Beck, Mack & Oliver Partners Fund Beck, Mack & Oliver Partners Fund Shares Equity Risk Market Events Risk Financials Sector Risk Value Investment Risk Large Capitalization Company Risk Small and Mid-Sized Capitalization Company Risk Liquidity Risk Management Risk Foreign Investments Risk Cash and Cash Equivalents Risk Convertible Securities Risk Fixed-Income Securities Risk Preferred Stock Risk Registered Investment Company Risk High-Yield Securities Risk Business Development Company Risk Sector Risk Healthcare Sector Risk Industrials Sector Risk S&P 500® Index(reflects no deduction for fees, expenses or taxes)