Forum Funds NPORT-P Payson Total Return Fund (Jun 2024 report)

Payson

Total

Return

Fund

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

June

30,

2024

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

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

Shares

Security

Description

Value

Common

Stock

-

99.9%

Consumer

Discretionary

-

9.7%

71,530‌

Amazon.com,

Inc.(a)

$

13,823,172‌

3,400‌

AutoZone,

Inc.(a)

10,077,940‌

10,900‌

The

Home

Depot,

Inc.

3,752,216‌

27,653,328‌

Consumer

Staples

-

2.0%

10,325‌

Thermo

Fisher

Scientific,

Inc.

5,709,725‌

Energy

-

4.4%

34,202‌

Chevron

Corp.

5,349,877‌

40,930‌

Marathon

Petroleum

Corp.

7,100,536‌

12,450,413‌

Financials

-

13.1%

13,228‌

Aon

PLC,

Class A

3,883,476‌

35,500‌

JPMorgan

Chase

&

Co.

7,180,230‌

36,969‌

LPL

Financial

Holdings,

Inc.

10,325,442‌

15,853‌

Mastercard,

Inc.,

Class A

6,993,709‌

33,616‌

Visa,

Inc.,

Class A

8,823,192‌

37,206,049‌

Health

Care

-

7.3%

43,035‌

AbbVie,

Inc.

7,381,363‌

32,999‌

Amgen,

Inc.

10,310,538‌

5,830‌

UnitedHealth

Group,

Inc.

2,968,986‌

20,660,887‌

Industrials

-

15.2%

37,950‌

AMETEK,

Inc.

6,326,644‌

21,460‌

Caterpillar,

Inc.

7,148,326‌

23,750‌

Dover

Corp.

4,285,688‌

11,500‌

Hubbell,

Inc.

4,203,020‌

43,448‌

L3Harris

Technologies,

Inc.

9,757,552‌

56,327‌

Otis

Worldwide

Corp.

5,422,037‌

109,950‌

Terex

Corp.

6,029,658‌

43,172,925‌

Information

Technology

-

48.2%

18,233‌

Accenture

PLC,

Class A

5,532,075‌

23,900‌

Adobe,

Inc.(a)

13,277,406‌

122,580‌

Alphabet,

Inc.,

Class A

22,327,947‌

Shares

Security

Description

Value

Information

Technology

-

48.2%

(continued)

86,226‌

Apple,

Inc.

$

18,160,920‌

12,114‌

Broadcom,

Inc.

19,449,391‌

25,830‌

CDW

Corp.

5,781,787‌

8,244‌

Lam

Research

Corp.

8,778,623‌

28,695‌

Meta

Platforms,

Inc.,

Class A

14,468,593‌

23,215‌

Microsoft

Corp.

10,375,944‌

151,170‌

NVIDIA

Corp.

18,675,542‌

136,828,228‌

Total

Common

Stock

(Cost

$172,165,084)

283,681,555‌

Shares

Security

Description

Value

Investments,

at

value

-

99.9%

(Cost

$172,165,084)

$

283,681,555‌

Other

Assets

&

Liabilities,

Net

-

0.1%

274,774‌

Net

Assets

-

100.0%

$

283,956,329‌

PLC

Public

Limited

Company

(a)

Non-income

producing

security.

Payson

Total

Return

Fund

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

June

30,

2024

2

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.

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

1

-

Quoted

Prices

$

283,681,555‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

283,681,555‌