As filed with the Securities and Exchange Commission on August 16, 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. 423
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 424
_____________________________________________________________________________________________
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. 423 is filed for the sole purpose
of submitting XBRL exhibit for the risk/return summary first provided in PEA No. 419 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 August 16, 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 August 16, 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 |
| Label | Element | Value | ||||
|---|---|---|---|---|---|---|
| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Document Type | dei_DocumentType | 485BPOS | ||||
| Document Period End Date | dei_DocumentPeriodEndDate | Mar. 31, 2013 | ||||
| Registrant Name | dei_EntityRegistrantName | Forum Funds | ||||
| Central Index Key | dei_EntityCentralIndexKey | 0000315774 | ||||
| Amendment Flag | dei_AmendmentFlag | false | ||||
| Document Creation Date | dei_DocumentCreationDate | Jul. 29, 2013 | ||||
| Document Effective Date | dei_DocumentEffectiveDate | Aug. 01, 2013 | ||||
| Prospectus Date | rr_ProspectusDate | Aug. 01, 2013 | ||||
|
Beck, Mack & Oliver Global Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Risk/Return [Heading] | rr_RiskReturnHeading | Beck, Mack & Oliver Global Fund |
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| Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
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| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Beck, Mack & Oliver Global Fund seeks capital appreciation by investing primarily in a portfolio of common stock and securities convertible into common stock. |
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
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| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 7-31-2014 | ||||
| Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. |
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| Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio. |
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| Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 67.00% | ||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example. |
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| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
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| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund invests primarily in equity securities, including common stock, sponsored American Depositary Receipts (“ADRs”) and securities convertible into common stock, of companies of any size based in the U.S. and worldwide. The Adviser focuses on those equity securities that the Adviser believes have above average earnings or revenue growth and/or potential price appreciation. The Fund also invests in companies that the Adviser believes are experiencing growth but whose growth the Adviser believes has not been recognized by the market. In addition, under normal circumstances, the Fund invests at least 40% of the value of its net assets and borrowings for investment purposes in equity securities, consisting of common stock, ADRs and securities convertible into common stock, of non-U.S. companies. Currently, the Fund limits its investments in any one country to 25% of its total assets. This limitation does not apply to the securities of U.S. issuers. The Fund may also invest in pooled investment vehicles, including private equity funds and investment companies, that the Adviser believes provide similar earnings, revenue or growth potential as the equity securities in which the Fund principally invests. The Adviser relies primarily on fundamental analyses to identify companies, sectors and industries that, in its judgment, are undervalued relative to their potential and whose growth should exceed that anticipated by the market. The Adviser also studies political and economic developments in foreign countries in order to determine which countries may offer the best investment opportunities. The Adviser seeks to purchase the securities of well-managed companies at prices that are below intrinsic value. In addition, the Fund may invest a significant portion of the Fund’s total assets in cash or cash equivalents if the Adviser’s Process does not identify other appropriate investments for the Fund. |
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| Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund invests primarily in equity securities, including common stock, sponsored American Depositary Receipts (“ADRs”) and securities convertible into common stock, of companies of any size based in the U.S. and worldwide. The Adviser focuses on those equity securities that the Adviser believes have above average earnings or revenue growth and/or potential price appreciation. The Fund also invests in companies that the Adviser believes are experiencing growth but whose growth the Adviser believes has not been recognized by the market. |
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| Risk [Heading] | rr_RiskHeading | Principal Investment Risks |
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| 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. ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when the U.S. markets are not open for trading. Unsponsored ADRs involve additional risks. 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. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities investment value. Equity Risk. The Fund’s equity holdings, which include common stocks, may decline in value because of changes in price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security or broader economic or market events including changes in interest rates. Foreign Investments Risk. Foreign investments may be subject to the same risks as domestic investments and to additional risks which include international trade, currency, political, regulatory and diplomatic risks, which may affect their value. Also, foreign securities are subject to the risk that their market price may not reflect the issuer’s condition because there is not sufficient publicly available information about the issuer. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Holding Cash and Cash Equivalents Risk. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest in is rapidly rising. 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. 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. Pooled Investment Vehicle Risk. Pooled investment vehicles in which the Fund may invest may charge fees, and such fees may be more than the Fund would pay if the manager of the pooled vehicle managed the Fund’s assets directly. Portfolio Turnover Risk. A high level of portfolio turnover may have a negative impact on performance by increasing transaction costs and generating greater tax liabilities for shareholders. Small and Mid Capitalization Company Risk. The Fund’s investments in small and mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price. Value Investment Risk. The Fund may invest in securities the Adviser believes are undervalued. The value of the Fund’s shares may decline, even if stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political and economic developments. |
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| Risk Lose Money [Text] | rr_RiskLoseMoney | You could lose money on your investment in the Fund or the Fund could underperform other investments. |
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| Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
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| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information |
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| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following chart and table illustrate the variability of the Fund's returns as of December 31, 2012. 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, five, and ten years compare to the certain broad based indices. Updated performance information is available on a quarterly basis at www.beckmack.com or by calling (800) 943-6786 (toll free). Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. |
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| Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following chart and table illustrate the variability of the Fund's returns as of December 31, 2012. |
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| 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, five, and ten years compare to the certain broad based indices. |
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| Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 943-6786 |
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| Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.beckmack.com |
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| 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. |
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| Bar Chart [Heading] | rr_BarChartHeading | Annual Returns as of December 31 |
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| Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The calendar year-to-date total return as of June 30, 2013 was -1.45%. The Fund’s total return calculation includes proceeds received on November 26, 2003, from a non-recurring litigation settlement. Without this payment, total return for the year ended December 31, 2003, would have been 32.99%.
During the period shown, the highest return for a quarter was 23.52% for the quarter ended June 30, 2009, and the lowest return was -19.32% for the quarter ended December 31, 2008. |
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| Performance Table Heading | rr_PerformanceTableHeading |
Average
Annual Total Returns |
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| 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. |
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| 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”). |
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| 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”). |
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Beck, Mack & Oliver Global Fund | Beck, Mack & Oliver Global Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Trading Symbol | dei_TradingSymbol | BMGEX | ||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of amount redeemed within 60 days of purchase, if applicable) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||
| Exchange Fee (as a percentage of amount redeemed, if applicable) | rr_ExchangeFeeOverRedemption | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 1.50% | ||||
| Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.38% | ||||
| Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.89% | ||||
| Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.38%) | [1] | |||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.51% | ||||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 7-31-2013 | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 154 | ||||
| 3 Years | rr_ExpenseExampleYear03 | 557 | ||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 986 | ||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,181 | ||||
| Annual Return 2003 | rr_AnnualReturn2003 | 34.28% | ||||
| Annual Return 2004 | rr_AnnualReturn2004 | 20.76% | ||||
| Annual Return 2005 | rr_AnnualReturn2005 | 13.58% | ||||
| Annual Return 2006 | rr_AnnualReturn2006 | 21.65% | ||||
| Annual Return 2007 | rr_AnnualReturn2007 | 9.22% | ||||
| Annual Return 2008 | rr_AnnualReturn2008 | (36.86%) | ||||
| Annual Return 2009 | rr_AnnualReturn2009 | 28.54% | ||||
| Annual Return 2010 | rr_AnnualReturn2010 | 15.29% | ||||
| Annual Return 2011 | rr_AnnualReturn2011 | (12.82%) | ||||
| Annual Return 2012 | rr_AnnualReturn2012 | 23.68% | ||||
| Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
| Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (1.45%) | ||||
| Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | During the period shown, the highest return for a quarter was |
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| Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||
| Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 23.52% | ||||
| Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | and the lowest return was |
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| Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||
| Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (19.32%) | ||||
| Label | rr_AverageAnnualReturnLabel | Return Before Taxes | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 23.68% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 0.18% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 9.46% | ||||
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Beck, Mack & Oliver Global Fund | After Taxes on Distributions | Beck, Mack & Oliver Global Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 23.10% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | (0.17%) | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 8.88% | ||||
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Beck, Mack & Oliver Global Fund | After Taxes on Distributions and Sales | Beck, Mack & Oliver Global Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 16.16% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 0.08% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 8.36% | ||||
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Beck, Mack & Oliver Global Fund | MSCI World Index
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | MSCI World Index (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 15.83% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | (1.18%) | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.51% | ||||
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Beck, Mack & Oliver Global Fund | MSCI EAFE Total Return
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | MSCI EAFE Total Return (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 17.32% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | (3.69%) | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 8.21% | ||||
|
Beck, Mack & Oliver Partners Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Risk/Return [Heading] | rr_RiskReturnHeading | Beck, Mack & Oliver Partners Fund |
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| Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
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| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Beck, Mack & Oliver Partners Fund seeks long-term capital appreciation consistent with the preservation of capital. |
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
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| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 7-31-2014 | ||||
| Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. |
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| Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 37% of the average value of its portfolio. |
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| Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 37.00% | ||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example. |
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| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
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| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund invests primarily in a portfolio of common stocks and securities convertible into or exercisable for common stocks issued by companies of any size, but it may also invest in preferred stocks and fixed, variable and floating rate fixed-income securities such as investment grade notes, bonds and debentures. The Fund generally seeks to invest in equity securities of domestic and foreign companies which it believes have sound, long-term fundamentals. As a non-diversified fund, the Fund may invest in a relatively small number of companies. In addition, the Fund may invest in investment securities of any credit quality, including up to 10% of its net assets in fixed-income securities rated below investment grade (“junk bonds”). Investment grade debt securities are debt securities rated in the category BBB- or higher by Standard & Poor’s Corporation or Baa3 or higher by Moody’s Investors Services, Inc. or the equivalent by another national rating organization or, if unrated, determined by the Adviser to be of comparable quality. Certain fixed-income securities held by the Fund may be illiquid. The Adviser relies primarily on fundamental analyses to identify companies, sectors and industries that, in its judgment, are undervalued relative to their potential and whose growth should exceed that anticipated by the market. The Adviser seeks to purchase the securities of companies at prices that are below intrinsic value. With respect to fixed-income securities, the Adviser monitors interest rate outlooks, the shape of the yield curve and other economic factors to achieve an appropriate maturity profile for the Fund. The Fund may invest in fixed-income securities of any maturity, and the weighted average maturity of the portfolio may vary substantially over time. The Fund may invest a significant portion of the Fund’s total assets in cash or cash equivalents if the Adviser’s Process does not identify other appropriate investments for the Fund. |
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| Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund invests primarily in a portfolio of common stocks and securities convertible into or exercisable for common stocks issued by companies of any size, but it may also invest in preferred stocks and fixed, variable and floating rate fixed-income securities such as investment grade notes, bonds and debentures. The Fund generally seeks to invest in equity securities of domestic and foreign companies which it believes have sound, long-term fundamentals. As a non-diversified fund, the Fund may invest in a relatively small number of companies. |
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| Risk [Heading] | rr_RiskHeading | Principal Investment Risks |
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| 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. Below-Investment Grade Securities Risk. Investments in below-investment grade fixed-income securities, “high yield securities” or “junk bonds,” are generally more speculative than investment grade fixed-income securities and have a greater risk of default. If an issuer defaults, a below-investment grade security could lose all of its value, be renegotiated at a lower interest rate or principal amount, or become illiquid. Below-investment grade securities may be less liquid and more volatile than investment grade fixed-income securities and may be more difficult to value. 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. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities investment value. Equity Risk. The Fund’s equity holdings, which include common stocks, may decline in value because of changes in price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons which may relate directly to the issuer of a security or broader economic or market events including changes in interest rates. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility. Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest. Prepayment Risk. Prepayment of fixed-income securities, which is more common when interest rates are declining, may shorten such securities’ maturity, reduce the Fund’s return and cause the Fund to reinvest in lower yielding securities. Variable and Floating Interest Rate Risk. The interest rates of variable and floating rate securities may adjust whenever a specified interest rate changes and/or that reset on predetermined dates (such as the last day of a month or calendar quarter). Variable and floating rate securities generally are less sensitive to interest rate changes but may produce a leveraging effect or provide interest payments that vary inversely with market rates. Floating and variable rate securities also may be called or redeemed by the issuer prior to maturity, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. The Fund may also suffer a loss if there is no active secondary market for any particular floating or variable rate security. Foreign Investments Risk. Foreign investments may be subject to the same risks as domestic investments and to additional risks which include international trade, currency, political, regulatory and diplomatic risks, which may affect their value. Also, foreign securities are subject to the risk that their market price may not reflect the issuer’s condition because there is not sufficient publicly available information about the issuer. Investments in securities of foreign issuers may also be subject to foreign withholding and other taxes. Holding Cash and Cash Equivalents Risk. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest in is rapidly rising. 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. Liquidity Risk. The Fund may not be able to dispose of restricted, thinly traded and/or illiquid securities promptly or at reasonable prices. This may result in a loss to the Fund. 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. Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. 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. Small and Mid Capitalization Company Risk. The Fund’s investments in small and mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price. Value Investment Risk. The Fund may invest in securities the Adviser believes are undervalued. The value of the Fund’s shares may decline, even if stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political and economic developments. |
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| Risk Lose Money [Text] | rr_RiskLoseMoney | You could lose money on your investment in the Fund or the Fund could underperform other investments. |
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| Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. |
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| Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
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| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information |
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| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following chart and table illustrate the variability of the Fund's returns as of December 31, 2012. 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, five, and ten years compare to the certain broad based indices. Updated performance information is available on a quarterly basis at www.beckmack.com or by calling (800) 943-6786 (toll free). On December 1, 2009, a limited partnership managed by the Adviser reorganized into the Partners Fund. This limited partnership maintained an investment objective and investment policies that were, in all material respects, substantially similar to those of the Partners Fund. The Partners Fund has adopted the performance history of the limited partnership. The Partners Fund’s performance for periods prior to December 1, 2009, is that of the limited partnership and reflects the expenses of the limited partnership, which were lower than the Partners Fund’s current net expenses, except for 2008 when the expenses of the limited partnership were higher. The performance prior to December 1, 2009, is based on calculations that are different from the standardized method of calculations accepted by the SEC. If the limited partnership’s performance had been readjusted to reflect the estimated expenses of the Partners Fund for its first fiscal year, the performance would have been lower. The limited partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, may have adversely affected its performance. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. |
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| Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following chart and table illustrate the variability of the Fund's returns as of December 31, 2012. |
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| 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, five, and ten years compare to the certain broad based indices. |
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| Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 943-6786 |
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| Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.beckmack.com |
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| 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. |
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| Bar Chart [Heading] | rr_BarChartHeading | Annual Returns as of December 31 |
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| Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The calendar year-to-date total return as of June 30, 2013 was 8.62%.
During the period shown, the highest return for a quarter was 20.64% for the quarter ended June 30, 2009, and the lowest return was -28.37% for the quarter ended December 31, 2008. |
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| Performance Table Heading | rr_PerformanceTableHeading |
Average
Annual Total Returns |
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| 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. |
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| 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”). |
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| 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”). |
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Beck, Mack & Oliver Partners Fund | Beck, Mack & Oliver Partners Fund
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Trading Symbol | dei_TradingSymbol | BMPEX | ||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of amount redeemed within 60 days of purchase, if applicable) | rr_RedemptionFeeOverRedemption | (2.00%) | ||||
| 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 | 0.42% | ||||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.42% | ||||
| Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.42%) | [2] | |||
| Net Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.00% | ||||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 7-31-2013 | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 102 | ||||
| 3 Years | rr_ExpenseExampleYear03 | 408 | ||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 736 | ||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,666 | ||||
| Annual Return 2003 | rr_AnnualReturn2003 | 23.90% | ||||
| Annual Return 2004 | rr_AnnualReturn2004 | 15.55% | ||||
| Annual Return 2005 | rr_AnnualReturn2005 | 10.53% | ||||
| Annual Return 2006 | rr_AnnualReturn2006 | 15.64% | ||||
| Annual Return 2007 | rr_AnnualReturn2007 | 10.66% | ||||
| Annual Return 2008 | rr_AnnualReturn2008 | (42.05%) | ||||
| Annual Return 2009 | rr_AnnualReturn2009 | 24.21% | ||||
| Annual Return 2010 | rr_AnnualReturn2010 | 17.00% | ||||
| Annual Return 2011 | rr_AnnualReturn2011 | 6.39% | ||||
| Annual Return 2012 | rr_AnnualReturn2012 | 20.63% | ||||
| Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2013 | ||||
| Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 8.62% | ||||
| Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | During the period shown, the highest return for a quarter was |
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| Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||
| Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 20.64% | ||||
| Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | and the lowest return was |
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| Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||
| Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (28.37%) | ||||
| Label | rr_AverageAnnualReturnLabel | Return Before Taxes | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 20.63% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 1.56% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 8.15% | ||||
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Beck, Mack & Oliver Partners Fund | After Taxes on Distributions | Beck, Mack & Oliver Partners Fund
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 19.76% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 0.84% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.76% | ||||
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Beck, Mack & Oliver Partners Fund | After Taxes on Distributions and Sales | Beck, Mack & Oliver Partners Fund
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 13.91% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 1.12% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.11% | ||||
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Beck, Mack & Oliver Partners Fund | S&P 500 Index
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | S&P 500 Index (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 16.00% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 1.66% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.10% | ||||
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Beck, Mack & Oliver Partners Fund | The Russell 1000 Index
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | The Russell 1000 Index (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 16.42% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 1.92% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.52% | ||||
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Beck, Mack & Oliver Partners Fund | The Russell 1000 Value Index
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | The Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 17.51% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 0.59% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.38% | ||||
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Beck, Mack & Oliver Partners Fund | The Russell 3000 Index
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||
| Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses or taxes) | ||||
| Label | rr_AverageAnnualReturnLabel | The Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | ||||
| 1 Year | rr_AverageAnnualReturnYear01 | 16.42% | ||||
| 5 Year | rr_AverageAnnualReturnYear05 | 2.04% | ||||
| 10 Year | rr_AverageAnnualReturnYear10 | 7.68% | ||||
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