# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-25-195950
**Filing Date:** 2025-8
**Character Count:** 19338
**Document Hash:** fd40b03226c2cf56c483e0108eabf485
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195950.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-195950

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 251238953

**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

## Series and Classes Contracts Data

### Payson Total Return Fund (Series ID: S000004544)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000012453 | Payson Total Return Fund | PBFDX           |

## Nport-Ex

#### Payson

#### Total

#### Return

#### Fund
SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

June

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

2025. The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

–

quoted

prices

in

active

markets

for

identical

assets

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

#### Shares

#### Security

#### Description

#### Value

#### Common

#### Stock

#### -

#### 95.1%

#### Consumer

#### Discretionary

#### -

#### 10.0%
75,280

Amazon.com,

Inc.(a)

$

16,515,679

2,045

AutoZone,

Inc.(a)

7,591,510

18,406

The

Home

Depot,

Inc.

6,748,376

30,855,565

#### Consumer

#### Staples

#### -

#### 1.4%
10,325

Thermo

Fisher

Scientific,

Inc.

4,186,375

#### Energy

#### -

#### 3.3%
47,829

Chevron

Corp.

6,848,634

20,680

Marathon

Petroleum

Corp.

3,435,155

10,283,789

#### Financials

#### -

#### 10.7%
41,233

JPMorgan

Chase

&

Co.

11,953,859

15,853

Mastercard,

Inc.,

Class A

8,908,435

33,616

Visa,

Inc.,

Class A

11,935,361

32,797,655

#### Health

#### Care

#### -

#### 6.1%
43,035

AbbVie,

Inc.

7,988,157

13,948

Amgen,

Inc.

3,894,421

13,740

Danaher

Corp.

2,714,199

59,800

Novo

Nordisk

A/S,

ADR

4,127,396

18,724,173

#### Industrials

#### -

#### 14.2%
41,214

AMETEK,

Inc.

7,458,085

11,590

Caterpillar,

Inc.

4,499,354

13,279

Deere

&

Co.

6,752,239

27,535

Dover

Corp.

5,045,238

12,363

Hubbell,

Inc.

5,049,173

36,948

L3Harris

Technologies,

Inc.

9,268,036

74,578

nVent

Electric

PLC

5,462,839

43,534,964

#### Information

#### Technology

#### -

#### 49.4%
22,822

Accenture

PLC,

Class A

6,821,268

99,000

Alphabet,

Inc.,

Class A

17,446,770

86,226

Apple,

Inc.

17,690,988

8,479

ASML

Holding

NV

6,794,986

#### Shares

#### Security

#### Description

#### Value

#### Information

#### Technology

#### -

#### 49.4%
(continued)

95,090

Broadcom,

Inc.

$

26,211,558

25,830

CDW

Corp.

4,612,980

17,500

Fiserv,

Inc.(a)

3,017,175

92,270

Lam

Research

Corp.

8,981,562

26,780

Meta

Platforms,

Inc.,

Class A

19,766,050

36,630

Microsoft

Corp.

18,220,128

139,500

NVIDIA

Corp.

22,039,605

151,603,070

Total

Common

Stock

(Cost

$157,273,741)

#### 291,985,591

#### Shares

#### Security

#### Description

#### Value

#### Exchange

#### Traded

#### Fund

#### -

#### 4.2%
177,000

SPDR

Portfolio

S&P

500

ETF

(Cost

$11,500,557)

12,866,130

#### Investments,

#### at

#### value

#### -

#### 99.3%

#### (Cost

#### $168,774,298)

#### $

#### 304,851,721

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### -

#### 0.7%

#### 2,248,861

#### Net

#### Assets

#### -

#### 100.0%

#### $

#### 307,100,582
ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

PLC

Public

Limited

Company

(a) Non-income

producing

security.

#### Payson

#### Total

#### Return

#### Fund
SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

June

30,

2025

as

Level

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

the

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

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

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

an

Exchange

Traded

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND'S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND'S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND.

#### Valuation

#### Inputs

#### Investments

#### in

#### Securities
Level

-

Quoted

Prices

$

304,851,721

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

#### Total

#### $

#### 304,851,721

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FORUM FUNDS

- **b. Investment Company Act file number:** 811-03023

- **c. CIK number of Registrant:** 0000315774

- **d. LEI of Registrant:** 549300LXYEU14CHGAO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** PAYSON TOTAL RETURN FUND

- **b. EDGAR series identifier (if any):** S000004544

- **c. LEI of Series:** 254900LUPPT0VOZOOB60

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $307570694.70

**Total Liabilities:** $470112.67

**Net Assets:** $307100582.03

**Cash Not Reported:** $2612290.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012453 | -1.19%               | 8.37%                | 5.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1194706.92             | $-2019984.22                               |
| Month 2  | $-232234.96              | $22897115.19                               |
| Month 3  | $-498403.61              | $17336109.59                               |

### Schedule of Portfolio Investments

| Name                         | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                   | AbbVie, Inc.                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     43035 | NS      | $7988156.70   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                 | Alphabet, Inc.                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     99000 | NS      | $17446770.00  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc               | Amazon.com, Inc.               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     75280 | NS      | $16515679.20  | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                   | AMETEK, Inc.                   | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     41214 | NS      | $7458085.44   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                    | Amgen, Inc.                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     13948 | NS      | $3894421.08   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                    | Apple, Inc.                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     86226 | NS      | $17690988.42  | 5.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                 | AutoZone, Inc.                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2045 | NS      | $7591510.35   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                 | Broadcom, Inc.                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     95090 | NS      | $26211558.50  | 8.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                  | CDW Corp.                      | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     25830 | NS      | $4612979.70   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc              | Caterpillar, Inc.              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     11590 | NS      | $4499353.90   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                 | Chevron Corp.                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47829 | NS      | $6848634.51   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                 | Danaher Corp.                  | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     13740 | NS      | $2714199.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                   | Deere & Co.                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     13279 | NS      | $6752238.71   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                   | Dover Corp.                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |     27535 | NS      | $5045238.05   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc           | Meta Platforms, Inc.           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     26780 | NS      | $19766050.20  | 6.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                   | Fiserv, Inc.                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     17500 | NS      | $3017175.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The           | The Home Depot, Inc.           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     18406 | NS      | $6748375.84   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                  | Hubbell, Inc.                  | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |     12363 | NS      | $5049172.83   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co          | JPMorgan Chase & Co.           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     41233 | NS      | $11953859.03  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc    | L3Harris Technologies, Inc.    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     36948 | NS      | $9268036.32   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp            | Lam Research Corp.             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     92270 | NS      | $8981561.80   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp      | Marathon Petroleum Corp.       | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     20680 | NS      | $3435154.80   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc               | Mastercard, Inc.               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     15853 | NS      | $8908434.82   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp               | Microsoft Corp.                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     36630 | NS      | $18220128.30  | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S             | Novo Nordisk A/S               | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     59800 | NS      | $4127396.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                  | NVIDIA Corp.                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    139500 | NS      | $22039605.00  | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 ETF   | SPDR Portfolio S&P 500 ETF     | CUSIP: 78464A854<br>LEI: 5493004K4F0RL72RIJ47 | Long             | EC               | RF                | US        |    177000 | NS      | $12866130.00  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc | Thermo Fisher Scientific, Inc. | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     10325 | NS      | $4186374.50   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     33616 | NS      | $11935360.80  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                | Accenture PLC                  | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     22822 | NS      | $6821267.58   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC           | nVent Electric PLC             | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     74578 | NS      | $5462838.50   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV              | ASML Holding NV                | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      8479 | NS      | $6794985.81   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer