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        <name>SPDR S&amp;P 500 ETF Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
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      <invstOrSec>
        <name>Comcast Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Starbucks Corp</name>
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        <title>Starbucks Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ingredion Inc</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
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          <isin value="US4571871023"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kirkland Lake Gold Ltd</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <ticker value="QQQ 1 C320"/>
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        <balance>500.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Invesco QQQ Trust Series 1</issuerName>
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      <invstOrSec>
        <name>Alleghany Corp</name>
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        <balance>975.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citimortgage Alternative Loan</name>
        <lei>N/A</lei>
        <title>CitiMortgage Alternative Loan Trust</title>
        <cusip>12566VAF9</cusip>
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        <balance>16165.43000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pfizer Inc</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
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        <cusip>084670702</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cerner Corp</name>
        <lei>549300L4UJ40IEVVI304</lei>
        <title>Cerner Corp.</title>
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        <balance>10000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC</title>
        <cusip>G5960L103</cusip>
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        <balance>5000.00000000</balance>
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        <invCountry>IE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF Trust</name>
        <lei>N/A</lei>
        <title>SPDR S&amp;P 500 ETF Trust</title>
        <cusip>20P993VR4</cusip>
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          <ticker value="SPY 1 C380"/>
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        <balance>1000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Loews Corp</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
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        <name>Diageo PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo PLC</title>
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        <name>UnitedHealth Group Inc</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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        <name>SPDR S&amp;P 500 ETF Trust</name>
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          <ticker value="SPY 4 P320"/>
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      <invstOrSec>
        <name>Cisco Systems Inc</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
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        <name>Banc of America Funding Corpor</name>
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      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF Trust</name>
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      <invstOrSec>
        <name>DuPont de Nemours Inc</name>
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          <isin value="US26614N1028"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unilever PLC</name>
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        <name>Viatris Inc</name>
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        <name>Expeditors International of Wa</name>
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        <name>Dominion Energy Inc</name>
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        <name>IndyMac INDX Mortgage Loan Tru</name>
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        <name>Absolute Convertible Arbitrage</name>
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        <name>Absolute Capital Opportunities</name>
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        <name>S&amp;P 500 E-mini Future</name>
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          <ticker value="ESH1"/>
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        <name>Banc of America Funding Corpor</name>
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        <name>Enbridge Inc</name>
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        <name>Graham Holdings Co</name>
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        <name>S&amp;P MidCap 400 E-mini Future</name>
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        <name>N/A</name>
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        <name>Citimortgage Alternative Loan</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF Trust</name>
        <lei>N/A</lei>
        <title>SPDR S&amp;P 500 ETF Trust</title>
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          <ticker value="SPY 2 C390"/>
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        <balance>1000.00000000</balance>
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        <valUSD>180000.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
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      <invstOrSec>
        <name>TJX Cos Inc/The</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>The TJX Cos., Inc.</title>
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          <isin value="US8725401090"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
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          <isin value="CA6979001089"/>
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        <balance>13500.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JPMorgan Mortgage Trust</title>
        <cusip>46630PAZ8</cusip>
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          <isin value="US46630PAZ80"/>
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        <balance>11524.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10472.12000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust</title>
        <cusip>225470E82</cusip>
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          <isin value="US225470E821"/>
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        <balance>20605.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18378.79000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jones Lang LaSalle Inc</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle, Inc.</title>
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          <isin value="US48020Q1076"/>
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        <balance>3200.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF Trust</name>
        <lei>N/A</lei>
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          <ticker value="SPY 2 C400"/>
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        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-55500.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIGROUP GLOBAL MARKETS INC.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>400.00000000</exercisePrice>
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            <expDt>2021-02-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5746.83000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Travelers Cos Inc/The</name>
        <lei>549300Y650407RU8B149</lei>
        <title>The Travelers Cos., Inc.</title>
        <cusip>89417E109</cusip>
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          <isin value="US89417E1091"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Alerian MLP ETF</name>
        <lei>N/A</lei>
        <title>Alerian MLP ETF</title>
        <cusip>60S99BMB4</cusip>
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          <ticker value="AMLP1 1 C8"/>
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        <balance>750.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>750.00000000</valUSD>
        <pctVal>0.001055459038</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>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-36779.10000000</unrealizedAppr>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>Countrywide Home Loan Mortgage Pass-Through Trust</title>
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          <isin value="US12544BAA17"/>
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        <balance>20002.50000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva, Inc.</title>
        <cusip>22052L104</cusip>
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          <isin value="US22052L1044"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774400.00000000</valUSD>
        <pctVal>1.089796638873</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Equity Commonwealth</name>
        <lei>549300YPGVU9PR4L0606</lei>
        <title>Equity Commonwealth</title>
        <cusip>294628102</cusip>
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          <isin value="US2946281027"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218240.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Guidewire Software Inc</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>Guidewire Software, Inc.</title>
        <cusip>40171V100</cusip>
        <identifiers>
          <isin value="US40171V1008"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386190.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-24</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>
