# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-041580
**Filing Date:** 2023-2
**Character Count:** 38794
**Document Hash:** 5216336d646b8a80c79bd2a615d2790d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041580.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041580

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**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:** 23671640

**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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $266895495.35

**Total Liabilities:** $3555869.57

**Net Assets:** $263339625.78

**Cash Not Reported:** $23509741.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012491 | 9.22%                | 4.73%                | -2.84%               |
| Class ID C000112762 | 9.25%                | 4.81%                | -2.82%               |
| Class ID C000012493 | 9.25%                | 4.76%                | -2.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-663524.37              | $22900071.78                               |
| Month 2  | $-305418.76              | $12488241.46                               |
| Month 3  | $0.00                    | $-8276448.06                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| America Movil SAB de CV        | America Movil SAB de CV                  | CUSIP: 02364W105<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     23300 | NS      | $435060.44    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Manitex International Inc      | Manitex International, Inc.              | CUSIP: 563420108<br>LEI: 549300QZ9TZ4MVXPZQ53 | Long             | EC               | CORP              | US        |     85521 | NS      | $342084.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.     | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     18125 | NS      | $1036568.75   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3140 | NS      | $475898.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle SAB de CV                | Becle SAB de CV                          | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |     34000 | NS      | $73440.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     38815 | NS      | $13497139.95  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     84525 | NS      | $8554775.25   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     40108 | NS      | $7085078.20   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV             | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     25505 | NS      | $2117680.15   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                   | Organon & Co.                            | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      8370 | NS      | $233774.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     51022 | NS      | $12236096.04  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                           | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     14225 | NS      | $1454364.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                           | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2780 | NS      | $529562.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3155 | NS      | $379672.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp. PLC               | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     49482 | NS      | $564589.62    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     28458 | NS      | $1672761.24   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                      | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2610 | NS      | $540452.70    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25975 | NS      | $1174849.25   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                   | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    136810 | NS      | $4778773.30   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    201099 | NS      | $6660398.88   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co        | Becton Dickinson and Co.                 | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      4950 | NS      | $1258785.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     36212 | NS      | $19198878.16  | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                      | Aflac, Inc.                              | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     53260 | NS      | $3831524.40   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     30100 | NS      | $6253576.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                             | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     54421 | NS      | $2740097.35   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings, Inc.             | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    116618 | NS      | $974926.48    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                        | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7050 | NS      | $902964.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     16545 | NS      | $5110750.50   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                        | CAE, Inc.                                | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     30135 | NS      | $582810.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                             | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6282 | NS      | $321889.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                   | Embecta Corp.                            | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |       990 | NS      | $25037.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                     | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493925.00    | 0.19%             | 2022-11-01      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                       | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $298500.00    | 0.11%             | 2045-02-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Phillips 66                    | Phillips 66                              | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7800 | NS      | $811824.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                        | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      6200 | NS      | $255998.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group, Inc.       | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      5616 | NS      | $516896.64    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica SA                  | Telefonica SA                            | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |      7119 | NS      | $25414.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The         | The Greenbrier Cos., Inc.                | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |      2924 | NS      | $98041.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                     | Cigna Corp.                              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     13990 | NS      | $4635446.60   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | The Kroger Co.                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    195126 | NS      | $8698717.08   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                       | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1981407.02   | 0.75%             | 2023-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Co/The                  | The Mosaic Co.                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      4980 | NS      | $218472.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC             | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     47955 | NS      | $1917240.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     16397 | NS      | $2565146.68   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton, Inc.                          | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     14025 | NS      | $1250188.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                            | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     80518 | NS      | $6257858.96   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     28458 | NS      | $1433998.62   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3663 | NS      | $591977.43    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp     | Raytheon Technologies Corp.              | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     26700 | NS      | $2694564.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings, Inc.                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1100 | NS      | $78342.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings, Inc.                   | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1241 | NS      | $2500962.48   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos., Inc.              | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2025 | NS      | $335097.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      3200 | NS      | $139552.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                       | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $249783.28    | 0.09%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings, Inc.                 | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      4550 | NS      | $248657.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding, Ltd.              | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      2076 | NS      | $182874.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     18226 | NS      | $9349391.22   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI, Inc.                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       100 | NS      | $46517.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp.                   | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     34800 | NS      | $3533244.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                      | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     14415 | NS      | $1828686.90   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1719 | NS      | $81893.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                       | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     16250 | NS      | $546650.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     31284 | NS      | $3434670.36   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      4756 | NS      | $1253348.68   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                  | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     25464 | NS      | $1747594.32   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     15650 | NS      | $1458423.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                               | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      3135 | NS      | $558625.65    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                       | CUSIP: 912796YH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2424999.48   | 0.92%             | 2023-09-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     50327 | NS      | $2592847.04   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp.       | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    200501 | NS      | $1160900.79   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FIN CORP                | Truist Financial Corp.                   | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $326037.61    | 0.12%             | 2049-06-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3870 | NS      | $1222378.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                     | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       100 | NS      | $34640.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                         | CUSIP: 191223205<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     13200 | NS      | $312180.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc. | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      2149 | NS      | $225301.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.              | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     46302 | NS      | $579701.04    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                           | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     13600 | NS      | $1604800.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                        | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1240 | NS      | $297054.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial, Inc.               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2480 | NS      | $772197.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                        | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     17725 | NS      | $3531529.00   | 1.34%             |  |  |  | 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        |    149625 | NS      | $6810930.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7430 | NS      | $1333610.70   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.       | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     49495 | NS      | $3130063.80   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                               | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     15249 | NS      | $625666.47    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     65455 | NS      | $2991948.05   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | The Travelers Cos., Inc.                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     11068 | NS      | $2075139.32   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                       | CUSIP: 912796YW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $98492.26     | 0.04%             | 2023-05-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     41895 | NS      | $7568750.70   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.              | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     93168 | NS      | $883232.64    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | The Coca-Cola Co.                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     37544 | NS      | $2388173.84   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                            | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    119491 | NS      | $3816542.54   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education, Inc.             | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     13500 | NS      | $1426410.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                              | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      3695 | NS      | $639974.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.             | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     26750 | NS      | $3410625.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp.                       | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5616 | NS      | $688240.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     12850 | NS      | $1822001.50   | 0.69%             |  |  |  | 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      | $70567.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                            | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |       903 | NS      | $10050.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     44408 | NS      | $1552947.76   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp.          | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     60674 | NS      | $1230468.72   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     38720 | NS      | $3416265.60   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.      | The Goldman Sachs Group, Inc.            | CUSIP: 38148BAD0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487485.00    | 0.19%             | 2022-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Franklin Resources Inc         | Franklin Resources, Inc.                 | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     46668 | NS      | $1231101.84   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     72354 | NS      | $8027676.30   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc         | Forrester Research, Inc.                 | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     19000 | NS      | $679440.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                             | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      9595 | NS      | $2657047.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.              | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7440 | NS      | $1293369.60   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer