# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000089
**Filing Date:** 2025-10
**Character Count:** 21694
**Document Hash:** 6cfbe991805c3d64e185ff7b1d739e9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000089.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0000315774-25-000089

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**PERIOD START**: 20260630

**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:** 251408709

**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

### DF Dent Midcap Growth Fund (Series ID: S000033130)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000102025 | Investor Shares           | DFDMX           |
| C000195205 | Institutional Shares      | DFMGX           |
| C000231957 | Institutional Plus Shares | DFMLX           |

## Nport-Ex

DF

DENT

GROWTH

FUNDS

DF

DENT

MIDCAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

SEPTEMBER

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

September

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

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.

Shares

Security

Description

Value

Common

Stock

-

96.5%

Consumer

Discretionary

-

1.4%

71,435

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) $

5,264,759

Financials

-

14.4%

57,226

Brown

&

Brown,

Inc.

5,367,226

131,186

Goosehead

Insurance,

Inc.,

Class A

(a) 9,762,862

26,104

Kinsale

Capital

Group,

Inc.

11,100,987

2,677

Markel

Group,

Inc.

(a) 5,116,711

17,377

Moody's

Corp.

8,279,793

20,759

Morningstar,

Inc.

4,816,296

14,584

MSCI,

Inc.

8,275,107

52,718,982

Health

Care

-

15.1%

231,959

Bio-Techne

Corp.

12,903,879

6,176

Mettler-Toledo

International,

Inc.

(a) 7,581,719

59,035

Repligen

Corp.

(a) 7,891,209

51,677

Veeva

Systems,

Inc.,

Class A

(a) 15,395,095

43,132

West

Pharmaceutical

Services,

Inc.

11,314,818

55,086,720

Industrials

-

24.7%

63,880

Booz

Allen

Hamilton

Holding

Corp.

6,384,806

169,657

Copart,

Inc.

(a) 7,629,475

78,489

HEICO

Corp.,

Class A

19,943,270

25,110

IDEX

Corp.

4,086,904

62,200

Old

Dominion

Freight

Line,

Inc.

8,756,516

42,496

SiteOne

Landscape

Supply,

Inc.

(a) 5,473,485

9,662

TransDigm

Group,

Inc.

(a) 12,734,709

143,261

Veralto

Corp.

15,273,055

56,558

Waste

Connections,

Inc.

9,942,897

90,225,117

Information

Technology

-

22.7%

53,089

Appfolio,

Inc.

(a) 14,634,514

40,215

Atlassian

Corp.,

Class A

(a) 6,422,336

25,143

Cadence

Design

Systems,

Inc.

(a) 8,831,730

65,308

Entegris,

Inc.

6,038,378

14,119

Guidewire

Software,

Inc.

(a) 3,245,393

30,982

Manhattan

Associates,

Inc.

(a) 6,350,690

82,955

Microchip

Technology,

Inc.

5,327,370

11,097

Monolithic

Power

Systems,

Inc.

10,216,342

58,987

PTC,

Inc.

(a) 11,975,541

19,521

Tyler

Technologies,

Inc.

(a) 10,212,606

83,254,900

Materials

-

10.4%

68,011

Ecolab,

Inc.

18,625,493

62,636

Vulcan

Materials

Co.

19,268,086

37,893,579

Shares

Security

Description

Value

Real

Estate

-

7.8%

83,395

CBRE

Group,

Inc.,

Class A

(a) $

13,139,716

183,996

CoStar

Group,

Inc.

(a) 15,523,743

28,663,459

Total

Common

Stock

(Cost

$237,198,745)

353,107,516

Money

Market

Fund

-

3.3%

12,193,469

First

American

Treasury

Obligations

Fund,

Class X,

4.01%

(b) (Cost

$12,193,469)

12,193,469

Investments,

at

value

-

99.8%

(Cost

$249,392,214)

$

365,300,985

Other

Assets

&

Liabilities,

Net

-

0.2%

685,740

Net

Assets

-

100.0%

$

365,986,725

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. 2

DF

DENT

GROWTH

FUNDS

DF

DENT

MIDCAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

SEPTEMBER

30,

2025

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

a

Money

Market

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

$

365,300,985

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

365,300,985

## 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:** DF DENT MIDCAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000033130

- **c. LEI of Series:** 2549007NXD389Z41SM07

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $366801480.37

**Total Liabilities:** $795837.48

**Net Assets:** $366005642.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102025 | 3.86%                | 0.48%                | -1.62%               |
| Class ID C000195205 | 3.89%                | 0.48%                | -1.61%               |
| Class ID C000231957 | 3.88%                | 0.51%                | -1.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7904540.48              | $6409948.68                                |
| Month 2  | $4931200.86              | $-3099044.61                               |
| Month 3  | $2236895.71              | $-8907986.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Appfolio Inc                   | Appfolio, Inc.                           | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     53089 | NS      | $14634513.74  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp.                          | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     40884 | NS      | $6529174.80   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp.                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    231959 | NS      | $12903879.17  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp.        | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     65080 | NS      | $6504746.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc              | Brown & Brown, Inc.                      | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     57907 | NS      | $5431097.53   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group, Inc.                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     84044 | NS      | $13241972.64  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems, Inc.             | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     25617 | NS      | $8998227.42   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart, Inc.                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    172864 | NS      | $7773694.08   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group, Inc.                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    185236 | NS      | $15628361.32  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab, Inc.                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     68011 | NS      | $18625492.46  | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris, Inc.                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     66598 | NS      | $6157651.08   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  12193469 | NS      | $12193468.51  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings, Inc.             | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     73305 | NS      | $5402578.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance, Inc.                | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |    133941 | NS      | $9967889.22   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software, Inc.                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     14119 | NS      | $3245393.34   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp.                              | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     76489 | NS      | $19435090.01  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp.                               | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     25595 | NS      | $4165842.20   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group, Inc.              | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     26104 | NS      | $11100987.04  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI, Inc.                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     14819 | NS      | $8408448.79   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates, Inc.               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     32122 | NS      | $6584367.56   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group, Inc.                       | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      2377 | NS      | $4543302.72   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I | Mettler-Toledo International, Inc.       | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      6383 | NS      | $7835834.63   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc       | Microchip Technology, Inc.               | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     85241 | NS      | $5474177.02   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems, Inc.           | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     11313 | NS      | $10415200.32  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp.                            | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     17377 | NS      | $8279792.96   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                | Morningstar, Inc.                        | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     21144 | NS      | $4905619.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line, Inc.          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     62200 | NS      | $8756516.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC, Inc.                                | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     55687 | NS      | $11305574.74  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp.                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     60537 | NS      | $8091980.79   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply, Inc.           | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     43508 | NS      | $5603830.40   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group, Inc.                    | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9662 | NS      | $12734709.24  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     19521 | NS      | $10212606.36  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems, Inc.                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     51677 | NS      | $15395095.07  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp.                            | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    143261 | NS      | $15273055.21  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co.                     | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     62824 | NS      | $19325918.88  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections, Inc.                  | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     56873 | NS      | $9998273.40   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services, Inc.       | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     43753 | NS      | $11477724.49  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer