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Expense Information
Investors should consider the investment objectives, risks, and charges and expenses of The BeeHive Fund carefully before investing. The prospectus of The BeeHive Fund may be obtained by clicking on “Prospectus” here or above, or by telephoning 866.684.4915 (toll free). They contain this and other information about The BeeHive Fund. Investors should read the prospectus carefully before investing. An XBRL version of the Fund’s risk and return summary information is available by clicking here.
William G. Spears and Robert M. Raich, each a principal of Spears Abacus and a member of its investment team, co-manage the Fund’s portfolio. Messrs. Spears and Raich are jointly responsible for stock selection and perform all aspects of the Fund’s management.
William G. Spears
Robert M. Raich
The investment advisor to The BeeHive Fund (“The Fund”) is Spears Abacus Advisors LLC ("Spears Abacus"), located at 147 E. 48th Street, New York, NY 10017. Established in 2007, Spears Abacus is an independent SEC-registered investment advisory firm that manages assets for institutions, high net worth individuals and charitable organizations. Click here to visit the Spears Abacus Advisors LLC site
In 2007, Abacus & Associates, a single family office, and their longtime advisor, Bill Spears, began offering their services to a wider pool of clients with the founding of Spears Abacus and the subsequent creation of The BeeHive Fund.
The name the BeeHive is a nod to the firm’s heritage and was the name of the dry goods store founded in the mid-19th century in Plattsburgh, New York by Emanuel Nusbaum. Nusbaum’s son, Aaron Norman, went on to make an early investment in Sears Roebuck & Co, which provided the capital for a successful investing career and the formation of Abacus & Associates.
| Returns as of March 31, 2012 | |
|---|---|
| 2012 year to date | 11.98% |
| Trailing 12 months | 0.41% |
| Annualized since inception (9/2/08): | 5.69% |
The performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment in The BeeHive Fund will fluctuate so that the shares in The BeeHive Fund owned by an investor, when redeemed, may be worth more or less than their original cost. The current performance of The BeeHive Fund may be lower or higher than the performances data quoted. Investors who would like to obtain performance data for The BeeHive Fund that is current to the most recent month-end should call 866.684.4915 (toll free). Click here to review important expense and fee information about the Fund.
| Distributions per share | |||
|---|---|---|---|
| Capital Gains | |||
| Dividends | Short-term | Long-term | |
| 2008 | $0.0146 | None | None |
| 2009 | $0.0402 | None | None |
| 2010 | $0.0391 | None | $0.2111 |
| 2011 | $0.0166 | None | $0.2023 |
As of March 31, 2012
| Security Description | Percentage of Market Value |
|---|---|
| ACE LIMITED | 4.75 |
| UNITED PARCEL SERVICE, INC., CLASS B | 4.55 |
| COMCAST CORP., CLASS A | 4.49 |
| GOOGLE, INC., CLASS A | 4.44 |
| CIT GROUP, INC. | 4.24 |
| DEVON ENERGY CORP. | 4.22 |
| MICROSOFT CORP. | 4.20 |
| THERMO FISHER SCIENTIFIC, INC. | 3.94 |
| METLIFE, INC. | 3.90 |
| BAXTER INTERNATIONAL, INC. | 3.89 |
* Holdings are subject to change
| Shareholder Fees (fees paid directly from your investment) | |
|---|---|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) | None |
| Maximum Deferred Sales Charge (Load) (as a percentage of the sale price) | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) | None |
| Redemption Fee (as a percentage of amount redeemed, if applicable) | None |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage value of your investment) | |
|---|---|
| Management Fees | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.47% |
| Total Annual Fund Operating Expenses | 1.22% |
| Fee Reduction and Expense Reimbursement¹ | (0.23)% |
| Net Annual Fund Operating Expenses | 0.99% |
¹Spears Abacus has contractually agreed to reduce a portion of its fee and to reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding taxes, interest, portfolio transaction expenses and extraordinary expenses) to 0.99% through at least May 1, 2012 (the “Expense Cap”). The Expense Cap may be changed or eliminated with the consent of the Board of Trustees of Forum Funds (the “Board”). Spears Abacus may be reimbursed by the Fund for any contractual fee reduction or expense reimbursements if reimbursement to Spears Abacus occurs within three years of the fee reduction or expense reimbursement and does not cause the Net Annual Fund Operating Expenses of the Fund to exceed the percentage limit contractually agreed. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap would apply.
The Huntington National Bank
Westerville, OH
ABA 044000024
For Credit To:
Atlantic Shareholder Services, LLC
FBO Forum Funds
Account # 01892542416
The BeeHive Fund
(Name)
(Fund Account Number)
Chairman, CEO and co-founder of Spears Abacus, Bill is a portfolio manager and has long experience serving as trusted advisor to clients and managing portfolios over multiple market cycles.
Bill began his career at Loeb, Rhoades & Company in 1962 and was named a General Partner in 1970. In 1972, Bill founded Spears, Benzak, Salomon & Farrell. After SBSF was purchased by KeyCorp, Bill became Chairman of KeyCorp Asset Management. In 1999, Bill founded Spears, Grisanti & Brown, where he served as a portfolio manager of the SteepleView Fund and various client portfolios from 1999 to 2007.
Bill received a BA degree from Princeton University in 1960 and an MBA from Harvard Business School in 1962 and is a CFA charterholder.
Rob co-founded Spears Abacus in 2007. He serves as President and functions as a portfolio manager, analyst and client advisor. In addition to portfolio management, he has extensive experience in tax strategy, corporate finance, trust and estate administration and financial planning.
Rob began his career at Price Waterhouse LLP. He continued his practice in accounting as a Principal at Raich, Ende, Malter LLP from 1998 to 2000. Rob joined Abacus & Associates Inc. in 2001 and was named President and Chief Investment Officer in 2002.
Rob received a BS in Accountancy from Arizona State University in 1992 and an MBA from Columbia Business School in 1998.
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In the mid-19th century, Emanuel Nusbaum founded the Bee Hive store in Plattsburgh, New York. The Bee Hive was an early incarnation of the modern-day department store, offering myriad items under one roof at competitive prices. After learning the retailing business from his father, Emanuel’s son Aaron earned substantial capital in Chicago by selling his one-third interest in Sears, Roebuck & Co. in 1901. Thereafter, Aaron Nusbaum’s investing goals were to increase his fortune and to preserve it for the benefit of his descendants. Nusbaum developed an investment philosophy that was refined over time as the family multiplied and its capital grew. Nusbaum’s investment office, now named Abacus & Associates Inc., endures today, managing wealth for Nusbaum’s descendants.
The BeeHive Fund is advised by Spears Abacus Advisors LLC, a collaboration between William G. Spears, Abacus & Associates Inc. and a new generation of investment professionals. Mr. Spears’ relationship with Abacus dates back to 1968 when he and Abacus chairman, Frank A. Weil, were partners at Loeb Rhoades & Company. Since then Messrs. Spears and Weil remained close friends and business associates. In 2007, Mr. Spears formally partnered with Mr. Weil and Abacus president, Robert Raich, to found Spears Abacus.
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The Huntington National Bank
Westerville, OH
ABA 044000024
For Credit To:
Atlantic Shareholder Services, LLC
FBO Forum Funds
Account # 01892542416
The BeeHive Fund
(Name)
(Fund Account Number)
Address:
The BeeHive Fund
P.O. Box 588
Portland, Maine 04112
More information:
p: 866.684.4915
f: 207.347.2195
e: info@thebeehivefund.com