A. H.M. Payson & Co. is one of the oldest independent investment firms in the United States operating under its original name. Founded in 1854 by Portland businessman Henry Martyn Payson, the firm originally specialized in financing public water companies, and became nationally known as an underwriter of America’s growing infrastructure. Since that time, our role has evolved to meet the changing needs of the clients we serve. Today, investment advisory and trust services are our exclusive focus. To individuals and families, we offer comprehensive wealth management solutions; to institutions, we bring in‐depth management and investment policy guidance. Through the years, our steadfast commitment to the judicious stewardship of our clients’ assets has remained unchanged. A partnership until incorporated in 1987, the firm is currently owned by 8 individuals who serve as Managing Directors. As a non‐depository state‐chartered trust company and SEC Registered Investment Adviser, H.M. Payson & Co. (the Firm) provides investment advisory, trust and wealth management services to a wide variety of individuals, trusts, endowments, foundations and retirement plans. The majority of client assets are held with Reliance Trust Company of Atlanta, Georgia, a federally regulated trust company. The Firm also provides investment advisory services to clients who utilize qualified custodians other than Reliance Trust Company. B. We provide active management of equity and fixed income portfolios. We construct diversified portfolios with individual common stocks, including foreign companies trading as American Depository Receipts, mutual and exchange traded funds, individual bonds and other fixed income securities, and money market funds. For many accounts with market values generally less than $400,000, the Firm provides active management through a selection of mutual funds and exchange traded funds, with allocations designed to address one of several investment objectives. The allocations are actively managed by the Firm’s Research Department and portfolios are rebalanced regularly to reflect the Firm’s current investment outlook and highest conviction ideas. The Firm acts as an adviser to the Payson Total Return Fund (the “Fund”). The Fund is an open‐ end mutual fund offered as a series of Forum Funds Trust, a Delaware Trust registered with the SEC as an Investment Company. The Firm provides wealth management services to

its investment advisory and trust clients. These services include trust, tax, financial and estate planning. The Firm’s clients work closely with a single, dedicated portfolio manager. Portfolio managers develop an investment policy that recognizes a client’s unique circumstances, investment management objectives, and personal preferences. Clients may impose reasonable restrictions on their client accounts. C. Payson Choice: Payson Choice In October 2019, the Firm created Payson Choice, a client‐account service offering that combines the firm’s best investment thinking with industry leading technology. Payson Choice offers clients a dedicated service team and access to a unique suite of goals‐based planning tools that are designed to provide integrated and individualized investment advice. Payson Choice is well suited for investors at lower asset levels that are accumulating and consolidating assets toward specific goals. Payson Choice is an assumed name of the Firm and is not a separate legal entity. D. H.M. Payson Private Markets, LP: H.M. Payson Private Markets, LP H.M. Payson Private Markets, LP (the “Fund”) is a private, perpetual life, open‐ended, commingled investment fund being formed by H.M. Payson & Co. (collectively, with its affiliates, “H.M. Payson” and in its capacity as the investment advisor of the Fund, the “Investment Advisor”) for the purpose of investing primarily in global private equity and related investments for long‐term capital growth, generally through passive investments in underlying commingled investment funds sponsored or managed by third parties (“Portfolio Funds”). Collectively, the Portfolio Funds are expected to invest in a diverse portfolio of underlying investments in a wide array of markets, including non‐U.S. markets and certain Portfolio Funds that are “fund of funds” that will themselves invest in other investment vehicles. In addition, opportunistically, or for portfolio construction purposes, the Fund may include investments in other alternative assets, such as hedge funds, private credit, private real estate, and special situations. Generally, Portfolio Funds will be managed by high‐quality portfolio managers that are unaffiliated with the Fund or the Investment Advisor. E. As of December 31, 2023, the Firm managed approximately $7 billion of client assets. Of this amount, approximately $6.5 billion was under discretionary management, with the balance under non‐discretionary management.