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

Payson

Total

Return

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

Shares

Security

Description

Value

Common

Stock

-

93.8%

Consumer

Discretionary

-

8.8%

75,280‌

Amazon.com,

Inc.(a)

$

16,515,679‌

1,775‌

AutoZone,

Inc.(a)

5,683,550‌

10,900‌

The

Home

Depot,

Inc.

4,239,991‌

26,439,220‌

Consumer

Staples

-

1.8%

10,325‌

Thermo

Fisher

Scientific,

Inc.

5,371,375‌

Energy

-

2.6%

34,202‌

Chevron

Corp.

4,953,818‌

20,680‌

Marathon

Petroleum

Corp.

2,884,860‌

7,838,678‌

Financials

-

9.2%

35,500‌

JPMorgan

Chase

&

Co.

8,509,705‌

15,853‌

Mastercard,

Inc.,

Class A

8,347,714‌

33,616‌

Visa,

Inc.,

Class A

10,624,001‌

27,481,420‌

Health

Care

-

5.1%

43,035‌

AbbVie,

Inc.

7,647,319‌

17,750‌

Amgen,

Inc.

4,626,360‌

5,830‌

UnitedHealth

Group,

Inc.

2,949,164‌

15,222,843‌

Industrials

-

16.2%

41,214‌

AMETEK,

Inc.

7,429,236‌

21,460‌

Caterpillar,

Inc.

7,784,830‌

6,575‌

Deere

&

Co.

2,785,827‌

23,750‌

Dover

Corp.

4,455,500‌

13,300‌

Hubbell,

Inc.

5,571,237‌

51,098‌

L3Harris

Technologies,

Inc.

10,744,887‌

64,000‌

nVent

Electric

PLC

4,362,240‌

56,327‌

Otis

Worldwide

Corp.

5,216,443‌

48,350,200‌

Information

Technology

-

50.1%

23,700‌

Accenture

PLC,

Class A

8,337,423‌

18,100‌

Adobe,

Inc.(a)

8,048,708‌

99,000‌

Alphabet,

Inc.,

Class A

18,740,700‌

86,226‌

Apple,

Inc.

21,592,715‌

Shares

Security

Description

Value

Information

Technology

-

50.1%

(continued)

8,479‌

ASML

Holding

NV

$

5,876,625‌

121,140‌

Broadcom,

Inc.

28,085,098‌

25,830‌

CDW

Corp.

4,495,453‌

92,270‌

Lam

Research

Corp.

6,664,662‌

26,780‌

Meta

Platforms,

Inc.,

Class A

15,679,958‌

25,100‌

Microsoft

Corp.

10,579,650‌

139,500‌

NVIDIA

Corp.

18,733,455‌

15,534‌

WEX,

Inc.(a)

2,723,421‌

149,557,868‌

Total

Common

Stock

(Cost

$158,557,623)

280,261,604‌

Shares

Security

Description

Value

Exchange

Traded

Fund

-

4.1%

177,000‌

SPDR

Portfolio

S&P

500

ETF

(Cost

$11,500,557)

12,202,380‌

Investments,

at

value

-

97.9%

(Cost

$170,058,180)

$

292,463,984‌

Other

Assets

&

Liabilities,

Net

-

2.1%

6,229,899‌

Net

Assets

-

100.0%

$

298,693,883‌

ETF

Exchange

Traded

Fund

PLC

Public

Limited

Company

(a)

Non-income

producing

security.

Payson

Total

Return

Fund

SCHEDULE

OF

INVESTMENTS

(UNAUDITED)

December

31,

2024

2

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

an

Exchange

Traded

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. 

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

292,463,984‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

292,463,984‌