# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000026
**Filing Date:** 2025-8
**Character Count:** 45209
**Document Hash:** be4ef9b49d2e728960371c152e9d7446
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000026.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0000315774-25-000026

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250630

**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:** 251252600

**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

### Auxier Focus Fund (Series ID: S000004570)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012491 | A Shares             | AUXAX           |
| C000012493 | Investor Shares      | AUXFX           |
| C000112762 | Institutional Shares | AUXIX           |

## 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:** AUXIER FOCUS FUND

- **b. EDGAR series identifier (if any):** S000004570

- **c. LEI of Series:** 2549005EIHS90NEXOQ80

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $300058032.95

**Total Liabilities:** $293087.36

**Net Assets:** $299764945.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012491 | -2.03%               | 2.53%                | 1.93%                |
| Class ID C000012493 | -1.98%               | 2.56%                | 1.94%                |
| Class ID C000112762 | -1.98%               | 2.57%                | 1.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $711994.84               | $-6669306.03                               |
| Month 2  | $60521.98                | $6951889.83                                |
| Month 3  | $865690.61               | $4279177.39                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aflac Inc                      | Aflac, Inc.                                                       | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     53260 | NS      | $5616799.60   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     27834 | NS      | $3785702.34   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2213 | NS      | $410777.06    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb, Inc.                                                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       200 | NS      | $26468.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc   | Alimentation Couche-Tard, Inc.                                    | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      3400 | NS      | $168776.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     40550 | NS      | $7146126.50   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                                                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     65455 | NS      | $3837626.65   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV                                           | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     16900 | NS      | $303186.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     51145 | NS      | $4377500.55   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial, Inc.                                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2780 | NS      | $1483769.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       150 | NS      | $41881.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12161 | NS      | $4730142.56   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                                            | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    127510 | NS      | $3816374.30   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    198374 | NS      | $9387057.68   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | The Bank of New York Mellon Corp.                                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    137425 | NS      | $12520791.75  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co.                                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      5400 | NS      | $930150.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                                          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     15925 | NS      | $7735887.25   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1295 | NS      | $162639.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2780 | NS      | $582493.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings, Inc.                                            | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1241 | NS      | $7184446.84   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                                      | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     88205 | NS      | $4174742.65   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource, Inc.                                        | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       400 | NS      | $46676.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                        | CAE, Inc.                                                         | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     41235 | NS      | $1206948.45   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | The Cigna Group                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      8209 | NS      | $2713731.22   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                                  | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     12753 | NS      | $879701.94    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       100 | NS      | $21276.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1240 | NS      | $481380.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                                                    | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     14225 | NS      | $787069.25    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp.                                   | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     60674 | NS      | $1700692.22   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7630 | NS      | $1092539.70   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1719 | NS      | $119264.22    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25975 | NS      | $2210992.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | The Coca-Cola Co.                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     36044 | NS      | $2550113.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                                  | CUSIP: 191223205<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     13200 | NS      | $690228.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.                              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     18125 | NS      | $1414293.75   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group, Inc.                                | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      5616 | NS      | $733112.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     39408 | NS      | $1406471.52   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     13600 | NS      | $1220464.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                                                     | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     97291 | NS      | $5116533.69   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                                                     | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     30258 | NS      | $2255128.74   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton, Inc.                                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     14025 | NS      | $1808103.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      4000 | NS      | $127240.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                        | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      3535 | NS      | $356469.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                                              | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       400 | NS      | $180240.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                                         | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     28458 | NS      | $753567.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                                           | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     24040 | NS      | $1648903.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399637.44    | 0.13%             | 2045-02-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Evolution AB                   | Evolution AB                                                      | CUSIP: 30051E104<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |       391 | NS      | $31045.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3530 | NS      | $2605457.70   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                                                       | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1550 | NS      | $352330.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises, Inc.                                        | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       700 | NS      | $152425.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Fidelity Investments Treasury Only Portfolio, Institutional Class | CUSIP: 31607A802<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7610270 | NS      | $7610269.51   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp.                                                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5616 | NS      | $980665.92    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc         | Forrester Research, Inc.                                          | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     19126 | NS      | $189347.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       300 | NS      | $87498.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                                                | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     15600 | NS      | $767676.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                                                 | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3775 | NS      | $457945.25    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | The Goldman Sachs Group, Inc.                                     | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    345000 | PA      | $346316.18    | 0.12%             | 2064-11-10      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education, Inc.                                      | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     13500 | NS      | $2551500.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | The Hershey Co.                                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      5225 | NS      | $867088.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3870 | NS      | $1418896.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc.                          | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      2149 | NS      | $158058.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     38711 | NS      | $5913105.25   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503001.50    | 0.17%             | 2022-11-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295879.67    | 0.10%             | 2069-09-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc                     | Kenvue, Inc.                                                      | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     11221 | NS      | $234855.53    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper, Inc.                                            | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      8300 | NS      | $274398.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | The Kroger Co.                                                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    192226 | NS      | $13788370.98  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp.                                | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    210501 | NS      | $4852048.05   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     19060 | NS      | $4228842.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos., Inc.                                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2025 | NS      | $442746.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     27369 | NS      | $15379735.86  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3871 | NS      | $1130990.07   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68854 | NS      | $5450482.64   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40656 | NS      | $20222700.96  | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                                         | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     50327 | NS      | $2420225.43   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp.                                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     69600 | NS      | $4359744.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | The Mosaic Co.                                                    | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      4980 | NS      | $181670.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                   | Organon & Co.                                                     | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      8370 | NS      | $81021.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings, Inc.                                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1100 | NS      | $81752.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     38595 | NS      | $5096083.80   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6282 | NS      | $152275.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     89375 | NS      | $16277868.75  | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                                       | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7800 | NS      | $930540.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3140 | NS      | $500264.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                                           | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     14097 | NS      | $2532244.11   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp.                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     28275 | NS      | $4128715.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings, Inc.                                     | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1700 | NS      | $115583.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                                       | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     61302 | NS      | $567656.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | The Charles Schwab Corp.                                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       650 | NS      | $59306.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                         | Sempra                                                            | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    345000 | PA      | $328380.21    | 0.11%             | 2054-10-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Telefonica SA                  | Telefonica SA                                                     | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |     34119 | NS      | $178442.37    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | The Travelers Cos., Inc.                                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     11068 | NS      | $2961132.72   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FIN CORP                | Truist Financial Corp.                                            | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397185.76    | 0.13%             | 2049-06-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                                                      | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      3200 | NS      | $144800.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty, Inc.                                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        50 | NS      | $23391.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                                      | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     54421 | NS      | $3328932.57   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2610 | NS      | $600508.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.                                       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7440 | NS      | $750993.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797QJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7462446.08   | 2.49%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     27855 | NS      | $8689924.35   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                                                        | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     15249 | NS      | $1231509.24   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     14415 | NS      | $1937664.30   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     29000 | NS      | $10296450.00  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     37350 | NS      | $3652083.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7000 | NS      | $560840.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                                                 | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7050 | NS      | $1044669.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings, Inc.                                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      4550 | NS      | $203430.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.                                      | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     26750 | NS      | $2439867.50   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                           | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       400 | NS      | $142704.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group, Ltd.                                          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      5480 | NS      | $498954.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings, Inc.                                      | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    117668 | NS      | $928400.52    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp. PLC                                        | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     69882 | NS      | $1609382.46   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International PLC                                | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      3500 | NS      | $369670.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     80518 | NS      | $7018754.06   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Iterate Studio, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    118059 | NS      | $1999990.30   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV                                      | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     25505 | NS      | $1475719.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle SAB de CV                | Becle SAB de CV                                                   | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |     34000 | NS      | $42160.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-11

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer