UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON
, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-03023

FORUM FUNDS

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: April 30

Date of reporting period: November 1, 2019 – January 31, 2020

Item 1.  Schedule of Investments.

MONONGAHELA

ALL

CAP

VALUE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

January

31,

2020

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

January

31,

2020.

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.

The

Level

2

value

displayed

in

this

table

is

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

-

94.5%

Communication

Services

-

2.1%

10,000‌

Meredith

Corp.

$

300,500‌

Consumer

Discretionary

-

16.9%

1,500‌

Cracker

Barrel

Old

Country

Store,

Inc.

229,395‌

26,000‌

El

Pollo

Loco

Holdings,

Inc. 

(a)

358,280‌

2,000‌

Hasbro,

Inc.

203,740‌

21,000‌

Tapestry,

Inc.

541,170‌

5,000‌

Target

Corp.

553,700‌

7,000‌

Williams-Sonoma,

Inc.

490,560‌

2,376,845‌

Consumer

Staples

-

12.1%

9,000‌

General

Mills,

Inc.

469,980‌

5,000‌

The

Coca-Cola

Co.

292,000‌

3,000‌

The

Procter

&

Gamble

Co.

373,860‌

11,000‌

United-Guardian,

Inc.

184,800‌

7,500‌

Walgreens

Boots

Alliance,

Inc.

381,375‌

1,702,015‌

Financials

-

9.5%

2,000‌

American

Express

Co.

259,740‌

5,000‌

CB

Financial

Services,

Inc.

146,000‌

10,000‌

Equitable

Holdings,

Inc.

240,200‌

9,000‌

MetLife,

Inc.

447,390‌

11,000‌

Old

Republic

International

Corp.

248,050‌

1,341,380‌

Health

Care

-

16.2%

5,000‌

AbbVie,

Inc.

405,100‌

2,500‌

Eli

Lilly

&

Co.

349,100‌

4,000‌

Gilead

Sciences,

Inc.

252,800‌

5,500‌

Hologic,

Inc. 

(a)

294,360‌

4,500‌

PerkinElmer,

Inc.

416,160‌

3,500‌

Phibro

Animal

Health

Corp.,

Class A

83,020‌

1,000‌

Teleflex,

Inc.

371,510‌

500‌

Waters

Corp. 

(a)

111,895‌

2,283,945‌

Industrials

-

22.4%

1,000‌

Caterpillar,

Inc.

131,350‌

2,500‌

CH

Robinson

Worldwide,

Inc.

180,550‌

6,000‌

Cubic

Corp.

391,740‌

6,000‌

Emerson

Electric

Co.

429,780‌

3,000‌

FedEx

Corp.

433,920‌

6,500‌

Fortune

Brands

Home

&

Security,

Inc.

446,615‌

16,500‌

Healthcare

Services

Group,

Inc.

422,400‌

4,000‌

Hubbell,

Inc.

572,920‌

4,000‌

The

Gorman-Rupp

Co.

147,640‌

3,156,915‌

Materials

-

2.7%

2,500‌

International

Flavors

&

Fragrances,

Inc.

327,775‌

2,500‌

The

Mosaic

Co.

49,600‌

377,375‌

Technology

-

11.5%

5,000‌

Badger

Meter,

Inc.

295,300‌

2,500‌

Brooks

Automation,

Inc.

95,200‌

13,500‌

Corning,

Inc.

360,315‌

2,250‌

International

Business

Machines

Corp.

323,393‌

8,500‌

Seagate

Technology

PLC

484,415‌

500‌

Texas

Instruments,

Inc.

60,325‌

1,618,948‌

Shares

Security

Description

Value

Utilities

-

1.1%

3,500‌

National

Fuel

Gas

Co.

$

151,165‌

Total

Common

Stock

(Cost

$11,433,663)

13,309,088‌

Shares

Security

Description

Value

Money

Market

Fund

-

7.2%

1,020,381‌

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares,

1.43% 

(b)

(Cost

$1,020,381)

1,020,381‌

Investments,

at

value

-

101.7%

(Cost

$12,454,044)

$

14,329,469‌

Other

Assets

&

Liabilities,

Net

-

(1.7)%

(238,946‌)

Net

Assets

-

100.0%

$

14,090,523‌

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

January

31,

2020.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

13,309,088‌

Level

2

-

Other

Significant

Observable

Inputs

1,020,381‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

14,329,469‌

MONONGAHELA

ALL

CAP

VALUE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

January

31,

2020

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. 

Item 2.  Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b)

 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.  Exhibits

Certifications as required by Rule 30a-2(a) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FORUM FUNDS       

By	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	March 9, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date	March 9, 2020

By	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date	March 9, 2020