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 – March 31, 2026
 
 
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.
 
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Image

Payson Total Return Fund

PBFDX

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about the Payson Total Return Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at www.hmpayson.com/what-we-do/investment-management/total-return-fund/. You can also request this information by contacting us at (800) 805-8258.

 

 

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Payson Total Return Fund
$90
0.80%

How did the Fund perform in the last year? 

For the fiscal year ended March 31, 2026, the Fund outperformed the S&P 500 Index (the "Index"), returning 25.82% versus 17.80%, respectively.

 

Both allocation and stock selection decisions contributed to performance. With respect to sectors, the Fund’s allocation to, and stock selection in, the Technology, Industrials, and Communication Services sectors contributed most to performance. The portfolio also benefited from not holding any stocks in the Consumer Staples and Real Estate sectors, which underperformed. At a stock level, the portfolio benefited from holding positions in companies positioned to benefit from spending on artificial intelligence, such as Lam Research Corp., Broadcom, Inc., Alphabet, Inc. and ASML Holding NV. As it has in the past, the team continues to assess these positions and remains committed to the same philosophy and investment approach that has driven the Fund over the long term--constructing and maintaining a portfolio of attractively valued companies that, collectively, have superior characteristics to the Index.

 

Total Return Based on a $10,000 Investment 

Growth of 10K Chart
Table Summary
Date
Payson Total Return Fund
S&P 500® Index
3/31/16
$10,000
$10,000
6/30/16
$10,053
$10,246
9/30/16
$10,659
$10,640
12/31/16
$10,958
$11,047
3/31/17
$11,741
$11,717
6/30/17
$11,985
$12,079
9/30/17
$12,696
$12,620
12/31/17
$13,337
$13,459
3/31/18
$13,548
$13,357
6/30/18
$13,950
$13,815
9/30/18
$15,142
$14,881
12/31/18
$13,098
$12,869
3/31/19
$14,880
$14,625
6/30/19
$15,391
$15,255
9/30/19
$15,600
$15,514
12/31/19
$17,247
$16,921
3/31/20
$14,065
$13,605
6/30/20
$17,420
$16,399
9/30/20
$18,840
$17,864
12/31/20
$20,784
$20,034
3/31/21
$22,696
$21,271
6/30/21
$24,264
$23,089
9/30/21
$24,238
$23,224
12/31/21
$27,216
$25,785
3/31/22
$26,061
$24,599
6/30/22
$22,475
$20,638
9/30/22
$21,291
$19,631
12/31/22
$23,239
$21,115
3/31/23
$24,025
$22,698
6/30/23
$26,140
$24,682
9/30/23
$25,937
$23,874
12/31/23
$28,609
$26,665
3/31/24
$31,992
$29,480
6/30/24
$32,982
$30,743
9/30/24
$33,927
$32,553
12/31/24
$34,787
$33,337
3/31/25
$32,461
$31,913
6/30/25
$36,781
$35,405
9/30/25
$40,598
$38,281
12/31/25
$42,156
$39,298
3/31/26
$40,844
$37,594

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

Average Annual Total Returns 

Table Summary
 
One Year
Five Year
Ten Year
Payson Total Return Fund
25.82%
12.47%
15.11%
S&P 500® Index
17.80%
12.06%
14.16%

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 Industry Chart
Table Summary
Value
Value
Energy
3.3%
Health Care
8.3%
Financials
9.1%
Consumer Discretionary
10.0%
Industrials
13.5%
Information Technology
52.7%
Exchange Traded Fund
3.1%

Fund Statistics

Table Summary
Total Net Assets
$283,850,241
# of Portfolio Holdings
29
Portfolio Turnover Rate
31%
Investment Advisory Fees Paid
$1,867,991

Asset Class Weightings 

(% total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Common Stock
96.9%
Exchange Traded Fund
3.1%

Top Ten Holdings 

(% total investments)

Table Summary
NVIDIA Corp.
8.6%
Alphabet, Inc., Class A
8.5%
Microsoft Corp.
7.8%
Apple, Inc.
7.7%
Broadcom, Inc.
6.1%
Amazon.com, Inc.
5.5%
Meta Platforms, Inc., Class A
4.6%
JPMorgan Chase & Co.
4.3%
ASML Holding NV
3.4%
AbbVie, Inc.
3.3%

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.hmpayson.com/what-we-do/investment-management/total-return-fund/. 

Payson Total Return Fund

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.hmpayson.com/what-we-do/investment-management/total-return-fund/

Annual Shareholder Report - March 31, 2026

230A-PBFDX-26

(b)          Not applicable.
ITEM 2. CODE OF ETHICS.
(a)           As of the end of the period covered by this report, Forum Funds (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”). 
(c)           There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.
(d)           There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.
(e)           Not applicable.
(f)(1)   A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1)  The Board of Trustees has determined that the Registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.
(a)(2)  The audit committee financial expert, Mr. Mark Moyer, is a non-“interested” Trustee (as defined in Item 3(a)(2) of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a)       Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $14,800 in 2025 and $15,200 in 2026.
(b)       Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2025 and $0 in 2026. 
(c)       Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $3,200 in 2025 and $3,300 in 2026. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d)       All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2025 and $0 in 2026.
(e)(1) The Audit Committee reviews and approves in advance all audit and “permissible non-audit services” (as that term is defined by the rules and regulations of the U.S. Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a “Series”). In addition, the Audit Committee reviews and approves in advance all “permissible non-audit services” to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant (“Affiliate”), by the Series’ principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series’ investment adviser or an Affiliate to the Series’ principal accountant for audit and permissible non-audit services are consistent with the principal accountant’s independence.
(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)       Not applicable
(g)       The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2025 and $0 in 2026. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.
(h)       During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.
(i)        Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
(j)        Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a)           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)      
 
Payson
Total
Return
Fund
ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
//
March
31,
2026
Payson
Total
Return
Fund
Table
of
Contents
March
31,
2026
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
Report
of
Independent
Registered
Public
Accounting
Firm
14
Important
Tax
Information
(Unaudited)
16
Additional
Information
(Unaudited)
17
Payson
Total
Return
Fund
SCHEDULE
OF
INVESTMENTS
March
31,
2026
See
Notes
to
Financial
Statements.
3
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
March
31,
2026. 
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
is
Common
Stock
and
an
Exchange
Traded
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
Shares
Security
Description
Value
Common
Stock
-
96.5%
Consumer
Discretionary
-
10.0%
75,280‌
Amazon.com,
Inc.(a)
$
15,678,566‌
1,775‌
AutoZone,
Inc.(a)
5,995,559‌
41,251‌
The
TJX
Cos.,
Inc.
6,587,785‌
28,261,910‌
Energy
-
3.2%
20,000‌
Chevron
Corp.
4,138,000‌
20,680‌
Marathon
Petroleum
Corp.
5,049,642‌
9,187,642‌
Financials
-
9.1%
41,233‌
JPMorgan
Chase
&
Co.
12,129,099‌
15,853‌
Mastercard,
Inc.,
Class A
7,921,110‌
19,000‌
Visa,
Inc.,
Class A
5,742,560‌
25,792,769‌
Health
Care
-
8.3%
43,035‌
AbbVie,
Inc.
9,359,682‌
13,948‌
Amgen,
Inc.
4,907,604‌
13,740‌
Danaher
Corp.
2,605,104‌
13,675‌
Thermo
Fisher
Scientific,
Inc.
6,721,673‌
23,594,063‌
Industrials
-
13.4%
27,842‌
AMETEK,
Inc.
5,968,211‌
11,590‌
Caterpillar,
Inc.
8,211,051‌
35,718‌
Honeywell
International,
Inc.
8,073,339‌
12,363‌
Hubbell,
Inc.
6,067,019‌
12,012‌
L3Harris
Technologies,
Inc.
4,145,942‌
47,249‌
nVent
Electric
PLC
5,588,612‌
38,054,174‌
Information
Technology
-
52.5%
11,220‌
Accenture
PLC,
Class A
2,224,814‌
84,155‌
Alphabet,
Inc.,
Class A
24,199,612‌
86,226‌
Apple,
Inc.
21,883,297‌
7,393‌
ASML
Holding
NV
9,764,896‌
55,579‌
Broadcom,
Inc.
17,202,256‌
38,824‌
Lam
Research
Corp.
8,295,136‌
22,592‌
Meta
Platforms,
Inc.,
Class A
12,925,561‌
59,461‌
Microsoft
Corp.
22,010,678‌
Shares
Security
Description
Value
Information
Technology
-
52.5%
(continued)
139,500‌
NVIDIA
Corp.
$
24,328,800‌
33,431‌
Salesforce,
Inc.
6,240,565‌
149,075,615‌
Total
Common
Stock
(Cost
$136,168,792)
273,966,173‌
Shares
Security
Description
Value
Exchange
Traded
Fund
-
3.1%
125,415‌
iShares
Core
Dividend
Growth
ETF
(Cost
$9,249,419)
8,801,625‌
Investments,
at
value
-
99.6%
(Cost
$145,418,211)
$
282,767,798‌
Other
Assets
&
Liabilities,
Net
-
0.4%
1,082,443‌
Net
Assets
-
100.0%
$
283,850,241‌
ETF
Exchange
Traded
Fund
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
282,767,798‌
Level
2
-
Other
Significant
Observable
Inputs
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
Total
$
282,767,798‌
Payson
Total
Return
Fund
Statement
of
Assets
and
Liabilities

March
31,
2026
See
Notes
to
Financial
Statements.
4
ASSETS
Investments,
at
value
(Cost
$145,418,211)
$
282,767,798‌
Receivables:
Fund
shares
sold
22,666‌
Investment
securities
sold
1,391,204‌
Dividends
and
interest
28,483‌
Prepaid
expenses
10,370‌
Total
Assets
284,220,521‌
LIABILITIES
Payables:
Fund
shares
redeemed
36,814‌
Distributions
payable
30,364‌
Due
to
custodian
84,393‌
Accrued
Liabilities:
Investment
adviser
fees
148,154‌
Fund
services
fees
29,110‌
Other
expenses
41,445‌
Total
Liabilities
370,280‌
NET
ASSETS
$
283,850,241‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
114,395,445‌
Distributable
Earnings
169,454,796‌
NET
ASSETS
$
283,850,241‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
7,788,939‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
$
36.44‌
Payson
Total
Return
Fund
Statement
of
Operations

YEAR
ENDED
MARCH
31,
2026
See
Notes
to
Financial
Statements.
5
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$9,588)
$
2,764,810‌
Interest
income
196,966‌
Total
Investment
Income
2,961,776‌
EXPENSES
Investment
adviser
fees
1,867,991‌
Fund
services
fees
355,575‌
Custodian
fees
35,044‌
Registration
fees
27,404‌
Professional
fees
91,891‌
Trustees'
fees
and
expenses
24,718‌
Other
expenses
77,426‌
Total
Expenses
2,480,049‌
NET
INVESTMENT
INCOME
481,727‌
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
32,525,568‌
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
39,485,405‌
NET
REALIZED
AND
UNREALIZED
GAIN
72,010,973‌
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
72,492,700‌
Payson
Total
Return
Fund
Statements
of
Changes
in
Net
Assets

See
Notes
to
Financial
Statements.
6
For
the
Years
Ended
March
31,
2026
2025
OPERATIONS
Net
investment
income
$
481,727‌
$
939,961‌
Net
realized
gain
32,525,568‌
16,701,379‌
Net
change
in
unrealized
appreciation
(depreciation)
39,485,405‌
(13,281,570‌)
Increase
in
Net
Assets
Resulting
from
Operations
72,492,700‌
4,359,770‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(6,328,195‌)
(28,968,982‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
23,675,574‌
52,531,188‌
Reinvestment
of
distributions
3,753,907‌
27,945,748‌
Redemption
of
shares
(83,594,299‌)
(55,530,525‌)
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(56,164,818‌)
24,946,411‌
Increase
in
Net
Assets
9,999,687‌
337,199‌
NET
ASSETS
Beginning
of
Year
273,850,554‌
273,513,355‌
End
of
Year
$
283,850,241‌
$
273,850,554‌
SHARE
TRANSACTIONS
Sale
of
shares
715,497‌
1,620,705‌
Reinvestment
of
distributions
98,875‌
862,651‌
Redemption
of
shares
(2,306,572‌)
(1,720,488‌)
Increase
(Decrease)
in
Shares
(1,492,200‌)
762,868‌
Payson
Total
Return
Fund
Financial
Highlights

See
Notes
to
Financial
Statements.
7
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year
.
For
the
Years
Ended
March
31,
2026
2025
2024
2023
2022
NET
ASSET
VALUE,
Beginning
of
Year
$
29.51‌
$
32.11‌
$
24.75‌
$
27.50‌
$
27.20‌
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.05‌
0.11‌
0.17‌
0.29‌
0.14‌
Net
realized
and
unrealized
gain
(loss)
7.59‌
0.65‌
7.93‌
(2.45‌)
3.92‌
Total
from
Investment
Operations
7.64‌
0.76‌
8.10‌
(2.16‌)
4.06‌
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.05‌)
(0.10‌)
(0.18‌)
(0.28‌)
(0.14‌)
Net
realized
gain
(0.66‌)
(3.26‌)
(0.56‌)
(0.31‌)
(3.62‌)
Total
Distributions
to
Shareholders
(0.71‌)
(3.36‌)
(0.74‌)
(0.59‌)
(3.76‌)
NET
ASSET
VALUE,
End
of
Year
$
36.44‌
$
29.51‌
$
32.11‌
$
24.75‌
$
27.50‌
TOTAL
RETURN
25.82‌%
1.47‌%
33.16‌%
(7.81‌)%
14.82‌%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
283,850‌
$
273,851‌
$
273,513‌
$
238,415‌
$
222,344‌
Ratios
to
Average
Net
Assets:
Net
investment
income
0.15‌%
0.33‌%
0.62‌%
1.17‌%
0.50‌%
Net
expenses
0.80‌%
0.81‌%
0.81‌%
0.82‌%
0.82‌%
PORTFOLIO
TURNOVER
RATE
31‌%
67‌%
65‌%
51‌%
87‌%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
8
Note
1.
Organization
The
Payson
Total
Return
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
November
25,
1991.
The
Fund
seeks
a
combination
of
high
current
income
and
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
H.M.
Payson
&
Co.,
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.
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
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
9
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
net
asset
value
(“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
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
of
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
March
31,
2026,
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.
Non-cash
dividend
income
is
recorded
at
the
fair
market
value
of
the
securities
received.
Foreign
dividend
income
is
recorded
on
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
10
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
–
Distributions
to
shareholders
of
net
investment
income,
if
any,
are
declared
and
paid
quarterly.
Distributions
to
shareholders
of
net
capital
gains
and
net
foreign
currency
gains,
if
any,
are
declared
and
paid
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
due
primarily
to
differing
treatments
of
income
and
gain
on
various
investment
securities
held
by
the
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
the
Fund.
Federal
Taxes
–
The
Fund
intends
to
continue
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
Chapter
1,
Subtitle
A,
of
the
Internal
Revenue
Code
of
1986,
as
amended
(“Code”),
and
to
distribute
all
of
its
taxable
income
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
year,
the
Fund
did
not
incur
any
interest
or
penalties.
The
Fund
files
a
U.S.
federal
income
and
excise
tax
return
as
required.
The
Fund’s
federal
income
tax
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
fiscal
years
after
they
are
filed.
As
of
March
31,
2026,
there
are
no
uncertain
tax
positions
that
would
require
financial
statement
recognition,
de-recognition
or
disclosure.
Income
and
Expense
Allocation
–
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
of
its
investment
portfolios.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
investment
portfolios
in
an
equitable
manner.
Commitments
and
Contingencies
–
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund’s
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
The
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
the
Fund’s
Statement
of
Assets
and
Liabilities.
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
11
Note
3.
Fees
and
Expenses
Investment
Adviser
–
H.M.
Payson
&
Co.
(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
0.60%
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
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.
Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments,
during
the
year
ended
March
31,
2026
were
$93,499,763
and
$150,118,312,
respectively.
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
12
Note
5.
Federal
Income
Tax
As
of
March
31,
2026,
the
cost
of
investments
for
federal
income
tax
purposes
is
$145,433,130 and
the
components
of
net
unrealized appreciation were
as
follows:
Distributions
paid
during
the
fiscal
years
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
March
31,
2026
,
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
treatment
of
distributions
payable.
Note
6.
Sector
Concentration
Risk
Sector
concentration
risk
is
the
possibility
that
securities
within
the
same
sector
will
decline
in
price
due
to
sector-specific
market
or
economic
developments.
If
the
Fund
invests
more
heavily
in
a
particular
sector,
the
value
of
its
shares
may
be
especially
sensitive
to
factors
and
economic
risks
that
specifically
affect
that
sector.
As
a
result,
the
Fund’s
share
price
may
fluctuate
more
widely
than
the
value
of
shares
of
a
mutual
fund
that
invests
in
a
broader
range
of
sectors.
Additionally,
some
sectors
could
be
subject
to
greater
government
regulation
than
other
sectors.
Therefore,
changes
in
regulatory
policies
for
those
sectors
may
have
a
material
effect
on
the
value
of
securities
issued
by
companies
in
those
sectors.
Gross
Unrealized
Appreciation
$
139,441,867‌
Gross
Unrealized
Depreciation
(2,107,199‌)
Net
Unrealized
Appreciation
$
137,334,668‌
2026
2025
Ordinary
Income
$
544,243‌
$
2,738,771‌
Long-Term
Capital
Gain
5,846,435‌
26,258,827‌
$
6,390,678‌
$
28,997,598‌
Undistributed
Ordinary
Income
$
30,223‌
Undistributed
Long-Term
Gain
32,120,269‌
Net
Unrealized
Appreciation
137,334,668‌
Other
Temporary
Differences
(30,364‌)
Total
$
169,454,796‌
Payson
Total
Return
Fund
Notes
to
Financial
Statements

March
31,
2026
13
Note
7.
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.
Report
of
Independent
Registered
Public
Accounting
Firm

14
To
the
Shareholders
of
Payson
Total
Return
Fund
and
Board
of
Trustees
of
Forum
Funds
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Payson
Total
Return
Fund
(the
“Fund”),
a
series
of
Forum
Funds,
as
of
March
31,
2026,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
four
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
The
Fund’s
financial
highlights
for
the
year
ended
March
31,
2022,
were
audited
by
other
auditors
whose
report
dated
May
25,
2022,
expressed
an
unqualified
opinion
on
those
financial
highlights.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement
whether
due
to
error
or
fraud.
Report
of
Independent
Registered
Public
Accounting
Firm

15
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2026,
by
correspondence
with
the
custodian
and
broker.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
Fund’s
auditor
since
2023.
COHEN
&
COMPANY,
LTD.
Philadelphia,
Pennsylvania
May
20,
2026
Payson
Total
Return
Fund
Important
Tax
Information
(Unaudited)
March
31,
2026
16
Federal
Tax
Status
of
Dividends
Declared
during
the
Fiscal
Year
For
federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
Fund
designates
100.00
%
of
its
income
dividend
distributed
as
qualifying
for
the
corporate
dividends
received
deduction
(DRD)
and
100.00
%
for
the
qualified
dividend
rate
(QDI)
as
defined
in
Section
1(h)(11)
of
the
Code.
The
Fund
also
designates
6.87
%
as
qualified
interest
income
exempt
from
U.S.
tax
for
foreign
shareholders
(QII).
The
Fund
paid
long-term
capital
gain
dividends
of
$
5,846,435
.
Payson
Total
Return
Fund
Additional
Information
(Unaudited)
March
31,
2026
17
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
800
805
8258
//
hmpayson.com
FOR
MORE
INFORMATION
Payson
Total
Return
Fund
P.O.
Box
588
Portland,
Maine
04112
(800)
805-8258
(toll
free)
www.hmpayson.com
Transfer
Agent
Apex
Fund
Services
P.O.
Box
588
Portland,
Maine
04112
www.apexgroup.com
Investment
Company
Act
File
No.
811-03023
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.
800
805
8258
//
hmpayson.com
230-ANR-0326
(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) Code of Ethics (filed herewith).
(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:
May 21, 2026
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
/s/ Zachary Tackett
 
 
Zachary Tackett, Principal Executive Officer
 
 
 
 
Date:
May 21, 2026
 
 
By:
/s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
 
 
 
 
Date:
May 21, 2026