Semi-Annual Shareholder Report - June 30, 2025

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, 2025, to June 30, 2025. You can find additional information about the Fund at https://polarisfunds.com/resources/. You can also request this information by contacting us at (888) 263-5594.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform in the last six months?

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

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

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

Top Contributors

Top Detractors

Next PLC
SK Hynix, Inc.
Shinhan Financial Group Co., Ltd.
Vinci SA
Koninklijke Ahold Delhaize NV

Methanex Corp.
United Therapeutics Corp.
Smurfit WestRock PLC
UnitedHealth Group, Inc.
Allison Transmission Holdings, Inc.

Total Return Based on a $10,000 Investment

Date	Polaris Global Value Fund	MSCI World Index
06/30/15	$10,000	$10,000
09/30/15	$9,120	$9,155
12/31/15	$9,574	$9,659
03/31/16	$9,642	$9,625
06/30/16	$9,325	$9,722
09/30/16	$10,181	$10,195
12/31/16	$10,691	$10,384
03/31/17	$11,200	$11,046
06/30/17	$11,783	$11,491
09/30/17	$12,223	$12,047
12/31/17	$12,894	$12,710
03/31/18	$12,573	$12,547
06/30/18	$12,741	$12,765
09/30/18	$12,959	$13,401
12/31/18	$11,262	$11,603
03/31/19	$12,431	$13,051
06/30/19	$12,826	$13,573
09/30/19	$12,677	$13,646
12/31/19	$13,829	$14,814
03/31/20	$9,439	$11,695
06/30/20	$11,200	$13,959
09/30/20	$11,689	$15,066
12/31/20	$14,749	$17,169
03/31/21	$16,355	$18,014
06/30/21	$16,796	$19,409
09/30/21	$16,619	$19,408
12/31/21	$17,020	$20,915
03/31/22	$16,233	$19,837
06/30/22	$14,134	$16,626
09/30/22	$12,825	$15,598
12/31/22	$14,975	$17,121
03/31/23	$15,395	$18,444
06/30/23	$15,658	$19,704
09/30/23	$15,308	$19,022
12/31/23	$17,187	$21,193
03/31/24	$18,203	$23,076
06/30/24	$18,025	$23,683
09/30/24	$19,230	$25,190
12/31/24	$18,103	$25,150
03/31/25	$18,830	$24,700
06/30/25	$20,482	$27,533

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

Average Annual Total Returns

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

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

Fund Statistics

Total Net Assets	$448,219,279
# of Portfolio Holdings	93
Portfolio Turnover Rate	9%
Investment Advisory Fees (Net of fees waived)	$1,622,787

Top Ten Holdings

(% total investments)*

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

* excluding cash equivalents

Country Weightings

(% total investments)*

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

* excluding cash equivalents

Sector Weightings

(% total investments)*

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

* excluding cash equivalents

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

prospectus
financial information
holdings
proxy information

An image of a QR code that, when scanned, navigates the user to the following URL: https://polarisfunds.com/resources

Semi-Annual Shareholder Report - June 30, 2025

225S-PGVFX-25

Polaris

Global

Value

Fund

SCHEDULE

INVESTMENTS

JUNE

30,

2025

See

Notes

Financial

Statements.

Security

Description

Value

Common

Stock

99.0%

Belgium

0.6%

13,500‌

D'ieteren

Group

2,900,586‌

Canada

4.3%

49,814‌

Canadian

Tire

Corp.,

Ltd.,

Class A

6,781,728‌

578,000‌

Lundin

Mining

Corp.

6,078,179‌

83,408‌

Magna

International,

Inc.

3,224,231‌

99,237‌

Methanex

Corp.

3,285,916‌

19,370,054‌

Chile

0.6%

132,350,500‌

Latam

Airlines

Group

2,679,330‌

China

1.3%

374,300‌

Vipshop

Holdings,

Ltd.,

ADR

5,633,215‌

Colombia

0.4%

22,200‌

Tecnoglass,

Inc.

1,717,392‌

France

8.5%

33,200‌

Capgemini

5,672,610‌

153,100‌

Cie

Generale

des

Etablissements

Michelin

SCA

5,688,057‌

39,907‌

IPSOS

2,138,886‌

56,776‌

Publicis

Groupe

6,399,014‌

45,600‌

Sanofi

4,415,873‌

35,091‌

Teleperformance

3,402,736‌

77,200‌

TotalEnergies

4,737,859‌

39,553‌

Vinci

5,828,594‌

38,283,629‌

Germany

5.2%

135,400‌

Daimler

Truck

Holding

6,406,895‌

131,979‌

Deutsche

Telekom

4,814,743‌

19,200‌

Hannover

Rueck

6,043,170‌

9,300‌

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen,

Class R

6,031,790‌

23,296,598‌

Ireland

2.8%

1,036,300‌

Greencore

Group

PLC

3,321,483‌

33,900‌

Jazz

Pharmaceuticals

PLC

(a)

3,597,468‌

126,652‌

Smurfit

WestRock

PLC

5,465,034‌

12,383,985‌

Italy

1.5%

300,400‌

Eni

SpA

4,869,064‌

4,371,673‌

TREVI

Finanziaria

Industriale

SpA

(a)

1,691,648‌

6,560,712‌

Security

Description

Value

Japan

9.4%

355,100‌

Daicel

Corp.

2,982,490‌

119,000‌

ITOCHU

Corp.

6,243,977‌

290,200‌

KDDI

Corp.

4,997,715‌

61,500‌

Macnica

Holdings,

Inc.

828,940‌

283,700‌

Marubeni

Corp.

5,738,815‌

396,000‌

Mitsubishi

UFJ

Financial

Group,

Inc.

5,453,061‌

221,400‌

ORIX

Corp.

5,012,076‌

224,000‌

Sony

Group

Corp.

5,802,021‌

172,200‌

Takeda

Pharmaceutical

Co.,

Ltd.

5,291,379‌

42,350,474‌

Netherlands

2.3%

105,100‌

JDE

Peet's

3,000,975‌

177,200‌

Koninklijke

Ahold

Delhaize

7,410,017‌

10,410,992‌

Norway

3.6%

202,596‌

DNB

Bank

ASA

5,599,862‌

166,137‌

SpareBank

Sor-Norge

ASA

3,055,916‌

158,654‌

Sparebanken

Norge

2,520,041‌

135,700‌

Yara

International

ASA

5,008,274‌

16,184,093‌

Puerto

Rico

1.5%

61,300‌

Popular,

Inc.

6,755,873‌

Russia

0.0%

3,148,600‌

Alrosa

PJSC

(b)

403‌

Singapore

1.2%

195,650‌

United

Overseas

Bank,

Ltd.

5,539,442‌

South

Korea

6.5%

26,700‌

F&F

Co.,

Ltd./New

1,562,907‌

61,100‌

Kia

Corp.

4,386,922‌

133,758‌

Samsung

Electronics

Co.,

Ltd.

5,926,740‌

166,800‌

Shinhan

Financial

Group

Co.,

Ltd.

7,588,560‌

44,500‌

Hynix,

Inc.

9,628,038‌

29,093,167‌

Spain

1.9%

232,500‌

Bankinter

3,034,519‌

167,600‌

Endesa

5,308,745‌

8,343,264‌

Sweden

2.4%

119,300‌

Duni

AB,

Class A

1,176,494‌

100,203‌

Loomis

4,211,091‌

240,300‌

SKF

AB,

Class B

5,514,182‌

10,901,767‌

Switzerland

3.7%

4,450‌

Barry

Callebaut

4,845,674‌

20,544‌

Chubb,

Ltd.

5,952,008‌

47,600‌

Novartis

5,769,351‌

16,567,033‌

Polaris

Global

Value

Fund

SCHEDULE

INVESTMENTS

JUNE

30,

2025

See

Notes

Financial

Statements.

The

following

summary

the

inputs

used

value

the

Fund's investments

June

30,

2025.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

valuation

inputs,

and

their

aggregation

into

the

levels

used

the

table

below,

please

refer

the

Security

Valuation

section

Note

the

accompanying

Notes

Financial

Statements.

Security

Description

Value

Taiwan

1.1%

1,090,000‌

Chailease

Holding

Co.,

Ltd.

4,720,149‌

United

Kingdom

6.3%

303,944‌

Inchcape

PLC

3,028,935‌

1,411,400‌

International

Consolidated

Airlines

Group

6,610,265‌

11,113‌

Linde

PLC

5,213,997‌

246,402‌

Mondi

PLC

4,023,170‌

45,528‌

PLC

7,774,253‌

85,600‌

Nomad

Foods,

Ltd.

1,454,344‌

28,104,964‌

United

States

33.9%

30,451‌

AbbVie,

Inc.

5,652,315‌

53,700‌

Allison

Transmission

Holdings,

Inc.

5,100,963‌

35,000‌

Arrow

Electronics,

Inc.

(a)

4,460,050‌

25,900‌

Capital

One

Financial

Corp.

5,510,484‌

44,776‌

Crocs,

Inc.

(a)

4,534,913‌

47,400‌

Cullen/Frost

Bankers,

Inc.

6,092,796‌

55,600‌

CVS

Health

Corp.

3,835,288‌

11,100‌

Elevance

Health,

Inc.

4,317,456‌

114,600‌

Gaming

and

Leisure

Properties,

Inc.

REIT

5,349,528‌

21,067‌

General

Dynamics

Corp.

6,144,401‌

63,000‌

Gilead

Sciences,

Inc.

6,984,810‌

42,200‌

Ingredion,

Inc.

5,723,164‌

94,563‌

International

Bancshares

Corp.

6,294,113‌

26,500‌

JPMorgan

Chase

Co.

7,682,615‌

105,000‌

LKQ

Corp.

3,886,050‌

25,800‌

M&T

Bank

Corp.

5,004,942‌

33,282‌

Marathon

Petroleum

Corp.

5,528,473‌

52,700‌

MKS,

Inc.

5,236,272‌

85,214‌

NextEra

Energy,

Inc.

5,915,556‌

205,000‌

NOV,

Inc.

2,548,150‌

351,529‌

Sally

Beauty

Holdings,

Inc.

(a)

3,255,159‌

38,100‌

Science

Applications

International

Corp.

4,290,441‌

228,700‌

SLM

Corp.

7,499,073‌

121,300‌

The

Carlyle

Group,

Inc.

6,234,820‌

81,200‌

Tyson

Foods,

Inc.,

Class A

4,542,328‌

23,600‌

United

Therapeutics

Corp.

(a)

6,781,460‌

6,368‌

UnitedHealth

Group,

Inc.

1,986,625‌

106,738‌

Webster

Financial

Corp.

5,827,895‌

92,400‌

Williams

Cos.,

Inc.

5,803,644‌

152,023,784‌

Total

Common

Stock

(Cost

$311,991,185)

443,820,906‌

Security

Description

Value

Money

Market

Fund

0.8%

3,499,405‌

Northern

Institutional

Treasury

Portfolio

Premier

Shares,

4.16%

(c)

(Cost

$3,499,405)

3,499,405‌

Investments,

value

99.8%

(Cost

$315,490,590)

447,320,311‌

Other

Assets

Liabilities,

Net

0.2%

898,968‌

Net

Assets

100.0%

448,219,279‌

ADR

American

Depositary

Receipt

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Security

fair

valued

accordance

with

procedures

adopted

the

Board

Trustees.

the

period

end,

the

value

these

securities

amounted

$403

0.0%

net

assets.

(c)

Dividend

yield

changes

daily

reflect

current

market

conditions.

Rate

was

the

quoted

yield

June

30,

2025.

Polaris

Global

Value

Fund

SCHEDULE

INVESTMENTS

JUNE

30,

2025

See

Notes

Financial

Statements.

The

following

reconciliation

Level

investments

for

which

significant

unobservable

inputs

were

used

determine

fair

value.

Level

Total

Investments

Value

Common

Stock

Belgium

2,900,586‌

–‌

2,900,586‌

Canada

19,370,054‌

–‌

19,370,054‌

Chile

2,679,330‌

–‌

2,679,330‌

China

5,633,215‌

–‌

5,633,215‌

Colombia

1,717,392‌

–‌

1,717,392‌

France

38,283,629‌

–‌

38,283,629‌

Germany

23,296,598‌

–‌

23,296,598‌

Ireland

12,383,985‌

–‌

12,383,985‌

Italy

6,560,712‌

–‌

6,560,712‌

Japan

42,350,474‌

–‌

42,350,474‌

Netherlands

10,410,992‌

–‌

10,410,992‌

Norway

16,184,093‌

–‌

16,184,093‌

Puerto

Rico

6,755,873‌

–‌

6,755,873‌

Russia

–‌

403‌

Singapore

5,539,442‌

–‌

5,539,442‌

South

Korea

29,093,167‌

–‌

29,093,167‌

Spain

8,343,264‌

–‌

8,343,264‌

Sweden

10,901,767‌

–‌

10,901,767‌

Switzerland

16,567,033‌

–‌

16,567,033‌

Taiwan

4,720,149‌

–‌

4,720,149‌

United

Kingdom

28,104,964‌

–‌

28,104,964‌

United

States

152,023,784‌

–‌

152,023,784‌

Money

Market

Fund

3,499,405‌

–‌

3,499,405‌

Investments

Value

447,319,908‌

–‌

403‌

447,320,311‌

Common

Stock

Balance

12/31/24

277

Change

Unrealized

Appreciation/(Depreciation)

126

Balance

06/30/25

403

Net

change

unrealized

depreciation

from

investments

held

06/30/25

126

PORTFOLIO

HOLDINGS

Total

Investments

Communication

Services

4.1‌%

Consumer

Discretionary

13.3‌%

Consumer

Staples

6.8‌%

Energy

5.2‌%

Financials

26.2‌%

Health

Care

10.9‌%

Industrials

14.7‌%

Information

Technology

7.1‌%

Materials

7.2‌%

Real

Estate

1.2‌%

Utilities

2.5‌%

Money

Market

Fund

0.8‌%

100.0‌%

Polaris

Global

Value

Fund

FINANCIAL

HIGHLIGHTS

See

Notes

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

outstanding

throughout

each

period

For

the

Six

Months

Ended

June

30,

2025

For

the

Years

Ended

December

31,

2024

2023

2022

2021

2020

NET

ASSET

VALUE,

Beginning

Period

30.90‌

30.95‌

27.42‌

32.26‌

29.12‌

27.72‌

INVESTMENT

OPERATIONS

Net

investment

income

(a)

0.40‌

0.57‌

0.49‌

0.50‌

0.48‌

0.32‌

Net

realized

and

unrealized

gain

(loss)

3.66‌

1.12‌

3.56‌

(4.37‌)

3.97‌

1.53‌

Total

from

Investment

Operations

4.06‌

1.69‌

4.05‌

(3.87‌)

4.45‌

1.85‌

DISTRIBUTIONS

SHAREHOLDERS

FROM

Net

investment

income

–‌

(0.61‌)

(0.52‌)

(0.43‌)

(0.50‌)

(0.34‌)

Net

realized

gain

–‌

(1.13‌)

–‌

(0.54‌)

(0.81‌)

(0.11‌)

Total

Distributions

Shareholders

–‌

(1.74‌)

(0.52‌)

(0.97‌)

(1.31‌)

(0.45‌)

REDEMPTION

FEES(a)

0.00‌(b)

NET

ASSET

VALUE,

End

Period

34.96‌

30.90‌

30.95‌

27.42‌

32.26‌

29.12‌

TOTAL

RETURN

13.14‌%(c)

5.34‌%

14.77‌%

(12.01‌)%

15.36‌%

6.68‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

End

Period

(000s

omitted)

448,219‌

408,925‌

415,657‌

392,070‌

492,795‌

450,739‌

Ratios

Average

Net

Assets:

Net

investment

income

2.51‌%(d)

1.75‌%

1.72‌%

1.74‌%

1.47‌%

1.34‌%

Net

expenses

0.99‌%(d)

0.99‌%

Gross

expenses

(e)

1.23‌%(d)

1.22‌%

1.23‌%

1.21‌%

1.24‌%

PORTFOLIO

TURNOVER

RATE

9‌%(c)

17‌%

14‌%

19‌%

57‌%

(a)

Calculated

based

average

outstanding

during

each

period.

(b)

Less

than

$0.01

per

share.

(c)

Not

annualized.

(d)

Annualized.

(e)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

Note

Organization

The

Polaris

Global

Value

Fund

(the

“Fund”)

diversified

portfolio

Forum

Funds

(the

“Trust”).

The

Trust

Delaware

statutory

trust

that

registered

open-end,

management

investment

company

under

the

Investment

Company

Act

1940,

amended

(the

“Act”).

Under

its

Trust

Instrument,

the

Trust

authorized

issue

unlimited

number

the

Fund’s

beneficial

interest

without

par

value.

The

Fund

commenced

operations

June

1998

after

acquired

the

net

assets

Global

Value

Limited

Partnership

(the

“Partnership”),

exchange

for

Fund

shares.

The

Partnership

commenced

operations

July

31,

1989.

The

Fund

seeks

capital

appreciation.

The

Fund

included

herein

deemed

individual

reporting

segment

and

not

part

consolidated

reporting

entity.

The

objective

and

strategy

the

Fund

used

the

Adviser,

defined

Note

make

investment

decisions,

and

the

results

the

operations,

shown

the

Statement

Operations

and

the

financial

highlights

for

the

Fund

the

information

utilized

for

the

day-to-day

management

the

Fund.

The

Fund

party

the

expense

agreements

disclosed

the

Notes

the

Financial

Statements

and

there

are

resources

allocated

the

Fund

based

performance

measurements.

Due

the

significance

oversight

and

their

role,

the

Adviser

deemed

the

Chief

Operating

Decision

Maker.

Note

Summary

Significant

Accounting

Policies

The

Fund

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

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(“GAAP”),

which

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities,

the

disclosure

contingent

liabilities

the

date

the

financial

statements,

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

fiscal

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

the

Fund:

Security

Valuation

–

Securities

are

recorded

fair

value

using

last

quoted

trade

official

closing

price

from

the

principal

exchange

where

the

security

traded,

provided

independent

pricing

services

each

Fund

business

day.

the

absence

last

trade,

securities

are

valued

the

mean

the

last

bid

and

ask

price

provided

the

pricing

service.

Forward

currency

contracts

are

generally

valued

based

interpolation

forward

curve

data

points

obtained

from

major

banking

institutions

that

deal

foreign

currencies

and

currency

dealers.

non-exchange

traded

open-end

mutual

funds

are

valued

net

asset

value

per

(“NAV”).

Short-term

investments

that

mature

sixty

days

less

may

recorded

amortized

cost,

which

approximates

fair

value.

Pursuant

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

Trustees

(the

“Board”)

has

designated

the

Adviser

the

Fund’s

valuation

designee

perform

any

fair

value

determinations

for

securities

and

other

assets

held

the

Fund.

The

Adviser

subject

the

oversight

the

Board

and

certain

reporting

and

other

requirements

intended

provide

the

Board

the

information

needed

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

responsible

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

accordance

with

policies

and

procedures

that

have

been

approved

the

Board.

Under

these

procedures,

the

Adviser

convenes

regular

and

hoc

basis

review

such

investments

and

considers

number

factors,

including

valuation

methodologies

and

significant

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

unobservable

inputs,

when

arriving

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

part

the

Fund’s

compliance

program

and

will

review

any

changes

made

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

comparable

assets

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

income-based

approach

which

the

anticipated

future

cash

flows

the

investment

are

discounted

determining

fair

value.

Discounts

may

also

applied

based

the

nature

duration

any

restrictions

the

disposition

the

investments.

The

Adviser

performs

regular

reviews

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

based

subjective

factors

and,

result,

the

fair

value

investment

may

differ

from

the

security’s

market

price

and

may

not

the

price

which

the

asset

may

sold.

Fair

valuation

could

result

different

NAV

than

NAV

determined

using

market

quotes.

GAAP

has

three-tier

fair

value

hierarchy.

The

basis

the

tiers

dependent

upon

the

level

various

“inputs”

used

determine

the

value

the

Fund’s

investments.

These

inputs

are

summarized

the

three

broad

levels

listed

below:

Level

Quoted

prices

active

markets

for

identical

assets

and

liabilities.

Level

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

are

valued

amortized

cost,

which

approximates

market

value,

and

are

categorized

Level

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

accordance

with

the

evaluated

price

supplied

pricing

service

and

generally

categorized

Level

the

hierarchy.

Other

securities

that

are

categorized

Level

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

not

trade

exchange,

securities

valued

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

independent

third

party

with

adjustments

for

changes

value

between

the

time

the

securities’

respective

local

market

closes

and

the

U.S.

market.

Level

Significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

determining

the

fair

value

investments).

The

aggregate

value

input

level,

June

30,

2025,

for

the

Fund’s

investments

included

the

end

the

Fund’s

Schedule

Investments.

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

the

trade

date.

Dividend

income

recorded

the

ex-dividend

date.

Non-cash

dividend

income

recorded

the

fair

market

value

the

securities

received.

Foreign

dividend

income

recorded

the

ex-dividend

date

soon

possible

after

determining

the

existence

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

some

foreign

securities

may

subject

foreign

withholding

taxes,

which

are

accrued

applicable.

Interest

income

recorded

accrual

basis.

Premium

amortized

the

call

date

above

par,

and

discount

accreted

maturity

using

the

effective

interest

method

and

included

interest

income.

Identified

cost

investments

sold

used

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

Written

Options

–

When

fund

writes

option,

amount

equal

the

premium

received

the

fund

recorded

liability

and

subsequently

adjusted

the

current

value

the

option

written.

Premiums

received

from

writing

options

that

expire

unexercised

are

treated

the

Fund

the

expiration

date

realized

gain

from

written

options.

The

difference

between

the

premium

and

the

amount

paid

effecting

closing

purchase

transaction,

including

brokerage

commissions,

also

treated

realized

gain,

the

premium

less

than

the

amount

paid

for

the

closing

purchase

transaction,

realized

loss.

call

option

exercised,

the

premium

added

the

proceeds

from

the

sale

the

underlying

security

determining

whether

the

Fund

has

realized

gain

loss.

put

option

exercised,

the

premium

reduces

the

cost

basis

the

securities

purchased

the

Fund.

The

Fund,

writer

option,

bears

the

market

risk

unfavorable

change

the

price

the

security

underlying

the

written

option.

Written

options

are

non-income

producing

securities.

The

values

each

individual

written

option

outstanding

June

30,

2025,

any,

are

disclosed

the

Fund’s

Schedule

Investments.

Purchased

Options

–

When

fund

purchases

option,

amount

equal

the

premium

paid

the

fund

recorded

investment

and

subsequently

adjusted

the

current

value

the

option

purchased.

option

expires

the

stipulated

expiration

date

the

fund

enters

into

closing

sale

transaction,

gain

loss

realized.

call

option

exercised,

the

cost

the

security

acquired

increased

the

premium

paid

for

the

call.

put

option

exercised,

gain

loss

realized

from

the

sale

the

underlying

security,

and

the

proceeds

from

such

sale

are

decreased

the

premium

originally

paid.

Purchased

options

are

non-income

producing

securities.

The

values

each

individual

purchased

option

outstanding

June

30,

2025,

any,

are

disclosed

the

Fund’s

Schedule

Investments.

Foreign

Currency

Translations

–

Foreign

currency

amounts

are

translated

into

U.S.

dollars

follows:

(1)

assets

and

liabilities

the

rate

exchange

the

end

the

respective

period;

and

(2)

purchases

and

sales

securities

and

income

and

expenses

the

rate

exchange

prevailing

the

dates

such

transactions.

The

portion

the

results

operations

arising

from

changes

the

exchange

rates

and

the

portion

due

fluctuations

arising

from

changes

the

market

prices

securities

are

not

isolated.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

investments.

Foreign

Currency

Transactions

–

The

Fund

may

enter

into

transactions

purchase

sell

foreign

currency

contracts

and

options

foreign

currency.

Forward

currency

contracts

are

agreements

exchange

one

currency

for

another

future

date

and

specified

price.

fund

may

use

forward

currency

contracts

facilitate

transactions

foreign

securities,

manage

fund’s

foreign

currency

exposure

and

protect

the

U.S.

dollar

value

its

underlying

portfolio

securities

against

the

effect

possible

adverse

movements

foreign

exchange

rates.

These

contracts

are

intrinsically

valued

daily

based

forward

rates,

and

fund’s

net

equity

therein,

representing

unrealized

gain

loss

the

contracts

measured

the

difference

between

the

forward

foreign

exchange

rates

the

dates

entry

into

the

contracts

and

the

forward

rates

the

reporting

date,

recorded

component

NAV.

These

instruments

involve

market

risk,

credit

risk,

both

kinds

risks,

excess

the

amount

recognized

the

Statement

Assets

and

Liabilities.

Risks

arise

from

the

possible

inability

counterparties

meet

the

terms

their

contracts

and

from

movement

currency

and

securities

values

and

interest

rates.

Due

the

risks

associated

with

these

transactions,

fund

could

incur

losses

the

entire

contract

amount,

which

may

exceed

the

net

unrealized

value

included

its

NAV.

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

Distributions

Shareholders

–

The

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

and

foreign

currency

gains

realized

the

Fund

are

distributed

least

annually.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributions

are

based

amounts

calculated

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

due

primarily

differing

treatments

income

and

gain

various

investment

securities

held

the

Fund,

timing

differences

and

differing

characterizations

distributions

made

the

Fund.

Federal

Taxes

–

The

Fund

intends

continue

qualify

each

year

regulated

investment

company

under

Subchapter

Chapter

Subtitle

the

Internal

Revenue

Code

1986,

amended

(“Code”),

and

distribute

all

its

taxable

income

shareholders.

addition,

distributing

each

calendar

year

substantially

all

its

net

investment

income

and

capital

gains,

any,

the

Fund

will

not

subject

federal

excise

tax.

Therefore,

federal

income

excise

tax

provision

required.

The

Fund

recognizes

interest

and

penalties,

any,

unrecognized

tax

benefits

income

tax

expense

the

Statement

Operations.

During

the

period,

the

Fund

did

not

incur

any

interest

penalties.

The

Fund

files

U.S.

federal

income

and

excise

tax

return

required.

The

Fund’s

federal

income

tax

returns

are

subject

examination

the

Internal

Revenue

Service

for

period

three

fiscal

years

after

they

are

filed.

June

30,

2025,

there

are

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

each

its

investment

portfolios.

Expenses

that

are

directly

attributable

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

equitable

manner.

Redemption

Fees

–

shareholder

who

redeems

exchanges

within

180

days

purchase

will

incur

redemption

fee

1.00%

the

current

NAV

redeemed

exchanged,

subject

certain

limitations.

The

fee

charged

for

the

benefit

the

remaining

shareholders

and

will

paid

the

Fund

help

offset

transaction

costs.

The

fee

accounted

for

addition

paid-in

capital.

The

Fund

reserves

the

right

modify

the

terms

terminate

the

fee

any

time.

There

are

limited

exceptions

the

imposition

the

redemption

fee.

Redemption

fees

incurred

for

the

Fund,

any,

are

reflected

the

Statements

Changes

Net

Assets.

Commitments

and

Contingencies

–

the

normal

course

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

the

Fund

the

counterparty

the

contract.

The

Fund’s

maximum

exposure

under

these

arrangements

dependent

future

claims

that

may

made

against

the

Fund

and,

therefore,

cannot

estimated;

however,

based

experience,

the

risk

loss

from

such

claims

considered

remote.

The

Fund

has

determined

that

none

these

arrangements

requires

disclosure

the

Fund’s

Statement

Assets

and

Liabilities.

Note

Fees

and

Expenses

Investment

Adviser

–

Polaris

Capital

Management,

LLC

(the

“Adviser”)

the

investment

adviser

the

Fund.

Pursuant

investment

advisory

agreement,

the

Adviser

receives

advisory

fee,

payable

monthly,

from

the

Fund

annual

rate

1.00%

the

Fund’s

average

daily

net

assets.

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

Distribution

–

Foreside

Fund

Services,

LLC,

wholly

owned

subsidiary

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

“Distributor”),

acts

the

agent

the

Trust

connection

with

the

continuous

offering

the

Fund.

The

Fund

does

not

have

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

not

affiliated

with

the

Adviser

Atlantic

Fund

Administration,

LLC,

wholly

owned

subsidiary

Apex

Holdings

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

their

affiliates.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

the

Fund.

The

fees

these

services

are

included

Fund

services

and

administration

fees

within

the

Statement

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

Principal

Executive

Officer,

Principal

Financial

Officer,

Chief

Compliance

Officer

and

Anti-Money

Laundering

Officer

the

Fund,

well

certain

additional

compliance

support

functions.

Trustees

and

Officers

–Effective

January

2025,

each

Independent

Trustee’s

annual

retainer

$60,000

($70,000

for

the

Chairman).

The

Audit

Committee

Chairman

receives

additional

$5,000

annually.

The

Trustees

and

the

Chairman

may

receive

additional

fees

for

special

Board

meetings.

Each

Trustee

also

reimbursed

for

all

reasonable

out-of-pocket

expenses

incurred

connection

with

his

her

duties

Trustee,

including

travel

and

expenses

incurred

attending

Board

meetings.

The

amount

Trustees’

fees

attributable

the

Fund

disclosed

the

Statement

Operations.

Certain

officers

the

Trust

are

also

officers

employees

the

above

named

service

providers,

and

during

their

terms

office

received

compensation

from

the

Fund.

Note

Fees

Waived

The

Adviser

has

contractually

agreed

waive

its

fee

and/or

reimburse

Fund

expenses

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

dividend

and

interest

expense

short

sales,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

0.99%,

through

least

April

30,

2026

(“Expense

Cap”).

The

Expense

Cap

may

only

raised

eliminated

with

the

consent

the

Board

Trustees.

Other

Fund

service

providers

have

agreed

waive

portion

their

fees

and

such

waivers

may

changed

eliminated

with

the

approval

the

Board

Trustees

the

Trust.

For

the

period

ended

June

30,

2025,

fees

waived

were

follows:

The

Adviser

may

reimbursed

the

Fund

for

fees

waived

and

expenses

reimbursed

the

Adviser

pursuant

the

Expense

Cap

such

payment

made

within

three

years

the

fee

waiver

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

exceed

the

lesser

(i)

the

then-current

expense

cap,

(ii)

the

expense

cap

place

the

time

the

fees/expenses

were

waived/reimbursed.

June

30,

2025,

$2,703,405

subject

recapture

the

Adviser.

Other

waivers

are

not

eligible

for

recoupment.

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

469,175‌

26,455‌

495,630‌

Polaris

Global

Value

Fund

NOTES

FINANCIAL

STATEMENTS

JUNE

30,

2025

Note

Security

Transactions

The

cost

purchases

and

proceeds

from

sales

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

period

ended

June

30,

2025,

were

$36,158,907

and

$45,079,006,

respectively.

Note

Federal

Income

Tax

June

30,

2025,

the

cost

investments

for

federal

income

tax

purposes

substantially

the

same

for

financial

statement

purposes and

the

components

net

unrealized appreciation were

follows:

December

31,

2024,

distributable

earnings

tax

basis

were

follows:

The

difference

between

components

distributable

earnings

tax

basis

and

the

amounts

reflected

the

Statement

Assets

and

Liabilities

are

primarily

due

real

estate

investment

trusts,

passive

foreign

investment

company

transactions,

wash

sales,

and

return

capital

equity

securities.

During

the

year

ended

December

31,

2024,

the

Fund

utilized

$1,726,731

capital

loss

carryforwards

offset

capital

gains.

Note

Subsequent

Events

Subsequent

events

occurring

after

the

date

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

the

Fund

has

had

such

events.

Gross

Unrealized

Appreciation

154,202,773‌

Gross

Unrealized

Depreciation

(22,373,052‌)

Net

Unrealized

Appreciation

131,829,721‌

Undistributed

Ordinary

Income

60,142‌

Undistributed

Long-Term

Gain

5,744,219‌

Net

Unrealized

Appreciation

95,436,298‌

Other

Temporary

Differences

(58,883‌)

Total

101,181,776‌

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

Changes

and

Disagreements

with

Accountants

(Item

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

Form

N-CSR)

N/A

Remuneration

Paid

Directors,

Officers,

and

Others

(Item

Form

N-CSR)

Please

see

financial

statements

Item

Statement

Regarding

the

Basis

for

the

Board’s

Approval

Investment

Advisory

Contract

(Item

Form

N-CSR)

the

March

20,

2025

Board

meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

approval

the

continuance

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

the

Fund

(the

“Advisory

Agreement”).

preparation

for

its

deliberations,

the

Board

requested

and

reviewed

written

responses

from

the

Adviser

due

diligence

questionnaire

circulated

the

Board’s

behalf

concerning

the

services

provided

the

Adviser.

The

Board

also

discussed

the

materials

with

Fund

counsel

and,

necessary,

with

the

Trust’s

administrator.

During

its

deliberations,

the

Board

received

oral

presentation

from

the

Adviser,

and

the

Independent

Trustees

were

advised

independent

Trustee

counsel.

the

meeting,

the

Board

reviewed,

among

other

matters:

(1)

the

nature,

extent

and

quality

the

services

provided

the

Fund

the

Adviser,

including

information

the

investment

performance

the

Fund;

(2)

the

costs

the

services

provided

and

profitability

the

Adviser

its

relationship

with

the

Fund;

(3)

the

advisory

fee

and

total

expense

ratio

the

Fund

compared

relevant

peer

group

funds;

(4)

the

extent

which

economies

scale

may

realized

the

Fund

grows

and

whether

the

advisory

fee

enables

the

Fund’s

investors

the

benefits

economies

scale;

and

(5)

other

benefits

received

the

Adviser

from

its

relationship

with

the

Fund.

addition,

the

Board

recognized

that

the

evaluation

process

with

respect

the

Adviser

was

ongoing

one

and,

this

regard,

the

Board

considered

information

provided

the

Adviser

regularly

scheduled

meetings

during

the

past

year.

Nature,

Extent

and

Quality

Services

Based

written

materials

received,

presentation

from

senior

representatives

the

Adviser,

and

discussion

with

the

Adviser

about

the

Adviser’s

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

services

provided

the

Adviser

under

the

Advisory

Agreement.

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

the

portfolio

managers

the

Adviser

with

principal

responsibility

for

the

Fund’s

investments

well

the

investment

philosophy

and

decision-making

process

the

Adviser

and

the

capability

and

integrity

the

Adviser’s

senior

management

and

staff.

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

The

Board

considered

the

adequacy

the

Adviser’s

resources.

The

Board

noted

the

Adviser’s

representations

that

the

firm

stable

financial

condition,

that

the

firm

able

meet

its

expense

reimbursement

obligations

the

Fund,

and

that

the

firm

has

the

operational

capability

and

necessary

staffing

and

experience

continue

providing

high-quality

investment

advisory

services

the

Fund.

Based

the

presentation

and

the

materials

provided

the

Adviser

connection

with

the

Board’s

consideration

the

renewal

the

Advisory

Agreement,

among

other

relevant

factors,

the

Board

concluded

that,

overall,

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement.

Performance

connection

with

presentation

the

Adviser

regarding

its

approach

managing

the

Fund,

the

Board

considered

the

performance

the

Fund

compared

its

primary

benchmark

index,

the

MSCI

World

Index.

The

Board

observed

that

the

Fund

underperformed

the

MSCI

World

Index

for

the

one-,

three-,

five-,

and

10-year

periods

ended

December

31,

2024,

and

outperformed

the

primary

benchmark

index

for

the

period

since

the

Global

Value

Fund’s

inception

July

31,

1989.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

underweight

exposure

the

United

States

market,

which

has

outperformed

most

global

markets

during

the

periods

under

review,

and

the

outperformance

growth

stocks

relative

value

stocks

over

the

last

decade

had

contributed

most

the

Fund’s

relative

underperformance

over

longer

time

periods.

The

Board

also

considered

the

Fund’s

performance

relative

independent

peer

group

identified

Strategic

Insight,

Inc.

(“Strategic

Insight

Peers”)

having

characteristics

similar

those

the

Fund.

The

Board

observed

that,

based

the

information

provided

Strategic

Insight,

the

Fund

underperformed

the

average

its

Strategic

Insight

Peers

for

the

one-,

three-,

five-,

and

10-year

periods

ended

December

31,

2024.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

recent

underperformance

relative

the

Strategic

Insight

Peers

could

attributed,

least

part,

the

Fund’s

underweight

exposure

the

U.S.

markets

during

certain

periods

when

U.S.

markets

flourished,

and

that

the

Fund

incurred

relatively

less

risk

than

peers

measured

portfolio

beta.

consideration

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

the

Fund.

Compensation

The

Board

evaluated

the

Adviser’s

compensation

for

providing

advisory

services

the

Fund

and

analyzed

comparative

information

actual

advisory

fee

rates

and

actual

total

expenses

the

Fund’s

Strategic

Insight

Peer

group.

The

Board

noted

that,

although

the

Adviser’s

net

advisory

fee

rate

was

higher

than

the

median

the

Strategic

Insight

Peer

group,

the

Fund’s

net

total

expense

ratio

was

among

the

lowest

the

Strategic

Insight

Peer

group.

The

Board

also

noted

the

Adviser’s

representation

that

the

advisory

fee

rate

charged

the

Fund

was

reasonable

relative

the

fee

rates

charged

the

Adviser

connection

with

its

management

other

pooled

investment

vehicles

and

separate

accounts

with

investment

objectives

similar

the

Fund.

The

Board

further

noted

that

the

Adviser

was

currently

waiving

portion

its

advisory

fee

effort

keep

the

Fund’s

expenses

levels

believed

the

Adviser

attractive

investors.

Based

the

foregoing

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser’s

net

advisory

fee

rate

charged

the

Fund

was

reasonable.

Polaris

Global

Value

Fund

OTHER

INFORMATION

JUNE

30,

2025

Costs

Services

and

Profitability

The

Board

evaluated

information

provided

the

Adviser

regarding

the

costs

services

and

its

profitability

with

respect

the

Fund.

this

regard,

the

Board

considered

the

Adviser’s

resources

devoted

the

Fund

well

the

Adviser’s

discussion

costs

and

profitability

its

Fund

activities.

The

Board

noted

the

Adviser’s

representation

that

the

Adviser

does

not

maintain

separately

identifiable

profit

and

loss

data

specific

the

Fund

but

that

the

Adviser

believed

that

its

profitability

was

reasonable,

including

relative

the

Adviser’s

other

clients,

and

that

incurs

additional

expenses

for

regulatory

and

compliance

obligations

for

its

Fund

activities

compared

the

expenses

attributable

the

Adviser’s

other

management

activities.

addition,

the

Board

noted

the

contractual

expense

cap

place

for

the

Fund

and

the

Adviser’s

reimbursements.

Based

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser’s

profits

attributable

management

the

Fund

were

reasonable.

Economies

Scale

The

Board

considered

whether

the

Fund

could

benefit

from

any

economies

scale.

this

regard,

the

Board

considered

the

Fund’s

fee

structure,

asset

size,

net

expense

ratio,

and

the

fees

comparable

advisers,

recognizing

that

analysis

economies

scale

most

relevant

when

fund

has

achieved

substantial

size

and

has

growing

assets

and

that,

fund’s

assets

are

stable

decreasing,

the

significance

economies

scale

may

reduced.

The

Board

reviewed

relevant

materials

and

discussed

whether

the

use

breakpoints

would

appropriate

this

time.

Noting

the

relative

stability

asset

levels

the

Fund

over

the

past

year

and

the

existence

the

Adviser’s

ongoing

expense

limitation

arrangements,

the

Board

concluded

that

the

advisory

fee

remained

reasonable

light

the

current

information

provided

the

Trustees

with

respect

economies

scale.

Other

Benefits

The

Board

considered

the

Adviser’s

representation

that,

aside

from

its

contractual

advisory

fees,

does

not

benefit

material

way

from

its

relationship

with

the

Fund.

Based

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

the

Adviser

from

its

relationship

with

the

Fund

were

not

material

factor

consider

approving

the

continuation

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

being

paramount

importance,

and

different

Trustees

may

have

given

different

weight

different

factors.

The

Board

reviewed

memorandum

from

Fund

counsel

discussing

the

legal

standards

applicable

its

consideration

the

Advisory

Agreement.

Based

its

review,

including

consideration

each

the

factors

referenced

above,

the

Board

determined,

the

exercise

its

reasonable

business

judgment,

that

the

contractual

fee

under

the

Advisory

Agreement

was

fair

and

reasonable

light

the

services

performed

performed,

expenses

incurred

and

such

other

matters

the

Board

considered

relevant.

(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:	August 11, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer

Date:	August 11, 2025

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer

Date:	August 11, 2025