not cause the Net Annual Fund Operating Expenses of a class to exceed the Expense Cap. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap apply.

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 Dividend Plus+ Income Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class
 135 605 1,102 2,470
Institutional Class
 110 457 828 1,871

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 102% of the average value of its portfolio.

Principal Investment Strategies

The Fund will seek to achieve its investment objective by (1) investing in a portfolio of dividend-producing equity securities which the Adviser believes will pay above-average, sustainable, dividends, (2) selling covered call options on a substantial portion of the Fund’s portfolio of between 25 and 50 equity securities and (3) selling cash-secured put options. The majority of options sold by the Fund will be out-of-the-money on equity securities in the Fund’s portfolio and physically settled. The Fund’s equity portfolio is designed by the Adviser to appreciate for long-term capital gains, and the Fund’s option overlay strategy is designed by the Adviser to generate gains, which are largely short-term capital gains and distributed to shareholders as dividends or lower the cost basis of the Fund’s portfolio. This strategy generally requires the Adviser to hold a substantial amount of the Fund’s assets in cash or cash equivalents which may include U.S. Treasury bills, shares of money market funds and/or other short-term cash investments, which may pay interest that will contribute to Fund performance.

Under normal market conditions, the Fund’s investments in domestic equity securities are primarily in domestic companies with large- and mid-sized market capitalizations. The Adviser defines (1) companies with large market capitalizations as those companies with market capitalizations of $5 billion and over and (2) companies with mid-sized market capitalizations as those companies with market capitalizations of at least $1 billion but not more than $5 billion. Such domestic equity securities include common stock, convertible securities, preferred stock, warrants and sponsored and unsponsored American Depositary Receipts (“ADRs”).

The Fund may also invest in domestic equity securities of companies with small market capitalizations (defined by the Adviser as those companies with market capitalizations of less than $1 billion). In addition, from time to time, the Fund may buy call options to close positions, sell put options to initiate positions and buy put index options that are designed to create a hedge for the Fund’s portfolio.

The Adviser uses a total return approach to select the Fund’s investments. The Adviser’s investment process consists of conducting proprietary fundamental research, analyzing company filings, communicating with company management and industry analysts and reviewing third-party research. Once an investment is made, the holding is continuously monitored to ensure that the initial rationale for investment remains. If it is determined that the initial reason for investment is no longer valid or exceeds its target or if other investments with higher expected returns become available, the Adviser may sell the holding.

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.

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund.

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading.

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities.

Equity Risk. The Fund’s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security.

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

Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest.

Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause an increase in investment risk and price volatility.

Hedging Risk. Gains or losses from positions in hedging instruments, such as options, may be much greater than the instrument’s original cost. The counterparty may be unable to honor its financial obligation to the Fund. In addition, the Fund may be unable to close the transaction at the time and price the Adviser would like. This may result in a loss to the Fund.

High Turnover Risk. The Fund’s strategy may result in high turnover rates, which may increase the Fund’s brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net short-term capital gains.

Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

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

Mid Capitalization Company Risk. The Fund’s investments in mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.

Selling Call Options Risk. The Fund may sell covered call options and may be required to sell the underlying security and, therefore, not participate in gains if the stock price exceeds the exercise price, before the expiration date of the option.

Selling Put Options Risk. The Fund may sell put options and may be required to buy the underlying security at the exercise price if the Adviser does not buy back the put. The Fund will incur a loss equal to the difference between the exercise price less the premium received from the sale of the option and the security’s current market value. The Fund may be volatile and lose money in connection with significant redemptions if the Fund’s strategy requires it to meet those redemptions by closing out an options position at a disadvantageous time.

Small Capitalization Company Risk. The Fund’s investments in small capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.

Warrants Risk. The Fund may invest in warrants. Warrants can provide a greater potential for loss than an equivalent investment in the underlying security. The price of a warrant does not necessarily move in tandem with the price of the underlying security and therefore, a warrant may be highly volatile and speculative. If a warrant held by the Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant.

Performance Information

The following chart illustrates the Investor Class returns as of December 31, 2011. Because the Investor Class has higher expenses than the Institutional Class, the performance of the Investor Class would be lower than the performance that the Institutional Class 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 for the past year and how the Fund’s average annual returns for one year and since inception compare to the Standard & Poor's 500 Index (the “S&P 500 Index”). Updated performance information is available at www.divplusfund.com or by calling (877) 414-7884 (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
Bar Chart

The calendar year-to-date total return as of September 30, 2012 was 6.12%.

During the period shown, the highest return for a quarter was 8.32% for the quarter ended December 31, 2011, and the lowest return was -6.40% for the quarter ended September 30, 2011.
Average Annual Total Returns
(For the periods ended December 31, 2011)
Average Annual Total Returns Dividend Plus+ Income Fund
Label
1 Year
Since Inception*
Inception Date
Investor Class
 Return Before Taxes 5.15% 5.83% Dec. 02, 2010
Investor Class After Taxes on Distributions
 Return After Taxes on Distributions 3.89% 4.60%  
Investor Class After Taxes on Distributions and Sales
 Return After Taxes on Distributions and Sale of Fund Shares 3.57% 4.34%  
Institutional Class
 Return Before Taxes 5.45% 6.77% Sep. 23, 2010
S&P 500 Index
 (reflects no deduction for fees, expenses or taxes) 2.11% 4.87%  
*Institutional Class and Investor Class commenced operations on September 23, 2010 and December 2, 2010, respectively.

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”).
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