# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000114
**Filing Date:** 2025-10
**Character Count:** 42553
**Document Hash:** 85fc1136cd2c26abfc930b37ca8bee0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000114.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000315774-25-000114

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**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:** 251428645

**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:** 190 Middle Street, Suite 101

  - **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:** 2025-08-31

**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:** $224962242.18

**Total Liabilities:** $6599755.44

**Net Assets:** $218362486.74

**Cash Not Reported:** $4201188.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091784 | 2.60%                | 1.14%                | 0.75%                |
| Class ID C000091785 | 2.51%                | 1.20%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6388.75                 | $7339167.07                                |
| Month 2  | $0.00                    | $3182170.65                                |
| Month 3  | $0.00                    | $2222219.76                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-35600.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5027343.75   | 2.30%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-564525.00   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                          | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27517 | NS      | $1901149.53   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                         | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4919 | NS      | $1099740.83   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                    | The Procter & Gamble Co.                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4882 | NS      | $766669.28    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-29200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                            | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      8894 | NS      | $327654.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 598992T13<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-157085.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17265 | NS      | $1674359.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                 | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12466 | NS      | $2027345.58   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-167650.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-181800.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                         | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     33945 | NS      | $2445737.25   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                        | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2696 | NS      | $232880.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 594998601<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-6050.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-27350.00    | -0.01%            |  |  |  | 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      | $681746.98    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     10745 | NS      | $997243.45    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-541350.00   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                              | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11965 | NS      | $1155460.05   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway, Inc.                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4184 | NS      | $2104468.32   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-296150.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-362930.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-372350.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                        | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     15837 | NS      | $2100936.42   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                  | Amgen, Inc.                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5564 | NS      | $1600818.44   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     49240 | NS      | $8576623.20   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                  | Palantir Technologies, Inc.                | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       556 | NS      | $87130.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-25850.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                            | Weyerhaeuser Co.                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     25155 | NS      | $650759.85    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                   | Super Micro Computer, Inc.                 | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2890 | NS      | $120050.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-11500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-169425.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  39202420 | NS      | $39202420.19  | 17.95%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-24470.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                  | Chubb, Ltd.                                | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      7060 | NS      | $1941994.20   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19736 | NS      | $10000033.84  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                 | U.S. Bancorp                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     13795 | NS      | $673609.85    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-530400.00   | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                  | Occidental Petroleum Corp.                 | CUSIP: 674599162<br>LEI: IM7X0T3ECJW4C1T7ON55 | N/A              | DE               | CORP              | US        |       415 | NC      | $10574.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                 | Mondelez International, Inc.               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     11646 | NS      | $715530.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                | Viatris, Inc.                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      2585 | NS      | $27271.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                          | Kinder Morgan, Inc.                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     48133 | NS      | $1298628.34   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-8600.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                           | Wells Fargo & Co.                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     19495 | NS      | $1602099.10   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12857 | NS      | $3875356.94   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-320550.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10056431.10  | 4.61%             | 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      | $569071.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-17200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc                             | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22360 | NS      | $5120440.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 598992T62<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-510435.00   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-20425.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 58399M520<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-5700.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources, Inc.                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4761 | NS      | $594268.02    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-369100.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                               | Fortinet, Inc.                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4805 | NS      | $378489.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                             | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2444 | NS      | $2242272.24   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 57Q99VE84<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-145095.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                            | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2814 | NS      | $882301.56    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp.                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4159 | NS      | $667935.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                 | Diageo PLC                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      5376 | NS      | $601198.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                  | Tesla, Inc.                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      5000 | NS      | $1669350.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                         | Meta Platforms, Inc.                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7289 | NS      | $5384384.30   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                               | Organon & Co.                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |       676 | NS      | $6367.92      | 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      | $1188653.58   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 59299RHC3<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-337450.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc                                 | Pfizer, Inc.                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     20839 | NS      | $515973.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                        | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3465 | NS      | $706340.25    | 0.32%             |  |  |  | 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      | $354712.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                      | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1270 | NS      | $1198016.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa, Inc.                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14260 | NS      | $5016382.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                   | NIKE, Inc.                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10544 | NS      | $815789.28    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                   | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     25593 | NS      | $749618.97    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                        | Carrier Global Corp.                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      5392 | NS      | $351558.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                              | U.S. Treasury Bill                         | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9997650.00   | 4.58%             | 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      | $1012373.94   | 0.46%             |  |  |  | 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      | $5044433.60   | 2.31%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 492990X50<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-10800.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                               | Alphabet, Inc.                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28660 | NS      | $6102000.60   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                     | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3911 | NS      | $1211901.57   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                | PepsiCo., Inc.                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2968 | NS      | $441193.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                    | Marathon Petroleum Corp.                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      5807 | NS      | $1043575.97   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-329400.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc                  | Warner Bros Discovery, Inc.                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8296 | NS      | $96565.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-191950.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                 | Intel Corp.                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     15389 | NS      | $374722.15    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7329 | NS      | $837631.41    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                  | Occidental Petroleum Corp.                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      3323 | NS      | $158208.03    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9531 | NS      | $697192.65    | 0.32%             |  |  |  | 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      | $7525195.35   | 3.45%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 58K997KE1<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-58500.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                    | The Charles Schwab Corp.                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     12732 | NS      | $1220234.88   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                  | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40860 | NS      | $9485240.40   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-180725.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 58999TUU9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-366650.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co.                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11136 | NS      | $525396.48    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                                   | RTX Corp.                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14637 | NS      | $2321428.20   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     50272 | NS      | $2550801.28   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                               | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12656 | NS      | $2034198.88   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                 | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9442 | NS      | $1986596.80   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                               | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     26470 | NS      | $7871913.30   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                 | Intuit, Inc.                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2669 | NS      | $1780223.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      9007 | NS      | $1977036.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                              | The Boeing Co.                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3529 | NS      | $828185.72    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     23281 | NS      | $5264532.53   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                  | United Parcel Service, Inc.                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7679 | NS      | $671451.76    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4565 | NS      | $808781.05    | 0.37%             |  |  |  | No            |                  1 | 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      | $5254105.00   | 2.41%             | 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      | $344585.67    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                         | The Home Depot, Inc.                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10011 | NS      | $4072174.47   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                | MetLife, Inc.                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     14790 | NS      | $1203314.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                            | U.S. Treasury Note/Bond                    | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2999952.39   | 1.37%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer