# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-25-172574
**Filing Date:** 2025-7
**Character Count:** 41059
**Document Hash:** 57a5580e50733eb1e99dea585989da6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-172574.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001752724-25-172574

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**PERIOD START**: 20250831

**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:** 251134720

**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

### MAI Managed Volatility Fund (Series ID: S000029851)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000091784 | Institutional | MAIPX           |
| C000091785 | Investor      | DIVPX           |

## 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:** MAI MANAGED VOLATILITY FUND

- **b. EDGAR series identifier (if any):** S000029851

- **c. LEI of Series:** 254900D8VW9313JUBF29

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $212212401.94

**Total Liabilities:** $2204376.75

**Net Assets:** $210008025.19

**Cash Not Reported:** $3725120.10

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091784 | -2.47%               | -1.00%               | 3.90%                |
| Class ID C000091785 | -2.50%               | -1.07%               | 3.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-6441030.43                               |
| Month 2  | $13225.50                | $-2455700.59                               |
| Month 3  | $1693542.53              | $6226842.81                                |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5017773.45   | 2.39%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                          | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27517 | NS      | $1734671.68   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                         | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4919 | NS      | $1090345.54   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                    | The Procter & Gamble Co.                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4882 | NS      | $829402.98    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                            | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      8894 | NS      | $293946.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17265 | NS      | $1704400.80   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                 | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12466 | NS      | $1380360.18   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 43W992E32<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-1925.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                         | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     33945 | NS      | $2397874.80   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                        | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2696 | NS      | $257063.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 58999TEY9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -20 | NC      | $-222000.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc             | Air Products and Chemicals, Inc.           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      2318 | NS      | $646513.38    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     10745 | NS      | $891620.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                              | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11965 | NS      | $901203.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway, Inc.                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4184 | NS      | $2108568.64   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -25 | NC      | $-239750.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                        | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     15837 | NS      | $2115506.46   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                  | Amgen, Inc.                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5564 | NS      | $1603433.52   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     49240 | NS      | $6653801.20   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                  | Palantir Technologies, Inc.                | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       556 | NS      | $73269.68     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                            | Weyerhaeuser Co.                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     25155 | NS      | $651766.05    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                   | Super Micro Computer, Inc.                 | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2890 | NS      | $115657.80    | 0.06%             |  |  |  | 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        |  30619905 | NS      | $30619904.79  | 14.58%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-150075.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                  | Chubb, Ltd.                                | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      7060 | NS      | $2098232.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19736 | NS      | $9085664.96   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 594998A30<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-9750.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                 | U.S. Bancorp                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     13795 | NS      | $601324.05    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CHL8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7501172.78   | 3.57%             | 2025-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-3050.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                  | Occidental Petroleum Corp.                 | CUSIP: 674599162<br>LEI: IM7X0T3ECJW4C1T7ON55 | N/A              | DE               | CORP              | US        |       415 | NC      | $8063.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                 | Mondelez International, Inc.               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     11646 | NS      | $785988.54    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                | Viatris, Inc.                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      2585 | NS      | $22722.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                          | Kinder Morgan, Inc.                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     48133 | NS      | $1349649.32   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-230700.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                           | Wells Fargo & Co.                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     19495 | NS      | $1457836.10   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-29200.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12857 | NS      | $3394248.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10060576.70  | 4.79%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                             | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6765 | NS      | $519822.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                             | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22360 | NS      | $4584023.60   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources, Inc.                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4761 | NS      | $516901.77    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                               | Fortinet, Inc.                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4805 | NS      | $489052.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                             | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2444 | NS      | $2471103.96   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                            | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2814 | NS      | $883173.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp.                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4159 | NS      | $568535.30    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                 | Diageo PLC                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      5376 | NS      | $586091.52    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                  | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      5000 | NS      | $1732300.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                         | Meta Platforms, Inc.                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7289 | NS      | $4719554.61   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-33350.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Organon & Co                               | Organon & Co.                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |       676 | NS      | $6232.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                         | The Walt Disney Co.                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10041 | NS      | $1135034.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                 | Pfizer, Inc.                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     20839 | NS      | $489508.11    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 59299RMB9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-42425.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-165750.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                        | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3465 | NS      | $743762.25    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                 | Anheuser-Busch InBev SA/NV                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      5660 | NS      | $398973.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                      | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1270 | NS      | $1321028.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 43W992FL1<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-3025.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                                   | Visa, Inc.                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14260 | NS      | $5207609.40   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                   | NIKE, Inc.                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10544 | NS      | $638860.96    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                   | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     25593 | NS      | $711485.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                        | Carrier Global Corp.                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      5392 | NS      | $383910.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                              | U.S. Treasury Bill                         | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9890072.20   | 4.71%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                               | Comcast Corp.                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     29802 | NS      | $1030255.14   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5016601.55   | 2.39%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                               | Alphabet, Inc.                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28660 | NS      | $4922068.40   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                     | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3911 | NS      | $1180770.01   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                | PepsiCo., Inc.                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2968 | NS      | $390143.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                    | Marathon Petroleum Corp.                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      5807 | NS      | $933417.18    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                  | Warner Bros Discovery, Inc.                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8296 | NS      | $82711.12     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                 | Intel Corp.                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     15389 | NS      | $300854.95    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7329 | NS      | $749756.70    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 594998BS4<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-10150.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-7500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                  | Occidental Petroleum Corp.                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      3323 | NS      | $135511.94    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9531 | NS      | $610365.24    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7509960.90   | 3.58%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-197250.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                    | The Charles Schwab Corp.                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     12732 | NS      | $1124744.88   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                  | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40860 | NS      | $8206731.00   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co.                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11136 | NS      | $537646.08    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 43W992EH1<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-29025.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-125450.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp                                   | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14637 | NS      | $1997657.76   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     50272 | NS      | $2218503.36   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                               | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12656 | NS      | $1837651.20   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                 | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9442 | NS      | $1757250.62   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 43W992HK1<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-3200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                               | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     26470 | NS      | $6407592.90   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-3750.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                                 | Intuit, Inc.                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2669 | NS      | $2011011.43   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      9007 | NS      | $2041616.69   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-117375.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Boeing Co/The                              | The Boeing Co.                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3529 | NS      | $731632.28    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     23281 | NS      | $3853703.93   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                  | United Parcel Service, Inc.                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7679 | NS      | $749009.66    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4565 | NS      | $708533.65    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 57Q99V519<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-131925.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                            | U.S. Treasury Inflation Indexed Bonds      | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5104154.57   | 2.43%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                           | Altria Group, Inc.                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5127 | NS      | $310747.47    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                              | U.S. Treasury Bill                         | CUSIP: 912797LN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1997641.30   | 0.95%             | 2025-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 43W992E65<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-10200.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                         | The Home Depot, Inc.                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10011 | NS      | $3686951.19   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-111900.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc                                | MetLife, Inc.                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     14790 | NS      | $1162198.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX                         | CUSIP: 57199JM89<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-126450.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2999414.40   | 1.43%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-18

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer