# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000045
**Filing Date:** 2026-2
**Character Count:** 79756
**Document Hash:** 9cc9cb341798527af64872f4ec717042
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000045.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0000315774-26-000045

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 26628921

**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

### Auxier Focus Fund (Series ID: S000004570)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012491 | A Shares             | AUXAX           |
| C000012493 | Investor Shares      | AUXFX           |
| C000112762 | Institutional Shares | AUXIX           |

?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 June 30

Date of reporting period: July 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.

#### Auxier Focus Fund

#### AUXAX

#### : A Shares

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

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A shares Class | $65 | 1.25% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $315643116 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 1% |
| Investment Advisory Fees (Net of fees waived) | $905497 |

---

# **Asset Class Weightings** 

# (% of total investments)
![Group By Asset Type Chart](id501dbbb3a64e749ac85e786.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 94.4% |
| Preferred Stock | 0.7% |
| Corporate Non-Convertible Bonds | 0.7% |
| U.S. Government & Agency Obligations | 3.9% |
| Money Market Fund | 0.3% |

---

# **Sector Weightings** 

# (% of total investments)
![Group By Sector Chart](ie193ad3715db9bc92bdca6eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 28.0% |
| Consumer Staples | 19.1% |
| Health Care | 16.5% |
| Information Technology | 12.2% |
| Consumer Discretionary | 8.7% |
| Industrials | 6.7% |
| Energy | 3.4% |
| Consumer Cyclical | 3.1% |
| Materials | 1.6% |
| Technology | 0.3% |
| Communications | 0.2% |
| Transportation | 0.2% |
| Real Estate | 0.0% |

---

\* excluding fixed income securities and cash equivalents

# **Top Ten Holdings** 

# (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.13% |
| Mastercard, Inc., Class A | 4.92% |
| Philip Morris International, Inc. | 4.54% |
| The Bank of New York Mellon Corp. | 4.45% |
| Alphabet, Inc., Class A | 4.02% |
| The Kroger Co. | 3.81% |
| Bank of America Corp. | 3.43% |
| Visa, Inc., Class A | 3.22% |
| UnitedHealth Group, Inc. | 2.91% |
| Corning, Inc. | 2.69% |

---

# **Where can I find additional information about the fund?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://auxierasset.com/prospectus-and-reports](i70f20511d5db97b280ba4a35.jpg)

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://auxierasset.com/prospectus-and-reports or scan the QR code.

#### Auxier Focus Fund

#### AUXAX

#### : A Shares

#### Semi-Annual Shareholder Report - December 31, 2025
204S-AUXAX-25

#### Auxier Focus Fund

#### AUXIX

#### : Institutional Shares

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

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $40 | 0.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $315643116 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 1% |
| Investment Advisory Fees (Net of fees waived) | $905497 |

---

# **Asset Class Weightings** 

# (% of total investments)
![Group By Asset Type Chart](id501dbbb3a64e749ac85e786.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 94.4% |
| Preferred Stock | 0.7% |
| Corporate Non-Convertible Bonds | 0.7% |
| U.S. Government & Agency Obligations | 3.9% |
| Money Market Fund | 0.3% |

---

# **Sector Weightings** 

# (% of total investments)
![Group By Sector Chart](ie193ad3715db9bc92bdca6eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 28.0% |
| Consumer Staples | 19.1% |
| Health Care | 16.5% |
| Information Technology | 12.2% |
| Consumer Discretionary | 8.7% |
| Industrials | 6.7% |
| Energy | 3.4% |
| Consumer Cyclical | 3.1% |
| Materials | 1.6% |
| Technology | 0.3% |
| Communications | 0.2% |
| Transportation | 0.2% |
| Real Estate | 0.0% |

---

\* excluding fixed income securities and cash equivalents

# **Top Ten Holdings** 

# (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.13% |
| Mastercard, Inc., Class A | 4.92% |
| Philip Morris International, Inc. | 4.54% |
| The Bank of New York Mellon Corp. | 4.45% |
| Alphabet, Inc., Class A | 4.02% |
| The Kroger Co. | 3.81% |
| Bank of America Corp. | 3.43% |
| Visa, Inc., Class A | 3.22% |
| UnitedHealth Group, Inc. | 2.91% |
| Corning, Inc. | 2.69% |

---

# **Where can I find additional information about the fund?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://auxierasset.com/prospectus-and-reports](i70f20511d5db97b280ba4a35.jpg)

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://auxierasset.com/prospectus-and-reports or scan the QR code.

#### Auxier Focus Fund

#### AUXIX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025
204S-AUXIX-25

#### Auxier Focus Fund

#### AUXFX

#### : Investor Shares

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

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $48 | 0.92% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $315643116 |
| # of Portfolio Holdings | 126 |
| Portfolio Turnover Rate | 1% |
| Investment Advisory Fees (Net of fees waived) | $905497 |

---

# **Asset Class Weightings** 

# (% of total investments)
![Group By Asset Type Chart](id501dbbb3a64e749ac85e786.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 94.4% |
| Preferred Stock | 0.7% |
| Corporate Non-Convertible Bonds | 0.7% |
| U.S. Government & Agency Obligations | 3.9% |
| Money Market Fund | 0.3% |

---

# **Sector Weightings** 

# (% of total investments)
![Group By Sector Chart](ie193ad3715db9bc92bdca6eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 28.0% |
| Consumer Staples | 19.1% |
| Health Care | 16.5% |
| Information Technology | 12.2% |
| Consumer Discretionary | 8.7% |
| Industrials | 6.7% |
| Energy | 3.4% |
| Consumer Cyclical | 3.1% |
| Materials | 1.6% |
| Technology | 0.3% |
| Communications | 0.2% |
| Transportation | 0.2% |
| Real Estate | 0.0% |

---

\* excluding fixed income securities and cash equivalents

# **Top Ten Holdings** 

# (% of total investments)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.13% |
| Mastercard, Inc., Class A | 4.92% |
| Philip Morris International, Inc. | 4.54% |
| The Bank of New York Mellon Corp. | 4.45% |
| Alphabet, Inc., Class A | 4.02% |
| The Kroger Co. | 3.81% |
| Bank of America Corp. | 3.43% |
| Visa, Inc., Class A | 3.22% |
| UnitedHealth Group, Inc. | 2.91% |
| Corning, Inc. | 2.69% |

---

# **Where can I find additional information about the fund?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://auxierasset.com/prospectus-and-reports](i70f20511d5db97b280ba4a35.jpg)

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://auxierasset.com/prospectus-and-reports or scan the QR code.

#### Auxier Focus Fund

#### AUXFX

#### : Investor Shares

#### Semi-Annual Shareholder Report - December 31, 2025
204S-AUXFX-25

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

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;

AUXIER

FOCUS

FUND

Semi

Annual

Financials

and

Other

Information

December

31,

2025

(Unaudited)

Fund

Adviser:

Auxier

Asset

Management

LLC

15668

NE

Eilers

Road

Aurora,

Oregon

97002

Toll

Free:

(877) 3AUXIER

or

(877) 328-9437

Table

of

Contents

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Other

Information

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Equity

Securities

-

95.1%

Common

Stock

-

94.5%

Communications

-

0.2%

16,900

America

Movil

SAB

de

CV,

ADR

$

349,323

1,719

Cisco

Systems,

Inc.

132,415

34,119

Telefonica

SA,

ADR

138,182

619,920

Consumer

Cyclical

-

2.9%

Airbnb,

Inc.,

Class A

(a) 27,144

4,100

Alimentation

Couche-Tard,

Inc.

224,024

680

Amazon.com,

Inc.

(a) 156,958

1,241

Booking

Holdings,

Inc.

6,645,964

890

Deckers

Outdoor

Corp.

(a) 92,266

14,025

DR

Horton,

Inc.

2,020,021

Evolution

AB,

ADR

26,561

9,192,938

Consumer

Discretionary

-

8.2%

129,668

Arcos

Dorados

Holdings,

Inc.,

Class A

951,763

34,000

Becle

SAB

de

CV

38,420

39,408

Comcast

Corp.,

Class A

1,177,905

12,753

CVS

Health

Corp.

1,012,078

Domino's

Pizza,

Inc.

166,728

15,600

General

Motors

Co.

1,268,592

3,775

Genuine

Parts

Co.

464,174

13,500

Grand

Canyon

Education,

Inc.

(a) 2,245,185

210,501

Lincoln

Educational

Services

Corp.

(a) 5,083,599

19,060

Lowe's

Cos.,

Inc.

4,596,510

3,871

McDonald's

Corp.

1,183,094

61,302

Sally

Beauty

Holdings,

Inc.

(a) 874,167

3,870

The

Home

Depot,

Inc.

1,331,667

Ulta

Beauty,

Inc.

(a) 30,250

37,350

Walmart,

Inc.

4,161,163

4,550

Yum

China

Holdings,

Inc.

217,217

7,050

Yum!

Brands,

Inc.

1,066,524

25,869,036

Consumer

Staples

-

18.1%

65,455

Altria

Group,

Inc.

3,774,135

88,205

British

American

Tobacco

PLC,

ADR

4,994,167

13,200

Coca-Cola

HBC

AG,

ADR

680,592

3,535

Diageo

PLC,

ADR

304,965

11,221

Kenvue,

Inc.

193,562

9,950

Keurig

Dr

Pepper,

Inc.

278,700

50,327

Molson

Coors

Beverage

Co.,

Class B

2,349,264

69,600

Monster

Beverage

Corp.

(a) 5,336,232

38,595

PepsiCo.,

Inc.

5,539,154

89,375

Philip

Morris

International,

Inc.

14,335,750

36,044

The

Coca-Cola

Co.

2,519,836

5,225

The

Hershey

Co.

950,846

192,226

The

Kroger

Co.

12,010,281

10,884

The

Magnum

Ice

Cream

Co.

NV

(a) 172,511

3,140

The

Procter

&

Gamble

Co.

449,993

48,374

Unilever

PLC,

ADR

3,163,674

57,053,662

Energy

-

3.2%

127,510

BP

PLC,

ADR

4,428,422

7,630

Chevron

Corp.

1,162,889

13,600

ConocoPhillips

1,273,096

4,000

Devon

Energy

Corp.

146,520

7,800

Phillips

1,006,512

13,415

Valero

Energy

Corp.

2,183,828

10,201,267

Shares

Security

Description

Value

Financials

-

26.4%

53,260

Aflac,

Inc.

$

5,872,980

52,620

American

International

Group,

Inc.

4,501,641

2,780

Ameriprise

Financial,

Inc.

1,363,145

Aon

PLC,

Class A

141,152

5,480

Arch

Capital

Group,

Ltd.

(a) 525,642

196,649

Bank

of

America

Corp.

10,815,695

15,925

Berkshire

Hathaway,

Inc.,

Class B

(a) 8,004,701

Capital

One

Financial

Corp.

72,708

60,674

Central

Pacific

Financial

Corp.

1,890,602

25,975

Citigroup,

Inc.

3,031,023

5,616

Colliers

International

Group,

Inc.

825,608

5,616

FirstService

Corp.

873,456

2,025

Marsh

&

McLennan

Cos.,

Inc.

375,678

27,194

Mastercard,

Inc.,

Class A

15,524,511

1,800

PayPal

Holdings,

Inc.

105,084

1,700

Ryan

Specialty

Holdings,

Inc.

87,771

120,935

The

Bank

of

New

York

Mellon

Corp.

14,039,344

650

The

Charles

Schwab

Corp.

64,941

The

Progressive

Corp.

22,772

10,568

The

Travelers

Cos.,

Inc.

3,065,354

4,200

U.S.

Bancorp

224,112

15,249

Unum

Group

1,181,798

29,000

Visa,

Inc.,

Class A

10,170,590

7,000

Wells

Fargo

&

Co.

652,400

83,432,708

Health

Care

-

15.6%

27,784

Abbott

Laboratories

3,481,057

2,213

AbbVie,

Inc.

505,648

Amgen,

Inc.

49,097

5,550

Becton

Dickinson

&

Co.

1,077,089

1,295

Biogen,

Inc.

(a) 227,907

12,161

Elevance

Health,

Inc.

4,263,039

38,711

Johnson

&

Johnson

8,011,241

80,518

Medtronic

PLC

7,734,559

68,854

Merck

&

Co.,

Inc.

7,247,572

6,282

Pfizer,

Inc.

156,422

14,097

Quest

Diagnostics,

Inc.

2,446,252

8,209

The

Cigna

Group

2,259,363

27,855

UnitedHealth

Group,

Inc.

9,195,214

26,750

Zimmer

Biomet

Holdings,

Inc.

2,405,360

Zoetis,

Inc.

25,164

49,084,984

Industrials

-

6.3%

2,000

Builders

FirstSource,

Inc.

(a) 205,780

41,235

CAE,

Inc.

(a) 1,254,369

1,240

Caterpillar,

Inc.

710,359

97,016

Corning,

Inc.

8,494,721

1,550

FedEx

Corp.

447,733

700

Ferguson

Enterprises,

Inc.

155,841

69,882

Gates

Industrial

Corp.

PLC

(a) 1,500,366

General

Dynamics

Corp.

100,998

3,500

Johnson

Controls

International

PLC

419,125

Old

Dominion

Freight

Line,

Inc.

47,040

28,275

RTX

Corp.

5,185,635

2,830

The

Boeing

Co.

(a) 614,449

7,440

United

Parcel

Service,

Inc.,

Class B

737,974

19,874,390

Information

Technology

-

11.6%

40,550

Alphabet,

Inc.,

Class A

12,692,150

15,200

Cognizant

Technology

Solutions

Corp.,

Class A

1,261,600

9,550

Fiserv,

Inc.

(a) 641,474

7,526

Forrester

Research,

Inc.

(a) 61,111

AUXIER

FOCUS

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.

Shares

Security

Description

Value

Information

Technology

-

11.6%

(continued)

3,855

Meta

Platforms,

Inc.,

Class A

$

2,544,647

39,991

Microsoft

Corp.

19,340,447

36,541,429

Materials

-

1.5%

14,225

Celanese

Corp.,

Class A

601,433

30,258

Corteva,

Inc.

2,028,194

24,040

DuPont

de

Nemours,

Inc.

966,408

25,505

LyondellBasell

Industries

NV,

Class A

1,104,366

4,980

The

Mosaic

Co.

119,968

4,820,369

Real

Estate

-

0.0%

1,000

Americold

Realty

Trust,

Inc.

REIT

12,860

Weyerhaeuser

Co.

REIT

2,369

15,229

Technology

-

0.3%

12,020

Qnity

Electronics,

Inc.

981,433

Transportation

-

0.2%

2,610

Union

Pacific

Corp.

603,745

Total

Common

Stock

(Cost

$86,768,940)

298,291,110

Shares

Security

Description

Rate

Value

Preferred

Stock

-

0.6%

Information

Technology

-

0.6%

118,059

Iterate

Studio,

Inc.

(Cost

$1,999,990)

0.00%

1,999,990

Total

Equity

Securities

(Cost

$88,768,930)

300,291,100

Principal

Security

Description

Rate

Maturity

Value

Fixed

Income

Securities

-

4.7%

Corporate

Non-Convertible

Bonds

-

0.8%

Energy

-

0.2%

$

400,000

Energy

Transfer

LP

(callable

at

100)

(b)(c) 6.63%

02/15/45

399,800

Financials

-

0.5%

300,000

JPMorgan

Chase

&

Co.

(callable

at

100)

(b)(c) 3.65 09/01/69

298,495

500,000

JPMorgan

Chase

&

Co.

(callable

at

100)

(b)(c) 6.70 11/01/22

503,486

345,000

The

Goldman

Sachs

Group,

Inc.

(callable

at

100)

(b)(c) 6.13 11/10/64

350,014

400,000

Truist

Financial

Corp.

(callable

at

100)

(b)(c) 5.13 06/15/49

400,240

1,552,235

Utilities

-

0.1%

345,000

Sempra

(b) 6.40 10/01/54

351,101

Total

Corporate

Non-Convertible

Bonds

(Cost

$2,242,494)

2,303,136

Principal

Security

Description

Rate

Maturity

Value

U.S.

Government

&

Agency

Obligations

-

3.9%

U.S.

Treasury

Securities

-

3.9%

$

6,100,000

U.S.

Treasury

Bill

(d) 3.61 -

3.67 01/06/26

$

6,097,662

6,250,000

U.S.

Treasury

Bill

(d) 3.55 01/27/26

6,234,703

12,332,365

Total

U.S.

Government

&

Agency

Obligations

(Cost

$12,330,951)

12,332,365

Total

Fixed

Income

Securities

(Cost

$14,573,445)

14,635,501

Shares

Security

Description

Value

Money

Market

Fund

-

0.3%

1,046,504

Fidelity

Investments

Treasury

Only

Portfolio,

Institutional

Class,

3.69%

(e) (Cost

$1,046,504)

1,046,504

Investments,

at

value

-

100.1%

(Cost

$104,388,879)

$

315,973,105

Other

Assets

&

Liabilities,

Net

-

(0.1)%

(329,989)

Net

Assets

-

100.0%

$

315,643,116

ADR

American

Depositary

Receipt

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$1,999,990

or

0.6%

of

net

assets.

c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2025. (d) Perpetual

maturity

security.

(e) Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

(f) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. Level

Level

Level

Total

Investments

at

Value

Common

Stock

Communications

$

619,920

$

–

$

–

$

619,920

Consumer

Cyclical

9,192,938

–

–

9,192,938

Consumer

Discretionary

25,869,036

–

–

25,869,036

Consumer

Staples

57,053,662

–

–

57,053,662

Energy

10,201,267

–

–

10,201,267

Financials

83,432,708

–

–

83,432,708

Health

Care

49,084,984

–

–

49,084,984

Industrials

19,874,390

–

–

19,874,390

Information

Technology

36,541,429

–

–

36,541,429

Materials

4,820,369

–

–

4,820,369

Real

Estate

15,229

–

–

15,229

Technology

981,433

–

–

981,433

Transportation

603,745

–

–

603,745

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

Level

Level

Level

Total

Preferred

Stock

Information

Technology

$

–

$

1,999,990

$

–

$

1,999,990

Corporate

Non-

Convertible

Bonds

–

2,303,136

–

2,303,136

U.S.

Government

&

Agency

Obligations

–

12,332,365

–

12,332,365

Money

Market

Fund

1,046,504

–

–

1,046,504

Investments

at

Value

$

299,337,614

$

16,635,491

$

–

$

315,973,105

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value:

Preferred

Stock

Balance

as

of

06/30/25

$

1,999,990

Balance

as

of

12/31/25

$

1,999,990

The

following

table

summarizes

the

quantitative

inputs

used

for

investments

categorized

as

Level

of

the

fair

value

hierarchy

as

of

December

31,

2025:

Investments

in

Securities

Fair

Value

at

12/31/25

Valuation

Technique(s)

Unobservable

Inputs

Range

as

of

12/31/25

Weighted

Average

as

of

12/31/25

Iterate

Studio,

Inc.

$1,999,990

Transaction

Price

Transaction

Price

$16.9406

$1.9406

AUXIER

FOCUS

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2025

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$104,388,879)

$

315,973,105

Receivables:

Fund

shares

sold

95,845

Dividends

and

interest

498,218

Prepaid

expenses

29,431

Total

Assets

316,596,599

LIABILITIES

Payables:

Investment

securities

purchased

25,273

Fund

shares

redeemed

585,420

Distributions

payable

82,908

Accrued

Liabilities:

Investment

Adviser

fees

158,701

Trustees'

fees

and

expenses

838

Fund

services

fees

30,932

Other

expenses

69,411

Total

Liabilities

953,483

NET

ASSETS

$

315,643,116

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

103,358,692

Distributable

Earnings

212,284,424

NET

ASSETS

$

315,643,116

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Investor

Shares

4,473,062

A

Shares

16,702

Institutional

Shares

5,064,838

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

Investor

Shares

(based

on

net

assets

of

$145,004,601)

$

32.42 A

Shares

(based

on

net

assets

of

$569,431)

$

34.09 A

Shares

Maximum

Public

Offering

Price

Per

Share

(net

asset

value

per

share/(100%-5.75%))

$

36.18 Institutional

Shares

(based

on

net

assets

of

$170,069,084)

$

33.58 AUXIER

FOCUS

FUND

STATEMENT

OF

OPERATIONS

FOR

THE

SIX

MONTHS

ENDED

DECEMBER

31,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$4,138)

$

3,017,096

Interest

income

277,342

Total

Investment

Income

3,294,438

EXPENSES

Investment

Adviser

fees

1,241,607

Fund

services

fees

187,918

Transfer

agent

fees:

Investor

Shares

24,364

A

Shares

1,207

Institutional

Shares

7,294

Distribution

fees:

A

Shares

784

Custodian

fees

21,185

Registration

fees:

Investor

Shares

9,633

A

Shares

2,244

Institutional

Shares

8,862

Professional

fees

39,992

Trustees'

fees

and

expenses

12,570

Other

expenses

151,808

Total

Expenses

1,709,468

Fees

waived

(383,205)

Net

Expenses

1,326,263

NET

INVESTMENT

INCOME

1,968,175

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on:

Investments

1,422,774

Foreign

currency

transactions

Net

realized

gain

1,422,776

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

18,756,199

NET

REALIZED

AND

UNREALIZED

GAIN

20,178,975

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

22,147,150

AUXIER

FOCUS

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

December

31,

2025

For

the

Year

Ended

June

30,

2025

OPERATIONS

Shares

Shares

Net

investment

income

$

1,968,175

$

4,057,655

Net

realized

gain

1,422,776

4,926,782

Net

change

in

unrealized

appreciation

(depreciation)

18,756,199

25,896,718

Increase

in

Net

Assets

Resulting

from

Operations

22,147,150

34,881,155

DISTRIBUTIONS

TO

SHAREHOLDERS

Investor

Shares

(4,057,820)

(4,570,570)

A

Shares

(8,287)

(28,453)

Institutional

Shares

(4,591,803)

(4,663,596)

Total

Distributions

Paid

(8,657,910)

(9,262,619)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

2,458,993

75,904

6,529,395

216,696

Institutional

Shares

8,421,807

251,770

18,127,395

583,039

Reinvestment

of

distributions:

Investor

Shares

3,940,141

121,411

4,438,286

149,537

A

Shares

8,200

28,273

912

Institutional

Shares

4,541,715

135,141

4,634,444

151,100

Redemption

of

shares:

Investor

Shares

(9,595,153)

(298,419)

(23,706,060)

(791,318)

A

Shares

(693,183)

(21,396)

(253,012)

(8,124)

Institutional

Shares

(6,655,782)

(199,659)

(15,851,417)

(512,338)

Redemption

fees:

Investor

Shares

2,142

–

15,260

–

A

Shares

–

–

Institutional

Shares

1,433

–

17,177

–

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

2,430,318

64,996

(6,020,135)

(210,496)

Increase

in

Net

Assets

15,919,558

19,598,401

NET

ASSETS

Beginning

of

Period

299,723,558

280,125,157

End

of

Period

$

315,643,116

$

299,723,558

AUXIER

FOCUS

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

31.03 $

28.43 $

26.79 $

25.05 $

26.69 $

20.39 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.19 0.40 0.43 0.37 0.27 0.27 Net

realized

and

unrealized

gain

(loss)

2.12 3.19 2.39 2.14 (1.22)

6.59 Total

from

Investment

Operations

2.31 3.59 2.82 2.51 (0.95)

6.86 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.42)

(0.45)

(0.44)

(0.33)

(0.28)

(0.30)

Net

realized

gain

(0.50)

(0.54)

(0.74)

(0.44)

(0.41)

(0.26)

Total

Distributions

to

Shareholders

(0.92)

(0.99)

(1.18)

(0.77)

(0.69)

(0.56)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

32.42 $

31.03 $

28.43 $

26.79 $

25.05 $

26.69 TOTAL

RETURN

7.46%(c)

12.81%

10.83%

10.14%

(3.77)%

34.03%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

145,005

$

141,943

$

142,152

$

146,783

$

141,242

$

142,915

Ratios

to

Average

Net

Assets:

Net

investment

income

1.21%(d)

1.34%

1.56%

1.43%

0.99%

1.13%

Net

expenses

0.92%(d)

0.91%

0.91%

0.92%

0.92%

0.92%

Gross

expenses

(e) 1.11%(d)

1.11%

1.10%

1.10%

1.08%

1.09%

PORTFOLIO

TURNOVER

RATE

1%(c)

2%

2%

1%

1%

1%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Annualized.

(e) 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.

AUXIER

FOCUS

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

A

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

32.26 $

29.36 $

27.50 $

25.60 $

27.20 $

20.76 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.13 0.31 0.35 0.29 0.18 0.19 Net

realized

and

unrealized

gain

(loss)

2.20 3.31 2.47 2.19 (1.25)

6.72 Total

from

Investment

Operations

2.33 3.62 2.82 2.48 (1.07)

6.91 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

–

(0.18)

(0.22)

(0.14)

(0.12)

(0.21)

Net

realized

gain

(0.50)

(0.54)

(0.74)

(0.44)

(0.41)

(0.26)

Total

Distributions

to

Shareholders

(0.50)

(0.72)

(0.96)

(0.58)

(0.53)

(0.47)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

34.09 $

32.26 $

29.36 $

27.50 $

25.60 $

27.20 TOTAL

RETURN(c)

7.25%(d)

12.41%

10.52%

9.77%

(4.07)%

33.60%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

569

$

1,221

$

1,323

$

1,340

$

1,703

$

2,443

Ratios

to

Average

Net

Assets:

Net

investment

income

0.75%(e)

1.01%

1.24%

1.09%

0.64%

0.78%

Net

expenses

1.25%(e)

1.25%

1.24%

1.25%

1.25%

1.25%

Gross

expenses

(f) 2.97%(e)

2.16%

1.86%

1.76%

1.65%

1.52%

PORTFOLIO

TURNOVER

RATE

1%(d)

2%

2%

1%

1%

1%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Total

Return

does

not

include

the

effect

of

front

end

sales

charge

or

contingent

deferred

sales

charge.

(d) Not

annualized.

(e) Annualized.

(f) 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.

AUXIER

FOCUS

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

32.10 $

29.35 $

27.59 $

25.74 $

27.38 $

20.88 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.22 0.45 0.48 0.41 0.31 0.31 Net

realized

and

unrealized

gain

(loss)

2.18 3.30 2.46 2.21 (1.26)

6.75 Total

from

Investment

Operations

2.40 3.75 2.94 2.62 (0.95)

7.06 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.42)

(0.46)

(0.44)

(0.33)

(0.28)

(0.30)

Net

realized

gain

(0.50)

(0.54)

(0.74)

(0.44)

(0.41)

(0.26)

Total

Distributions

to

Shareholders

(0.92)

(1.00)

(1.18)

(0.77)

(0.69)

(0.56)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

33.58 $

32.10 $

29.35 $

27.59 $

25.74 $

27.38 TOTAL

RETURN

7.51%(c)

12.94%

10.98%

10.30%

(3.66)%

34.19%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

170,069

$

156,560

$

136,650

$

125,487

$

111,723

$

116,907

Ratios

to

Average

Net

Assets:

Net

investment

income

1.33%(d)

1.47%

1.69%

1.56%

1.11%

1.25%

Net

expenses

0.80%(d)

0.79%

0.79%

0.80%

0.80%

0.80%

Gross

expenses

(e) 1.10%(d)

1.10%

1.09%

1.08%

1.08%

1.09%

PORTFOLIO

TURNOVER

RATE

1%(c)

2%

2%

1%

1%

1%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Annualized.

(e) 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.

AUXIER

FOCUS

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

1. Organization

The

Auxier

Focus

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

currently

offers

three

classes

of

shares:

Investor

Shares,

A

Shares

and

Institutional

Shares.

A

Shares

are

offered

at

net

asset

value

plus

a

maximum

sales

charge

of

5.75%.

A

Shares

are

also

subject

to

contingent

deferred

sales

charge

("CDSC")

of

1.00%

on

purchases

without

an

initial

sales

charge

and

redeemed

less

than

one

year

after

they

are

purchased.

Investor

Shares

and

Institutional

Shares

are

not

subject

to

a

sales

charge.

Investor

Shares,

A

Shares

and

Institutional

Shares

commenced

operations

on

July

9,

1999,

July

8,

2005

and

May

9,

2012,

respectively.

The

Fund's

investment

objective

is

to

provide

long-term

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

Auxier

Asset

Management

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

period.

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.

Debt

securities

may

be

valued

at

prices

supplied

by

a

fund's

pricing

agent

based

on

broker

or

dealer

supplied

valuations

or

matrix

pricing,

a

method

of

valuing

securities

by

reference

to

the

value

of

other

securities

with

similar

characteristics

such

as

rating,

interest

rate

and

maturity.

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

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

AUXIER

FOCUS

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

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

at

the

end

of

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

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.

Foreign

Currency

Translations

–

Foreign

currency

amounts

are

translated

into

U.S.

dollars

as

follows:

(1) assets

and

liabilities

at

the

rate

of

exchange

at

the

end

of

the

respective

period;

and

(2) purchases

and

sales

of

securities

and

income

and

expenses

at

the

rate

of

exchange

prevailing

on

the

dates

of

such

transactions.

The

portion

of

the

results

of

operations

arising

from

changes

in

the

exchange

rates

and

the

portion

due

to

fluctuations

arising

from

changes

in

the

market

prices

of

securities

are

not

isolated.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Distributions

to

Shareholders

–

The

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

and

net

foreign

currency

gains

realized

by

the

Fund

are

distributed

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

period,

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

AUXIER

FOCUS

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

fiscal

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.

The

Fund's

class-specific

expenses

are

charged

to

the

operations

of

that

class

of

shares.

Income

and

expenses

(other

than

expenses

attributable

to

a

specific

class)

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

the

class'

respective

net

assets

to

the

total

net

assets

of

the

Fund.

Redemption

Fees

–

A

shareholder

who

redeems

or

exchanges

shares

within

days

of

purchase

will

incur

a

redemption

fee

of

2.00%

of

the

current

NAV

of

shares

redeemed

or

exchanged,

subject

to

certain

limitations.

The

fee

is

charged

for

the

benefit

of

the

remaining

shareholders

and

will

be

paid

to

the

Fund

to

help

offset

transaction

costs.

The

fee

is

accounted

for

as

an

addition

to

paid-in

capital.

The

Fund

reserves

the

right

to

modify

the

terms

of

or

terminate

the

fee

at

any

time.

There

are

limited

exceptions

to

the

imposition

of

the

redemption

fee.

Redemption

fees

incurred

for

the

Fund,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets.

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.

Note

3. Fees

and

Expenses

Investment

Adviser

–

Auxier

Asset

Management

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

0.80%

of

the

Fund's

average

daily

net

assets.

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

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.

The

Fund

has

adopted

a

Distribution

Plan

(the

"Plan")

for

A

Shares

of

the

Fund

in

accordance

with

Rule

12b-1

of

the

Act.

Under

the

Plan,

the

Fund

pays

the

Distributor

and/or

any

other

entity

as

authorized

by

the

Board

a

fee

of

up

to

0.25%

of

the

average

daily

net

assets

of

A

Shares.

The

Distributor

has

no

role

in

determining

the

investment

policies

or

which

securities

are

to

be

purchased

or

sold

by

the

Trust

or

its

Funds.

For

the

period

ended

December

31,

2025

,

there

were

no

front-end

sales

charges

assessed

on

the

sale

of

A

Shares

and

no

contingent

deferred

sales

charges

were

assessed

on

the

sale

of

A

Shares.

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.

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.

AUXIER

FOCUS

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

4. Expense

Reimbursement

and

Fees

Waived

The

Adviser

has

contractually

agreed

to

waive

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

dividend

expenses

on

short

sales,

and

extraordinary

expenses)

to

0.92%,

1.25%

and

0.80%

of

the

Investor

Shares,

A

Shares

and

Institutional

Shares,

respectively

,

through

at

least

October

31,

2026. These

contractual

waivers

may

only

be

raised

or

eliminated

with

consent

of

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

of

Trustees

of

the

Trust.

For

the

period

ended

December

31,

2025

,

the

fees

waived

and

expenses

reimbursed

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

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

,

$1,833,813

is

subject

to

recapture

by

the

Adviser.

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

period

ended

December

31,

2025

,

totaled

$1,959,124

and

$3,889,633

.

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

invest

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

,

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

net

unrealized

appreciation

consists

of:

As

of

June

30,

2025,

distributable

earnings

(accumulated

loss)

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

and

equity

return

of

capital.

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

336,110

$

47,095

$

383,205

Gross

Unrealized

Appreciation

$

213,685,474

Gross

Unrealized

Depreciation

(2,101,248)

Net

Unrealized

Appreciation

$

211,584,226

Undistributed

Ordinary

Income

$

1,981,224

Undistributed

Long-Term

Gain

3,993,868

Net

Unrealized

Appreciation

192,820,092

Total

$

198,795,184

AUXIER

FOCUS

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

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.

AUXIER

FOCUS

FUND

OTHER

INFORMATION

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,

Apex

Fund

Services.

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

a

senior

representative

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

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

reviewed

the

performance

of

the

Fund

compared

to

its

primary

benchmark

index.

The

Board

observed

that

the

Fund's

Institutional

Class

Shares

underperformed

the

S&P

500

Index,

the

Fund's

primary

benchmark

index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

June

30,

2025,

and

that

the

Fund's

Institutional

Class

Shares

outperformed

the

S&P

500

Index

for

the

period

since

inception

on

May

9,

2012. The

Board

noted

the

Adviser's

representation

that

the

Fund

seeks

capital

appreciation

over

the

long-term

and

that,

in

the

Adviser's

AUXIER

FOCUS

FUND

OTHER

INFORMATION

December

31,

2025

view,

the

Fund

executed

its

investment

objective

without

undue

risk,

as

evidenced

by

the

Fund's

performance

since

its

inception,

on

both

a

cumulative

and

average

annual

basis.

The

Board

also

noted

the

Adviser's

representation

that

the

Adviser's

conservative

approach

to

asset

allocation

tended

to

outperform

the

benchmark

in

declining

market

environments

and

lag

the

performance

of

the

benchmark

during

periods

of

significant

market

appreciation,

such

as

the

market

environment

over

the

latest

one-,

three-,

five-,

and

10-year

periods.

The

Board

noted

further

that

the

Fund

typically

maintains

a

material

cash

position,

which

could

result

in

a

drag

on

performance

during

bull

markets

relative

to

the

Fund's

primary

benchmark,

and

that

the

Fund

tended

to

invest

in

a

greater

number

of

small-

and

mid-capitalization

companies

relative

to

the

S&P

500

Index

and

its

peers,

which

detracted

from

performance

during

recent

years.

At

the

Adviser's

request,

the

Board

also

considered

the

Fund's

performance

relative

to

the

S&P

1000

Value

Index,

noting

that

the

Fund

outperformed

the

S&P

1000

Value

Index

over

the

one-,

three-,

and

10-year

periods

ended

June

30,

2025,

and

that

the

Fund's

performance

more

closely

approximated

that

of

the

S&P

1000

Value

Index

than

that

of

the

S&P

500

Index.

The

Board

also

considered

the

Fund's

performance

relative

to

an

independent

peer

group

of

funds

identified

by

Strategic

Insight,

Inc.

("Strategic

Insight")

as

having

characteristics

similar

to

the

Fund,

noting

that,

based

on

the

information

provided

by

Strategic

Insight,

the

Fund

outperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-year

period

ended

June

30,

2025,

and

underperformed

the

average

of

the

Strategic

Insight

peer

group

for

each

of

the

three-,

five-,

and

10-year

periods

ended

June

30,

2025. The

Board

noted

the

Adviser's

representation

that

the

Fund's

categorization

as

"large

value"

did

not

fully

represent

the

Fund's

portfolio

characteristics

due

to

the

Fund's

holdings

in

small-

and

mid-capitalization

companies,

which

tended

to

underperform

the

large

capitalization

companies

in

recent

years.

Based

on

the

Adviser's

investment

style,

including

the

risk-averse

nature

of

the

portfolio

construction,

and

the

foregoing

performance

information,

among

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

and

total

expense

ratio

of

the

Fund

compared

to

its

Strategic

Insight

peer

group.

The

Board

observed

that,

although

the

net

advisory

fee

rate

for

the

Fund

was

higher

than

the

median

of

its

Strategic

Insight

peer

group,

it

was

within

a

reasonable

range.

The

Board

also

observed

that

the

Fund's

total

expense

ratio

was

lower

than

the

median

of

the

Strategic

Insight

peer

group.

The

Board

further

noted

the

Adviser's

representation

that

it

continued

to

waive

fees

and

reimburse

Fund

expenses

in

order

to

keep

the

Fund's

total

expense

ratio

at

competitive

levels.

Based

on

the

foregoing

and

other

relevant

factors,

the

Board

concluded

that

the

Adviser's

advisory

fee

rate

charged

to

the

Fund

was

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

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

Adviser's

discussion

of

costs

and

profitability

of

its

Fund

activities.

The

Board

noted

the

Adviser's

belief

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

in

accordance

with

the

contractual

expense

cap.

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

stable

asset

levels,

the

Adviser

was

not

proposing

breakpoints

in

the

advisory

fee

at

this

time.

Based

on

the

foregoing

and

other

applicable

considerations,

including

the

size

of

the

Fund,

the

Board

concluded

that

the

information

presented

was

consistent

with

the

renewal

of

the

Advisory

Agreement

at

current

fee

levels.

AUXIER

FOCUS

FUND

OTHER

INFORMATION

December

31,

2025

Other

Benefits

The

Board

noted

the

Adviser's

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Fund.

Based

on

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund

were

not

a

material

factor

to

consider

in

approving

the

continuation

of

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.

AUXIER

FOCUS

FUND

FOR

MORE

INFORMATION

P.O.

Box

588

Portland,

Maine

04112

(877) 3AUXIER

(877) 328-9437

INVESTMENT

ADVISER

Auxier

Asset

Management

LLC

15668

NE

Eilers

Road

Aurora,

Oregon

97002

TRANSFER

AGENT

Apex

Fund

Services

P.O.

Box

588

Portland,

Maine

04112

www.apexgroup.com

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.

204-SAR-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) Not applicable.

(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>

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| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 12, 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.

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| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 12, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | February 12, 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;

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| | |
|:---|:---|
| Dated: | February 12, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | February 12, 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 (Auxier Focus 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.

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| | | |
|:---|:---|:---|
| Date: | February 12, 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 (Auxier Focus 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 12, 2026 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---