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 April 30
Date of reporting
period: May 1, 2024 – April 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.
(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 $14,200 in
2024 and $14,800 in 2025.
(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 2024 and $0 in 2025.
(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 2024 and $3,200 in 2025. 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 2024 and $0 in 2025.
(e)(1) The Audit Committee reviews and
approves in advance all audit and “permissible non-audit services” (as that
term is defined by the rules and regulations of the U.S. Securities and
Exchange Commission) to be rendered to a series of the Registrant (each, a
“Series”). In addition, the Audit Committee reviews and approves in advance all
“permissible non-audit services” to be provided to an investment adviser (not
including any sub-adviser) of a Series, or an affiliate of such investment
adviser, that is controlling, controlled by or under common control with the
investment adviser and provides on-going services to the Registrant
(“Affiliate”), by the Series’ principal accountant if the engagement relates
directly to the operations and financial reporting of the Series. The Audit
Committee considers whether fees paid by a Series’ investment adviser or an
Affiliate to the Series’ principal accountant for audit and permissible
non-audit services are consistent with the principal accountant’s independence.
(e)(2) No services included in (b) -
(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.
(f) 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 2024 and $0 in 2025. There were no fees billed
in either of the Reporting Periods for non-audit services rendered by the
principal accountant to the Registrant’s investment adviser or any Affiliate.
(h) 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)
(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.
Included as part of other
information filed under Item 7(a).
ITEM 12. DISCLOSURE OF PROXY
VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY
SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED
PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS
TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept
nominees to the Board of Trustees from shareholders.
ITEM 16. CONTROLS AND
PROCEDURES
(a) The Registrant’s Principal
Executive Officer and Principal Financial Officer have concluded that the
Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Act are effective, based on their evaluation of the controls and
procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90
days of the filing date of this report.
(b) There
were no changes in the Registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting
Period that have materially affected, or are reasonably likely to materially
affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF
SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF
ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM
19. EXHIBITS.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
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
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By:
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/s/
Zachary Tackett
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Zachary
Tackett, Principal Executive Officer
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Date:
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June 20,
2025
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Pursuant to the requirements of
the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
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By:
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/s/
Zachary Tackett
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Zachary
Tackett, Principal Executive Officer
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Date:
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June 20,
2025
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By:
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/s/ Karen
Shaw
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Karen
Shaw, Principal Financial Officer
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Date:
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June 20,
2025
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