Forum Funds

09/02/2026 | Press release | Distributed by Public on 09/02/2026 10:08

Semi-Annual Report by Investment Company (Form N-CSRS)

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
190 Middle Street, Suite 101
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, 2026 - June 30, 2026

ITEM 1. REPORT TO SHAREHOLDERS.
(a) 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, 2026

Polaris Global Value Fund

PGVFX

Fund Overview

This semi-annual shareholder report contains important information about the Polaris Global Value Fund for the period of January 1, 2026, to June 30, 2026. 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)

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Polaris Global Value Fund
$54
0.99%

How did the Fund perform in the last six months?

The Fund outperformed the benchmark, with outsized gains in information technology, followed by double-digit returns in health care, energy, materials and utilities. Consumer sectors were underwhelming, as was communication services. Geographically, the Fund capitalized on its off-benchmark IT holdings in South Korea, while exacting heady gains in the United States, Canada, Ireland and a handful of other countries; China was the most notable detractor.

SK hynix and Samsung Electronics rode demand for commodity and high bandwidth memory (HBM) chips. SK hynix sold out its 2026 HBM capacity and joined the $1 trillion market cap club; in June its shares surged after announcing Nasdaq ADR plans. MKS Inc. and Arrow Electronics posted strong results; Arrow authorized a $1 billion buyback, while MKS rallied on robust earnings and a pre announced second quarter beat, reaching our target and prompting a profitable exit.

Among other top contributors: Financial institution Popular Inc. rose on higher earnings expectations and a more supportive local rate outlook, confident that an eventual easing in U.S./Puerto Rico rates would lower funding costs. In health care, Lantheus Holdings Inc. reported strong quarterly earnings, the FDA approval of PYLARIFY TruVu and intensified M&A interest.

In consumer discretionary, Alibaba Group Holding confronted multiple headwinds including a U.S. military blacklist, acquisition target concerns, and distillation allegations from Anthropic that could invite U.S. sanctions. Sony Group Corp. faced memory chip price spikes that threatened PlayStation 5 margins and the delayed release of popular software titles. A few financials were also middling: Ping An Insurance Group underperformed as a proxy for China macro pessimism, while Capital One Financial fell after earnings missed consensus estimates, with net income declining year over year largely due to Discover acquisition costs.

Top Contributors

Top Detractors

  • SK hynix Inc.

  • Samsung Electronics

  • MKS Inc.

  • Arrow Electronics Inc.

  • Lantheus Holdings Inc.

  • Adobe Inc.

  • Sony Group Corp.

  • Alibaba Group Holding Ltd.

  • Capgemini SE

  • Astor Transformator Enerji

Total Return Based on a $10,000 Investment

Table Summary
Date
Polaris Global Value Fund
MSCI World Index
06/30/16
$10,000
$10,000
09/30/16
$10,917
$10,487
12/31/16
$11,465
$10,681
03/31/17
$12,010
$11,362
06/30/17
$12,635
$11,820
09/30/17
$13,107
$12,391
12/31/17
$13,827
$13,074
03/31/18
$13,482
$12,906
06/30/18
$13,662
$13,130
09/30/18
$13,897
$13,784
12/31/18
$12,077
$11,935
03/31/19
$13,330
$13,424
06/30/19
$13,753
$13,961
09/30/19
$13,593
$14,036
12/31/19
$14,830
$15,237
03/31/20
$10,122
$12,029
06/30/20
$12,010
$14,358
09/30/20
$12,535
$15,497
12/31/20
$15,816
$17,660
03/31/21
$17,538
$18,529
06/30/21
$18,011
$19,964
09/30/21
$17,821
$19,963
12/31/21
$18,251
$21,513
03/31/22
$17,408
$20,405
06/30/22
$15,156
$17,102
09/30/22
$13,753
$16,044
12/31/22
$16,058
$17,610
03/31/23
$16,509
$18,972
06/30/23
$16,790
$20,267
09/30/23
$16,415
$19,566
12/31/23
$18,430
$21,799
03/31/24
$19,519
$23,735
06/30/24
$19,329
$24,360
09/30/24
$20,621
$25,910
12/31/24
$19,413
$25,869
03/31/25
$20,192
$25,406
06/30/25
$21,964
$28,320
09/30/25
$23,063
$30,379
12/31/25
$24,648
$31,326
03/31/26
$26,063
$30,207
06/30/26
$29,607
$34,363

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at www.polarisfunds.com/performance.

Average Annual Total Returns

Table Summary
One Year
Five Year
Ten Year
Polaris Global Value Fund
34.80%
10.45%
11.47%
MSCI World Index
21.34%
11.47%
13.14%

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

Table Summary
Total Net Assets
$574,941,069
# of Portfolio Holdings
88
Portfolio Turnover Rate
14%
Investment Advisory Fees (Net of fees waived)
$2,114,082

Top Ten Holdings

(% total investments)*

Table Summary
SK hynix, Inc.
5.63%
Samsung Electronics Co., Ltd.
5.14%
Lantheus Holdings, Inc.
2.21%
United Therapeutics Corp.
2.06%
Arrow Electronics, Inc.
1.88%
CVS Health Corp.
1.70%
Marathon Petroleum Corp.
1.66%
Popular, Inc.
1.61%
International Consolidated Airlines Group SA
1.59%
Shinhan Financial Group Co., Ltd.
1.57%

* excluding cash equivalents

Country Weightings

(% total investments)*

Table Summary
Value
Value
United States
34.2%
South Korea
13.5%
Japan
9.4%
France
5.6%
Germany
5.0%
United Kingdom
4.9%
Ireland
4.8%
Italy
3.5%
Norway
3.0%
Switzerland
2.4%
Spain
2.1%
Puerto Rico
1.6%
China
1.5%
Chile
1.4%
Turkey
1.2%
Singapore
1.1%
Netherlands
1.1%
Sweden
1.1%
Hong Kong
0.9%
Taiwan
0.7%
Canada
0.5%
Belgium
0.5%
Russia
0.0%

* excluding cash equivalents

Sector Weightings

(% total investments)*

Table Summary
Value
Value
Financials
25.6%
Industrials
15.7%
Information Technology
15.2%
Health Care
14.1%
Consumer Discretionary
8.3%
Energy
5.2%
Materials
4.9%
Consumer Staples
4.8%
Communication Services
2.8%
Utilities
2.5%
Real Estate
0.9%

* 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 voting information

Semi-Annual Shareholder Report - June 30, 2026

225S-PGVFX-26

(b) 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) Included as part of financial statements filed under Item 7(a).
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
Semi-Annual
Financials
and
Other
Information
JUNE
30,
2026
(
Unaudited
)
Table
of
Contents
Schedule
of
Investments
1
Statement
of
Assets
and
Liabilities
4
Statement
of
Operations
5
Statements
of
Changes
in
Net
Assets
6
Financial
Highlights
7
Notes
to
Financial
Statements
8
Other
Information
15
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
JUNE
30,
2026
1
See
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Common
Stock
-
97.5%
Belgium
-
0.5%
13,500‌
D'ieteren
Group
$
2,628,437‌
Canada
-
0.5%
122,800‌
Lundin
Mining
Corp.
2,992,398‌
Chile
-
1.4%
275,167,800‌
Latam
Airlines
Group
SA
8,001,658‌
China
-
1.5%
268,800‌
Alibaba
Group
Holding,
Ltd.
3,182,272‌
790,500‌
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
5,145,454‌
8,327,726‌
France
-
5.5%
153,100‌
Cie
Generale
des
Etablissements
Michelin
SCA
5,903,956‌
39,907‌
IPSOS
SA
1,588,625‌
56,776‌
Publicis
Groupe
SA
5,608,855‌
45,600‌
Sanofi
SA
3,911,860‌
51,491‌
Teleperformance
SE
2,705,169‌
77,200‌
TotalEnergies
SE
6,000,839‌
39,553‌
Vinci
SA
5,775,698‌
31,495,002‌
Germany
-
4.8%
135,400‌
Daimler
Truck
Holding
AG
6,528,679‌
131,979‌
Deutsche
Telekom
AG
3,596,561‌
118,200‌
DHL
Group
7,171,437‌
19,200‌
Hannover
Rueck
SE
5,317,751‌
9,300‌
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Class R
5,190,888‌
27,805,316‌
Hong
Kong
-
0.9%
576,800‌
AIA
Group,
Ltd.
5,254,768‌
Ireland
-
4.6%
1,036,300‌
Greencore
Group
PLC
2,734,080‌
33,900‌
Jazz
Pharmaceuticals
PLC
(a)
8,168,883‌
227,600‌
Ryanair
Holdings
PLC
7,112,524‌
187,752‌
Smurfit
Westrock
PLC
8,685,407‌
26,700,894‌
Italy
-
3.4%
300,400‌
Eni
SpA
7,077,547‌
918,039‌
TREVI
-
Finanziaria
Industriale
SpA
(a)
4,216,784‌
93,900‌
UniCredit
SpA
8,396,526‌
19,690,857‌
Shares
Security
Description
Value
Japan
-
9.2%
341,700‌
FUJIFILM
Holdings
Corp.
$
7,319,666‌
508,300‌
ITOCHU
Corp.
5,795,924‌
290,200‌
KDDI
Corp.
4,899,283‌
61,500‌
Macnica
Holdings,
Inc.
1,189,188‌
262,000‌
Marubeni
Corp.
7,557,305‌
396,000‌
Mitsubishi
UFJ
Financial
Group,
Inc.
7,810,646‌
221,400‌
ORIX
Corp.
8,372,881‌
224,000‌
Sony
Group
Corp.
4,518,712‌
172,200‌
Takeda
Pharmaceutical
Co.,
Ltd.
5,459,522‌
52,923,127‌
Netherlands
-
1.0%
148,100‌
Koninklijke
Ahold
Delhaize
NV
5,959,895‌
Norway
-
3.0%
202,596‌
DNB
Bank
ASA
6,031,726‌
166,137‌
SpareBank
1
Sor-Norge
ASA
3,246,037‌
158,654‌
Sparebanken
Norge
2,978,659‌
107,200‌
Yara
International
ASA
4,715,349‌
16,971,771‌
Puerto
Rico
-
1.6%
55,000‌
Popular,
Inc.
9,029,900‌
Russia
-
0.0%
3,148,600‌
Alrosa
PJSC
(a)(b)
400‌
Singapore
-
1.0%
195,650‌
United
Overseas
Bank,
Ltd.
6,012,788‌
South
Korea
-
13.2%
26,700‌
F&F
Co.,
Ltd./New
1,330,433‌
61,100‌
Kia
Corp.
5,442,329‌
133,758‌
Samsung
Electronics
Co.,
Ltd.
28,835,714‌
142,000‌
Shinhan
Financial
Group
Co.,
Ltd.
8,780,482‌
18,450‌
SK
hynix,
Inc.
31,557,800‌
75,946,758‌
Spain
-
2.0%
232,500‌
Bankinter
SA
3,889,181‌
167,600‌
Endesa
SA
7,637,010‌
11,526,191‌
Sweden
-
1.0%
119,300‌
Duni
AB,
Class A
973,214‌
100,203‌
Loomis
AB
4,910,762‌
5,883,976‌
Switzerland
-
2.3%
4,450‌
Barry
Callebaut
AG
6,173,824‌
20,544‌
Chubb,
Ltd.
7,000,163‌
13,173,987‌
Taiwan
-
0.7%
1,111,800‌
Chailease
Holding
Co.,
Ltd.
4,100,780‌
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
JUNE
30,
2026
2
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
June
30,
2026.
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
2
of
the
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Turkey
-
1.2%
1,119,400‌
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
$
6,635,348‌
United
Kingdom
-
4.8%
316,467‌
Inchcape
PLC
3,236,486‌
1,411,400‌
International
Consolidated
Airlines
Group
SA
8,939,523‌
11,113‌
Linde
PLC
5,766,980‌
40,528‌
Next
PLC
7,819,154‌
173,300‌
Nomad
Foods,
Ltd.
1,897,635‌
27,659,778‌
United
States
-
33.4%
26,251‌
AbbVie,
Inc.
6,605,802‌
29,280‌
Adobe,
Inc.
(a)
6,002,985‌
53,700‌
Allison
Transmission
Holdings,
Inc.
6,054,138‌
49,500‌
Arrow
Electronics,
Inc.
(a)
10,563,795‌
41,330‌
Booking
Holdings,
Inc.
7,366,659‌
26,064‌
Capital
One
Financial
Corp.
5,228,960‌
41,800‌
Cullen/Frost
Bankers,
Inc.
6,458,936‌
92,200‌
CVS
Health
Corp.
9,538,090‌
96,800‌
Cytokinetics,
Inc.
(a)
8,246,392‌
82,300‌
Eastman
Chemical
Co.
5,512,454‌
15,500‌
Elevance
Health,
Inc.
5,994,315‌
114,600‌
Gaming
and
Leisure
Properties,
Inc.
REIT
5,103,138‌
18,567‌
General
Dynamics
Corp.
6,577,174‌
56,900‌
Gilead
Sciences,
Inc.
7,188,746‌
42,200‌
Ingredion,
Inc.
3,996,762‌
94,563‌
International
Bancshares
Corp.
7,182,060‌
23,549‌
JPMorgan
Chase
&
Co.
7,708,294‌
111,700‌
Lantheus
Holdings,
Inc.
(a)
12,391,998‌
148,100‌
LKQ
Corp.
3,899,473‌
25,800‌
M&T
Bank
Corp.
6,140,658‌
36,282‌
Marathon
Petroleum
Corp.
9,276,219‌
72,880‌
NextEra
Energy,
Inc.
6,396,678‌
228,700‌
SLM
Corp.
5,932,478‌
104,000‌
Tyson
Foods,
Inc.,
Class A
5,954,000‌
21,300‌
United
Therapeutics
Corp.
(a)
11,540,979‌
106,738‌
Webster
Financial
Corp.
8,156,918‌
92,400‌
Williams
Cos.,
Inc.
6,869,016‌
191,887,117‌
Total
Common
Stock
(Cost
$331,478,389)
560,608,872‌
Shares
Security
Description
Value
Money
Market
Fund
-
2.4%
13,518,067‌
Northern
Institutional
Treasury
Portfolio
Premier
Shares,
3.51%
(c)
(Cost
$13,518,067)
$
13,518,067‌
Investments,
at
value
-
99.9%
(Cost
$344,996,456)
$
574,126,939‌
Other
Assets
&
Liabilities,
Net
-
0.1%
814,130‌
Net
Assets
-
100.0%
$
574,941,069‌
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
$400
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,
2026.
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
JUNE
30,
2026
3
See
Notes
to
Financial
Statements.
The
following
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value.
Level
1
Level
2
Level
3
Total
Investments
at
Value
Common
Stock
Belgium
$
2,628,437‌
$
-‌
$
-‌
$
2,628,437‌
Canada
2,992,398‌
-‌
-‌
2,992,398‌
Chile
8,001,658‌
-‌
-‌
8,001,658‌
China
8,327,726‌
-‌
-‌
8,327,726‌
France
31,495,002‌
-‌
-‌
31,495,002‌
Germany
27,805,316‌
-‌
-‌
27,805,316‌
Hong
Kong
5,254,768‌
-‌
-‌
5,254,768‌
Ireland
26,700,894‌
-‌
-‌
26,700,894‌
Italy
19,690,857‌
-‌
-‌
19,690,857‌
Japan
52,923,127‌
-‌
-‌
52,923,127‌
Netherlands
5,959,895‌
-‌
-‌
5,959,895‌
Norway
16,971,771‌
-‌
-‌
16,971,771‌
Puerto
Rico
9,029,900‌
-‌
-‌
9,029,900‌
Russia
-‌
-‌
400‌
400‌
Singapore
6,012,788‌
-‌
-‌
6,012,788‌
South
Korea
75,946,758‌
-‌
-‌
75,946,758‌
Spain
11,526,191‌
-‌
-‌
11,526,191‌
Sweden
5,883,976‌
-‌
-‌
5,883,976‌
Switzerland
13,173,987‌
-‌
-‌
13,173,987‌
Taiwan
4,100,780‌
-‌
-‌
4,100,780‌
Turkey
6,635,348‌
-‌
-‌
6,635,348‌
United
Kingdom
27,659,778‌
-‌
-‌
27,659,778‌
United
States
191,887,117‌
-‌
-‌
191,887,117‌
Money
Market
Fund
13,518,067‌
-‌
-‌
13,518,067‌
Investments
at
Value
$
574,126,539‌
$
-‌
$
400‌
$
574,126,939‌
Common
Stock
Balance
as
of
12/31/25
$
277
Change
in
Unrealized
Appreciation/(Depreciation)
123
Balance
as
of
06/30/26
$
400
Net
change
in
unrealized
depreciation
from
investments
held
as
of
06/30/26
$
123
PORTFOLIO
HOLDINGS
%
of
Total
Investments
Communication
Services
2.7‌%
Consumer
Discretionary
8.1‌%
Consumer
Staples
4.7‌%
Energy
5.1‌%
Financials
25.0‌%
Health
Care
13.8‌%
Industrials
15.3‌%
Information
Technology
14.9‌%
Materials
4.8‌%
Real
Estate
0.9‌%
Utilities
2.4‌%
Money
Market
Fund
2.4‌%
100.0‌%
4
Polaris
Global
Value
Fund
STATEMENT
OF
ASSETS
AND
LIABILITIES
JUNE
30,
2026
See
Notes
to
Financial
Statements.
*
Shares
redeemed
or
exchanged
within
180
days
of
purchase
are
charged
a
1.00%
redemption
fee.
ASSETS
Investments,
at
value
(Cost
$344,996,456)
$
574,126,939‌
Foreign
currency
(Cost
$155,876)
155,896‌
Receivables:
Fund
shares
sold
7,909‌
Dividends
471,458‌
Reclaims
640,514‌
Prepaid
expenses
37,390‌
Total
Assets
575,440,106‌
LIABILITIES
Payables:
Fund
shares
redeemed
34,287‌
Accrued
Liabilities:
Investment
adviser
fees
373,194‌
Trustees'
fees
and
expenses
1,265‌
Fund
services
fees
50,438‌
Other
expenses
39,853‌
Total
Liabilities
499,037‌
NET
ASSETS
$
574,941,069‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
294,189,760‌
Distributable
Earnings
280,751,309‌
NET
ASSETS
$
574,941,069‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
12,838,067‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
44.78‌
5
Polaris
Global
Value
Fund
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
JUNE
30,
2026
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$1,250,319)
$
7,762,435‌
Total
Investment
Income
7,762,435‌
EXPENSES
Investment
adviser
fees
2,673,575‌
Fund
services
fees
291,304‌
Custodian
fees
69,448‌
Registration
fees
14,822‌
Professional
fees
59,030‌
Trustees'
fees
and
expenses
17,622‌
Other
expenses
108,002‌
Total
Expenses
3,233,803‌
Fees
waived
(586,967‌)
Net
Expenses
2,646,836‌
NET
INVESTMENT
INCOME
5,115,599‌
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
on:
Investments
44,563,227‌
Foreign
currency
transactions
(54,714‌)
Net
realized
gain
44,508,513‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
47,963,442‌
Foreign
currency
translations
(29,054‌)
Net
change
in
unrealized
appreciation
(depreciation)
47,934,388‌
NET
REALIZED
AND
UNREALIZED
GAIN
92,442,901‌
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
97,558,500‌
6
Polaris
Global
Value
Fund
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
OPERATIONS
Net
investment
income
$
5,115,599‌
$
7,935,852‌
Net
realized
gain
44,508,513‌
13,376,793‌
Net
change
in
unrealized
appreciation
(depreciation)
47,934,388‌
85,039,724‌
Increase
in
Net
Assets
Resulting
from
Operations
97,558,500‌
106,352,369‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
-‌
(24,341,336‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
3,341,252‌
8,398,780‌
Reinvestment
of
distributions
-‌
23,603,879‌
Redemption
of
shares
(13,032,582‌)
(35,867,753‌)
Redemption
fees
916‌
1,718‌
Decrease
in
Net
Assets
from
Capital
Share
Transactions
(9,690,414‌)
(3,863,376‌)
Increase
in
Net
Assets
87,868,086‌
78,147,657‌
NET
ASSETS
Beginning
of
Period
487,072,983‌
408,925,326‌
End
of
Period
$
574,941,069‌
$
487,072,983‌
SHARE
TRANSACTIONS
Sale
of
shares
82,148‌
254,357‌
Reinvestment
of
distributions
-‌
633,691‌
Redemption
of
shares
(310,516‌)
(1,057,111‌)
Decrease
in
Shares
(228,368‌)
(169,063‌)
7
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,
2026
For
the
Years
Ended
December
31,
2025
2024
2023
2022
2021
NET
ASSET
VALUE,
Beginning
of
Period
$
37.28‌
$
30.90‌
$
30.95‌
$
27.42‌
$
32.26‌
$
29.12‌
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.39‌
0.62‌
0.57‌
0.49‌
0.50‌
0.48‌
Net
realized
and
unrealized
gain
(loss)
7.11‌
7.69‌
1.12‌
3.56‌
(4.37‌)
3.97‌
Total
from
Investment
Operations
7.50‌
8.31‌
1.69‌
4.05‌
(3.87‌)
4.45‌
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
-‌
(0.69‌)
(0.61‌)
(0.52‌)
(0.43‌)
(0.50‌)
Net
realized
gain
-‌
(1.24‌)
(1.13‌)
-‌
(0.54‌)
(0.81‌)
Total
Distributions
to
Shareholders
-‌
(1.93‌)
(1.74‌)
(0.52‌)
(0.97‌)
(1.31‌)
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
$
44.78‌
$
37.28‌
$
30.90‌
$
30.95‌
$
27.42‌
$
32.26‌
TOTAL
RETURN
20.12‌%(c)
26.97‌%
5.34‌%
14.77‌%
(12.01‌)%
15.36‌%
RATIOS/
SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
574,941‌
$
487,073‌
$
408,925‌
$
415,657‌
$
392,070‌
$
492,795‌
Ratios
to
Average
Net
Assets:
Net
investment
income
1.91‌%(d)
1.80‌%
1.75‌%
1.72‌%
1.74‌%
1.47‌%
Net
expenses
0.99‌%(d)
0.99‌%
0.99‌%
0.99‌%
0.99‌%
0.99‌%
Gross
expenses
(e)
1.21‌%(d)
1.22‌%
1.22‌%
1.22‌%
1.23‌%
1.21‌%
PORTFOLIO
TURNOVER
RATE
14‌%(c)
25‌%
17‌%
14‌%
19‌%
19‌%
(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.
8
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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
management
committee
of
Polaris
Capital
Management,
LLC,
the
Fund's
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
9
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
Level
2
-
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
2
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
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
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
3
-
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,
2026,
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.
10
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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,
2026,
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,
2026,
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.
11
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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,
2026,
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
180
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.
12
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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
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
-
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,
2027
("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,
2026,
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,
2026,
$2,846,902
is
subject
to
recapture
by
the
Adviser.
Other
waivers
are
not
eligible
for
recoupment.
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
$
559,493‌
$
27,474‌
$
586,967‌
13
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
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,
2026,
were
$72,289,237
and
$79,104,081,
respectively.
Note
6.
Sector
Concentration
Risk
Sector
concentration
risk
is
the
possibility
that
securities
within
the
same
sector
will
decline
in
price
due
to
sector-specific
market
or
economic
developments.
If
the
Fund
invests
more
heavily
in
a
particular
sector,
the
value
of
its
shares
may
be
especially
sensitive
to
factors
and
economic
risks
that
specifically
affect
that
sector.
As
a
result,
the
Fund's
share
price
may
fluctuate
more
widely
than
the
value
of
shares
of
a
mutual
fund
that
invests
in
a
broader
range
of
sectors.
Additionally,
some
sectors
could
be
subject
to
greater
government
regulation
than
other
sectors.
Therefore,
changes
in
regulatory
policies
for
those
sectors
may
have
a
material
effect
on
the
value
of
securities
issued
by
companies
in
those
sectors.
Note
7.
Beneficial
Ownership
The
beneficial
ownership,
either
directly
or
indirectly,
of
more
than
25%
of
a
Fund's
voting
securities
creates
a
presumption
of
control.
As
of
June
30,
2026,
the
Fund
had
an
individual
shareholder
account
comprising
approximately
45.16%
of
the
total
shares
outstanding
of
the
Fund.
Shareholders
with
a
controlling
interest
could
affect
the
outcome
of
proxy
voting
or
direction
of
management
of
a
Fund.
Note
8.
Federal
Income
Tax
As
of
June
30,
2026,
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,
2025,
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.
Gross
Unrealized
Appreciation
$
247,103,982‌
Gross
Unrealized
Depreciation
(17,973,499‌)
Net
Unrealized
Appreciation
$
229,130,483‌
Undistributed
Ordinary
Income
$
1,036,885‌
Undistributed
Long-Term
Gain
2,193,911‌
Net
Unrealized
Appreciation
179,938,640‌
Other
Temporary
Differences
23,373‌
Total
$
183,192,809‌
14
Polaris
Global
Value
Fund
NOTES
TO
FINANCIAL
STATEMENTS
JUNE
30,
2026
Note
9.
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.
15
Polaris
Global
Value
Fund
OTHER
INFORMATION
JUNE
30,
2026
Changes
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
N/A
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
N/A
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
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
11
of
Form
N-CSR)
At
the
March
19,
2026
Board
meeting,
the
Board,
including
the
Independent
Trustees,
considered
the
approval
of
the
continuance
of
the
investment
advisory
agreement
between
Polaris
Capital
Management,
LLC
(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:
(i)
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
the
Adviser,
including
information
on
the
investment
performance
of
the
Fund;
(ii)
the
costs
of
the
services
provided
and
profitability
to
the
Adviser
of
its
relationship
with
the
Fund;
(iii)
the
advisory
fee
and
total
expense
ratio
of
the
Fund
compared
to
a
relevant
peer
group
of
funds;
(iv)
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
(v)
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.
16
Polaris
Global
Value
Fund
OTHER
INFORMATION
JUNE
30,
2026
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
outperformed
the
primary
benchmark
index
for
the
one-year
period
ended
December
31,
2025,
and
for
the
period
since
the
Fund's
inception
on
July
31,
1989,
and
underperformed
the
primary
benchmark
for
the
three-,
five-,
and
10-year
periods
ended
December
31,
2025.
The
Board
noted
the
Adviser's
representation
that
the
Fund's
exposure
to
South
Korea
as
well
as
the
Fund's
underweight
exposure
to
the
United
States
market,
which
underperformed
most
global
markets
during
the
year,
contributed
most
to
the
Fund's
outperformance
during
the
one-year
period.
The
Board
noted
the
Adviser's
representation
that
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
outperformed
the
average
of
its
Strategic
Insight
Peers
for
the
one-year
period
ended
December
31,
2025,
and
underperformed
the
average
of
its
Strategic
Insight
Peers
for
the
three-,
five-,
and
10-year
periods
ended
December
31,
2025.
The
Board
noted
the
Adviser's
representation
that
the
Fund's
underperformance
relative
to
the
Strategic
Insight
Peers
over
longer
time
horizons,
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.
The
Board
also
noted
the
Adviser's
representation
that
the
Fund's
underweight
exposure
to
the
U.S.
markets
contributed
to
the
Fund's
relative
outperformance
during
2025
due
to
the
relative
underperformance
of
the
U.S.
markets
and
the
decline
in
the
U.S.
Dollar
relative
to
other
currencies.
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
17
Polaris
Global
Value
Fund
OTHER
INFORMATION
JUNE
30,
2026
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.
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
18
Polaris
Global
Value
Fund
OTHER
INFORMATION
JUNE
30,
2026
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,
2026
(Unaudited)
INVESTMENT
ADVISER
Polaris
Capital
Management,
LLC
121
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-0626
(b) 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).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

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 Forum Funds
By:
/s/ Zachary Tackett
Zachary Tackett, Principal Executive Officer
Date:
September 2, 2026
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:
September 2, 2026
By:
/s/ Karen Shaw
Karen Shaw, Principal Financial Officer
Date:
September 2, 2026
Forum Funds published this content on September 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 02, 2026 at 16:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]