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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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        <name>Pfizer Inc</name>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
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        <name>Barrick Gold Corp</name>
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        <name>Absolute Capital Opportunities</name>
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        <name>Unilever PLC</name>
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        <name>UnitedHealth Group Inc</name>
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        <name>Dominion Energy Inc</name>
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        <name>Enbridge Inc</name>
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        <name>TJX Cos Inc/The</name>
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        <name>Countrywide Alternative Loan T</name>
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        <name>Expeditors International of Wa</name>
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        <name>N/A</name>
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        <name>Structured Adjustable Rate Mor</name>
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        <name>Loews Corp</name>
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        <name>Absolute Convertible Arbitrage</name>
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        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Banc of America Funding Corpor</name>
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        <name>Starbucks Corp</name>
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        <name>Ingredion Inc</name>
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        <name>Cerner Corp</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>Banc of America Funding Corpor</name>
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        <name>Guidewire Software Inc</name>
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        <pctVal>0.471230483696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citimortgage Alternative Loan</name>
        <lei>N/A</lei>
        <title>CitiMortgage Alternative Loan Trust</title>
        <cusip>12566TAM9</cusip>
        <identifiers>
          <isin value="US12566TAM99"/>
        </identifiers>
        <balance>46728.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46171.19000000</valUSD>
        <pctVal>0.056079057146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPDR S&amp;P 500 ETF Trust</title>
        <cusip>20J99K626</cusip>
        <identifiers>
          <ticker value="SPY 9 C355"/>
        </identifiers>
        <balance>-500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-38000.00000000</valUSD>
        <pctVal>-0.04615441299</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIGROUP GLOBAL MARKETS INC.</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
                <issueTitle>SPDR S&amp;P 500 ETF Trust</issueTitle>
                <identifiers>
                  <cusip value="78462F103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>355.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-09-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>47478.67000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 E-mini Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESU0"/>
        </identifiers>
        <balance>-110.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16996100.00000000</valUSD>
        <pctVal>-20.6432899644</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ED&amp;F MAN CAPITAL MARKETS INC.</counterpartyName>
              <counterpartyLei>5493006BWPDUCYG6EQ34</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 E-mini Future</indexName>
                <indexIdentifier>SPX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-09-18</expDate>
            <notionalAmt>16852395.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-143705.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva, Inc.</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <isin value="US22052L1044"/>
        </identifiers>
        <balance>26833.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>718856.07000000</valUSD>
        <pctVal>0.873115261483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Forum Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
