# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000033
**Filing Date:** 2026-2
**Character Count:** 17360
**Document Hash:** f7c1bb6301d6a469e1f8ab703ab73d7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000033.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0000315774-26-000033

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**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:** 26624103

**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

### Beck, Mack & Oliver Partners Fund (Series ID: S000026940)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000081163 | Beck, Mack & Oliver Partners Fund | BMPEX           |

## Nport-Ex

Beck

Mack

+

Oliver

Partners

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

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

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

includes

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

99.0%

Communication

Services

-

9.4%

20,000

Alphabet,

Inc.,

Class C

$

6,276,000

6,000

Amazon.com,

Inc.

(a) 1,384,920

7,660,920

Consumer

Discretionary

-

8.1%

12,000

Hilton

Worldwide

Holdings,

Inc.

3,447,000

35,000

Somnigroup

International,

Inc.

3,124,800

6,571,800

Energy

-

0.8%

20,000

Enterprise

Products

Partners

LP

641,200

Financials

-

32.5%

43,000

Apollo

Global

Management,

Inc.

6,224,680

16,000

Arthur

J

Gallagher

&

Co.

4,140,640

37,000

Blackstone,

Inc.,

Class A

5,703,180

6,000

Credit

Acceptance

Corp.

(a) 2,660,760

8,000

JPMorgan

Chase

&

Co.

2,577,760

2,700

Mastercard,

Inc.,

Class A

1,541,376

35,000

The

Charles

Schwab

Corp.

3,496,850

26,345,246

Health

Care

-

19.4%

17,000

Abbott

Laboratories

2,129,930

115,000

Fortrea

Holdings,

Inc.

(a) 1,983,750

10,000

Labcorp

Holdings,

Inc.

2,508,800

80,000

RadNet,

Inc.

(a) 5,708,000

9,000

Waters

Corp.

(a) 3,418,470

15,748,950

Industrials

-

17.4%

60,000

Ashtead

Group

PLC

4,095,000

17,000

Ferguson

Enterprises,

Inc.

3,784,710

47,000

Rush

Enterprises,

Inc.,

Class A

2,535,180

80,000

Zurn

Elkay

Water

Solutions

Corp.

3,719,200

14,134,090

Information

Technology

-

11.4%

35,000

CoStar

Group,

Inc.

(a) 2,353,400

10,500

Microsoft

Corp.

5,078,010

4,000

Roper

Technologies,

Inc.

1,780,520

9,211,930

Total

Common

Stock

(Cost

$37,755,755)

80,314,136

Shares

Security

Description

Value

Money

Market

Fund

-

1.1%

907,264

First

American

Government

Obligations

Fund,

Class X,

3.68%

(b) (Cost

$907,264)

907,264

Investments,

at

value

-

100.1%

(Cost

$38,663,019)

$

81,221,400

Other

Assets

&

Liabilities,

Net

-

(0.1)%

(45,677)

Net

Assets

-

100.0%

$

81,175,723

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

81,221,400

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

81,221,400

Beck

Mack

+

Oliver

Partners

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2025

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.

## 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:** BECK, MACK & OLIVER PARTNERS FUND

- **b. EDGAR series identifier (if any):** S000026940

- **c. LEI of Series:** 254900Z210617QKAO395

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $81257855.67

**Total Liabilities:** $82132.32

**Net Assets:** $81175723.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081163 | -4.26%               | 4.12%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-678247.35              | $-2694342.15                               |
| Month 2  | $-353688.80              | $3503717.70                                |
| Month 3  | $0.00                    | $-128423.77                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories                        | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     17000 | NS      | $2129930.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                               | Alphabet, Inc.                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20000 | NS      | $6276000.00   | 7.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                             | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      6000 | NS      | $1384920.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc               | Apollo Global Management, Inc.             | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43000 | NS      | $6224680.00   | 7.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                             | Blackstone, Inc.                           | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     37000 | NS      | $5703180.00   | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                           | CoStar Group, Inc.                         | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     35000 | NS      | $2353400.00   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                     | Credit Acceptance Corp.                    | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $2660760.00   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L             | Enterprise Products Partners LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |     20000 | NS      | $641200.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                   | Ferguson Enterprises, Inc.                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     17000 | NS      | $3784710.00   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    907264 | NS      | $907263.70    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc                       | Fortrea Holdings, Inc.                     | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |    115000 | NS      | $1983750.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                    | Arthur J Gallagher & Co.                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     16000 | NS      | $4140640.00   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc              | Hilton Worldwide Holdings, Inc.            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     12000 | NS      | $3447000.00   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      8000 | NS      | $2577760.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                       | Labcorp Holdings, Inc.                     | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $2508800.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                             | Mastercard, Inc.                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2700 | NS      | $1541376.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10500 | NS      | $5078010.00   | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                 | RadNet, Inc.                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     80000 | NS      | $5708000.00   | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                     | Roper Technologies, Inc.                   | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      4000 | NS      | $1780520.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                       | Rush Enterprises, Inc.                     | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     47000 | NS      | $2535180.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                    | The Charles Schwab Corp.                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     35000 | NS      | $3496850.00   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc               | Somnigroup International, Inc.             | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     35000 | NS      | $3124800.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                | Waters Corp.                               | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      9000 | NS      | $3418470.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor             | Zurn Elkay Water Solutions Corp.           | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     80000 | NS      | $3719200.00   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC                          | Ashtead Group PLC                          | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     60000 | NS      | $4095000.00   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-10

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer