# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-050323
**Filing Date:** 2023-3
**Character Count:** 30159
**Document Hash:** 30b57d03d8d537b0d77ef6c6a172e2f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050323.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050323

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**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:** 23694210

**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

### Absolute Flexible Fund (Series ID: S000076481)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000236408 | Institutional Shares | FLXIX           |

## Nport-Ex

Absolute

Flexible

Fund

Schedule

of

Investments

(Unaudited)

December

31,

2022

Absolute

Funds

Principal

Security

Description

Rate

Maturity

Value

Long

Positions

-

99.8%

Corporate

Convertible

Bonds

-

93.4%

(a) Communication

Services

-

15.7%

1,000,000

Infinera

Corp.

2.13 09/01/24

$

981,500

1,000,000

Q2

Holdings,

Inc.

0.13 11/15/25

828,100

1,000,000

TechTarget,

Inc.

(b)(c) 4.95 -

5.66 12/15/26

769,000

890,000

Upwork,

Inc.

0.25 08/15/26

670,712

3,249,312

Consumer

Discretionary

-

6.5%

1,000,000

Fisker,

Inc.

(b) 2.50 09/15/26

490,000

1,000,000

IMAX

Corp.

0.50 04/01/26

848,412

1,338,412

Energy

-

6.7%

1,000,000

Helix

Energy

Solutions

Group,

Inc.

6.75 02/15/26

1,386,618

Health

Care

-

10.0%

500,000

1Life

Healthcare,

Inc.

3.00 06/15/25

484,500

1,000,000

Accuray,

Inc.

3.75 06/01/26

831,082

900,000

PetIQ,

Inc.

4.00 06/01/26

751,500

2,067,082

Industrials

-

7.8%

1,000,000

CryoPort,

Inc.

(b) 0.75 12/01/26

735,600

397,000

Itron,

Inc.

(c) 5.53 03/15/26

327,049

632,000

John

Bean

Technologies

Corp.

0.25 05/15/26

545,732

1,608,381

Information

Technology

-

46.7%

700,000

Altair

Engineering,

Inc.

(b) 1.75 06/15/27

642,600

1,000,000

Alteryx,

Inc.

1.00 08/01/26

840,000

1,000,000

Bandwidth,

Inc.

0.25 03/01/26

758,800

1,000,000

Bentley

Systems,

Inc.

0.38 07/01/27

819,000

1,039,000

Coupa

Software,

Inc.

0.38 06/15/26

1,004,193

812,000

Dropbox,

Inc.

(c) 2.25 -

2.33 03/01/26

737,296

1,000,000

Envestnet,

Inc.

0.75 08/15/25

907,500

500,000

Fastly,

Inc.

(c) 8.43 03/15/26

365,000

1,000,000

Five9,

Inc.

0.50 06/01/25

918,500

600,000

Lumentum

Holdings,

Inc.

0.50 12/15/26

517,500

1,000,000

Magnite,

Inc.

0.25 03/15/26

781,900

1,000,000

Perficient,

Inc.

0.13 11/15/26

777,500

1,000,000

Veritone,

Inc.

1.75 11/15/26

607,500

9,677,289

Total

Corporate

Convertible

Bonds

(Cost

$19,354,818)

19,327,094

Shares

Security

Description

Value

Money

Market

Fund

-

6.4%

1,323,765

First

American

Treasury

Obligations

Fund,

Class X,

4.20%

(a)(d) (Cost

$1,323,765)

1,323,765

Total

Long

Positions

-

99.8%

(Cost

$20,678,583)

20,650,859

Total

Short

Positions

-

(12.4)%

(Proceeds

$(2,885,511))

(2,569,433)

Other

Assets

&

Liabilities,

Net

-

12.6%

2,619,226

Net

Assets

-

100.0%

$

20,700,652

Absolute

Flexible

Fund

Schedule

of

Securities

Sold

Short

(Unaudited)

December

31,

2022

Absolute

Funds

Shares

Security

Description

Value

Short

Positions

-

(12.4)%

Common

Stock

-

(12.4)%

Communication

Services

-

(1.3)%

(17,700)

Infinera

Corp.

$

(119,298)

(800) Q2

Holdings,

Inc.

(21,496)

(3,000)

TechTarget,

Inc.

(132,180)

(272,974)

Consumer

Discretionary

-

(1.6)%

(10,000)

Fisker,

Inc.

(72,700)

(14,350)

IMAX

Corp.

(210,371)

(4,350)

Upwork,

Inc.

(45,414)

(328,485)

Energy

-

(1.5)%

(43,345)

Helix

Energy

Solutions

Group,

Inc.

(319,886)

Health

Care

-

(1.1)%

(1,000)

1Life

Healthcare,

Inc.

(16,710)

(50,000)

Accuray,

Inc.

(104,500)

(11,400)

PetIQ,

Inc.

(105,108)

(226,318)

Industrials

-

(1.1)%

(2,876)

CryoPort,

Inc.

(49,899)

(973) Itron,

Inc.

(49,282)

(1,400)

John

Bean

Technologies

Corp.

(127,862)

(227,043)

Information

Technology

-

(5.8)%

(5,631)

Altair

Engineering,

Inc.,

Class A

(256,042)

(1,000)

Alteryx,

Inc.,

Class A

(50,670)

(3,000)

Bentley

Systems,

Inc.,

Class B

(110,880)

(300) Coupa

Software,

Inc.

(23,751)

(6,000)

Dropbox,

Inc.,

Class A

(134,280)

(2,500)

Envestnet,

Inc.

(154,250)

(500) Fastly,

Inc.,

Class A

(4,095)

(2,000)

Five9,

Inc.

(135,720)

(3,100)

Lumentum

Holdings,

Inc.

(161,727)

(1,400)

Perficient,

Inc.

(97,762)

(12,368)

Veritone,

Inc.

(65,550)

(1,194,727)

Total

Common

Stock

(Proceeds

$(2,885,511))

(2,569,433)

Total

Short

Positions

-

(12.4)%

(Proceeds

$(2,885,511))

$

(2,569,433)

Absolute

Flexible

Fund

Notes

to

Schedule

of

Investments

and

Securities

Sold

Short

(Unaudited)

December

31,

2022

Absolute

Funds

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

and

other

financial

instruments

and

liabilities

as

of

December

31,

2022. 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

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

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.

(a) All

or

a

portion

of

this

security

is

held

as

collateral

for

securities

sold

short.

(b) Security

exempt

from

registration

under

Rule

144A

under

the

Securities

Act

of

1933. At

the

period

end,

the

value

of

these

securities

amounted

to

$2,637,200

or

12.7%

of

net

assets.

(c) Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

(d) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022. Level

Level

Level

Total

Assets

Investments

at

Value

Corporate

Convertible

Bonds

$

–

$

19,327,094

$

–

$

19,327,094

Money

Market

Fund

–

1,323,765

–

1,323,765

Investments

at

Value

$

–

$

20,650,859

$

–

$

20,650,859

Total

Assets

$

–

$

20,650,859

$

–

$

20,650,859

Liabilities

Securities

Sold

Short

Common

Stock

$

(2,569,433)

$

–

$

–

$

(2,569,433)

Securities

Sold

Short

$

(2,569,433)

$

–

$

–

$

(2,569,433)

Total

Liabilities

$

(2,569,433)

$

–

$

–

$

(2,569,433)

## 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:** ABSOLUTE FLEXIBLE FUND

- **b. EDGAR series identifier (if any):** S000076481

- **c. LEI of Series:** 2549005TZQ8OFYYO1O53

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

- **a. Date of fiscal year-end:** 2023-03-31

- **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:** $23714062.69

**Total Liabilities:** $3013410.84

**Net Assets:** $20700651.85

**Cash Not Reported:** $2934711.56

**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:** 1938.07781332 | **5-Year:** 3109.72691096 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236408 | 1.41%                | 1.79%                | 1.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4411.57                 | $216792.06                                 |
| Month 2  | $-5162.14                | $291602.91                                 |
| Month 3  | $10034.00                | $138438.87                                 |

**Designated Index Information**

- **Index Name:** ICE BofA US Convertible Index TRexTC

- **Index Identifier:** VXA0-USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Q2 HOLDINGS INC                          | Q2 Holdings, Inc.                        | CUSIP: 74736LAF6<br>LEI: 549300M9RKR9DZXWS696 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $828100.00    | 4.00%             | 2025-11-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| INFINERA CORP                            | Infinera Corp.                           | CUSIP: 45667GAC7<br>LEI: 549300ZOF66WPV3H0H17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981500.00    | 4.74%             | 2024-09-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| VERITONE INC                             | Veritone, Inc.                           | CUSIP: 92347MAB6<br>LEI: 549300XTAS2FCSL4EL89 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $607500.00    | 2.93%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Infinera Corp                            | Infinera Corp.                           | CUSIP: 45667G103<br>LEI: 549300ZOF66WPV3H0H17 | Short            | EC               | CORP              | US        |    -17700 | NS      | $-119298.00   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Altair Engineering Inc                   | Altair Engineering, Inc.                 | CUSIP: 021369103<br>LEI: 549300FJ89HZ6GU9S994 | Short            | EC               | CORP              | US        |     -5631 | NS      | $-256041.57   | -1.24%            |  |  |  | No            |                  1 | On Loan: No      |
| PETIQ INC                                | PetIQ, Inc.                              | CUSIP: 71639TAB2<br>LEI: 549300GROACFGKVYOX14 | Long             | DBT              | CORP              | US        |    900000 | PA      | $751500.00    | 3.63%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERFICIENT INC                           | Perficient, Inc.                         | CUSIP: 71375UAF8<br>LEI: 549300HTBXKL2755T650 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $777500.00    | 3.76%             | 2026-11-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| MAGNITE INC                              | Magnite, Inc.                            | CUSIP: 55955DAB6<br>LEI: 54930018FR2YX1HHSB02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $781900.00    | 3.78%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FIVE9 INC                                | Five9, Inc.                              | CUSIP: 338307AD3<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $918500.00    | 4.44%             | 2025-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PetIQ Inc                                | PetIQ, Inc.                              | CUSIP: 71639T106<br>LEI: 549300GROACFGKVYOX14 | Short            | EC               | CORP              | US        |    -11400 | NS      | $-105108.00   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Envestnet Inc                            | Envestnet, Inc.                          | CUSIP: 29404K106<br>LEI: 549300HLWZ5OKIDM8737 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-154250.00   | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                | Five9, Inc.                              | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Short            | EC               | CORP              | US        |     -2000 | NS      | $-135720.00   | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                          | Q2 Holdings, Inc.                        | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Short            | EC               | CORP              | US        |      -800 | NS      | $-21496.00    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                      | Bentley Systems, Inc.                    | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-110880.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| ENVESTNET INC                            | Envestnet, Inc.                          | CUSIP: 29404KAE6<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907500.00    | 4.38%             | 2025-08-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Itron Inc                                | Itron, Inc.                              | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Short            | EC               | CORP              | US        |      -973 | NS      | $-49282.45    | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| TECHTARGET INC                           | TechTarget, Inc.                         | CUSIP: 87874RAC4<br>LEI: 529900YQA5JL2H2VMB84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $769000.00    | 3.71%             | 2026-12-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CryoPort Inc                             | CryoPort, Inc.                           | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Short            | EC               | CORP              | US        |     -2876 | NS      | $-49898.60    | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC                    | Lumentum Holdings, Inc.                  | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    600000 | PA      | $517500.00    | 2.50%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ACCURAY INC                              | Accuray, Inc.                            | CUSIP: 004397AK1<br>LEI: 549300G28LY4TZKZJG51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $831081.74    | 4.01%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FISKER INC                               | Fisker, Inc.                             | CUSIP: 33813JAA4<br>LEI: 549300UUN5RWU44MBX79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $490000.00    | 2.37%             | 2026-09-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ITRON INC                                | Itron, Inc.                              | CUSIP: 465741AN6<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |    397000 | PA      | $327048.60    | 1.58%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alteryx Inc                              | Alteryx, Inc.                            | CUSIP: 02156B103<br>LEI: 549300XWZG0JHL7I0827 | Short            | EC               | CORP              | US        |     -1000 | NS      | $-50670.00    | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| FASTLY INC                               | Fastly, Inc.                             | CUSIP: 31188VAB6<br>LEI: 549300E2FZC83FJ3H565 | Long             | DBT              | CORP              | US        |    500000 | PA      | $365000.00    | 1.76%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coupa Software Inc                       | Coupa Software, Inc.                     | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Short            | EC               | CORP              | US        |      -300 | NS      | $-23751.00    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| ALTAIR ENGINEERING INC                   | Altair Engineering, Inc.                 | CUSIP: 021369AB9<br>LEI: 549300FJ89HZ6GU9S994 | Long             | DBT              | CORP              | US        |    700000 | PA      | $642600.00    | 3.10%             | 2027-06-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Dropbox Inc                              | Dropbox, Inc.                            | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Short            | EC               | CORP              | US        |     -6000 | NS      | $-134280.00   | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                    | Lumentum Holdings, Inc.                  | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Short            | EC               | CORP              | US        |     -3100 | NS      | $-161727.00   | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Fastly Inc                               | Fastly, Inc.                             | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Short            | EC               | CORP              | US        |      -500 | NS      | $-4095.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CRYOPORT INC                             | CryoPort, Inc.                           | CUSIP: 229050AC3<br>LEI: 9845004D8538BT8JF626 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $735600.00    | 3.55%             | 2026-12-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| 1Life Healthcare Inc                     | 1Life Healthcare, Inc.                   | CUSIP: 68269G107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1000 | NS      | $-16710.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORP                                | IMAX Corp.                               | CUSIP: 45245EAJ8<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $848411.91    | 4.10%             | 2026-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| UPWORK INC                               | Upwork, Inc.                             | CUSIP: 91688FAB0<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | DBT              | CORP              | US        |    890000 | PA      | $670712.27    | 3.24%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| IMAX Corp                                | IMAX Corp.                               | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Short            | EC               | CORP              | CA        |    -14350 | NS      | $-210371.00   | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ALTERYX INC                              | Alteryx, Inc.                            | CUSIP: 02156BAF0<br>LEI: 549300XWZG0JHL7I0827 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $840000.00    | 4.06%             | 2026-08-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fisker Inc                               | Fisker, Inc.                             | CUSIP: 33813J106<br>LEI: 549300UUN5RWU44MBX79 | Short            | EC               | CORP              | US        |    -10000 | NS      | $-72700.00    | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX INC                              | Dropbox, Inc.                            | CUSIP: 26210CAC8<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |    812000 | PA      | $737296.00    | 3.56%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Accuray Inc                              | Accuray, Inc.                            | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Short            | EC               | CORP              | US        |    -50000 | NS      | $-104500.00   | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| John Bean Technologies Corp              | John Bean Technologies Corp.             | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Short            | EC               | CORP              | US        |     -1400 | NS      | $-127862.00   | -0.62%            |  |  |  | No            |                  1 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES C                 | John Bean Technologies Corp.             | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |    632000 | PA      | $545732.00    | 2.64%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Perficient Inc                           | Perficient, Inc.                         | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Short            | EC               | CORP              | US        |     -1400 | NS      | $-97762.00    | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Veritone Inc                             | Veritone, Inc.                           | CUSIP: 92347M100<br>LEI: 549300XTAS2FCSL4EL89 | Short            | EC               | CORP              | US        |    -12368 | NS      | $-65550.40    | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| BENTLEY SYSTEMS                          | Bentley Systems, Inc.                    | CUSIP: 08265TAD1<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $819000.00    | 3.96%             | 2027-07-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| 1LIFE HEALTHCARE INC                     | 1Life Healthcare, Inc.                   | CUSIP: 68269GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $484500.00    | 2.34%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Upwork Inc                               | Upwork, Inc.                             | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Short            | EC               | CORP              | US        |     -4350 | NS      | $-45414.00    | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I           | Helix Energy Solutions Group, Inc.       | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Short            | EC               | CORP              | US        |    -43345 | NS      | $-319886.10   | -1.55%            |  |  |  | No            |                  1 | On Loan: No      |
| TechTarget Inc                           | TechTarget, Inc.                         | CUSIP: 87874R100<br>LEI: 529900YQA5JL2H2VMB84 | Short            | EC               | CORP              | US        |     -3000 | NS      | $-132180.00   | -0.64%            |  |  |  | No            |                  1 | On Loan: No      |
| COUPA SOFTWARE INC                       | Coupa Software, Inc.                     | CUSIP: 22266LAF3<br>LEI: 549300Q95ICR2GFL2K37 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1004193.50   | 4.85%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                   | Helix Energy Solutions Group, Inc.       | CUSIP: 42330PAK3<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1386617.82   | 6.70%             | 2026-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANDWIDTH INC                            | Bandwidth, Inc.                          | CUSIP: 05988JAB9<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $758800.00    | 3.67%             | 2026-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1353340 | NS      | $1353340.00   | 6.54%             |  |  |  | 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