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      <invstOrSec>
        <name>Countrywide Home Loans</name>
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      <invstOrSec>
        <name>Cisco Systems Inc</name>
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      <invstOrSec>
        <name>S&amp;P 500 E-mini Future</name>
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        <cusip>N/A</cusip>
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          <ticker value="ESZ0"/>
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        <name>Guidewire Software Inc</name>
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        <name>Ingredion Inc</name>
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        <name>Citimortgage Alternative Loan</name>
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        <name>Agnico Eagle Mines Ltd</name>
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        <name>Comcast Corp</name>
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        <name>SPDR S&amp;P 500 ETF Trust</name>
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        <name>Absolute Capital Opportunities</name>
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        <name>Banc of America Funding Corpor</name>
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        <name>Cerner Corp</name>
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        <name>Invesco QQQ Trust</name>
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        <name>UnitedHealth Group Inc</name>
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        <name>Enbridge Inc</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Citimortgage Alternative Loan</name>
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        <name>SPDR S&amp;P 500 ETF Trust</name>
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      <invstOrSec>
        <name>Unilever PLC</name>
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        <name>Expeditors International of Wa</name>
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      <invstOrSec>
        <name>Structured Adjustable Rate Mor</name>
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        <name>HD Supply Holdings Inc</name>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Tru</name>
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      <invstOrSec>
        <name>Graham Holdings Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TJX Cos Inc/The</name>
        <lei>V167QI9I69W364E2DY52</lei>
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      <invstOrSec>
        <name>Countrywide Alternative Loan T</name>
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        <name>Pfizer Inc</name>
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        <name>Dominion Energy Inc</name>
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        <name>Travelers Cos Inc/The</name>
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        <name>Banc of America Funding Corpor</name>
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        <name>Absolute Convertible Arbitrage</name>
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        <name>Invesco QQQ Trust</name>
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            <expDt>2020-10-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1490.11000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>289350.00000000</valUSD>
        <pctVal>0.346052645357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diageo PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo PLC</title>
        <cusip>25243Q205</cusip>
        <identifiers>
          <isin value="US25243Q2057"/>
        </identifiers>
        <balance>3470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477680.20000000</valUSD>
        <pctVal>0.571289085345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starbucks Corp</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
        <cusip>855244109</cusip>
        <identifiers>
          <isin value="US8552441094"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429600.00000000</valUSD>
        <pctVal>0.513786820271</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>Alerian MLP ETF</name>
        <lei>N/A</lei>
        <title>Alerian MLP ETF</title>
        <cusip>60S99BMB4</cusip>
        <identifiers>
          <ticker value="AMLP1 1 C8"/>
        </identifiers>
        <balance>750.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>750.00000000</valUSD>
        <pctVal>0.000896974197</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Options Clearing Corporation</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="00162Q452"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>8.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-36779.10000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. 10-Year Note Future</name>
        <lei>N/A</lei>
        <title>U.S. 10-Year Note Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYZ0"/>
        </identifiers>
        <balance>-40.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5581250.00000000</valUSD>
        <pctVal>-6.67498298566</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>USGSE</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>
              <otherRefInst>
                <issuerName>U.S. 10-Year Note Future</issuerName>
                <issueTitle>U.S. 10-Year Note Future</issueTitle>
                <identifiers>
                  <other otherDesc="Primary Identifier" value="TY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-12-31</expDate>
            <notionalAmt>5559324.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-21925.80000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. 5-Year Note Future</name>
        <lei>N/A</lei>
        <title>U.S. 5-Year Note Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVZ0"/>
        </identifiers>
        <balance>-10.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1260312.50000000</valUSD>
        <pctVal>-1.50729039088</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>USGSE</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>
              <otherRefInst>
                <issuerName>U.S. 5-Year Note Future</issuerName>
                <issueTitle>U.S. 5-Year Note Future</issueTitle>
                <identifiers>
                  <other otherDesc="Primary Identifier" value="FV"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-12-31</expDate>
            <notionalAmt>1259050.80000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1261.70000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway, Inc.</title>
        <cusip>084670702</cusip>
        <identifiers>
          <isin value="US0846707026"/>
        </identifiers>
        <balance>9350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1990989.00000000</valUSD>
        <pctVal>2.381154347079</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>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC</title>
        <cusip>G5960L103</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>519600.00000000</valUSD>
        <pctVal>0.621423723959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-11-23</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>
</edgarSubmission>
