Forum Funds
08/26/2026 | Press release | Distributed by Public on 08/26/2026 05:37
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-03023
FORUM FUNDS
190 Middle Street, Suite 101
Portland, Maine 04101
Zachary Tackett, Principal Executive Officer
190 Middle Street, Suite 101
Portland, Maine 04101
207-347-2000
Date of fiscal year end June 30
Date of reporting period: July 1, 2025 - June 30, 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.
Auxier Focus Fund
AUXAX
: A Shares
Annual Shareholder Report - June 30, 2026
Fund Overview
This annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to June 30, 2026. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
A shares Class
|
$137
|
1.25%
|
How did the Fund perform in the last year?
The Fund breakdown was 86.2% domestic stocks, 8% foreign stocks and 5.8% short debt instruments.
Investments in the Industrials, Healthcare and Energy sectors contributed to performance. High spending on infrastructure to support artificial intelligence (AI) buildouts bolstered corporate earnings, specifically in the Industrials sector with companies like Corning and Caterpillar. Corning has grown to the third-largest holding in the Fund. The infrastructure buildout has also increased demand for skilled labor which boosted Lincoln Educational. Energy companies Chevron, Phillips 66 and Valero Energy benefited from several catalysts, including the supply shock due to the war in Iran and anticipation of high energy demands that future AI data centers will require. The Healthcare sector recovered from pricing uncertainties and has been aided by a rotation into defensive names to hedge against volatility in tech.
Investments in the Information Technology and Financials sectors were a drag on performance. Microsoft and Meta Platforms suffered from the narrative shifting from the initial excitement over new generative AI investments to questions over the long-term profitability and return on investment of expensive AI products. Alphabet was an outlier in this sector thanks to the durability of their Search and YouTube products that continue to deliver strong earnings.
We continue to favor founder led companies with focus and grit who are on a mission to build quality products and services.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
A Shares
|
S&P 500® Index
|
S&P 1000 Value TR
|
|
6/30/16
|
$9,425
|
$10,000
|
$10,003
|
|
9/30/16
|
$9,633
|
$10,385
|
$10,532
|
|
12/31/16
|
$9,835
|
$10,782
|
$11,648
|
|
3/31/17
|
$10,407
|
$11,436
|
$11,846
|
|
6/30/17
|
$10,771
|
$11,790
|
$11,939
|
|
9/30/17
|
$10,930
|
$12,318
|
$12,440
|
|
12/31/17
|
$11,547
|
$13,136
|
$13,055
|
|
3/31/18
|
$11,231
|
$13,037
|
$12,730
|
|
6/30/18
|
$11,490
|
$13,484
|
$13,541
|
|
9/30/18
|
$12,331
|
$14,524
|
$13,999
|
|
12/31/18
|
$11,045
|
$12,560
|
$11,465
|
|
3/31/19
|
$12,045
|
$14,275
|
$13,017
|
|
6/30/19
|
$12,272
|
$14,889
|
$13,291
|
|
9/30/19
|
$12,235
|
$15,142
|
$13,391
|
|
12/31/19
|
$13,239
|
$16,515
|
$14,400
|
|
3/31/20
|
$10,437
|
$13,279
|
$9,247
|
|
6/30/20
|
$11,846
|
$16,006
|
$11,228
|
|
9/30/20
|
$12,503
|
$17,436
|
$11,456
|
|
12/31/20
|
$13,993
|
$19,554
|
$14,890
|
|
3/31/21
|
$15,099
|
$20,761
|
$17,888
|
|
6/30/21
|
$15,826
|
$22,536
|
$18,649
|
|
9/30/21
|
$15,524
|
$22,667
|
$18,211
|
|
12/31/21
|
$16,747
|
$25,167
|
$19,465
|
|
3/31/22
|
$16,717
|
$24,009
|
$19,286
|
|
6/30/22
|
$15,181
|
$20,144
|
$16,729
|
|
9/30/22
|
$14,339
|
$19,160
|
$15,915
|
|
12/31/22
|
$15,937
|
$20,609
|
$17,868
|
|
3/31/23
|
$16,034
|
$22,154
|
$18,343
|
|
6/30/23
|
$16,664
|
$24,091
|
$19,030
|
|
9/30/23
|
$16,276
|
$23,302
|
$18,013
|
|
12/31/23
|
$17,432
|
$26,026
|
$20,596
|
|
3/31/24
|
$18,780
|
$28,774
|
$21,186
|
|
6/30/24
|
$18,416
|
$30,006
|
$20,354
|
|
9/30/24
|
$19,765
|
$31,773
|
$22,406
|
|
12/31/24
|
$19,342
|
$32,538
|
$22,746
|
|
3/31/25
|
$20,221
|
$31,148
|
$21,453
|
|
6/30/25
|
$20,702
|
$34,556
|
$22,171
|
|
9/30/25
|
$21,793
|
$37,364
|
$23,831
|
|
12/31/25
|
$22,210
|
$38,356
|
$24,428
|
|
3/31/26
|
$22,575
|
$36,694
|
$24,929
|
|
6/30/26
|
$24,541
|
$42,271
|
$28,227
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://auxierasset.com/performance-and-disclosure.
Average Annual Total Returns
Table Summary
|
One Year
|
Five Year
|
Ten Year
|
|
|
A Shares (without sales charge)
|
18.55%
|
9.17%
|
10.04%
|
|
A Shares (with sales charge)
|
11.73%
|
7.89%
|
9.39%
|
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
|
S&P 1000 Value TR
|
26.56%
|
8.65%
|
10.94%
|
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.
Fund Statistics
Table Summary
|
Total Net Assets
|
$329,853,917
|
|
# of Portfolio Holdings
|
143
|
|
Portfolio Turnover Rate
|
2%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,850,476
|
Asset Class Weightings
(% of total investments)
Table Summary
|
Value
|
Value
|
|
Common Stock
|
93.5%
|
|
Preferred Stock
|
0.6%
|
|
Corporate Non-Convertible Bonds
|
0.6%
|
|
U.S. Government & Agency Obligations
|
4.2%
|
|
Money Market Fund
|
1.1%
|
Sector Weightings
(% of total investments)*
Table Summary
|
Value
|
Value
|
|
Financials
|
24.9%
|
|
Consumer Staples
|
18.8%
|
|
Health Care
|
17.1%
|
|
Industrials
|
11.1%
|
|
Consumer Discretionary
|
9.6%
|
|
Information Technology
|
9.4%
|
|
Energy
|
3.8%
|
|
Consumer Cyclical
|
2.7%
|
|
Materials
|
1.0%
|
|
Technology
|
0.7%
|
|
Basic Materials
|
0.4%
|
|
Communications
|
0.3%
|
|
Transportation
|
0.2%
|
|
Real Estate
|
0.0%
|
* excluding fixed income securities and cash equivalents
Top Ten Holdings
(% of total investments)*
Table Summary
|
Corning, Inc.
|
6.44%
|
|
Philip Morris International, Inc.
|
4.90%
|
|
Alphabet, Inc., Class A
|
4.39%
|
|
The Bank of New York Mellon Corp.
|
3.66%
|
|
Mastercard, Inc., Class A
|
3.63%
|
|
Microsoft Corp.
|
3.57%
|
|
UnitedHealth Group, Inc.
|
3.51%
|
|
Bank of America Corp.
|
3.31%
|
|
The Kroger Co.
|
3.01%
|
|
Johnson & Johnson
|
2.98%
|
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 https://auxierasset.com/prospectus-and-reports or scan the QR code.
Auxier Focus Fund
AUXAX
: A Shares
Annual Shareholder Report - June 30, 2026
204A-AUXAX-26
Auxier Focus Fund
AUXIX
: Institutional Shares
Annual Shareholder Report - June 30, 2026
Fund Overview
This annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to June 30, 2026. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$88
|
0.80%
|
How did the Fund perform in the last year?
The Fund breakdown was 86.2% domestic stocks, 8% foreign stocks and 5.8% short debt instruments.
Investments in the Industrials, Healthcare and Energy sectors contributed to performance. High spending on infrastructure to support artificial intelligence (AI) buildouts bolstered corporate earnings, specifically in the Industrials sector with companies like Corning and Caterpillar. Corning has grown to the third-largest holding in the Fund. The infrastructure buildout has also increased demand for skilled labor which boosted Lincoln Educational. Energy companies Chevron, Phillips 66 and Valero Energy benefited from several catalysts, including the supply shock due to the war in Iran and anticipation of high energy demands that future AI data centers will require. The Healthcare sector recovered from pricing uncertainties and has been aided by a rotation into defensive names to hedge against volatility in tech.
Investments in the Information Technology and Financials sectors were a drag on performance. Microsoft and Meta Platforms suffered from the narrative shifting from the initial excitement over new generative AI investments to questions over the long-term profitability and return on investment of expensive AI products. Alphabet was an outlier in this sector thanks to the durability of their Search and YouTube products that continue to deliver strong earnings.
We continue to favor founder led companies with focus and grit who are on a mission to build quality products and services.
Total Return Based on a $250,000 Investment
Table Summary
|
Date
|
Institutional Shares
|
S&P 500® Index
|
S&P 1000 Value TR
|
|
6/30/16
|
$250,000
|
$250,000
|
$249,998
|
|
9/30/16
|
$255,636
|
$259,630
|
$263,209
|
|
12/31/16
|
$261,325
|
$269,559
|
$291,103
|
|
3/31/17
|
$276,765
|
$285,911
|
$296,065
|
|
6/30/17
|
$286,802
|
$294,740
|
$298,389
|
|
9/30/17
|
$291,434
|
$307,946
|
$310,907
|
|
12/31/17
|
$308,129
|
$328,408
|
$326,278
|
|
3/31/18
|
$300,124
|
$325,915
|
$318,147
|
|
6/30/18
|
$307,451
|
$337,106
|
$338,408
|
|
9/30/18
|
$330,245
|
$363,100
|
$349,871
|
|
12/31/18
|
$296,163
|
$314,009
|
$286,531
|
|
3/31/19
|
$323,336
|
$356,865
|
$325,314
|
|
6/30/19
|
$329,696
|
$372,224
|
$332,170
|
|
9/30/19
|
$329,118
|
$378,546
|
$334,676
|
|
12/31/19
|
$356,572
|
$412,880
|
$359,874
|
|
3/31/20
|
$281,521
|
$331,963
|
$231,104
|
|
6/30/20
|
$319,812
|
$400,160
|
$280,605
|
|
9/30/20
|
$337,886
|
$435,892
|
$286,298
|
|
12/31/20
|
$378,528
|
$488,845
|
$372,131
|
|
3/31/21
|
$408,936
|
$519,031
|
$447,064
|
|
6/30/21
|
$429,155
|
$563,402
|
$466,084
|
|
9/30/21
|
$421,318
|
$566,681
|
$455,120
|
|
12/31/21
|
$455,032
|
$629,169
|
$486,466
|
|
3/31/22
|
$454,871
|
$600,237
|
$482,000
|
|
6/30/22
|
$413,432
|
$503,592
|
$418,091
|
|
9/30/22
|
$390,945
|
$479,004
|
$397,739
|
|
12/31/22
|
$435,037
|
$515,221
|
$446,550
|
|
3/31/23
|
$438,178
|
$553,848
|
$458,429
|
|
6/30/23
|
$456,029
|
$602,266
|
$475,593
|
|
9/30/23
|
$445,781
|
$582,551
|
$450,175
|
|
12/31/23
|
$477,991
|
$650,661
|
$514,745
|
|
3/31/24
|
$515,582
|
$719,344
|
$529,493
|
|
6/30/24
|
$506,098
|
$750,159
|
$508,690
|
|
9/30/24
|
$543,689
|
$794,318
|
$559,978
|
|
12/31/24
|
$532,764
|
$813,454
|
$568,477
|
|
3/31/25
|
$557,515
|
$778,702
|
$536,155
|
|
6/30/25
|
$571,582
|
$863,911
|
$554,098
|
|
9/30/25
|
$602,209
|
$934,099
|
$595,580
|
|
12/31/25
|
$614,496
|
$958,900
|
$610,511
|
|
3/31/26
|
$625,293
|
$917,338
|
$623,022
|
|
6/30/26
|
$680,558
|
$1,056,779
|
$705,438
|
The above chart represents historical performance of a hypothetical $250,000 investment over the past 10 years. Updated performance can be found at https://auxierasset.com/performance-and-disclosure.
Average Annual Total Returns
Table Summary
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional Shares
|
19.06%
|
9.66%
|
10.53%
|
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
|
S&P 1000 Value TR
|
26.56%
|
8.65%
|
10.94%
|
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.
Fund Statistics
Table Summary
|
Total Net Assets
|
$329,853,917
|
|
# of Portfolio Holdings
|
143
|
|
Portfolio Turnover Rate
|
2%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,850,476
|
Asset Class Weightings
(% of total investments)
Table Summary
|
Value
|
Value
|
|
Common Stock
|
93.5%
|
|
Preferred Stock
|
0.6%
|
|
Corporate Non-Convertible Bonds
|
0.6%
|
|
U.S. Government & Agency Obligations
|
4.2%
|
|
Money Market Fund
|
1.1%
|
Sector Weightings
(% of total investments)*
Table Summary
|
Value
|
Value
|
|
Financials
|
24.9%
|
|
Consumer Staples
|
18.8%
|
|
Health Care
|
17.1%
|
|
Industrials
|
11.1%
|
|
Consumer Discretionary
|
9.6%
|
|
Information Technology
|
9.4%
|
|
Energy
|
3.8%
|
|
Consumer Cyclical
|
2.7%
|
|
Materials
|
1.0%
|
|
Technology
|
0.7%
|
|
Basic Materials
|
0.4%
|
|
Communications
|
0.3%
|
|
Transportation
|
0.2%
|
|
Real Estate
|
0.0%
|
* excluding fixed income securities and cash equivalents
Top Ten Holdings
(% of total investments)*
Table Summary
|
Corning, Inc.
|
6.44%
|
|
Philip Morris International, Inc.
|
4.90%
|
|
Alphabet, Inc., Class A
|
4.39%
|
|
The Bank of New York Mellon Corp.
|
3.66%
|
|
Mastercard, Inc., Class A
|
3.63%
|
|
Microsoft Corp.
|
3.57%
|
|
UnitedHealth Group, Inc.
|
3.51%
|
|
Bank of America Corp.
|
3.31%
|
|
The Kroger Co.
|
3.01%
|
|
Johnson & Johnson
|
2.98%
|
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 https://auxierasset.com/prospectus-and-reports or scan the QR code.
Auxier Focus Fund
AUXIX
: Institutional Shares
Annual Shareholder Report - June 30, 2026
204A-AUXIX-26
Auxier Focus Fund
AUXFX
: Investor Shares
Annual Shareholder Report - June 30, 2026
Fund Overview
This annual shareholder report contains important information about the Auxier Focus Fund for the period of July 1, 2025, to June 30, 2026. You can find additional information about the Fund at https://auxierasset.com/prospectus-and-reports. You can also request this information by contacting us at (877) 328-9437.
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$101
|
0.92%
|
How did the Fund perform in the last year?
The Fund breakdown was 86.2% domestic stocks, 8% foreign stocks and 5.8% short debt instruments.
Investments in the Industrials, Healthcare and Energy sectors contributed to performance. High spending on infrastructure to support artificial intelligence (AI) buildouts bolstered corporate earnings, specifically in the Industrials sector with companies like Corning and Caterpillar. Corning has grown to the third-largest holding in the Fund. The infrastructure buildout has also increased demand for skilled labor which boosted Lincoln Educational. Energy companies Chevron, Phillips 66 and Valero Energy benefited from several catalysts, including the supply shock due to the war in Iran and anticipation of high energy demands that future AI data centers will require. The Healthcare sector recovered from pricing uncertainties and has been aided by a rotation into defensive names to hedge against volatility in tech.
Investments in the Information Technology and Financials sectors were a drag on performance. Microsoft and Meta Platforms suffered from the narrative shifting from the initial excitement over new generative AI investments to questions over the long-term profitability and return on investment of expensive AI products. Alphabet was an outlier in this sector thanks to the durability of their Search and YouTube products that continue to deliver strong earnings.
We continue to favor founder led companies with focus and grit who are on a mission to build quality products and services.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Investor Shares
|
S&P 500® Index
|
S&P 1000 Value TR
|
|
6/30/16
|
$10,000
|
$10,000
|
$10,003
|
|
9/30/16
|
$10,223
|
$10,385
|
$10,532
|
|
12/31/16
|
$10,442
|
$10,782
|
$11,648
|
|
3/31/17
|
$11,058
|
$11,436
|
$11,846
|
|
6/30/17
|
$11,455
|
$11,790
|
$11,939
|
|
9/30/17
|
$11,632
|
$12,318
|
$12,440
|
|
12/31/17
|
$12,292
|
$13,136
|
$13,055
|
|
3/31/18
|
$11,967
|
$13,037
|
$12,730
|
|
6/30/18
|
$12,253
|
$13,484
|
$13,541
|
|
9/30/18
|
$13,157
|
$14,524
|
$13,999
|
|
12/31/18
|
$11,793
|
$12,560
|
$11,465
|
|
3/31/19
|
$12,874
|
$14,275
|
$13,017
|
|
6/30/19
|
$13,121
|
$14,889
|
$13,291
|
|
9/30/19
|
$13,091
|
$15,142
|
$13,391
|
|
12/31/19
|
$14,175
|
$16,515
|
$14,400
|
|
3/31/20
|
$11,184
|
$13,279
|
$9,247
|
|
6/30/20
|
$12,705
|
$16,006
|
$11,228
|
|
9/30/20
|
$13,421
|
$17,436
|
$11,456
|
|
12/31/20
|
$15,030
|
$19,554
|
$14,890
|
|
3/31/21
|
$16,230
|
$20,761
|
$17,888
|
|
6/30/21
|
$17,027
|
$22,536
|
$18,649
|
|
9/30/21
|
$16,714
|
$22,667
|
$18,211
|
|
12/31/21
|
$18,041
|
$25,167
|
$19,465
|
|
3/31/22
|
$18,028
|
$24,009
|
$19,286
|
|
6/30/22
|
$16,386
|
$20,144
|
$16,729
|
|
9/30/22
|
$15,490
|
$19,160
|
$15,915
|
|
12/31/22
|
$17,227
|
$20,609
|
$17,868
|
|
3/31/23
|
$17,348
|
$22,154
|
$18,343
|
|
6/30/23
|
$18,049
|
$24,091
|
$19,030
|
|
9/30/23
|
$17,638
|
$23,302
|
$18,013
|
|
12/31/23
|
$18,906
|
$26,026
|
$20,596
|
|
3/31/24
|
$20,391
|
$28,774
|
$21,186
|
|
6/30/24
|
$20,004
|
$30,006
|
$20,354
|
|
9/30/24
|
$21,489
|
$31,773
|
$22,406
|
|
12/31/24
|
$21,046
|
$32,538
|
$22,746
|
|
3/31/25
|
$22,021
|
$31,148
|
$21,453
|
|
6/30/25
|
$22,566
|
$34,556
|
$22,171
|
|
9/30/25
|
$23,773
|
$37,364
|
$23,831
|
|
12/31/25
|
$24,249
|
$38,356
|
$24,428
|
|
3/31/26
|
$24,668
|
$36,694
|
$24,929
|
|
6/30/26
|
$26,845
|
$42,271
|
$28,227
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://auxierasset.com/performance-and-disclosure.
Average Annual Total Returns
Table Summary
|
One Year
|
Five Year
|
Ten Year
|
|
|
Investor Shares
|
18.96%
|
9.53%
|
10.38%
|
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
|
S&P 1000 Value TR
|
26.56%
|
8.65%
|
10.94%
|
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.
Fund Statistics
Table Summary
|
Total Net Assets
|
$329,853,917
|
|
# of Portfolio Holdings
|
143
|
|
Portfolio Turnover Rate
|
2%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,850,476
|
Asset Class Weightings
(% of total investments)
Table Summary
|
Value
|
Value
|
|
Common Stock
|
93.5%
|
|
Preferred Stock
|
0.6%
|
|
Corporate Non-Convertible Bonds
|
0.6%
|
|
U.S. Government & Agency Obligations
|
4.2%
|
|
Money Market Fund
|
1.1%
|
Sector Weightings
(% of total investments)*
Table Summary
|
Value
|
Value
|
|
Financials
|
24.9%
|
|
Consumer Staples
|
18.8%
|
|
Health Care
|
17.1%
|
|
Industrials
|
11.1%
|
|
Consumer Discretionary
|
9.6%
|
|
Information Technology
|
9.4%
|
|
Energy
|
3.8%
|
|
Consumer Cyclical
|
2.7%
|
|
Materials
|
1.0%
|
|
Technology
|
0.7%
|
|
Basic Materials
|
0.4%
|
|
Communications
|
0.3%
|
|
Transportation
|
0.2%
|
|
Real Estate
|
0.0%
|
* excluding fixed income securities and cash equivalents
Top Ten Holdings
(% of total investments)*
Table Summary
|
Corning, Inc.
|
6.44%
|
|
Philip Morris International, Inc.
|
4.90%
|
|
Alphabet, Inc., Class A
|
4.39%
|
|
The Bank of New York Mellon Corp.
|
3.66%
|
|
Mastercard, Inc., Class A
|
3.63%
|
|
Microsoft Corp.
|
3.57%
|
|
UnitedHealth Group, Inc.
|
3.51%
|
|
Bank of America Corp.
|
3.31%
|
|
The Kroger Co.
|
3.01%
|
|
Johnson & Johnson
|
2.98%
|
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 https://auxierasset.com/prospectus-and-reports or scan the QR code.
Auxier Focus Fund
AUXFX
: Investor Shares
Annual Shareholder Report - June 30, 2026
204A-AUXFX-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 $15,400 in 2025 and $15,800 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)
AUXIER
FOCUS
FUND
Annual
Financials
and
Other
Information
June
30,
2026

Fund
Adviser:
Auxier
Asset
Management
LLC
15668
NE
Eilers
Road
Aurora,
Oregon
97002
Toll
Free:
(877)
3AUXIER
or
(877)
328-9437
Table
of
Contents
Schedule
of
Investments
1
Statement
of
Assets
and
Liabilities
4
Statement
of
Operations
5
Statements
of
Changes
in
Net
Assets
6
Financial
Highlights
7
Notes
to
Financial
Statements
10
Report
of
Independent
Registered
Public
Accounting
Firm
15
Important
Tax
Information
(Unaudited)
16
Other
Information
(Unaudited)
17
AUXIER
FOCUS
FUND
SCHEDULE
OF
INVESTMENTS
June
30,
2026
1
See
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Equity
Securities
-
94.8%
Common
Stock
-
94.2%
Basic
Materials
-
0.3%
850
Barrick
Mining
Corp.
$
31,220
8,013
DuPont
de
Nemours,
Inc.
1,086,929
1,118,149
Communications
-
0.3%
16,900
America
Movil
SAB
de
CV,
ADR
439,231
1,500
Baidu,
Inc.,
ADR
(a)
171,435
1,719
Cisco
Systems,
Inc.
201,914
34,119
Telefonica
SA,
ADR
135,111
1,576
Versant
Media
Group,
Inc.
56,752
1,004,443
Consumer
Cyclical
-
2.6%
4,100
Alimentation
Couche-Tard,
Inc.
261,170
680
Amazon.com,
Inc.
(a)
162,071
31,025
Booking
Holdings,
Inc.
5,529,896
290
Deckers
Outdoor
Corp.
(a)
28,794
14,025
DR
Horton,
Inc.
2,284,392
391
Evolution
AB,
ADR
(a)
26,893
700
Lennar
Corp.,
Class A
63,343
100
MercadoLibre,
Inc.
(a)
169,739
8,526,298
Consumer
Discretionary
-
9.1%
134,668
Arcos
Dorados
Holdings,
Inc.,
Class A
1,085,424
34,000
Becle
SAB
de
CV
28,495
39,408
Comcast
Corp.,
Class A
967,466
12,753
CVS
Health
Corp.
1,319,298
1,075
Domino's
Pizza,
Inc.
318,243
15,600
General
Motors
Co.
1,202,448
775
Genuine
Parts
Co.
91,435
14,075
Grand
Canyon
Education,
Inc.
(a)
2,014,273
187,862
Lincoln
Educational
Services
Corp.
(a)
9,374,314
19,060
Lowe's
Cos.,
Inc.
4,202,539
3,871
McDonald's
Corp.
1,046,370
62,302
Sally
Beauty
Holdings,
Inc.
(a)
880,950
3,870
The
Home
Depot,
Inc.
1,364,872
300
Tractor
Supply
Co.
9,483
50
Ulta
Beauty,
Inc.
(a)
22,549
10,000
Universal
Technical
Institute,
Inc.
(a)
427,700
37,350
Walmart,
Inc.
4,230,261
4,550
Yum
China
Holdings,
Inc.
185,959
7,050
Yum!
Brands,
Inc.
1,127,013
29,899,092
Consumer
Staples
-
17.7%
65,455
Altria
Group,
Inc.
4,709,487
89,305
British
American
Tobacco
PLC,
ADR
5,515,477
2,000
Celsius
Holdings,
Inc.
(a)
58,560
13,200
Coca-Cola
HBC
AG,
ADR
(a)
860,442
3,535
Diageo
PLC,
ADR
284,143
11,221
Kenvue,
Inc.
214,433
11,150
Keurig
Dr
Pepper,
Inc.
364,940
50,327
Molson
Coors
Beverage
Co.,
Class B
1,960,740
69,600
Monster
Beverage
Corp.
(a)
6,689,952
38,595
PepsiCo.,
Inc.
5,225,763
89,375
Philip
Morris
International,
Inc.
16,168,831
36,044
The
Coca-Cola
Co.
2,929,296
525
The
Hershey
Co.
92,111
178,651
The
Kroger
Co.
9,920,490
10,884
The
Magnum
Ice
Cream
Co.
NV
(a)
189,490
3,140
The
Procter
&
Gamble
Co.
460,450
43,374
Unilever
PLC,
ADR
2,607,645
1,200
Wal-Mart
de
Mexico
SAB
de
CV,
ADR
35,292
58,287,542
Shares
Security
Description
Value
Energy
-
3.5%
109,510
BP
PLC,
ADR
$
4,046,394
7,630
Chevron
Corp.
1,264,749
13,600
ConocoPhillips
1,413,856
4,000
Devon
Energy
Corp.
165,280
7,800
Phillips
66
1,318,590
13,415
Valero
Energy
Corp.
3,493,803
11,702,672
Financials
-
23.5%
53,260
Aflac,
Inc.
6,244,735
53,270
American
International
Group,
Inc.
3,970,213
2,780
Ameriprise
Financial,
Inc.
1,275,353
550
Aon
PLC,
Class A
182,429
5,480
Arch
Capital
Group,
Ltd.
(a)
531,889
191,374
Bank
of
America
Corp.
10,904,490
15,925
Berkshire
Hathaway,
Inc.,
Class B
(a)
7,968,711
300
Capital
One
Financial
Corp.
60,186
60,674
Central
Pacific
Financial
Corp.
2,317,747
25,975
Citigroup,
Inc.
3,635,461
5,616
Colliers
International
Group,
Inc.
526,725
5,616
FirstService
Corp.
798,090
2,025
Marsh
337,507
23,319
Mastercard,
Inc.,
Class A
11,976,638
1,800
PayPal
Holdings,
Inc.
77,724
1,700
Ryan
Specialty
Holdings,
Inc.
64,192
50
S&P
Global,
Inc.
(a)
20,363
83,590
The
Bank
of
New
York
Mellon
Corp.
12,087,950
650
The
Charles
Schwab
Corp.
59,975
100
The
Progressive
Corp.
21,845
10,568
The
Travelers
Cos.,
Inc.
3,488,708
4,200
U.S.
Bancorp
253,680
15,249
Unum
Group
1,363,261
25,500
Visa,
Inc.,
Class A
8,748,795
7,000
Wells
Fargo
&
Co.
578,480
77,495,147
Health
Care
-
16.1%
27,784
Abbott
Laboratories
2,521,120
2,213
AbbVie,
Inc.
556,879
150
Amgen,
Inc.
54,318
5,550
Becton
Dickinson
&
Co.
839,881
1,295
Biogen,
Inc.
(a)
279,798
12,161
Elevance
Health,
Inc.
4,703,023
38,711
Johnson
&
Johnson
9,831,433
80,768
Medtronic
PLC
6,318,481
68,854
Merck
&
Co.,
Inc.
8,847,739
6,282
Pfizer,
Inc.
151,271
14,097
Quest
Diagnostics,
Inc.
2,987,859
6,209
The
Cigna
Group
1,711,697
27,855
UnitedHealth
Group,
Inc.
11,577,374
751
Waters
Corp.
(a)
281,655
28,100
Zimmer
Biomet
Holdings,
Inc.
2,419,129
200
Zoetis,
Inc.
14,372
53,096,029
Industrials
-
10.4%
2,000
Builders
FirstSource,
Inc.
(a)
178,960
41,235
CAE,
Inc.
(a)
1,033,349
1,240
Caterpillar,
Inc.
1,320,476
83,206
Corning,
Inc.
21,253,309
1,550
FedEx
Corp.
485,351
775
Fedex
Freight
Holding
Co.,
Inc.
(a)
117,025
700
Ferguson
Enterprises,
Inc.
166,131
69,882
Gates
Industrial
Corp.
PLC
(a)
1,954,600
300
General
Dynamics
Corp.
106,272
3,500
Johnson
Controls
International
PLC
511,385
AUXIER
FOCUS
FUND
SCHEDULE
OF
INVESTMENTS
June
30,
2026
2
See
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Industrials
-
10.4%
(continued)
300
Old
Dominion
Freight
Line,
Inc.
$
64,980
28,275
RTX
Corp.
5,364,616
2,830
The
Boeing
Co.
(a)
612,610
7,440
United
Parcel
Service,
Inc.,
Class B
799,800
2,000
Verisk
Analytics,
Inc.
359,060
34,327,924
Information
Technology
-
8.9%
40,550
Alphabet,
Inc.,
Class A
14,491,353
4,775
Cognizant
Technology
Solutions
Corp.,
Class A
184,936
13,950
Fiserv,
Inc.
(a)
684,248
1,308
Forrester
Research,
Inc.
(a)
11,000
3,855
Meta
Platforms,
Inc.,
Class A
2,171,483
31,581
Microsoft
Corp.
11,780,345
29,323,365
Materials
-
1.0%
30,258
Corteva,
Inc.
2,562,550
9,505
LyondellBasell
Industries
NV,
Class A
500,438
5,780
The
Mosaic
Co.
122,478
3,185,466
Real
Estate
-
0.0%
1,000
Americold
Realty
Trust,
Inc.
REIT
15,720
100
Weyerhaeuser
Co.
REIT
2,394
18,114
Technology
-
0.6%
10,000
DHI
Group,
Inc.
(a)
37,100
200
Leidos
Holdings,
Inc.
20,594
105
NVIDIA
Corp.
21,010
12,020
Qnity
Electronics,
Inc.
1,962,986
2,041,690
Transportation
-
0.2%
2,610
Union
Pacific
Corp.
709,920
Total
Common
Stock
(Cost
$81,825,279)
310,735,851
Shares
Security
Description
Rate
Value
Preferred
Stock
-
0.6%
Financials
-
0.0%
2,000
WaFd,
Inc.
(callable
at
25)
(b)
(Cost
$33,368)
0.30%
32,220
Information
Technology
-
0.6%
118,059
Iterate
Studio,
Inc.
(c)
(Cost
$1,999,990)
0.00
1,999,990
Total
Preferred
Stock
(Cost
$2,033,358)
2,032,210
Total
Equity
Securities
(Cost
$83,858,637)
312,768,061
Principal
Security
Description
Rate
Value
Fixed
Income
Securities
-
4.8%
Corporate
Non-Convertible
Bonds
-
0.6%
Energy
-
0.1%
$
400,000
Energy
Transfer
LP
(callable
at
100)
(b)(d)
6.63%
403,436
Principal
Security
Description
Rate
Value
Financials
-
0.4%
$
500,000
JPMorgan
Chase
&
Co.
(callable
at
100)
(b)(d)
6.50%
$
500,587
345,000
The
Goldman
Sachs
Group,
Inc.
(callable
at
100)
(b)(d)
6.13
345,915
400,000
Truist
Financial
Corp.
(callable
at
100)
(b)(d)
5.13
396,730
1,243,232
Utilities
-
0.1%
345,000
Sempra
(b)(d)
6.40
346,960
Total
Corporate
Non-Convertible
Bonds
(Cost
$1,956,343)
1,993,628
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
4.2%
U.S.
Treasury
Securities
-
4.2%
300,000
U.S.
Treasury
Bill
(e)
3.61
07/09/26
299,758
7,000,000
U.S.
Treasury
Bill
(e)
3.60
07/14/26
6,990,971
1,200,000
U.S.
Treasury
Bill
(e)
3.58
07/16/26
1,198,203
3,000,000
U.S.
Treasury
Bill
(e)
3.66
07/21/26
2,994,006
2,500,000
U.S.
Treasury
Bill
(e)
3.60
08/04/26
2,491,489
13,974,427
Total
U.S.
Government
&
Agency
Obligations
(Cost
$13,974,396)
13,974,427
Total
Fixed
Income
Securities
(Cost
$15,930,739)
15,968,055
Shares
Security
Description
Value
Money
Market
Fund
-
1.1%
3,523,524
Fidelity
Investments
Treasury
Only
Portfolio,
Institutional
Class,
3.59%
(f)
(Cost
$3,523,524)
3,523,524
Investments,
at
value
-
100.7%
(Cost
$103,312,900)
$
332,259,640
Other
Assets
&
Liabilities,
Net
-
(0.7)%
(2,405,723)
Net
Assets
-
100.0%
$
329,853,917
ADR
American
Depositary
Receipt
LP
Limited
Partnership
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Security
is
perpetual
in
nature
with
no
stated
maturity
date.
(c)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Trustees.
At
the
period
end,
the
value
of
these
securities
amounted
to
$1,999,990
or
0.6%
of
net
assets.
(d)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2026.
(e)
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
AUXIER
FOCUS
FUND
SCHEDULE
OF
INVESTMENTS
June
30,
2026
3
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
June
30,
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
following
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
Level
1
Level
2
Level
3
Total
Investments
at
Value
Common
Stock
Basic
Materials
$
1,118,149
$
-
$
-
$
1,118,149
Communications
1,004,443
-
-
1,004,443
Consumer
Cyclical
8,526,298
-
-
8,526,298
Consumer
Discretionary
29,899,092
-
-
29,899,092
Consumer
Staples
58,287,542
-
-
58,287,542
Energy
11,702,672
-
-
11,702,672
Financials
77,495,147
-
-
77,495,147
Health
Care
53,096,029
-
-
53,096,029
Industrials
34,327,924
-
-
34,327,924
Information
Technology
29,323,365
-
-
29,323,365
Materials
3,185,466
-
-
3,185,466
Real
Estate
18,114
-
-
18,114
Technology
2,041,690
-
-
2,041,690
Transportation
709,920
-
-
709,920
Preferred
Stock
Financials
32,220
-
-
32,220
Information
Technology
-
-
1,999,990
1,999,990
Corporate
Non-
Convertible
Bonds
-
1,993,628
-
1,993,628
U.S.
Government
&
Agency
Obligations
-
13,974,427
-
13,974,427
Money
Market
Fund
3,523,524
-
-
3,523,524
Investments
at
Value
$
314,291,595
$
15,968,055
$
1,999,990
$
332,259,640
Preferred
Stock
Balance
as
of
06/30/25
$
1,999,990
Balance
as
of
06/30/26
$
1,999,990
The
following
table
summarizes
the
quantitative
inputs
used
for
investments
categorized
as
Level
3
of
the
fair
value
hierarchy
as
of
June
30,
2026:
Investments
in
Securities
Fair
Value
at
06/30/26
Valuation
Technique(s)
Unobservable
Inputs
Range
as
of
06/30/26
Weighted
Average
as
of
06/30/26
Iterate
Studio,
Inc.
$1,999,990
Transaction
Price
Transaction
Price
$16.9406
$16.9406
AUXIER
FOCUS
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
June
30,
2026
4
See
Notes
to
Financial
Statements.
*Shares
redeemed
or
exchanged
within
180
days
of
purchase
are
charged
a
2.00%
redemption
fee.
ASSETS
Investments,
at
value
(Cost
$103,312,900)
$
332,259,640
Receivables:
Fund
shares
sold
5,770
Dividends
and
interest
390,514
Reclaims
847
Prepaid
expenses
36,092
Total
Assets
332,692,863
LIABILITIES
Payables:
Investment
securities
purchased
2,532,396
Fund
shares
redeemed
50,066
Accrued
Liabilities:
Investment
Adviser
fees
151,745
Fund
services
fees
28,669
Other
expenses
76,070
Total
Liabilities
2,838,946
NET
ASSETS
$
329,853,917
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
84,498,514
Distributable
Earnings
245,355,403
NET
ASSETS
$
329,853,917
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Investor
Shares
3,885,540
A
Shares
14,856
Institutional
Shares
5,104,479
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
Investor
Shares
(based
on
net
assets
of
$139,437,330)
$
35.89
A
Shares
(based
on
net
assets
of
$559,806)
$
37.68
A
Shares
Maximum
Public
Offering
Price
Per
Share
(net
asset
value
per
share/(100%-5.75%))
$
39.98
Institutional
Shares
(based
on
net
assets
of
$189,856,781)
$
37.19
AUXIER
FOCUS
FUND
STATEMENT
OF
OPERATIONS
YEAR
ENDED
JUNE
30,
2026
5
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$6,772)
$
5,856,110
Interest
income
650,912
Total
Investment
Income
6,507,022
EXPENSES
Investment
Adviser
fees
2,524,917
Fund
services
fees
373,293
Transfer
agent
fees:
Investor
Shares
47,528
A
Shares
2,756
Institutional
Shares
14,287
Distribution
fees:
A
Shares
1,474
Custodian
fees
46,482
Registration
fees:
Investor
Shares
19,359
A
Shares
5,246
Institutional
Shares
17,517
Professional
fees
82,354
Trustees'
fees
and
expenses
23,871
Intermediaries
198,998
Other
expenses
109,057
Total
Expenses
3,467,139
Fees
waived
(767,505)
Net
Expenses
2,699,634
NET
INVESTMENT
INCOME
3,807,388
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
15,292,028
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
36,118,713
NET
REALIZED
AND
UNREALIZED
GAIN
51,410,741
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
55,218,129
AUXIER
FOCUS
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
6
See
Notes
to
Financial
Statements.
For
the
Year
Ended
June
30,
2026
For
the
Year
Ended
June
30,
2025
OPERATIONS
Shares
Shares
Net
investment
income
$
3,807,388
$
4,057,655
Net
realized
gain
15,292,028
4,926,782
Net
change
in
unrealized
appreciation
(depreciation)
36,118,713
25,896,718
Increase
in
Net
Assets
Resulting
from
Operations
55,218,129
34,881,155
DISTRIBUTIONS
TO
SHAREHOLDERS
Investor
Shares
(4,057,820)
(4,570,570)
A
Shares
(8,287)
(28,453)
Institutional
Shares
(4,591,803)
(4,663,596)
Total
Distributions
Paid
(8,657,910)
(9,262,619)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Investor
Shares
5,506,667
166,652
6,529,395
216,696
Institutional
Shares
14,504,574
426,736
18,127,395
583,039
Reinvestment
of
distributions:
Investor
Shares
3,940,141
121,411
4,438,286
149,537
A
Shares
8,200
243
28,273
912
Institutional
Shares
4,541,715
135,142
4,634,444
151,100
Redemption
of
shares:
Investor
Shares
(32,767,400)
(976,689)
(23,706,060)
(791,318)
A
Shares
(757,959)
(23,241)
(253,012)
(8,124)
Institutional
Shares
(11,424,767)
(334,985)
(15,851,417)
(512,338)
Redemption
fees:
Investor
Shares
9,042
-
15,260
-
A
Shares
28
-
124
-
Institutional
Shares
9,899
-
17,177
-
Decrease
in
Net
Assets
from
Capital
Share
Transactions
(16,429,860)
(484,731)
(6,020,135)
(210,496)
Increase
in
Net
Assets
30,130,359
19,598,401
NET
ASSETS
Beginning
of
Year
299,723,558
280,125,157
End
of
Year
$
329,853,917
$
299,723,558
AUXIER
FOCUS
FUND
FINANCIAL
HIGHLIGHTS
7
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year.
For
the
Years
Ended
June
30,
2026
2025
2024
2023
2022
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
31.03
$
28.43
$
26.79
$
25.05
$
26.69
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.37
0.40
0.43
0.37
0.27
Net
realized
and
unrealized
gain
(loss)
5.41
3.19
2.39
2.14
(1.22)
Total
from
Investment
Operations
5.78
3.59
2.82
2.51
(0.95)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.42)
(0.45)
(0.44)
(0.33)
(0.28)
Net
realized
gain
(0.50)
(0.54)
(0.74)
(0.44)
(0.41)
Total
Distributions
to
Shareholders
(0.92)
(0.99)
(1.18)
(0.77)
(0.69)
REDEMPTION
FEES(a)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
NET
ASSET
VALUE,
End
of
Year
$
35.89
$
31.03
$
28.43
$
26.79
$
25.05
TOTAL
RETURN
18.96%
12.81%
10.83%
10.14%
(3.77)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
139,437
$
141,943
$
142,152
$
146,783
$
141,242
Ratios
to
Average
Net
Assets:
Net
investment
income
1.13%
1.34%
1.56%
1.43%
0.99%
Net
expenses
0.92%
0.91%
0.91%
0.92%
0.92%
Gross
expenses
(c)
1.10%
1.11%
1.10%
1.10%
1.08%
PORTFOLIO
TURNOVER
RATE
2%
2%
2%
1%
1%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
$0.01
per
share.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
AUXIER
FOCUS
FUND
FINANCIAL
HIGHLIGHTS
8
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year.
For
the
Years
Ended
June
30,
2026
2025
2024
2023
2022
A
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
32.26
$
29.36
$
27.50
$
25.60
$
27.20
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.26
0.31
0.35
0.29
0.18
Net
realized
and
unrealized
gain
(loss)
5.66
3.31
2.47
2.19
(1.25)
Total
from
Investment
Operations
5.92
3.62
2.82
2.48
(1.07)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
-
(0.18)
(0.22)
(0.14)
(0.12)
Net
realized
gain
(0.50)
(0.54)
(0.74)
(0.44)
(0.41)
Total
Distributions
to
Shareholders
(0.50)
(0.72)
(0.96)
(0.58)
(0.53)
REDEMPTION
FEES(a)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
NET
ASSET
VALUE,
End
of
Year
$
37.68
$
32.26
$
29.36
$
27.50
$
25.60
TOTAL
RETURN(c)
18.55%
12.41%
10.52%
9.77%
(4.07)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
560
$
1,221
$
1,323
$
1,340
$
1,703
Ratios
to
Average
Net
Assets:
Net
investment
income
0.74%
1.01%
1.24%
1.09%
0.64%
Net
expenses
1.25%
1.25%
1.24%
1.25%
1.25%
Gross
expenses
(d)
3.41%
2.16%
1.86%
1.76%
1.65%
PORTFOLIO
TURNOVER
RATE
2%
2%
2%
1%
1%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
$0.01
per
share.
(c)
Total
Return
does
not
include
the
effect
of
front
end
sales
charge
or
contingent
deferred
sales
charge.
(d)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
AUXIER
FOCUS
FUND
FINANCIAL
HIGHLIGHTS
9
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year.
For
the
Years
Ended
June
30,
2026
2025
2024
2023
2022
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
32.10
$
29.35
$
27.59
$
25.74
$
27.38
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.43
0.45
0.48
0.41
0.31
Net
realized
and
unrealized
gain
(loss)
5.58
3.30
2.46
2.21
(1.26)
Total
from
Investment
Operations
6.01
3.75
2.94
2.62
(0.95)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.42)
(0.46)
(0.44)
(0.33)
(0.28)
Net
realized
gain
(0.50)
(0.54)
(0.74)
(0.44)
(0.41)
Total
Distributions
to
Shareholders
(0.92)
(1.00)
(1.18)
(0.77)
(0.69)
REDEMPTION
FEES(a)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
0.00(b)
NET
ASSET
VALUE,
End
of
Year
$
37.19
$
32.10
$
29.35
$
27.59
$
25.74
TOTAL
RETURN
19.06%
12.94%
10.98%
10.30%
(3.66)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
189,857
$
156,560
$
136,650
$
125,487
$
111,723
Ratios
to
Average
Net
Assets:
Net
investment
income
1.27%
1.47%
1.69%
1.56%
1.11%
Net
expenses
0.80%
0.79%
0.79%
0.80%
0.80%
Gross
expenses
(c)
1.09%
1.10%
1.09%
1.08%
1.08%
PORTFOLIO
TURNOVER
RATE
2%
2%
2%
1%
1%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
$0.01
per
share.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
AUXIER
FOCUS
FUND
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
10
Note
1.
Organization
The
Auxier
Focus
Fund
(the
"Fund")
is
a
diversified
portfolio
of
Forum
Funds
(the
"Trust").
The
Trust
is
a
Delaware
statutory
trust
that
is
registered
as
an
open-end,
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"Act").
Under
its
Trust
Instrument,
the
Trust
is
authorized
to
issue
an
unlimited
number
of
the
Fund's
shares
of
beneficial
interest
without
par
value.
The
Fund
currently
offers
three
classes
of
shares:
Investor
Shares,
A
Shares
and
Institutional
Shares.
A
Shares
are
offered
at
net
asset
value
plus
a
maximum
sales
charge
of
5.75%.
A
Shares
are
also
subject
to
contingent
deferred
sales
charge
("CDSC")
of
1.00%
on
purchases
without
an
initial
sales
charge
and
redeemed
less
than
one
year
after
they
are
purchased.
Investor
Shares
and
Institutional
Shares
are
not
subject
to
a
sales
charge.
Investor
Shares,
A
Shares
and
Institutional
Shares
commenced
operations
on
July
9,
1999,
July
8,
2005
and
May
9,
2012,
respectively.
The
Fund's
investment
objective
is
to
provide
long-term
capital
appreciation.
The
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
the
Fund
is
used
by
the
Adviser,
as
defined
in
Note
3,
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statement
of
Operations
and
the
financial
highlights
for
the
Fund
is
the
information
utilized
for
the
day-
to-day
management
of
the
Fund.
The
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Fund
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
Auxier
Asset
Management
LLC,
the
Fund's
Adviser,
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
Note
2.
Summary
of
Significant
Accounting
Policies
The
Fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946,
"Financial
Services
-
Investment
Companies."
These
financial
statements
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
fiscal
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
AUXIER
FOCUS
FUND
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
11
disposition
of
the
investments.
The
Adviser
performs
regular
reviews
of
valuation
methodologies,
key
inputs
and
assumptions,
disposition
analysis
and
market
activity.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
of
an
investment
may
differ
from
the
security's
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
NAV
than
a
NAV
determined
by
using
market
quotes.
GAAP
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
level
of
various
"inputs"
used
to
determine
the
value
of
the
Fund's
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
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
June
30,
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.
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.
Interest
income
is
recorded
on
an
accrual
basis.
Premiums
are
amortized
to
the
next
call
date
and
discounts
are
accreted
to
maturity
using
the
effective
interest
method.
Premium
amortization
and
discount
accretion
are
included
in
interest
income.
Identified
cost
of
investments
sold
is
used
to
determine
the
gain
and
loss
for
both
financial
statement
and
federal
income
tax
purposes.
Foreign
Currency
Translations
-
Foreign
currency
amounts
are
translated
into
U.S.
dollars
as
follows:
(1)
assets
and
liabilities
at
the
rate
of
exchange
at
the
end
of
the
respective
period;
and
(2)
purchases
and
sales
of
securities
and
income
and
expenses
at
the
rate
of
exchange
prevailing
on
the
dates
of
such
transactions.
The
portion
of
the
results
of
operations
arising
from
changes
in
the
exchange
rates
and
the
portion
due
to
fluctuations
arising
from
changes
in
the
market
prices
of
securities
are
not
isolated.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
on
investments.
Distributions
to
Shareholders
-
The
Fund
declares
any
dividends
from
net
investment
income
and
pays
them
annually.
Any
net
capital
gains
and
net
foreign
currency
gains
realized
by
the
Fund
are
distributed
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
due
primarily
to
differing
treatments
of
income
and
gain
on
various
investment
securities
held
by
the
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
the
Fund.
Federal
Taxes
-
The
Fund
intends
to
continue
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
Chapter
1,
Subtitle
A,
of
the
Internal
Revenue
Code
of
1986,
as
amended
("Code"),
and
to
distribute
all
of
its
taxable
income
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
year,
the
Fund
did
not
incur
any
interest
or
penalties.
The
Fund
files
a
U.S.
federal
income
and
excise
tax
return
as
AUXIER
FOCUS
FUND
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
12
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
June
30,
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.
The
Fund's
class-specific
expenses
are
charged
to
the
operations
of
that
class
of
shares.
Income
and
expenses
(other
than
expenses
attributable
to
a
specific
class)
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
the
class'
respective
net
assets
to
the
total
net
assets
of
the
Fund.
Redemption
Fees
-
A
shareholder
who
redeems
or
exchanges
shares
within
180
days
of
purchase
will
incur
a
redemption
fee
of
2.00%
of
the
current
NAV
of
shares
redeemed
or
exchanged,
subject
to
certain
limitations.
The
fee
is
charged
for
the
benefit
of
the
remaining
shareholders
and
will
be
paid
to
the
Fund
to
help
offset
transaction
costs.
The
fee
is
accounted
for
as
an
addition
to
paid-in
capital.
The
Fund
reserves
the
right
to
modify
the
terms
of
or
terminate
the
fee
at
any
time.
There
are
limited
exceptions
to
the
imposition
of
the
redemption
fee.
Redemption
fees
incurred
for
the
Fund,
if
any,
are
reflected
on
the
Statements
of
Changes
in
Net
Assets.
Commitments
and
Contingencies
-
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund's
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
The
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
the
Fund's
Statement
of
Assets
and
Liabilities.
Note
3.
Fees
and
Expenses
Investment
Adviser
-
Auxier
Asset
Management
LLC
(the
"Adviser")
is
the
investment
adviser
to
the
Fund.
Pursuant
to
an
investment
advisory
agreement,
the
Adviser
receives
an
advisory
fee,
payable
monthly,
from
the
Fund
at
an
annual
rate
of
0.80%
of
the
Fund's
average
daily
net
assets.
Distribution
-
Foreside
Fund
Services,
LLC,
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(d/b/a
ACA
Group)
(the
"Distributor"),
acts
as
the
agent
of
the
Trust
in
connection
with
the
continuous
offering
of
shares
of
the
Fund.
The
Distributor
is
not
affiliated
with
the
Adviser
or
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC
(d/b/a
Apex
Fund
Services)
("Apex")
or
their
affiliates.
The
Fund
has
adopted
a
Distribution
Plan
(the
"Plan")
for
A
Shares
of
the
Fund
in
accordance
with
Rule
12b-1
of
the
Act.
Under
the
Plan,
the
Fund
pays
the
Distributor
and/or
any
other
entity
as
authorized
by
the
Board
a
fee
of
up
to
0.25%
of
the
average
daily
net
assets
of
A
Shares.
The
Distributor
has
no
role
in
determining
the
investment
policies
or
which
securities
are
to
be
purchased
or
sold
by
the
Trust
or
its
Funds.
For
the
year
ended
June
30,
2026
,
there
were
no
front-end
sales
charges
assessed
on
the
sale
of
A
Shares
and
no
contingent
deferred
sales
charges
were
assessed
on
the
sale
of
A
Shares.
Other
Service
Providers
-
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
fees
and
transfer
agent
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
an
Anti-Money
Laundering
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions.
Trustees
and
Officers
-
Each
Independent
Trustee's
annual
retainer
is
$60,000
($70,000
for
the
Chairman).
The
Audit
Committee
Chairman
receives
an
additional
$5,000
annually.
The
Trustees
and
the
Chairman
may
receive
additional
fees
for
special
Board
meetings.
Each
Trustee
is
also
reimbursed
for
all
reasonable
out-of-pocket
expenses
incurred
in
connection
with
his
or
her
duties
as
a
Trustee,
including
travel
and
related
expenses
incurred
in
attending
Board
meetings.
The
amount
of
Trustees'
fees
attributable
to
the
Fund
is
disclosed
in
the
Statement
of
Operations.
Certain
officers
of
the
Trust
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Fund.
AUXIER
FOCUS
FUND
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
13
Note
4.
Expense
Reimbursement
and
Fees
Waived
The
Adviser
has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
dividend
expenses
on
short
sales,
and
extraordinary
expenses
)
to
0.92%,
1.25%
and
0.80%
of
the
Investor
Shares,
A
Shares
and
Institutional
Shares,
respectively
,
through
at
least
October
31,
2026.
These
contractual
waivers
may
only
be
raised
or
eliminated
with
consent
of
the
Board.
Other
fund
service
providers
have
agreed
to
waive
a
portion
of
their
fees
and
such
waivers
may
be
changed
or
eliminated
with
the
approval
of
the
Board
of
Trustees
of
the
Trust.
For
the
year
ended
June
30,
2026
,
the
fees
waived
and
expenses
reimbursed
were
as
follows:
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
Adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
expense
cap,
or
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
Other
Waivers
are
not
eligible
for
recoupment.
As
of
June
30,
2026
,
fees
waived
and
expenses
reimbursed
that
are
subject
to
recapture
by
the
Adviser
were
as
follows:
Note
5.
Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments,
during
the
year
ended
June
30,
2026
,
totaled
$4,513,776
and
$25,506,162
.
Note
6.
Federal
Income
Tax
As
of
June
30,
2026
,
cost
for
federal
income
tax
purposes
is
$103,360,866
and
net
unrealized
appreciation
consists
of:
Distributions
paid
during
the
fiscal
years
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
June
30,
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
equity
return
of
capital.
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
674,441
$
93,064
$
767,505
Fees
Waived
and/or
Expenses
Reimbursed
Subject
to
Recoupment
During
the
Fiscal
Year
Ending
June
30,
Total
Fees
Waived
and/or
Expenses
Reimbursed
Subject
to
Recoupment
2027
2028
2029
$
583,200
$
647,115
$
674,441
$
1,904,756
Gross
Unrealized
Appreciation
$
230,319,110
Gross
Unrealized
Depreciation
(1,420,336)
Net
Unrealized
Appreciation
$
228,898,774
2026
2025
Ordinary
Income
$
3,971,378
$
4,345,414
Long-Term
Capital
Gain
4,686,532
4,917,205
$
8,657,910
$
9,262,619
Undistributed
Ordinary
Income
$
1,816,418
Undistributed
Long-Term
Gain
14,640,211
Net
Unrealized
Appreciation
228,898,774
Total
$
245,355,403
AUXIER
FOCUS
FUND
NOTES
TO
FINANCIAL
STATEMENTS
June
30,
2026
14
Note
7.
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.
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.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
15
To
the
Shareholders
of
Auxier
Focus
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
Auxier
Focus
Fund
(the
"Fund"),
a
series
of
Forum
Funds,
as
of
June
30,
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
June
30,
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
June
30,
2022,
were
audited
by
other
auditors
whose
report
dated
August
24,
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
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement
whether
due
to
error
or
fraud.
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
June
30,
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
August
24,
2026
AUXIER
FOCUS
FUND
IMPORTANT
TAX
INFORMATION
(Unaudited)
June
30,
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),
100.00
%
for
the
qualified
dividend
rate
(QDI),
and
5.93
%
of
its
income
dividends
as
qualified
interest
income
exempt
from
U.S.
tax
for
foreign
shareholders
(QII)
as
defined
in
Section
1(h)(11)
of
the
Code.
The
Fund
also
designates
0.57%
as
short-term
capital
gain
dividends
exempt
from
U.S.
tax
for
foreign
shareholders
(QSD).
Pursuant
to
Section
852
(b)(3)
of
the
Internal
Revenue
Code,
the
Fund
designates
$4,686,532
as
long
term
capital
gain
dividends
for
the
year.
AUXIER
FOCUS
FUND
OTHER
INFORMATION
(Unaudited)
June
30,
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
AUXIER
FOCUS
FUND
FOR
MORE
INFORMATION
P.O.
Box
588
Portland,
Maine
04112
(877)
3AUXIER
(877)
328-9437
INVESTMENT
ADVISER
Auxier
Asset
Management
LLC
15668
NE
Eilers
Road
Aurora,
Oregon
97002
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
Maine
04112
www.apexgroup.com
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund's
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
204-ANR-0626
(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:
|
August 18, 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:
|
August 18, 2026
|
|
By:
|
/s/ Karen Shaw
|
|
|
Karen Shaw, Principal Financial Officer
|
||
|
Date:
|
August 18, 2026
|
Forum Funds published this content on August 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 26, 2026 at 11:38 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]