# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-002361
**Filing Date:** 2023-1
**Character Count:** 46767
**Document Hash:** 152132d631d0de213cae9c6df8245450
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-002361.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001752724-23-002361

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**PERIOD START**: 20230831

**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:** 23531075

**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           |

## Nport-Ex

# **MAI MANAGED VOLATILITY FUND**
**SCHEDULE OF INVESTMENTS (Unaudited)**
**NOVEMBER 30, 2022**

| Shares | Security Description | Value |
| --- | --- | --- |
| Common Stock - 44.6% |  |  |
| Communication Services - 3.7% |  |  |
| 28,660 | Alphabet, Inc., Class A (a)(b) | $2,894,373 |
| 34,293 | AT&T, Inc. | 661,169 |
| 32,172 | Comcast Corp., Class A | 1,178,782 |
| 7,289 | Meta Platforms, Inc., Class A (a) | 860,831 |
| 10,041 | The Walt Disney Co. (a) | 982,713 |
| 17,941 | Verizon Communications, Inc. | 699,340 |

1

# **MAI MANAGED VOLATILITY FUND**
**SCHEDULE OF INVESTMENTS (Unaudited)**
**NOVEMBER 30, 2022**

| Shares | Security Description | Value |
| --- | --- | --- |
| 3,296 Warner Bros Discovery, Inc. (a) |  | 94,574 |
| Health Care - 7.6% (continued) |  | 7,371,782 |
| Consumer Discretionary - 3.6% |  | $28,513 |
| 22,360 Amazon.com, Inc. (a)(b) |  | 15,185,764 |
| Industrials - 3.5% |  | 2,158,635 |
| 2,813 McDonald's Corp. |  | 767,631 |
| 6,302 Warner Global Corp. |  | 1,156,973 |
| 10,500 NBDL, Inc. Class B |  | 1,047,487 |
| 10,000 Transworld International, Inc. |  | 2,241,494 |
| 2,696 Otis Worldwide Corp. |  | 210,531 |
| 14,637 Raytheon Technologies Corp. |  | 7,344,907 |
|  |  | 1,444,965 |

# **MAI MANAGED VOLATILITY FUND**
**SCHEDULE OF INVESTMENTS (Unaudited)**
**NOVEMBER 30, 2022**

| Consumer | Staples | Security Description | Exercise Price | Exp. Date | Value |
| --- | --- | --- | --- | --- | --- |
| Shares | 1,000 | One Double Corp. (a) |  |  | 631,267 |
| Warrants | 1,000 | One Double Corp. (b) |  |  | 1,000,000 |
|  | 1,000 | One Double Corp. (c) |  |  | 1,000,000 |
| Information | 1,000 | One Double Corp. (d) |  |  | 1,000,000 |
|  | 1,000 | One Double Corp. (e) |  |  | 1,000,000 |
| Shares | 1,000 | One Double Corp. (f) |  |  | 1,000,000 |
| Money Market | 1,000 | One Double Corp. (g) |  |  | 1,000,000 |
|  | 23,476,210 | One Double Corp. (h) |  |  | 1,000,000 |
|  |  | One Double Corp. (i) |  |  | 1,000,000 |
|  |  | One Double Corp. (j) |  |  | 1,000,000 |
|  |  | One Double Corp. (k) |  |  | 1,000,000 |
|  |  | One Double Corp. (l) |  |  | 1,000,000 |

2

# **MAI MANAGED VOLATILITY FUND**
**NOTES TO SCHEDULES OF INVESTMENTS AND CALL AND PUT OPTIONS WRITTEN (Unaudited)**
**NOVEMBER 30, 2022**

| ADR | 2,700 | 23,470,187 |
| --- | --- | --- |
| PLC | 2,800 | 6,995,456 |
| Total | 2,800 | $191,512,152 |
| Written Options | (6.7)% | (1,324,195) |
| Other | (5.4)% | 10,688,256 |
| Net Assets | (10.0)% | $200,878,254 |
| (b) All instruments of the account is held as collateral for written options. |  | 2,000,000 |
| (c) Dividends paid in advance due to reflect current market conditions. Rate was the quoted yield as of November 30, 2022. |  | 1,000,000 |
| 3,323 | Occidental Petroleum Corp. | 230,915 |

3

# **MAI MANAGED VOLATILITY FUND**
**NOTES TO SCHEDULES OF INVESTMENTS AND CALL AND PUT OPTIONS WRITTEN (Unaudited)**
**NOVEMBER 30, 2022**

The following is a summary of the inputs used to value the Fund's investments and other financial instruments and liabilities.

FINANCIAL STATEMENTS: THE FUND 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 FINANCIAL FUNDS. THE BASIS OF THE TIER IS DEPENDENT UPON THE VARIOUS "inputs" used to determine the value of the Fund's investments and other financial instruments are summarized in the three broad levels listed below:
4,184 Berkshire Hathaway, Inc., Class B

Real Estate: 1,000,000.00
Active markets for identical assets
1,550,305

Level 2: 1,000,000.00

Level 2: 1,000,000.00

1,000,000

1,000,000

4

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO

rates, prepayment of interest (credit risk, etc.). Short-term securities with maturities of sixty days or less are valued at 1,304,000. Unlisted securities with maturities of sixty days or less are categorized as Level 2 in the hierarchy. Municipal securities, long-term securities, long-term securities are valued in accordance with the evaluated price supplied by the Company's stock. The Company's stock is a Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy are not included in the Balance Sheet. Total Common Stock (Costs) is 553,073,843 that do not trade on an exchange, securities valued at the mean between 1,305,737 and 1,304,000. The Company's stock is a stock of 1,304,000. The Company's stock is a stock of 1,304,000. The Company's stock is a stock of 1,304,000. The Company's stock is a stock of 1,304,000. The Company's stock is a stock of 1,304,000.

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

5

| $ | 7,500,000 | Bridge Treasury | Note/Bond | 0.13% | 01/31/23 | 2,049,578 |
| --- | --- | --- | --- | --- | --- | --- |
|  | 7,500,000 | Union Treasury | Note/Bond | 0.13 | 02/28/23 | 7,400,000 |
|  | 7,500,000 | Union Treasury | Note/Bond | 0.13 | 03/01/23 | 7,400,000 |
|  | 7,500,000 | Union Treasury | Note/Bond | 0.13 | 04/30/23 | 2,453,400 |
|  | 7,500,000 | Union Treasury | Note/Bond | 0.13 | 06/30/23 | 7,300,000 |
|  | 500,000 | Union Treasury | Note/Bond | 2.75 | 08/31/23 | 444,943 |
|  | 2,500,000 | Union Treasury | Note/Bond | 0.13 | 09/15/23 | 2,412,000 |
|  | 2,500,000 | Union Treasury | Note/Bond | 2.88 | 09/30/23 | 1,065,000 |
|  | 10,000,000 | Union Treasury | Note/Bond | 2.88 | 11/30/23 | 3,614,535 |
| Assets |  |  |  |  |  |  |
| Investments at Trade |  |  |  |  |  |  |
| Common Stock |  |  |  |  |  |  |

| 15,000,000 | U.S. Treasury | Note/Bond | $7,371,782 | 2.63 | 12/31/23 | 14,674,219 |
| --- | --- | --- | --- | --- | --- | --- |
| 1,000,000 | U.S. Treasury | Note/Bond | 7,326,301 | 0.75 | 12/31/23 | 2,875,644 |
| Consumer Discretionary |  |  |  |  |  | 7,326,301 |
| 5,000,000 | U.S. Treasury | Note/Bond | 6,885,238 | 3.00 | 06/30/24 | 1,953,088 |
| 5,000,000 | U.S. Treasury | Note/Bond | 4,571,180 | 2.13 | 09/30/24 | 5,281,325 |
| 5,000,000 | U.S. Treasury | Note/Bond | 10,979,115 | 2.75 | 02/28/25 | 4,840,639 |
| Financial |  |  |  |  |  | 10,979,115 |
| 5,000,000 | U.S. Treasury | Note/Bond | 15,185,764 | 4.25 | 10/15/25 | 3,011,289 |
| Health Care |  |  |  |  |  | 15,185,764 |
| Industrials |  |  | 7,029,698 |  |  | 78,358,492 |
| Total U.S. Government & Agency Obligations (Cost $79,206,282) |  |  | 54,618,873 |  |  | 78,358,492 |

| Materials | 718,951 | - | - | 718,951 |
| --- | --- | --- | --- | --- |
| Real Estate | 1,804,949 | - | - | 1,804,949 |
| Utilities | 3,166,086 | - | - | 3,166,086 |
| U.S. Government & Agency Obligations | - | 78,358,402 | - | 78,358,402 |
| Warrants | 19,713 | - | - | 19,713 |
| Money Market Fund | - | 23,476,110 | - | 23,476,110 |
| Investments at Value | $89,677,650 | $101,834,512 | $ - | $191,512,162 |
| Total Assets | $89,677,650 | $101,834,512 | $ - | $191,512,162 |

# **Liabilities**

# **Other Financial Instruments\***

| Written Options |  | (509,455) |  | (814,650) |  | - | (1,324,105) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total Liabilities | $ | (509,455) | $ | (814,650) | $ | - $ | (1,324,105) |

\* Other Financial Instruments are derivative instruments reflected in separate schedules such as written options, which

appear in the Schedule of Call and Put Options Written and are valued at their market value at period end.

## 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $202328805.44

**Total Liabilities:** $1493241.55

**Net Assets:** $200835563.89

**Cash Not Reported:** $11109888.76

**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 | -5.21%               | 5.44%                | 3.02%                |
| Class ID C000091785 | -5.20%               | 5.41%                | 3.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-8553851.34                               |
| Month 2  | $0.00                    | $6728572.18                                |
| Month 3  | $-110845.09              | $5016644.11                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1KU9944W2<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -5 | NC      | $-63800.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-108885.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27517 | NS      | $1368145.24   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4919 | NS      | $1069538.17   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4882 | NS      | $728199.12    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 21199M8C5<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-88900.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd               | Schlumberger, Ltd.                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      8894 | NS      | $458485.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128285U0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14674218.75  | 7.31%             | 2023-12-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5755 | NS      | $877177.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices, Inc.               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12466 | NS      | $967735.58    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                       | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37380 | NS      | $3166086.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp.                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2696 | NS      | $210530.64    | 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      | $718950.88    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     10745 | NS      | $849284.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1KU9947B5<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -10 | NC      | $-27060.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CAK7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2411713.83   | 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      | $579225.65    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4184 | NS      | $1333022.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -15 | NC      | $-84750.00    | -0.04%            |  |  |  | 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      | $2875664.07   | 1.43%             | 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      | $1703744.46   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      7031 | NS      | $2013678.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1924 | NS      | $325598.52    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-170600.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co.                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     25155 | NS      | $822820.05    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  23476110 | NS      | $23476110.21  | 11.69%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-82500.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      7060 | NS      | $1550305.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19736 | NS      | $5035443.04   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                               | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     13795 | NS      | $626155.05    | 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      | $19712.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International, Inc.               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     15152 | NS      | $1024426.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -25 | NC      | $-13750.00    | -0.01%            |  |  |  | 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      | $492713.22    | 0.25%             | 2023-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      2585 | NS      | $28512.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.                        | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     48133 | NS      | $920302.96    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     19495 | NS      | $934785.25    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12857 | NS      | $1776580.26   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6765 | NS      | $744961.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22360 | NS      | $2158634.40   | 1.07%             |  |  |  | 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      | $7301281.50   | 3.64%             | 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      | $1953085.94   | 0.97%             | 2024-06-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc              | EOG Resources, Inc.                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4761 | NS      | $675728.73    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet, Inc.                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      4805 | NS      | $255433.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow, Inc.                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2444 | NS      | $1017437.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2814 | NS      | $767631.06    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4159 | NS      | $762386.29    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      5376 | NS      | $1002892.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7289 | NS      | $860830.90    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     17941 | NS      | $699340.18    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-82600.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                   | Organon & Co.                              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |       676 | NS      | $17589.52     | 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      | $982712.67    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     20839 | NS      | $1044659.07   | 0.52%             |  |  |  | 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      | $5281396.51   | 2.63%             | 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      | $982128.75    | 0.49%             |  |  |  | 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      | $333317.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128285D8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $985117.90    | 0.49%             | 2023-09-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp.                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1270 | NS      | $684847.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14260 | NS      | $3094420.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE, Inc.                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10544 | NS      | $1156571.36   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 9128285P1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9814537.00   | 4.89%             | 2023-11-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     34293 | NS      | $661169.04    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp.                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      5392 | NS      | $238973.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     32172 | NS      | $1178782.08   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28660 | NS      | $2894373.40   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6703 | NS      | $3671635.28   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-3000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      9224 | NS      | $1711144.24   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      5807 | NS      | $707350.67    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -20 | NC      | $-46000.00    | -0.02%            |  |  |  | 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      | $7449532.95   | 3.71%             | 2023-01-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 1KU9940R7<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -8 | NC      | $-63800.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8296 | NS      | $94574.40     | 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      | $2453467.83   | 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      | $462747.23    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7329 | NS      | $816010.86    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 222997KK3<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -20 | NC      | $-202000.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp.                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      3323 | NS      | $230915.27    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -25 | NC      | $-210250.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9531 | NS      | $971018.28    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-37050.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | The Charles Schwab Corp.                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     12732 | NS      | $1050899.28   | 0.52%             |  |  |  | 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      | $4840039.05   | 2.41%             | 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      | $6048505.80   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11136 | NS      | $893998.08    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: 22T9972E8<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       -30 | NC      | $-14040.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp     | Raytheon Technologies Corp.                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14637 | NS      | $1444964.64   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     52675 | NS      | $1993748.75   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM, Inc.                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12656 | NS      | $1600857.44   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9442 | NS      | $1521861.56   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-10350.00    | -0.01%            |  |  |  | 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      | $7421502.90   | 3.70%             | 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      | $1315308.61   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit, Inc.                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2669 | NS      | $1087857.71   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International, Inc.              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      9007 | NS      | $1977486.85   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3529 | NS      | $631267.52    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE S&P 500 INDEX S&P 500                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       -10 | NC      | $-2620.00     | -0.00%            |  |  |  | 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      | $7392880.43   | 3.68%             | 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      | $2039382.86   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7679 | NS      | $1456936.67   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      9690 | NS      | $1724820.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     11233 | NS      | $523233.14    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10011 | NS      | $3243463.89   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     14790 | NS      | $1134393.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | U.S. Treasury Note/Bond                    | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2007500.00   | 1.00%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-01-13

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer