# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-063870
**Filing Date:** 2023-3
**Character Count:** 28256
**Document Hash:** 1f0ad757fa78b860b74b904c0a5d820f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-063870.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001752724-23-063870

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774
- **IRS NUMBER:** 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:** 23752794

**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

### Monongahela All Cap Value Fund (Series ID: S000040732)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000126338 | Monongahela All Cap Value Fund | MCMVX           |

## Nport-Ex

MONONGAHELA

ALL

CAP

VALUE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

January

31,

2023

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

January

31,

2023. The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

–

quoted

prices

in

active

markets

for

identical

assets

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

Shares

Security

Description

Value

Common

Stock

-

96.9%

Consumer

Discretionary

-

19.0%

52,500

El

Pollo

Loco

Holdings,

Inc.

(a) $

644,175

22,000

H&R

Block,

Inc.

857,560

11,250

Hasbro,

Inc.

665,663

25,000

Tapestry,

Inc.

1,139,250

4,000

Target

Corp.

688,560

8,000

Williams-Sonoma,

Inc.

1,079,520

5,074,728

Consumer

Staples

-

9.7%

10,000

Alico,

Inc.

265,000

5,000

Brown-Forman

Corp.,

Class A

332,500

10,000

General

Mills,

Inc.

783,600

2,250

Kimberly-Clark

Corp.

292,522

1,000

McCormick

&

Co.,

Inc.,

Non-

Voting

Shares

75,120

500

The

Clorox

Co.

72,345

2,750

The

Procter

&

Gamble

Co.

391,545

10,000

Walgreens

Boots

Alliance,

Inc.

368,600

2,581,232

Energy

-

4.0%

10,500

ONEOK,

Inc.

719,040

3,500

Phillips

350,945

1,069,985

Financials

-

9.4%

12,000

Equitable

Holdings,

Inc.

384,840

13,000

MetLife,

Inc.

949,260

17,500

Old

Republic

International

Corp.

461,825

2,000

The

Bank

of

New

York

Mellon

Corp.

101,140

3,750

The

PNC

Financial

Services

Group,

Inc.

620,363

2,517,428

Health

Care

-

15.9%

1,500

Abbott

Laboratories

165,825

5,000

AbbVie,

Inc.

738,750

2,000

Azenta,

Inc.

(a) 111,800

5,500

Baxter

International,

Inc.

251,295

12,500

Hologic,

Inc.

(a) 1,017,125

4,500

Merck

&

Co.,

Inc.

483,345

4,500

PerkinElmer,

Inc.

618,885

4,000

Zimmer

Biomet

Holdings,

Inc.

509,360

37,005

Zimvie,

Inc.

(a) 363,019

4,259,404

Industrials

-

21.6%

5,000

Curtiss-Wright

Corp.

829,000

3,750

Douglas

Dynamics,

Inc.

151,538

9,000

Emerson

Electric

Co.

811,980

9,000

Fortune

Brands

Innovations,

Inc.

580,590

750

Honeywell

International,

Inc.

156,360

3,500

Hubbell,

Inc.

801,185

12,500

Masterbrand,

Inc.

(a) 115,000

2,500

Rockwell

Automation,

Inc.

705,075

2,000

Science

Applications

International

Corp.

207,560

24,000

The

Gorman-Rupp

Co.

689,520

6,000

Westinghouse

Air

Brake

Technologies

Corp.

622,860

1,000

Woodward,

Inc.

102,260

5,772,928

Information

Technology

-

13.4%

3,500

Badger

Meter,

Inc.

405,650

15,500

Canon,

Inc.,

ADR

344,100

16,000

Coherent

Corp.

(a) 694,400

Shares

Security

Description

Value

Information

Technology

-

13.4%

(continued)

12,500

Corning,

Inc.

$

432,625

2,500

F5,

Inc.

(a) 369,150

10,000

Intel

Corp.

282,600

8,500

Seagate

Technology

Holdings

PLC

576,130

2,750

Texas

Instruments,

Inc.

487,327

3,591,982

Materials

-

1.0%

2,000

PPG

Industries,

Inc.

260,680

Utilities

-

2.9%

10,000

National

Fuel

Gas

Co.

580,600

2,000

WEC

Energy

Group,

Inc.

187,980

768,580

Total

Common

Stock

(Cost

$20,462,400)

25,896,947

Principal

Security

Description

Rate

Maturity

Value

U.S.

Government

&

Agency

Obligations

-

0.3%

U.S.

Treasury

Securities

-

0.3%

$

100,000

U.S.

Treasury

Bill

(b) (Cost

$97,108)

4.42%

10/05/23

96,922

Shares

Security

Description

Value

Money

Market

Fund

-

3.0%

799,553

First

American

Treasury

Obligations

Fund,

Class X,

4.25%

(c) (Cost

$799,553)

799,553

Investments,

at

value

-

100.2%

(Cost

$21,359,061)

$

26,793,422

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(61,923)

Net

Assets

-

100.0%

$

26,731,499

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

(c) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

January

31,

2023. MONONGAHELA

ALL

CAP

VALUE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

January

31,

2023

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

Level

value

displayed

in

this

table

is

Common

Stock.

The

Level

value

displayed

in

this

table

are

U.S.

Treasury

Securities

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND'S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND'S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND.

Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

25,896,947

Level

-

Other

Significant

Observable

Inputs

896,475

Level

-

Significant

Unobservable

Inputs

–

Total

$

26,793,422

## 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:** MONONGAHELA ALL CAP VALUE FUND

- **b. EDGAR series identifier (if any):** S000040732

- **c. LEI of Series:** 254900KBPPEQ1K1XRY33

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $26766408.39

**Total Liabilities:** $38269.26

**Net Assets:** $26728139.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126338 | 6.44%                | -3.63%               | 4.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $83656.69                | $1477721.96                                |
| Month 2  | $70963.51                | $-1044123.91                               |
| Month 3  | $29158.27                | $1202091.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Clorox Co/The                  | The Clorox Co.                            | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       500 | NS      | $72345.00     | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Azenta Inc                     | Azenta, Inc.                              | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |      2000 | NS      | $111800.00    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                             | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     13000 | NS      | $949260.00    | 3.55%             |  |  |  | No            | 1                  | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                        | CUSIP: 912796YJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $96922.27     | 0.36%             | 2023-10-05      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Masterbrand Inc                | Masterbrand, Inc.                         | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     12500 | NS      | $115000.00    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings, Inc.                  | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     12000 | NS      | $384840.00    | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| PPG Industries Inc             | PPG Industries, Inc.                      | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      2000 | NS      | $260680.00    | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Baxter International Inc       | Baxter International, Inc.                | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      5500 | NS      | $251295.00    | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Walgreens Boots Alliance Inc   | Walgreens Boots Alliance, Inc.            | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |     10000 | NS      | $368600.00    | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Canon Inc                      | Canon, Inc.                               | CUSIP: 138006309<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |     15500 | NS      | $344100.00    | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Woodward Inc                   | Woodward, Inc.                            | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |       500 | NS      | $51130.00     | 0.19%             |  |  |  | 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        |      2000 | NS      | $101140.00    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Hasbro Inc                     | Hasbro, Inc.                              | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     11250 | NS      | $665662.50    | 2.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp.                      | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      2250 | NS      | $292522.50    | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation, Inc.                 | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      2500 | NS      | $705075.00    | 2.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Honeywell International Inc    | Honeywell International, Inc.             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       750 | NS      | $156360.00    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Hologic Inc                    | Hologic, Inc.                             | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     12500 | NS      | $1017125.00   | 3.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Alico Inc                      | Alico, Inc.                               | CUSIP: 016230104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $265000.00    | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group, Inc.                    | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2000 | NS      | $187980.00    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Hubbell Inc                    | Hubbell, Inc.                             | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      3250 | NS      | $743957.50    | 2.78%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    799553 | NS      | $799553.44    | 2.99%             |  |  |  | No            | N/A                | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4500 | NS      | $483345.00    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp.                      | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      5000 | NS      | $829000.00    | 3.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips 66                    | Phillips 66                               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      3500 | NS      | $350945.00    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| F5 Inc                         | F5, Inc.                                  | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      2500 | NS      | $369150.00    | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortune Brands Innovations Inc | Fortune Brands Innovations, Inc.          | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      9000 | NS      | $580590.00    | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma, Inc.                     | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      8000 | NS      | $1079520.00   | 4.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Tapestry Inc                   | Tapestry, Inc.                            | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     25000 | NS      | $1139250.00   | 4.26%             |  |  |  | No            | 1                  | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co.                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     10000 | NS      | $580600.00    | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Seagate Technology Holdings PL | Seagate Technology Holdings PLC           | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      8500 | NS      | $576130.00    | 2.16%             |  |  |  | No            | 1                  | On Loan: No      |
| H&R Block Inc                  | H&R Block, Inc.                           | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     22000 | NS      | $857560.00    | 3.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Inc                    | Corning, Inc.                             | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     12500 | NS      | $432625.00    | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2750 | NS      | $487327.50    | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| PNC Financial Services Group I | The PNC Financial Services Group, Inc.    | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      3750 | NS      | $620362.50    | 2.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Target Corp                    | Target Corp.                              | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      4000 | NS      | $688560.00    | 2.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Intel Corp                     | Intel Corp.                               | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     10000 | NS      | $282600.00    | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| PerkinElmer Inc                | PerkinElmer, Inc.                         | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      4500 | NS      | $618885.00    | 2.32%             |  |  |  | No            | 1                  | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5000 | NS      | $738750.00    | 2.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Brown-Forman Corp              | Brown-Forman Corp.                        | CUSIP: 115637100<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |      5000 | NS      | $332500.00    | 1.24%             |  |  |  | No            | 1                  | On Loan: No      |
| General Mills Inc              | General Mills, Inc.                       | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     10000 | NS      | $783600.00    | 2.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                  | Coherent Corp.                            | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     16000 | NS      | $694400.00    | 2.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Gorman-Rupp Co/The             | The Gorman-Rupp Co.                       | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |     24000 | NS      | $689520.00    | 2.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co.                      | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      9000 | NS      | $811980.00    | 3.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Science Applications Internati | Science Applications International Corp.  | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      2000 | NS      | $207560.00    | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp.          | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     17500 | NS      | $461825.00    | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| El Pollo Loco Holdings Inc     | El Pollo Loco Holdings, Inc.              | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     52500 | NS      | $644175.00    | 2.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Badger Meter Inc               | Badger Meter, Inc.                        | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      3500 | NS      | $405650.00    | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                       | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1500 | NS      | $165825.00    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp. | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      6000 | NS      | $622860.00    | 2.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Dynamics Inc           | Douglas Dynamics, Inc.                    | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |      3750 | NS      | $151537.50    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Zimvie Inc                     | Zimvie, Inc.                              | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |     37005 | NS      | $363019.05    | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| McCormick & Co Inc/MD          | McCormick & Co., Inc., Non-Voting Shares  | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      1000 | NS      | $75120.00     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.              | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      4000 | NS      | $509360.00    | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| ONEOK Inc                      | ONEOK, Inc.                               | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     10500 | NS      | $719040.00    | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      2750 | NS      | $391545.00    | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-03-21

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer