# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001752724-23-034366
**Filing Date:** 2023-2
**Character Count:** 21787
**Document Hash:** 189d8a123146c585c8bbd7f3aa22613d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-034366.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-034366

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**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:** 23656302

**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

### Payson Total Return Fund (Series ID: S000004544)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000012453 | Payson Total Return Fund | PBFDX           |

## Nport-Ex

#### Payson

#### Total

#### Return

#### Fund
SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2022

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2022. #### Shares

#### Security

#### Description

#### Value

#### Common

#### Stock

#### -

#### 93.9%

#### Consumer

#### Discretionary

#### -

#### 7.8%
2,065

AutoZone,

Inc. (a)

$

5,092,662

28,230

Polaris,

Inc.

2,851,230

37,300

The

Home

Depot,

Inc.

11,781,578

19,725,470

#### Consumer

#### Staples

#### -

#### 10.6%
136,400

Bristol-Myers

Squibb

Co.

9,813,980

120,500

CVS

Health

Corp.

11,229,395

10,325

Thermo

Fisher

Scientific,

Inc.

5,685,874

26,729,249

#### Energy

#### -

#### 5.1%
34,730

Chevron

Corp.

6,233,688

62,100

Devon

Energy

Corp.

3,819,771

12,600

Pioneer

Natural

Resources

Co.

2,877,714

12,931,173

#### Financials

#### -

#### 15.3%
25,870

American

Express

Co.

3,822,293

21,065

Aon

PLC,

Class A

6,322,449

41,650

Berkshire

Hathaway,

Inc.,

Class B (a)

12,865,685

20,510

Mastercard,

Inc.,

Class A

7,131,942

40,725

Visa,

Inc.,

Class A

8,461,026

38,603,395

#### Health

#### Care

#### -

#### 18.5%
36,735

AbbVie,

Inc.

5,936,743

21,630

Amgen,

Inc.

5,680,903

8,625

Danaher

Corp.

2,289,248

53,300

Johnson

&

Johnson

9,415,445

21,600

Laboratory

Corp.

of

America

Holdings

5,086,368

132,000

Pfizer,

Inc.

6,763,680

21,730

UnitedHealth

Group,

Inc.

11,520,811

46,693,198

#### Industrials

#### -

#### 5.7%
38,100

AMETEK,

Inc.

5,323,332

12,035

Honeywell

International,

Inc.

2,579,101

31,525

L3Harris

Technologies,

Inc.

6,563,820

14,466,253

#### Shares

#### Security

#### Description

#### Value

#### Information

#### Technology

#### -

#### 30.9%
11,220

Accenture

PLC,

Class A

$

2,993,945

112,800

Alphabet,

Inc.,

Class A (a)

9,952,344

71,425

Apple,

Inc.

9,280,250

24,560

Broadcom,

Inc.

13,732,233

44,010

CDW

Corp.

7,859,306

336,885

HP,

Inc.

9,052,100

18,000

Lam

Research

Corp.

7,565,400

23,215

Microsoft

Corp.

5,567,421

22,625

NVIDIA

Corp.

3,306,418

11,600

NXP

Semiconductors

NV

1,833,148

42,760

Texas

Instruments,

Inc.

7,064,807

78,207,372

Total

Common

Stock

(Cost

$182,458,081)

#### 237,356,110

#### Principal

#### Security

#### Description

#### Rate

#### Maturity

#### Value

#### U.S.

#### Government

#### &

#### Agency

#### Obligations

#### -

#### 5.8%

#### U.S.

#### Treasury

#### Securities

#### -

#### 5.8%
$

5,000,000

U.S.

Treasury

Bill (b)

4.37%

03/30/23

4,948,840

10,000,000

U.S.

Treasury

Bill (b)

4.66 06/29/23

9,778,873

14,727,713

Total

U.S.

Government

&

Agency

Obligations

(Cost

$14,720,500)

#### 14,727,713

#### Investments,

#### at

#### value

#### -

#### 99.7%

#### (Cost

#### $197,178,581)

#### $

#### 252,083,823

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### -

#### 0.3%

#### 815,253

#### Net

#### Assets

#### -

#### 100.0%

#### $

#### 252,899,076
PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

#### Payson

#### Total

#### Return

#### Fund
SCHEDULE

OF

INVESTMENTS

(Unaudited)

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

Level

value

displayed

in

this

table

is

Common

Stock.

The

Level

value

displayed

in

this

table

is

U.S.

Treasury

Securities.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

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.

#### Valuation

#### Inputs

#### Investments

#### in

#### Securities
Level

-

Quoted

Prices

$

237,356,110

Level

-

Other

Significant

Observable

Inputs

14,727,713

Level

-

Significant

Unobservable

Inputs

–

#### Total

#### $

#### 252,083,823

## 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:** PAYSON TOTAL RETURN FUND

- **b. EDGAR series identifier (if any):** S000004544

- **c. LEI of Series:** 254900LUPPT0VOZOOB60

**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:** $253947589.77

**Total Liabilities:** $1048514.02

**Net Assets:** $252899075.75

**Cash Not Reported:** $1642572.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012453 | 8.50%                | 6.27%                | -5.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-152293.81              | $19521641.07                               |
| Month 2  | $1930293.86              | $13490405.44                               |
| Month 3  | $279103.68               | $-14913251.18                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Microsoft Corp                 | Microsoft Corp.                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     23215 | NS      | $5567421.30   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     37300 | NS      | $11781578.00  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     21630 | NS      | $5680903.20   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     62100 | NS      | $3819771.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co   | Pioneer Natural Resources Co.        | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     12600 | NS      | $2877714.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     22625 | NS      | $3306417.50   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     21730 | NS      | $11520811.40  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp.                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8625 | NS      | $2289247.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    112800 | NS      | $9952344.00   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                   | CUSIP: 912796ZR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9778872.90   | 3.87%             | 2023-06-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific, Inc.       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     10325 | NS      | $5685874.25   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    136400 | NS      | $9813980.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris, Inc.                        | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     28230 | NS      | $2851230.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     11600 | NS      | $1833148.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone, Inc.                       | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2065 | NS      | $5092661.70   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                        | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     11220 | NS      | $2993944.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co.                 | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     25870 | NS      | $3822292.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                     | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    120500 | NS      | $11229395.00  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     71425 | NS      | $9280250.25   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                   | CUSIP: 912796YM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4948840.45   | 1.96%             | 2023-03-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.              | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     42760 | NS      | $7064807.20   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP, Inc.                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    336885 | NS      | $9052099.95   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     24560 | NS      | $13732232.80  | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International, Inc.        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     12035 | NS      | $2579100.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp.                   | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     18000 | NS      | $7565400.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.             | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     41650 | NS      | $12865685.00  | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    132000 | NS      | $6763680.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     21065 | NS      | $6322449.10   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     36735 | NS      | $5936743.35   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK, Inc.                         | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     38100 | NS      | $5323332.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34730 | NS      | $6233687.70   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     53300 | NS      | $9415445.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     40725 | NS      | $8461026.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies, Inc.          | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     31525 | NS      | $6563820.25   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Hol | Laboratory Corp. of America Holdings | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     21600 | NS      | $5086368.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                    | CDW Corp.                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     44010 | NS      | $7859305.80   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     20510 | NS      | $7131942.30   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer