Forum Funds

11/13/2025 | Press release | Distributed by Public on 11/13/2025 07:55

Semi-Annual Report by Investment Company (Form N-CSRS)

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) 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

Date
Beck Mack + Oliver Partners Fund
S&P 500® Index
09/30/15
$10,000
$10,000
12/31/15
$10,271
$10,704
03/31/16
$10,180
$10,849
06/30/16
$10,327
$11,115
09/30/16
$10,917
$11,543
12/31/16
$11,352
$11,984
03/31/17
$11,752
$12,711
06/30/17
$11,993
$13,104
09/30/17
$12,726
$13,691
12/31/17
$13,379
$14,601
03/31/18
$13,253
$14,490
06/30/18
$13,689
$14,988
09/30/18
$14,790
$16,143
12/31/18
$11,362
$13,961
03/31/19
$12,886
$15,866
06/30/19
$13,483
$16,549
09/30/19
$13,471
$16,830
12/31/19
$15,038
$18,356
03/31/20
$10,674
$14,759
06/30/20
$13,345
$17,791
09/30/20
$13,287
$19,380
12/31/20
$15,798
$21,734
03/31/21
$19,423
$23,076
06/30/21
$22,052
$25,049
09/30/21
$22,539
$25,194
12/31/21
$24,276
$27,973
03/31/22
$22,794
$26,686
06/30/22
$18,798
$22,389
09/30/22
$17,663
$21,296
12/31/22
$19,152
$22,907
03/31/23
$20,068
$24,624
06/30/23
$22,408
$26,776
09/30/23
$22,165
$25,900
12/31/23
$25,335
$28,928
03/31/24
$27,989
$31,982
06/30/24
$27,224
$33,352
09/30/24
$29,183
$35,315
12/31/24
$30,771
$36,166
03/31/25
$28,638
$34,621
06/30/25
$30,643
$38,409
09/30/25
$32,614
$41,530

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®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)

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
$80,299,005
# of Portfolio Holdings
26
Portfolio Turnover Rate
3%
Investment Advisory Fees (Net of fees waived)
$164,427

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?

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) 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) Included as part of financial statements filed under Item 7(a).
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
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
3
Statement
of
Assets
and
Liabilities
4
Statement
of
Operations
5
Statements
of
Changes
in
Net
Assets
6
Financial
Highlights
7
Notes
to
Financial
Statements
8
Other
Information
12
Beck
Mack
+
Oliver
Partners
Fund
SCHEDULE
OF
INVESTMENTS
September
30,
2025
3
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
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
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
1
-
Quoted
Prices
$
80,340,350‌
Level
2
-
Other
Significant
Observable
Inputs
-‌
Level
3
-
Significant
Unobservable
Inputs
-‌
Total
$
80,340,350‌
Beck
Mack
+
Oliver
Partners
Fund
STATEMENT
OF
ASSETS
AND
LIABILITIES
September
30,
2025
4
See
Notes
to
Financial
Statements.
*
Shares
redeemed
or
exchanged
within
60
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
281‌
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
5
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
6
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
138‌
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
7
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
8
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
9
Level
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
Level
2
-
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
2
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
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
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
3
-
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
60
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
10
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
11
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
12
Changes
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
N/A
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
N/A
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
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
11
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) 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).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

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 Forum Funds
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
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