# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000098
**Filing Date:** 2025-10
**Character Count:** 38531
**Document Hash:** b768efe8f91f47e4a10e9108231a0107
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000098.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000315774-25-000098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 251418552

**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

### Lisanti Small Cap Growth Fund (Series ID: S000004564)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012485 | Lisanti Small Cap Growth Fund | ASCGX           |

## Nport-Ex

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

Shares

Security

Description

Value

Common

Stock

-

97.3%

Communication

Services

-

1.0%

7,160

Magnite,

Inc.

(a) $

155,945

Consumer

Discretionary

-

12.8%

1,560

Boot

Barn

Holdings,

Inc.

(a) 258,523

11,815

Canada

Goose

Holdings,

Inc.

(a) 162,929

1,090

Five

Below,

Inc.

(a) 168,623

12,250

Genius

Sports,

Ltd.

(a) 151,655

2,500

Meritage

Homes

Corp.

181,075

2,205

Modine

Manufacturing

Co.

(a) 313,463

6,650

National

Vision

Holdings,

Inc.

(a) 194,113

1,770

Patrick

Industries,

Inc.

183,071

13,445

Peloton

Interactive,

Inc.,

Class A

(a) 121,005

1,135

Stride,

Inc.

(a) 169,047

2,100

Taylor

Morrison

Home

Corp.,

Class A

(a) 138,621

2,042,125

Energy

-

0.9%

Centrus

Energy

Corp.,

Class A

(a) 145,733

Financials

-

7.1%

1,635

Coastal

Financial

Corp./WA

(a) 176,858

800

Dave,

Inc.

(a) 159,480

3,895

Figure

Technology

Solutions,

Inc.,

Class

A

(a) 141,661

4,975

Paymentus

Holdings,

Inc.,

Class

A

(a) 152,235

620

Piper

Sandler

Cos.

215,134

3,760

The

Bancorp,

Inc.

(a) 281,586

1,126,954

Health-Care

-

18.2%

11,255

Adaptive

Biotechnologies

Corp.

(a) 168,375

2,880

ADMA

Biologics,

Inc.

(a) 42,221

7,910

Alphatec

Holdings,

Inc.

(a) 115,011

3,030

ANI

Pharmaceuticals,

Inc.

(a) 277,548

7,975

ARS

Pharmaceuticals,

Inc.

(a) 80,149

3,305

BrightSpring

Health

Services,

Inc.

(a) 97,696

2,655

Corcept

Therapeutics,

Inc.

(a) 220,657

1,145

Crinetics

Pharmaceuticals,

Inc.

(a) 47,689

1,950

Cytokinetics,

Inc.

(a) 107,172

1,975

GeneDx

Holdings

Corp.

(a) 212,786

1,540

HeartFlow,

Inc.

(a) 51,836

2,375

Hinge

Health,

Inc.,

Class A

(a) 116,565

3,440

Ionis

Pharmaceuticals,

Inc.

(a) 225,045

635

iRhythm

Technologies,

Inc.

(a) 109,214

4,415

LENZ

Therapeutics,

Inc.

(a) 205,651

970

Ligand

Pharmaceuticals,

Inc.

(a) 171,826

2,910

SI-BONE,

Inc.

(a) 42,835

Shares

Security

Description

Value

Health-Care

-

18.2%

(continued)

1,630

Tarsus

Pharmaceuticals,

Inc.

(a) $

96,871

2,140

TransMedics

Group,

Inc.

(a) 240,108

4,905

Travere

Therapeutics,

Inc.

(a) 117,230

4,185

Waystar

Holding

Corp.

(a) 158,695

2,905,180

Industrials

-

34.0%

580

AeroVironment,

Inc.

(a) 182,636

4,475

American

Superconductor

Corp.

(a) 265,770

13,565

Amprius

Technologies,

Inc.

(a) 142,704

Applied

Industrial

Technologies,

Inc.

107,031

2,120

Bloom

Energy

Corp.,

Class A

(a) 179,289

1,735

BWX

Technologies,

Inc.

319,882

2,240

Construction

Partners,

Inc.,

Class A

(a) 284,480

755

Dycom

Industries,

Inc.

(a) 220,279

1,874

JBT

Marel

Corp.

263,203

2,825

Karman

Holdings,

Inc.

(a) 203,965

4,520

Kratos

Defense

&

Security

Solutions,

Inc.

(a) 412,992

1,360

MasTec,

Inc.

(a) 289,422

4,840

Mercury

Systems,

Inc.

(a) 374,616

5,440

Montrose

Environmental

Group,

Inc.

(a) 149,382

2,080

NEXTracker,

Inc.,

Class A

(a) 153,899

3,275

NuScale

Power

Corp.

(a) 117,900

570

RBC

Bearings,

Inc.

(a) 222,465

4,080

REV

Group,

Inc.

231,214

835

SiteOne

Landscape

Supply,

Inc.

(a) 107,548

1,270

Sterling

Infrastructure,

Inc.

(a) 431,394

2,670

Trex

Co.,

Inc.

(a) 137,959

3,300

UL

Solutions,

Inc.,

Class A

233,838

1,055

VSE

Corp.

175,383

4,105

Xometry,

Inc.,

Class A

(a) 223,599

5,430,850

Information

Technology

-

20.4%

1,020

Advanced

Energy

Industries,

Inc.

173,543

1,880

Applied

Digital

Corp.

(a) 43,127

3,210

Calix,

Inc.

(a) 196,998

625

Commvault

Systems,

Inc.

(a) 117,987

1,565

Credo

Technology

Group

Holding,

Ltd.

(a) 227,880

5,605

Evolv

Technologies

Holdings,

Inc.

(a) 42,318

9,925

Extreme

Networks,

Inc.

(a) 204,951

1,420

Impinj,

Inc.

(a) 256,665

4,745

JFrog,

Ltd.

(a) 224,581

1,430

Lumentum

Holdings,

Inc.

(a) 232,675

2,820

MaxLinear,

Inc.

(a) 45,346

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

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.

Shares

Security

Description

Value

Information

Technology

-

20.4%

(continued)

3,370

Mirion

Technologies,

Inc.

(a) $

78,386

4,450

nLight,

Inc.

(a) 131,853

2,565

Pegasystems,

Inc.

147,488

2,110

Rambus,

Inc.

(a) 219,862

2,340

Semtech

Corp.

(a) 167,193

740

SiTime

Corp.

(a) 222,969

4,050

TTM

Technologies,

Inc.

(a) 233,280

14,260

Zeta

Global

Holdings

Corp.,

Class A

(a) 283,346

3,250,448

Materials

-

2.9%

735

Carpenter

Technology

Corp.

180,472

3,640

MP

Materials

Corp.

(a) 244,135

6,585

U.S.

Antimony

Corp.

(a) 40,827

465,434

Total

Common

Stock

(Cost

$12,522,794)

15,522,669

Shares

Security

Description

Value

Money

Market

Fund

-

2.7%

429,756

First

American

Treasury

Obligations

Fund,

Class X,

4.01%

(b) (Cost

$429,756)

429,756

Investments,

at

value

-

100.0%

(Cost

$12,952,550)

$

15,952,425

Other

Assets

&

Liabilities,

Net

-

0.0%

(457) Net

Assets

-

100.0%

$

15,951,968

(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. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

15,952,425

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

15,952,425

## 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:** LISANTI SMALL CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000004564

- **c. LEI of Series:** 254900NCP1SN2FGLBO94

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15989994.05

**Total Liabilities:** $40264.65

**Net Assets:** $15949729.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012485 | 3.17%                | 4.62%                | 4.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $517987.36               | $38393.65                                  |
| Month 2  | $719840.60               | $66584.67                                  |
| Month 3  | $552158.83               | $123913.26                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc             | ADMA Biologics, Inc.                      | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2880 | NS      | $42220.80     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc        | ANI Pharmaceuticals, Inc.                 | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      3030 | NS      | $277548.00    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp  | Adaptive Biotechnologies Corp.            | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |      5945 | NS      | $88937.20     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries, Inc.          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      1020 | NS      | $173542.80    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment, Inc.                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       580 | NS      | $182636.20    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc          | Alphatec Holdings, Inc.                   | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |      7910 | NS      | $115011.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp   | American Superconductor Corp.             | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |      4475 | NS      | $265770.25    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc       | Amprius Technologies, Inc.                | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13565 | NS      | $142703.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp           | Applied Digital Corp.                     | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      1880 | NS      | $43127.20     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies, Inc.     | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       410 | NS      | $107030.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies, Inc.                    | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      1735 | NS      | $319881.95    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | The Bancorp, Inc.                         | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      3760 | NS      | $281586.40    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp.                        | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      2120 | NS      | $179288.40    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings, Inc.                  | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      1560 | NS      | $258523.20    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I | BrightSpring Health Services, Inc.        | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1675 | NS      | $49513.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix, Inc.                               | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      3210 | NS      | $196997.70    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Canada Goose Holdings Inc      | Canada Goose Holdings, Inc.               | CUSIP: 135086106<br>LEI: 529900891XBE6RV8JR07 | Long             | EC               | CORP              | CA        |     11815 | NS      | $162928.85    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp      | Carpenter Technology Corp.                | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |       735 | NS      | $180471.90    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp            | Centrus Energy Corp.                      | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |       470 | NS      | $145732.90    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA      | Coastal Financial Corp./WA                | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      1635 | NS      | $176857.95    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | Commvault Systems, Inc.                   | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       625 | NS      | $117987.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc      | Construction Partners, Inc.               | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      2240 | NS      | $284480.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc       | Corcept Therapeutics, Inc.                | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      2655 | NS      | $220657.05    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc  | Crinetics Pharmaceuticals, Inc.           | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |      1145 | NS      | $47689.25     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics, Inc.                        | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      1950 | NS      | $107172.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                       | Dave, Inc.                                | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $159480.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc             | D-Wave Quantum, Inc.                      | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | US        |      1880 | NS      | $46454.80     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries, Inc.                    | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |       755 | NS      | $220278.80    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In | Evolv Technologies Holdings, Inc.         | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5605 | NS      | $42317.75     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks, Inc.                    | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      9925 | NS      | $204951.25    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    429756 | NS      | $429756.04    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below, Inc.                          | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      1090 | NS      | $168623.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions, Inc.         | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3895 | NS      | $141661.15    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                  | HeartFlow, Inc.                           | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1540 | NS      | $51836.40     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc               | Hinge Health, Inc.                        | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2375 | NS      | $116565.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc       | iRhythm Technologies, Inc.                | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |       635 | NS      | $109213.65    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                     | Impinj, Inc.                              | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      1420 | NS      | $256665.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals, Inc.               | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      3440 | NS      | $225044.80    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ, Inc.                                | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |      2265 | NS      | $139297.50    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                 | JBT Marel Corp.                           | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |      1874 | NS      | $263203.30    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc            | Karman Holdings, Inc.                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2825 | NS      | $203965.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions, Inc. | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      4520 | NS      | $412992.40    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                | LendingTree, Inc.                         | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      1675 | NS      | $108422.75    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LENZ Therapeutics Inc          | LENZ Therapeutics, Inc.                   | CUSIP: 52635N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4415 | NS      | $205650.70    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals, Inc.              | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |       970 | NS      | $171825.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc        | Live Oak Bancshares, Inc.                 | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2075 | NS      | $73081.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings, Inc.                   | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      1430 | NS      | $232675.30    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp.                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      3640 | NS      | $244134.80    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                    | Magnite, Inc.                             | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |      7160 | NS      | $155944.80    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec, Inc.                              | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      1360 | NS      | $289421.60    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                  | MaxLinear, Inc.                           | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |      2820 | NS      | $45345.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems, Inc.                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      4840 | NS      | $374616.00    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp.                      | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |      2500 | NS      | $181075.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc        | Mirion Technologies, Inc.                 | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      3370 | NS      | $78386.20     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co.                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      2205 | NS      | $313462.80    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group I | Montrose Environmental Group, Inc.        | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |      5440 | NS      | $149382.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc   | National Vision Holdings, Inc.            | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |      6650 | NS      | $194113.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                     | nLight, Inc.                              | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4450 | NS      | $131853.50    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp             | NuScale Power Corp.                       | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3275 | NS      | $117900.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries, Inc.                  | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      1770 | NS      | $183071.10    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc         | Paymentus Holdings, Inc.                  | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4975 | NS      | $152235.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                | Pegasystems, Inc.                         | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      2565 | NS      | $147487.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos.                        | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |       620 | NS      | $215133.80    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                  | REV Group, Inc.                           | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      4080 | NS      | $231213.60    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus, Inc.                              | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2110 | NS      | $219862.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc               | RBC Bearings, Inc.                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       570 | NS      | $222465.30    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp           | GeneDx Holdings Corp.                     | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1975 | NS      | $212786.50    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                   | Semtech Corp.                             | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      2340 | NS      | $167193.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                    | SI-BONE, Inc.                             | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |      2910 | NS      | $42835.20     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc        | ARS Pharmaceuticals, Inc.                 | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7975 | NS      | $80148.75     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply, Inc.            | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |       835 | NS      | $107548.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp.                              | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       740 | NS      | $222969.40    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure, Inc.             | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1270 | NS      | $431393.60    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride, Inc.                              | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1135 | NS      | $169046.90    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies, Inc.                    | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      4050 | NS      | $233280.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc     | Tarsus Pharmaceuticals, Inc.              | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1630 | NS      | $96870.90     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp.                | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      2100 | NS      | $138621.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group, Inc.                   | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      2140 | NS      | $240108.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc       | Travere Therapeutics, Inc.                | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4905 | NS      | $117229.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co., Inc.                            | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2670 | NS      | $137958.90    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc               | UL Solutions, Inc.                        | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |      3300 | NS      | $233838.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp    | U.S. Antimony Corp.                       | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6585 | NS      | $40827.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                       | VSE Corp.                                 | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      1055 | NS      | $175383.20    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp.                     | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4185 | NS      | $158695.20    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                    | Xometry, Inc.                             | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |      4105 | NS      | $223599.35    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp      | Zeta Global Holdings Corp.                | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |     14260 | NS      | $283346.20    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding, Ltd.      | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      1565 | NS      | $227879.65    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports, Ltd.                       | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     12250 | NS      | $151655.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                      | JFrog, Ltd.                               | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |      4745 | NS      | $224580.85    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer