# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000061
**Filing Date:** 2026-2
**Character Count:** 33596
**Document Hash:** b3510fd9755aea36077f4f52ddfb09ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000061.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000315774-26-000061

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 26662430

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2073472000

**MAIL ADDRESS:**
- **STREET 1:** FORUM FUNDS
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAHNESTOCK DAILY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAILY INCOME EXTENSION FUND INC
- **DATE OF NAME CHANGE:** 19810607

## Series and Classes Contracts Data

### Polaris Global Value Fund (Series ID: S000004556)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012470 | Polaris Global Value Fund | PGVFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FORUM FUNDS

- **b. Investment Company Act file number:** 811-03023

- **c. CIK number of Registrant:** 0000315774

- **d. LEI of Registrant:** 549300LXYEU14CHGAO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** POLARIS GLOBAL VALUE FUND

- **b. EDGAR series identifier (if any):** S000004556

- **c. LEI of Series:** 2549002E4OIL39FNOB74

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $488342624.36

**Total Liabilities:** $9346192.27

**Net Assets:** $478996432.09

**Cash Not Reported:** $20518.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012470 | 0.90%                | 2.30%                | 3.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5382015.75             | $9676376.62                                |
| Month 2  | $-339279.20              | $10733180.05                               |
| Month 3  | $2902316.83              | $13404196.86                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                     | AbbVie, Inc.                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     26251 | NS      | $5998090.99   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings, Inc.                       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     53700 | NS      | $5257230.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     15500 | NS      | $5433525.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencore Group PLC            | Greencore Group PLC                                       | CUSIP: N/A<br>LEI: 635400GGBEWULJXM5868       | Long             | EC               | CORP              | IE        |   1036300 | NS      | $3548078.02   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     49500 | NS      | $5453910.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     92200 | NS      | $7316992.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26064 | NS      | $6316946.17   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     41800 | NS      | $5293134.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Latam Airlines Group SA        | Latam Airlines Group SA                                   | CUSIP: N/A<br>LEI: 549300HX3UUDPEFTG707       | Long             | EC               | CORP              | CL        | 132350500 | NS      | $3583354.09   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                  | Methanex Corp.                                            | CUSIP: N/A<br>LEI: 549300TSJHRXT9QXRD13       | Long             | EC               | CORP              | CA        |     99237 | NS      | $3936076.85   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp.                                       | CUSIP: N/A<br>LEI: 549300FQDIM6C8HTN269       | Long             | EC               | CORP              | CA        |    231000 | NS      | $4964846.45   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                                  | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     40528 | NS      | $7473348.19   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                       | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    114600 | NS      | $5121474.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     21067 | NS      | $7092416.22   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     63000 | NS      | $7732620.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                              | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     33200 | NS      | $5550116.99   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: N/A<br>LEI: 549300DV5KJ23OKVTW34       | Long             | EC               | CORP              | BE        |     13500 | NS      | $2441654.26   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                        | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     56776 | NS      | $5913005.96   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     19200 | NS      | $6006494.16   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion, Inc.                                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     42200 | NS      | $4652972.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp.                            | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     94563 | NS      | $6282765.72   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    118200 | NS      | $6491200.69   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     23435 | NS      | $7551225.70   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebanken Norge              | Sparebanken Norge                                         | CUSIP: N/A<br>LEI: 213800M7T3CYVZ3ZRT12       | Long             | EC               | CORP              | NO        |    158654 | NS      | $3117362.23   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp.                                                 | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    148100 | NS      | $4472620.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings, Inc.                                   | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    111700 | NS      | $7433635.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                      | Endesa SA                                                 | CUSIP: N/A<br>LEI: 549300LHK07F2CHV4X31       | Long             | EC               | CORP              | ES        |    167600 | NS      | $6032992.56   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      9300 | NS      | $6144486.14   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                              | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |    232500 | NS      | $3867627.24   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Barry Callebaut AG             | Barry Callebaut AG                                        | CUSIP: N/A<br>LEI: 213800Y5RWKLDPUTT265       | Long             | EC               | CORP              | CH        |      4450 | NS      | $7337078.65   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     25800 | NS      | $5198184.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS, Inc.                                                 | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     43100 | NS      | $6887380.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     36282 | NS      | $5900541.66   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     45600 | NS      | $4432891.97   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    131979 | NS      | $4290113.56   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                                        | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     51491 | NS      | $3742075.85   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    290200 | NS      | $5017918.16   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp                    | Daicel Corp.                                              | CUSIP: N/A<br>LEI: 353800ZG4XF6D7NZGS72       | Long             | EC               | CORP              | JP        |    355100 | NS      | $3171507.28   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group, Inc.                      | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    396000 | NS      | $6302528.09   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co., Ltd.                         | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    142000 | NS      | $7580299.19   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                   | SK hynix, Inc.                                            | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     30800 | NS      | $13918850.44  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp.                                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    595000 | NS      | $7502074.82   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp.                                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     61100 | NS      | $5166068.52   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     72881 | NS      | $5850876.24   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp.                                            | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    283700 | NS      | $7883976.63   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Northern Institutional Treasury Portfolio Premier Shares  | CUSIP: 665279873<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11060587 | NS      | $11060586.64  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp.                                                | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |    221400 | NS      | $6436769.66   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co., Ltd.                             | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    133758 | NS      | $11132959.08  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    224000 | NS      | $5754443.31   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co., Ltd.                           | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |    172200 | NS      | $5315289.84   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank, Ltd.                                | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    195650 | NS      | $5336462.58   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    300400 | NS      | $5697905.44   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                             | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     61300 | NS      | $7633076.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA         | Yara International ASA                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |    135700 | NS      | $5573392.86   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp.                                                 | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228700 | NS      | $6188622.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                               | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |    351529 | NS      | $5012803.54   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    104000 | NS      | $6096480.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                                 | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     23600 | NS      | $11499100.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6368 | NS      | $2102140.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    106738 | NS      | $6718089.72   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos., Inc.                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     92400 | NS      | $5554164.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co. of China, Ltd.                | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    790500 | NS      | $6617378.93   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Duni AB                        | Duni AB                                                   | CUSIP: N/A<br>LEI: 549300MWQEN1427O5L53       | Long             | EC               | CORP              | SE        |    119300 | NS      | $1363206.43   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     77200 | NS      | $5043427.17   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS SA                       | IPSOS SA                                                  | CUSIP: N/A<br>LEI: 9695002OY2X35E9X8W87       | Long             | EC               | CORP              | FR        |     39907 | NS      | $1606749.67   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                         | SKF AB                                                    | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |    240300 | NS      | $6415656.33   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     39553 | NS      | $5580246.36   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SpareBank 1 Sor-Norge ASA      | SpareBank 1 Sor-Norge ASA                                 | CUSIP: N/A<br>LEI: 549300Q3OIWRHQUQM052       | Long             | EC               | CORP              | NO        |    166137 | NS      | $3269998.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group, Ltd.                                           | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    576800 | NS      | $5921636.45   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chailease Holding Co Ltd       | Chailease Holding Co., Ltd.                               | CUSIP: N/A<br>LEI: 529900L76E6T0JCM3J27       | Long             | EC               | CORP              | TW        |   1111800 | NS      | $3733069.17   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Air | International Consolidated Airlines Group SA              | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | ES        |   1411400 | NS      | $7882046.51   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                              | CUSIP: N/A<br>LEI: 213800RGEH1MPPNM2T57       | Long             | EC               | CORP              | GB        |    308158 | NS      | $3194285.53   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Alrosa PJSC                    | Alrosa PJSC                                               | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               | CORP              | RU        |   3148600 | NS      | $398.05       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV                             | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |    164200 | NS      | $6728788.52   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Electric Co Ltd     | HD Hyundai Electric Co., Ltd.                             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |     12400 | NS      | $6662455.31   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding, Ltd.                               | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |    268800 | NS      | $4932046.72   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TREVI - Finanziaria Industrial | TREVI - Finanziaria Industriale SpA                       | CUSIP: N/A<br>LEI: 815600FE9E92D9D6C309       | Long             | EC               | CORP              | IT        |   4371673 | NS      | $3262369.70   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                      | Loomis AB                                                 | CUSIP: N/A<br>LEI: 213800NS2XXVRYS7WP40       | Long             | EC               | CORP              | SE        |    100203 | NS      | $4249090.45   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                   | DNB Bank ASA                                              | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    202596 | NS      | $5657814.88   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| F&F Co Ltd / New               | F&F Co., Ltd./New                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     26700 | NS      | $1269619.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG       | Daimler Truck Holding AG                                  | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |    135400 | NS      | $5938435.97   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    153100 | NS      | $5093623.48   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc           | Macnica Holdings, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     61500 | NS      | $939343.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                                  | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     33900 | NS      | $5763000.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     11113 | NS      | $4738472.07   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods, Ltd.                                         | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    173300 | NS      | $2167983.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    126652 | NS      | $4897632.84   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     20544 | NS      | $6412193.28   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-19

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer