Forum Funds NPORT-P Polaris Global Value Fund (Mar 2024 report)

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2024

1

Shares

Security

Description

Value

Common

Stock

-

98.0%

Canada

-

6.8%

47,008‌

Canadian

Tire

Corp.,

Ltd.,

Class A

$

4,688,480‌

436,400‌

Lundin

Mining

Corp.

4,465,324‌

91,346‌

Magna

International,

Inc.

4,976,133‌

125,937‌

Methanex

Corp.

5,612,799‌

129,600‌

Open

Text

Corp.

5,028,811‌

78,618‌

Toronto-Dominion

Bank

4,744,765‌

29,516,312‌

Chile

-

0.7%

115,000‌

Antofagasta

PLC

2,959,552‌

China

-

0.4%

908,000‌

Weichai

Power

Co.,

Ltd.

1,730,872‌

Colombia

-

0.2%

13,700‌

Tecnoglass,

Inc.

712,811‌

France

-

6.7%

153,100‌

Cie

Generale

des

Etablissements

Michelin

SCA

5,866,907‌

46,807‌

IPSOS

SA

3,300,026‌

56,776‌

Publicis

Groupe

SA

6,189,594‌

35,300‌

Teleperformance

SE

3,430,553‌

77,200‌

TotalEnergies

SE

5,286,239‌

39,553‌

Vinci

SA

5,067,697‌

29,141,016‌

Germany

-

5.9%

135,400‌

Daimler

Truck

Holding

AG

6,859,742‌

189,548‌

Deutsche

Telekom

AG

4,601,111‌

167,400‌

flatexDEGIRO

AG 

(a)

1,877,332‌

19,700‌

Hannover

Rueck

SE

5,391,973‌

13,600‌

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class R

6,636,308‌

25,366,466‌

Ireland

-

2.8%

1,036,300‌

Greencore

Group

PLC 

(a)

1,560,403‌

33,900‌

Jazz

Pharmaceuticals

PLC 

(a)

4,082,238‌

141,352‌

Smurfit

Kappa

Group

PLC

6,446,073‌

12,088,714‌

Italy

-

1.5%

300,400‌

Eni

SpA

4,747,219‌

4,371,673‌

TREVI

-

Finanziaria

Industriale

SpA 

(a)

1,716,762‌

6,463,981‌

Japan

-

7.7%

355,100‌

Daicel

Corp.

3,493,998‌

45,500‌

Daito

Trust

Construction

Co.,

Ltd.

5,175,783‌

119,000‌

ITOCHU

Corp.

5,081,358‌

166,400‌

KDDI

Corp.

4,911,317‌

Shares

Security

Description

Value

Japan

-

7.7%

(continued)

283,700‌

Marubeni

Corp.

$

4,892,317‌

57,100‌

Sony

Group

Corp.

4,877,150‌

172,200‌

Takeda

Pharmaceutical

Co.,

Ltd.

4,781,058‌

33,212,981‌

Netherlands

-

1.2%

177,200‌

Koninklijke

Ahold

Delhaize

NV

5,299,293‌

Norway

-

3.4%

244,996‌

DNB

Bank

ASA

4,854,109‌

329,537‌

SpareBank

1

SR-Bank

ASA

4,128,129‌

158,654‌

Sparebanken

Vest

1,701,039‌

135,700‌

Yara

International

ASA

4,286,053‌

14,969,330‌

Puerto

Rico

-

1.4%

69,600‌

Popular,

Inc.

6,131,064‌

Russia

-

0.0%

3,148,600‌

Alrosa

PJSC 

(a)(b)

340‌

Singapore

-

1.1%

225,050‌

United

Overseas

Bank,

Ltd.

4,885,181‌

South

Korea

-

7.4%

26,700‌

F&F

Co.,

Ltd./New

1,422,017‌

61,100‌

Kia

Corp.

5,083,157‌

70,500‌

LG

Electronics,

Inc.

5,069,192‌

237,515‌

LG

Uplus

Corp.

1,773,092‌

95,274‌

Samsung

Electronics

Co.,

Ltd.

5,718,209‌

166,800‌

Shinhan

Financial

Group

Co.,

Ltd.

5,848,067‌

54,700‌

SK

Hynix,

Inc.

7,240,513‌

32,154,247‌

Sweden

-

2.1%

119,300‌

Duni

AB,

Class A

1,232,677‌

100,203‌

Loomis

AB

2,797,147‌

240,300‌

SKF

AB,

Class B

4,905,227‌

8,935,051‌

Switzerland

-

2.4%

20,544‌

Chubb,

Ltd.

5,323,567‌

49,400‌

Novartis

AG

4,785,805‌

10,840‌

Sandoz

Group

AG 

(a)

327,057‌

10,436,429‌

United

Kingdom

-

6.2%

155,921‌

Bellway

PLC

5,242,636‌

283,625‌

Inchcape

PLC

2,591,755‌

14,513‌

Linde

PLC

6,738,676‌

235,510‌

Mondi

PLC

4,148,108‌

45,528‌

Next

PLC

5,304,999‌

146,000‌

Nomad

Foods,

Ltd.

2,855,760‌

26,881,934‌

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2024

2

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

31,

2024.

The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

“inputs”

used

to

determine

the

value

of

the

Fund’s

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

quoted

prices

in

active

markets

for

identical

assets

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

with

maturities

of

sixty

days

or

less

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

the

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Shares

Security

Description

Value

United

States

-

40.1%

30,451‌

AbbVie,

Inc.

$

5,545,127‌

94,500‌

Allison

Transmission

Holdings,

Inc.

7,669,620‌

35,000‌

Arrow

Electronics,

Inc. 

(a)

4,531,100‌

14,200‌

Cambridge

Bancorp

967,872‌

36,100‌

Capital

One

Financial

Corp.

5,374,929‌

48,176‌

Crocs,

Inc. 

(a)

6,927,709‌

47,400‌

Cullen/Frost

Bankers,

Inc.

5,335,818‌

55,600‌

CVS

Health

Corp.

4,434,656‌

62,335‌

Dime

Community

Bancshares,

Inc.

1,200,572‌

11,100‌

Elevance

Health,

Inc.

5,755,794‌

22,767‌

General

Dynamics

Corp.

6,431,450‌

63,000‌

Gilead

Sciences,

Inc.

4,614,750‌

45,100‌

Ingredion,

Inc.

5,269,935‌

108,963‌

International

Bancshares

Corp.

6,117,183‌

28,400‌

JPMorgan

Chase

&

Co.

5,688,520‌

105,000‌

LKQ

Corp.

5,608,050‌

25,800‌

M&T

Bank

Corp.

3,752,352‌

33,282‌

Marathon

Petroleum

Corp.

6,706,323‌

17,000‌

Microsoft

Corp.

7,152,240‌

44,900‌

MKS

Instruments,

Inc.

5,971,700‌

84,576‌

NextEra

Energy,

Inc.

5,405,252‌

61,800‌

Northern

Trust

Corp.

5,495,256‌

227,722‌

NOV,

Inc.

4,445,133‌

46,600‌

Premier

Financial

Corp.

945,980‌

351,529‌

Sally

Beauty

Holdings,

Inc. 

(a)

4,365,990‌

38,100‌

Science

Applications

International

Corp.

4,967,859‌

245,800‌

SLM

Corp.

5,355,982‌

121,300‌

The

Carlyle

Group,

Inc.

5,690,183‌

143,700‌

The

Interpublic

Group

of

Cos.,

Inc.

4,688,931‌

81,200‌

Tyson

Foods,

Inc.,

Class A

4,768,876‌

19,300‌

United

Therapeutics

Corp. 

(a)

4,433,596‌

10,868‌

UnitedHealth

Group,

Inc.

5,376,400‌

120,438‌

Webster

Financial

Corp.

6,114,637‌

166,700‌

Williams

Cos.,

Inc.

6,496,299‌

173,606,074‌

Total

Common

Stock

(Cost

$309,437,898)

424,491,648‌

Shares

Security

Description

Exercise

Price

Exp.

Date

Value

Warrants

-

0.0%

10,863‌

TREVI

-

Finanziaria

Industriale

SpA 

(a)

(Cost

$1,001,311)

$

1.30‌

05/05/25

19,337‌

Shares

Security

Description

Value

Money

Market

Fund

-

1.7%

7,075,626‌

Northern

Institutional

Treasury

Portfolio

Premier

Shares,

5.15% 

(c)

(Cost

$7,075,626)

$

7,075,626‌

Investments,

at

value

-

99.7%

(Cost

$317,514,835)

$

431,586,611‌

Other

Assets

&

Liabilities,

Net

-

0.3%

1,502,964‌

Net

Assets

-

100.0%

$

433,089,575‌

PJSC

Public

Joint

Stock

Company

PLC

Public

Limited

Company

(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

$340

or

0.0%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2024.

Polaris

Global

Value

Fund

SCHEDULE

OF

INVESTMENTS

(Unaudited)

MARCH

31,

2024

3

The

following

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND’S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND’S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND. 

Level

1

Level

2

Level

3

Total

Investments

at

Value

Common

Stock

Canada

$

29,516,312‌

$

–‌

$

–‌

$

29,516,312‌

Chile

2,959,552‌

–‌

–‌

2,959,552‌

China

1,730,872‌

–‌

–‌

1,730,872‌

Colombia

712,811‌

–‌

–‌

712,811‌

France

29,141,016‌

–‌

–‌

29,141,016‌

Germany

25,366,466‌

–‌

–‌

25,366,466‌

Ireland

12,088,714‌

–‌

–‌

12,088,714‌

Italy

6,463,981‌

–‌

–‌

6,463,981‌

Japan

33,212,981‌

–‌

–‌

33,212,981‌

Netherlands

5,299,293‌

–‌

–‌

5,299,293‌

Norway

14,969,330‌

–‌

–‌

14,969,330‌

Puerto

Rico

6,131,064‌

–‌

–‌

6,131,064‌

Russia

–‌

–‌

340‌

340‌

Singapore

4,885,181‌

–‌

–‌

4,885,181‌

South

Korea

32,154,247‌

–‌

–‌

32,154,247‌

Sweden

8,935,051‌

–‌

–‌

8,935,051‌

Switzerland

10,436,429‌

–‌

–‌

10,436,429‌

United

Kingdom

26,881,934‌

–‌

–‌

26,881,934‌

United

States

173,606,074‌

–‌

–‌

173,606,074‌

Warrants

19,337‌

–‌

–‌

19,337‌

Money

Market

Fund

7,075,626‌

–‌

–‌

7,075,626‌

Investments

at

Value

$

431,586,271‌

$

–‌

$

340‌

$

431,586,611‌

Common

Stock

Balance

as

of

12/31/23

$

353

Change

in

Unrealized

Appreciation/(Depreciation)

(13

)

Balance

as

of

3/31/24

$

340

Net

change

in

unrealized

depreciation

from

investments

held

as

of

3/31/24

$

(13

)