0000315774 2026-08-01 2026-08-01 0000315774 ff:S000004544Member 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:C000012453Member 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:EquityRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:SectorRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:MarketEventsRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:LargeCapitalizationCompanyRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:QuantitativeSecuritySelectionRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:ManagementRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member oef:RiskNondiversifiedStatusMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:MidCapitalizationCompanyRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:CashAndCashEquivalentsRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:ForeignInvestmentsRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:HighYieldSecuritiesRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:ValueInvestmentRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:USGovernmentSecuritiesRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:InflationIndexedSecurityRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:ConvertibleSecuritiesRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:ExchangeTradedFundsRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:FixedIncomeSecuritiesRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:SellingCoveredCallOptionsRiskMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:C000012453Member 2016-01-01 2016-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2017-01-01 2017-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2018-01-01 2018-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2019-01-01 2019-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2020-01-01 2020-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2021-01-01 2021-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2022-01-01 2022-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2023-01-01 2023-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2024-01-01 2024-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2025-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:Index1Member 2026-08-01 2026-08-01 0000315774 ff:S000004544Member ff:C000012453Member 2021-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member 2016-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member 1991-11-25 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsMember 1991-11-25 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000315774 ff:S000004544Member ff:C000012453Member oef:AfterTaxesOnDistributionsAndSalesMember 1991-11-25 2025-12-31 0000315774 ff:S000004544Member ff:Index1Member 2025-01-01 2025-12-31 0000315774 ff:S000004544Member ff:Index1Member 2021-01-01 2025-12-31 0000315774 ff:S000004544Member ff:Index1Member 2016-01-01 2025-12-31 0000315774 ff:S000004544Member ff:Index1Member 1991-11-25 2025-12-31 0000315774 ff:S000004544Member oef:RiskLoseMoneyMember 2026-08-01 2026-08-01 0000315774 ff:S000004544Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-01 2026-08-01 iso4217:USD pure false 485BPOS 2026-08-01 0000315774 1991-11-25 1991-11-25 1991-11-25 1991-11-25 N-1A FORUM FUNDS 2026-08-01 PAYSON TOTAL RETURN FUND SUMMARY SECTION Investment Objective The Payson Total Return Fund (the “Fund”) seeks a combination of high current income and capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0020 0.0080 Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: 82 255 444 990 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio. 0.31 Principal Investment Strategies Under normal circumstances, the Fund invests primarily in common stock and convertible securities of large and mid capitalization domestic companies. The Fund’s investment adviser, Segall, Bryant & Hamill, LLC (d/b/a CI SBH Asset Management) (the “Adviser”), defines large capitalization domestic companies as those companies with market capitalizations in excess of $12 billion and mid capitalization domestic companies as those companies with market capitalizations in the range of $2 billion to $12 billion. The Fund may invest in debt securities, which are primarily investment grade, that include U.S. Government securities, including U.S. Treasury bills, Treasury Inflation-Protected Securities, notes and bonds, as well as corporate bonds and notes issued by large and mid capitalization domestic companies, and asset-backed and mortgage-backed securities. If an investment grade security held by the Fund is downgraded to non-investment grade, the Fund may hold the security if the Adviser believes the issuer will continue to pay its debt or the current market price does not properly reflect what the Adviser believes to be the intrinsic value of the security. The Fund may write (sell) covered call options on equity securities held in the Fund’s portfolio to generate premiums in an effort to provide downside protection in declining markets. The Fund may also make strategic investments in exchange-traded funds (“ETFs”) and foreign securities, and may invest a significant portion of the Fund’s total assets in cash or cash equivalents if the Adviser does not identify investments selling at discounts to what the Adviser believes are their intrinsic value. The Adviser maintains a long-term, equity-oriented perspective, being much less concerned with investment performance on a quarterly or shorter basis than with real, long-term increase in value or growth of income by issuers and the Fund. The Adviser uses both a quantitative and a fundamental approach to identify stocks that are undervalued compared to a company’s financial condition. With respect to the Fund’s investment in debt securities, the Adviser monitors interest rate outlooks, the shape of the yield curve and other economic factors to determine an appropriate maturity profile for the Fund’s investment portfolio consistent with the Fund’s objective. Then, the Adviser monitors the investments in the Fund’s portfolio to determine if there have been any fundamental changes in the companies or issuers, and may sell a security when its investment profile changes, including relative to other potential investments. The Fund may have significant exposure to the Information Technology sector. However, as sector and industry composition of the Fund's portfolio changes over time, the Fund's exposure to this sector may be lower at a future date, and the Fund's exposure to other market sectors may be higher. The Fund is classified as non-diversified, which means it may invest in a smaller number of issuers than a diversified fund. You could lose money on your investment in the Fund An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. Equity securities, including common stocks, convertible securities, preferred stocks, warrants and sponsored and unsponsored ADRs may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates. Sector Risk. The Fund may invest a higher percentage of its total assets in one or more sectors. Developments affecting those sectors should be expected to impact the Fund more than a fund that is more broadly diversified and/or is not weighted in those sectors. Information Technology Sector Risk. The information technology sector includes, for example, artificial intelligence, internet, semiconductor, software, hardware and technology equipment companies. This sector can be affected by, among other things, the supply and demand for specific products and services, the pace of technological development and government regulation. Market Events Risk. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic and other factors, which may negatively affect performance. Disruptive events with geopolitical consequences, including tensions, war, or open conflict between nations, and pandemics, may destabilize various countries’ economies and markets, which may experience increased volatility and reduced liquidity. Policy changes by the Federal Reserve, including with respect to changes in interest rates and inflation, and political circumstances in the U.S. and abroad, and/ or other government actors could similarly cause increased volatility in financial markets. Trade barriers and other protectionist trade policies (including those in the U.S.) may also result in market turbulence. Market volatility and reductions in market liquidity may negatively affect issuers worldwide, including issuers in which the Fund invests. Under such circumstances, the Fund may have difficulty liquidating portfolio holdings, particularly at favorable prices. To the extent that the Fund experiences higher levels of redemptions, the Fund may be required to sell portfolio holdings, which may negatively impact the Fund’s NAV. In addition, advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements and liquidity. Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. Quantitative Security Selection Risk. To the extent the Adviser uses quantitative techniques to generate investment decisions, its processes and security selection can be adversely affected if it relies on erroneous or outdated data. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. Management Risk. The Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the Fund’s investment objective. Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Mid Capitalization Company Risk. Investments in mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund’s ability to sell such securities at a desirable time and price. Cash and Cash Equivalents Risk. When investing in cash and cash equivalents, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund’s performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. Foreign Investments Risk. The value of foreign investments may be affected by risks in addition to those affecting domestic investments, including the imposition of new, amended or limited government regulations, changes in diplomatic relations between the U.S. and another country, political and economic instability, less favorable economic conditions, the imposition or tightening of exchange controls, trade barriers and other protectionist trade policies (including those in the U.S.), other limitations on repatriation of foreign capital or nationalization and/or increased taxation or confiscation of investors’ assets. Investments in securities of foreign issuers are subject to fluctuations in the value of the issuer’s local currency relative to the U.S dollar and may be subject to foreign withholding and other taxes. High-Yield Securities Risk. Investments in “high-yield securities” or “junk bonds” are inherently speculative and have a greater risk of default than investments in investment-grade fixed-income securities. If an issuer defaults, a below investment-grade security could lose all of its value, be renegotiated at a lower interest rate or principal amount or become illiquid. Below investment-grade securities may be less liquid and more volatile than investment-grade fixed-income securities and may be more difficult to value or sell. Value Investment Risk. The Fund’s investments in value securities are subject to the risk that they may remain undervalued for extended periods of time or never realize their full value. Different investment styles <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"></div> may shift in and out of favor, depending on market conditions and investor sentiment. The Fund’s value approach could cause it to underperform funds that use a growth or non-value approach to investing or have a broader investment style. U.S. Government Securities Risk. The Fund may invest in U.S. Government securities, which may be backed by the U.S. Department of the Treasury or the full faith and credit of the U.S., and may include U.S. Treasury bills, Treasury Inflation-Protected Securities, notes and bonds. These securities are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Department of the Treasury, or are supported only by the credit of the issuing agency or instrumentality; such securities are subject to a greater risk of default by the issuer. Inflation-Indexed Security Risk. Interest payments on inflation-indexed securities, such as Treasury Inflation-Protection Securities, can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer’s credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities. Exchange-Traded Funds Risk. The risks of investment in these securities typically reflect the risks of types of instruments in which the ETFs invest. By investing in an ETF, the Fund becomes a shareholder of that ETF and bears its proportionate share of the fees and expenses of the ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility. Extension Risk. If interest rates rise, repayments of principal on certain fixed-income securities may occur at a slower-than-expected rate and, as a result, the expected maturity of such securities could lengthen which could cause their value to decline. <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"></div> Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations. The Fund may face a heightened level of interest rate risk due to changes in monetary policy. Prepayment Risk. Prepayment of fixed-income securities, which is more common when interest rates are declining, may shorten such securities’ maturity, reduce the Fund’s return and cause the Fund to reinvest in lower yielding securities. Mortgage-Related and Other Asset-Backed Securities Risk. Investments in a variety of mortgage-related and other asset-backed securities are subject to interest rate risk, credit risk, extension risk and prepayment risk. Selling Covered Call Options Risk. As a result of selling a covered call option, the Fund may be required to sell a portfolio security. Under such circumstances, the Fund would not participate in gains in the stock price beyond the exercise prices. In addition, selling options generates gains, which are largely short-term capital gains that are distributed to shareholders as dividends. Performance Information The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Updated performance information is available at www.hmpayson.com or by calling (800) 805-8258 (toll free). Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. www.hmpayson.com (800) 805-8258 Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Annual Returns as of December 31 0.1033 0.2171 -0.0179 0.3167 0.2051 0.3095 -0.1461 0.2311 0.2160 0.2118 The calendar year-to-date total return as of June 30, 2026 was 10.56%. During the period shown, the highest return for a quarter was 23.85% for the quarter ended June 30, 2020, and the lowest return was -18.45% for the quarter ended March 31, 2020. year-to-date total return 2026-06-30 0.1056 highest return 0.2385 2020-06-30 lowest return -0.1845 2020-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) 0.2118 0.1519 0.1555 0.0928 0.2063 0.1359 0.1433 0.0785 0.1293 0.1186 0.1280 0.0739 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1102 S&P 500® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.