Forum Funds NPORT-P Beck, Mack & Oliver Partners Fund (Dec 2024 report)

Beck

Mack

+

Oliver

Partners

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2024

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

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

includes

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

97.2%

Communication

Services

-

6.4%

26,000‌

Alphabet,

Inc.,

Class C

$

4,951,440‌

Consumer

Discretionary

-

3.9%

12,000‌

Hilton

Worldwide

Holdings,

Inc.

2,965,920‌

Energy

-

2.9%

70,000‌

Enterprise

Products

Partners

LP

2,195,200‌

Financials

-

43.5%

43,000‌

Apollo

Global

Management,

Inc.

7,101,880‌

13,000‌

Arthur

J

Gallagher

&

Co.

3,690,050‌

37,000‌

Blackstone,

Inc.,

Class A

6,379,540‌

6,000‌

Credit

Acceptance

Corp.

(a)

2,816,760‌

9,000‌

Enstar

Group,

Ltd.

(a)

2,898,450‌

23,000‌

Fiserv,

Inc.

(a)

4,724,660‌

8,000‌

JPMorgan

Chase

&

Co.

1,917,680‌

2,700‌

Mastercard,

Inc.,

Class A

1,421,739‌

35,000‌

The

Charles

Schwab

Corp.

2,590,350‌

33,541,109‌

Health

Care

-

17.1%

13,000‌

Abbott

Laboratories

1,470,430‌

115,000‌

Fortrea

Holdings,

Inc.

(a)

2,144,750‌

10,000‌

Labcorp

Holdings,

Inc.

2,293,200‌

80,000‌

RadNet,

Inc.

(a)

5,587,200‌

4,500‌

Waters

Corp.

(a)

1,669,410‌

13,164,990‌

Industrials

-

13.2%

48,000‌

Ashtead

Group

PLC

2,955,360‌

12,000‌

Ferguson

Enterprises,

Inc.

2,082,840‌

40,000‌

Rush

Enterprises,

Inc.,

Class A

2,191,600‌

80,000‌

Zurn

Elkay

Water

Solutions

Corp.

2,984,000‌

10,213,800‌

Information

Technology

-

8.2%

27,000‌

CoStar

Group,

Inc.

(a)

1,932,930‌

10,500‌

Microsoft

Corp.

4,425,750‌

6,358,680‌

Technology

-

2.0%

3,000‌

Roper

Technologies,

Inc.

1,559,550‌

Total

Common

Stock

(Cost

$33,463,978)

74,950,689‌

Shares

Security

Description

Value

Money

Market

Fund

-

2.7%

2,120,727‌

First

American

Government

Obligations

Fund,

Class X,

4.39%

(b)

(Cost

$2,120,727)

2,120,727‌

Investments,

at

value

-

99.9%

(Cost

$35,584,705)

$

77,071,416‌

Other

Assets

&

Liabilities,

Net

-

0.1%

58,779‌

Net

Assets

-

100.0%

$

77,130,195‌

LP

Limited

Partnership

PLC

Public

Limited

Company

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2024.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

77,071,416‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

77,071,416‌

Beck

Mack

+

Oliver

Partners

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2024

2

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.