# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000137
**Filing Date:** 2025-11
**Character Count:** 49528
**Document Hash:** e035f650dca7fc4f040eee65c8f174b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000137.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000315774-25-000137

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** 251475679

**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

### Beck, Mack & Oliver Partners Fund (Series ID: S000026940)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000081163 | Beck, Mack & Oliver Partners Fund | BMPEX           |

?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 March 31

Date of reporting period: April 1, 2025 – September 30, 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.

#### Beck Mack + Oliver Partners Fund

#### BMPEX

#### Semi-Annual Shareholder Report - September 30, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Beck Mack + Oliver Partners Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.beckmack.com/products. You can also request this information by contacting us at (800) 943-6786.

# **What were the Fund's costs for the last six months ?** 
(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** |
| Beck Mack + Oliver Partners Fund | $54 | 1.00% |

---

# **How did the Fund perform in the last six months ?** 
During the six-month semi-annual period ended September 30, 2025 (the "Semi-Annual Period"), the Beck Mack + Oliver Partners Fund (the "Partners Fund") returned +13.88% net of fees and expenses, resulting in a net asset value of $28.14. By comparison, the S&P 500 Index, which is the Partners Fund's principal benchmark, returned +19.94%.

With respect to the performance of the S&P 500 Index, ongoing enthusiasm for artificial intelligence has been an important factor. Alphabet and Radnet, which are two investments in the Partners Fund, are benefiting from artificial intelligence in their respective businesses, and each investment generated a total return in excess of 50% during the Semi-Annual Period. In the broader equity market, stocks with larger market caps outperformed those with smaller market caps during the Semi-Annual Period.

Fiserv and Waters Corp. were two investments that detracted from performance during the Semi-Annual Period. Fiserv moderately reduced its revenue growth guidance for the current calendar year, while Waters Corp. announced a large acquisition. Regarding the former, we believe that Fiserv's long-term growth algorithm remains intact. Regarding the latter, we are excited about the announced acquisition.

During the Semi-Annual Period, the Partners Fund exited its investment in Enstar Group, which was acquired by a financial consortium in an all-cash transaction, and it initiated a position in Amazon.com.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](ic577d6346e5108e18e0d8cfb.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Beck Mack + Oliver Partners Fund** | **S&P 500<sup>®</sup> Index** |
| **09/30/15** | $10000 | $10000 |
| **12/31/15** | $10271 | $10704 |
| **03/31/16** | $10180 | $10849 |
| **06/30/16** | $10327 | $11115 |
| **09/30/16** | $10917 | $11543 |
| **12/31/16** | $11352 | $11984 |
| **03/31/17** | $11752 | $12711 |
| **06/30/17** | $11993 | $13104 |
| **09/30/17** | $12726 | $13691 |
| **12/31/17** | $13379 | $14601 |
| **03/31/18** | $13253 | $14490 |
| **06/30/18** | $13689 | $14988 |
| **09/30/18** | $14790 | $16143 |
| **12/31/18** | $11362 | $13961 |
| **03/31/19** | $12886 | $15866 |
| **06/30/19** | $13483 | $16549 |
| **09/30/19** | $13471 | $16830 |
| **12/31/19** | $15038 | $18356 |
| **03/31/20** | $10674 | $14759 |
| **06/30/20** | $13345 | $17791 |
| **09/30/20** | $13287 | $19380 |
| **12/31/20** | $15798 | $21734 |
| **03/31/21** | $19423 | $23076 |
| **06/30/21** | $22052 | $25049 |
| **09/30/21** | $22539 | $25194 |
| **12/31/21** | $24276 | $27973 |
| **03/31/22** | $22794 | $26686 |
| **06/30/22** | $18798 | $22389 |
| **09/30/22** | $17663 | $21296 |
| **12/31/22** | $19152 | $22907 |
| **03/31/23** | $20068 | $24624 |
| **06/30/23** | $22408 | $26776 |
| **09/30/23** | $22165 | $25900 |
| **12/31/23** | $25335 | $28928 |
| **03/31/24** | $27989 | $31982 |
| **06/30/24** | $27224 | $33352 |
| **09/30/24** | $29183 | $35315 |
| **12/31/24** | $30771 | $36166 |
| **03/31/25** | $28638 | $34621 |
| **06/30/25** | $30643 | $38409 |
| **09/30/25** | $32614 | $41530 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Beck Mack + Oliver Partners Fund | 11.76% | 19.67% | 12.55% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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.

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i59d212823701425d5e9e9d99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Fund | 0.4% |
| Financials | 36.7% |
| Health Care | 18.6% |
| Industrials | 16.7% |
| Information Technology | 12.1% |
| Consumer Discretionary | 7.5% |
| Communication Services | 7.2% |
| Energy | 0.8% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $80299005 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 3% |
| Investment Advisory Fees (Net of fees waived) | $164427 |

---

# **Top Ten Holdings** 

# (% total investments)

---

| | |
|:---|:---|
| Blackstone, Inc., Class A | 7.87% |
| RadNet, Inc. | 7.59% |
| Apollo Global Management, Inc. | 7.13% |
| Microsoft Corp. | 6.77% |
| Alphabet, Inc., Class C | 6.06% |
| Arthur J Gallagher & Co. | 5.01% |
| Ferguson Enterprises, Inc. | 4.75% |
| Zurn Elkay Water Solutions Corp. | 4.68% |
| Ashtead Group PLC | 4.63% |
| The Charles Schwab Corp. | 4.16% |

---

# **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://www.beckmack.com/products](i34789154563ba54e8c12a568.jpg)

Additional information is available by scanning the QR code or at https://www.beckmack.com/products, including its:

* prospectus

* financial information

* holdings

* proxy information

#### Beck Mack + Oliver Partners Fund

#### BMPEX

#### Semi-Annual Shareholder Report - September 30, 2025
229S-BMPEX-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;

Beck

Mack

+

Oliver

LLC

Semi

Annual

Financials

and

Other

Information

**September** 

**30,** 

**2025**

(Unaudited)

Beck

Mack

+

Oliver

Partners

Fund

Beck

Mack

+

Oliver

Partners

Fund

TABLE

OF

CONTENTS

September

30,

2025

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

Beck

Mack

+

Oliver

Partners

Fund

SCHEDULE

OF

INVESTMENTS

September

30,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

September

30,

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

includes

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

instrument

type

and

industry.

Shares

Security

Description

Value

Common

Stock

-

99.7%

Communication

Services

-

7.2%

20,000

Alphabet,

Inc.,

Class C

$

4,871,000

4,000

Amazon.com,

Inc.

(a) 878,280

5,749,280

Consumer

Discretionary

-

7.6%

12,000

Hilton

Worldwide

Holdings,

Inc.

3,113,280

35,000

Somnigroup

International,

Inc.

2,951,550

6,064,830

Energy

-

0.8%

20,000

Enterprise

Products

Partners

LP

625,400

Financials

-

36.7%

43,000

Apollo

Global

Management,

Inc.

5,730,610

13,000

Arthur

J

Gallagher

&

Co.

4,026,620

37,000

Blackstone,

Inc.,

Class A

6,321,450

6,000

Credit

Acceptance

Corp.

(a) 2,801,580

25,000

Fiserv,

Inc.

(a) 3,223,250

8,000

JPMorgan

Chase

&

Co.

2,523,440

2,700

Mastercard,

Inc.,

Class A

1,535,787

35,000

The

Charles

Schwab

Corp.

3,341,450

29,504,187

Health

Care

-

18.6%

17,000

Abbott

Laboratories

2,276,980

115,000

Fortrea

Holdings,

Inc.

(a) 968,300

10,000

Labcorp

Holdings,

Inc.

2,870,600

80,000

RadNet,

Inc.

(a) 6,096,800

9,000

Waters

Corp.

(a) 2,698,290

14,910,970

Industrials

-

16.7%

56,000

Ashtead

Group

PLC

3,717,280

17,000

Ferguson

Enterprises,

Inc.

3,817,860

40,000

Rush

Enterprises,

Inc.,

Class A

2,138,800

80,000

Zurn

Elkay

Water

Solutions

Corp.

3,762,400

13,436,340

Information

Technology

-

12.1%

27,000

CoStar

Group,

Inc.

(a) 2,277,990

10,500

Microsoft

Corp.

5,438,475

4,000

Roper

Technologies,

Inc.

1,994,760

9,711,225

Total

Common

Stock

(Cost

$38,124,803)

80,002,232

Shares

Security

Description

Value

Money

Market

Fund

-

0.4%

338,118

First

American

Government

Obligations

Fund,

Class X,

4.04%

(b) (Cost

$338,118)

338,118

Investments,

at

value

-

100.1%

(Cost

$38,462,921)

$

80,340,350

Other

Assets

&

Liabilities,

Net

-

(0.1)%

(41,345)

Net

Assets

-

100.0%

$

80,299,005

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

80,340,350

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

80,340,350

Beck

Mack

+

Oliver

Partners

Fund

STATEMENT

OF

ASSETS

AND

LIABILITIES

September

30,

2025

See

Notes

to

Financial

Statements.

\*

Shares

redeemed

or

exchanged

within

days

of

purchase

are

charged

a

2.00%

redemption

fee.

ASSETS

Investments,

at

value

(Cost

$38,462,921)

$

80,340,350

Receivables:

Fund

shares

sold

2,722

Dividends

15,762

Prepaid

expenses

15,615

Total

Assets

80,374,449

LIABILITIES

Accrued

Liabilities:

Investment

adviser

fees

28,934

Trustees'

fees

and

expenses

Fund

services

fees

18,463

Other

expenses

27,766

Total

Liabilities

75,444

NET

ASSETS

$

80,299,005

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

42,174,884

Distributable

Earnings

38,124,121

NET

ASSETS

$

80,299,005

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

2,854,030

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

$

28.14 Beck

Mack

+

Oliver

Partners

Fund

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

SEPTEMBER

30,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

$

399,366

Total

Investment

Income

399,366

EXPENSES

Investment

adviser

fees

377,248

Fund

services

fees

93,495

Custodian

fees

5,188

Registration

fees

12,123

Professional

fees

28,555

Trustees'

fees

and

expenses

6,986

Other

expenses

66,477

Total

Expenses

590,072

Fees

waived

(212,821)

Net

Expenses

377,251

NET

INVESTMENT

INCOME

22,115

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

1,898,253

Foreign

currency

transactions

(145) Net

realized

gain

1,898,108

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

7,881,057

NET

REALIZED

AND

UNREALIZED

GAIN

9,779,165

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

9,801,280

Beck

Mack

+

Oliver

Partners

Fund

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

September

30,

2025

For

the

Year

Ended

March

31,

2025

OPERATIONS

Net

investment

income

$

22,115

$

106,473

Net

realized

gain

1,898,108

2,902,392

Net

change

in

unrealized

appreciation

(depreciation)

7,881,057

(1,400,278)

Increase

in

Net

Assets

Resulting

from

Operations

9,801,280

1,608,587

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

1,417,693

4,650,279

Redemption

of

shares

(2,082,552)

(5,050,402)

Redemption

fees

878

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(663,981)

(399,985)

Increase

in

Net

Assets

9,137,299

1,208,602

NET

ASSETS

Beginning

of

Period

71,161,706

69,953,104

End

of

Period

$

80,299,005

$

71,161,706

SHARE

TRANSACTIONS

Sale

of

shares

55,229

181,138

Redemption

of

shares

(80,636)

(198,538)

Decrease

in

Shares

(25,407)

(17,400)

Beck

Mack

+

Oliver

Partners

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

September

30,

2025

For

the

Years

Ended

March

31,

2025

2024

2023

2022

2021

NET

ASSET

VALUE,

Beginning

of

Period

$

24.71 $

24.15 $

17.32 $

19.68 $

16.77 $

9.27 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.01 0.04 0.05 0.08 0.06 0.10 Net

realized

and

unrealized

gain

(loss)

3.42 0.52 6.79 (2.43)

2.84 7.48 Total

from

Investment

Operations

3.43 0.56 6.84 (2.35)

2.90 7.58 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

–

–

(0.01)

(0.01)

–

(0.08)

Total

Distributions

to

Shareholders

–

–

(0.01)

(0.01)

–

(0.08)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.01 0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

28.14 $

24.71 $

24.15 $

17.32 $

19.68 $

16.77 TOTAL

RETURN

13.88%(c)

2.32%

39.48%

(11.96)%

17.35%

81.97%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

80,299

$

71,162

$

69,953

$

49,963

$

59,483

$

47,464

Ratios

to

Average

Net

Assets:

Net

investment

income

0.06%(d)

0.15%

0.24%

0.44%

0.30%

0.82%

Net

expenses

1.00%(d)

1.00%

1.00%

1.00%

1.00%

1.00%

Gross

expenses

(e) 1.57%(d)

1.54%

1.61%

1.68%

1.58%

1.86%

PORTFOLIO

TURNOVER

RATE

3%(c)

11%

9%

11%

15%

18%

(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.

Beck

Mack

+

Oliver

Partners

Fund

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

Note

1. Organization

The

Beck

Mack

+

Oliver

Partners

Fund

(the

"Fund")

is

a

non-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

December

1,

2009,

after

it

acquired

the

net

assets

of

BMO

Partners

Fund,

L.P.

(the

"Partnership"),

in

exchange

for

Fund

shares.

The

Partnership

commenced

operations

in

1991. The

Fund

seeks

long-term

capital

appreciation

with

the

preservation

of

capital.

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

Beck

Mack

+

Oliver

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.

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

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:

Beck

Mack

+

Oliver

Partners

Fund

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

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

September

30,

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.

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

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

fiscal

years

after

they

are

filed.

As

of

September

30,

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.

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

contracts.

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.

Beck

Mack

+

Oliver

Partners

Fund

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

Note

3. Fees

and

Expenses

Investment

Adviser

–

Beck

Mack

+

Oliver

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

1.00%

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

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. 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,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

to

1.00%

,

through

at

least

July

31,

2026. During

the

period

ended

September

30,

2025,

fees

waived

were

$212,821.

These

waived

fees

are

not

recoupable.

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

September

30,

2025

were

$3,019,420

and

$2,170,885,

respectively.

Note

6. Federal

Income

Tax

As

of

September

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes and

the

components

of

net

unrealized appreciation were

as

follows:

As

of

March

31,

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

partnerships,

wash

sales

and

return

of

capital

on

equity

securities.

Gross

Unrealized

Appreciation

$

43,936,649

Gross

Unrealized

Depreciation

(2,059,220)

Net

Unrealized

Appreciation

$

41,877,429

Capital

and

Other

Losses

$

(5,966,777)

Net

Unrealized

Appreciation

34,289,618

Total

$

28,322,841

Beck

Mack

+

Oliver

Partners

Fund

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

For

tax

purposes,

the

prior

year

late

year

ordinary

loss

deferral

is

$10,966

(realized

during

the

period

January

1,

2025

through

March

31,

2025).

The

loss

was

recognized

for

tax

purposes

on

the

first

day

of

the

Fund's

current

fiscal

year

beginning

April

1,

2025. As

of

March

31,

2025,

the

Fund

had

$4,762,887

of

available

short-term

capital

loss

carryforwards

and

$1,192,924

of

available

long-term

capital

loss

carryforwards

that

have

no

expiration

date.

Note

7. Financials

Sector

Risk

The

Fund

invests

a

significant

portion

of

its

assets

in

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

government

regulations,

economic

conditions,

credit

rating

downgrades,

changes

in

interest

rates,

and

decreased

liquidity

in

credit

markets.

The

impact

of

more

stringent

capital

requirements,

recent

or

future

regulation

of

any

individual

financial

company,

or

recent

or

future

regulation

of

the

financials

sector

as

a

whole

cannot

be

predicted.

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.

Beck

Mack

+

Oliver

Partners

Fund

OTHER

INFORMATION

September

30,

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)

N/A

#### FOR

#### MORE

#### INFORMATION

#### Investment

#### Adviser
Beck

Mack

+

Oliver

LLC

565

Fifth

Ave,

19th

Floor

New

York,

NY

10017

www.beckmack.com

#### Transfer

#### Agent
Apex

Fund

Services,

LLC

P.O.

Box

588

Portland,

ME

04112

www.theapexgroup.com

#### Beck

#### Mack

#### +

#### Oliver

#### Partners

#### Fund
P.O.

Box

588

Portland,

ME

04112

(800) 943-6786

www.beckmack.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.

229-SAR-0925

(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.

Not applicable.

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>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | November 4, 2025 |

---

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: | November 4, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | November 4, 2025 |

---

## 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 (Beck Mack + Oliver Partners 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: | November 4, 2025 | /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 (Beck Mack + Oliver Partners 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: | November 4, 2025 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## 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: | November 4, 2025 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | November 4, 2025 |
|  | /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.