# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001435109-25-000237
**Filing Date:** 2025-8
**Character Count:** 72191
**Document Hash:** 7df3eabda53e8c9b2c5f58e8f224abf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-25-000237.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001435109-25-000237

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 251204578

**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           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

# INVESTMENT COMPANIES
Investment Company Act file number 811-03023

**FORUM FUNDS**

Three Canal Plaza, Suite 600

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

190 Middle Street, Suite 101

Portland, Maine 04101

207-347-2000

Date of fiscal year end December 31

Date of reporting period: January 1, 2025 – June 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### Semi-Annual Shareholder Report - June 30, 2025

#### Polaris Global Value Fund

#### PGVFX
![Image](i9a52a423578f776b71bea811.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Polaris Global Value Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://polarisfunds.com/resources/. You can also request this information by contacting us at (888) 263-5594.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Polaris Global Value Fund | $52 | 0.99% |

---

# **How did the Fund perform in the last six months ?** 
The Fund outperformed the benchmark, with more than half of sectors posting double-digit returns including cyclicals like financials, industrials and consumer discretionary. While all sectors added positive absolute returns, real estate, materials and utilities were middling in comparison. Geographically, nearly 70% of holdings posted double-digit gains, led by South Korea, Germany, France and Norway. Holdings in Ireland and out-of-benchmark Colombia declined.

Financials contributed most, due to outperformance in a heavily-overweight sector. Shinhan Financial Group topped the sector on the back of strong quarterly earnings, while German reinsurers benefited from firm pricing and expansion plans. In industrials, Vinci SA surged as the company executed a series of share repurchases and announced executive leadership restructuring. Marubeni Corp rallied on portfolio diversification plans to establish a new pharmaceutical platform. Among consumer discretionary stocks, Next PLC saw its share price rise due to strong financial performance, an upgraded 2026 profit forecast and online sales growth. The single largest contributor was SK Hynix, Inc., the South Korean semiconductor company that posted robust earnings, with its high-bandwidth memory now comprising 40% of sales.

Methanex Corp. dragged down materials sector results, suffering an unplanned outage in its Geismar 3 plant. Smurfit Westrock PLC's stock price trended down since releasing mixed fourth quarter 2024 results, while tariffs impact remains a concern. In health care, United Therapeutics Corp. reported lower revenues for its flagship Tyvaso inhaler, while also facing generics competition later in 2025.

# **Top Contributors** 

# **Top Detractors** 
* ![Thin up arrow](ie45fa23b269c5cba0c50889f.jpg)Next PLC

* ![Thin up arrow](ie45fa23b269c5cba0c50889f.jpg)SK Hynix, Inc.

* ![Thin up arrow](ie45fa23b269c5cba0c50889f.jpg)Shinhan Financial Group Co., Ltd.

* ![Thin up arrow](ie45fa23b269c5cba0c50889f.jpg)Vinci SA 

* ![Thin up arrow](ie45fa23b269c5cba0c50889f.jpg)Koninklijke Ahold Delhaize NV

* ![Thin down arrow](i51da14d562b56e17524ec2e8.jpg)Methanex Corp.

* ![Thin down arrow](i51da14d562b56e17524ec2e8.jpg)United Therapeutics Corp.

* ![Thin down arrow](i51da14d562b56e17524ec2e8.jpg)Smurfit WestRock PLC 

* ![Thin down arrow](i51da14d562b56e17524ec2e8.jpg)UnitedHealth Group, Inc.

* ![Thin down arrow](i51da14d562b56e17524ec2e8.jpg)Allison Transmission Holdings, Inc.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i309ee4c0188285a98505761f.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Polaris Global Value Fund** | **MSCI World Index** |
| **06/30/15** | $10000 | $10000 |
| **09/30/15** | $9120 | $9155 |
| **12/31/15** | $9574 | $9659 |
| **03/31/16** | $9642 | $9625 |
| **06/30/16** | $9325 | $9722 |
| **09/30/16** | $10181 | $10195 |
| **12/31/16** | $10691 | $10384 |
| **03/31/17** | $11200 | $11046 |
| **06/30/17** | $11783 | $11491 |
| **09/30/17** | $12223 | $12047 |
| **12/31/17** | $12894 | $12710 |
| **03/31/18** | $12573 | $12547 |
| **06/30/18** | $12741 | $12765 |
| **09/30/18** | $12959 | $13401 |
| **12/31/18** | $11262 | $11603 |
| **03/31/19** | $12431 | $13051 |
| **06/30/19** | $12826 | $13573 |
| **09/30/19** | $12677 | $13646 |
| **12/31/19** | $13829 | $14814 |
| **03/31/20** | $9439 | $11695 |
| **06/30/20** | $11200 | $13959 |
| **09/30/20** | $11689 | $15066 |
| **12/31/20** | $14749 | $17169 |
| **03/31/21** | $16355 | $18014 |
| **06/30/21** | $16796 | $19409 |
| **09/30/21** | $16619 | $19408 |
| **12/31/21** | $17020 | $20915 |
| **03/31/22** | $16233 | $19837 |
| **06/30/22** | $14134 | $16626 |
| **09/30/22** | $12825 | $15598 |
| **12/31/22** | $14975 | $17121 |
| **03/31/23** | $15395 | $18444 |
| **06/30/23** | $15658 | $19704 |
| **09/30/23** | $15308 | $19022 |
| **12/31/23** | $17187 | $21193 |
| **03/31/24** | $18203 | $23076 |
| **06/30/24** | $18025 | $23683 |
| **09/30/24** | $19230 | $25190 |
| **12/31/24** | $18103 | $25150 |
| **03/31/25** | $18830 | $24700 |
| **06/30/25** | $20482 | $27533 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| **Polaris Global Value Fund** | 13.63% | 12.83% | 7.43% |
| **MSCI World Index** | 16.26% | 14.55% | 10.66% |

---

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $448219279 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 9% |
| Investment Advisory Fees (Net of fees waived) | $1622787 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| SK Hynix, Inc. | 2.17% |
| Next PLC | 1.75% |
| JPMorgan Chase & Co. | 1.73% |
| Shinhan Financial Group Co., Ltd. | 1.71% |
| SLM Corp. | 1.69% |
| Koninklijke Ahold Delhaize NV | 1.67% |
| Gilead Sciences, Inc. | 1.57% |
| Canadian Tire Corp., Ltd., Class A | 1.53% |
| United Therapeutics Corp. | 1.53% |
| Popular, Inc. | 1.52% |

---

\* excluding cash equivalents

# **Country Weightings** 

# **(% total investments)\***![Group By Country Chart](ie8841e09df4bacb44cdec55e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 34.3% |
| Japan | 9.5% |
| France | 8.6% |
| South Korea | 6.6% |
| United Kingdom | 6.3% |
| Germany | 5.2% |
| Canada | 4.4% |
| Switzerland | 3.7% |
| Norway | 3.6% |
| Ireland | 2.8% |
| Sweden | 2.5% |
| Netherlands | 2.3% |
| Spain | 1.9% |
| Puerto Rico | 1.5% |
| Italy | 1.5% |
| China | 1.3% |
| Singapore | 1.2% |
| Taiwan | 1.1% |
| Belgium | 0.7% |
| Chile | 0.6% |
| Colombia | 0.4% |
| Russia | 0.0% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i47c9d58f80caf4e621f96022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.5% |
| Industrials | 14.8% |
| Consumer Discretionary | 13.4% |
| Health Care | 11.0% |
| Materials | 7.2% |
| Information Technology | 7.2% |
| Consumer Staples | 6.8% |
| Energy | 5.3% |
| Communication Services | 4.1% |
| Utilities | 2.5% |
| Real Estate | 1.2% |

---

\* excluding cash equivalents

Additional information is available by scanning the QR code or at https://polarisfunds.com/resources/, including its:

* prospectus

* financial information

* holdings

* proxy information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://polarisfunds.com/resources](ida4f8def113684850dc1b1bc.jpg)

![Image](i358445485cda77c6b8ddd5c4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025

#### 225S-PGVFX-25
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Semi-Annual

Financials

and

Other

Information

JUNE

30,

2025

(Unaudited)

Table

of

Contents

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Other

Information

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

99.0%

Belgium

-

0.6%

13,500

D'ieteren

Group

$

2,900,586

Canada

-

4.3%

49,814

Canadian

Tire

Corp.,

Ltd.,

Class A

6,781,728

578,000

Lundin

Mining

Corp.

6,078,179

83,408

Magna

International,

Inc.

3,224,231

99,237

Methanex

Corp.

3,285,916

19,370,054

Chile

-

0.6%

132,350,500

Latam

Airlines

Group

SA

2,679,330

China

-

1.3%

374,300

Vipshop

Holdings,

Ltd.,

ADR

5,633,215

Colombia

-

0.4%

22,200

Tecnoglass,

Inc.

1,717,392

France

-

8.5%

33,200

Capgemini

SE

5,672,610

153,100

Cie

Generale

des

Etablissements

Michelin

SCA

5,688,057

39,907

IPSOS

SA

2,138,886

56,776

Publicis

Groupe

SA

6,399,014

45,600

Sanofi

SA

4,415,873

35,091

Teleperformance

SE

3,402,736

77,200

TotalEnergies

SE

4,737,859

39,553

Vinci

SA

5,828,594

38,283,629

Germany

-

5.2%

135,400

Daimler

Truck

Holding

AG

6,406,895

131,979

Deutsche

Telekom

AG

4,814,743

19,200

Hannover

Rueck

SE

6,043,170

9,300

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class R

6,031,790

23,296,598

Ireland

-

2.8%

1,036,300

Greencore

Group

PLC

3,321,483

33,900

Jazz

Pharmaceuticals

PLC

(a) 3,597,468

126,652

Smurfit

WestRock

PLC

5,465,034

12,383,985

Italy

-

1.5%

300,400

Eni

SpA

4,869,064

4,371,673

TREVI

-

Finanziaria

Industriale

SpA

(a) 1,691,648

6,560,712

Shares

Security

Description

Value

Japan

-

9.4%

355,100

Daicel

Corp.

$

2,982,490

119,000

ITOCHU

Corp.

6,243,977

290,200

KDDI

Corp.

4,997,715

61,500

Macnica

Holdings,

Inc.

828,940

283,700

Marubeni

Corp.

5,738,815

396,000

Mitsubishi

UFJ

Financial

Group,

Inc.

5,453,061

221,400

ORIX

Corp.

5,012,076

224,000

Sony

Group

Corp.

5,802,021

172,200

Takeda

Pharmaceutical

Co.,

Ltd.

5,291,379

42,350,474

Netherlands

-

2.3%

105,100

JDE

Peet's

NV

3,000,975

177,200

Koninklijke

Ahold

Delhaize

NV

7,410,017

10,410,992

Norway

-

3.6%

202,596

DNB

Bank

ASA

5,599,862

166,137

SpareBank

Sor-Norge

ASA

3,055,916

158,654

Sparebanken

Norge

2,520,041

135,700

Yara

International

ASA

5,008,274

16,184,093

Puerto

Rico

-

1.5%

61,300

Popular,

Inc.

6,755,873

Russia

-

0.0%

3,148,600

Alrosa

PJSC

(b) 403

Singapore

-

1.2%

195,650

United

Overseas

Bank,

Ltd.

5,539,442

South

Korea

-

6.5%

26,700

F&F

Co.,

Ltd./New

1,562,907

61,100

Kia

Corp.

4,386,922

133,758

Samsung

Electronics

Co.,

Ltd.

5,926,740

166,800

Shinhan

Financial

Group

Co.,

Ltd.

7,588,560

44,500

SK

Hynix,

Inc.

9,628,038

29,093,167

Spain

-

1.9%

232,500

Bankinter

SA

3,034,519

167,600

Endesa

SA

5,308,745

8,343,264

Sweden

-

2.4%

119,300

Duni

AB,

Class A

1,176,494

100,203

Loomis

AB

4,211,091

240,300

SKF

AB,

Class B

5,514,182

10,901,767

Switzerland

-

3.7%

4,450

Barry

Callebaut

AG

4,845,674

20,544

Chubb,

Ltd.

5,952,008

47,600

Novartis

AG

5,769,351

16,567,033

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Taiwan

-

1.1%

1,090,000

Chailease

Holding

Co.,

Ltd.

$

4,720,149

United

Kingdom

-

6.3%

303,944

Inchcape

PLC

3,028,935

1,411,400

International

Consolidated

Airlines

Group

SA

6,610,265

11,113

Linde

PLC

5,213,997

246,402

Mondi

PLC

4,023,170

45,528

Next

PLC

7,774,253

85,600

Nomad

Foods,

Ltd.

1,454,344

28,104,964

United

States

-

33.9%

30,451

AbbVie,

Inc.

5,652,315

53,700

Allison

Transmission

Holdings,

Inc.

5,100,963

35,000

Arrow

Electronics,

Inc.

(a) 4,460,050

25,900

Capital

One

Financial

Corp.

5,510,484

44,776

Crocs,

Inc.

(a) 4,534,913

47,400

Cullen/Frost

Bankers,

Inc.

6,092,796

55,600

CVS

Health

Corp.

3,835,288

11,100

Elevance

Health,

Inc.

4,317,456

114,600

Gaming

and

Leisure

Properties,

Inc.

REIT

5,349,528

21,067

General

Dynamics

Corp.

6,144,401

63,000

Gilead

Sciences,

Inc.

6,984,810

42,200

Ingredion,

Inc.

5,723,164

94,563

International

Bancshares

Corp.

6,294,113

26,500

JPMorgan

Chase

&

Co.

7,682,615

105,000

LKQ

Corp.

3,886,050

25,800

M&T

Bank

Corp.

5,004,942

33,282

Marathon

Petroleum

Corp.

5,528,473

52,700

MKS,

Inc.

5,236,272

85,214

NextEra

Energy,

Inc.

5,915,556

205,000

NOV,

Inc.

2,548,150

351,529

Sally

Beauty

Holdings,

Inc.

(a) 3,255,159

38,100

Science

Applications

International

Corp.

4,290,441

228,700

SLM

Corp.

7,499,073

121,300

The

Carlyle

Group,

Inc.

6,234,820

81,200

Tyson

Foods,

Inc.,

Class A

4,542,328

23,600

United

Therapeutics

Corp.

(a) 6,781,460

6,368

UnitedHealth

Group,

Inc.

1,986,625

106,738

Webster

Financial

Corp.

5,827,895

92,400

Williams

Cos.,

Inc.

5,803,644

152,023,784

Total

Common

Stock

(Cost

$311,991,185)

443,820,906

Shares

Security

Description

Value

Money

Market

Fund

-

0.8%

3,499,405

Northern

Institutional

Treasury

Portfolio

Premier

Shares,

4.16%

(c) (Cost

$3,499,405)

$

3,499,405

Investments,

at

value

-

99.8%

(Cost

$315,490,590)

$

447,320,311

Other

Assets

&

Liabilities,

Net

-

0.2%

898,968

Net

Assets

-

100.0%

$

448,219,279

ADR

American

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Non-income

producing

security.

(b) Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$403

or

0.0%

of

net

assets.

(c) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

June

30,

2025. Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

Level

Level

Level

Total

Investments

at

Value

Common

Stock

Belgium

$

2,900,586

$

–

$

–

$

2,900,586

Canada

19,370,054

–

–

19,370,054

Chile

2,679,330

–

–

2,679,330

China

5,633,215

–

–

5,633,215

Colombia

1,717,392

–

–

1,717,392

France

38,283,629

–

–

38,283,629

Germany

23,296,598

–

–

23,296,598

Ireland

12,383,985

–

–

12,383,985

Italy

6,560,712

–

–

6,560,712

Japan

42,350,474

–

–

42,350,474

Netherlands

10,410,992

–

–

10,410,992

Norway

16,184,093

–

–

16,184,093

Puerto

Rico

6,755,873

–

–

6,755,873

Russia

–

–

Singapore

5,539,442

–

–

5,539,442

South

Korea

29,093,167

–

–

29,093,167

Spain

8,343,264

–

–

8,343,264

Sweden

10,901,767

–

–

10,901,767

Switzerland

16,567,033

–

–

16,567,033

Taiwan

4,720,149

–

–

4,720,149

United

Kingdom

28,104,964

–

–

28,104,964

United

States

152,023,784

–

–

152,023,784

Money

Market

Fund

3,499,405

–

–

3,499,405

Investments

at

Value

$

447,319,908

$

–

$

$

447,320,311

Common

Stock

Balance

as

of

12/31/24

$

Change

in

Unrealized

Appreciation/(Depreciation)

Balance

as

of

06/30/25

$

Net

change

in

unrealized

depreciation

from

investments

held

as

of

06/30/25

$

PORTFOLIO

HOLDINGS

%

of

Total

Investments

Communication

Services

4.1%

Consumer

Discretionary

13.3%

Consumer

Staples

6.8%

Energy

5.2%

Financials

26.2%

Health

Care

10.9%

Industrials

14.7%

Information

Technology

7.1%

Materials

7.2%

Real

Estate

1.2%

Utilities

2.5%

Money

Market

Fund

0.8%

100.0%

Polaris

Global

Value

Fund

STATEMENT

OF

ASSETS

AND

LIABILITIES

JUNE

30,

2025

See

Notes

to

Financial

Statements.

\*

Shares

redeemed

or

exchanged

within

days

of

purchase

are

charged

a

1.00%

redemption

fee.

ASSETS

Investments,

at

value

(Cost

$315,490,590)

$

447,320,311

Cash

15,605

Foreign

currency

(Cost

$80,350)

80,405

Receivables:

Fund

shares

sold

6,414

Dividends

1,199,872

Trustees'

fees

and

expenses

Prepaid

expenses

35,707

Total

Assets

448,658,677

LIABILITIES

Payables:

Fund

shares

redeemed

43,569

Accrued

Liabilities:

Investment

adviser

fees

280,924

Fund

services

fees

40,493

Other

expenses

74,412

Total

Liabilities

439,398

NET

ASSETS

$

448,219,279

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

294,568,100

Distributable

Earnings

153,651,179

NET

ASSETS

$

448,219,279

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

12,822,592

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

$

34.96 5

Polaris

Global

Value

Fund

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

JUNE

30,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$829,984)

$

7,317,705

Total

Investment

Income

7,317,705

EXPENSES

Investment

adviser

fees

2,091,962

Fund

services

fees

257,165

Custodian

fees

36,306

Registration

fees

12,756

Professional

fees

42,568

Trustees'

fees

and

expenses

14,650

Other

expenses

111,260

Total

Expenses

2,566,667

Fees

waived

(495,630)

Net

Expenses

2,071,037

NET

INVESTMENT

INCOME

5,246,668

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

11,530,997

Foreign

currency

transactions

(22,120)

Net

realized

gain

11,508,877

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

35,620,148

Foreign

currency

translations

93,710

Net

change

in

unrealized

appreciation

(depreciation)

35,713,858

NET

REALIZED

AND

UNREALIZED

GAIN

47,222,735

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

52,469,403

Polaris

Global

Value

Fund

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

OPERATIONS

Net

investment

income

$

5,246,668

$

7,467,066

Net

realized

gain

11,508,877

21,591,058

Net

change

in

unrealized

appreciation

(depreciation)

35,713,858

(6,781,108)

Increase

in

Net

Assets

Resulting

from

Operations

52,469,403

22,277,016

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

–

(22,341,484)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

4,986,032

3,938,144

Reinvestment

of

distributions

–

21,266,750

Redemption

of

shares

(18,163,082)

(31,887,789)

Redemption

fees

1,600

16,099

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(13,175,450)

(6,666,796)

Increase

(Decrease)

in

Net

Assets

39,293,953

(6,731,264)

NET

ASSETS

Beginning

of

Period

408,925,326

415,656,590

End

of

Period

$

448,219,279

$

408,925,326

SHARE

TRANSACTIONS

Sale

of

shares

160,439

120,830

Reinvestment

of

distributions

–

662,798

Redemption

of

shares

(573,345)

(979,567)

Decrease

in

Shares

(412,906)

(195,939)

Polaris

Global

Value

Fund

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

June

30,

2025

For

the

Years

Ended

December

31,

2024

2023

2022

2021

2020

NET

ASSET

VALUE,

Beginning

of

Period

$

30.90 $

30.95 $

27.42 $

32.26 $

29.12 $

27.72 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.40 0.57 0.49 0.50 0.48 0.32 Net

realized

and

unrealized

gain

(loss)

3.66 1.12 3.56 (4.37)

3.97 1.53 Total

from

Investment

Operations

4.06 1.69 4.05 (3.87)

4.45 1.85 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

–

(0.61)

(0.52)

(0.43)

(0.50)

(0.34)

Net

realized

gain

–

(1.13)

–

(0.54)

(0.81)

(0.11)

Total

Distributions

to

Shareholders

–

(1.74)

(0.52)

(0.97)

(1.31)

(0.45)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

34.96 $

30.90 $

30.95 $

27.42 $

32.26 $

29.12 TOTAL

RETURN

13.14%(c)

5.34%

14.77%

(12.01)%

15.36%

6.68%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

448,219

$

408,925

$

415,657

$

392,070

$

492,795

$

450,739

Ratios

to

Average

Net

Assets:

Net

investment

income

2.51%(d)

1.75%

1.72%

1.74%

1.47%

1.34%

Net

expenses

0.99%(d)

0.99%

0.99%

0.99%

0.99%

0.99%

Gross

expenses

(e) 1.23%(d)

1.22%

1.22%

1.23%

1.21%

1.24%

PORTFOLIO

TURNOVER

RATE

9%(c)

17%

14%

19%

19%

57%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Note

1. Organization

The

Polaris

Global

Value

Fund

(the

"Fund")

is

a

diversified

portfolio

of

Forum

Funds

(the

"Trust").

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Act").

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

the

Fund's

shares

of

beneficial

interest

without

par

value.

The

Fund

commenced

operations

June

1,

1998

after

it

acquired

the

net

assets

of

Global

Value

Limited

Partnership

(the

"Partnership"),

in

exchange

for

Fund

shares.

The

Partnership

commenced

operations

on

July

31,

1989. The

Fund

seeks

capital

appreciation.

The

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

the

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statement

of

Operations

and

the

financial

highlights

for

the

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Fund.

The

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Fund

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

their

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

Note

2. Summary

of

Significant

Accounting

Policies

The

Fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946,

"Financial

Services

–

Investment

Companies."

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation

–

Securities

are

recorded

at

fair

value

using

last

quoted

trade

or

official

closing

price

from

the

principal

exchange

where

the

security

is

traded,

as

provided

by

independent

pricing

services

on

each

Fund

business

day.

In

the

absence

of

a

last

trade,

securities

are

valued

at

the

mean

of

the

last

bid

and

ask

price

provided

by

the

pricing

service.

Forward

currency

contracts

are

generally

valued

based

on

interpolation

of

forward

curve

data

points

obtained

from

major

banking

institutions

that

deal

in

foreign

currencies

and

currency

dealers.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

per

share

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

recorded

at

amortized

cost,

which

approximates

fair

value.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser

as

the

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser's

fair

valuation

procedures

as

a

part

of

the

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

level

of

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

Level

-

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities'

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

-

Significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

June

30,

2025,

for

the

Fund's

investments

is

included

at

the

end

of

the

Fund's

Schedule

of

Investments.

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

on

the

trade

date.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividend

income

is

recorded

at

the

fair

market

value

of

the

securities

received.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

determining

the

existence

of

a

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

taxes,

which

are

accrued

as

applicable.

Interest

income

is

recorded

on

an

accrual

basis.

Premium

is

amortized

to

the

next

call

date

above

par,

and

discount

is

accreted

to

maturity

using

the

effective

interest

method

and

included

in

interest

income.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Written

Options

–

When

a

fund

writes

an

option,

an

amount

equal

to

the

premium

received

by

the

fund

is

recorded

as

a

liability

and

is

subsequently

adjusted

to

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

that

expire

unexercised

are

treated

by

the

Fund

on

the

expiration

date

as

realized

gain

from

written

options.

The

difference

between

the

premium

and

the

amount

paid

on

effecting

a

closing

purchase

transaction,

including

brokerage

commissions,

is

also

treated

as

a

realized

gain,

or

if

the

premium

is

less

than

the

amount

paid

for

the

closing

purchase

transaction,

as

a

realized

loss.

If

a

call

option

is

exercised,

the

premium

is

added

to

the

proceeds

from

the

sale

of

the

underlying

security

in

determining

whether

the

Fund

has

realized

a

gain

or

loss.

If

a

put

option

is

exercised,

the

premium

reduces

the

cost

basis

of

the

securities

purchased

by

the

Fund.

The

Fund,

as

writer

of

an

option,

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

Written

options

are

non-income

producing

securities.

The

values

of

each

individual

written

option

outstanding

as

of

June

30,

2025,

if

any,

are

disclosed

in

the

Fund's

Schedule

of

Investments.

Purchased

Options

–

When

a

fund

purchases

an

option,

an

amount

equal

to

the

premium

paid

by

the

fund

is

recorded

as

an

investment

and

is

subsequently

adjusted

to

the

current

value

of

the

option

purchased.

If

an

option

expires

on

the

stipulated

expiration

date

or

if

the

fund

enters

into

a

closing

sale

transaction,

a

gain

or

loss

is

realized.

If

a

call

option

is

exercised,

the

cost

of

the

security

acquired

is

increased

by

the

premium

paid

for

the

call.

If

a

put

option

is

exercised,

a

gain

or

loss

is

realized

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

decreased

by

the

premium

originally

paid.

Purchased

options

are

non-income

producing

securities.

The

values

of

each

individual

purchased

option

outstanding

as

of

June

30,

2025,

if

any,

are

disclosed

in

the

Fund's

Schedule

of

Investments.

Foreign

Currency

Translations

–

Foreign

currency

amounts

are

translated

into

U.S.

dollars

as

follows:

(1) assets

and

liabilities

at

the

rate

of

exchange

at

the

end

of

the

respective

period;

and

(2) purchases

and

sales

of

securities

and

income

and

expenses

at

the

rate

of

exchange

prevailing

on

the

dates

of

such

transactions.

The

portion

of

the

results

of

operations

arising

from

changes

in

the

exchange

rates

and

the

portion

due

to

fluctuations

arising

from

changes

in

the

market

prices

of

securities

are

not

isolated.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

on

investments.

Foreign

Currency

Transactions

–

The

Fund

may

enter

into

transactions

to

purchase

or

sell

foreign

currency

contracts

and

options

on

foreign

currency.

Forward

currency

contracts

are

agreements

to

exchange

one

currency

for

another

at

a

future

date

and

at

a

specified

price.

A

fund

may

use

forward

currency

contracts

to

facilitate

transactions

in

foreign

securities,

to

manage

a

fund's

foreign

currency

exposure

and

to

protect

the

U.S.

dollar

value

of

its

underlying

portfolio

securities

against

the

effect

of

possible

adverse

movements

in

foreign

exchange

rates.

These

contracts

are

intrinsically

valued

daily

based

on

forward

rates,

and

a

fund's

net

equity

therein,

representing

unrealized

gain

or

loss

on

the

contracts

as

measured

by

the

difference

between

the

forward

foreign

exchange

rates

at

the

dates

of

entry

into

the

contracts

and

the

forward

rates

at

the

reporting

date,

is

recorded

as

a

component

of

NAV.

These

instruments

involve

market

risk,

credit

risk,

or

both

kinds

of

risks,

in

excess

of

the

amount

recognized

in

the

Statement

of

Assets

and

Liabilities.

Risks

arise

from

the

possible

inability

of

counterparties

to

meet

the

terms

of

their

contracts

and

from

movement

in

currency

and

securities

values

and

interest

rates.

Due

to

the

risks

associated

with

these

transactions,

a

fund

could

incur

losses

up

to

the

entire

contract

amount,

which

may

exceed

the

net

unrealized

value

included

in

its

NAV.

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Distributions

to

Shareholders

–

The

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

and

foreign

currency

gains

realized

by

the

Fund

are

distributed

at

least

annually.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

due

primarily

to

differing

treatments

of

income

and

gain

on

various

investment

securities

held

by

the

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

the

Fund.

Federal

Taxes

–

The

Fund

intends

to

continue

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

Chapter

1,

Subtitle

A,

of

the

Internal

Revenue

Code

of

1986,

as

amended

("Code"),

and

to

distribute

all

of

its

taxable

income

to

shareholders.

In

addition,

by

distributing

in

each

calendar

year

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

the

Fund

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

During

the

period,

the

Fund

did

not

incur

any

interest

or

penalties.

The

Fund

files

a

U.S.

federal

income

and

excise

tax

return

as

required.

The

Fund's

federal

income

tax

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

fiscal

years

after

they

are

filed.

As

of

June

30,

2025,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

of

its

investment

portfolios.

Expenses

that

are

directly

attributable

to

more

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

in

an

equitable

manner.

Redemption

Fees

–

A

shareholder

who

redeems

or

exchanges

shares

within

days

of

purchase

will

incur

a

redemption

fee

of

1.00%

of

the

current

NAV

of

shares

redeemed

or

exchanged,

subject

to

certain

limitations.

The

fee

is

charged

for

the

benefit

of

the

remaining

shareholders

and

will

be

paid

to

the

Fund

to

help

offset

transaction

costs.

The

fee

is

accounted

for

as

an

addition

to

paid-in

capital.

The

Fund

reserves

the

right

to

modify

the

terms

of

or

terminate

the

fee

at

any

time.

There

are

limited

exceptions

to

the

imposition

of

the

redemption

fee.

Redemption

fees

incurred

for

the

Fund,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

by

the

Fund

to

the

counterparty

to

the

contract.

The

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

the

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

The

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

the

Fund's

Statement

of

Assets

and

Liabilities.

Note

3. Fees

and

Expenses

Investment

Adviser

–

Polaris

Capital

Management,

LLC

(the

"Adviser")

is

the

investment

adviser

to

the

Fund.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

from

the

Fund

at

an

annual

rate

of

1.00%

of

the

Fund's

average

daily

net

assets.

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

"Distributor"),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Fund.

The

Fund

does

not

have

a

distribution

(12b-1)

plan;

accordingly,

the

Distributor

does

not

receive

compensation

from

the

Fund

for

its

distribution

services.

The

Adviser

compensates

the

Distributor

directly

for

its

services.

The

Distributor

is

not

affiliated

with

the

Adviser

or

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

or

their

affiliates.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

the

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

an

Anti-Money

Laundering

Officer

to

the

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–Effective

January

1,

2025,

each

Independent

Trustee's

annual

retainer

is

$60,000

($70,000

for

the

Chairman).

The

Audit

Committee

Chairman

receives

an

additional

$5,000

annually.

The

Trustees

and

the

Chairman

may

receive

additional

fees

for

special

Board

meetings.

Each

Trustee

is

also

reimbursed

for

all

reasonable

out-of-pocket

expenses

incurred

in

connection

with

his

or

her

duties

as

a

Trustee,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Trustees'

fees

attributable

to

the

Fund

is

disclosed

in

the

Statement

of

Operations.

Certain

officers

of

the

Trust

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Fund.

Note

4. Fees

Waived

The

Adviser

has

contractually

agreed

to

waive

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

dividend

and

interest

expense

on

short

sales,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

to

0.99%,

through

at

least

April

30,

2026

("Expense

Cap").

The

Expense

Cap

may

only

be

raised

or

eliminated

with

the

consent

of

the

Board

of

Trustees.

Other

Fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board

of

Trustees

of

the

Trust.

For

the

period

ended

June

30,

2025,

fees

waived

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i) the

then-current

expense

cap,

or

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

June

30,

2025,

$2,703,405

is

subject

to

recapture

by

the

Adviser.

Other

waivers

are

not

eligible

for

recoupment.

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

$

469,175

$

26,455

$

495,630

Polaris

Global

Value

Fund

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Note

5. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

period

ended

June

30,

2025,

were

$36,158,907

and

$45,079,006,

respectively.

Note

6. Federal

Income

Tax

As

of

June

30,

2025,

the

cost

of

investments

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes and

the

components

of

net

unrealized appreciation were

as

follows:

As

of

December

31,

2024,

distributable

earnings

on

a

tax

basis

were

as

follows:

The

difference

between

components

of

distributable

earnings

on

a

tax

basis

and

the

amounts

reflected

in

the

Statement

of

Assets

and

Liabilities

are

primarily

due

to

real

estate

investment

trusts,

passive

foreign

investment

company

transactions,

wash

sales,

and

return

of

capital

on

equity

securities.

During

the

year

ended

December

31,

2024,

the

Fund

utilized

$1,726,731

of

capital

loss

carryforwards

to

offset

capital

gains.

Note

7. Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

the

Fund

has

had

no

such

events.

Gross

Unrealized

Appreciation

$

154,202,773

Gross

Unrealized

Depreciation

(22,373,052)

Net

Unrealized

Appreciation

$

131,829,721

Undistributed

Ordinary

Income

$

60,142

Undistributed

Long-Term

Gain

5,744,219

Net

Unrealized

Appreciation

95,436,298

Other

Temporary

Differences

(58,883)

Total

$

101,181,776

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7. Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

At

the

March

20,

2025

Board

meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

to

the

Fund

(the

"Advisory

Agreement").

In

preparation

for

its

deliberations,

the

Board

requested

and

reviewed

written

responses

from

the

Adviser

to

a

due

diligence

questionnaire

circulated

on

the

Board's

behalf

concerning

the

services

provided

by

the

Adviser.

The

Board

also

discussed

the

materials

with

Fund

counsel

and,

as

necessary,

with

the

Trust's

administrator.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Adviser,

and

the

Independent

Trustees

were

advised

by

independent

Trustee

counsel.

At

the

meeting,

the

Board

reviewed,

among

other

matters:

(1) the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

the

Adviser,

including

information

on

the

investment

performance

of

the

Fund;

(2) the

costs

of

the

services

provided

and

profitability

to

the

Adviser

of

its

relationship

with

the

Fund;

(3) the

advisory

fee

and

total

expense

ratio

of

the

Fund

compared

to

a

relevant

peer

group

of

funds;

(4) the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund

grows

and

whether

the

advisory

fee

enables

the

Fund's

investors

to

share

in

the

benefits

of

economies

of

scale;

and

(5) other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund.

In

addition,

the

Board

recognized

that

the

evaluation

process

with

respect

to

the

Adviser

was

an

ongoing

one

and,

in

this

regard,

the

Board

considered

information

provided

by

the

Adviser

at

regularly

scheduled

meetings

during

the

past

year.

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received,

a

presentation

from

senior

representatives

of

the

Adviser,

and

a

discussion

with

the

Adviser

about

the

Adviser's

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

at

the

Adviser

with

principal

responsibility

for

the

Fund's

investments

as

well

as

the

investment

philosophy

and

decision-making

process

of

the

Adviser

and

the

capability

and

integrity

of

the

Adviser's

senior

management

and

staff.

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

The

Board

considered

the

adequacy

of

the

Adviser's

resources.

The

Board

noted

the

Adviser's

representations

that

the

firm

is

in

stable

financial

condition,

that

the

firm

is

able

to

meet

its

expense

reimbursement

obligations

to

the

Fund,

and

that

the

firm

has

the

operational

capability

and

necessary

staffing

and

experience

to

continue

providing

high-quality

investment

advisory

services

to

the

Fund.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser

in

connection

with

the

Board's

consideration

of

the

renewal

of

the

Advisory

Agreement,

among

other

relevant

factors,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

under

the

Advisory

Agreement.

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Fund,

the

Board

considered

the

performance

of

the

Fund

compared

to

its

primary

benchmark

index,

the

MSCI

World

Index.

The

Board

observed

that

the

Fund

underperformed

the

MSCI

World

Index

for

the

one-,

three-,

five-,

and

10-year

periods

ended

December

31,

2024,

and

outperformed

the

primary

benchmark

index

for

the

period

since

the

Global

Value

Fund's

inception

on

July

31,

1989. The

Board

noted

the

Adviser's

representation

that

the

Fund's

underweight

exposure

to

the

United

States

market,

which

has

outperformed

most

global

markets

during

the

periods

under

review,

and

the

outperformance

of

growth

stocks

relative

to

value

stocks

over

the

last

decade

had

contributed

most

to

the

Fund's

relative

underperformance

over

longer

time

periods.

The

Board

also

considered

the

Fund's

performance

relative

to

an

independent

peer

group

identified

by

Strategic

Insight,

Inc.

("Strategic

Insight

Peers")

as

having

characteristics

similar

to

those

of

the

Fund.

The

Board

observed

that,

based

on

the

information

provided

by

Strategic

Insight,

the

Fund

underperformed

the

average

of

its

Strategic

Insight

Peers

for

the

one-,

three-,

five-,

and

10-year

periods

ended

December

31,

2024. The

Board

noted

the

Adviser's

representation

that

the

Fund's

recent

underperformance

relative

to

the

Strategic

Insight

Peers

could

be

attributed,

at

least

in

part,

to

the

Fund's

underweight

exposure

to

the

U.S.

markets

during

certain

periods

when

U.S.

markets

flourished,

and

that

the

Fund

incurred

relatively

less

risk

than

peers

as

measured

by

portfolio

beta.

In

consideration

of

the

Adviser's

investment

strategy

and

the

foregoing

performance

information,

among

other

considerations,

the

Board

determined

that

the

Fund

could

benefit

from

the

Adviser's

continued

management

of

the

Fund.

Compensation

The

Board

evaluated

the

Adviser's

compensation

for

providing

advisory

services

to

the

Fund

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expenses

of

the

Fund's

Strategic

Insight

Peer

group.

The

Board

noted

that,

although

the

Adviser's

net

advisory

fee

rate

was

higher

than

the

median

of

the

Strategic

Insight

Peer

group,

the

Fund's

net

total

expense

ratio

was

among

the

lowest

of

the

Strategic

Insight

Peer

group.

The

Board

also

noted

the

Adviser's

representation

that

the

advisory

fee

rate

charged

to

the

Fund

was

reasonable

relative

to

the

fee

rates

charged

by

the

Adviser

in

connection

with

its

management

of

other

pooled

investment

vehicles

and

separate

accounts

with

investment

objectives

similar

to

the

Fund.

The

Board

further

noted

that

the

Adviser

was

currently

waiving

a

portion

of

its

advisory

fee

in

an

effort

to

keep

the

Fund's

expenses

at

levels

believed

by

the

Adviser

to

be

attractive

to

investors.

Based

on

the

foregoing

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser's

net

advisory

fee

rate

charged

to

the

Fund

was

reasonable.

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

Costs

of

Services

and

Profitability

The

Board

evaluated

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Fund.

In

this

regard,

the

Board

considered

the

Adviser's

resources

devoted

to

the

Fund

as

well

as

the

Adviser's

discussion

of

costs

and

profitability

of

its

Fund

activities.

The

Board

noted

the

Adviser's

representation

that

the

Adviser

does

not

maintain

separately

identifiable

profit

and

loss

data

specific

to

the

Fund

but

that

the

Adviser

believed

that

its

profitability

was

reasonable,

including

relative

to

the

Adviser's

other

clients,

and

that

it

incurs

additional

expenses

for

regulatory

and

compliance

obligations

for

its

Fund

activities

compared

to

the

expenses

attributable

to

the

Adviser's

other

management

activities.

In

addition,

the

Board

noted

the

contractual

expense

cap

in

place

for

the

Fund

and

the

Adviser's

reimbursements.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser's

profits

attributable

to

management

of

the

Fund

were

reasonable.

Economies

of

Scale

The

Board

considered

whether

the

Fund

could

benefit

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Fund's

fee

structure,

asset

size,

net

expense

ratio,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund's

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

reviewed

relevant

materials

and

discussed

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time.

Noting

the

relative

stability

in

asset

levels

in

the

Fund

over

the

past

year

and

the

existence

of

the

Adviser's

ongoing

expense

limitation

arrangements,

the

Board

concluded

that

the

advisory

fee

remained

reasonable

in

light

of

the

current

information

provided

to

the

Trustees

with

respect

to

economies

of

scale.

Other

Benefits

The

Board

considered

the

Adviser's

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Fund.

Based

on

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund

were

not

a

material

factor

to

consider

in

approving

the

continuation

of

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

The

Board

reviewed

a

memorandum

from

Fund

counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

the

contractual

fee

under

the

Advisory

Agreement

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

Semi-Annual

Financials

and

Other

Information

JUNE

30,

2025

(Unaudited)

INVESTMENT

ADVISER

Polaris

Capital

Management,

LLC

High

Street

Boston,

MA

02110-2475

TRANSFER

AGENT

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

www.apexgroup.com

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management

and

other

information.

225-SAR-0625

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of other information filed under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. 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 Act are effective, based on their evaluation of the 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 Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](cert302.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)](section906.htm).

# 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.

Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Forum Funds</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 11, 2025 |

---

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/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 11, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | August 11, 2025 |

---

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds**

I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Polaris Global Value Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 11, 2025 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds**

I, Karen Shaw, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Polaris Global Value Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 11, 2025 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Forum Funds (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust as of, and for, the periods
 presented in the Report. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | August 11, 2025 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | August 11, 2025 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.