BM&O Partners Fund

The goal of the Beck, Mack & Oliver Partners Fund is to deliver above-average risk adjusted
returns to our shareholders. The Fund invests with a longer term time horizon with the objective of capitalizing when a company’s share price does not reflect our estimate of its intrinsic economic worth. Through intensive fundamental research, we construct a diversified portfolio that provides attractive upside potential, while at the same time meets our goal of managing risk to protect our shareholders' investments.

The Fund was originally established in April 1991 as a commingled fund, and was converted into a mutual fund in December 2009. The BM&O Partners Fund is a series of the Forum Funds Trust, a registered, open-end management investment company under the Investment Company Act of 1940. Beck, Mack & Oliver LLC is the investment adviser to the Fund.

Since its inception, the Fund has provided its shareholders with strong risk-adjusted returns over volatile market cycles.

FUND FACT SHEET March 31, 2012 Fact Sheet PROSPECTUS Prospectus SAI FUND OVERVIEW 2Q - 2012 PROXY RECORD BMPEX 2010 Proxy Voting Record

XBRL 2011 BMPEX XBRL APPLICATIONS Standard Account Application IRA Account IRA Asset Transfer IRA Custodial Agreement