0000315774-26-000142.txt : 20260429 0000315774-26-000142.hdr.sgml : 20260429 20260429152823 ACCESSION NUMBER: 0000315774-26-000142 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260331 FILED AS OF DATE: 20260429 DATE AS OF CHANGE: 20260429 PERIOD START: 20261231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 ORGANIZATION NAME: EIN: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03023 FILM NUMBER: 26915064 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607 0000315774 S000004556 Polaris Global Value Fund C000012470 Polaris Global Value Fund PGVFX NPORT-P 1 primary_doc.xml NPORT-P false 0000315774 XXXXXXXX S000004556 C000012470 FORUM FUNDS 811-03023 0000315774 549300LXYEU14CHGAO13 THREE CANAL PLAZA, SUITE 600 PORTLAND 04101 207-347-2000 POLARIS GLOBAL VALUE FUND S000004556 2549002E4OIL39FNOB74 2026-12-31 2026-03-31 N 513901420.19 432550.64 513468869.55 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 19817.28000000 N AbbVie Inc FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 26251.00000000 NS USD 5709329.99000000 1.111913560602 Long EC CORP US N 1 N N N Allison Transmission Holdings 529900RP7DJ882LI9T83 Allison Transmission Holdings, Inc. 01973R101 53700.00000000 NS USD 6286122.00000000 1.224245981165 Long EC CORP US N 1 N N N Elevance Health Inc 8MYN82XMYQH89CTMTH67 Elevance Health, Inc. 036752103 15500.00000000 NS USD 4537625.00000000 0.883719592188 Long EC CORP US N 1 N N N Greencore Group PLC 635400GGBEWULJXM5868 Greencore Group PLC N/A 1036300.00000000 NS 3326244.35000000 0.647798639266 Long EC CORP IE N 1 N N N Arrow Electronics Inc 549300YNNLBXT8N8R512 Arrow Electronics, Inc. 042735100 49500.00000000 NS USD 7098795.00000000 1.382517114663 Long EC CORP US N 1 N N N CVS Health Corp 549300EJG376EN5NQE29 CVS Health Corp. 126650100 92200.00000000 NS USD 6621804.00000000 1.289621317413 Long EC CORP US N 1 N N N Capital One Financial Corp ZUE8T73ROZOF6FLBAR73 Capital One Financial Corp. 14040H105 26064.00000000 NS USD 4754855.52000000 0.926026055711 Long EC CORP US N 1 N N N Cullen/Frost Bankers Inc 529900V2E9G9AY665O34 Cullen/Frost Bankers, Inc. 229899109 41800.00000000 NS USD 5729944.00000000 1.115928216840 Long EC CORP US N 1 N N N Latam Airlines Group SA 549300HX3UUDPEFTG707 Latam Airlines Group SA N/A 275167800.00000000 NS 6776258.85000000 1.319701982310 Long EC CORP CL N 1 N N N Eastman Chemical Co FDPVHDGJ1IQZFK9KH630 Eastman Chemical Co. 277432100 82300.00000000 NS USD 6281136.00000000 1.223274938849 Long EC CORP US N 1 N N N Lundin Mining Corp 549300FQDIM6C8HTN269 Lundin Mining Corp. N/A 122800.00000000 NS 3062275.90000000 0.596389787502 Long EC CORP CA N 1 N N N Next PLC 213800WQD8ECPZP9PH98 Next PLC N/A 40528.00000000 NS 6799234.96000000 1.324176666437 Long EC CORP GB N 1 N N N Gaming and Leisure Properties 5493006GWRDBCZYWTM57 Gaming and Leisure Properties, Inc. 36467J108 114600.00000000 NS USD 5084802.00000000 0.990284377796 Long EC CORP US N 1 N N N General Dynamics Corp 9C1X8XOOTYY2FNYTVH06 General Dynamics Corp. 369550108 21067.00000000 NS USD 7230615.74000000 1.408189701225 Long EC CORP US N 1 N N N Gilead Sciences Inc 549300WTZWR07K8MNV44 Gilead Sciences, Inc. 375558103 63000.00000000 NS USD 8780310.00000000 1.709998506373 Long EC CORP US N 1 N N N D'ieteren Group 549300DV5KJ23OKVTW34 D'ieteren Group N/A 13500.00000000 NS 2468549.32000000 0.480759295527 Long EC CORP BE N 1 N N N Publicis Groupe SA 2138004KW8BV57III342 Publicis Groupe SA N/A 56776.00000000 NS 4648843.27000000 0.905379769970 Long EC CORP FR N 1 N N N Hannover Rueck SE 529900KIN5BE45V5KB18 Hannover Rueck SE N/A 19200.00000000 NS 5943104.43000000 1.157442014977 Long EC CORP DE N 1 N N N Ingredion Inc PKSTQ48QDN0XSVS7YK88 Ingredion, Inc. 457187102 42200.00000000 NS USD 4754252.00000000 0.925908517913 Long EC CORP US N 1 N N N International Bancshares Corp 549300Y16R531AU8TX77 International Bancshares Corp. 459044103 94563.00000000 NS USD 6363144.27000000 1.239246358903 Long EC CORP US N 1 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 Deutsche Post AG N/A 118200.00000000 NS 6113811.95000000 1.190687948688 Long EC CORP DE N 1 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46625H100 23549.00000000 NS USD 6927173.84000000 1.349093246114 Long EC CORP US N 1 N N N Sparebanken Norge 213800M7T3CYVZ3ZRT12 Sparebanken Norge N/A 158654.00000000 NS 3269128.68000000 0.636675146998 Long EC CORP NO N 1 N N N LKQ Corp DS830JTTZQN6GK0I2E41 LKQ Corp. 501889208 148100.00000000 NS USD 4349697.00000000 0.847119905012 Long EC CORP US N 1 N N N Lantheus Holdings Inc 5299005HUB5IOJGO7S39 Lantheus Holdings, Inc. 516544103 111700.00000000 NS USD 8472445.00000000 1.650040635847 Long EC CORP US N 1 N N N Endesa SA 549300LHK07F2CHV4X31 Endesa SA N/A 167600.00000000 NS 6989435.53000000 1.361218945196 Long EC CORP ES N 1 N N N Munich Re 529900MUF4C20K50JS49 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen N/A 9300.00000000 NS 5798230.16000000 1.129227204188 Long EC CORP DE N 1 N N N Bankinter SA VWMYAEQSTOPNV0SUGU82 Bankinter SA N/A 232500.00000000 NS 3594332.98000000 0.700009911633 Long EC CORP ES N 1 N N N Barry Callebaut AG 213800Y5RWKLDPUTT265 Barry Callebaut AG N/A 4450.00000000 NS 7707916.46000000 1.501145817614 Long EC CORP CH N 1 N N N M&T Bank Corp 549300WYXDDBYRASEG81 M&T Bank Corp. 55261F104 25800.00000000 NS USD 5333376.00000000 1.038695102329 Long EC CORP US N 1 N N N MKS Inc 549300KEQATBHAGVF505 MKS, Inc. 55306N104 28800.00000000 NS USD 6618528.00000000 1.288983304051 Long EC CORP US N 1 N N N Marathon Petroleum Corp 3BNYRYQHD39K4LCKQF12 Marathon Petroleum Corp. 56585A102 36282.00000000 NS USD 8859338.76000000 1.725389655611 Long EC CORP US N 1 N N N Sanofi SA 549300E9PC51EN656011 Sanofi SA N/A 45600.00000000 NS 4359904.02000000 0.849107760675 Long EC CORP FR N 1 N N N Deutsche Telekom AG 549300V9QSIG4WX4GJ96 Deutsche Telekom AG N/A 131979.00000000 NS 4873907.20000000 0.949211819651 Long EC CORP DE N 1 N N N Teleperformance SE 9695004GI61FHFFNRG61 Teleperformance SE N/A 51491.00000000 NS 2992458.63000000 0.582792610703 Long EC CORP FR N 1 N N N KDDI Corp 5299003FU7V4I45FU310 KDDI Corp. N/A 290200.00000000 NS 4980055.45000000 0.969884591906 Long EC CORP JP N 1 N N N Daicel Corp 353800ZG4XF6D7NZGS72 Daicel Corp. N/A 355100.00000000 NS 2742037.43000000 0.534022136999 Long EC CORP JP N 1 N N N Mitsubishi UFJ Financial Group 353800V2V8PUY9TK3E06 Mitsubishi UFJ Financial Group, Inc. N/A 396000.00000000 NS 6487508.27000000 1.263466717210 Long EC CORP JP N 1 N N N Shinhan Financial Group Co Ltd 988400EB8A6G49E5KO54 Shinhan Financial Group Co., Ltd. N/A 142000.00000000 NS 8130708.71000000 1.583486203774 Long EC CORP KR N 1 N N N SK hynix Inc 988400XAIK6XISWQV045 SK hynix, Inc. N/A 26600.00000000 NS 14015081.77000000 2.729490062811 Long EC CORP KR N 1 N N N ITOCHU Corp J48DJYXDTLHM30UMYI18 ITOCHU Corp. N/A 595000.00000000 NS 7402586.56000000 1.441681667378 Long EC CORP JP N 1 N N N Kia Corp 988400V8MJK9N7OI5X76 Kia Corp. N/A 61100.00000000 NS 5792263.25000000 1.128065125949 Long EC CORP KR N 1 N N N NextEra Energy Inc 254900RHL9MEUS5NKX63 NextEra Energy, Inc. 65339F101 72880.00000000 NS USD 6769094.40000000 1.318306678637 Long EC CORP US N 1 N N N Marubeni Corp 4P4N3ORD02UGQT1T1W12 Marubeni Corp. N/A 283700.00000000 NS 10042699.35000000 1.955853596110 Long EC CORP JP N 1 N N N N/A N/A Northern Institutional Treasury Portfolio Premier Shares 665279873 19790184.26000000 NS USD 19790184.26000000 3.854213065992 Long STIV RF US N 1 N N N ORIX Corp 35380016EMHNBOVYE123 ORIX Corp. N/A 221400.00000000 NS 6426954.41000000 1.251673624465 Long EC CORP JP N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co., Ltd. N/A 133758.00000000 NS 14601467.44000000 2.843690884862 Long EC CORP KR N 1 N N N Sony Group Corp 529900R5WX9N2OI2N910 Sony Group Corp. N/A 224000.00000000 NS 4529258.69000000 0.882090221743 Long EC CORP JP N 1 N N N Takeda Pharmaceutical Co Ltd 549300ZLMVP4X0OGR454 Takeda Pharmaceutical Co., Ltd. N/A 172200.00000000 NS 6145621.12000000 1.196882904583 Long EC CORP JP N 1 N N N United Overseas Bank Ltd IO66REGK3RCBAMA8HR66 United Overseas Bank, Ltd. N/A 195650.00000000 NS 5577173.91000000 1.086175665311 Long EC CORP SG N 1 N N N Eni SpA BUCRF72VH5RBN7X3VL35 Eni SpA N/A 300400.00000000 NS 8628352.54000000 1.680404217603 Long EC CORP IT N 1 N N N Popular Inc 5493008CARDZMVQ3LO89 Popular, Inc. 733174700 61300.00000000 NS USD 8224621.00000000 1.601775976644 Long EC CORP PR N 1 N N N Yara International ASA 213800WKOUWXWFJ5Z514 Yara International ASA N/A 107200.00000000 NS 6244079.77000000 1.216058098219 Long EC CORP NO N 1 N N N SLM Corp N/A SLM Corp. 78442P106 228700.00000000 NS USD 4896467.00000000 0.953605425834 Long EC CORP US N 1 N N N Tyson Foods Inc WD6L6041MNRW1JE49D58 Tyson Foods, Inc. 902494103 104000.00000000 NS USD 6663280.00000000 1.297698924929 Long EC CORP US N 1 N N N United Therapeutics Corp 5299005C4HZL4UWROC14 United Therapeutics Corp. 91307C102 23600.00000000 NS USD 13994328.00000000 2.725448187786 Long EC CORP US N 1 N N N Webster Financial Corp KMRURHT0VWKYS6Z5KU67 Webster Financial Corp. 947890109 106738.00000000 NS USD 7409751.96000000 1.443077156068 Long EC CORP US N 1 N N N Williams Cos Inc/The D71FAKCBLFS2O0RBPG08 Williams Cos., Inc. 969457100 92400.00000000 NS USD 6724872.00000000 1.309694199356 Long EC CORP US N 1 N N N PING AN 529900M9MC28JLN35U89 Ping An Insurance Group Co. of China, Ltd. N/A 790500.00000000 NS 5993371.55000000 1.167231726288 Long EC CORP CN N 1 N N N Duni AB 549300MWQEN1427O5L53 Duni AB N/A 119300.00000000 NS 1207284.52000000 0.235123216147 Long EC CORP SE N 1 N N N TotalEnergies SE 529900S21EQ1BO4ESM68 TotalEnergies SE N/A 77200.00000000 NS 7219731.75000000 1.406070003100 Long EC CORP FR N 1 N N N IPSOS SA 9695002OY2X35E9X8W87 IPSOS SA N/A 39907.00000000 NS 1551695.96000000 0.302198643777 Long EC CORP FR N 1 N N N SKF AB 549300B6HWYEE57O8J84 SKF AB N/A 240300.00000000 NS 5691058.61000000 1.108355140397 Long EC CORP SE N 1 N N N Vinci SA 213800WFQ334R8UXUG83 Vinci SA N/A 39553.00000000 NS 5867821.07000000 1.142780296523 Long EC CORP FR N 1 N N N SpareBank 1 Sor-Norge ASA 549300Q3OIWRHQUQM052 SpareBank 1 Sor-Norge ASA N/A 166137.00000000 NS 3611711.21000000 0.703394387504 Long EC CORP NO N 1 N N N AIA Group Ltd ZP5ILWVSYE4LJGMMVD57 AIA Group, Ltd. N/A 576800.00000000 NS 6241580.37000000 1.215571330637 Long EC CORP HK N 1 N N N Chailease Holding Co Ltd 529900L76E6T0JCM3J27 Chailease Holding Co., Ltd. N/A 1111800.00000000 NS 3808010.63000000 0.741624440316 Long EC CORP TW N 1 N N N International Consolidated Air 959800TZHQRUSH1ESL13 International Consolidated Airlines Group SA N/A 1411400.00000000 NS 6534717.64000000 1.272660920169 Long EC CORP ES N 1 N N N Inchcape PLC 213800RGEH1MPPNM2T57 Inchcape PLC N/A 308158.00000000 NS 3059085.52000000 0.595768448957 Long EC CORP GB N 1 N N N Alrosa PJSC 894500DKUWVBYZLLE651 Alrosa PJSC N/A 3148600.00000000 NS 387.28000000 0.000075424241 Long EC CORP RU N 3 N N N Koninklijke Ahold Delhaize NV 724500C9GNBV20UYRX36 Koninklijke Ahold Delhaize NV N/A 164200.00000000 NS 7646663.52000000 1.489216576401 Long EC CORP NL N 1 N N N HD Hyundai Electric Co Ltd 988400CSDKM9UHLHGB91 HD Hyundai Electric Co., Ltd. N/A 12400.00000000 NS 6735742.50000000 1.311811270253 Long EC CORP KR N 1 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 Alibaba Group Holding, Ltd. N/A 268800.00000000 NS 4079375.61000000 0.794473794209 Long EC CORP CN N 1 N N N TREVI - Finanziaria Industrial 815600FE9E92D9D6C309 TREVI - Finanziaria Industriale SpA N/A 4371673.00000000 NS 1652330.74000000 0.321797646943 Long EC CORP IT N 1 N N N Loomis AB 213800NS2XXVRYS7WP40 Loomis AB N/A 100203.00000000 NS 4532429.59000000 0.882707766484 Long EC CORP SE N 1 N N N DNB Bank ASA 549300GKFG0RYRRQ1414 DNB Bank ASA N/A 202596.00000000 NS 6302028.85000000 1.227343900229 Long EC CORP NO N 1 N N N F&F Co Ltd / New N/A F&F Co., Ltd./New N/A 26700.00000000 NS 1068592.69000000 0.208112458879 Long EC CORP KR N 1 N N N Daimler Truck Holding AG 529900PW78JIYOUBSR24 Daimler Truck Holding AG N/A 135400.00000000 NS 6490142.91000000 1.263979823292 Long EC CORP DE N 1 N N N Michelin 549300SOSI58J6VIW052 Cie Generale des Etablissements Michelin SCA N/A 153100.00000000 NS 5165481.92000000 1.005997096674 Long EC CORP FR N 1 N N N Macnica Holdings Inc N/A Macnica Holdings, Inc. N/A 61500.00000000 NS 895345.14000000 0.174371844740 Long EC CORP JP N 1 N N N Ryanair Holdings PLC 635400BR2ROC1FVEBQ56 Ryanair Holdings PLC N/A 227600.00000000 NS 6279516.95000000 1.222959622752 Long EC CORP IE N 1 N N N Jazz Pharmaceuticals PLC 635400GAUMJCLEZRRV50 Jazz Pharmaceuticals PLC G50871105 33900.00000000 NS USD 6408795.00000000 1.248137010840 Long EC CORP IE N 1 N N N Linde PLC 5299003QR1WT0EF88V51 Linde PLC G54950103 11113.00000000 NS USD 5509380.88000000 1.072972716890 Long EC CORP IE N 1 N N N Nomad Foods Ltd 5493000ZZ1837DS2SI43 Nomad Foods, Ltd. G6564A105 173300.00000000 NS USD 1665413.00000000 0.324345466446 Long EC CORP VG N 1 N N N Smurfit Westrock PLC 635400EGSEOPDW2EXS14 Smurfit Westrock PLC G8267P108 126652.00000000 NS USD 5047082.20000000 0.982938304404 Long EC CORP IE N 1 N N N Chubb Ltd E0JAN6VLUDI1HITHT809 Chubb, Ltd. H1467J104 20544.00000000 NS USD 6695905.92000000 1.304052945968 Long EC CORP CH N 1 N N N 2026-04-29 Forum Funds /s/ Karen Shaw Karen Shaw Treasurer XXXX NPORT-EX 2 03078.htm
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
MARCH
31,
2026
1
Shares
Security
Description
Value
Common
Stock
-
95.8%
Belgium
-
0.5%
13,500‌
D'ieteren
Group
(a)
$
2,468,549‌
Canada
-
0.6%
122,800‌
Lundin
Mining
Corp.
3,062,276‌
Chile
-
1.3%
275,167,800‌
Latam
Airlines
Group
SA
6,776,259‌
China
-
2.0%
268,800‌
Alibaba
Group
Holding,
Ltd.
4,079,376‌
790,500‌
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
5,993,371‌
10,072,747‌
France
-
6.2%
153,100‌
Cie
Generale
des
Etablissements
Michelin
SCA
5,165,482‌
39,907‌
IPSOS
SA
1,551,696‌
56,776‌
Publicis
Groupe
SA
4,648,843‌
45,600‌
Sanofi
SA
4,359,904‌
51,491‌
Teleperformance
SE
2,992,459‌
77,200‌
TotalEnergies
SE
7,219,732‌
39,553‌
Vinci
SA
5,867,821‌
31,805,937‌
Germany
-
5.7%
135,400‌
Daimler
Truck
Holding
AG
6,490,143‌
118,200‌
Deutsche
Post
AG
6,113,812‌
131,979‌
Deutsche
Telekom
AG
4,873,907‌
19,200‌
Hannover
Rueck
SE
5,943,105‌
9,300‌
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Class R
5,798,230‌
29,219,197‌
Hong
Kong
-
1.2%
576,800‌
AIA
Group,
Ltd.
6,241,580‌
Ireland
-
4.1%
1,036,300‌
Greencore
Group
PLC
3,326,245‌
33,900‌
Jazz
Pharmaceuticals
PLC
(a)
6,408,795‌
227,600‌
Ryanair
Holdings
PLC
6,279,517‌
126,652‌
Smurfit
Westrock
PLC
5,047,082‌
21,061,639‌
Italy
-
2.0%
300,400‌
Eni
SpA
8,628,352‌
4,371,673‌
TREVI
-
Finanziaria
Industriale
SpA
(a)
1,652,331‌
10,280,683‌
Shares
Security
Description
Value
Japan
-
9.7%
355,100‌
Daicel
Corp.
$
2,742,037‌
595,000‌
ITOCHU
Corp.
7,402,587‌
290,200‌
KDDI
Corp.
4,980,056‌
61,500‌
Macnica
Holdings,
Inc.
895,345‌
283,700‌
Marubeni
Corp.
10,042,699‌
396,000‌
Mitsubishi
UFJ
Financial
Group,
Inc.
6,487,508‌
221,400‌
ORIX
Corp.
6,426,954‌
224,000‌
Sony
Group
Corp.
4,529,259‌
172,200‌
Takeda
Pharmaceutical
Co.,
Ltd.
6,145,621‌
49,652,066‌
Netherlands
-
1.5%
164,200‌
Koninklijke
Ahold
Delhaize
NV
7,646,664‌
Norway
-
3.8%
202,596‌
DNB
Bank
ASA
6,302,029‌
166,137‌
SpareBank
1
Sor-Norge
ASA
3,611,711‌
158,654‌
Sparebanken
Norge
3,269,129‌
107,200‌
Yara
International
ASA
6,244,080‌
19,426,949‌
Puerto
Rico
-
1.6%
61,300‌
Popular,
Inc.
8,224,621‌
Russia
-
0.0%
3,148,600‌
Alrosa
PJSC
(a)(b)
387‌
Singapore
-
1.1%
195,650‌
United
Overseas
Bank,
Ltd.
5,577,174‌
South
Korea
-
9.8%
26,700‌
F&F
Co.,
Ltd./New
1,068,593‌
12,400‌
HD
Hyundai
Electric
Co.,
Ltd.
6,735,742‌
61,100‌
Kia
Corp.
5,792,263‌
133,758‌
Samsung
Electronics
Co.,
Ltd.
14,601,467‌
142,000‌
Shinhan
Financial
Group
Co.,
Ltd.
8,130,709‌
26,600‌
SK
hynix,
Inc.
14,015,082‌
50,343,856‌
Spain
-
2.0%
232,500‌
Bankinter
SA
3,594,333‌
167,600‌
Endesa
SA
6,989,436‌
10,583,769‌
Sweden
-
2.2%
119,300‌
Duni
AB,
Class A
1,207,284‌
100,203‌
Loomis
AB
4,532,430‌
240,300‌
SKF
AB,
Class B
5,691,059‌
11,430,773‌
Switzerland
-
2.8%
4,450‌
Barry
Callebaut
AG
7,707,916‌
20,544‌
Chubb,
Ltd.
6,695,906‌
14,403,822‌
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
MARCH
31,
2026
2
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
March
31,
2026.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
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
Taiwan
-
0.7%
1,111,800‌
Chailease
Holding
Co.,
Ltd.
$
3,808,011‌
United
Kingdom
-
4.6%
308,158‌
Inchcape
PLC
3,059,085‌
1,411,400‌
International
Consolidated
Airlines
Group
SA
6,534,718‌
11,113‌
Linde
PLC
5,509,381‌
40,528‌
Next
PLC
6,799,235‌
173,300‌
Nomad
Foods,
Ltd.
1,665,413‌
23,567,832‌
United
States
-
32.4%
26,251‌
AbbVie,
Inc.
5,709,330‌
53,700‌
Allison
Transmission
Holdings,
Inc.
6,286,122‌
49,500‌
Arrow
Electronics,
Inc.
(a)
7,098,795‌
26,064‌
Capital
One
Financial
Corp.
4,754,855‌
41,800‌
Cullen/Frost
Bankers,
Inc.
5,729,944‌
92,200‌
CVS
Health
Corp.
6,621,804‌
82,300‌
Eastman
Chemical
Co.
6,281,136‌
15,500‌
Elevance
Health,
Inc.
4,537,625‌
114,600‌
Gaming
and
Leisure
Properties,
Inc.
REIT
5,084,802‌
21,067‌
General
Dynamics
Corp.
7,230,616‌
63,000‌
Gilead
Sciences,
Inc.
8,780,310‌
42,200‌
Ingredion,
Inc.
4,754,252‌
94,563‌
International
Bancshares
Corp.
6,363,144‌
23,549‌
JPMorgan
Chase
&
Co.
6,927,174‌
111,700‌
Lantheus
Holdings,
Inc.
(a)
8,472,445‌
148,100‌
LKQ
Corp.
4,349,697‌
25,800‌
M&T
Bank
Corp.
5,333,376‌
36,282‌
Marathon
Petroleum
Corp.
8,859,339‌
28,800‌
MKS,
Inc.
6,618,528‌
72,880‌
NextEra
Energy,
Inc.
6,769,094‌
228,700‌
SLM
Corp.
4,896,467‌
104,000‌
Tyson
Foods,
Inc.,
Class A
6,663,280‌
23,600‌
United
Therapeutics
Corp.
(a)
13,994,328‌
106,738‌
Webster
Financial
Corp.
7,409,752‌
92,400‌
Williams
Cos.,
Inc.
6,724,872‌
166,251,087‌
Total
Common
Stock
(Cost
$297,619,211)
491,905,878‌
Money
Market
Fund
-
3.9%
19,790,184‌
Northern
Institutional
Treasury
Portfolio
Premier
Shares,
3.52%
(c)
(Cost
$19,790,184)
19,790,184‌
Investments,
at
value
-
99.7%
(Cost
$317,409,395)
$
511,696,062‌
Other
Assets
&
Liabilities,
Net
-
0.3%
1,773,071‌
Net
Assets
-
100.0%
$
513,469,133‌
PJSC
Public
Joint
Stock
Company
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Trustees.
At
the
period
end,
the
value
of
these
securities
amounted
to
$387
or
0.0%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2026.
Polaris
Global
Value
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
MARCH
31,
2026
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
Belgium
$
2,468,549‌
$
–‌
$
–‌
$
2,468,549‌
Canada
3,062,276‌
–‌
–‌
3,062,276‌
Chile
6,776,259‌
–‌
–‌
6,776,259‌
China
10,072,747‌
–‌
–‌
10,072,747‌
France
31,805,937‌
–‌
–‌
31,805,937‌
Germany
29,219,197‌
–‌
–‌
29,219,197‌
Hong
Kong
6,241,580‌
–‌
–‌
6,241,580‌
Ireland
21,061,639‌
–‌
–‌
21,061,639‌
Italy
10,280,683‌
–‌
–‌
10,280,683‌
Japan
49,652,066‌
–‌
–‌
49,652,066‌
Netherlands
7,646,664‌
–‌
–‌
7,646,664‌
Norway
19,426,949‌
–‌
–‌
19,426,949‌
Puerto
Rico
8,224,621‌
–‌
–‌
8,224,621‌
Russia
–‌
–‌
387‌
387‌
Singapore
5,577,174‌
–‌
–‌
5,577,174‌
South
Korea
50,343,856‌
–‌
–‌
50,343,856‌
Spain
10,583,769‌
–‌
–‌
10,583,769‌
Sweden
11,430,773‌
–‌
–‌
11,430,773‌
Switzerland
14,403,822‌
–‌
–‌
14,403,822‌
Taiwan
3,808,011‌
–‌
–‌
3,808,011‌
United
Kingdom
23,567,832‌
–‌
–‌
23,567,832‌
United
States
166,251,087‌
–‌
–‌
166,251,087‌
Money
Market
Fund
19,790,184‌
–‌
–‌
19,790,184‌
Investments
at
Value
$
511,695,675‌
$
–‌
$
387‌
$
511,696,062‌
Common
Stock
Balance
as
of
12/31/25
$
398
Change
in
Unrealized
Appreciation/(Depreciation)
(11)
Balance
as
of
3/31/26
$
387
Net
change
in
unrealized
depreciation
from
investments
held
as
of
3/31/26
$
(11)