# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000091
**Filing Date:** 2025-10
**Character Count:** 25342
**Document Hash:** e4c3ca6f3859958cf8f3571de47f08bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000091.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0000315774-25-000091

**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:** 251408711

**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 Small Cap Growth Fund (Series ID: S000037552)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000115949 | Investor Shares           | DFDSX           |
| C000195206 | Institutional Shares      | DFSGX           |
| C000256263 | Institutional Plus Shares | DFSLX           |

## Nport-Ex

DF

DENT

GROWTH

FUNDS

DF

DENT

SMALL

CAP

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

Shares

Security

Description

Value

Common

Stock

-

99.3%

Consumer

Discretionary

-

4.9%

60,905

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) $

4,488,698

11,064

Murphy

USA,

Inc.

4,295,709

8,784,407

Consumer

Staples

-

1.7%

250,679

Utz

Brands,

Inc.

3,045,750

Financials

-

10.8%

56,342

Goosehead

Insurance,

Inc.,

Class A

(a) 4,192,972

45,643

Hamilton

Lane,

Inc.,

Class A

6,152,220

8,897

Kinsale

Capital

Group,

Inc.

3,783,538

7,305

MarketAxess

Holdings,

Inc.

1,272,896

17,285

Morningstar,

Inc.

4,010,293

19,411,919

Health

Care

-

14.8%

84,065

Bio-Techne

Corp.

4,676,536

13,044

Charles

River

Laboratories

International,

Inc.

(a) 2,040,864

33,386

HealthEquity,

Inc.

(a) 3,163,991

29,119

LeMaitre

Vascular,

Inc.

2,548,204

18,843

Masimo

Corp.

(a) 2,780,285

9,997

Medpace

Holdings,

Inc.

(a) 5,140,058

41,563

Repligen

Corp.

(a) 5,555,726

4,055

The

Ensign

Group,

Inc.

700,582

26,606,246

Industrials

-

31.8%

15,152

Applied

Industrial

Technologies,

Inc.

3,955,429

46,142

Casella

Waste

Systems,

Inc.

(a) 4,377,953

80,239

Core

&

Main,

Inc.,

Class A

(a) 4,319,265

18,513

CSW

Industrials,

Inc.

4,494,031

90,972

Douglas

Dynamics,

Inc.

2,843,785

14,238

ESCO

Technologies,

Inc.

3,005,784

33,673

Exponent,

Inc.

2,339,600

32,564

Federal

Signal

Corp.

3,874,790

369,467

Hayward

Holdings,

Inc.

(a) 5,586,341

25,454

HEICO

Corp.,

Class A

6,467,607

12,435

JBT

Marel

Corp.

1,746,496

8,219

Kadant,

Inc.

2,445,810

15,423

RBC

Bearings,

Inc.

(a) 6,019,443

12,054

Simpson

Manufacturing

Co.,

Inc.

2,018,563

26,834

SiteOne

Landscape

Supply,

Inc.

(a) 3,456,219

56,951,116

Information

Technology

-

27.7%

32,818

Agilysys,

Inc.

(a) 3,454,095

71,740

Alarm.com

Holdings,

Inc.

(a) 3,807,959

22,161

Appfolio,

Inc.

(a) 6,108,901

Shares

Security

Description

Value

Information

Technology

-

27.7%

(continued)

19,639

Badger

Meter,

Inc.

$

3,507,133

20,654

Guidewire

Software,

Inc.

(a) 4,747,529

28,340

Manhattan

Associates,

Inc.

(a) 5,809,133

46,548

Novanta,

Inc.

(a) 4,661,782

13,349

Onto

Innovation,

Inc.

(a) 1,724,958

63,402

Procore

Technologies,

Inc.

(a) 4,623,274

15,330

ServiceTitan,

Inc.

(a) 1,545,724

39,209

SPS

Commerce,

Inc.

(a) 4,083,225

60,084

The

Descartes

Systems

Group,

Inc.

(a) 5,661,715

49,735,428

Materials

-

7.6%

16,422

Eagle

Materials,

Inc.

3,826,983

440,268

Perimeter

Solutions,

Inc.

(a) 9,857,600

13,684,583

Total

Common

Stock

(Cost

$144,112,920)

178,219,449

Money

Market

Fund

-

0.7%

1,349,575

First

American

Treasury

Obligations

Fund,

Class X,

4.01%

(b) (Cost

$1,349,575)

1,349,575

Investments,

at

value

-

100.0%

(Cost

$145,462,495)

$

179,569,024

Other

Assets

&

Liabilities,

Net

-

0.0%

(80,870)

Net

Assets

-

100.0%

$

179,488,154

(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

SMALL

CAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

SEPTEMBER

30,

2025

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

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

$

179,569,024

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

179,569,024

## 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 SMALL CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000037552

- **c. LEI of Series:** 254900Z87DGT7PD99J39

**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:** $179957207.26

**Total Liabilities:** $466688.54

**Net Assets:** $179490518.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000115949 | 2.52%                | 1.80%                | -4.02%               |
| Class ID C000195206 | 2.50%                | 1.83%                | -4.03%               |
| Class ID C000256263 | 2.54%                | 1.83%                | -4.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2369855.09              | $2502889.74                                |
| Month 2  | $497899.27               | $3122359.96                                |
| Month 3  | $-345812.04              | $-7342494.67                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agilysys Inc                   | Agilysys, Inc.                                 | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     32859 | NS      | $3458409.75   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc         | Alarm.com Holdings, Inc.                       | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     71829 | NS      | $3812683.32   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                   | Appfolio, Inc.                                 | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     22189 | NS      | $6116619.74   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies, Inc.          | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     15171 | NS      | $3960389.55   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter, Inc.                             | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     19663 | NS      | $3511418.54   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp.                               | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     84169 | NS      | $4682321.47   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                          | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     18536 | NS      | $4499614.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems, Inc.                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     46200 | NS      | $4383456.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int | Charles River Laboratories International, Inc. | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     13061 | NS      | $2043524.06   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                | Core & Main, Inc.                              | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80339 | NS      | $4324648.37   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th | The Descartes Systems Group, Inc.              | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     60159 | NS      | $5668782.57   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc           | Douglas Dynamics, Inc.                         | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     91085 | NS      | $2847317.10   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials, Inc.                          | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     16442 | NS      | $3831643.68   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | The Ensign Group, Inc.                         | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4060 | NS      | $701446.20    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies, Inc.                        | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     14256 | NS      | $3009584.16   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                   | Exponent, Inc.                                 | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |     33715 | NS      | $2342518.20   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp.                           | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     32605 | NS      | $3879668.95   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First American Treasury Obligations Fund       | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1349575 | NS      | $1349575.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings, Inc.                   | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     60981 | NS      | $4494299.70   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance, Inc.                      | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     56412 | NS      | $4198181.04   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software, Inc.                       | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     20680 | NS      | $4753504.80   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane, Inc.                            | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     45699 | NS      | $6159768.21   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc           | Hayward Holdings, Inc.                         | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369927 | NS      | $5593296.24   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity, Inc.                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     33427 | NS      | $3167876.79   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp.                                    | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     25486 | NS      | $6475737.74   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp.                                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     12450 | NS      | $1748602.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant, Inc.                                   | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      8230 | NS      | $2449083.40   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group, Inc.                    | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      8908 | NS      | $3788216.08   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular, Inc.                        | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     29155 | NS      | $2551354.05   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates, Inc.                     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     28376 | NS      | $5816512.48   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings, Inc.                     | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      7314 | NS      | $1274464.50   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                    | Masimo Corp.                                   | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     18867 | NS      | $2783825.85   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings, Inc.                         | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     10009 | NS      | $5146227.44   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                | Morningstar, Inc.                              | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     17307 | NS      | $4015397.07   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA, Inc.                               | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     11077 | NS      | $4300756.02   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                    | Novanta, Inc.                                  | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     46606 | NS      | $4667590.90   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation, Inc.                          | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     13366 | NS      | $1727154.52   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc        | Perimeter Solutions, Inc.                      | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    440815 | NS      | $9869847.85   | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies, Inc.                     | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     63481 | NS      | $4629034.52   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc               | RBC Bearings, Inc.                             | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15442 | NS      | $6026858.18   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp.                                 | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     41614 | NS      | $5562543.38   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce, Inc.                             | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     39258 | NS      | $4088328.12   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc               | ServiceTitan, Inc.                             | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15349 | NS      | $1547639.67   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc   | Simpson Manufacturing Co., Inc.                | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     12069 | NS      | $2021074.74   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply, Inc.                 | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     26867 | NS      | $3460469.60   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands, Inc.                               | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    250991 | NS      | $3049540.65   | 1.70%             |  |  |  | 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