# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-050449
**Filing Date:** 2023-3
**Character Count:** 40198
**Document Hash:** ec5eac2e5c0641e84d4b1f7a0c1f432e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050449.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001752724-23-050449

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20220831

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**PERIOD START**: 20220831

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 23696979

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2073472000

**MAIL ADDRESS:**
- **STREET 1:** FORUM FUNDS
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAHNESTOCK DAILY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAILY INCOME EXTENSION FUND INC
- **DATE OF NAME CHANGE:** 19810607

## Series and Classes Contracts Data

### MAI Managed Volatility Fund (Series ID: S000029851)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000091784 | Institutional | MAIPX           |
| C000091785 | Investor      | DIVPX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FORUM FUNDS

- **b. Investment Company Act file number:** 811-03023

- **c. CIK number of Registrant:** 0000315774

- **d. LEI of Registrant:** 549300LXYEU14CHGAO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 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:** MAI MANAGED VOLATILITY FUND

- **b. EDGAR series identifier (if any):** S000029851

- **c. LEI of Series:** 254900D8VW9313JUBF29

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

- **a. Date of fiscal year-end:** 2022-08-31

- **b. Date as of which information is reported:** 2022-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $202993783.62

**Total Liabilities:** $1697482.44

**Net Assets:** $201296301.18

**Cash Not Reported:** $9954950.76

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091784 | -4.56%               | 4.95%                | -1.16%               |
| Class ID C000091785 | -4.58%               | 4.95%                | -1.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $507.04                  | $-6850830.82                               |
| Month 2  | $0.00                    | $6098531.53                                |
| Month 3  | $0.00                    | $-3644084.59                               |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SPX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1FD99W6R9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-101475.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27517 | NS      | $1230560.24   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4919 | NS      | $1104364.69   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4882 | NS      | $673423.08    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      8894 | NS      | $339306.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5755 | NS      | $762825.25    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12466 | NS      | $1057989.42   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 172996PH7<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-25100.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-165860.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37380 | NS      | $3179542.80   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2696 | NS      | $194705.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals, Inc.           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      2318 | NS      | $585179.10    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     10745 | NS      | $944700.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-139725.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1709913G6<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -15 | NC      | $-59175.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CAK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2415357.55   | 1.20%             | 2023-09-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11965 | NS      | $584011.65    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4184 | NS      | $1174867.20   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P INDEX S&P 500         | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 170991YV9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-11660.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CDR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2894531.25   | 1.44%             | 2023-12-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     15837 | NS      | $1625668.05   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      7031 | NS      | $1689549.30   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1924 | NS      | $290408.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-30050.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-101850.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co.                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     25155 | NS      | $859294.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  31218348 | NS      | $31218348.49  | 15.51%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1FD99W6M0<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-28400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      7060 | NS      | $1334693.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19736 | NS      | $5160371.92   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-8200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     13795 | NS      | $629189.95    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP      | Occidental Petroleum Corp.                 | CUSIP: 674599162<br>LEI: IM7X0T3ECJW4C1T7ON55 | N/A              | DE               | CORP              | US        |       415 | NC      | $20305.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International, Inc.               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     15152 | NS      | $937302.72    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128284X5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $496332.75    | 0.25%             | 2023-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CBOE S&P INDEX S&P 500         | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-17350.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      2585 | NS      | $24686.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     48133 | NS      | $881796.56    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     19495 | NS      | $852126.45    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P INDEX S&P 500         | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-17750.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12857 | NS      | $1462226.61   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CBD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $24761251.00  | 12.30%            | 2022-12-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6765 | NS      | $577460.40    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22360 | NS      | $2834577.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CCK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7297855.88   | 3.63%             | 2023-06-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CEX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1982851.56   | 0.99%             | 2024-06-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -25 | NC      | $-42000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc              | EOG Resources, Inc.                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4761 | NS      | $577509.30    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet, Inc.                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4805 | NS      | $233955.45    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-43300.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2444 | NS      | $1062211.28   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2814 | NS      | $709915.92    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4159 | NS      | $657371.54    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      5376 | NS      | $948272.64    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7289 | NS      | $1187596.77   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     17941 | NS      | $750113.21    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1FD99WAX1<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -30 | NC      | $-142500.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Organon & Co                   | Organon & Co.                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |       676 | NS      | $19286.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | The Walt Disney Co.                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10041 | NS      | $1125395.28   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     20839 | NS      | $942547.97    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128282Y5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5355410.17   | 2.66%             | 2024-09-30      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| American Tower Corp            | American Tower Corp.                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4439 | NS      | $1127727.95   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      5660 | NS      | $273717.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1270 | NS      | $663067.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 190995BW9<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-65600.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14260 | NS      | $2833604.60   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE, Inc.                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10544 | NS      | $1122408.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     34293 | NS      | $601499.22    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp.                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      5392 | NS      | $210935.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     32172 | NS      | $1164304.68   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-38550.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28660 | NS      | $3101585.20   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6703 | NS      | $3481068.99   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        -5 | NC      | $-12250.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      9224 | NS      | $1589018.48   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      5807 | NS      | $585055.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-21400.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CBG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7405815.00   | 3.68%             | 2023-01-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8296 | NS      | $109839.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CBX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2447638.40   | 1.22%             | 2023-04-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     15389 | NS      | $491216.88    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7329 | NS      | $700579.11    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp.                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      3323 | NS      | $235933.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9531 | NS      | $935467.65    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-33600.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1FD99W4M2<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -30 | NC      | $-308550.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The        | The Charles Schwab Corp.                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     12732 | NS      | $903335.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128283Z1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4912695.30   | 2.44%             | 2025-02-28      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40860 | NS      | $6424009.20   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11136 | NS      | $750677.76    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp     | Raytheon Technologies Corp.                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14637 | NS      | $1313670.75   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     52675 | NS      | $1770406.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12656 | NS      | $1674009.12   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9442 | NS      | $1269571.32   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CBN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7385043.98   | 3.67%             | 2023-02-28      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2387 | NS      | $1191375.57   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 170991VQ3<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-5900.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit, Inc.                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2669 | NS      | $1152420.82   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      9007 | NS      | $1705475.45   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3529 | NS      | $565522.25    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CBU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7366323.23   | 3.66%             | 2023-03-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp.                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     24562 | NS      | $1821272.30   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7679 | NS      | $1493642.29   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      9690 | NS      | $1563384.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     11233 | NS      | $506832.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE S&P 500 INDEX S&P 500     | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-54000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10011 | NS      | $2887372.62   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     14790 | NS      | $951440.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-13725.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer