0001435109-17-000374.txt : 20170530 0001435109-17-000374.hdr.sgml : 20170530 20170530120153 ACCESSION NUMBER: 0001435109-17-000374 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170530 DATE AS OF CHANGE: 20170530 EFFECTIVENESS DATE: 20170530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 IRS NUMBER: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-03023 FILM NUMBER: 17876235 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607 0000315774 S000004544 Payson Total Return Fund C000012453 Payson Total Return Fund PBFDX 0000315774 S000004558 Merk Hard Currency Fund C000012475 Investor Shares MERKX C000087780 Institutional Share Class MHCIX 0000315774 S000004559 Absolute Strategies Fund C000012477 Institutional Shares ASFIX C000012478 R Shares ASFAX 0000315774 S000004566 Adalta International Fund C000012487 Adalta International Fund BMGEX 0000315774 S000023115 Absolute Credit Opportunities Fund C000067392 Institutional Shares AOFOX 0000315774 S000026460 Merk Absolute Return Currency Fund C000079393 Investor MABFX C000087782 Institutional Share Class MAAIX 0000315774 S000026940 Beck, Mack & Oliver Partners Fund C000081163 Beck, Mack & Oliver Partners Fund BMPEX 0000315774 S000040235 LMCG Global Market Neutral Fund C000125077 Institutional Shares GMNIX C000125078 Investor Shares GMNRX 0000315774 S000040686 LMCG Global MultiCap Fund C000126163 Institutional Shares GMCIX C000126164 Investor Shares GMCRX 0000315774 S000050284 Absolute Capital Opportunities Fund C000158767 Institutional Shares CAPOX 0000315774 S000053391 LMCG International Small Cap Fund C000167921 Institutional Shares ISMIX C000167922 Investor shares ISMRX NSAR-B 1 ANSWER.fil PAGE 1 000 B000000 03/31/2017 000 C000000 0000315774 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 Forum Funds 001 B000000 811-3023 001 C000000 2073472000 002 A000000 THREE CANAL PLAZA, SUITE 600 002 B000000 PORTLAND 002 C000000 ME 002 D010000 04101 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 24 007 C010700 07 007 C020700 Payson Total Return 007 C030700 N 007 C011700 17 007 C021700 Adalta International 007 C031700 N 007 C015300 53 007 C025300 Absolute Strategies 007 C035300 N 007 C015400 54 007 C025400 Merk Hard Currency 007 C035400 N 007 C016600 66 007 C026600 Absolute Credit Opportunities 007 C036600 N 007 C016800 68 007 C026800 Merk Absolute Return Currency 007 C036800 N 007 C017100 71 007 C027100 Beck, Mack & Oliver Partners 007 C037100 N 007 C017700 77 007 C027700 LMCG Global Market Neutral 007 C037700 N 007 C017800 78 007 C027800 LMCG Global MultiCap 007 C037800 N 007 C018300 83 007 C028300 Absolute Capital Opportunities PAGE 2 007 C038300 N 007 C018400 84 007 C028400 LMCG International Small Cap 008 A000701 H.M. 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MORGAN SECURITIES, INC. 025 B008302 13-3379014 025 C008302 E 025 D008302 228 026 A00AA00 N 026 B00AA00 Y 026 C00AA00 Y 026 D00AA00 Y 026 E00AA00 N 026 F00AA00 N 026 G01AA00 N 026 G02AA00 N 026 H00AA00 N 027 00AA00 Y 028 A010700 223 028 A020700 0 028 A030700 0 028 A040700 159 028 B010700 712 028 B020700 0 028 B030700 0 028 B040700 708 028 C010700 632 028 C020700 0 028 C030700 0 PAGE 10 028 C040700 801 028 D010700 615 028 D020700 186 028 D030700 0 028 D040700 5601 028 E010700 386 028 E020700 0 028 E030700 0 028 E040700 826 028 F010700 666 028 F020700 86 028 F030700 0 028 F040700 306 028 G010700 3234 028 G020700 272 028 G030700 0 028 G040700 8401 028 A011700 9 028 A021700 0 028 A031700 0 028 A041700 901 028 B011700 4 028 B021700 0 028 B031700 0 028 B041700 265 028 C011700 64 028 C021700 0 028 C031700 0 028 C041700 1825 028 D011700 29 028 D021700 191 028 D031700 0 028 D041700 734 028 E011700 2 028 E021700 0 028 E031700 0 028 E041700 1029 028 F011700 14 028 F021700 0 028 F031700 0 028 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N 029 007100 N 029 007700 N 029 007800 N PAGE 16 029 008300 N 029 008400 N 034 000700 N 034 001700 N 034 005300 N 034 005400 N 034 006600 N 034 006800 N 034 007100 N 034 007700 N 034 007800 N 034 008300 N 034 008400 N 037 000700 N 037 001700 Y 037 005300 N 037 005400 N 037 006600 N 037 006800 N 037 007100 Y 037 007700 N 037 007800 N 037 008300 N 037 008400 N 038 001700 1 038 007100 1 039 000700 Y 039 001700 Y 039 005300 Y 039 005400 Y 039 006600 Y 039 006800 Y 039 007100 Y 039 007700 N 039 007800 N 039 008300 N 039 008400 N 040 000700 N 040 001700 N 040 005300 Y 040 005400 Y 040 006600 N 040 006800 Y 040 007100 N 040 007700 Y 040 007800 Y 040 008300 N 040 008400 Y 041 000700 N 041 001700 N 041 005300 Y PAGE 17 041 005400 Y 041 006600 N 041 006800 Y 041 007100 N 041 007700 Y 041 007800 Y 041 008300 N 041 008400 Y 042 A005300 0 042 B005300 0 042 C005300 100 042 D005300 0 042 E005300 0 042 F005300 0 042 G005300 0 042 H005300 0 042 A005400 0 042 B005400 0 042 C005400 100 042 D005400 0 042 E005400 0 042 F005400 0 042 G005400 0 042 H005400 0 042 A006800 0 042 B006800 0 042 C006800 100 042 D006800 0 042 E006800 0 042 F006800 0 042 G006800 0 042 H006800 0 042 A007700 0 042 B007700 0 042 C007700 100 042 D007700 0 042 E007700 0 042 F007700 0 042 G007700 0 042 H007700 0 042 A007800 0 042 B007800 0 042 C007800 100 042 D007800 0 042 E007800 0 042 F007800 0 042 G007800 0 042 H007800 0 042 A008400 0 042 B008400 0 042 C008400 100 PAGE 18 042 D008400 0 042 E008400 0 042 F008400 0 042 G008400 0 042 H008400 0 043 005300 59 043 005400 252 043 006800 60 043 007700 19 043 007800 1 043 008400 1 045 000700 Y 045 001700 Y 045 005300 Y 045 005400 Y 045 006600 Y 045 006800 Y 045 007100 Y 045 007700 Y 045 007800 Y 045 008300 Y 045 008400 Y 046 000700 N 046 001700 N 046 005300 N 046 005400 N 046 006600 N 046 006800 N 046 007100 N 046 007700 N 046 007800 N 046 008300 N 046 008400 N 047 000700 Y 047 001700 Y 047 005300 Y 047 005400 Y 047 006600 Y 047 006800 Y 047 007100 Y 047 007700 Y 047 007800 Y 047 008300 Y 047 008400 Y 048 000700 0.600 048 001700 1.500 048 005300 1.600 048 005400 1.000 048 006600 1.600 048 006800 1.000 048 007100 1.000 PAGE 19 048 007700 1.000 048 007800 0.850 048 008300 1.600 048 008400 0.700 049 000700 N 049 001700 N 049 005300 N 049 005400 N 049 006600 N 049 006800 N 049 007100 N 049 007700 N 049 007800 N 049 008300 N 049 008400 N 050 000700 N 050 001700 N 050 005300 N 050 005400 N 050 006600 N 050 006800 N 050 007100 N 050 007700 N 050 007800 N 050 008300 N 050 008400 N 051 000700 N 051 001700 N 051 005300 N 051 005400 N 051 006600 N 051 006800 N 051 007100 N 051 007700 N 051 007800 N 051 008300 N 051 008400 N 052 000700 N 052 001700 N 052 005300 N 052 005400 N 052 006600 N 052 006800 N 052 007100 N 052 007700 N 052 007800 N 052 008300 N 052 008400 N 053 A000700 N 053 A001700 Y 053 B001700 Y PAGE 20 053 C001700 N 053 A005300 Y 053 B005300 Y 053 C005300 N 053 A005400 Y 053 B005400 Y 053 C005400 N 053 A006600 Y 053 B006600 Y 053 C006600 N 053 A006800 N 053 A007100 Y 053 B007100 Y 053 C007100 N 053 A007700 Y 053 B007700 Y 053 C007700 N 053 A007800 Y 053 B007800 Y 053 C007800 N 053 A008300 Y 053 B008300 Y 053 C008300 N 053 A008400 Y 053 B008400 Y 053 C008400 N 054 A00AA00 Y 054 B00AA00 Y 054 C00AA00 N 054 D00AA00 N 054 E00AA00 N 054 F00AA00 N 054 G00AA00 N 054 H00AA00 Y 054 I00AA00 N 054 J00AA00 Y 054 K00AA00 N 054 L00AA00 N 054 M00AA00 Y 054 N00AA00 N 054 O00AA00 N 055 A000700 Y 055 B000700 N 055 A001700 Y 055 B001700 N 055 A005300 N 055 B005300 N 055 A005400 Y 055 B005400 N 055 A006600 N 055 B006600 N PAGE 21 055 A006800 N 055 B006800 N 055 A007100 Y 055 B007100 N 055 A007700 Y 055 B007700 N 055 A007800 Y 055 B007800 N 055 A008300 N 055 B008300 N 055 A008400 Y 055 B008400 N 056 000700 Y 056 001700 Y 056 005300 Y 056 005400 Y 056 006600 Y 056 006800 Y 056 007100 Y 056 007700 Y 056 007800 Y 056 008300 Y 056 008400 Y 057 000700 N 057 001700 N 057 005300 N 057 005400 N 057 006600 N 057 006800 N 057 007100 N 057 007700 N 057 007800 N 057 008300 N 057 008400 N 058 A000700 N 058 A001700 N 058 A005300 N 058 A005400 N 058 A006600 N 058 A006800 N 058 A007100 N 058 A007700 N 058 A007800 N 058 A008300 N 058 A008400 N 059 000700 Y 059 001700 Y 059 005300 Y 059 005400 Y 059 006600 Y 059 006800 Y PAGE 22 059 007100 Y 059 007700 Y 059 007800 Y 059 008300 Y 059 008400 Y 060 A000700 Y 060 B000700 Y 060 A001700 Y 060 B001700 Y 060 A005300 Y 060 B005300 Y 060 A005400 N 060 B005400 N 060 A006600 Y 060 B006600 Y 060 A006800 Y 060 B006800 Y 060 A007100 N 060 B007100 N 060 A007700 Y 060 B007700 Y 060 A007800 Y 060 B007800 Y 060 A008300 Y 060 B008300 Y 060 A008400 Y 060 B008400 Y 061 000700 2000 061 001700 2500 061 005300 250000 061 005400 2500 061 006600 1000000 061 006800 2500 061 007100 2500 061 007700 2500 061 007800 2500 061 008300 1000000 061 008400 2500 062 A000700 N 062 B000700 0.0 062 C000700 0.0 062 D000700 0.0 062 E000700 0.0 062 F000700 0.0 062 G000700 0.0 062 H000700 0.0 062 I000700 0.0 062 J000700 0.0 062 K000700 0.0 062 L000700 0.0 062 M000700 0.0 PAGE 23 062 N000700 0.0 062 O000700 0.0 062 P000700 0.0 062 Q000700 0.0 062 R000700 0.0 062 A001700 N 062 B001700 0.0 062 C001700 0.0 062 D001700 0.0 062 E001700 0.0 062 F001700 0.0 062 G001700 0.0 062 H001700 0.0 062 I001700 0.0 062 J001700 0.0 062 K001700 0.0 062 L001700 0.0 062 M001700 0.0 062 N001700 0.0 062 O001700 0.0 062 P001700 0.0 062 Q001700 0.0 062 R001700 0.0 062 A005300 N 062 B005300 0.0 062 C005300 0.0 062 D005300 0.0 062 E005300 0.0 062 F005300 0.0 062 G005300 0.0 062 H005300 0.0 062 I005300 0.0 062 J005300 0.0 062 K005300 0.0 062 L005300 0.0 062 M005300 0.0 062 N005300 0.0 062 O005300 0.0 062 P005300 0.0 062 Q005300 0.0 062 R005300 0.0 062 A005400 Y 062 B005400 0.0 062 C005400 0.0 062 D005400 0.0 062 E005400 0.0 062 F005400 0.0 062 G005400 0.0 062 H005400 0.0 062 I005400 0.0 062 J005400 0.0 PAGE 24 062 K005400 0.0 062 L005400 0.0 062 M005400 0.0 062 N005400 0.0 062 O005400 0.0 062 P005400 0.0 062 Q005400 87.8 062 R005400 10.8 062 A006600 N 062 B006600 0.0 062 C006600 0.0 062 D006600 0.0 062 E006600 0.0 062 F006600 0.0 062 G006600 0.0 062 H006600 0.0 062 I006600 0.0 062 J006600 0.0 062 K006600 0.0 062 L006600 0.0 062 M006600 0.0 062 N006600 0.0 062 O006600 0.0 062 P006600 0.0 062 Q006600 0.0 062 R006600 0.0 062 A006800 Y 062 B006800 0.0 062 C006800 0.0 062 D006800 0.0 062 E006800 0.0 062 F006800 0.0 062 G006800 0.0 062 H006800 0.0 062 I006800 0.0 062 J006800 0.0 062 K006800 0.0 062 L006800 0.0 062 M006800 4.5 062 N006800 0.0 062 O006800 0.0 062 P006800 0.0 062 Q006800 90.8 062 R006800 2.2 062 A007100 N 062 B007100 0.0 062 C007100 0.0 062 D007100 0.0 062 E007100 0.0 062 F007100 0.0 062 G007100 0.0 PAGE 25 062 H007100 0.0 062 I007100 0.0 062 J007100 0.0 062 K007100 0.0 062 L007100 0.0 062 M007100 0.0 062 N007100 0.0 062 O007100 0.0 062 P007100 0.0 062 Q007100 0.0 062 R007100 0.0 062 A007700 N 062 B007700 0.0 062 C007700 0.0 062 D007700 0.0 062 E007700 0.0 062 F007700 0.0 062 G007700 0.0 062 H007700 0.0 062 I007700 0.0 062 J007700 0.0 062 K007700 0.0 062 L007700 0.0 062 M007700 0.0 062 N007700 0.0 062 O007700 0.0 062 P007700 0.0 062 Q007700 0.0 062 R007700 0.0 062 A007800 N 062 B007800 0.0 062 C007800 0.0 062 D007800 0.0 062 E007800 0.0 062 F007800 0.0 062 G007800 0.0 062 H007800 0.0 062 I007800 0.0 062 J007800 0.0 062 K007800 0.0 062 L007800 0.0 062 M007800 0.0 062 N007800 0.0 062 O007800 0.0 062 P007800 0.0 062 Q007800 0.0 062 R007800 0.0 062 A008300 N 062 B008300 0.0 062 C008300 0.0 062 D008300 0.0 PAGE 26 062 E008300 0.0 062 F008300 0.0 062 G008300 0.0 062 H008300 0.0 062 I008300 0.0 062 J008300 0.0 062 K008300 0.0 062 L008300 0.0 062 M008300 0.0 062 N008300 0.0 062 O008300 0.0 062 P008300 0.0 062 Q008300 0.0 062 R008300 0.0 062 A008400 N 062 B008400 0.0 062 C008400 0.0 062 D008400 0.0 062 E008400 0.0 062 F008400 0.0 062 G008400 0.0 062 H008400 0.0 062 I008400 0.0 062 J008400 0.0 062 K008400 0.0 062 L008400 0.0 062 M008400 0.0 062 N008400 0.0 062 O008400 0.0 062 P008400 0.0 062 Q008400 0.0 062 R008400 0.0 063 A005400 211 063 A006800 134 064 A005400 N 064 A006800 N 066 A000700 Y 066 B000700 N 066 C000700 N 066 D000700 N 066 E000700 Y 066 F000700 N 066 G000700 N 066 A001700 Y 066 B001700 N 066 C001700 Y 066 D001700 N 066 E001700 N 066 F001700 N 066 G001700 N 066 A005300 Y PAGE 27 066 B005300 N 066 C005300 Y 066 D005300 N 066 E005300 N 066 F005300 N 066 G005300 N 066 A005400 N 066 A006600 Y 066 B006600 N 066 C006600 Y 066 D006600 N 066 E006600 N 066 F006600 N 066 G006600 N 066 A006800 N 066 A007100 Y 066 B007100 N 066 C007100 Y 066 D007100 N 066 E007100 N 066 F007100 N 066 G007100 N 066 A007700 Y 066 B007700 N 066 C007700 Y 066 D007700 N 066 E007700 N 066 F007700 N 066 G007700 N 066 A007800 Y 066 B007800 N 066 C007800 Y 066 D007800 N 066 E007800 N 066 F007800 N 066 G007800 N 066 A008300 Y 066 B008300 N 066 C008300 Y 066 D008300 N 066 E008300 N 066 F008300 N 066 G008300 N 066 A008400 Y 066 B008400 N 066 C008400 Y 066 D008400 N 066 E008400 N 066 F008400 N 066 G008400 N 067 000700 N PAGE 28 067 001700 N 067 005300 N 067 005400 N 067 006600 N 067 006800 N 067 007100 N 067 007700 N 067 007800 N 067 008300 N 067 008400 N 068 A000700 N 068 B000700 N 068 A001700 N 068 B001700 Y 068 A005300 N 068 B005300 N 068 A005400 N 068 B005400 Y 068 A006600 N 068 B006600 N 068 A006800 N 068 B006800 Y 068 A007100 N 068 B007100 N 068 A007700 N 068 B007700 N 068 A007800 N 068 B007800 N 068 A008300 N 068 B008300 N 068 A008400 N 068 B008400 N 069 000700 N 069 001700 N 069 005300 N 069 005400 N 069 006600 N 069 006800 N 069 007100 N 069 007700 N 069 007800 N 069 008300 N 069 008400 N 070 A010700 Y 070 A020700 N 070 B010700 Y 070 B020700 N 070 C010700 Y 070 C020700 N 070 D010700 Y 070 D020700 N PAGE 29 070 E010700 N 070 E020700 N 070 F010700 N 070 F020700 N 070 G010700 N 070 G020700 N 070 H010700 N 070 H020700 N 070 I010700 N 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 N 070 L010700 Y 070 L020700 Y 070 M010700 Y 070 M020700 N 070 N010700 Y 070 N020700 N 070 O010700 Y 070 O020700 N 070 P010700 N 070 P020700 N 070 Q010700 N 070 Q020700 N 070 R010700 N 070 R020700 N 070 A011700 Y 070 A021700 N 070 B011700 Y 070 B021700 N 070 C011700 Y 070 C021700 N 070 D011700 Y 070 D021700 N 070 E011700 Y 070 E021700 N 070 F011700 Y 070 F021700 N 070 G011700 Y 070 G021700 N 070 H011700 Y 070 H021700 N 070 I011700 Y 070 I021700 N 070 J011700 Y 070 J021700 Y 070 K011700 Y 070 K021700 Y 070 L011700 Y PAGE 30 070 L021700 Y 070 M011700 Y 070 M021700 Y 070 N011700 Y 070 N021700 N 070 O011700 Y 070 O021700 N 070 P011700 N 070 P021700 N 070 Q011700 Y 070 Q021700 N 070 R011700 Y 070 R021700 N 070 A015300 Y 070 A025300 N 070 B015300 Y 070 B025300 Y 070 C015300 Y 070 C025300 N 070 D015300 Y 070 D025300 Y 070 E015300 Y 070 E025300 Y 070 F015300 Y 070 F025300 Y 070 G015300 Y 070 G025300 N 070 H015300 Y 070 H025300 N 070 I015300 Y 070 I025300 Y 070 J015300 Y 070 J025300 Y 070 K015300 Y 070 K025300 Y 070 L015300 Y 070 L025300 Y 070 M015300 Y 070 M025300 Y 070 N015300 Y 070 N025300 N 070 O015300 Y 070 O025300 N 070 P015300 N 070 P025300 N 070 Q015300 Y 070 Q025300 Y 070 R015300 Y 070 R025300 Y 070 A015400 Y 070 A025400 N PAGE 31 070 B015400 Y 070 B025400 N 070 C015400 Y 070 C025400 N 070 D015400 Y 070 D025400 N 070 E015400 Y 070 E025400 N 070 F015400 Y 070 F025400 N 070 G015400 Y 070 G025400 N 070 H015400 Y 070 H025400 N 070 I015400 Y 070 I025400 Y 070 J015400 Y 070 J025400 Y 070 K015400 Y 070 K025400 Y 070 L015400 Y 070 L025400 Y 070 M015400 Y 070 M025400 Y 070 N015400 Y 070 N025400 N 070 O015400 Y 070 O025400 N 070 P015400 N 070 P025400 N 070 Q015400 N 070 Q025400 N 070 R015400 N 070 R025400 N 070 A016600 Y 070 A026600 N 070 B016600 Y 070 B026600 Y 070 C016600 Y 070 C026600 N 070 D016600 Y 070 D026600 Y 070 E016600 Y 070 E026600 N 070 F016600 Y 070 F026600 Y 070 G016600 Y 070 G026600 N 070 H016600 Y 070 H026600 N 070 I016600 Y PAGE 32 070 I026600 N 070 J016600 Y 070 J026600 Y 070 K016600 Y 070 K026600 Y 070 L016600 Y 070 L026600 Y 070 M016600 Y 070 M026600 N 070 N016600 Y 070 N026600 N 070 O016600 Y 070 O026600 N 070 P016600 N 070 P026600 N 070 Q016600 Y 070 Q026600 Y 070 R016600 Y 070 R026600 Y 070 A016800 Y 070 A026800 N 070 B016800 Y 070 B026800 N 070 C016800 Y 070 C026800 N 070 D016800 Y 070 D026800 N 070 E016800 Y 070 E026800 N 070 F016800 Y 070 F026800 N 070 G016800 Y 070 G026800 N 070 H016800 Y 070 H026800 N 070 I016800 Y 070 I026800 N 070 J016800 Y 070 J026800 Y 070 K016800 Y 070 K026800 Y 070 L016800 Y 070 L026800 Y 070 M016800 Y 070 M026800 Y 070 N016800 Y 070 N026800 N 070 O016800 Y 070 O026800 N 070 P016800 N 070 P026800 N PAGE 33 070 Q016800 N 070 Q026800 N 070 R016800 N 070 R026800 N 070 A017100 Y 070 A027100 N 070 B017100 Y 070 B027100 N 070 C017100 Y 070 C027100 N 070 D017100 Y 070 D027100 N 070 E017100 Y 070 E027100 N 070 F017100 Y 070 F027100 N 070 G017100 Y 070 G027100 N 070 H017100 Y 070 H027100 N 070 I017100 Y 070 I027100 N 070 J017100 Y 070 J027100 N 070 K017100 Y 070 K027100 N 070 L017100 Y 070 L027100 Y 070 M017100 Y 070 M027100 N 070 N017100 Y 070 N027100 N 070 O017100 Y 070 O027100 N 070 P017100 N 070 P027100 N 070 Q017100 Y 070 Q027100 N 070 R017100 Y 070 R027100 N 070 A017700 Y 070 A027700 N 070 B017700 Y 070 B027700 N 070 C017700 Y 070 C027700 N 070 D017700 Y 070 D027700 N 070 E017700 Y 070 E027700 N 070 F017700 Y PAGE 34 070 F027700 N 070 G017700 Y 070 G027700 N 070 H017700 Y 070 H027700 N 070 I017700 Y 070 I027700 N 070 J017700 Y 070 J027700 N 070 K017700 Y 070 K027700 Y 070 L017700 Y 070 L027700 Y 070 M017700 Y 070 M027700 Y 070 N017700 Y 070 N027700 N 070 O017700 Y 070 O027700 N 070 P017700 N 070 P027700 N 070 Q017700 Y 070 Q027700 Y 070 R017700 Y 070 R027700 Y 070 A017800 Y 070 A027800 N 070 B017800 Y 070 B027800 N 070 C017800 Y 070 C027800 N 070 D017800 Y 070 D027800 N 070 E017800 N 070 E027800 N 070 F017800 N 070 F027800 N 070 G017800 N 070 G027800 N 070 H017800 N 070 H027800 N 070 I017800 N 070 I027800 N 070 J017800 Y 070 J027800 N 070 K017800 Y 070 K027800 Y 070 L017800 Y 070 L027800 Y 070 M017800 Y 070 M027800 N PAGE 35 070 N017800 Y 070 N027800 N 070 O017800 Y 070 O027800 N 070 P017800 N 070 P027800 N 070 Q017800 Y 070 Q027800 N 070 R017800 N 070 R027800 N 070 A018300 Y 070 A028300 N 070 B018300 Y 070 B028300 Y 070 C018300 Y 070 C028300 N 070 D018300 Y 070 D028300 Y 070 E018300 Y 070 E028300 N 070 F018300 Y 070 F028300 N 070 G018300 Y 070 G028300 N 070 H018300 Y 070 H028300 N 070 I018300 Y 070 I028300 N 070 J018300 Y 070 J028300 N 070 K018300 Y 070 K028300 Y 070 L018300 Y 070 L028300 Y 070 M018300 Y 070 M028300 N 070 N018300 Y 070 N028300 N 070 O018300 Y 070 O028300 N 070 P018300 Y 070 P028300 N 070 Q018300 Y 070 Q028300 Y 070 R018300 Y 070 R028300 Y 070 A018400 Y 070 A028400 N 070 B018400 Y 070 B028400 N 070 C018400 Y PAGE 36 070 C028400 N 070 D018400 Y 070 D028400 N 070 E018400 Y 070 E028400 N 070 F018400 Y 070 F028400 N 070 G018400 Y 070 G028400 N 070 H018400 Y 070 H028400 N 070 I018400 N 070 I028400 N 070 J018400 Y 070 J028400 N 070 K018400 Y 070 K028400 Y 070 L018400 Y 070 L028400 Y 070 M018400 Y 070 M028400 Y 070 N018400 Y 070 N028400 N 070 O018400 Y 070 O028400 N 070 P018400 N 070 P028400 N 070 Q018400 N 070 Q028400 N 070 R018400 N 070 R028400 N 071 A000700 23022 071 B000700 27382 071 C000700 75829 071 D000700 30 071 A001700 10747 071 B001700 37965 071 C001700 25558 071 D001700 42 071 A005300 377667 071 B005300 690769 071 C005300 523970 071 D005300 72 071 A005400 40526 071 B005400 35601 071 C005400 43758 071 D005400 81 071 A006600 10827 071 B006600 15274 071 C006600 10444 071 D006600 104 PAGE 37 071 A006800 7582 071 B006800 6678 071 C006800 9460 071 D006800 71 071 A007100 9098 071 B007100 11055 071 C007100 34637 071 D007100 26 071 A007700 74982 071 B007700 132841 071 C007700 78776 071 D007700 95 071 A007800 1309 071 B007800 1501 071 C007800 1803 071 D007800 73 071 A008300 2003 071 B008300 1994 071 C008300 6937 071 D008300 29 071 A008400 6501 071 B008400 5542 071 C008400 4903 071 D008400 112 072 A000700 12 072 B000700 1 072 C000700 1588 072 D000700 0 072 E000700 0 072 F000700 459 072 G000700 135 072 H000700 0 072 I000700 18 072 J000700 9 072 K000700 0 072 L000700 15 072 M000700 10 072 N000700 20 072 O000700 0 072 P000700 0 072 Q000700 0 072 R000700 16 072 S000700 24 072 T000700 0 072 U000700 0 072 V000700 0 072 W000700 41 072 X000700 747 072 Y000700 0 072 Z000700 842 072AA000700 2414 PAGE 38 072CC010700 9079 072DD010700 1077 072DD020700 0 072EE000700 0 072 A001700 12 072 B001700 3 072 C001700 567 072 D001700 0 072 E001700 0 072 F001700 414 072 G001700 135 072 H001700 0 072 I001700 6 072 J001700 43 072 K001700 0 072 L001700 23 072 M001700 10 072 N001700 20 072 O001700 0 072 P001700 0 072 Q001700 14 072 R001700 21 072 S001700 74 072 T001700 0 072 U001700 0 072 V001700 0 072 W001700 74 072 X001700 834 072 Y001700 420 072 Z001700 156 072AA001700 2317 072CC011700 71 072DD011700 212 072DD021700 0 072EE001700 0 072 A005300 12 072 B005300 6658 072 C005300 8340 072 D005300 0 072 E005300 0 072 F005300 12695 072 G005300 490 072 H005300 0 072 I005300 171 072 J005300 746 072 K005300 0 072 L005300 25 072 M005300 48 072 N005300 49 072 O005300 0 072 P005300 1951 PAGE 39 072 Q005300 111 072 R005300 52 072 S005300 141 072 T005300 59 072 U005300 0 072 V005300 0 072 W005300 6557 072 X005300 23095 072 Y005300 207 072 Z005300 -7890 072AA005300 3598 072CC025300 16429 072DD015300 0 072DD025300 0 072EE005300 88896 072 A005400 12 072 B005400 -34 072 C005400 5 072 D005400 0 072 E005400 0 072 F005400 1198 072 G005400 0 072 H005400 0 072 I005400 0 072 J005400 0 072 K005400 0 072 L005400 0 072 M005400 0 072 N005400 0 072 O005400 0 072 P005400 3 072 Q005400 0 072 R005400 0 072 S005400 0 072 T005400 252 072 U005400 0 072 V005400 0 072 W005400 60 072 X005400 1513 072 Y005400 68 072 Z005400 -1474 072BB005400 1832 072CC025400 3825 072DD015400 0 072DD025400 0 072EE005400 0 072 A006600 12 072 B006600 250 072 C006600 4 072 D006600 0 072 E006600 0 PAGE 40 072 F006600 228 072 G006600 9 072 H006600 0 072 I006600 15 072 J006600 53 072 K006600 0 072 L006600 11 072 M006600 6 072 N006600 30 072 O006600 0 072 P006600 0 072 Q006600 27 072 R006600 12 072 S006600 10 072 T006600 0 072 U006600 0 072 V006600 0 072 W006600 49 072 X006600 450 072 Y006600 164 072 Z006600 -32 072BB006600 94072 072CC016600 9 072DD016600 0 072DD026600 0 072EE006600 0 072 A006800 12 072 B006800 198 072 C006800 6 072 D006800 0 072 E006800 0 072 F006800 361 072 G006800 0 072 H006800 0 072 I006800 0 072 J006800 0 072 K006800 0 072 L006800 0 072 M006800 0 072 N006800 0 072 O006800 0 072 P006800 0 072 Q006800 0 072 R006800 0 072 S006800 0 072 T006800 60 072 U006800 0 072 V006800 0 072 W006800 18 072 X006800 439 072 Y006800 0 PAGE 41 072 Z006800 -235 072AA006800 1689 072CC026800 522 072DD016800 407 072DD026800 314 072EE006800 0 072 A007100 12 072 B007100 2 072 C007100 639 072 D007100 0 072 E007100 0 072 F007100 356 072 G007100 135 072 H007100 0 072 I007100 12 072 J007100 11 072 K007100 0 072 L007100 14 072 M007100 8 072 N007100 19 072 O007100 0 072 P007100 0 072 Q007100 12 072 R007100 16 072 S007100 24 072 T007100 0 072 U007100 0 072 V007100 0 072 W007100 39 072 X007100 646 072 Y007100 291 072 Z007100 286 072AA007100 885 072CC017100 4052 072DD017100 361 072DD027100 0 072EE007100 0 072 A007700 12 072 B007700 141 072 C007700 1575 072 D007700 0 072 E007700 0 072 F007700 825 072 G007700 136 072 H007700 0 072 I007700 28 072 J007700 502 072 K007700 0 072 L007700 16 072 M007700 10 072 N007700 25 PAGE 42 072 O007700 0 072 P007700 0 072 Q007700 55 072 R007700 18 072 S007700 50 072 T007700 19 072 U007700 0 072 V007700 0 072 W007700 1470 072 X007700 3154 072 Y007700 495 072 Z007700 -943 072BB007700 6070 072CC017700 3353 072DD017700 0 072DD027700 0 072EE007700 0 072 A007800 12 072 B007800 0 072 C007800 39 072 D007800 0 072 E007800 0 072 F007800 16 072 G007800 135 072 H007800 0 072 I007800 5 072 J007800 25 072 K007800 0 072 L007800 7 072 M007800 6 072 N007800 32 072 O007800 0 072 P007800 0 072 Q007800 45 072 R007800 18 072 S007800 8 072 T007800 0 072 U007800 0 072 V007800 0 072 W007800 40 072 X007800 337 072 Y007800 315 072 Z007800 17 072AA007800 73 072CC017800 222 072DD017800 19 072DD027800 1 072EE007800 14 072 A008300 12 072 B008300 0 072 C008300 141 PAGE 43 072 D008300 0 072 E008300 0 072 F008300 207 072 G008300 8 072 H008300 0 072 I008300 0 072 J008300 15 072 K008300 0 072 L008300 10 072 M008300 6 072 N008300 10 072 O008300 0 072 P008300 41 072 Q008300 26 072 R008300 21 072 S008300 9 072 T008300 0 072 U008300 60 072 V008300 0 072 W008300 68 072 X008300 481 072 Y008300 141 072 Z008300 -199 072BB008300 70 072CC018300 1194 072DD018300 0 072DD028300 0 072EE008300 0 072 A008400 12 072 B008400 0 072 C008400 132 072 D008400 0 072 E008400 0 072 F008400 35 072 G008400 134 072 H008400 0 072 I008400 6 072 J008400 42 072 K008400 0 072 L008400 8 072 M008400 4 072 N008400 1 072 O008400 0 072 P008400 0 072 Q008400 44 072 R008400 16 072 S008400 14 072 T008400 0 072 U008400 92 072 V008400 0 072 W008400 48 PAGE 44 072 X008400 444 072 Y008400 401 072 Z008400 89 072AA008400 28 072CC018400 445 072DD018400 155 072DD028400 1 072EE008400 0 073 A010700 0.20883 073 A011700 0.18157 073 B005300 1.30668 073 A016600 0.16314 073 026800 0.21174 073 A016800 0.18348 073 A017100 0.10355 073 027800 0.12072 073 A017800 0.113871 073 B007800 0.08936 073 028400 0.29772 073 A018400 0.286231 074 A000700 628 074 B000700 0 074 C000700 0 074 D000700 0 074 E000700 0 074 F000700 78362 074 G000700 0 074 H000700 0 074 I000700 0 074 J000700 0 074 K000700 0 074 L000700 75 074 M000700 9 074 N000700 79074 074 O000700 0 074 P000700 55 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 131 074 S000700 0 074 T000700 78888 074 U010700 4888 074 U020700 0 074 V010700 16.14 074 W000700 0 074 X000700 668 074 Y000700 0 074 A001700 873 074 B001700 0 PAGE 45 074 C001700 0 074 D001700 0 074 E001700 0 074 F001700 16648 074 G001700 0 074 H001700 0 074 I001700 1250 074 J001700 0 074 K001700 0 074 L001700 94 074 M001700 23 074 N001700 18888 074 O001700 56 074 P001700 6 074 Q001700 0 074 R011700 0 074 R021700 0 074 R031700 0 074 R041700 41 074 S001700 0 074 T001700 18785 074 U011700 1069 074 U021700 0 074 V011700 17.58 074 W001700 0 074 X001700 39 074 Y001700 0 074 A005300 22339 074 B005300 0 074 C005300 0 074 D005300 102108 074 E005300 0 074 F005300 179710 074 G005300 7121 074 H005300 0 074 I005300 198963 074 J005300 7019 074 K005300 0 074 L005300 3117 074 M005300 221176 074 N005300 741553 074 O005300 10932 074 P005300 779 074 Q005300 0 074 R015300 0 074 R025300 202573 074 R035300 1011 074 R045300 5068 074 S005300 0 074 T005300 521190 074 U015300 57273 PAGE 46 074 U025300 2276 074 V015300 8.76 074 V025300 8.49 074 W005300 0 074 X005300 3753 074 Y005300 0 074 A005400 0 074 B005400 0 074 C005400 0 074 D005400 96687 074 E005400 0 074 F005400 0 074 G005400 0 074 H005400 0 074 I005400 11905 074 J005400 0 074 K005400 0 074 L005400 1081 074 M005400 2735 074 N005400 112408 074 O005400 1987 074 P005400 85 074 Q005400 0 074 R015400 0 074 R025400 0 074 R035400 0 074 R045400 160 074 S005400 0 074 T005400 110176 074 U015400 9959 074 U025400 1900 074 V015400 9.27 074 V025400 9.38 074 W005400 0 074 X005400 2231 074 Y005400 0 074 A006600 8 074 B006600 0 074 C006600 0 074 D006600 9317 074 E006600 0 074 F006600 0 074 G006600 0 074 H006600 0 074 I006600 2668 074 J006600 234 074 K006600 0 074 L006600 149 074 M006600 3091 074 N006600 15467 074 O006600 98 PAGE 47 074 P006600 0 074 Q006600 0 074 R016600 0 074 R026600 2519 074 R036600 0 074 R046600 44 074 S006600 0 074 T006600 12806 074 U016600 1313 074 U026600 0 074 V016600 9.76 074 W006600 0 074 X006600 277 074 Y006600 0 074 A006800 0 074 B006800 0 074 C006800 0 074 D006800 32102 074 E006800 0 074 F006800 0 074 G006800 0 074 H006800 0 074 I006800 749 074 J006800 0 074 K006800 0 074 L006800 452 074 M006800 6499 074 N006800 39802 074 O006800 2860 074 P006800 25 074 Q006800 0 074 R016800 0 074 R026800 0 074 R036800 0 074 R046800 3213 074 S006800 0 074 T006800 33704 074 U016800 2259 074 U026800 1498 074 V016800 8.93 074 V026800 9.03 074 W006800 0 074 X006800 1034 074 Y006800 0 074 A007100 202 074 B007100 0 074 C007100 0 074 D007100 0 074 E007100 0 074 F007100 37494 074 G007100 0 PAGE 48 074 H007100 0 074 I007100 20 074 J007100 67 074 K007100 0 074 L007100 42 074 M007100 9 074 N007100 37834 074 O007100 0 074 P007100 23 074 Q007100 0 074 R017100 0 074 R027100 0 074 R037100 0 074 R047100 42 074 S007100 0 074 T007100 37769 074 U017100 3683 074 U027100 0 074 V017100 10.26 074 W007100 0 074 X007100 267 074 Y007100 0 074 A007700 3 074 B007700 0 074 C007700 0 074 D007700 0 074 E007700 233 074 F007700 68947 074 G007700 0 074 H007700 0 074 I007700 3309 074 J007700 0 074 K007700 0 074 L007700 274 074 M007700 69717 074 N007700 142483 074 O007700 0 074 P007700 49 074 Q007700 0 074 R017700 0 074 R027700 69427 074 R037700 0 074 R047700 106 074 S007700 0 074 T007700 72901 074 U017700 6287 074 U027700 514 074 V017700 10.72 074 V027700 10.66 074 W007700 0 074 X007700 1303 PAGE 49 074 Y007700 0 074 A007800 0 074 B007800 0 074 C007800 8 074 D007800 0 074 E007800 18 074 F007800 1837 074 G007800 0 074 H007800 0 074 I007800 33 074 J007800 0 074 K007800 17 074 L007800 4 074 M007800 31 074 N007800 1948 074 O007800 0 074 P007800 9 074 Q007800 0 074 R017800 0 074 R027800 0 074 R037800 0 074 R047800 30 074 S007800 0 074 T007800 1909 074 U017800 155 074 U027800 4 074 V017800 12.00 074 V027800 11.96 074 W007800 0 074 X007800 14 074 Y007800 0 074 A008300 0 074 B008300 0 074 C008300 0 074 D008300 0 074 E008300 0 074 F008300 7708 074 G008300 102 074 H008300 0 074 I008300 6281 074 J008300 0 074 K008300 0 074 L008300 12 074 M008300 5268 074 N008300 19371 074 O008300 0 074 P008300 14 074 Q008300 0 074 R018300 0 074 R028300 5036 074 R038300 104 PAGE 50 074 R048300 29 074 S008300 0 074 T008300 14188 074 U018300 1293 074 U028300 0 074 V018300 10.97 074 W008300 0 074 X008300 4 074 Y008300 0 074 A008400 0 074 B008400 0 074 C008400 0 074 D008400 0 074 E008400 45 074 F008400 5653 074 G008400 0 074 H008400 0 074 I008400 400 074 J008400 40 074 K008400 33 074 L008400 94 074 M008400 34 074 N008400 6299 074 O008400 46 074 P008400 7 074 Q008400 0 074 R018400 0 074 R028400 0 074 R038400 0 074 R048400 31 074 S008400 0 074 T008400 6215 074 U018400 575 074 U028400 4 074 V018400 10.73 074 V028400 10.71 074 W008400 0 074 X008400 25 074 Y008400 0 075 B000700 76592 075 B001700 27648 075 B005300 795219 075 B005400 120071 075 B006600 14290 075 B006800 36223 075 B007100 35625 075 B007700 82714 075 B007800 1856 075 B008300 12983 075 B008400 5009 077 A000000 Y PAGE 51 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 Y 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 077 Q010000 N 077 Q020000 N 077 Q030000 N 078 000000 N 079 A000001 N 080 A00AA00 EVEREST NATIONAL INSURANCE COMPANY 080 C00AA00 3500 081 A00AA00 Y 081 B00AA00 49 082 A00AA00 Y 082 B00AA00 25 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N SIGNATURE KAREN SHAW TITLE TREASURER EX-99.77B ACCT LTTR 2 ex77babsolute.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of Absolute Strategies Fund
and Absolute Capital Opportunities Fund
 
 
In planning and performing our audits of the financial statements of Absolute Strategies Fund and Absolute Capital Opportunities Fund, each a series of shares of beneficial interest in the Forum Funds (the "Funds"), as of March 31, 2017, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of Absolute Strategies Fund and Absolute Capital Opportunities Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP


Philadelphia, Pennsylvania
May 25, 2017
 EX-99.77B ACCT LTTR 3 ex77badalta.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of Adalta International Fund


In planning and performing our audit of the financial statements of Adalta International Fund (formerly known as Beck, Mack & Oliver International Fund), a series of shares of beneficial interest in the Forum Funds (the "Fund"), as of March 31, 2017, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.
 
Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of Adalta International Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP


Philadelphia, Pennsylvania
May 24, 2017
 EX-99.77B ACCT LTTR 4 ex77bbmo.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of Beck, Mack & Oliver Partners Fund
 
 
In planning and performing our audit of the financial statements of Beck, Mack & Oliver Partners Fund, a series of shares of beneficial interest in the Forum Funds (the "Fund"), as of March 31, 2017, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of Beck, Mack & Oliver Partners Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP


Philadelphia, Pennsylvania
May 23, 2017
 EX-99.77B ACCT LTTR 5 ex77blmcg.htm
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of LMCG Global Market Neutral Fund,
LMCG Global MultiCap Fund, and LMCG International Small Cap Fund
 
 
In planning and performing our audits of the financial statements of LMCG Global Market Neutral Fund, LMCG Global MultiCap Fund, and LMCG International Small Cap Fund, each a series of shares of beneficial interest in the Forum Funds (the "Funds"), as of March 31, 2017, and for the year or period then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of LMCG Global Market Neutral Fund, LMCG Global MultiCap Fund, and LMCG International Small Cap Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP


Philadelphia, Pennsylvania
May 25, 2017
 EX-99.77B ACCT LTTR 6 ex77bmerk.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of Merk Hard Currency Fund
and Merk Absolute Return Currency Fund
 
 
In planning and performing our audits of the financial statements of Merk Hard Currency Fund and Merk Absolute Return Currency Fund, each a series of shares of beneficial interest in the Forum Funds (the "Funds"), as of March 31, 2017, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of Merk Hard Currency Fund and Merk Absolute Return Currency Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP


Philadelphia, Pennsylvania
May 24, 2017
 EX-99.77B ACCT LTTR 7 ex77bpayson.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Trustees of Forum Funds
and the Shareholders of Payson Total Return Fund
 
 
In planning and performing our audit of the financial statements of Payson Total Return Fund, a series of shares of beneficial interest in the Forum Funds (the "Fund"), as of March 31, 2017, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting.  Accordingly, we express no such opinion.
 
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").  A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of March 31, 2017.
 
This report is intended solely for the information and use of management, the shareholders of Payson Total Return Fund, the Board of Trustees of Forum Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
 
/s/ BBD, LLP
BBD, LLP


Philadelphia, Pennsylvania
May 22, 2017
 EX-99.77H CHNG CNTRL 8 ex77hlmcgglbmktntr.htm

                                SUB-ITEM 77(H)
                       CHANGES IN CONTROL OF REGISTRANT

In the month of October, 2016, the percentage of shares of the LMCG Global Market Neutral Fund (the "Fund") outstanding Shares registered to National Financial Services, LLC fell to 15.07% of the Fund's total outstanding shares and thus no longer controlled the Fund as of that date.