# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000050
**Filing Date:** 2026-2
**Character Count:** 107427
**Document Hash:** 1536e147be6c4d75779b58acd95476de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000050.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000315774-26-000050

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 26656647

**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

## Series and Classes Contracts Data

### Lisanti Small Cap Growth Fund (Series ID: S000004564)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012485 | Lisanti Small Cap Growth Fund | ASCGX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

# INVESTMENT COMPANIES
Investment Company Act file number 811-03023

**FORUM FUNDS**

190 Middle Street, Suite 101

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

190 Middle Street, Suite 101

Portland, Maine 04101

207-347-2000

Date of fiscal year end December 31

Date of reporting period: January 1, 2025 – December 31, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### Lisanti Small Cap Growth Fund

#### ASCGX
Annual Shareholder Report - December 31, 2025

# **Fund Overview** 
This annual shareholder report contains important information about the Lisanti Small Cap Growth Fund for the period of January 1, 2025, to December 31, 2025, including certain material changes to the Fund that occurred during the period. You can find additional information about the Fund at https://lisantismallcap.com/investing-in-the-fund. You can also request this information by contacting us at (800) 441-7031.

# **What were the Fund's costs for the last year ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Lisanti Small Cap Growth Fund | $182 | 1.74% |

---

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](iffe3ac67549dc5ede7c0fb8c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Lisanti Small Cap Growth Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9121 | $9848 | $9532 |
| **06/30/16** | $9206 | $10222 | $9841 |
| **09/30/16** | $10248 | $11146 | $10748 |
| **12/31/16** | $10732 | $12131 | $11132 |
| **03/31/17** | $11351 | $12430 | $11727 |
| **06/30/17** | $12107 | $12736 | $12242 |
| **09/30/17** | $12857 | $13458 | $13003 |
| **12/31/17** | $13714 | $13908 | $13599 |
| **03/31/18** | $14181 | $13896 | $13912 |
| **06/30/18** | $15573 | $14973 | $14918 |
| **09/30/18** | $17447 | $15509 | $15742 |
| **12/31/18** | $13454 | $12376 | $12334 |
| **03/31/19** | $15816 | $14181 | $14448 |
| **06/30/19** | $16804 | $14478 | $14845 |
| **09/30/19** | $15794 | $14130 | $14226 |
| **12/31/19** | $16902 | $15535 | $15847 |
| **03/31/20** | $13189 | $10779 | $11764 |
| **06/30/20** | $18323 | $13519 | $15362 |
| **09/30/20** | $20156 | $14185 | $16461 |
| **12/31/20** | $25834 | $18636 | $21335 |
| **03/31/21** | $27270 | $21002 | $22375 |
| **06/30/21** | $28530 | $21904 | $23251 |
| **09/30/21** | $27762 | $20949 | $21937 |
| **12/31/21** | $28595 | $21397 | $21939 |
| **03/31/22** | $24474 | $19787 | $19169 |
| **06/30/22** | $18259 | $16385 | $15478 |
| **09/30/22** | $18336 | $16026 | $15516 |
| **12/31/22** | $17907 | $17024 | $16157 |
| **03/31/23** | $18767 | $17491 | $17138 |
| **06/30/23** | $19298 | $18401 | $18347 |
| **09/30/23** | $17173 | $17457 | $17004 |
| **12/31/23** | $18688 | $19906 | $19171 |
| **03/31/24** | $21242 | $20938 | $20625 |
| **06/30/24** | $21864 | $20251 | $20023 |
| **09/30/24** | $23074 | $22129 | $21707 |
| **12/31/24** | $23865 | $22203 | $22077 |
| **03/31/25** | $19761 | $20099 | $19623 |
| **06/30/25** | $23135 | $21807 | $21971 |
| **09/30/25** | $26015 | $24510 | $24650 |
| **12/31/25** | $26199 | $25047 | $24949 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found www.lisantismallcap.com/portfolio-performance. Effective May 1, 2024, the Fund changed its primary benchmark from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely aligns with the Fund's investment strategies and investment restrictions.

# **How did the Fund perform in the last year ?** 
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Index in 2025. Performance of the Fund in 2025 was driven by individual stock selection and style bias. The Fund's investment process focuses on companies that have individual, idiosyncratic drivers of growth and are showing or on the path to show strong operating leverage. This focus was the main driver of performance. At the sector level, the Industrials sector was the strongest contributor to performance, as the Fund benefited from our focus on smaller, technology focused defense companies and companies involved in the Artificial Intelligence infrastructure/data center buildout. The Information Technology sector was also a strong contributor, driven by our focus on Artificial Intelligence beneficiaries. Materials, Communication Services, Financials and Industrials also contributed to the Fund's performance. Consumer Discretionary and Health Care were the largest detractors to performance; Consumer Discretionary suffered as tariff worries hit the sector in the first part of the year and investors worried about the health of the consumer through most of 2025. Health Care's underperformance was driven by stock selection, as several of the Fund's holdings had fundamental issues. Our top three contributors were Lumentum Holdings, Inc.; Credo Technology Group Holding Ltd., and Kratos Defense & Security Solutions Inc. Our bottom three detractors were RH; FTAI Aviation Ltd., and Inspire Medical Systems Inc.

During the year ended December 31, 2025, the Fund's use of current investment strategies did not cause the Fund's performance to deviate materially from the manager's expectations.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Lisanti Small Cap Growth Fund** | 9.78% | 0.28% | 10.11% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.62% |
| **Russell 2000 Growth Index** | 13.01% | 3.18% | 9.57% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $17456781 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 358% |
| Investment Advisory Fees (Net of fees waived) | $42169 |

---

# **Sector Weightings** 

# (% total investments)\*
![Group By Industry Chart](ibd5d43c104ecd3ea01603ba7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 26.6% |
| Health-Care | 26.3% |
| Information Technology | 23.4% |
| Consumer Discretionary | 14.2% |
| Financials | 4.1% |
| Materials | 3.3% |
| Communication Services | 1.2% |
| Energy | 0.9% |

---

\* excluding cash equivalents

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Mercury Systems, Inc. | 2.25% |
| JFrog, Ltd. | 2.18% |
| Carpenter Technology Corp. | 2.15% |
| SiTime Corp. | 1.93% |
| Alphatec Holdings, Inc. | 1.89% |
| Huron Consulting Group, Inc. | 1.87% |
| Five Below, Inc. | 1.86% |
| Ligand Pharmaceuticals, Inc. | 1.85% |
| BrightSpring Health Services, Inc. | 1.84% |
| Klaviyo, Inc., Class A | 1.82% |

---

\* excluding cash equivalents

# **Asset Class Weightings** 

# (% total investments)
![Group By Asset Type Chart](i0997a96f59ecc261b4613492.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 98.0% |
| Money Market Fund | 2.0% |

---

#### Material Fund Changes
Lisanti Capital Growth, LLC (the "Adviser") had contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses to 1.35% (subject to certain exclusions) through April 30, 2025 (the "Expense Cap"). On May 1, 2025, the Expense Cap expired without renewal by Forum Funds' Board of Trustees (the "Board"). Effective May 1, 2025, the Adviser voluntarily agreed to waive its fee and/or reimburse Fund expenses to limit the Fund's Total Annual Fund Operating Expenses to 1.99% (subject to certain exclusions). This expense limitation will continue on a voluntary basis at the Adviser's discretion, based on consultation with the Board. Amounts waived pursuant to the voluntary expense limitation arrangement are not subject to recoupment. Other fund service providers have agreed to waive a portion of their fees and such waivers may be changed or eliminated with the approval of the Board.

#### Lisanti Small Cap Growth Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://lisantismallcap.com/investing-in-the-fund](i3264f35fd8c83351c2196f02.jpg)

Annual Shareholder Report - December 31, 2025

# **Where can I find additional information about the fund?** 
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit https://lisantismallcap.com/investing-in-the-fund or scan the QR code.

228A-ASCGX-25

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the period covered by this report, Forum Funds (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics").

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments to the Registrant's Code of Ethics during the period covered by this report.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no waivers to the Registrant's Code of Ethics during the period covered by this report.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(f)(1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Board of Trustees has determined that the Registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.

(a)(2) The audit committee financial expert, Mr. Mark Moyer, is a non-"interested" Trustee (as defined in Item 3(a)(2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $15,200 in 2024 and $15,200 in 2025.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2024 and $0 in 2025.

(c) &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $3,300 in 2024 and $3,300 in 2025. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025.

(e)(1) The Audit Committee reviews and approves in advance all audit and "permissible non-audit services" (as that term is defined by the rules and regulations of the U.S. Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a "Series"). In addition, the Audit Committee reviews and approves in advance all "permissible non-audit services" to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant ("Affiliate"), by the Series' principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series' investment adviser or an Affiliate to the Series' principal accountant for audit and permissible non-audit services are consistent with the principal accountant's independence.

(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2024 and $0 in 2025. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.

(h) &nbsp;&nbsp;&nbsp;&nbsp; During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Lisanti

Small

Cap

Growth

Fund

Annual

Financials

and

Other

Information

December

31,

2025

TABLE

OF

CONTENTS

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Change

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Important

Tax

Information

(Unaudited)

Other

Information

(Unaudited)

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

97.8%

Communication

Services

-

1.2%

7,670

EverQuote,

Inc.,

Class A

(a) $

207,090

Consumer

Discretionary

-

13.9%

1,130

Abercrombie

&

Fitch

Co.

(a) 142,233

4,285

BJ's

Restaurants,

Inc.

(a) 168,829

1,700

Boot

Barn

Holdings,

Inc.

(a) 299,999

2,655

Dutch

Bros,

Inc.,

Class A

(a) 162,539

1,690

Five

Below,

Inc.

(a) 318,329

5,720

Macy's,

Inc.

126,126

2,720

Meritage

Homes

Corp.

178,976

8,010

National

Vision

Holdings,

Inc.

(a) 206,818

3,895

On

Holding

AG,

Class A

(a) 181,040

780

Patrick

Industries,

Inc.

84,575

1,495

Planet

Fitness,

Inc.,

Class A

(a) 162,163

2,870

Steven

Madden,

Ltd.

119,507

1,065

Urban

Outfitters,

Inc.

(a) 80,152

1,940

Wayfair,

Inc.,

Class A

(a) 194,795

2,426,081

Energy

-

0.8%

3,185

Solaris

Energy

Infrastructure,

Inc.,

Class A

146,415

Financials

-

4.1%

1,785

Coastal

Financial

Corp./WA

(a) 204,543

1,730

Enova

International,

Inc.

(a) 271,956

680

Piper

Sandler

Cos.

231,003

707,502

Health-Care

-

25.7%

5,690

Adaptive

Biotechnologies

Corp.

(a) 92,406

4,500

ADMA

Biologics,

Inc.

(a) 82,080

15,360

Alphatec

Holdings,

Inc.

(a) 323,174

1,230

ANI

Pharmaceuticals,

Inc.

(a) 97,096

15,880

ARS

Pharmaceuticals,

Inc.

(a) 185,002

5,945

Axogen,

Inc.

(a) 194,580

2,320

Beta

Bionics,

Inc.

(a) 70,690

8,370

BrightSpring

Health

Services,

Inc.

(a) 313,456

2,320

Crinetics

Pharmaceuticals,

Inc.

(a) 107,996

3,015

Cytokinetics,

Inc.

(a) 191,573

6,265

Dyne

Therapeutics,

Inc.

(a) 122,543

1,485

GeneDx

Holdings

Corp.

(a) 193,139

970

Glaukos

Corp.

(a) 109,523

1,565

Guardant

Health,

Inc.

(a) 159,849

2,405

HeartFlow,

Inc.

(a) 70,106

2,235

Hinge

Health,

Inc.,

Class A

(a) 103,816

905

Ionis

Pharmaceuticals,

Inc.

(a) 71,595

695

iRhythm

Technologies,

Inc.

(a) 123,321

1,670

Ligand

Pharmaceuticals,

Inc.

(a) 315,747

Shares

Security

Description

Value

Health-Care

-

25.7%

(continued)

6,595

Newamsterdam

Pharma

Co.

NV

(a) $

231,353

1,675

Palvella

Therapeutics,

Inc.

(a) 175,322

1,960

PROCEPT

BioRobotics

Corp.

(a) 61,662

565

Repligen

Corp.

(a) 92,581

3,170

SI-BONE,

Inc.

(a) 62,512

10,730

Tandem

Diabetes

Care,

Inc.

(a) 235,845

2,610

Tarsus

Pharmaceuticals,

Inc.

(a) 213,707

2,330

TransMedics

Group,

Inc.

(a) 283,445

5,345

Travere

Therapeutics,

Inc.

(a) 204,232

4,488,351

Industrials

-

26.0%

2,250

Allient,

Inc.

120,937

8,015

Amprius

Technologies,

Inc.

(a) 63,238

Applied

Industrial

Technologies,

Inc.

114,263

980

Astronics

Corp.

(a) 53,155

1,980

Bloom

Energy

Corp.,

Class A

(a) 172,042

4,515

CECO

Environmental

Corp.

(a) 270,223

2,440

Construction

Partners,

Inc.,

Class A

(a) 264,862

825

Dycom

Industries,

Inc.

(a) 278,768

1,560

Herc

Holdings,

Inc.

231,473

1,850

Huron

Consulting

Group,

Inc.

(a) 319,884

1,744

JBT

Marel

Corp.

262,768

2,730

Karman

Holdings,

Inc.

(a) 199,754

5,770

Knight-Swift

Transportation

Holdings,

Inc.

301,656

2,520

Kratos

Defense

&

Security

Solutions,

Inc.

(a) 191,293

810

MasTec,

Inc.

(a) 176,070

5,270

Mercury

Systems,

Inc.

(a) 384,763

2,700

Nextpower,

Inc.,

Class A

(a) 235,197

5,650

Planet

Labs

PBC

(a) 111,418

545

RBC

Bearings,

Inc.

(a) 244,394

Sterling

Infrastructure,

Inc.

(a) 93,400

1,355

VSE

Corp.

234,103

3,545

Xometry,

Inc.,

Class A

(a) 210,821

4,534,482

Information

Technology

-

22.9%

1,115

Advanced

Energy

Industries,

Inc.

233,447

4,785

Braze,

Inc.,

Class A

(a) 164,078

3,925

Calix,

Inc.

(a) 207,750

1,185

Camtek,

Ltd./Israel

(a) 126,019

2,225

Clear

Secure,

Inc.,

Class A

78,053

1,220

Credo

Technology

Group

Holding,

Ltd.

(a) 175,546

4,125

DigitalOcean

Holdings,

Inc.

(a) 198,495

3,395

D-Wave

Quantum,

Inc.

(a) 88,779

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Information

Technology

-

22.9%

(continued)

9,195

Evolv

Technologies

Holdings,

Inc.

(a) $

65,836

1,125

Impinj,

Inc.

(a) 195,761

5,965

JFrog,

Ltd.

(a) 372,574

9,585

Klaviyo,

Inc.,

Class A

(a) 311,225

540

Lumentum

Holdings,

Inc.

(a) 199,039

8,645

Mirion

Technologies,

Inc.

(a) 202,466

5,705

nLight,

Inc.

(a) 213,994

5,760

PDF

Solutions,

Inc.

(a) 164,333

3,840

Pegasystems,

Inc.

229,325

1,690

Semtech

Corp.

(a) 124,536

935

SiTime

Corp.

(a) 330,233

2,835

TTM

Technologies,

Inc.

(a) 195,615

6,055

Zeta

Global

Holdings

Corp.,

Class A

(a) 123,219

4,000,323

Materials

-

3.2%

1,165

Carpenter

Technology

Corp.

366,788

3,915

MP

Materials

Corp.

(a) 197,786

564,574

Total

Common

Stock

(Cost

$15,273,498)

17,074,818

Shares

Security

Description

Value

Money

Market

Fund

-

2.0%

350,727

First

American

Treasury

Obligations

Fund,

Class X,

3.66%

(b) (Cost

$350,727)

350,727

Investments,

at

value

-

99.8%

(Cost

$15,624,225)

$

17,425,545

Other

Assets

&

Liabilities,

Net

-

0.2%

31,236

Net

Assets

-

100.0%

$

17,456,781

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

17,425,545

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

17,425,545

Lisanti

Small

Cap

Growth

Fund

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2025

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$15,624,225)

$

17,425,545

Receivables:

Fund

shares

sold

Investment

securities

sold

82,084

Dividends

2,203

Prepaid

expenses

14,785

Total

Assets

17,524,718

LIABILITIES

Payables:

Fund

shares

redeemed

1,921

Accrued

Liabilities:

Investment

adviser

fees

19,806

Fund

services

fees

8,105

Other

expenses

38,105

Total

Liabilities

67,937

NET

ASSETS

$

17,456,781

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

36,869,337

Accumulated

loss

(19,412,556)

NET

ASSETS

$

17,456,781

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

764,559

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

22.83 Lisanti

Small

Cap

Growth

Fund

STATEMENT

OF

OPERATIONS

YEAR

ENDED

DECEMBER

31,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

$

49,271

Total

Investment

Income

49,271

EXPENSES

Investment

adviser

fees

179,296

Fund

services

fees

205,638

Shareholder

service

fees

37,747

Custodian

fees

5,987

Registration

fees

23,947

Professional

fees

54,891

Trustees'

fees

and

expenses

10,741

Other

expenses

58,459

Total

Expenses

576,706

Fees

waived

(248,574)

Net

Expenses

328,132

NET

INVESTMENT

LOSS

(278,861)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

2,933,800

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(2,571,852)

NET

REALIZED

AND

UNREALIZED

GAIN

361,948

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

83,087

Lisanti

Small

Cap

Growth

Fund

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Years

Ended

December

31,

2025

2024

OPERATIONS

Net

investment

loss

$

(278,861)

$

(279,609)

Net

realized

gain

2,933,800

6,783,097

Net

change

in

unrealized

appreciation

(depreciation)

(2,571,852)

118,175

Increase

in

Net

Assets

Resulting

from

Operations

83,087

6,621,663

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(278,350)

–

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

3,604,435

5,587,412

Reinvestment

of

distributions

196,822

–

Redemption

of

shares

(13,790,642)

(15,399,659)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(9,989,385)

(9,812,247)

Decrease

in

Net

Assets

(10,184,648)

(3,190,584)

NET

ASSETS

Beginning

of

Year

27,641,429

30,832,013

End

of

Year

$

17,456,781

$

27,641,429

SHARE

TRANSACTIONS

Sale

of

shares

162,142

288,225

Reinvestment

of

distributions

11,430

–

Redemption

of

shares

(718,160)

(843,774)

Decrease

in

Shares

(544,588)

(555,549)

Lisanti

Small

Cap

Growth

Fund

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

December

31,

2025

2024

2023

2022

2021

NET

ASSET

VALUE,

Beginning

of

Year

$

21.11 $

16.53 $

15.84 $

25.95 $

30.96 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.30)

(0.20)

(0.17)

(0.17)

(0.38)

Net

realized

and

unrealized

gain

(loss)

2.28 4.78 0.86 (9.51)

3.32 Total

from

Investment

Operations

1.98 4.58 0.69 (9.68)

2.94 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.26)

–

–

–

–

Net

realized

gain

–

–

–

(0.43)

(7.95)

Total

Distributions

to

Shareholders

(0.26)

–

–

(0.43)

(7.95)

REDEMPTION

FEES(a)

–

–

–

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Year

$

22.83 $

21.11 $

16.53 $

15.84 $

25.95 TOTAL

RETURN

9.78%

27.71%

4.36%

(37.37)%

10.69%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

17,457

$

27,641

$

30,832

$

60,474

$

105,111

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.48)%

(1.03)%

(1.05)%

(0.91)%

(1.14)%

Net

expenses

1.74%

1.35%

1.35%

1.35%

1.35%

Gross

expenses

(c) 3.06%

2.48%

1.88%

1.67%

1.61%

PORTFOLIO

TURNOVER

RATE

358%

223%

475%

347%

264%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

1. Organization

The

Lisanti

Small

Cap

Growth

Fund

(the

"Fund")

is

a

diversified

portfolio

of

Forum

Funds

(the

"Trust").

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Act").

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

the

Fund's

shares

of

beneficial

interest

without

par

value.

The

Fund

commenced

operations

on

February

27,

2004. The

Fund

seeks

maximum

capital

appreciation.

The

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

the

Fund

is

used

by

the

adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statement

of

Operations

and

the

financial

highlights

for

the

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Fund.

The

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Fund

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

their

role,

the

management

committee

of

Lisanti

Capital

Growth,

LLC,

the

Fund's

adviser,

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

Note

2. Summary

of

Significant

Accounting

Policies

The

Fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946,

"Financial

Services

–

Investment

Companies."

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

year.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation

–

Securities

are

recorded

at

fair

value

using

last

quoted

trade

or

official

closing

price

from

the

principal

exchange

where

the

security

is

traded,

as

provided

by

independent

pricing

services

on

each

Fund

business

day.

In

the

absence

of

a

last

trade,

securities

are

valued

at

the

mean

of

the

last

bid

and

ask

price

provided

by

the

pricing

service.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

per

share

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

recorded

at

amortized

cost,

which

approximates

fair

value.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser

as

the

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser's

fair

valuation

procedures

as

a

part

of

the

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

level

of

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

Level

-

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

that

the

securities'

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

-

Significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

December

31,

2025,

for

the

Fund's

investments

is

included

in

the

Fund's

Schedule

of

Investments.

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

on

the

trade

date.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

determining

the

existence

of

a

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

taxes,

which

are

accrued

as

applicable.

Interest

income

is

recorded

on

an

accrual

basis.

Premium

is

amortized

to

the

next

call

date

above

par,

and

discount

is

accreted

to

maturity

using

the

effective

interest

method

and

included

in

interest

income.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Distributions

to

Shareholders

–

Distributions

to

shareholders

of

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

to

shareholders

of

net

capital

gains

and

foreign

currency

gains,

if

any,

are

declared

and

paid

at

least

annually.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

due

primarily

to

differing

treatments

of

income

and

gain

on

various

investment

securities

held

by

the

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

the

Fund.

Federal

Taxes

–

The

Fund

intends

to

continue

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

Chapter

1,

Subtitle

A,

of

the

Internal

Revenue

Code

of

1986,

as

amended

("Code"),

and

to

distribute

all

of

its

taxable

income

to

shareholders.

In

addition,

by

distributing

in

each

calendar

year

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

the

Fund

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

During

the

year,

the

Fund

did

not

incur

any

interest

or

penalties.

The

Fund

files

a

U.S.

federal

income

and

excise

tax

return

as

required.

The

Fund's

federal

income

tax

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

years

after

they

are

filed.

As

of

December

31,

2025,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

of

its

investment

portfolios.

Expenses

that

are

directly

attributable

to

more

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

in

an

equitable

manner.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

by

the

Fund

to

the

counterparty

to

the

contract.

The

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

the

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

The

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

the

Fund's

Statement

of

Assets

and

Liabilities.

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

3. Fees

and

Expenses

Investment

Adviser

–

Lisanti

Capital

Growth,

LLC

(the

"Adviser")

is

the

investment

adviser

to

the

Fund.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

from

the

Fund

at

an

annual

rate

of

0.95%

of

the

Fund's

average

daily

net

assets.

Shareholder

Service

Plan

–

The

Trust

has

adopted

a

shareholder

service

plan

for

the

Fund

under

which

the

Fund

may

reimburse

the

Fund's

administrator

for

amounts

paid

by

the

administrator

for

providing

shareholder

service

activities

that

are

not

otherwise

provided

by

the

transfer

agent.

The

Fund's

administrator

may

make

such

payments

to

various

financial

institutions,

including

the

Adviser,

that

provide

shareholder

servicing

to

their

customers

invested

in

the

Fund

in

amounts

of

up

to

0.25%

annually

of

the

average

daily

net

assets

of

the

Fund.

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

"Distributor"),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Fund.

The

Fund

does

not

have

a

distribution

(12b-1)

plan;

accordingly,

the

Distributor

does

not

receive

compensation

from

the

Fund

for

its

distribution

services.

The

Adviser

compensates

the

Distributor

directly

for

its

services.

The

Distributor

is

not

affiliated

with

the

Adviser

or

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

or

their

affiliates.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

the

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

an

Anti-Money

Laundering

Officer

to

the

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Each

Independent

Trustee's

annual

retainer

is

$60,000

($70,000

for

the

Chairman).

The

Audit

Committee

Chairman

receives

an

additional

$5,000

annually.

The

Trustees

and

the

Chairman

may

receive

additional

fees

for

special

Board

meetings.

Each

Trustee

is

also

reimbursed

for

all

reasonable

out-

of-pocket

expenses

incurred

in

connection

with

his

or

her

duties

as

a

Trustee,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Trustees'

fees

attributable

to

the

Fund

is

disclosed

in

the

Statement

of

Operations.

Certain

officers

of

the

Trust

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Fund.

Note

4. Fees

Waived

The

Adviser

had

contractually

agreed

to

waive

its

fee

and/or

reimburse

expenses

to

limit

total

annual

fund

operating

expenses

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

proxy

expenses,

and

extraordinary

expenses)

to

1.35%

through

April

30,

2025

("Expense

Cap").

Effective

May

1,

2025,

the

Expense

Cap

is

no

longer

in

effect.

However,

effective

May

1,

2025,

the

Adviser

voluntarily

agreed

to

waive

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

its

fee

and/or

reimburse

expenses

to

limit

total

annual

fund

operating

expenses

to

1.99%

(subject

to

certain

exclusions).

This

voluntary

expense

limitation

will

continue

on

a

voluntary

basis

at

the

Adviser's

discretion,

subject

to

consultation

with

the

Board.

Other

Fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board.

For

the

year

ended

December

31,

2025

,

fees

waived

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i) the

then-current

expense

cap,

or

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

December

31,

2025,

$510,641

is

subject

to

recapture

by

the

Adviser.

Amounts

waived

pursuant

to

the

voluntary

expense

limitation

arrangement

are

not

subject

to

recoupment.

Other

waivers

are

not

eligible

for

recoupment.

Note

5. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

year

ended

December

31,

2025,

totaled

$67,166,836

and

$77,645,723,

respectively.

Note

6. Sector

Concentration

Risk

Sector

concentration

risk

is

the

possibility

that

securities

within

the

same

sector

will

decline

in

price

due

to

sector-specific

market

or

economic

developments.

If

the

Fund

invests

more

heavily

in

a

particular

sector,

the

value

of

its

shares

may

be

especially

sensitive

to

factors

and

economic

risks

that

specifically

affect

that

sector.

As

a

result,

the

Fund's

share

price

may

fluctuate

more

widely

than

the

value

of

shares

of

a

mutual

fund

that

invests

in

a

broader

range

of

sectors.

Additionally,

some

sectors

could

be

subject

to

greater

government

regulation

than

other

sectors.

Therefore,

changes

in

regulatory

policies

for

those

sectors

may

have

a

material

effect

on

the

value

of

securities

issued

by

companies

in

those

sectors.

Note

7. Federal

Income

Tax

As

of

December

31,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

is

$15,947,190 and

the

components

of

net

unrealized appreciation were

as

follows:

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

137,127

$

111,447

$

248,574

Gross

Unrealized

Appreciation

$

1,971,077

Gross

Unrealized

Depreciation

(492,722)

Net

Unrealized

Appreciation

$

1,478,355

Lisanti

Small

Cap

Growth

Fund

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

As

of

December

31,

2025,

distributable

earnings

on

a

tax

basis

were

as

follows:

The

difference

between

components

of

distributable

earnings

on

a

tax

basis

and

the

amounts

reflected

in

the

Statement

of

Assets

and

Liabilities

are

primarily

due

to

wash

sales.

For

the

year

ended

December

31,

2025,

the

Fund

had

$20,890,911

in

short

term

capital

loss

carry

forwards

that

have

no

expiration

date.

On

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book

to

tax

differences,

certain

amounts

have

been

reclassified

for

the

year

ended

December

31,

2025. The

following

reclassification

was

the

result

of

net

operating

loss

and

has

no

impact

on

the

net

assets

of

the

Fund.

Note

8. Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

the

Fund

has

had

no

such

events.

2025

2024

Ordinary

Income

$

278,350

$

–

Capital

and

Other

Losses

$

(20,890,911)

Net

Unrealized

Appreciation

1,478,355

Total

$

(19,412,556)

Accumulated

Loss

$

278,865

Paid-in-Capital

(278,865)

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

of

Lisanti

Small

Cap

Growth

Fund

and

the

Board

of

Trustees

of

Forum

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Lisanti

Small

Cap

Growth

Fund

(the

"Fund"),

a

series

of

Forum

Funds,

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Fund's

financial

highlights

for

the

years

ended

December

31,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

February

24,

2023,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

![](epub164278204104704.jpg)

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian

and

broker.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Fund's

auditor

since

2023. COHEN

&

COMPANY,

LTD

Philadelphia,

Pennsylvania

February

18,

2026

Lisanti

Small

Cap

Growth

Fund

IMPORTANT

TAX

INFORMATION

{Unaudited}

December

31,

2025

Federal

Tax

Status

of

Dividends

Declared

during

the

Fiscal

Year

For

federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

Fund

designates

14.84%

of

its

income

dividend

distributed

as

qualifying

for

the

corporate

dividends-

received

deduction

(DRD)

and

16.81%

for

the

qualified

dividend

rate

(QDI)

as

defined

in

Section

1(h)(11)

of

the

Code.

Lisanti

Small

Cap

Growth

Fund

OTHER

INFORMATION

(UNAUDITED)

December

31,

2025

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7. Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

Investment

Advisory

Agreement

Approval

At

the

September

23,

2025

Board

meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

to

the

Fund

(the

"Advisory

Agreement").

In

preparation

for

its

deliberations,

the

Board

requested

and

reviewed

written

responses

from

the

Adviser

to

a

due

diligence

questionnaire

circulated

on

the

Board's

behalf

concerning

the

services

provided

by

the

Adviser.

The

Board

also

discussed

the

materials

with

Fund

counsel

and,

as

necessary,

with

the

Trust's

administrator.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Adviser

and

was

assisted

by

the

advice

of

independent

Trustee

counsel.

At

the

Meeting,

the

Board

reviewed,

among

other

matters:

(i) the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

the

Adviser,

including

information

on

the

investment

performance

of

the

Fund

and

the

Adviser;

(ii) the

costs

of

the

services

provided

and

profitability

to

the

Adviser

of

its

relationship

with

the

Fund;

(iii) the

advisory

fee

and

total

expense

ratio

of

the

Fund

as

compared

to

those

of

a

relevant

peer

group

of

funds;

(iv) the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund

grows

and

whether

the

advisory

fee

enables

the

Fund's

investors

to

share

in

the

benefits

of

economies

of

scale;

and

(v) other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund.

The

Board

recognized

that

the

evaluation

process

with

respect

to

the

Adviser

was

an

ongoing

one

and,

in

this

regard,

the

Board

considered

information

provided

by

the

Adviser

at

regularly

scheduled

meetings

during

the

past

year.

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received,

a

presentation

from

the

principal

of

the

Adviser

and

a

discussion

with

the

Adviser

about

the

Adviser's

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

manager

and

other

personnel

at

the

Adviser

providing

services

to

the

Fund,

as

well

as

the

investment

Lisanti

Small

Cap

Growth

Fund

OTHER

INFORMATION

(UNAUDITED)

December

31,

2025

philosophy

and

decision-making

process

of

the

Adviser

and

the

capability

and

integrity

of

the

Adviser's

senior

management

and

staff.

The

Board

considered

also

the

adequacy

of

the

Adviser's

resources.

The

Board

noted

the

Adviser's

representations

that

the

firm

is

in

stable

financial

condition

and

has

the

operational

capability

and

the

necessary

staffing

and

experience

to

continue

providing

high-quality

investment

advisory

services

to

the

Fund.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser

in

connection

with

the

Board's

consideration

of

the

renewal

of

the

Advisory

Agreement,

among

other

relevant

factors,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

under

the

Advisory

Agreement.

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Fund,

the

Board

considered

the

performance

of

the

Fund

compared

to

relevant

benchmark

indices

and

compared

to

an

independent

peer

group

of

funds

identified

by

Strategic

Insight,

Inc.

("Strategic

Insight")

as

having

characteristics

similar

to

the

Fund

("Peer

Group").

The

Board

observed

that

the

Fund

underperformed

each

of

the

Russell

2000

Index

and

Russell

2000

Growth

Index

for

the

one-,

three-,

and

five-year

periods

ended

June

30,

2025,

and

outperformed

both

benchmark

indices

for

the

10-year

period

ended

June

30,

2025. The

Board

also

observed

that

the

Fund

outperformed

the

Russell

2000

Index

for

the

period

since

the

Fund's

inception

on

February

27,

2004,

and

was

performing

in

line

with

the

Russell

2000

Growth

Index

over

the

same

period.

The

Board

further

observed

that,

based

on

the

information

provided

by

Strategic

Insight,

the

Fund

underperformed

the

average

of

the

Strategic

Insight

peer

group

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025. The

Board

noted

the

Adviser's

representation

that

the

Fund's

relative

underperformance

over

the

short

term

was

attributable,

in

part,

to

the

Fund's

focus

on

higher

growth,

higher

valuation

stocks,

which

were

more

negatively

impacted

during

the

market

correction

that

occurred

from

late

November

2024

through

April

9,

2025. The

Board

noted

the

Adviser's

representation

that

the

Fund's

relative

underperformance

over

the

three-

and

five-year

periods

was

primarily

a

function

of

the

significant

valuation

compression

that

occurred

in

2022,

as

the

Fund

generally

focuses

on

companies

that

have

growth

rates

on

the

higher

end

of

the

Russell

2000

Index

and

Russell

2000

Growth

Index,

and

thus

would

be

impacted

more

by

the

Federal

Reserve's

aggressive

rate

hikes,

as

well

as

the

underperformance

of

technology

and

healthcare

companies

in

the

Fund's

portfolio

in

2023. The

Board

also

noted

the

Adviser's

representation

that,

although

the

Strategic

Insight

peer

group

includes

an

array

of

funds

that

are

classified

as

small

cap

growth

funds,

most

employ

investment

strategies

that

differ

from

the

investment

strategy

that

the

Fund

employs

because

the

Fund

tends

to

have

a

slightly

lower

market

capitalization

range

and

slightly

higher

growth

rate

profile

than

those

of

the

peers,

which

could

result

in

the

type

of

performance

disparity

over

longer

time

periods

identified

in

the

Strategic

Insight

report.

Finally,

the

Board

noted

the

Adviser's

representation

that

the

Fund's

consistent

focus

on

higher

growth

and

higher

valuation

stocks

ultimately

contributed

to

outperformance

during

the

second

quarter

of

2025

and

that

the

Fund

outperformed

its

benchmark

indices

during

the

quarter

ended

Lisanti

Small

Cap

Growth

Fund

OTHER

INFORMATION

(UNAUDITED)

December

31,

2025

June

30,

2025. Based

on

the

foregoing

and

other

applicable

considerations,

the

Board

determined

that

the

Fund

and

its

shareholders

could

benefit

from

the

Adviser's

continued

management

of

the

Fund.

Compensation

The

Board

evaluated

the

Adviser's

compensation

for

providing

advisory

services

to

the

Fund

and

analyzed

comparative

information

on

the

net

advisory

fee

rate

and

total

expense

ratio

of

the

Fund

compared

to

its

Peer

Group.

The

Board

observed

that

the

Fund's

net

expense

ratio

was

higher

than

the

median

of

the

Peer

Group,

but

only

by

two

basis

points,

and

that

the

Fund's

net

advisory

fee

rate

was

less

than

the

median

of

the

Peer

Group.

In

addition,

the

Board

noted

that

the

Adviser

had

voluntarily

agreed

to

waive

its

advisory

fee

and/or

reimburse

Fund

expenses

to

the

extent

necessary

to

keep

the

net

expenses

of

the

Fund

(subject

to

certain

exceptions)

at

or

below

1.99%.

Based

on

the

foregoing

and

other

applicable

considerations,

the

Board

concluded

that

the

advisory

fee

rate

charged

to

the

Fund

was

reasonable.

Cost

of

Services

and

Profitability

The

Board

evaluated

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Fund.

In

this

regard,

the

Board

considered

the

Adviser's

resources

devoted

to

the

Fund,

as

well

as

the

information

provided

by

the

Adviser

regarding

the

costs

and

profitability

of

its

Fund

activities.

The

Board

noted

the

Adviser's

representation

that,

although

the

Adviser

did

not

maintain

separately

identifiable

profit

and

loss

information

for

the

Fund

relative

to

its

other

advisory

businesses,

the

Adviser

believed

that

its

profit

margin

from

the

Fund

was

reasonable

considering

the

services

provided

and

that

the

Fund

required

significantly

more

attention

and

resources

than

other

accounts

managed

by

the

Adviser

due

to

the

regulatory

requirements

associated

with

investment

companies

registered

under

the

Investment

Company

Act

of

1940. The

Board

also

noted

the

Adviser's

representation

that

the

Adviser

was

subsidizing

the

Fund's

operations

by

forgoing

a

portion

of

its

advisory

fee

and

reimbursing

Fund

expenses

in

accordance

with

the

Adviser's

voluntary

expense

cap

arrangements.

Based

on

these

and

other

applicable

considerations,

including

financial

statements

from

the

Adviser

indicating

its

profitability

and

expenses

from

overall

operations,

the

Board

concluded

that

the

Adviser's

costs

of

services

and

profits

attributable

to

management

of

the

Fund

were

reasonable.

Economies

of

Scale

The

Board

evaluated

whether

the

Fund

would

benefit

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Fund's

fee

structure,

asset

size,

and

net

expense

ratio.

The

Board

also

considered

the

Adviser's

representation

that

the

Fund

could

potentially

benefit

from

economies

of

scale

if

its

assets

were

to

increase

but

that,

in

light

of

the

Fund's

current

asset

level

and

the

research-intensive

nature

of

the

Fund's

investment

strategy,

the

Adviser

was

not

proposing

breakpoints

in

the

advisory

fee

at

this

time.

Based

on

the

foregoing

information,

and

in

light

of

the

size

of

the

Fund

and

the

recent

decline

in

the

Fund's

assets,

the

Board

concluded

that

the

information

presented

regarding

economies

of

scale

was

consistent

with

the

renewal

of

the

Advisory

Agreement

at

current

fee

levels.

Lisanti

Small

Cap

Growth

Fund

OTHER

INFORMATION

(UNAUDITED)

December

31,

2025

Other

Benefits

The

Board

noted

the

Adviser's

representation

that

it

would

be

receiving

a

benefit

arising

from

the

use

of

soft

dollars

in

connection

with

Fund

trades

for

the

acquisition

of

research

that

would

benefit

not

only

the

Fund,

but

potentially

other

clients

of

the

Adviser.

The

Board

concluded

that

the

other

benefits

received

were

not

a

material

factor

in

approving

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

The

Board

reviewed

a

memorandum

from

Fund

counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

the

advisory

arrangement,

as

outlined

in

the

Advisory

Agreement,

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

Lisanti

Small

Cap

Growth

Fund

P.O.

Box

588

Portland,

ME

04112

(800) 441-7031

www.lisantismallcap.com

Investment

Adviser

Lisanti

Capital

Growth,

LLC

777

Third

Avenue,

14th

Floor

New

York,

NY

10017

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management

and

other

information.

-

ANR

-

1225

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of other information filed under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) [Code of Ethics (filed herewith).](coe.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).](cert302.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).](section906.htm)

# SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Forum Funds</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 13, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 13, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | February 13, 2026 |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Forum Funds (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial condition
 and results of operations of the Trust as of, and for, the periods
 presented in the Report. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | February 13, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | February 13, 2026 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds**

I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Lisanti Small Cap Growth Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 13, 2026 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Lisanti Small Cap Growth Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 13, 2026 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## Ex-99.Code

**Code of Ethics**

**SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND** 

This Code of Ethics ("Code") applies to all Funds and has been adopted in order to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties to the Trust and to deal with other types of conflict of interest situations. Upon discovering a violation of the Code, the Board may impose such sanctions as it deems appropriate.

A specific purpose of the Code is to promote honest and ethical conduct, compliance with applicable laws and accountability for adherence to the Code. All Access Persons should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

**SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Access Person</u> means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Trustee and Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) Any officer, director or general partner of the Adviser; and (ii) any officer, director or general partner of the Distributor, where the Distributor in the ordinary course of business either (a) makes, participates in or obtains information regarding the Fund's purchase or sale of Covered Investments or (b) fills a function related to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any employee of the Fund or Adviser, or of any company in a control relationship with the Fund or Adviser, whose regular functions (i) relate to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments or (ii) include making, participating in or obtaining information regarding the purchase or sale of Covered Investments by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any natural person in a control relationship with a Fund or Adviser who obtains information concerning recommendations made to a Fund about the purchase or sale of a Covered Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Beneficial Owner</u> means "beneficial owner" as defined in Rule 16a-1(a)(2) under the 1934 Act except that the determination of direct or indirect beneficial ownership shall apply to all Covered Investments which an Access Person owns or acquires. A Beneficial Owner of an investment is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest (the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities) in a security. Indirect pecuniary interest in an investment includes securities held by a person's immediate family And immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Control</u> means the power to exercise a controlling influence over the management or policies of a company, unless the power is solely the result of an official position with the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Covered Officer</u> means the PEO, PFO and PAO as those terms are used in Section 406 of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Covered Investment</u> means any investment except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the United States Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Commercial paper and debt instruments with a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Repurchase agreements covering any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares of registered open-end investment companies other than Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Investment Personnel</u>, means any employee of the Fund or Adviser who makes or participates in making recommendations to the Fund regarding the purchase or sale of investments by the Fund. No Fund or the Trust shall employ such a person without prior approval of the Board and the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <u>Security Held or to be Acquired</u> means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any Covered Investment which, within the most recent 15 days (a) is or has been held by a Fund or (b) is being or has been considered by a Fund or an Adviser for purchase by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any option to purchase or sell, and any investment convertible into or exchangeable for, a Covered Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) <u>Purchase or sale</u> includes the writing of an option to purchase or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) &nbsp;&nbsp;&nbsp;&nbsp; <u>Material non-public information</u> means information (i) that there is a substantial likelihood a reasonable investor would consider important in making an investment decision, or that is reasonably certain to have a substantial effect on the price of Shares and (ii) that has not been effectively communicated to the market place. Examples include: (a) valuation issues; (b) liquidity issues; (c) significant increase in expenses; (d) proposal for liquidation or reorganization; (e) regulatory developments that affect a Fund; and (f) extraordinary developments at the Adviser. Public information includes information found in a report filed with the SEC or appearing in a news service.

**SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROHIBITED TRANSACTIONS**

(A) <u>Prohibition Against Fraudulent Conduct</u>. No Access Person shall use any information concerning the operating activities, investments or investment intentions of a Fund, or the Access Person's ability to influence such operating activities or investment intentions, for personal gain or in a manner detrimental to the interests of a Fund. In addition, no Affiliated Person of a Fund shall, directly or indirectly in connection with the operating activities of the Fund or the purchase or sale of a security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make to a Fund or to the Adviser or Distributor any untrue statement of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to a Fund.

(B) <u>Other Prohibited Transactions</u>. Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Inducing or causing a Fund to take action, or to fail to take action, for the benefit of a person either in addition to or other than the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Accepting anything other than of de minimis value or any other preferential treatment from any entity with which a Fund does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Using knowledge of the operating activities or portfolio transactions of a Fund for their benefit or the benefit of any person other than the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Violating the anti-fraud provisions of the securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Except for the Independent Trustees, serving on the boards of directors of publicly traded companies, absent prior authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Fund and its shareholders.

(C) <u>Undue Influence; Disclosure of Personal Interest</u>. No Access Person shall cause or attempt to cause a Fund to purchase, sell or hold any investment in a manner or engage in operating activity calculated to create any benefit to the Access Person. No Access Person shall recommend any operating activity or investment transactions for a Fund without having disclosed to the Review Officer the Access Person's interest, if any, in Shares or such investment or the issuer thereof, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Access Person's direct or indirect beneficial ownership of any securities of the subject issuer or in the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any position with such issuer or its Affiliated Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any present or proposed business relationship between such issuer or its Affiliated Persons, on the one hand, and such person or any party in which such person has a significant interest, on the other hand.

(D) <u>Corporate Opportunities</u>. Access Persons are prohibited from taking advantage of any opportunity properly belonging to a Fund.

(E) <u>Confidentiality</u>. Except as required in the normal course of carrying out an Access Person's business responsibilities, Access Persons are prohibited from revealing information relating to the investment intentions or activities of any Fund, or investment that are being considered for purchase or sale on behalf of any Fund.

(F) <u>Prohibited Transactions in Fund Shares</u>. Access Persons are prohibited from trading in Shares while in possession of material non-public information regarding the operating activities of the Fund.

**SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Access Person Reporting</u>. Access Persons must report the information described in this Section 4 with respect to transactions in any Covered Investment in which the Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership. Access Persons must report to the Review Officer, unless they are required to report to an Adviser or the Distributor pursuant to a code of ethics adopted by those persons; and, in the case of (i) the Adviser or (ii) the Distributor if the Distributor is (a) an Affiliated Person of the Trust or (b) has any officer, director or general partner that serves the Trust or the Adviser in the same capacity ("Affiliated Distributor"), has been approved by the Board. The Board shall not approve such code of ethics unless it is maintained and enforced as if it were subject to the same rules as provided in Rule 17j-1 under the 1940 Act. Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide full access to the Trust to any and all records and documents which the Trust considers relevant to any investment transactions or other matters subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Cooperate with the Trust in investigating any investment transactions or other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Provide the Trust with an explanation (in writing if requested) of the facts and circumstances surrounding any investment transaction or other matter subject to the Code; and

Notify the Review Officer in writing, from time to time, of any incident of noncompliance with the Code by any Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Independent Trustee Reporting</u>. An Independent Trustee need not provide the account opening, holdings or transaction reports required by this Section 4, except that an Independent Trustee must report a transaction if the Independent Trustee knew at the time of the transaction, or in the ordinary course of fulfilling the official duties as an Independent Trustee should have known:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) That during the 15-day period immediately preceding or immediately following the transaction in a Covered Investment by the Independent Trustee, the Covered Investment is or was purchased or sold or was being considered for purchase or sale by a Fund or that Fund's Adviser, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Independent Trustee possessed material non-public information about the operating activities of a Fund or the Trust preceding a transaction in Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Exclusions from Reporting</u>. Purchases or sales of Covered Investments in an account over which an Access Person has no direct or indirect influence or control are not subject to the reporting requirements of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Initial Holding Reports</u>. No later than ten (10) days after the person becomes an Access Person, an Access Person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Quarterly Transaction Reports</u>. No later than ten (10) days after the end of a calendar quarter, an Access Person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the quarter in a Covered Investment in which the Access Person had, or by reason of such transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Investment involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; The price of the Covered Investment at which the transaction was effected; the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the Access Person in which any investment were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Annual Holdings Reports</u>. Annually, an Access Person must report the following information (which information must be current as of a date no more than thirty (30) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <u>Certification of Compliance</u>. Upon becoming an Access Person, the person shall certify (in the form of Appendix A) that the Access Person has read and understood this Code and recognizes that the Access Person is subject to this Code. Further, each Access Person is required to certify annually that the Access Person has complied with all the requirements of this Code and that the Access Person has disclosed or reported all personal investment transactions pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) <u>Alternative Reporting</u>. The submission to the Review Officer of duplicate broker trade confirmations and statements on all Covered Investments transactions shall be deemed to satisfy these reporting requirements. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the records maintained by the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) &nbsp;&nbsp;&nbsp;&nbsp; <u>Report Qualification</u>. Any report may contain a statement that the report shall not be construed as an admission by the person making the report that the person has any direct or indirect beneficial ownership in the Covered Investments to which the report relates.

**SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVERED OFFICERS**

(A) <u>Conflicts of Interest</u>. A "conflict of interest" occurs when a Covered Officer's employment or personal interest interferes with the interests of, or service to, the Trust. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of the Covered Officer's position with the Trust. A Covered Officer may be an officer or employee of a Service Provider, another investment company or another company. Conflicts may arise from, or as a result of, the contractual relationship between the Trust and its Service Providers or otherwise due to the Covered Officers' positions, but such other positions of a Covered Officer do not by itself give rise to a conflict of interest. As applicable to a Covered Officer, the following must be approved by the Audit Committee<u>:</u>

(1) Service on the board of directors or governing board of a publicly traded entity;

(2) The receipt of any non-nominal gifts from persons or entities who have or are seeking business relationships with the Trust or a Fund;

(3) The receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

(4) Any ownership interest (material to the officer) in, or any consulting or employment relationship with, any entities doing business with the Trust, other than its service providers and their respective Affiliated Persons; and

(5) Any direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Trust's service providers or their respective Affiliated Persons.

(B) <u>Duties</u>. A Covered Officer shall:

(1) Become familiar with the disclosure requirements generally applicable to the Trust;

(2) Not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others;

(3) To the extent appropriate, consult with other Officers and employees of the Trust and its service providers;

(4) Promote compliance with the standards and restrictions imposed by applicable laws; and

(5) Not retaliate against any other Covered Officer or any employee of the Fund or its Service Providers for reporting potential violations of by the Fund, its Service Providers, or another Covered Officer that are made in good faith.

(C) A Covered Officer shall notify the Chairman of the Audit Committee promptly if the officer knows of any violation of this Code.

**SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REVIEW OFFICER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Appointment</u>. A Review Officer shall be appointed by the PEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Duties of Review Officer</u>. The Review Officer shall :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Review all investment transaction and holdings reports or shall maintain the names of persons responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Identify all Access Persons who are required to make these reports, maintain and periodically update a list of such Access Persons, and promptly inform each Access Person of the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compare, on a quarterly basis, all Access Persons' transactions in Covered Investments with each Fund's completed portfolio transactions and in the case of transactions in Shares, with operating activities of the Fund, to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintain a signed acknowledgment by each person who is then an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Identify persons who are Investment Personnel, maintain and periodically update a list of such Investment Personnel, and inform those persons of their requirements to obtain prior written approval from the Review Officer prior to directly or indirectly acquiring ownership of a security in any private placement or initial public offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Annually prepare a written report to the Trustees that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Describes any issues under this Code since the last report to the Trustees, including information about material violations of the Code and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Confirm that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Potential Trade Conflict</u>. When there appears to be a transaction that conflicts with this Code, the Review Officer shall request a written explanation of the Access Person's transaction. If after the review it is determined that there has been a violation of this Code, the Review Officer shall make a recommendation of appropriate action to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Required Records</u>. The Review Officer shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this and any other code of ethics adopted by the Trust, Adviser or Affiliated Distributor, which has been in effect at any time during the previous five (5) years, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an Access Person as required by this Code for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or at any time within the past five years have been, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A copy of each written report and certification required pursuant to Section 7(D) of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A record of any decision, and the reasons supporting the decision, approving the acquisition by Investment Personnel of securities under Section 6(B)(5) of this Code, for at least five (5) years after the end of the fiscal year in which the approval is granted.

**SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOARD REVIEW**

The Board, including a majority of the Independent Trustees, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Approve the (i) Code and any material changes to the Code and (ii) before initially retaining their services, the code of ethics of each Adviser and Affiliated Distributor, and any material changes to these codes within six months of the change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Base its approval of a code of ethics, and any material changes thereto, on a determination that the code contains provisions reasonably necessary to prevent Access Persons (or the equivalent persons) from engaging in prohibited conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Receive, prior to approving a code or any amendment to a code, a certification from the Trust, Adviser or Affiliated Distributor that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Receive and consider, no less frequently than annually: (i) a written report from the Trust, Adviser and Affiliated Distributor, as applicable, describing any issues, material violations or sanctions arising under the respective codes; and (ii) a written certification from the Trust, Adviser and Affiliated Distributor, as applicable, that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating its code.

**APPENDIX A**

**Code of Ethics Certification**

I understand that I am an Access Person as defined in the Forum Funds Code of Ethics.

I have read and I understand the Code of Ethics and that I am subject to it. In addition, I will comply with the requirements of the Code of Ethics applicable to my position and will disclose or report all personal investment transactions that are required to be disclosed or reported pursuant to the requirements of the Code.

If I am also a Covered Officer, I understand that I am a Covered Officer as defined in the Forum Funds Code of Ethics and will request from the Forum Funds' Audit Committee Chairman all approvals that are required under Section 5(A) of the Code.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NAME]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date

***This Certification must be completed and returned to the Trust's Review Officer.***