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

Stacey E. Hong, Principal Executive Officer
Three Canal Plaza, Suite 600
Portland, Maine 04101
207-347-2000

Date of fiscal year end: August 31

Date of reporting period: September 1, 2012 – November 30, 2012


 
 
 
 
Item 1.  Schedule of Investments.
 
DIVIDEND PLUS+ INCOME FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2012 (Unaudited) 
 
 
 
Shares
 
Security
Description
 
Value
 
Common Stock - 50.9%
Communications - 2.0%
 
57,000
 
Vodafone Group PLC, ADR (a)(b)
 
$
1,470,600
 
       
Consumer Discretionary - 1.4%
 
16,100
 
The Home Depot, Inc. (a)(b)
 
1,047,627
 
       
Consumer Staples - 8.8%
 
51,200
 
Archer-Daniels-Midland Co. (a)(b)
 
1,367,040
 
 
8,600
 
Diageo PLC, ADR (a)(b)
 
1,028,302
 
 
20,000
 
PepsiCo, Inc. (a)(b)
 
1,404,200
 
 
16,800
 
Philip Morris International, Inc. (a)(b)
 
1,509,984
 
 
37,200
 
Walgreen Co. (a)(b)
 
1,261,452
 
   
6,570,978
 
Energy - 8.2%
 
12,200
 
Chevron Corp. (a)(b)
 
1,289,418
 
 
22,000
 
ConocoPhillips (a)(b)
 
1,252,680
 
 
14,700
 
Exxon Mobil Corp. (a)(b)
 
1,295,658
 
 
12,887
 
Kinder Morgan Management, LLC (a)(b)(c)
 
978,138
 
 
19,100
 
Royal Dutch Shell PLC, ADR (a)(b)
 
1,279,127
 
   
6,095,021
 
Financials - 8.8%
 
16,300
 
ACE, Ltd. (a)(b)
 
1,291,449
 
 
32,000
 
JPMorgan Chase & Co. (a)(b)
 
1,314,560
 
 
20,000
 
T. Rowe Price Group, Inc. (a)(b)
 
1,293,400
 
 
18,100
 
The Chubb Corp. (a)(b)
 
1,393,519
 
 
38,140
 
Wells Fargo & Co. (a)(b)
 
1,259,001
 
   
6,551,929
 
Health Care - 6.6%
 
20,500
 
Abbott Laboratories (a)(b)
 
1,332,500
 
 
30,100
 
GlaxoSmithKline PLC, ADR (a)(b)
 
1,294,601
 
 
16,800
 
Johnson & Johnson (a)(b)
 
1,171,464
 
 
27,100
 
Medtronic, Inc. (a)(b)
 
1,141,181
 
   
4,939,746
 
Industrials - 5.2%
 
69,800
 
General Electric Co. (a)(b)
 
 
1,474,874
 
 
21,500
 
Honeywell International, Inc. (a)(b)
 
1,318,595
 
 
14,200
 
The Boeing Co. (a)(b)
 
1,054,776
 
   
3,848,245
 
Information Technology - 4.9%
 
6,000
 
International Business Machines Corp. (a)(b)
 
1,140,420
 
 
49,800
 
Microsoft Corp. (a)(b)
 
1,325,676
 
 
18,200
 
QUALCOMM, Inc. (a)(b)
 
1,157,884
 
   
3,623,980
 
Materials - 5.0%
 
12,900
 
BHP Billiton, Ltd., ADR (a)(b)
 
929,316
 
 
28,900
 
Newmont Mining Corp. (a)(b)
 
1,360,901
 
 
36,700
 
Potash Corp. of Saskatchewan, Inc. (a)(b)
 
1,413,684
 
   
3,703,901
 
Total Common Stock
(Cost $38,078,739)
 
37,852,027
 

Money Market Funds - 44.0%
 
32,697,363
 
Fidelity Institutional Cash Money Market Fund, 0.13% (d) (Cost $32,697,363)
 
32,697,363
 
Total Investments - 94.9%
(Cost $70,776,102)*
 
$    70,549,390
 
Total Written Options - (0.6)%
(Premiums Received $(564,614))*
 
(483,925
)
Other Assets & Liabilities, Net – 5.7%
 
4,266,176
 
Net Assets – 100.0%
 
$    74,331,641
 

 
 
 
 
 
 
DIVIDEND PLUS+ INCOME FUND
SCHEDULE OF CALL AND PUT OPTIONS WRITTEN
NOVEMBER 30, 2012 (Unaudited) 
 
 
Contracts
 
Security
Description
   
Strike
Price
 
Exp.
Date
 
Value
Written Options - (0.6)%
Call Options Written - (0.4)%
(25)
 
Abbott Laboratories
 
$
67.50
 
12/12
 
$
(350)
(70)
 
Abbott Laboratories
   
65.00
 
12/12
 
(6,160)
(23)
 
Abbott Laboratories
   
65.00
 
01/13
 
(3,036)
(38)
 
ACE, Ltd.
   
80.00
 
12/12
 
(2,090)
(25)
 
ACE, Ltd.
   
77.50
 
12/12
 
(5,250)
(25)
 
ACE, Ltd.
   
80.00
 
01/13
 
(2,375)
(31)
 
Archer-Daniels-Midland Co.
   
31.00
 
12/12
 
(93)
(69)
 
Archer-Daniels-Midland Co.
   
30.00
 
12/12
 
(138)
(14)
 
Archer-Daniels-Midland Co.
   
28.00
 
12/12
 
(154)
(80)
 
Archer-Daniels-Midland Co.
   
26.00
 
12/12
 
(7,520)
(45)
 
Archer-Daniels-Midland Co.
   
29.00
 
01/13
 
(675)
(66)
 
Archer-Daniels-Midland Co.
   
28.00
 
01/13
 
(2,046)
(63)
 
Archer-Daniels-Midland Co.
   
27.00
 
01/13
 
(3,969)
(16)
 
BHP Billiton, Ltd., ADR
   
77.50
 
12/12
 
(144)
(29)
 
BHP Billiton, Ltd., ADR
   
75.00
 
12/12
 
(1,044)
(23)
 
BHP Billiton, Ltd., ADR
   
70.00
 
12/12
 
(6,210)
(18)
 
BHP Billiton, Ltd., ADR
   
75.00
 
01/13
 
(1,854)
(23)
 
Chevron Corp.
   
115.00
 
12/12
 
(115)
(25)
 
Chevron Corp.
   
105.00
 
12/12
 
(5,625)
(31)
 
Chevron Corp.
   
110.00
 
01/13
 
(3,224)
(28)
 
ConocoPhillips
   
60.00
 
12/12
 
(224)
(54)
 
ConocoPhillips
   
57.50
 
12/12
 
(3,402)
(41)
 
ConocoPhillips
   
55.00
 
12/12
 
(9,143)
(25)
 
ConocoPhillips
   
57.50
 
01/13
 
(2,650)
(17)
 
Diageo PLC, ADR
   
120.00
 
12/12
 
(2,040)
(28)
 
Diageo PLC, ADR
   
115.00
 
12/12
 
(13,860)
(39)
 
Diageo PLC, ADR
   
120.00
 
01/13
 
(7,800)
(45)
 
Exxon Mobil Corp.
   
90.00
 
12/12
 
(2,160)
(20)
 
Exxon Mobil Corp.
   
87.50
 
12/12
 
(3,400)
(31)
 
Exxon Mobil Corp.
   
90.00
 
01/13
 
(3,317)
(38)
 
General Electric Co.
   
21.00
 
12/12
 
(1,710)
(76)
 
General Electric Co.
   
23.00
 
12/12
 
(228)
(92)
 
General Electric Co.
   
22.00
 
12/12
 
(828)
(75)
 
General Electric Co.
   
20.00
 
12/12
 
(9,525)
(25)
 
General Electric Co.
   
22.50
 
01/13
 
(325)
(53)
 
General Electric Co.
   
21.00
 
01/13
 
(3,445)
(24)
 
GlaxoSmithKline PLC, ADR
   
47.00
 
12/12
 
(24)
(24)
 
GlaxoSmithKline PLC, ADR
   
46.00
 
12/12
 
 
(24)
(37)
 
GlaxoSmithKline PLC, ADR
   
43.00
 
12/12
 
(2,072)
(38)
 
GlaxoSmithKline PLC, ADR
   
42.00
 
12/12
 
(4,712)
(37)
 
GlaxoSmithKline PLC, ADR
   
43.00
 
01/13
 
(3,145)
(47)
 
Honeywell International, Inc.
   
65.00
 
12/12
 
(329)
(35)
 
Honeywell International, Inc.
   
62.50
 
12/12
 
(1,645)
(25)
 
Honeywell International, Inc.
   
60.00
 
12/12
 
(4,625)
(16)
 
Honeywell International, Inc.
   
65.00
 
01/13
 
(512)
(25)
 
International Business Machines Corp.
   
205.00
 
12/12
 
(150)
(9)
 
International Business Machines Corp.
   
200.00
 
01/13
 
(963)
(9)
 
International Business Machines Corp.
   
195.00
 
01/13
 
(2,133)
(65)
 
Johnson & Johnson
   
70.00
 
12/12
 
(3,965)
(25)
 
Johnson & Johnson
   
70.00
 
01/13
 
(2,400)
(20)
 
JPMorgan Chase & Co.
   
46.00
 
12/12
 
(40)
(34)
 
JPMorgan Chase & Co.
   
45.00
 
12/12
 
(136)
(90)
 
JPMorgan Chase & Co.
   
42.00
 
12/12
 
(3,960)
(75)
 
JPMorgan Chase & Co.
   
44.00
 
01/13
 
(2,550)
(49)
 
Kinder Morgan Management, LLC
   
75.00
 
12/12
 
(7,105)
(70)
 
Medtronic, Inc.
   
45.00
 
12/12
 
(350)
(71)
 
Medtronic, Inc.
   
43.00
 
12/12
 
(2,627)
(63)
 
Medtronic, Inc.
   
44.00
 
01/13
 
(2,457)
(47)
 
Microsoft Corp.
   
31.00
 
12/12
 
(47)
(47)
 
Microsoft Corp.
   
30.00
 
12/12
 
(94)
(31)
 
Microsoft Corp.
   
28.00
 
12/12
 
(310)
(75)
 
Microsoft Corp.
   
27.00
 
12/12
 
(2,925)
(94)
 
Microsoft Corp.
   
29.00
 
01/13
 
(1,410)
(101)
 
Microsoft Corp.
   
28.00
 
01/13
 
(3,232)
(34)
 
Newmont Mining Corp.
   
60.00
 
12/12
 
(136)
(23)
 
Newmont Mining Corp.
   
55.00
 
12/12
 
(138)
(62)
 
Newmont Mining Corp.
   
49.00
 
12/12
 
(1,860)
(12)
 
Newmont Mining Corp.
   
46.00
 
12/12
 
(1,740)
(50)
 
Newmont Mining Corp.
   
50.00
 
01/13
 
(3,400)
(75)
 
PepsiCo, Inc.
   
70.00
 
01/13
 
(7,800)
(7)
 
Philip Morris International, Inc.
   
95.00
 
12/12
 
(42)
(23)
 
Philip Morris International, Inc.
   
92.50
 
12/12
  (713)
(25)
 
Philip Morris International, Inc.
   
87.50
 
12/12
 
(7,450)
(30)
 
Philip Morris International, Inc.
   
85.00
 
12/12
 
(15,810)
(30)
 
Philip Morris International, Inc.
   
90.00
 
01/13
 
(4,650)
(16)
 
Potash Corp. of Saskatchewan, Inc.
   
45.00
 
12/12
 
(32)
(42)
 
Potash Corp. of Saskatchewan, Inc.
   
44.00
 
12/12
 
(126)
(35)
 
Potash Corp. of Saskatchewan, Inc.
   
42.50
 
12/12
 
(175)
(21)
 
Potash Corp. of Saskatchewan, Inc.
   
40.00
 
12/12
 
(462)
(38)
 
Potash Corp. of Saskatchewan, Inc.
   
37.50
 
12/12
 
(5,320)
(62)
 
Potash Corp. of Saskatchewan, Inc.
   
41.67
 
01/13
 
(1,674)
(62)
 
Potash Corp. of Saskatchewan, Inc.
   
40.00
 
01/13
 
(3,844)
(21)
 
QUALCOMM, Inc.
   
65.00
 
12/12
 
(966)
(97)
 
QUALCOMM, Inc.
   
62.50
 
12/12
 
(15,908)
(31)
 
QUALCOMM, Inc.
   
65.00
 
01/13
 
(3,410)
(47)
 
Royal Dutch Shell PLC, ADR
   
70.00
 
12/12
 
(235)
(37)
 
Royal Dutch Shell PLC, ADR
   
67.50
 
12/12
 
(2,405)
(24)
 
Royal Dutch Shell PLC, ADR
   
70.00
 
01/13
 
(720)
(24)
 
Royal Dutch Shell PLC, ADR
   
67.50
 
01/13
 
(2,520)
(84)
 
T. Rowe Price Group, Inc.
   
65.00
 
12/12
 
(6,720)
(25)
 
T. Rowe Price Group, Inc.
   
65.00
 
01/13
 
(3,812)
(21)
 
The Boeing Co.
   
77.50
 
12/12
 
(357)
(31)
 
The Boeing Co.
   
75.00
 
12/12
 
(2,635)
(19)
 
The Boeing Co.
   
72.50
 
12/12
 
(4,560)
(38)
 
The Boeing Co.
   
77.50
 
01/13
 
(2,660)
(25)
 
The Boeing Co.
   
75.00
 
01/13
 
(4,125)
(73)
 
The Chubb Corp.
   
75.00
 
12/12
 
(16,571)
(46)
 
The Home Depot, Inc.
   
67.50
 
01/13
 
(3,680)
(35)
 
The Home Depot, Inc.
   
65.00
 
01/13
 
(6,685)
(48)
 
The Home Depot, Inc.
   
62.50
 
01/13
 
(17,040)
(47)
 
Vodafone Group PLC, ADR
   
29.00
 
12/12
 
(47)
(50)
 
Vodafone Group PLC, ADR
   
26.00
 
12/12
 
(1,250)
(25)
 
Vodafone Group PLC, ADR
   
25.00
 
12/12
 
(2,275)
(113)
 
Vodafone Group PLC, ADR
 
 
26.00
 
01/13
    (5,085)
(47)
 
Walgreen Co.
   
38.00
 
12/12
 
(47)
(31)
 
Walgreen Co.
   
34.00
 
12/12
 
(2,201)
(25)
 
Walgreen Co.
   
33.00
 
12/12
 
(3,275)
(81)
 
Walgreen Co.
   
35.00
 
01/13
 
(4,455)
(25)
 
Walgreen Co.
   
34.00
 
01/13
 
(2,375)
(60)
 
Wells Fargo & Co.
   
36.00
 
12/12
 
(60)
(21)
 
Wells Fargo & Co.
   
35.00
 
12/12
 
(84)
(30)
 
Wells Fargo & Co.
   
33.00
 
12/12
 
(1,920)
(86)
 
Wells Fargo & Co.
   
35.00
 
01/13
 
(2,322)
(62)
 
Wells Fargo & Co.
   
34.00
 
01/13
 
(3,534)
Total Call Options Written
(Premiums Received $(303,072))
 
(349,382)
Put Options Written - (0.2)%
 
(39)
 
Abbott Laboratories
   
62.50
 
12/12
 
(663)
(37)
 
Abbott Laboratories
   
62.50
 
01/13
 
(2,405)
(57)
 
Abbott Laboratories
   
60.00
 
01/13
 
(1,539)
(41)
 
ACE, Ltd.
   
75.00
 
12/12
 
(820)
(30)
 
ACE, Ltd.
   
72.50
 
12/12
 
(300)
(46)
 
ACE, Ltd.
   
72.50
 
01/13
 
(1,380)
(68)
 
Archer-Daniels-Midland Co.
   
26.00
 
12/12
 
(1,496)
(35)
 
Archer-Daniels-Midland Co.
   
25.00
 
12/12
 
(245)
(96)
 
Archer-Daniels-Midland Co.
   
24.00
 
12/12
 
(288)
(45)
 
Archer-Daniels-Midland Co.
   
25.00
 
01/13
 
(1,125)
(23)
 
Archer-Daniels-Midland Co.
   
24.00
 
01/13
 
(276)
(59)
 
Archer-Daniels-Midland Co.
   
23.00
 
01/13
 
(384)
(23)
 
BHP Billiton, Ltd., ADR
   
70.00
 
12/12
 
(1,495)
(25)
 
BHP Billiton, Ltd., ADR
   
65.00
 
12/12
 
(300)
(19)
 
BHP Billiton, Ltd., ADR
   
62.50
 
12/12
 
(95)
(25)
 
BHP Billiton, Ltd., ADR
   
62.50
 
01/13
 
(762)
(25)
 
BHP Billiton, Ltd., ADR
   
60.00
 
01/13
 
(525)
(16)
 
Chevron Corp.
   
110.00
 
12/12
 
(7,760)
(24)
 
Chevron Corp.
   
105.00
 
12/12
 
(3,240)
(23)
 
Chevron Corp.
   
95.00
 
01/13
 
(1,081)
(25)
 
Chevron Corp.
   
97.50
 
01/13
 
(1,725)
(28)
 
ConocoPhillips
   
55.00
 
12/12
 
(980)
(35)
 
ConocoPhillips
   
52.50
 
12/12
 
(350)
(38)
 
ConocoPhillips
   
52.50
 
01/13
 
(1,254)
(41)
 
ConocoPhillips
   
50.00
 
01/13
 
(738)
(21)
 
Diageo PLC, ADR
   
115.00
 
12/12
 
(840)
(34)
 
Diageo PLC, ADR
   
110.00
 
12/12
 
(34)
(16)
 
Diageo PLC, ADR
   
105.00
 
12/12
 
(16)
(17)
 
Diageo PLC, ADR
   
105.00
 
01/13
 
(383)
(19)
 
Exxon Mobil Corp.
   
87.50
 
12/12
 
(1,748)
(31)
 
Exxon Mobil Corp.
   
85.00
 
12/12
 
(1,240)
(26)
 
Exxon Mobil Corp.
   
82.50
 
01/13
 
(1,378)
(25)
 
Exxon Mobil Corp.
 
 
80.00
 
01/13
    (800)
(56)
 
General Electric Co.
   
21.00
 
12/12
 
(1,904)
(113)
 
General Electric Co.
   
20.00
 
12/12
 
(1,130)
(24)
 
General Electric Co.
   
19.00
 
12/12
 
(96)
(78)
 
General Electric Co.
   
19.00
 
01/13
 
(1,248)
(25)
 
General Electric Co.
   
17.50
 
01/13
 
(150)
(23)
 
GlaxoSmithKline PLC, ADR
   
43.00
 
12/12
 
(1,334)
(103)
 
GlaxoSmithKline PLC, ADR
   
42.00
 
12/12
 
(2,060)
(37)
 
GlaxoSmithKline PLC, ADR
   
41.00
 
01/13
 
(1,017)
(76)
 
Honeywell International, Inc.
   
57.50
 
12/12
 
(1,216)
(24)
 
Honeywell International, Inc.
   
55.00
 
12/12
 
(204)
(29)
 
Honeywell International, Inc.
   
55.00
 
01/13
 
(783)
(10)
 
International Business Machines Corp.
   
185.00
 
12/12
 
(1,070)
(11)
 
International Business Machines Corp.
   
180.00
 
12/12
 
(506)
(18)
 
International Business Machines Corp.
   
175.00
 
01/13
 
(1,404)
(47)
 
Johnson & Johnson
   
70.00
 
12/12
 
(3,760)
(23)
 
Johnson & Johnson
   
67.50
 
12/12
 
(345)
(25)
 
Johnson & Johnson
   
67.50
 
01/13
 
(925)
(21)
 
JPMorgan Chase & Co.
   
39.00
 
12/12
 
(588)
(77)
 
JPMorgan Chase & Co.
   
38.00
 
12/12
 
(1,155)
(23)
 
JPMorgan Chase & Co.
   
37.00
 
12/12
 
(184)
(50)
 
JPMorgan Chase & Co.
   
35.00
 
01/13
 
(1,000)
(25)
 
JPMorgan Chase & Co.
   
33.00
 
01/13
 
(275)
(24)
 
Kinder Morgan Management, LLC
   
75.00
 
12/12
 
(1,560)
(70)
 
Medtronic, Inc.
   
39.00
 
12/12
 
(665)
(24)
 
Medtronic, Inc.
   
37.00
 
12/12
 
(120)
(25)
 
Medtronic, Inc.
   
38.00
 
01/13
 
(537)
(38)
 
Medtronic, Inc.
   
37.00
 
01/13
 
(570)
(57)
 
Microsoft Corp.
   
28.00
 
12/12
 
(8,094)
(23)
 
Microsoft Corp.
   
27.00
 
12/12
 
(1,656)
(58)
 
Microsoft Corp.
   
26.00
 
12/12
 
(1,624)
(23)
 
Microsoft Corp.
   
25.00
 
12/12
 
(230)
(81)
 
Microsoft Corp.
   
25.00
 
01/13
 
(2,268)
(84)
 
Microsoft Corp.
   
24.00
 
01/13
 
(1,176)
(28)
 
Newmont Mining Corp.
   
49.00
 
12/12
 
(7,420)
(23)
 
Newmont Mining Corp.
   
47.00
 
12/12
    (2,783)
(19)
 
Newmont Mining Corp.
   
45.00
 
12/12
 
(1,197)
(10)
 
Newmont Mining Corp.
   
46.00
 
01/13
 
(1,450)
(34)
 
Newmont Mining Corp.
   
41.00
 
01/13
 
(1,326)
(25)
 
Newmont Mining Corp.
   
40.00
 
01/13
 
(750)
(61)
 
PepsiCo, Inc.
   
67.50
 
12/12
 
(1,098)
(53)
 
PepsiCo, Inc.
   
65.00
 
01/13
 
(1,007)
(53)
 
Philip Morris International, Inc.
   
85.00
 
12/12
 
(1,060)
(7)
 
Philip Morris International, Inc.
   
85.00
 
01/13
 
(525)
(25)
 
Philip Morris International, Inc.
   
80.00
 
01/13
 
(600)
(25)
 
Philip Morris International, Inc.
   
77.50
 
01/13
 
(363)
(81)
 
Potash Corp. of Saskatchewan, Inc.
   
37.50
 
12/12
 
(3,078)
(46)
 
Potash Corp. of Saskatchewan, Inc.
   
35.00
 
12/12
 
(414)
(6)
 
Potash Corp. of Saskatchewan, Inc.
   
36.67
 
01/13
 
(354)
(51)
 
Potash Corp. of Saskatchewan, Inc.
   
35.00
 
01/13
 
(1,581)
(40)
 
Potash Corp. of Saskatchewan, Inc.
   
33.33
 
01/13
 
(620)
(45)
 
QUALCOMM, Inc.
   
60.00
 
12/12
 
(990)
(25)
 
QUALCOMM, Inc.
   
57.50
 
12/12
 
(225)
(24)
 
QUALCOMM, Inc.
   
55.00
 
12/12
 
(120)
(28)
 
QUALCOMM, Inc.
   
52.50
 
12/12
 
(98)
(31)
 
QUALCOMM, Inc.
   
57.50
 
01/13
 
(1,054)
(38)
 
Royal Dutch Shell PLC, ADR
   
65.00
 
12/12
 
(950)
(21)
 
Royal Dutch Shell PLC, ADR
   
62.50
 
12/12
 
(263)
(40)
 
Royal Dutch Shell PLC, ADR
   
62.50
 
01/13
 
(1,300)
(94)
 
T. Rowe Price Group, Inc.
   
60.00
 
12/12
 
(2,115)
(12)
 
T. Rowe Price Group, Inc.
   
60.00
 
01/13
 
(780)
(10)
 
The Boeing Co.
   
72.50
 
12/12
 
(610)
(44)
 
The Boeing Co.
   
67.50
 
12/12
 
(572)
(28)
 
The Boeing Co.
   
65.00
 
12/12
 
(224)
(37)
 
The Boeing Co.
   
65.00
 
01/13
 
(925)
(32)
 
The Chubb Corp.
   
75.00
 
12/12
 
(2,176)
(44)
 
The Chubb Corp.
   
70.00
 
12/12
 
(484)
(50)
 
The Chubb Corp.
   
70.00
 
01/13
 
(1,800)
(37)
 
The Home Depot, Inc.
   
60.00
 
12/12
 
(444)
(67)
 
The Home Depot, Inc.
   
57.50
 
12/12
 
(201)
(37)
 
The Home Depot, Inc.
   
57.50
 
01/13
    (814)
(28)
 
Vodafone Group PLC, ADR
   
27.00
 
12/12
 
(3,724)
(35)
 
Vodafone Group PLC, ADR
   
26.00
 
12/12
 
(1,750)
(50)
 
Vodafone Group PLC, ADR
   
24.00
 
12/12
 
(150)
(50)
 
Vodafone Group PLC, ADR
   
24.00
 
01/13
 
(625)
(63)
 
Vodafone Group PLC, ADR
   
23.00
 
01/13
 
(315)
(35)
 
Walgreen Co.
   
33.00
 
12/12
 
(1,435)
(87)
 
Walgreen Co.
   
31.00
 
12/12
 
(783)
(25)
 
Walgreen Co.
   
30.00
 
12/12
 
(150)
(25)
 
Walgreen Co.
   
30.00
 
01/13
 
(350)
(25)
 
Walgreen Co.
   
29.00
 
01/13
 
(250)
(71)
 
Wells Fargo & Co.
   
32.00
 
12/12
 
(1,846)
(24)
 
Wells Fargo & Co.
   
31.00
 
12/12
 
(288)
(84)
 
Wells Fargo & Co.
   
30.00
 
12/12
 
(588)
(54)
 
Wells Fargo & Co.
   
30.00
 
01/13
 
(1,188)
(33)
 
Wells Fargo & Co.
   
29.00
 
01/13
 
(561)
(25)
 
Wells Fargo & Co.
   
27.50
 
01/13
 
(250)
Total Put Options Written
(Premiums Received $(261,542))
 
(134,543)
Total Written Options - (0.6)%
(Premiums Received $(564,614))
 
$     (483,925)

 
 
 
 
 
 
DIVIDEND PLUS+ INCOME FUND
NOTES TO SCHEDULES OF INVESTMENTS AND CALL AND PUT OPTIONS WRITTEN
NOVEMBER 30, 2012 (Unaudited) 
 
 
ADR
American Depositary Receipt
LLC
Limited Liability Company
PLC
Public Limited Company
(a)
Subject to call option written by the Fund.
(b)
Subject to put option written by the Fund.
(c)
Non-income producing security.
(d)
Variable rate security. Rate presented is as of November 30, 2012.
 
* 
Cost of investments for federal income tax purposes is substantially the same as for federal statement purposes and net unrealized depreciation consists of:
 
Gross Unrealized Appreciation
 
$
1,008,295
 
Gross Unrealized Depreciation
   
(1,154,318
)
Net Unrealized Depreciation
 
$
(146,023
)
 
 
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 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
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 following is a summary of the inputs used to value the Fund’s investments and other financial instruments and liabilities as of November 30, 2012.
 

 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
Investments At Value
Common Stock
                               
Communications
 
$
1,470,600
   
$
-
   
$
-
   
$
1,470,600
 
Consumer Discretionary
   
1,047,627
     
-
     
-
     
1,047,627
 
Consumer Staples
   
6,570,978
     
-
     
-
     
6,570,978
 
Energy
   
6,095,021
     
-
     
-
     
6,095,021
 
Financials
   
6,551,929
     
-
     
-
     
6,551,929
 
Health Care
   
4,939,746
     
-
     
-
     
4,939,746
 
Industrials
   
3,848,245
     
-
     
-
     
3,848,245
 
Information Technology
   
3,623,980
     
-
     
-
     
3,623,980
 
Materials
   
3,703,901
     
-
     
-
     
3,703,901
 
Money Market Funds
   
-
     
32,697,363
     
-
     
32,697,363
 
Total Investments At Value
   
37,852,027
     
32,697,363
     
-
     
70,549,390
 
Total Assets
 
$
37,852,027
   
$
32,697,363
   
$
-
   
$
70,549,390
 
 
Liabilities
Other Financial Instruments**
Written Options
   
(483,925
)
   
-
     
-
     
(483,925
)
Total Liabilities
 
$
(483,925
)
 
$
-
   
$
-
   
$
(483,925
)
 
**
Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as written options, which are valued at their market value at period end.

There were no transfers between Level 1 and Level 2 for the period ended November 30, 2012.
 
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/ Stacey E. Hong   
  Stacey E. Hong, Principal Executive Officer  
     
Date:  January 15, 2013   
     
 

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/ Stacey E. Hong   
  Stacey E. Hong, Principal Executive Officer  
     
Date:  January 15, 2013   
 

 
By:  /s/ Karen Shaw   
  Karen Shaw, Principal Financial Officer  
     
Date:  January 15, 2013