# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000142
**Filing Date:** 2026-4
**Character Count:** 42282
**Document Hash:** 402d48474d986bed50f6019cdeb4b690
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000142.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000315774-26-000142

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261231

**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:** 26915064

**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           |

## Nport-Ex

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2026

Shares

Security

Description

Value

Common

Stock

-

95.8%

Belgium

-

0.5%

13,500

D'ieteren

Group

(a) $

2,468,549

Canada

-

0.6%

122,800

Lundin

Mining

Corp.

3,062,276

Chile

-

1.3%

275,167,800

Latam

Airlines

Group

SA

6,776,259

China

-

2.0%

268,800

Alibaba

Group

Holding,

Ltd.

4,079,376

790,500

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

5,993,371

10,072,747

France

-

6.2%

153,100

Cie

Generale

des

Etablissements

Michelin

SCA

5,165,482

39,907

IPSOS

SA

1,551,696

56,776

Publicis

Groupe

SA

4,648,843

45,600

Sanofi

SA

4,359,904

51,491

Teleperformance

SE

2,992,459

77,200

TotalEnergies

SE

7,219,732

39,553

Vinci

SA

5,867,821

31,805,937

Germany

-

5.7%

135,400

Daimler

Truck

Holding

AG

6,490,143

118,200

Deutsche

Post

AG

6,113,812

131,979

Deutsche

Telekom

AG

4,873,907

19,200

Hannover

Rueck

SE

5,943,105

9,300

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class R

5,798,230

29,219,197

Hong

Kong

-

1.2%

576,800

AIA

Group,

Ltd.

6,241,580

Ireland

-

4.1%

1,036,300

Greencore

Group

PLC

3,326,245

33,900

Jazz

Pharmaceuticals

PLC

(a) 6,408,795

227,600

Ryanair

Holdings

PLC

6,279,517

126,652

Smurfit

Westrock

PLC

5,047,082

21,061,639

Italy

-

2.0%

300,400

Eni

SpA

8,628,352

4,371,673

TREVI

-

Finanziaria

Industriale

SpA

(a) 1,652,331

10,280,683

Shares

Security

Description

Value

Japan

-

9.7%

355,100

Daicel

Corp.

$

2,742,037

595,000

ITOCHU

Corp.

7,402,587

290,200

KDDI

Corp.

4,980,056

61,500

Macnica

Holdings,

Inc.

895,345

283,700

Marubeni

Corp.

10,042,699

396,000

Mitsubishi

UFJ

Financial

Group,

Inc.

6,487,508

221,400

ORIX

Corp.

6,426,954

224,000

Sony

Group

Corp.

4,529,259

172,200

Takeda

Pharmaceutical

Co.,

Ltd.

6,145,621

49,652,066

Netherlands

-

1.5%

164,200

Koninklijke

Ahold

Delhaize

NV

7,646,664

Norway

-

3.8%

202,596

DNB

Bank

ASA

6,302,029

166,137

SpareBank

Sor-Norge

ASA

3,611,711

158,654

Sparebanken

Norge

3,269,129

107,200

Yara

International

ASA

6,244,080

19,426,949

Puerto

Rico

-

1.6%

61,300

Popular,

Inc.

8,224,621

Russia

-

0.0%

3,148,600

Alrosa

PJSC

(a)(b) 387

Singapore

-

1.1%

195,650

United

Overseas

Bank,

Ltd.

5,577,174

South

Korea

-

9.8%

26,700

F&F

Co.,

Ltd./New

1,068,593

12,400

HD

Hyundai

Electric

Co.,

Ltd.

6,735,742

61,100

Kia

Corp.

5,792,263

133,758

Samsung

Electronics

Co.,

Ltd.

14,601,467

142,000

Shinhan

Financial

Group

Co.,

Ltd.

8,130,709

26,600

SK

hynix,

Inc.

14,015,082

50,343,856

Spain

-

2.0%

232,500

Bankinter

SA

3,594,333

167,600

Endesa

SA

6,989,436

10,583,769

Sweden

-

2.2%

119,300

Duni

AB,

Class A

1,207,284

100,203

Loomis

AB

4,532,430

240,300

SKF

AB,

Class B

5,691,059

11,430,773

Switzerland

-

2.8%

4,450

Barry

Callebaut

AG

7,707,916

20,544

Chubb,

Ltd.

6,695,906

14,403,822

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2026

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

31,

2026. The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

–

quoted

prices

in

active

markets

for

identical

assets

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

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

the

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Shares

Security

Description

Value

Taiwan

-

0.7%

1,111,800

Chailease

Holding

Co.,

Ltd.

$

3,808,011

United

Kingdom

-

4.6%

308,158

Inchcape

PLC

3,059,085

1,411,400

International

Consolidated

Airlines

Group

SA

6,534,718

11,113

Linde

PLC

5,509,381

40,528

Next

PLC

6,799,235

173,300

Nomad

Foods,

Ltd.

1,665,413

23,567,832

United

States

-

32.4%

26,251

AbbVie,

Inc.

5,709,330

53,700

Allison

Transmission

Holdings,

Inc.

6,286,122

49,500

Arrow

Electronics,

Inc.

(a) 7,098,795

26,064

Capital

One

Financial

Corp.

4,754,855

41,800

Cullen/Frost

Bankers,

Inc.

5,729,944

92,200

CVS

Health

Corp.

6,621,804

82,300

Eastman

Chemical

Co.

6,281,136

15,500

Elevance

Health,

Inc.

4,537,625

114,600

Gaming

and

Leisure

Properties,

Inc.

REIT

5,084,802

21,067

General

Dynamics

Corp.

7,230,616

63,000

Gilead

Sciences,

Inc.

8,780,310

42,200

Ingredion,

Inc.

4,754,252

94,563

International

Bancshares

Corp.

6,363,144

23,549

JPMorgan

Chase

&

Co.

6,927,174

111,700

Lantheus

Holdings,

Inc.

(a) 8,472,445

148,100

LKQ

Corp.

4,349,697

25,800

M&T

Bank

Corp.

5,333,376

36,282

Marathon

Petroleum

Corp.

8,859,339

28,800

MKS,

Inc.

6,618,528

72,880

NextEra

Energy,

Inc.

6,769,094

228,700

SLM

Corp.

4,896,467

104,000

Tyson

Foods,

Inc.,

Class A

6,663,280

23,600

United

Therapeutics

Corp.

(a) 13,994,328

106,738

Webster

Financial

Corp.

7,409,752

92,400

Williams

Cos.,

Inc.

6,724,872

166,251,087

Total

Common

Stock

(Cost

$297,619,211)

491,905,878

Money

Market

Fund

-

3.9%

19,790,184

Northern

Institutional

Treasury

Portfolio

Premier

Shares,

3.52%

(c) (Cost

$19,790,184)

19,790,184

Investments,

at

value

-

99.7%

(Cost

$317,409,395)

$

511,696,062

Other

Assets

&

Liabilities,

Net

-

0.3%

1,773,071

Net

Assets

-

100.0%

$

513,469,133

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

$387

or

0.0%

of

net

assets.

(c) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026. Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2026

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND'S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND'S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND.

Level

Level

Level

Total

Investments

at

Value

Common

Stock

Belgium

$

2,468,549

$

–

$

–

$

2,468,549

Canada

3,062,276

–

–

3,062,276

Chile

6,776,259

–

–

6,776,259

China

10,072,747

–

–

10,072,747

France

31,805,937

–

–

31,805,937

Germany

29,219,197

–

–

29,219,197

Hong

Kong

6,241,580

–

–

6,241,580

Ireland

21,061,639

–

–

21,061,639

Italy

10,280,683

–

–

10,280,683

Japan

49,652,066

–

–

49,652,066

Netherlands

7,646,664

–

–

7,646,664

Norway

19,426,949

–

–

19,426,949

Puerto

Rico

8,224,621

–

–

8,224,621

Russia

–

–

Singapore

5,577,174

–

–

5,577,174

South

Korea

50,343,856

–

–

50,343,856

Spain

10,583,769

–

–

10,583,769

Sweden

11,430,773

–

–

11,430,773

Switzerland

14,403,822

–

–

14,403,822

Taiwan

3,808,011

–

–

3,808,011

United

Kingdom

23,567,832

–

–

23,567,832

United

States

166,251,087

–

–

166,251,087

Money

Market

Fund

19,790,184

–

–

19,790,184

Investments

at

Value

$

511,695,675

$

–

$

$

511,696,062

Common

Stock

Balance

as

of

12/31/25

$

Change

in

Unrealized

Appreciation/(Depreciation)

(11) Balance

as

of

3/31/26

$

Net

change

in

unrealized

depreciation

from

investments

held

as

of

3/31/26

$

(11)

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $513901420.19

**Total Liabilities:** $432550.64

**Net Assets:** $513468869.55

**Cash Not Reported:** $19817.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012470 | 7.03%                | 6.62%                | -7.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1442721.81              | $32712543.93                               |
| Month 2  | $5018300.03              | $29272062.70                               |
| Month 3  | $6944842.56              | $-48864980.00                              |

### 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      | $5709329.99   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings, Inc.                       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     53700 | NS      | $6286122.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     15500 | NS      | $4537625.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Greencore Group PLC            | Greencore Group PLC                                       | CUSIP: N/A<br>LEI: 635400GGBEWULJXM5868       | Long             | EC               | CORP              | IE        |   1036300 | NS      | $3326244.35   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.                                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     49500 | NS      | $7098795.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     92200 | NS      | $6621804.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     26064 | NS      | $4754855.52   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     41800 | NS      | $5729944.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Latam Airlines Group SA        | Latam Airlines Group SA                                   | CUSIP: N/A<br>LEI: 549300HX3UUDPEFTG707       | Long             | EC               | CORP              | CL        | 275167800 | NS      | $6776258.85   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co.                                      | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     82300 | NS      | $6281136.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp.                                       | CUSIP: N/A<br>LEI: 549300FQDIM6C8HTN269       | Long             | EC               | CORP              | CA        |    122800 | NS      | $3062275.90   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                                  | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     40528 | NS      | $6799234.96   | 1.32%             |  |  |  | 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      | $5084802.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     21067 | NS      | $7230615.74   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     63000 | NS      | $8780310.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: N/A<br>LEI: 549300DV5KJ23OKVTW34       | Long             | EC               | CORP              | BE        |     13500 | NS      | $2468549.32   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                        | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     56776 | NS      | $4648843.27   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                         | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     19200 | NS      | $5943104.43   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion, Inc.                                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     42200 | NS      | $4754252.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp.                            | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     94563 | NS      | $6363144.27   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    118200 | NS      | $6113811.95   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     23549 | NS      | $6927173.84   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sparebanken Norge              | Sparebanken Norge                                         | CUSIP: N/A<br>LEI: 213800M7T3CYVZ3ZRT12       | Long             | EC               | CORP              | NO        |    158654 | NS      | $3269128.68   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp.                                                 | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    148100 | NS      | $4349697.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings, Inc.                                   | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    111700 | NS      | $8472445.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                      | Endesa SA                                                 | CUSIP: N/A<br>LEI: 549300LHK07F2CHV4X31       | Long             | EC               | CORP              | ES        |    167600 | NS      | $6989435.53   | 1.36%             |  |  |  | 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      | $5798230.16   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                              | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |    232500 | NS      | $3594332.98   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Barry Callebaut AG             | Barry Callebaut AG                                        | CUSIP: N/A<br>LEI: 213800Y5RWKLDPUTT265       | Long             | EC               | CORP              | CH        |      4450 | NS      | $7707916.46   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                            | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     25800 | NS      | $5333376.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS, Inc.                                                 | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     28800 | NS      | $6618528.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     36282 | NS      | $8859338.76   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                 | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     45600 | NS      | $4359904.02   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    131979 | NS      | $4873907.20   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                                        | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     51491 | NS      | $2992458.63   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    290200 | NS      | $4980055.45   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp                    | Daicel Corp.                                              | CUSIP: N/A<br>LEI: 353800ZG4XF6D7NZGS72       | Long             | EC               | CORP              | JP        |    355100 | NS      | $2742037.43   | 0.53%             |  |  |  | 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      | $6487508.27   | 1.26%             |  |  |  | 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      | $8130708.71   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                   | SK hynix, Inc.                                            | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     26600 | NS      | $14015081.77  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp.                                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    595000 | NS      | $7402586.56   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp.                                                 | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     61100 | NS      | $5792263.25   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     72880 | NS      | $6769094.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp.                                            | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    283700 | NS      | $10042699.35  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Northern Institutional Treasury Portfolio Premier Shares  | CUSIP: 665279873<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  19790184 | NS      | $19790184.26  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp.                                                | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |    221400 | NS      | $6426954.41   | 1.25%             |  |  |  | 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      | $14601467.44  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    224000 | NS      | $4529258.69   | 0.88%             |  |  |  | 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      | $6145621.12   | 1.20%             |  |  |  | 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      | $5577173.91   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    300400 | NS      | $8628352.54   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                             | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     61300 | NS      | $8224621.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA         | Yara International ASA                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |    107200 | NS      | $6244079.77   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                       | SLM Corp.                                                 | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228700 | NS      | $4896467.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    104000 | NS      | $6663280.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                                 | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     23600 | NS      | $13994328.00  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                                   | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    106738 | NS      | $7409751.96   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos., Inc.                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     92400 | NS      | $6724872.00   | 1.31%             |  |  |  | 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      | $5993371.55   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Duni AB                        | Duni AB                                                   | CUSIP: N/A<br>LEI: 549300MWQEN1427O5L53       | Long             | EC               | CORP              | SE        |    119300 | NS      | $1207284.52   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     77200 | NS      | $7219731.75   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS SA                       | IPSOS SA                                                  | CUSIP: N/A<br>LEI: 9695002OY2X35E9X8W87       | Long             | EC               | CORP              | FR        |     39907 | NS      | $1551695.96   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                         | SKF AB                                                    | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |    240300 | NS      | $5691058.61   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                                  | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     39553 | NS      | $5867821.07   | 1.14%             |  |  |  | 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      | $3611711.21   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group, Ltd.                                           | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    576800 | NS      | $6241580.37   | 1.22%             |  |  |  | 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      | $3808010.63   | 0.74%             |  |  |  | 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      | $6534717.64   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                              | CUSIP: N/A<br>LEI: 213800RGEH1MPPNM2T57       | Long             | EC               | CORP              | GB        |    308158 | NS      | $3059085.52   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alrosa PJSC                    | Alrosa PJSC                                               | CUSIP: N/A<br>LEI: 894500DKUWVBYZLLE651       | Long             | EC               | CORP              | RU        |   3148600 | NS      | $387.28       | 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      | $7646663.52   | 1.49%             |  |  |  | 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      | $6735742.50   | 1.31%             |  |  |  | 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      | $4079375.61   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TREVI - Finanziaria Industrial | TREVI - Finanziaria Industriale SpA                       | CUSIP: N/A<br>LEI: 815600FE9E92D9D6C309       | Long             | EC               | CORP              | IT        |   4371673 | NS      | $1652330.74   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Loomis AB                      | Loomis AB                                                 | CUSIP: N/A<br>LEI: 213800NS2XXVRYS7WP40       | Long             | EC               | CORP              | SE        |    100203 | NS      | $4532429.59   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                   | DNB Bank ASA                                              | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    202596 | NS      | $6302028.85   | 1.23%             |  |  |  | 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      | $1068592.69   | 0.21%             |  |  |  | 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      | $6490142.91   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    153100 | NS      | $5165481.92   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Macnica Holdings Inc           | Macnica Holdings, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     61500 | NS      | $895345.14    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                      | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    227600 | NS      | $6279516.95   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                                  | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     33900 | NS      | $6408795.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     11113 | NS      | $5509380.88   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods, Ltd.                                         | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    173300 | NS      | $1665413.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Westrock PLC           | Smurfit Westrock PLC                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    126652 | NS      | $5047082.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb, Ltd.                                               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     20544 | NS      | $6695905.92   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer