# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000108
**Filing Date:** 2025-10
**Character Count:** 43014
**Document Hash:** 92722720c8cbb4ceeeea1e7e1078de8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000108.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000315774-25-000108

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251231

**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:** 251422267

**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

### Polaris Global Value Fund (Series ID: S000004556)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012470 | Polaris Global Value Fund | PGVFX           |

## Nport-Ex

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

SEPTEMBER

30,

2025

Shares

Security

Description

Value

Common

Stock

-

97.1%

Belgium

-

0.5%

13,500

D'ieteren

Group

$

2,523,270

Canada

-

2.4%

231,000

Lundin

Mining

Corp.

3,445,829

84,283

Magna

International,

Inc.

3,993,405

99,237

Methanex

Corp.

3,945,378

11,384,612

Chile

-

0.7%

132,350,500

Latam

Airlines

Group

SA

3,007,872

China

-

1.4%

332,700

Vipshop

Holdings,

Ltd.,

ADR

6,534,228

France

-

7.3%

33,200

Capgemini

SE

4,815,791

153,100

Cie

Generale

des

Etablissements

Michelin

SCA

5,489,478

39,907

IPSOS

SA

1,773,849

56,776

Publicis

Groupe

SA

5,444,617

86,582

Teleperformance

SE

6,438,616

77,200

TotalEnergies

SE

4,688,637

39,553

Vinci

SA

5,477,271

34,128,259

Germany

-

5.8%

135,400

Daimler

Truck

Holding

AG

5,567,005

118,200

Deutsche

Post

AG

5,265,040

131,979

Deutsche

Telekom

AG

4,495,100

19,200

Hannover

Rueck

SE

5,784,219

9,300

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class R

5,933,206

27,044,570

Ireland

-

2.8%

1,036,300

Greencore

Group

PLC

3,184,649

33,900

Jazz

Pharmaceuticals

PLC

(a) 4,468,020

126,652

Smurfit

WestRock

PLC

5,391,575

13,044,244

Italy

-

2.1%

300,400

Eni

SpA

5,243,012

6,771,180

TREVI

-

Finanziaria

Industriale

SpA

(a) 4,284,893

9,527,905

Japan

-

10.0%

355,100

Daicel

Corp.

3,240,406

119,000

ITOCHU

Corp.

6,780,228

290,200

KDDI

Corp.

4,632,093

61,500

Macnica

Holdings,

Inc.

853,768

283,700

Marubeni

Corp.

7,094,178

396,000

Mitsubishi

UFJ

Financial

Group,

Inc.

6,410,549

Shares

Security

Description

Value

Japan

-

10.0%

(continued)

221,400

ORIX

Corp.

$

5,811,778

224,000

Sony

Financial

Group,

Inc.

(a) 248,409

224,000

Sony

Group

Corp.

6,451,067

172,200

Takeda

Pharmaceutical

Co.,

Ltd.

5,024,465

46,546,941

Netherlands

-

1.4%

164,200

Koninklijke

Ahold

Delhaize

NV

6,641,241

Norway

-

3.5%

202,596

DNB

Bank

ASA

5,511,753

166,137

SpareBank

Sor-Norge

ASA

2,959,969

158,654

Sparebanken

Norge

2,788,811

135,700

Yara

International

ASA

4,957,761

16,218,294

Puerto

Rico

-

1.7%

61,300

Popular,

Inc.

7,785,713

Russia

-

0.0%

3,148,600

Alrosa

PJSC

(b) 380

Singapore

-

1.1%

195,650

United

Overseas

Bank,

Ltd.

5,244,837

South

Korea

-

7.4%

49,700

F&F

Co.,

Ltd./New

2,221,011

12,400

HD

Hyundai

Electric

Co.,

Ltd.

5,143,651

61,100

Kia

Corp.

4,385,282

133,758

Samsung

Electronics

Co.,

Ltd.

7,998,501

142,000

Shinhan

Financial

Group

Co.,

Ltd.

7,165,532

30,800

SK

Hynix,

Inc.

7,628,381

34,542,358

Spain

-

1.9%

232,500

Bankinter

SA

3,659,120

167,600

Endesa

SA

5,354,136

9,013,256

Sweden

-

2.5%

145,300

Duni

AB,

Class A

1,507,883

100,203

Loomis

AB

4,274,465

240,300

SKF

AB,

Class B

5,952,366

11,734,714

Switzerland

-

4.7%

7,403

Barry

Callebaut

AG

10,136,637

20,544

Chubb,

Ltd.

5,798,544

47,600

Novartis

AG

5,986,699

21,921,880

United

Kingdom

-

5.8%

308,158

Inchcape

PLC

2,870,008

1,411,400

International

Consolidated

Airlines

Group

SA

7,328,916

11,113

Linde

PLC

5,278,675

Polaris

Global

Value

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.

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.

Shares

Security

Description

Value

United

Kingdom

-

5.8%

(continued)

40,528

Next

PLC

$

6,745,128

346,600

Nomad

Foods,

Ltd.

4,557,790

26,780,517

United

States

-

34.1%

26,251

AbbVie,

Inc.

6,078,157

53,700

Allison

Transmission

Holdings,

Inc.

4,558,056

49,500

Arrow

Electronics,

Inc.

(a) 5,989,500

25,970

Capital

One

Financial

Corp.

5,520,703

41,800

Cullen/Frost

Bankers,

Inc.

5,298,986

92,200

CVS

Health

Corp.

6,950,958

15,500

Elevance

Health,

Inc.

5,008,360

114,600

Gaming

and

Leisure

Properties,

Inc.

REIT

5,341,506

21,067

General

Dynamics

Corp.

7,183,847

63,000

Gilead

Sciences,

Inc.

6,993,000

42,200

Ingredion,

Inc.

5,153,042

94,563

International

Bancshares

Corp.

6,501,206

23,323

JPMorgan

Chase

&

Co.

7,356,774

111,700

Lantheus

Holdings,

Inc.

(a) 5,729,093

43,100

LKQ

Corp.

1,316,274

25,800

M&T

Bank

Corp.

5,098,596

36,282

Marathon

Petroleum

Corp.

6,992,993

59,300

MKS,

Inc.

7,339,561

72,379

NextEra

Energy,

Inc.

5,463,894

351,529

Sally

Beauty

Holdings,

Inc.

(a) 5,722,892

228,700

SLM

Corp.

6,330,416

121,300

The

Carlyle

Group,

Inc.

7,605,510

87,800

Tyson

Foods,

Inc.,

Class A

4,767,540

23,600

United

Therapeutics

Corp.

(a) 9,893,356

6,368

UnitedHealth

Group,

Inc.

2,198,870

106,738

Webster

Financial

Corp.

6,344,507

92,400

Williams

Cos.,

Inc.

5,853,540

158,591,137

Total

Common

Stock

(Cost

$304,862,942)

452,216,228

Money

Market

Fund

-

2.3%

10,818,266

Northern

Institutional

Treasury

Portfolio

Premier

Shares,

3.94%

(c) (Cost

$10,818,266)

10,818,266

Investments,

at

value

-

99.4%

(Cost

$315,681,208)

$

463,034,494

Other

Assets

&

Liabilities,

Net

-

0.6%

2,570,118

Net

Assets

-

100.0%

$

465,604,612

ADR

American

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Non-income

producing

security.

(b) Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$380

or

0.0%

of

net

assets.

(c) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

SEPTEMBER

30,

2025

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

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.

Level

Level

Level

Total

Investments

at

Value

Common

Stock

Belgium

$

2,523,270

$

–

$

–

$

2,523,270

Canada

11,384,612

–

–

11,384,612

Chile

3,007,872

–

–

3,007,872

China

6,534,228

–

–

6,534,228

France

34,128,259

–

–

34,128,259

Germany

27,044,570

–

–

27,044,570

Ireland

13,044,244

–

–

13,044,244

Italy

9,527,905

–

–

9,527,905

Japan

46,546,941

–

–

46,546,941

Netherlands

6,641,241

–

–

6,641,241

Norway

16,218,294

–

–

16,218,294

Puerto

Rico

7,785,713

–

–

7,785,713

Russia

–

–

Singapore

5,244,837

–

–

5,244,837

South

Korea

34,542,358

–

–

34,542,358

Spain

9,013,256

–

–

9,013,256

Sweden

11,734,714

–

–

11,734,714

Switzerland

21,921,880

–

–

21,921,880

United

Kingdom

26,780,517

–

–

26,780,517

United

States

158,591,137

–

–

158,591,137

Money

Market

Fund

10,818,266

–

–

10,818,266

Investments

at

Value

$

463,034,114

$

–

$

$

463,034,494

Common

Stock

Balance

as

of

12/31/24

$

Change

in

Unrealized

Appreciation/(Depreciation)

Balance

as

of

09/30/25

$

Net

change

in

unrealized

depreciation

from

investments

held

as

of

09/30/25

$

## 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:** POLARIS GLOBAL VALUE FUND

- **b. EDGAR series identifier (if any):** S000004556

- **c. LEI of Series:** 2549002E4OIL39FNOB74

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

- **a. Date of fiscal year-end:** 2025-12-31

- **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:** $466036830.04

**Total Liabilities:** $423992.72

**Net Assets:** $465612837.32

**Cash Not Reported:** $2719230.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012470 | -1.60%               | 4.86%                | 1.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2440648.08              | $-10015843.13                              |
| Month 2  | $1504401.45              | $19264748.96                               |
| Month 3  | $785911.37               | $6274660.00                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                     | AbbVie, Inc.                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     26251 | NS      | $6078156.54   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings, Inc.                       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     53700 | NS      | $4558056.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     15500 | NS      | $5008360.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencore Group PLC            | Greencore Group PLC                                       | CUSIP: N/A<br>LEI: 635400GGBEWULJXM5868       | Long             | EC               | CORP              | IE        |   1036300 | NS      | $3184648.65   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     49500 | NS      | $5989500.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     92200 | NS      | $6950958.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     25970 | NS      | $5520702.60   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The          | The Carlyle Group, Inc.                                   | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    121300 | NS      | $7605510.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     41800 | NS      | $5298986.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Latam Airlines Group SA        | Latam Airlines Group SA                                   | CUSIP: N/A<br>LEI: 549300HX3UUDPEFTG707       | Long             | EC               | CORP              | CL        | 132350500 | NS      | $3007872.05   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International, Inc.                                 | CUSIP: N/A<br>LEI: 95RWVLFZX6VGDZNNTN43       | Long             | EC               | CORP              | CA        |     84283 | NS      | $3993404.48   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                  | Methanex Corp.                                            | CUSIP: N/A<br>LEI: 549300TSJHRXT9QXRD13       | Long             | EC               | CORP              | CA        |     99237 | NS      | $3945378.47   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp.                                       | CUSIP: N/A<br>LEI: 549300FQDIM6C8HTN269       | Long             | EC               | CORP              | CA        |    231000 | NS      | $3445828.84   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                                  | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     40528 | NS      | $6745128.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                       | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    114600 | NS      | $5341506.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     21067 | NS      | $7183847.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     63000 | NS      | $6993000.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                              | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     33200 | NS      | $4815791.45   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: N/A<br>LEI: 549300DV5KJ23OKVTW34       | Long             | EC               | CORP              | BE        |     13500 | NS      | $2523269.68   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                        | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     56776 | NS      | $5444617.31   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     19200 | NS      | $5784218.88   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion, Inc.                                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     42200 | NS      | $5153042.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp.                            | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     94563 | NS      | $6501206.25   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    118200 | NS      | $5265039.59   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     23323 | NS      | $7356773.89   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebanken Norge              | Sparebanken Norge                                         | CUSIP: N/A<br>LEI: 213800M7T3CYVZ3ZRT12       | Long             | EC               | CORP              | NO        |    158654 | NS      | $2788811.59   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp.                                                 | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     43100 | NS      | $1316274.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings, Inc.                                   | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    111700 | NS      | $5729093.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                      | Endesa SA                                                 | CUSIP: N/A<br>LEI: 549300LHK07F2CHV4X31       | Long             | EC               | CORP              | ES        |    167600 | NS      | $5354135.95   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      9300 | NS      | $5933205.91   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                              | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |    232500 | NS      | $3659119.67   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Barry Callebaut AG             | Barry Callebaut AG                                        | CUSIP: N/A<br>LEI: 213800Y5RWKLDPUTT265       | Long             | EC               | CORP              | CH        |      7403 | NS      | $10136637.15  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     25800 | NS      | $5098596.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS, Inc.                                                 | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     59300 | NS      | $7339561.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     36282 | NS      | $6992992.68   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    131979 | NS      | $4495100.44   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                                        | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     86582 | NS      | $6438615.79   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    290200 | NS      | $4632093.18   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp                    | Daicel Corp.                                              | CUSIP: N/A<br>LEI: 353800ZG4XF6D7NZGS72       | Long             | EC               | CORP              | JP        |    355100 | NS      | $3240406.06   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group, Inc.                      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    396000 | NS      | $6410548.74   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co., Ltd.                         | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    142000 | NS      | $7165532.23   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix, Inc.                                            | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     30800 | NS      | $7628381.03   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp.                                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    119000 | NS      | $6780227.88   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp.                                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     61100 | NS      | $4385282.06   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     72379 | NS      | $5463894.48   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp.                                            | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    283700 | NS      | $7094178.58   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Northern Institutional Treasury Portfolio Premier Shares  | CUSIP: 665279873<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8122862 | NS      | $8122862.27   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp.                                                | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |    221400 | NS      | $5811778.07   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co., Ltd.                             | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    133758 | NS      | $7998500.55   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    224000 | NS      | $6451066.71   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co., Ltd.                           | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |    172200 | NS      | $5024464.96   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank, Ltd.                                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    195650 | NS      | $5244836.62   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                               | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     47600 | NS      | $5986699.33   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    300400 | NS      | $5243012.52   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                             | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     61300 | NS      | $7785713.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA         | Yara International ASA                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |    135700 | NS      | $4957760.62   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp.                                                 | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228700 | NS      | $6330416.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                               | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |    351529 | NS      | $5722892.12   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     87800 | NS      | $4767540.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                                 | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     23600 | NS      | $9893356.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6368 | NS      | $2198870.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd           | Vipshop Holdings, Ltd.                                    | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |    332700 | NS      | $6534228.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    106738 | NS      | $6344506.72   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos., Inc.                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     92400 | NS      | $5853540.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Duni AB                        | Duni AB                                                   | CUSIP: N/A<br>LEI: 549300MWQEN1427O5L53       | Long             | EC               | CORP              | SE        |    145300 | NS      | $1507882.61   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     77200 | NS      | $4688637.07   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS SA                       | IPSOS SA                                                  | CUSIP: N/A<br>LEI: 9695002OY2X35E9X8W87       | Long             | EC               | CORP              | FR        |     39907 | NS      | $1773848.51   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                         | SKF AB                                                    | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |    240300 | NS      | $5952366.59   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     39553 | NS      | $5477270.79   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc       | Sony Financial Group, Inc.                                | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    224000 | NS      | $248409.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank 1 Sor-Norge ASA      | SpareBank 1 Sor-Norge ASA                                 | CUSIP: N/A<br>LEI: 549300Q3OIWRHQUQM052       | Long             | EC               | CORP              | NO        |    166137 | NS      | $2959969.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Air | International Consolidated Airlines Group SA              | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | ES        |   1411400 | NS      | $7328915.88   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                              | CUSIP: N/A<br>LEI: 213800RGEH1MPPNM2T57       | Long             | EC               | CORP              | GB        |    308158 | NS      | $2870007.60   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alrosa PJSC                    | Alrosa PJSC                                               | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               | CORP              | RU        |   3148600 | NS      | $379.81       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV                             | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |    164200 | NS      | $6641240.64   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Electric Co Ltd     | HD Hyundai Electric Co., Ltd.                             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |     12400 | NS      | $5143651.33   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TREVI - Finanziaria Industrial | TREVI - Finanziaria Industriale SpA                       | CUSIP: N/A<br>LEI: 815600FE9E92D9D6C309       | Long             | EC               | CORP              | IT        |   6771180 | NS      | $4284892.81   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                      | Loomis AB                                                 | CUSIP: N/A<br>LEI: 213800NS2XXVRYS7WP40       | Long             | EC               | CORP              | SE        |    100203 | NS      | $4274465.16   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                   | DNB Bank ASA                                              | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    202596 | NS      | $5511752.93   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| F&F Co Ltd / New               | F&F Co., Ltd./New                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     49700 | NS      | $2221011.37   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG       | Daimler Truck Holding AG                                  | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |    135400 | NS      | $5567005.42   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    153100 | NS      | $5489478.16   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc           | Macnica Holdings, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     61500 | NS      | $853768.13    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                                  | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     33900 | NS      | $4468020.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     11113 | NS      | $5278675.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods, Ltd.                                         | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    346600 | NS      | $4557790.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    126652 | NS      | $5391575.64   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     20544 | NS      | $5798544.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer