Forum Funds NPORT-P Lisanti Small Cap Growth Fund (Mar 2024 report)

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2024

1

Shares

Security

Description

Value

Common

Stock

-

98.7%

Communication

Services

-

1.0%

25,965‌

Magnite,

Inc. 

(a)

$

279,124‌

Consumer

Discretionary

-

16.9%

1,150‌

Abercrombie

&

Fitch

Co. 

(a)

144,129‌

23,210‌

Arhaus,

Inc.

357,202‌

2,380‌

Boot

Barn

Holdings,

Inc. 

(a)

226,457‌

2,240‌

Carvana

Co. 

(a)

196,918‌

2,840‌

Cava

Group,

Inc. 

(a)

198,942‌

1,960‌

Crocs,

Inc. 

(a)

281,848‌

3,480‌

Light

&

Wonder,

Inc. 

(a)

355,273‌

10,650‌

Modine

Manufacturing

Co. 

(a)

1,013,774‌

5,375‌

Ollie's

Bargain

Outlet

Holdings,

Inc. 

(a)

427,689‌

11,885‌

OneSpaWorld

Holdings,

Ltd. 

(a)

157,239‌

3,465‌

Red

Rock

Resorts,

Inc.,

Class A

207,276‌

3,665‌

Shake

Shack,

Inc.,

Class A 

(a)

381,270‌

10,280‌

Smith

Douglas

Homes

Corp. 

(a)

305,316‌

12,755‌

Sweetgreen,

Inc. 

(a)

322,191‌

660‌

Wingstop,

Inc.

241,824‌

4,817,348‌

Consumer

Staples

-

5.2%

5,950‌

BellRing

Brands,

Inc. 

(a)

351,228‌

705‌

Duolingo,

Inc. 

(a)

155,509‌

2,240‌

elf

Beauty,

Inc. 

(a)

439,107‌

4,760‌

Freshpet,

Inc. 

(a)

551,494‌

1,497,338‌

Energy

-

4.8%

19,255‌

TechnipFMC

PLC

483,493‌

49,030‌

Transocean,

Ltd. 

(a)

307,909‌

5,110‌

Weatherford

International

PLC 

(a)

589,796‌

1,381,198‌

Financials

-

4.5%

15,000‌

AvidXchange

Holdings,

Inc. 

(a)

197,250‌

350‌

FirstCash

Holdings,

Inc.

44,639‌

11,840‌

Flywire

Corp. 

(a)

293,750‌

690‌

Kinsale

Capital

Group,

Inc.

362,071‌

10,605‌

Skyward

Specialty

Insurance

Group,

Inc. 

(a)

396,733‌

1,294,443‌

Health-Care

-

16.0%

2,925‌

ANI

Pharmaceuticals,

Inc. 

(a)

202,205‌

6,470‌

Apellis

Pharmaceuticals,

Inc. 

(a)

380,307‌

6,180‌

Crinetics

Pharmaceuticals,

Inc. 

(a)

289,286‌

1,240‌

Cytokinetics,

Inc. 

(a)

86,936‌

7,745‌

Dyne

Therapeutics,

Inc. 

(a)

219,880‌

4,645‌

Evolent

Health,

Inc.,

Class A 

(a)

152,310‌

2,990‌

Glaukos

Corp. 

(a)

281,927‌

3,320‌

HealthEquity,

Inc. 

(a)

271,012‌

Shares

Security

Description

Value

Health-Care

-

16.0%

(continued)

1,134‌

Inspire

Medical

Systems,

Inc. 

(a)

$

243,572‌

4,090‌

Intra-Cellular

Therapies,

Inc. 

(a)

283,028‌

1,950‌

Ionis

Pharmaceuticals,

Inc. 

(a)

84,532‌

9,930‌

PROCEPT

BioRobotics

Corp. 

(a)

490,741‌

7,525‌

RxSight,

Inc. 

(a)

388,139‌

11,605‌

Tandem

Diabetes

Care,

Inc. 

(a)

410,933‌

4,020‌

TransMedics

Group,

Inc. 

(a)

297,239‌

3,200‌

Vericel

Corp. 

(a)

166,464‌

3,740‌

Viking

Therapeutics,

Inc. 

(a)

306,680‌

4,555,191‌

Industrials

-

25.5%

2,900‌

Applied

Industrial

Technologies,

Inc.

572,895‌

1,650‌

ArcBest

Corp.

235,125‌

2,400‌

Cadre

Holdings,

Inc.

86,880‌

2,355‌

Chart

Industries,

Inc. 

(a)

387,916‌

2,520‌

Clean

Harbors,

Inc. 

(a)

507,301‌

1,475‌

Comfort

Systems

USA,

Inc.

468,622‌

6,180‌

Construction

Partners,

Inc.,

Class A 

(a)

347,007‌

11,140‌

Core

&

Main,

Inc.,

Class A 

(a)

637,765‌

4,590‌

Enerpac

Tool

Group

Corp.

163,679‌

5,515‌

Federal

Signal

Corp.

468,058‌

8,430‌

Fluor

Corp. 

(a)

356,420‌

7,045‌

FTAI

Aviation,

Ltd.

474,129‌

955‌

Herc

Holdings,

Inc.

160,727‌

4,990‌

Montrose

Environmental

Group,

Inc. 

(a)

195,458‌

6,945‌

NEXTracker,

Inc.,

Class A 

(a)

390,795‌

2,365‌

Parsons

Corp. 

(a)

196,177‌

595‌

Saia,

Inc. 

(a)

348,075‌

3,435‌

SPX

Technologies,

Inc. 

(a)

422,952‌

10,740‌

The

AZEK

Co.,

Inc. 

(a)

539,363‌

4,075‌

VSE

Corp.

326,000‌

7,285,344‌

Information

Technology

-

22.6%

12,090‌

Alkami

Technology,

Inc. 

(a)

297,051‌

3,675‌

Braze,

Inc. 

(a)

162,802‌

3,880‌

Camtek,

Ltd./Israel 

(a)

325,028‌

4,465‌

Coherent

Corp. 

(a)

270,668‌

2,790‌

CommVault

Systems,

Inc. 

(a)

282,990‌

23,090‌

Credo

Technology

Group

Holding,

Ltd. 

(a)

489,277‌

1,235‌

CyberArk

Software,

Ltd. 

(a)

328,053‌

8,290‌

FormFactor,

Inc. 

(a)

378,273‌

2,545‌

Gitlab,

Inc.,

Class A 

(a)

148,424‌

20,370‌

Harmonic,

Inc. 

(a)

273,773‌

2,820‌

Impinj,

Inc. 

(a)

362,116‌

2,870‌

Itron,

Inc. 

(a)

265,532‌

Lisanti

Small

Cap

Growth

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2024

2

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

31,

2024.

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

1

–

quoted

prices

in

active

markets

for

identical

assets

Level

2

–

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

2

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

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

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

3

–

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

1

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

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. 

Shares

Security

Description

Value

Information

Technology

-

22.6%

(continued)

9,945‌

JFrog,

Ltd. 

(a)

$

439,768‌

2,065‌

MACOM

Technology

Solutions

Holdings,

Inc. 

(a)

197,497‌

7,250‌

Nutanix,

Inc.,

Class A 

(a)

447,470‌

1,845‌

Onto

Innovation,

Inc. 

(a)

334,093‌

10,850‌

Q2

Holdings,

Inc. 

(a)

570,276‌

1,875‌

Silicon

Laboratories,

Inc. 

(a)

269,475‌

3,435‌

Sprout

Social,

Inc.,

Class A 

(a)

205,104‌

5,550‌

Varonis

Systems,

Inc. 

(a)

261,793‌

4,005‌

Veeco

Instruments,

Inc. 

(a)

140,856‌

6,450,319‌

Materials

-

2.2%

7,655‌

Knife

River

Corp. 

(a)

620,667‌

Total

Common

Stock

(Cost

$22,869,047)

28,180,972‌

Shares

Security

Description

Value

Money

Market

Fund

-

1.8%

501,551‌

First

American

Treasury

Obligations

Fund,

Class X,

5.23% 

(b)

(Cost

$501,551)

501,551‌

Investments,

at

value

-

100.5%

(Cost

$23,370,598)

$

28,682,523‌

Other

Assets

&

Liabilities,

Net

-

(0.5)%

(135,707‌)

Net

Assets

-

100.0%

$

28,546,816‌

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2024.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

28,682,523‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

28,682,523‌