# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-044085
**Filing Date:** 2023-2
**Character Count:** 35897
**Document Hash:** 924a2235bda9f390e9e074b2479612b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044085.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044085

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**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:** 23679006

**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

### Polaris Global Value Fund (Series ID: S000004556)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012470 | Polaris Global Value Fund | PGVFX           |

## 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:** POLARIS GLOBAL VALUE FUND

- **b. EDGAR series identifier (if any):** S000004556

- **c. LEI of Series:** 2549002E4OIL39FNOB74

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

- **a. Date of fiscal year-end:** 2022-12-31

- **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:** $393618025.54

**Total Liabilities:** $6843010.25

**Net Assets:** $386775015.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012470 | 8.93%                | 9.93%                | -2.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4811905.47             | $34685553.04                               |
| Month 2  | $-314729.76              | $35785994.04                               |
| Month 3  | $1685597.81              | $-12105547.02                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     27200 | NS      | $5401059.96   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group PLC        | Smurfit Kappa Group PLC                                   | CUSIP: N/A<br>LEI: 635400CPLP8H5ITDVT56       | Long             | EC               | CORP              | IE        |    141352 | NS      | $5229279.71   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     45800 | NS      | $4257568.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co., Ltd.                                   | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |     18600 | NS      | $2949228.94   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA         | Yara International ASA                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |    116600 | NS      | $5124934.67   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co., Ltd.                         | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     97000 | NS      | $2700197.71   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                         | SKF AB                                                    | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |    272600 | NS      | $4157634.27   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambridge Bancorp              | Cambridge Bancorp                                         | CUSIP: 132152109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14200 | NS      | $1179452.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co., Ltd.                                   | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   4442000 | NS      | $5964058.45   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV                             | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |    143600 | NS      | $4125752.12   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     68100 | NS      | $5846385.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp.                  | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     52100 | NS      | $5779453.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                              | CUSIP: N/A<br>LEI: 213800RGEH1MPPNM2T57       | Long             | EC               | CORP              | GB        |    447110 | NS      | $4432376.17   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS                          | IPSOS                                                     | CUSIP: N/A<br>LEI: 9695002OY2X35E9X8W87       | Long             | EC               | CORP              | FR        |     54107 | NS      | $3388250.43   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebanken Vest               | Sparebanken Vest                                          | CUSIP: N/A<br>LEI: 213800M7T3CYVZ3ZRT12       | Long             | EC               | CORP              | NO        |    158654 | NS      | $1496369.18   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp.                                                 | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    271500 | NS      | $4506900.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T | The Interpublic Group of Cos., Inc.                       | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     72900 | NS      | $2428299.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co., Ltd.                             | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    104584 | NS      | $4573740.77   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     22767 | NS      | $5648720.37   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     42982 | NS      | $5002674.98   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     26144 | NS      | $5767366.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                             | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     84300 | NS      | $5590776.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                                  | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     77128 | NS      | $5413741.02   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank, Ltd.                                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    225050 | NS      | $5158305.96   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods, Ltd.                                         | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    171300 | NS      | $2953212.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19400 | NS      | $4652508.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    132000 | NS      | $3671663.17   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    120438 | NS      | $5701534.92   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion, Inc.                                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     49800 | NS      | $4876914.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                  | Methanex Corp.                                            | CUSIP: N/A<br>LEI: 549300TSJHRXT9QXRD13       | Long             | EC               | CORP              | CA        |    140237 | NS      | $5309120.10   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     49853 | NS      | $4978431.91   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Duni AB                        | Duni AB                                                   | CUSIP: N/A<br>LEI: 549300MWQEN1427O5L53       | Long             | EC               | CORP              | SE        |    119300 | NS      | $985511.05    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                               | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     54200 | NS      | $4899776.13   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     40551 | NS      | $6553447.11   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp.                            | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |    108963 | NS      | $4986146.88   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Babcock International Group PL | Babcock International Group PLC                           | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |    260748 | NS      | $889582.79    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencore Group PLC            | Greencore Group PLC                                       | CUSIP: N/A<br>LEI: 635400GGBEWULJXM5868       | Long             | EC               | CORP              | IE        |   1036300 | NS      | $803693.64    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc  | Dime Community Bancshares, Inc.                           | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62335 | NS      | $1984123.05   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc         | Berry Global Group, Inc.                                  | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |     76400 | NS      | $4616852.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc          | Brookline Bancorp, Inc.                                   | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103900 | NS      | $1470185.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Financial Corp         | Premier Financial Corp.                                   | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46600 | NS      | $1256802.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Colony Bankcorp Inc            | Colony Bankcorp, Inc.                                     | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219774 | NS      | $2788932.06   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                      | Loomis AB                                                 | CUSIP: N/A<br>LEI: 213800NS2XXVRYS7WP40       | Long             | EC               | CORP              | SE        |    100203 | NS      | $2746379.49   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV, Inc.                                                 | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    222722 | NS      | $4652662.58   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     51200 | NS      | $5353984.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    131900 | NS      | $4002025.30   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The          | The Carlyle Group, Inc.                                   | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    107200 | NS      | $3198848.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc       | Horizon Therapeutics PLC                                  | CUSIP: G46188101<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | IE        |     39800 | NS      | $4529240.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     11668 | NS      | $6186140.24   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     65000 | NS      | $4046250.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's, Inc.                                            | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     54351 | NS      | $4055128.11   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     62500 | NS      | $4778935.54   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Cons               | Daito Trust Construction Co., Ltd.                        | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               | CORP              | JP        |      7300 | NS      | $753139.29    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co., Ltd.                                     | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    150500 | NS      | $3476958.24   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp.                                      | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     52500 | NS      | $4645725.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                                  | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     33200 | NS      | $5289092.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Electronics Inc             | LG Electronics, Inc.                                      | CUSIP: N/A<br>LEI: 988400RMQFTGZIOG0609       | Long             | EC               | CORP              | KR        |     28400 | NS      | $1942744.17   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     11100 | NS      | $5693967.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                                 | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     27300 | NS      | $7591857.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp.                                       | CUSIP: N/A<br>LEI: 549300FQDIM6C8HTN269       | Long             | EC               | CORP              | CA        |    436400 | NS      | $2678348.60   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp                    | Daicel Corp.                                              | CUSIP: N/A<br>LEI: 353800ZG4XF6D7NZGS72       | Long             | EC               | CORP              | JP        |    367000 | NS      | $2670565.38   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |     16600 | NS      | $5401916.32   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp.                                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     91400 | NS      | $4286294.98   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Northern Institutional Treasury Portfolio Premier Shares  | CUSIP: 665279873<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  15352119 | NS      | $15352118.58  | 3.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings, Inc.                       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |    142300 | NS      | $5919680.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                               | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     20300 | NS      | $536529.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alrosa PJSC                    | Alrosa PJSC                                               | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               | CORP              | RU        |   3148600 | NS      | $426.93       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                        | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     88976 | NS      | $5659417.14   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                      | Crocs, Inc.                                               | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |     59376 | NS      | $6438139.68   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| flatexDEGIRO AG                | flatexDEGIRO AG                                           | CUSIP: N/A<br>LEI: 529900IRBZTADXJB6757       | Long             | EC               | CORP              | DE        |    167400 | NS      | $1133576.47   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TREVI - Finanziaria Industrial | TREVI - Finanziaria Industriale SpA                       | CUSIP: N/A<br>LEI: 815600FE9E92D9D6C309       | Long             | EC               | CORP              | IT        |   3659248 | NS      | $1249535.87   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                 | Open Text Corp.                                           | CUSIP: N/A<br>LEI: 549300HP7ONDQODZJV16       | Long             | EC               | CORP              | CA        |    122700 | NS      | $3635689.81   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix, Inc.                                            | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     61400 | NS      | $3641755.63   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     40200 | NS      | $5390820.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                      | Amcor PLC                                                 | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |    348500 | NS      | $4150635.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellway PLC                    | Bellway PLC                                               | CUSIP: N/A<br>LEI: 213800CY4L3HST4FGZ98       | Long             | EC               | CORP              | GB        |    141156 | NS      | $3255159.44   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos., Inc.                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    192500 | NS      | $6333250.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank 1 SR-Bank ASA        | SpareBank 1 SR-Bank ASA                                   | CUSIP: N/A<br>LEI: 549300Q3OIWRHQUQM052       | Long             | EC               | CORP              | NO        |    329537 | NS      | $4060011.01   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                   | DNB Bank ASA                                              | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    244996 | NS      | $4862758.47   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The      | Toronto-Dominion Bank                                     | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | Long             | EC               | CORP              | CA        |     80363 | NS      | $5203415.22   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                      | Mondi PLC                                                 | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |    243129 | NS      | $4142955.04   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                | Antofagasta PLC                                           | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | GB        |    210600 | NS      | $3934918.59   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Wimpey PLC              | Taylor Wimpey PLC                                         | CUSIP: N/A<br>LEI: 21380089BTRXTD8S3R66       | Long             | EC               | CORP              | GB        |    477702 | NS      | $587046.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                               | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     55429 | NS      | $693971.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TREVI FINANZIARIA INDUSTRIAL   | TREVI - Finanziaria Industriale SpA                       | CUSIP: N/A<br>LEI: 815600FE9E92D9D6C309       | N/A              | DE               | CORP              | IT        |     10863 | NC      | $9651.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57176 | NS      | $4779913.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International, Inc.                                 | CUSIP: N/A<br>LEI: 95RWVLFZX6VGDZNNTN43       | Long             | EC               | CORP              | CA        |     72282 | NS      | $4060390.64   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     25800 | NS      | $3742548.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |     15513 | NS      | $5060030.34   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    238642 | NS      | $4761155.53   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc            | MKS Instruments, Inc.                                     | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     54600 | NS      | $4626258.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet, Inc.                                               | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    110500 | NS      | $4594590.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     66400 | NS      | $6187816.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp.                                            | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    586500 | NS      | $6770401.55   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                  | LG Uplus Corp.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    456615 | NS      | $3990190.39   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-14

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer