Forum Funds
02/12/2026 | Press release | Distributed by Public on 02/12/2026 10:19
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 June 30
Date of reporting period: July 1, 2025 - December 31, 2025
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.
DF Dent Premier Growth Fund
DFDPX
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Premier Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
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
|
|
DF Dent Premier Growth Fund
|
$50
|
0.99%
|
How did the Fund perform in the last six months?
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed its benchmark, the S&P 500 Index. The underperformance was influenced primarily by stock selection. The largest detractors were stock selection in Financials, Industrials, Health Care, and Information Technology (IT).
Within IT, our underweight of the largest technology names (The Mag 7), and Artificial Intelligence (AI) stocks broadly detracted from performance. Our Software holdings contributed to the underperformance, too, as investors questioned the impact AI would have on their business models. Notably, the Communication Services sector contributed positively to the portfolio's performance, as did an overweight in the Health Care sector and being underweight in Consumer Staples.
Despite the underperformance, we are encouraged that market breath improved throughout the year. While it came in fits and starts, there has been somewhat of a rotation away from the Magnificent 7 - only NVIDIA Corp. (NVDA) and Alphabet, Inc., Class C (GOOG) outperformed the S&P 500 Index in 2025 - and more recently in the fourth quarter of 2025 away from AI infrastructure companies.
Top Contributors
-
Alphabet, Inc., Class C
-
Thermo Fisher Scientific, Inc.
-
Monolithic Power Systems, Inc.
-
ASML Holding NV
-
Danaher Corp.
Top Detractors
-
Veeva Systems, Inc., Class A
-
ServiceNow, Inc.
-
Tyler Technologies, Inc.
-
Uber Technologies, Inc.
-
Intuit, Inc.
Total Return Based on a $10,000 Investment
|
Date
|
DF Dent Premier Growth Fund
|
S&P 500® Index
|
|
12/31/15
|
$10,000
|
$10,000
|
|
03/31/16
|
$9,769
|
$10,135
|
|
06/30/16
|
$9,915
|
$10,384
|
|
09/30/16
|
$10,463
|
$10,784
|
|
12/31/16
|
$10,243
|
$11,196
|
|
03/31/17
|
$11,027
|
$11,875
|
|
06/30/17
|
$11,960
|
$12,242
|
|
09/30/17
|
$12,718
|
$12,790
|
|
12/31/17
|
$13,504
|
$13,640
|
|
03/31/18
|
$14,286
|
$13,537
|
|
06/30/18
|
$14,946
|
$14,002
|
|
09/30/18
|
$16,170
|
$15,081
|
|
12/31/18
|
$13,755
|
$13,042
|
|
03/31/19
|
$16,485
|
$14,822
|
|
06/30/19
|
$18,106
|
$15,460
|
|
09/30/19
|
$18,328
|
$15,723
|
|
12/31/19
|
$19,656
|
$17,149
|
|
03/31/20
|
$16,661
|
$13,788
|
|
06/30/20
|
$21,151
|
$16,620
|
|
09/30/20
|
$22,542
|
$18,105
|
|
12/31/20
|
$25,224
|
$20,304
|
|
03/31/21
|
$25,129
|
$21,558
|
|
06/30/21
|
$27,699
|
$23,401
|
|
09/30/21
|
$27,877
|
$23,537
|
|
12/31/21
|
$29,543
|
$26,132
|
|
03/31/22
|
$26,358
|
$24,931
|
|
06/30/22
|
$21,316
|
$20,916
|
|
09/30/22
|
$19,987
|
$19,895
|
|
12/31/22
|
$21,256
|
$21,399
|
|
03/31/23
|
$22,885
|
$23,004
|
|
06/30/23
|
$24,573
|
$25,015
|
|
09/30/23
|
$23,268
|
$24,196
|
|
12/31/23
|
$26,446
|
$27,025
|
|
03/31/24
|
$28,925
|
$29,878
|
|
06/30/24
|
$28,474
|
$31,157
|
|
09/30/24
|
$30,809
|
$32,992
|
|
12/31/24
|
$30,323
|
$33,786
|
|
03/31/25
|
$29,359
|
$32,343
|
|
06/30/25
|
$31,907
|
$35,882
|
|
09/30/25
|
$32,789
|
$38,797
|
|
12/31/25
|
$32,400
|
$39,827
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
DF Dent Premier Growth Fund
|
6.85%
|
5.14%
|
12.47%
|
|
S&P 500®Index
|
17.88%
|
14.42%
|
14.82%
|
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
|
$220,532,634
|
|
# of Portfolio Holdings
|
39
|
|
Portfolio Turnover Rate
|
12%
|
|
Investment Advisory Fees (Net of fees waived)
|
$990,095
|
Top Ten Holdings
(% total investments)*
|
Alphabet, Inc., Class C
|
6.61%
|
|
Amazon.com, Inc.
|
6.54%
|
|
Microsoft Corp.
|
4.97%
|
|
Visa, Inc., Class A
|
4.92%
|
|
Mastercard, Inc., Class A
|
4.68%
|
|
HEICO Corp., Class A
|
4.29%
|
|
TransDigm Group, Inc.
|
3.73%
|
|
Danaher Corp.
|
3.08%
|
|
Uber Technologies, Inc.
|
3.03%
|
|
Monolithic Power Systems, Inc.
|
2.96%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Information Technology
|
27.9%
|
|
Financials
|
17.5%
|
|
Industrials
|
14.8%
|
|
Health Care
|
14.1%
|
|
Communication Services
|
8.0%
|
|
Materials
|
6.6%
|
|
Consumer Discretionary
|
6.6%
|
|
Real Estate
|
4.5%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Premier Growth Fund
DFDPX
Semi-Annual Shareholder Report - December 31, 2025
221S-DFDPX-25
DF Dent Midcap Growth Fund
DFDMX
: Investor Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$46
|
0.93%
|
How did the Fund perform in the last six months?
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.
The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.
The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.
While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.
Top Contributors
-
West Pharmaceutical Services, Inc.
-
Repligen Corp.
-
Monolithic Power Systems, Inc.
-
Medpace Holdings, Inc.
-
CBRE Group, Inc., Class A
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
Veeva Systems, Inc., Class A
-
Kinsale Capital Group, Inc.
-
CoStar Group, Inc.
-
Tyler Technologies, Inc.
Total Return Based on a $10,000 Investment
|
Date
|
Investor Shares
|
Russell 2500 Index
|
Russell Midcap Growth Index
|
|
12/31/15
|
$10,000
|
$10,000
|
$10,000
|
|
03/31/16
|
$9,980
|
$10,039
|
$10,058
|
|
06/30/16
|
$10,281
|
$10,398
|
$10,215
|
|
09/30/16
|
$10,716
|
$11,080
|
$10,684
|
|
12/31/16
|
$10,424
|
$11,759
|
$10,733
|
|
03/31/17
|
$11,127
|
$12,201
|
$11,473
|
|
06/30/17
|
$12,104
|
$12,461
|
$11,956
|
|
09/30/17
|
$12,801
|
$13,052
|
$12,588
|
|
12/31/17
|
$13,678
|
$13,736
|
$13,445
|
|
03/31/18
|
$14,397
|
$13,703
|
$13,737
|
|
06/30/18
|
$14,914
|
$14,485
|
$14,171
|
|
09/30/18
|
$16,022
|
$15,165
|
$15,244
|
|
12/31/18
|
$13,653
|
$12,362
|
$12,806
|
|
03/31/19
|
$16,264
|
$14,317
|
$15,319
|
|
06/30/19
|
$17,937
|
$14,741
|
$16,146
|
|
09/30/19
|
$18,097
|
$14,552
|
$16,038
|
|
12/31/19
|
$19,132
|
$15,794
|
$17,348
|
|
03/31/20
|
$16,295
|
$11,100
|
$13,872
|
|
06/30/20
|
$20,653
|
$14,049
|
$18,070
|
|
09/30/20
|
$21,619
|
$14,875
|
$19,763
|
|
12/31/20
|
$24,953
|
$18,952
|
$23,522
|
|
03/31/21
|
$24,616
|
$21,023
|
$23,389
|
|
06/30/21
|
$26,710
|
$22,167
|
$25,979
|
|
09/30/21
|
$26,900
|
$21,573
|
$25,781
|
|
12/31/21
|
$28,023
|
$22,398
|
$26,516
|
|
03/31/22
|
$24,234
|
$21,095
|
$23,180
|
|
06/30/22
|
$19,506
|
$17,513
|
$18,296
|
|
09/30/22
|
$18,205
|
$17,019
|
$18,176
|
|
12/31/22
|
$19,470
|
$18,284
|
$19,431
|
|
03/31/23
|
$21,147
|
$18,903
|
$21,206
|
|
06/30/23
|
$22,420
|
$19,891
|
$22,528
|
|
09/30/23
|
$21,118
|
$18,940
|
$21,351
|
|
12/31/23
|
$23,931
|
$21,469
|
$24,457
|
|
03/31/24
|
$25,753
|
$22,955
|
$26,779
|
|
06/30/24
|
$24,104
|
$21,973
|
$25,919
|
|
09/30/24
|
$26,656
|
$23,896
|
$27,614
|
|
12/31/24
|
$26,599
|
$24,044
|
$29,863
|
|
03/31/25
|
$26,092
|
$22,241
|
$27,736
|
|
06/30/25
|
$27,372
|
$24,150
|
$32,785
|
|
09/30/25
|
$28,102
|
$26,324
|
$33,696
|
|
12/31/25
|
$26,729
|
$26,907
|
$32,448
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Investor Shares
|
0.49%
|
1.38%
|
10.33%
|
|
Russell 2500 Index
|
11.91%
|
7.26%
|
10.40%
|
|
Russell Midcap Growth Index
|
8.66%
|
6.65%
|
12.49%
|
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
|
$324,749,144
|
|
# of Portfolio Holdings
|
37
|
|
Portfolio Turnover Rate
|
19%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,258,486
|
Top Ten Holdings
(% total investments)*
|
HEICO Corp., Class A
|
5.25%
|
|
Vulcan Materials Co.
|
5.18%
|
|
Ecolab, Inc.
|
5.10%
|
|
CoStar Group, Inc.
|
4.10%
|
|
Veralto Corp.
|
4.08%
|
|
Bio-Techne Corp.
|
3.89%
|
|
CBRE Group, Inc., Class A
|
3.89%
|
|
Kinsale Capital Group, Inc.
|
3.89%
|
|
Veeva Systems, Inc., Class A
|
3.79%
|
|
TransDigm Group, Inc.
|
3.71%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
23.8%
|
|
Information Technology
|
23.0%
|
|
Financials
|
17.2%
|
|
Health Care
|
15.9%
|
|
Materials
|
10.3%
|
|
Real Estate
|
8.0%
|
|
Consumer Discretionary
|
1.8%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Midcap Growth Fund
DFDMX
: Investor Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFDMX-25
DF Dent Midcap Growth Fund
DFMGX
: Institutional Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$42
|
0.85%
|
How did the Fund perform in the last six months?
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.
The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.
The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.
While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.
Top Contributors
-
West Pharmaceutical Services, Inc.
-
Repligen Corp.
-
Monolithic Power Systems, Inc.
-
Medpace Holdings, Inc.
-
CBRE Group, Inc., Class A
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
Veeva Systems, Inc., Class A
-
Kinsale Capital Group, Inc.
-
CoStar Group, Inc.
-
Tyler Technologies, Inc.
Total Return Based on a $500,000 Investment
|
Date
|
Institutional SharesFootnote Reference1
|
Russell 2500 Index
|
Russell Midcap Growth Index
|
|
12/31/15
|
$500,000
|
$500,000
|
$500,000
|
|
3/31/16
|
$498,997
|
$501,965
|
$502,895
|
|
6/30/16
|
$514,047
|
$519,897
|
$510,753
|
|
9/30/16
|
$535,786
|
$554,017
|
$534,206
|
|
12/31/16
|
$521,194
|
$587,946
|
$536,643
|
|
3/31/17
|
$556,342
|
$610,030
|
$573,640
|
|
6/30/17
|
$605,215
|
$623,051
|
$597,820
|
|
9/30/17
|
$640,028
|
$652,594
|
$629,402
|
|
12/31/17
|
$683,908
|
$686,782
|
$672,240
|
|
3/31/18
|
$719,833
|
$685,140
|
$686,858
|
|
6/30/18
|
$746,021
|
$724,254
|
$708,545
|
|
9/30/18
|
$801,754
|
$758,267
|
$762,214
|
|
12/31/18
|
$683,300
|
$618,091
|
$640,305
|
|
3/31/19
|
$814,197
|
$715,858
|
$765,940
|
|
6/30/19
|
$898,568
|
$737,053
|
$807,314
|
|
9/30/19
|
$906,553
|
$727,602
|
$801,877
|
|
12/31/19
|
$959,018
|
$789,710
|
$867,420
|
|
3/31/20
|
$817,162
|
$554,994
|
$693,589
|
|
6/30/20
|
$1,035,725
|
$702,427
|
$903,475
|
|
9/30/20
|
$1,084,762
|
$743,747
|
$988,164
|
|
12/31/20
|
$1,252,152
|
$947,600
|
$1,176,104
|
|
3/31/21
|
$1,235,288
|
$1,051,162
|
$1,169,456
|
|
6/30/21
|
$1,340,337
|
$1,108,368
|
$1,298,939
|
|
9/30/21
|
$1,350,175
|
$1,078,644
|
$1,289,068
|
|
12/31/21
|
$1,406,325
|
$1,119,892
|
$1,325,801
|
|
3/31/22
|
$1,216,213
|
$1,054,749
|
$1,159,011
|
|
6/30/22
|
$979,115
|
$875,642
|
$914,787
|
|
9/30/22
|
$913,696
|
$850,970
|
$908,813
|
|
12/31/22
|
$977,308
|
$914,177
|
$971,534
|
|
3/31/23
|
$1,061,521
|
$945,170
|
$1,060,293
|
|
6/30/23
|
$1,125,494
|
$994,555
|
$1,126,395
|
|
9/30/23
|
$1,060,075
|
$946,994
|
$1,067,552
|
|
12/31/23
|
$1,201,756
|
$1,073,456
|
$1,222,840
|
|
3/31/24
|
$1,293,198
|
$1,147,734
|
$1,338,967
|
|
6/30/24
|
$1,210,792
|
$1,098,673
|
$1,295,942
|
|
9/30/24
|
$1,338,738
|
$1,194,792
|
$1,380,713
|
|
12/31/24
|
$1,335,847
|
$1,202,218
|
$1,493,125
|
|
3/31/25
|
$1,310,908
|
$1,112,035
|
$1,386,812
|
|
6/30/25
|
$1,375,604
|
$1,207,510
|
$1,639,237
|
|
9/30/25
|
$1,412,831
|
$1,316,185
|
$1,684,797
|
|
12/31/25
|
$1,344,159
|
$1,345,370
|
$1,622,385
|
| Footnote | Description |
|
Footnote1
|
Institutional Shares commenced operations on November 29, 2017. Performance for the periods prior to November 29, 2017 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |
The above chart represents historical performance of a hypothetical $500,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional SharesFootnote Reference1
|
0.62%
|
1.43%
|
10.39%
|
|
Russell 2500 Index
|
11.91%
|
7.26%
|
10.40%
|
|
Russell Midcap Growth Index
|
8.66%
|
6.65%
|
12.49%
|
| Footnote | Description |
|
Footnote1
|
Institutional Shares commenced operations on November 29, 2017. Performance for the 10 year period is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |
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
|
$324,749,144
|
|
# of Portfolio Holdings
|
37
|
|
Portfolio Turnover Rate
|
19%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,258,486
|
Top Ten Holdings
(% total investments)*
|
HEICO Corp., Class A
|
5.25%
|
|
Vulcan Materials Co.
|
5.18%
|
|
Ecolab, Inc.
|
5.10%
|
|
CoStar Group, Inc.
|
4.10%
|
|
Veralto Corp.
|
4.08%
|
|
Bio-Techne Corp.
|
3.89%
|
|
CBRE Group, Inc., Class A
|
3.89%
|
|
Kinsale Capital Group, Inc.
|
3.89%
|
|
Veeva Systems, Inc., Class A
|
3.79%
|
|
TransDigm Group, Inc.
|
3.71%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
23.8%
|
|
Information Technology
|
23.0%
|
|
Financials
|
17.2%
|
|
Health Care
|
15.9%
|
|
Materials
|
10.3%
|
|
Real Estate
|
8.0%
|
|
Consumer Discretionary
|
1.8%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Midcap Growth Fund
DFMGX
: Institutional Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFMGX-25
DF Dent Midcap Growth Fund
DFMLX
: Institutional Plus Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Plus Shares
|
$39
|
0.79%
|
How did the Fund perform in the last six months?
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.
The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.
The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.
While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.
Top Contributors
-
West Pharmaceutical Services, Inc.
-
Repligen Corp.
-
Monolithic Power Systems, Inc.
-
Medpace Holdings, Inc.
-
CBRE Group, Inc., Class A
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
Veeva Systems, Inc., Class A
-
Kinsale Capital Group, Inc.
-
CoStar Group, Inc.
-
Tyler Technologies, Inc.
Total Return Based on a $100,000,000 Investment
|
Date
|
Institutional Plus SharesFootnote Reference1
|
Russell 2500 Index
|
Russell Midcap Growth Index
|
|
12/31/15
|
$100,000,000
|
$100,000,000
|
$100,000,000
|
|
3/31/16
|
$99,799,331
|
$100,392,942
|
$100,578,926
|
|
6/30/16
|
$102,809,365
|
$103,979,477
|
$102,150,568
|
|
9/30/16
|
$107,157,191
|
$110,803,404
|
$106,841,294
|
|
12/31/16
|
$104,238,851
|
$117,589,163
|
$107,328,635
|
|
3/31/17
|
$111,268,446
|
$122,006,007
|
$114,727,976
|
|
6/30/17
|
$121,042,931
|
$124,610,186
|
$119,563,907
|
|
9/30/17
|
$128,005,577
|
$130,518,709
|
$125,880,371
|
|
12/31/17
|
$136,781,660
|
$137,356,401
|
$134,448,003
|
|
3/31/18
|
$143,966,558
|
$137,028,094
|
$137,371,604
|
|
6/30/18
|
$149,136,999
|
$144,850,707
|
$141,709,018
|
|
9/30/18
|
$160,216,515
|
$151,653,485
|
$152,442,878
|
|
12/31/18
|
$136,525,626
|
$123,618,133
|
$128,061,072
|
|
3/31/19
|
$162,636,325
|
$143,171,505
|
$153,187,937
|
|
6/30/19
|
$179,372,173
|
$147,410,649
|
$161,462,880
|
|
9/30/19
|
$180,969,370
|
$145,520,398
|
$160,375,400
|
|
12/31/19
|
$191,323,165
|
$157,942,060
|
$173,483,949
|
|
3/31/20
|
$162,950,451
|
$110,998,811
|
$138,717,821
|
|
6/30/20
|
$206,525,335
|
$140,485,421
|
$180,695,091
|
|
9/30/20
|
$216,193,075
|
$148,749,468
|
$197,632,714
|
|
12/31/20
|
$249,532,903
|
$189,520,085
|
$235,220,775
|
|
3/31/21
|
$246,159,887
|
$210,232,324
|
$233,891,190
|
|
6/30/21
|
$267,100,694
|
$221,673,508
|
$259,787,885
|
|
9/30/21
|
$268,998,016
|
$215,728,820
|
$257,813,652
|
|
12/31/21
|
$280,184,145
|
$223,978,476
|
$265,160,177
|
|
3/31/22
|
$242,307,799
|
$210,949,756
|
$231,802,169
|
|
6/30/22
|
$195,142,388
|
$175,128,332
|
$182,957,364
|
|
9/30/22
|
$182,180,901
|
$170,193,906
|
$181,762,688
|
|
12/31/22
|
$194,854,355
|
$182,835,377
|
$194,306,878
|
|
3/31/23
|
$211,704,288
|
$189,034,038
|
$212,058,557
|
|
6/30/23
|
$224,449,751
|
$198,910,962
|
$225,278,905
|
|
9/30/23
|
$211,416,255
|
$189,398,886
|
$213,510,380
|
|
12/31/23
|
$239,715,502
|
$214,691,278
|
$244,567,917
|
|
3/31/24
|
$258,005,600
|
$229,546,803
|
$267,793,437
|
|
6/30/24
|
$241,587,717
|
$219,734,576
|
$259,188,317
|
|
9/30/24
|
$267,366,674
|
$238,958,391
|
$276,142,644
|
|
12/31/24
|
$266,862,616
|
$240,443,562
|
$298,625,003
|
|
3/31/25
|
$261,894,046
|
$222,407,083
|
$277,362,422
|
|
6/30/25
|
$274,855,533
|
$241,502,065
|
$327,847,391
|
|
9/30/25
|
$282,272,384
|
$263,237,079
|
$336,959,309
|
|
12/31/25
|
$268,590,815
|
$269,074,083
|
$324,476,950
|
| Footnote | Description |
|
Footnote1
|
Institutional Plus Shares commenced operations on December 3, 2021. Performance for the periods prior to December 3, 2021 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |
The above chart represents historical performance of a hypothetical $100,000,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional Plus SharesFootnote Reference1
|
0.65%
|
1.48%
|
10.38%
|
|
Russell 2500 Index
|
11.91%
|
7.26%
|
10.40%
|
|
Russell Midcap Growth Index
|
8.66%
|
6.65%
|
12.49%
|
| Footnote | Description |
|
Footnote1
|
Institutional Plus Shares commenced operations on December 3, 2021. Performance for the 5 year and 10 year periods is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |
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
|
$324,749,144
|
|
# of Portfolio Holdings
|
37
|
|
Portfolio Turnover Rate
|
19%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,258,486
|
Top Ten Holdings
(% total investments)*
|
HEICO Corp., Class A
|
5.25%
|
|
Vulcan Materials Co.
|
5.18%
|
|
Ecolab, Inc.
|
5.10%
|
|
CoStar Group, Inc.
|
4.10%
|
|
Veralto Corp.
|
4.08%
|
|
Bio-Techne Corp.
|
3.89%
|
|
CBRE Group, Inc., Class A
|
3.89%
|
|
Kinsale Capital Group, Inc.
|
3.89%
|
|
Veeva Systems, Inc., Class A
|
3.79%
|
|
TransDigm Group, Inc.
|
3.71%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
23.8%
|
|
Information Technology
|
23.0%
|
|
Financials
|
17.2%
|
|
Health Care
|
15.9%
|
|
Materials
|
10.3%
|
|
Real Estate
|
8.0%
|
|
Consumer Discretionary
|
1.8%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Midcap Growth Fund
DFMLX
: Institutional Plus Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFMLX-25
DF Dent Small Cap Growth Fund
DFDSX
: Investor Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$53
|
1.05%
|
How did the Fund perform in the last six months?
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.
The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.
The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.
During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.
At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.
Top Contributors
-
Perimeter Solutions, Inc.
-
Medpace Holdings, Inc.
-
Repligen Corp.
-
RBC Bearings, Inc.
-
Bio-Techne Corp.
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
SPS Commerce, Inc.
-
Morningstar, Inc.
-
Kinsale Capital Group, Inc.
-
Floor & Decor Holdings, Inc., Class A
Total Return Based on a $10,000 Investment
|
Date
|
Investor Shares
|
Russell 2000® Index
|
Russell 2000 Growth Index
|
|
12/31/15
|
$10,000
|
$10,000
|
$10,000
|
|
03/31/16
|
$9,925
|
$9,848
|
$9,532
|
|
06/30/16
|
$10,799
|
$10,222
|
$9,841
|
|
09/30/16
|
$11,513
|
$11,146
|
$10,748
|
|
12/31/16
|
$11,645
|
$12,131
|
$11,132
|
|
03/31/17
|
$11,889
|
$12,430
|
$11,727
|
|
06/30/17
|
$12,491
|
$12,736
|
$12,242
|
|
09/30/17
|
$13,026
|
$13,458
|
$13,003
|
|
12/31/17
|
$13,459
|
$13,908
|
$13,599
|
|
03/31/18
|
$13,900
|
$13,896
|
$13,912
|
|
06/30/18
|
$15,009
|
$14,973
|
$14,918
|
|
09/30/18
|
$16,325
|
$15,509
|
$15,742
|
|
12/31/18
|
$13,254
|
$12,376
|
$12,334
|
|
03/31/19
|
$15,515
|
$14,181
|
$14,448
|
|
06/30/19
|
$17,262
|
$14,478
|
$14,845
|
|
09/30/19
|
$16,676
|
$14,130
|
$14,226
|
|
12/31/19
|
$18,071
|
$15,535
|
$15,847
|
|
03/31/20
|
$14,403
|
$10,779
|
$11,764
|
|
06/30/20
|
$18,829
|
$13,519
|
$15,362
|
|
09/30/20
|
$20,017
|
$14,185
|
$16,461
|
|
12/31/20
|
$24,338
|
$18,636
|
$21,335
|
|
03/31/21
|
$24,370
|
$21,002
|
$22,375
|
|
06/30/21
|
$26,096
|
$21,904
|
$23,251
|
|
09/30/21
|
$26,358
|
$20,949
|
$21,937
|
|
12/31/21
|
$27,887
|
$21,397
|
$21,939
|
|
03/31/22
|
$23,463
|
$19,787
|
$19,169
|
|
06/30/22
|
$19,488
|
$16,385
|
$15,478
|
|
09/30/22
|
$18,663
|
$16,026
|
$15,516
|
|
12/31/22
|
$19,434
|
$17,024
|
$16,157
|
|
03/31/23
|
$21,116
|
$17,491
|
$17,138
|
|
06/30/23
|
$22,241
|
$18,401
|
$18,347
|
|
09/30/23
|
$21,534
|
$17,457
|
$17,004
|
|
12/31/23
|
$23,763
|
$19,906
|
$19,171
|
|
03/31/24
|
$25,734
|
$20,938
|
$20,625
|
|
06/30/24
|
$23,880
|
$20,251
|
$20,023
|
|
09/30/24
|
$26,752
|
$22,129
|
$21,707
|
|
12/31/24
|
$26,355
|
$22,203
|
$22,077
|
|
03/31/25
|
$24,373
|
$20,099
|
$19,623
|
|
06/30/25
|
$25,520
|
$21,807
|
$21,971
|
|
09/30/25
|
$25,562
|
$24,510
|
$24,650
|
|
12/31/25
|
$25,498
|
$25,047
|
$24,949
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Investor Shares
|
-3.25%
|
0.94%
|
9.81%
|
|
Russell 2000®Index
|
12.81%
|
6.09%
|
9.62%
|
|
Russell 2000 Growth Index
|
13.01%
|
3.18%
|
9.57%
|
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
|
$168,351,770
|
|
# of Portfolio Holdings
|
46
|
|
Portfolio Turnover Rate
|
24%
|
|
Investment Advisory Fees (Net of fees waived)
|
$654,962
|
Top Ten Holdings
(% total investments)*
|
Perimeter Solutions, Inc.
|
6.35%
|
|
RBC Bearings, Inc.
|
3.90%
|
|
Repligen Corp.
|
3.84%
|
|
HEICO Corp., Class A
|
3.62%
|
|
Hamilton Lane, Inc., Class A
|
3.46%
|
|
Hayward Holdings, Inc.
|
3.22%
|
|
Novanta, Inc.
|
3.12%
|
|
Casella Waste Systems, Inc.
|
3.12%
|
|
The Descartes Systems Group, Inc.
|
2.97%
|
|
Appfolio, Inc.
|
2.91%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
32.2%
|
|
Information Technology
|
27.5%
|
|
Health Care
|
14.6%
|
|
Financials
|
10.1%
|
|
Materials
|
8.3%
|
|
Consumer Discretionary
|
3.8%
|
|
Real Estate
|
2.0%
|
|
Consumer Staples
|
1.5%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Small Cap Growth Fund
DFDSX
: Investor Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFDSX-25
DF Dent Small Cap Growth Fund
DFSGX
: Institutional Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$48
|
0.95%
|
How did the Fund perform in the last six months?
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.
The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.
The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.
During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.
At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.
Top Contributors
-
Perimeter Solutions, Inc.
-
Medpace Holdings, Inc.
-
Repligen Corp.
-
RBC Bearings, Inc.
-
Bio-Techne Corp.
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
SPS Commerce, Inc.
-
Morningstar, Inc.
-
Kinsale Capital Group, Inc.
-
Floor & Decor Holdings, Inc., Class A
Total Return Based on a $500,000 Investment
|
Date
|
Institutional SharesFootnote Reference1
|
Russell 2000® Index
|
Russell 2000 Growth Index
|
|
12/31/15
|
$500,000
|
$500,000
|
$500,000
|
|
3/31/16
|
$496,241
|
$492,407
|
$476,585
|
|
6/30/16
|
$539,944
|
$511,079
|
$492,031
|
|
9/30/16
|
$575,658
|
$557,310
|
$537,404
|
|
12/31/16
|
$582,237
|
$606,540
|
$556,590
|
|
3/31/17
|
$594,455
|
$621,497
|
$586,361
|
|
6/30/17
|
$624,530
|
$636,808
|
$612,095
|
|
9/30/17
|
$651,316
|
$672,905
|
$650,157
|
|
12/31/17
|
$672,932
|
$695,382
|
$679,968
|
|
3/31/18
|
$695,489
|
$694,796
|
$695,603
|
|
6/30/18
|
$750,470
|
$748,669
|
$745,913
|
|
9/30/18
|
$817,199
|
$775,444
|
$787,111
|
|
12/31/18
|
$663,180
|
$618,792
|
$616,677
|
|
3/31/19
|
$776,739
|
$709,038
|
$722,405
|
|
6/30/19
|
$864,557
|
$723,892
|
$742,257
|
|
9/30/19
|
$835,284
|
$706,513
|
$711,282
|
|
12/31/19
|
$905,521
|
$776,739
|
$792,327
|
|
3/31/20
|
$721,651
|
$538,942
|
$588,185
|
|
6/30/20
|
$943,422
|
$675,934
|
$768,076
|
|
9/30/20
|
$1,003,346
|
$709,270
|
$823,055
|
|
12/31/20
|
$1,220,419
|
$931,782
|
$1,066,729
|
|
3/31/21
|
$1,222,511
|
$1,050,110
|
$1,118,735
|
|
6/30/21
|
$1,309,348
|
$1,095,186
|
$1,162,561
|
|
9/30/21
|
$1,322,426
|
$1,047,432
|
$1,096,846
|
|
12/31/21
|
$1,399,942
|
$1,069,862
|
$1,096,968
|
|
3/31/22
|
$1,177,686
|
$989,347
|
$958,450
|
|
6/30/22
|
$978,460
|
$819,227
|
$773,907
|
|
9/30/22
|
$937,222
|
$801,309
|
$775,779
|
|
12/31/22
|
$976,317
|
$851,221
|
$807,835
|
|
3/31/23
|
$1,060,935
|
$874,525
|
$856,893
|
|
6/30/23
|
$1,117,704
|
$920,047
|
$917,325
|
|
9/30/23
|
$1,082,357
|
$872,866
|
$850,190
|
|
12/31/23
|
$1,194,824
|
$995,323
|
$958,565
|
|
3/31/24
|
$1,294,437
|
$1,046,882
|
$1,031,241
|
|
6/30/24
|
$1,201,251
|
$1,012,568
|
$1,001,138
|
|
9/30/24
|
$1,346,386
|
$1,106,462
|
$1,085,334
|
|
12/31/24
|
$1,327,106
|
$1,110,162
|
$1,103,828
|
|
3/31/25
|
$1,227,493
|
$1,004,930
|
$981,129
|
|
6/30/25
|
$1,285,333
|
$1,090,346
|
$1,098,527
|
|
9/30/25
|
$1,287,475
|
$1,225,491
|
$1,232,479
|
|
12/31/25
|
$1,284,797
|
$1,252,340
|
$1,247,466
|
| Footnote | Description |
|
Footnote1
|
Institutional Shares commenced operations on November 20, 2017. Performance for the periods prior to November 20, 2017 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |
The above chart represents historical performance of a hypothetical $500,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional SharesFootnote Reference1
|
-3.19%
|
1.03%
|
9.90%
|
|
Russell 2000®Index
|
12.81%
|
6.09%
|
9.62%
|
|
Russell 2000 Growth Index
|
13.01%
|
3.18%
|
9.57%
|
| Footnote | Description |
|
Footnote1
|
Institutional Shares commenced operations on November 20, 2017. Performance for the 10 year period is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |
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
|
$168,351,770
|
|
# of Portfolio Holdings
|
46
|
|
Portfolio Turnover Rate
|
24%
|
|
Investment Advisory Fees (Net of fees waived)
|
$654,962
|
Top Ten Holdings
(% total investments)*
|
Perimeter Solutions, Inc.
|
6.35%
|
|
RBC Bearings, Inc.
|
3.90%
|
|
Repligen Corp.
|
3.84%
|
|
HEICO Corp., Class A
|
3.62%
|
|
Hamilton Lane, Inc., Class A
|
3.46%
|
|
Hayward Holdings, Inc.
|
3.22%
|
|
Novanta, Inc.
|
3.12%
|
|
Casella Waste Systems, Inc.
|
3.12%
|
|
The Descartes Systems Group, Inc.
|
2.97%
|
|
Appfolio, Inc.
|
2.91%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
32.2%
|
|
Information Technology
|
27.5%
|
|
Health Care
|
14.6%
|
|
Financials
|
10.1%
|
|
Materials
|
8.3%
|
|
Consumer Discretionary
|
3.8%
|
|
Real Estate
|
2.0%
|
|
Consumer Staples
|
1.5%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Small Cap Growth Fund
DFSGX
: Institutional Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFSGX-25
DF Dent Small Cap Growth Fund
DFSLX
: Institutional Plus Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Plus Shares
|
$43
|
0.85%
|
How did the Fund perform in the last six months?
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.
The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.
The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.
During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.
At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.
Top Contributors
-
Perimeter Solutions, Inc.
-
Medpace Holdings, Inc.
-
Repligen Corp.
-
RBC Bearings, Inc.
-
Bio-Techne Corp.
Top Detractors
-
Goosehead Insurance, Inc., Class A
-
SPS Commerce, Inc.
-
Morningstar, Inc.
-
Kinsale Capital Group, Inc.
-
Floor & Decor Holdings, Inc., Class A
Total Return Based on a $100,000,000 Investment
|
Date
|
Institutional Plus SharesFootnote Reference1
|
Russell 2000® Index
|
Russell 2000 Growth Index
|
|
12/31/15
|
$100,000,000
|
$100,000,000
|
$100,000,000
|
|
3/31/16
|
$99,248,120
|
$98,481,498
|
$95,317,047
|
|
6/30/16
|
$107,988,722
|
$102,215,709
|
$98,406,269
|
|
9/30/16
|
$115,131,579
|
$111,462,037
|
$107,480,731
|
|
12/31/16
|
$116,447,368
|
$121,307,996
|
$111,318,005
|
|
3/31/17
|
$118,890,977
|
$124,299,341
|
$117,272,136
|
|
6/30/17
|
$124,906,015
|
$127,361,567
|
$122,419,065
|
|
9/30/17
|
$130,263,158
|
$134,581,077
|
$130,031,396
|
|
12/31/17
|
$134,586,466
|
$139,076,380
|
$135,993,508
|
|
3/31/18
|
$139,003,759
|
$138,959,252
|
$139,120,532
|
|
6/30/18
|
$150,093,985
|
$149,733,747
|
$149,182,586
|
|
9/30/18
|
$163,251,880
|
$155,088,730
|
$157,422,299
|
|
12/31/18
|
$132,541,960
|
$123,758,494
|
$123,335,332
|
|
3/31/19
|
$155,153,841
|
$141,807,510
|
$144,481,009
|
|
6/30/19
|
$172,617,481
|
$144,778,475
|
$148,451,398
|
|
9/30/19
|
$166,762,619
|
$141,302,620
|
$142,256,376
|
|
12/31/19
|
$180,708,423
|
$155,347,729
|
$158,465,500
|
|
3/31/20
|
$144,034,038
|
$107,788,433
|
$117,636,952
|
|
6/30/20
|
$188,289,161
|
$135,186,747
|
$153,615,274
|
|
9/30/20
|
$200,172,482
|
$141,854,052
|
$164,611,013
|
|
12/31/20
|
$243,383,742
|
$186,356,498
|
$213,345,832
|
|
3/31/21
|
$243,697,650
|
$210,021,964
|
$223,746,935
|
|
6/30/21
|
$260,962,619
|
$219,037,239
|
$232,512,147
|
|
9/30/21
|
$263,578,523
|
$209,486,401
|
$219,369,139
|
|
12/31/21
|
$278,873,097
|
$213,972,498
|
$219,393,699
|
|
3/31/22
|
$234,626,232
|
$197,869,348
|
$191,689,964
|
|
6/30/22
|
$194,879,049
|
$163,845,374
|
$154,781,356
|
|
9/30/22
|
$186,629,633
|
$160,261,761
|
$155,155,710
|
|
12/31/22
|
$194,343,372
|
$170,244,142
|
$161,567,022
|
|
3/31/23
|
$211,163,609
|
$174,905,084
|
$171,378,504
|
|
6/30/23
|
$222,412,812
|
$184,009,375
|
$183,465,029
|
|
9/30/23
|
$215,341,884
|
$174,573,161
|
$170,037,904
|
|
12/31/23
|
$237,626,020
|
$199,064,560
|
$191,712,928
|
|
3/31/24
|
$257,338,909
|
$209,376,306
|
$206,248,235
|
|
6/30/24
|
$238,804,508
|
$202,513,592
|
$200,227,568
|
|
9/30/24
|
$267,516,759
|
$221,292,347
|
$217,066,856
|
|
12/31/24
|
$263,552,754
|
$222,032,450
|
$220,765,572
|
|
3/31/25
|
$243,728,349
|
$200,986,069
|
$196,225,783
|
|
6/30/25
|
$255,319,269
|
$218,069,213
|
$219,705,404
|
|
9/30/25
|
$255,850,963
|
$245,098,285
|
$246,495,716
|
|
12/31/25
|
$255,319,269
|
$250,467,904
|
$249,493,248
|
| Footnote | Description |
|
Footnote1
|
Institutional Plus Shares commenced operations on February 25, 2025. Performance for the periods prior to February 25, 2025 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |
The above chart represents historical performance of a hypothetical $100,000,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.
Average Annual Total Returns
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional Plus SharesFootnote Reference1
|
-3.12%
|
0.96%
|
9.83%
|
|
Russell 2000®Index
|
12.81%
|
6.09%
|
9.62%
|
|
Russell 2000 Growth Index
|
13.01%
|
3.18%
|
9.57%
|
| Footnote | Description |
|
Footnote1
|
Institutional Plus Shares commenced operations on February 25, 2025. Performance for the 1 year, 5 year and 10 year periods is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |
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
|
$168,351,770
|
|
# of Portfolio Holdings
|
46
|
|
Portfolio Turnover Rate
|
24%
|
|
Investment Advisory Fees (Net of fees waived)
|
$654,962
|
Top Ten Holdings
(% total investments)*
|
Perimeter Solutions, Inc.
|
6.35%
|
|
RBC Bearings, Inc.
|
3.90%
|
|
Repligen Corp.
|
3.84%
|
|
HEICO Corp., Class A
|
3.62%
|
|
Hamilton Lane, Inc., Class A
|
3.46%
|
|
Hayward Holdings, Inc.
|
3.22%
|
|
Novanta, Inc.
|
3.12%
|
|
Casella Waste Systems, Inc.
|
3.12%
|
|
The Descartes Systems Group, Inc.
|
2.97%
|
|
Appfolio, Inc.
|
2.91%
|
* excluding cash equivalents
Sector Weightings
(% total investments)*
|
Value
|
Value
|
|
Industrials
|
32.2%
|
|
Information Technology
|
27.5%
|
|
Health Care
|
14.6%
|
|
Financials
|
10.1%
|
|
Materials
|
8.3%
|
|
Consumer Discretionary
|
3.8%
|
|
Real Estate
|
2.0%
|
|
Consumer Staples
|
1.5%
|
* excluding cash equivalents
Where can I find additional information about the fund?
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:
-
prospectus
-
financial information
-
holdings
-
proxy voting information
DF Dent Small Cap Growth Fund
DFSLX
: Institutional Plus Shares
Semi-Annual Shareholder Report - December 31, 2025
221S-DFSLX-25
(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
(Unaudited)
DECEMBER
31,
2025
DF
DENT
GROWTH
FUNDS
TABLE
OF
CONTENTS
DECEMBER
31,
2025
DF
Dent
Premier
Growth
Fund
Schedule
of
Investments
1
Statement
of
Assets
and
Liabilities
3
Statement
of
Operations
4
Statements
of
Changes
in
Net
Assets
5
Financial
Highlights
6
DF
Dent
Midcap
Growth
Fund
Schedule
of
Investments
7
Statement
of
Assets
and
Liabilities
9
Statement
of
Operations
10
Statements
of
Changes
in
Net
Assets
11
Financial
Highlights
12
DF
Dent
Small
Cap
Growth
Fund
Schedule
of
Investments
15
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
20
DF
Dent
Growth
Funds
Notes
to
Financial
Statements
23
Other
Information
30
1
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
December
31,
2025.
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.
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
Shares
Security
Description
Value
Common
Stock
-
100.1%
Communication
Services
-
8.0%
46,477
Alphabet,
Inc.,
Class C
$
14,584,483
33,145
Netflix,
Inc.
(a)
3,107,675
17,692,158
Consumer
Discretionary
-
6.6%
62,581
Amazon.com,
Inc.
(a)
14,444,946
Financials
-
17.5%
10,198
Kinsale
Capital
Group,
Inc.
3,988,642
18,097
Mastercard,
Inc.,
Class A
10,331,215
11,000
Moody's
Corp.
5,619,350
4,982
MSCI,
Inc.
2,858,323
9,494
S&P
Global,
Inc.
(a)
4,961,469
30,967
Visa,
Inc.,
Class A
10,860,437
38,619,436
Health
Care
-
14.1%
61,500
Bio-Techne
Corp.
3,616,815
29,697
Danaher
Corp.
6,798,237
9,820
Intuitive
Surgical,
Inc.
(a)
5,561,655
9,750
Thermo
Fisher
Scientific,
Inc.
5,649,638
26,627
Veeva
Systems,
Inc.,
Class A
(a)
5,943,945
13,078
West
Pharmaceutical
Services,
Inc.
3,598,281
31,168,571
Industrials
-
14.8%
20,731
Booz
Allen
Hamilton
Holding
Corp.
1,748,867
28,000
Copart,
Inc.
(a)
1,096,200
37,492
HEICO
Corp.,
Class A
9,464,105
6,195
TransDigm
Group,
Inc.
(a)
8,238,421
81,952
Uber
Technologies,
Inc.
(a)
6,696,298
31,277
Waste
Connections,
Inc.
5,484,735
32,728,626
Information
Technology
-
28.0%
16,880
Apple,
Inc.
4,588,997
4,044
ASML
Holding
NV
4,326,514
19,715
Cadence
Design
Systems,
Inc.
(a)
6,162,515
21,224
Guidewire
Software,
Inc.
(a)
4,266,236
7,548
Intuit,
Inc.
4,999,946
13,845
Manhattan
Associates,
Inc.
(a)
2,399,477
22,682
Microsoft
Corp.
10,969,469
7,198
Monolithic
Power
Systems,
Inc.
6,523,979
10,196
Motorola
Solutions,
Inc.
3,908,331
62,572
Procore
Technologies,
Inc.
(a)
4,551,487
30,760
ServiceNow,
Inc.
(a)
4,712,124
9,363
Tyler
Technologies,
Inc.
(a)
4,250,334
61,659,409
Shares
Security
Description
Value
Materials
-
6.6%
14,535
Ecolab,
Inc.
$
3,815,728
13,216
The
Sherwin-Williams
Co.
4,282,381
22,732
Vulcan
Materials
Co.
6,483,621
14,581,730
Real
Estate
-
4.5%
39,190
CBRE
Group,
Inc.,
Class A
(a)
6,301,360
51,990
CoStar
Group,
Inc.
(a)
3,495,808
9,797,168
Total
Common
Stock
(Cost
$104,848,574)
220,692,044
Money
Market
Fund
-
0.1%
334,836
First
American
Treasury
Obligations
Fund,
Class X,
3.66%
(b)
(Cost
$334,836)
334,836
Investments,
at
value
-
100.2%
(Cost
$105,183,410)
$
221,026,880
Other
Assets
&
Liabilities,
Net
-
(0.2)%
(494,246)
Net
Assets
-
100.0%
$
220,532,634
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2025.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
221,026,880
Level
2
-
Other
Significant
Observable
Inputs
-
Level
3
-
Significant
Unobservable
Inputs
-
Total
$
221,026,880
2
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
PORTFOLIO
HOLDINGS
%
of
Total
Net
Assets
Communication
Services
8.0%
Consumer
Discretionary
6.6%
Financials
17.5%
Health
Care
14.1%
Industrials
14.8%
Information
Technology
28.0%
Materials
6.6%
Real
Estate
4.5%
Money
Market
Fund
0.1%
Other
Assets
&
Liabilities,
Net
(0.2)%
100.0%
3
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
DECEMBER
31,
2025
ASSETS
Investments,
at
value
(Cost
$105,183,410)
$
221,026,880
Receivables:
Fund
shares
sold
2,000
Dividends
53,780
Prepaid
expenses
22,313
Total
Assets
221,104,973
LIABILITIES
Payables:
Fund
shares
redeemed
48,901
Accrued
Liabilities:
Investment
adviser
fees
486,412
Trustees'
fees
and
expenses
296
Fund
services
fees
11,004
Other
expenses
25,726
Total
Liabilities
572,339
NET
ASSETS
$
220,532,634
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
91,299,251
Distributable
Earnings
129,233,383
NET
ASSETS
$
220,532,634
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
5,966,780
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
$
36.96
4
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
DECEMBER
31,
2025
*
See
additional
information
contained
in
Note
5
and
Note
6.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$5,493)
$
1,002,461
Total
Investment
Income
1,002,461
EXPENSES
Investment
adviser
fees
1,167,122
Fund
services
fees
93,043
Custodian
fees
12,015
Registration
fees
10,843
Professional
fees
33,236
Trustees'
fees
and
expenses
10,618
ReFlow
fees
7,284
Other
expenses
32,049
Total
Expenses
1,366,210
Fees
waived
(200,085)
Net
Expenses
1,166,125
NET
INVESTMENT
LOSS
(163,664)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
Unaffiliated
issuers
11,024,431
Redemptions
in
kind*
11,588,070
22,612,501
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(18,679,614)
NET
REALIZED
AND
UNREALIZED
GAIN
3,932,887
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
3,769,223
5
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
*
Includes
redemption
in-kind
transactions.
See
additional
information
contained
in
Note
6.
For
the
Six
Months
Ended
December
31,
2025
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
loss
$
(163,664)
$
(1,055,835)
Net
realized
gain
22,612,501
21,815,733
Net
change
in
unrealized
appreciation
(depreciation)
(18,679,614)
5,667,228
Increase
in
Net
Assets
Resulting
from
Operations
3,769,223
26,427,126
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(15,339,672)
(30,116,196)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
17,674,357
7,279,139
Reinvestment
of
distributions
14,327,888
28,195,477
Redemption
of
shares*
(36,099,435)
(26,978,932)
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
(4,097,190)
8,495,684
Increase
(Decrease)
in
Net
Assets
(15,667,639)
4,806,614
NET
ASSETS
Beginning
of
Period
236,200,273
231,393,659
End
of
Period
$
220,532,634
$
236,200,273
SHARE
TRANSACTIONS
Sale
of
shares
448,108
192,311
Reinvestment
of
distributions
388,395
722,405
Redemption
of
shares
(914,419)
(692,891)
Increase
(Decrease)
in
Shares
(77,916)
221,825
6
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
PREMIER
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
NET
ASSET
VALUE,
Beginning
of
Period
$
39.08
$
39.74
$
41.04
$
35.60
$
49.79
$
38.91
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.03)
(0.18)
(0.14)
(0.11)
(0.27)
(0.25)
Net
realized
and
unrealized
gain
(loss)
0.63
4.96
5.74
5.55
(10.28)
12.16
Total
from
Investment
Operations
0.60
4.78
5.60
5.44
(10.55)
11.91
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
(2.72)
(5.44)
(6.90)
-
(3.64)
(1.03)
Total
Distributions
to
Shareholders
(2.72)
(5.44)
(6.90)
-
(3.64)
(1.03)
REDEMPTION
FEES(a)
-
-
-
-
0.00(b)
0.00(b)
NET
ASSET
VALUE,
End
of
Period
$
36.96
$
39.08
$
39.74
$
41.04
$
35.60
$
49.79
TOTAL
RETURN
1.55%(c)
12.06%
15.87%
15.28%
(23.05)%
30.96%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
220,533
$
236,200
$
231,394
$
247,272
$
278,936
$
430,924
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.14)%(d)
(0.46)%
(0.36)%
(0.30)%
(0.58)%
(0.57)%
Net
expenses
0.99%(d)
0.99%
0.99%
0.99%
0.99%
0.99%
Gross
expenses
(e)
1.16%(d)
1.16%
1.14%
1.13%
1.10%
1.11%
PORTFOLIO
TURNOVER
RATE
12%(c)(f)
15%(f)
19%
20%
18%
14%
footertext
(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.
(f)
Excludes
in-kind
transactions
associated
with
redemptions
of
the
Fund.
7
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
December
31,
2025.
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.
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
Shares
Security
Description
Value
Common
Stock
-
99.1%
Consumer
Discretionary
-
1.8%
98,027
Floor
&
Decor
Holdings,
Inc.,
Class A
(a)
$
5,968,864
Financials
-
17.0%
83,823
Brown
&
Brown,
Inc.
6,680,693
140,091
Goosehead
Insurance,
Inc.,
Class A
(a)
10,317,702
31,982
Kinsale
Capital
Group,
Inc.
12,508,800
2,555
Markel
Group,
Inc.
(a)
5,492,356
16,226
Moody's
Corp.
8,289,052
19,375
Morningstar,
Inc.
4,210,381
13,611
MSCI,
Inc.
7,809,039
55,308,023
Health
Care
-
15.8%
212,995
Bio-Techne
Corp.
12,526,236
5,764
Mettler-Toledo
International,
Inc.
(a)
8,036,111
45,197
Repligen
Corp.
(a)
7,405,980
54,656
Veeva
Systems,
Inc.,
Class A
(a)
12,200,859
40,254
West
Pharmaceutical
Services,
Inc.
11,075,486
51,244,672
Industrials
-
23.6%
59,629
Booz
Allen
Hamilton
Holding
Corp.
5,030,302
158,340
Copart,
Inc.
(a)
6,199,011
66,957
HEICO
Corp.,
Class A
16,901,955
58,077
Old
Dominion
Freight
Line,
Inc.
9,106,474
39,661
SiteOne
Landscape
Supply,
Inc.
(a)
4,940,174
8,988
TransDigm
Group,
Inc.
(a)
11,952,692
131,711
Veralto
Corp.
13,142,124
52,785
Waste
Connections,
Inc.
9,256,378
76,529,110
Information
Technology
-
22.8%
49,120
Appfolio,
Inc.
(a)
11,427,768
37,532
Atlassian
Corp.,
Class A
(a)
6,085,439
23,465
Cadence
Design
Systems,
Inc.
(a)
7,334,690
60,952
Entegris,
Inc.
5,135,206
13,140
Guidewire
Software,
Inc.
(a)
2,641,271
28,910
Manhattan
Associates,
Inc.
(a)
5,010,392
77,421
Microchip
Technology,
Inc.
4,933,266
8,501
Monolithic
Power
Systems,
Inc.
7,704,966
30,491
Novanta,
Inc.
(a)
3,628,124
60,282
PTC,
Inc.
(a)
10,501,727
21,063
Tyler
Technologies,
Inc.
(a)
9,561,549
73,964,398
Materials
-
10.2%
62,517
Ecolab,
Inc.
16,411,963
58,458
Vulcan
Materials
Co.
16,673,391
33,085,354
Shares
Security
Description
Value
Real
Estate
-
7.9%
77,832
CBRE
Group,
Inc.,
Class A
(a)
$
12,514,607
196,312
CoStar
Group,
Inc.
(a)
13,200,019
25,714,626
Total
Common
Stock
(Cost
$236,225,023)
321,815,047
Money
Market
Fund
-
0.6%
1,843,863
First
American
Treasury
Obligations
Fund,
Class X,
3.66%
(b)
(Cost
$1,843,863)
1,843,863
Investments,
at
value
-
99.7%
(Cost
$238,068,886)
$
323,658,910
Other
Assets
&
Liabilities,
Net
-
0.3%
1,090,234
Net
Assets
-
100.0%
$
324,749,144
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2025.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
323,658,910
Level
2
-
Other
Significant
Observable
Inputs
-
Level
3
-
Significant
Unobservable
Inputs
-
Total
$
323,658,910
8
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
PORTFOLIO
HOLDINGS
%
of
Total
Net
Assets
Consumer
Discretionary
1.8%
Financials
17.0%
Health
Care
15.8%
Industrials
23.6%
Information
Technology
22.8%
Materials
10.2%
Real
Estate
7.9%
Money
Market
Fund
0.6%
Other
Assets
&
Liabilities,
Net
0.3%
100.0%
9
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
DECEMBER
31,
2025
ASSETS
Investments,
at
value
(Cost
$238,068,886)
$
323,658,910
Receivables:
Fund
shares
sold
24,990
Investment
securities
sold
3,429,700
Dividends
96,446
Prepaid
expenses
29,048
Total
Assets
327,239,094
LIABILITIES
Payables:
Investment
securities
purchased
1,739,444
Fund
shares
redeemed
77,517
Accrued
Liabilities:
Investment
adviser
fees
609,151
Trustees'
fees
and
expenses
10
Fund
services
fees
16,838
Other
expenses
46,990
Total
Liabilities
2,489,950
NET
ASSETS
$
324,749,144
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
226,727,814
Distributable
Earnings
98,021,330
NET
ASSETS
$
324,749,144
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Investor
Shares
2,788,258
Institutional
Shares
4,834,735
Institutional
Plus
Shares
1,122,690
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
Investor
Shares
(based
on
net
assets
of
$103,085,067)
$
36.97
Institutional
Shares
(based
on
net
assets
of
$179,784,801)
$
37.19
Institutional
Plus
Shares
(based
on
net
assets
of
$41,879,276)
$
37.30
10
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
DECEMBER
31,
2025
*
See
additional
information
contained
in
Note
5
and
Note
6.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$5,680)
$
1,631,495
Total
Investment
Income
1,631,495
EXPENSES
Investment
adviser
fees
1,352,659
Fund
services
fees
144,005
Transfer
agent
fees:
Investor
Shares
9,494
Institutional
Shares
3,599
Institutional
Plus
Shares
2,270
Custodian
fees
20,922
Registration
fees:
Investor
Shares
7,914
Institutional
Shares
7,963
Institutional
Plus
Shares
8,344
Professional
fees
43,056
Trustees'
fees
and
expenses
13,448
ReFlow
fees
38,921
Other
expenses
46,446
Total
Expenses
1,699,041
Fees
waived
(141,194)
Net
Expenses
1,557,847
NET
INVESTMENT
INCOME
73,648
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
Unaffiliated
issuers
10,847,400
Redemptions
in
kind*
17,410,378
28,257,778
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(36,098,931)
NET
REALIZED
AND
UNREALIZED
LOSS
(7,841,153)
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(7,767,505)
11
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
*
Includes
redemption
in-kind
transactions.
See
additional
information
contained
in
Note
6.
For
the
Six
Months
Ended
December
31,
2025
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
income
(loss)
$
73,648
$
(652,232)
Net
realized
gain
28,257,778
68,700,703
Net
change
in
unrealized
appreciation
(depreciation)
(36,098,931)
(15,359,852)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(7,767,505)
52,688,619
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Investor
Shares
2,784,020
5,327,549
Institutional
Shares
3,672,729
24,907,334
Institutional
Plus
Shares
34,230,485
49,281,233
Redemption
of
shares:
Investor
Shares
(14,722,190)
(37,444,798)
Institutional
Shares
(26,189,937)
(66,166,911)
Institutional
Plus
Shares*
(34,002,972)
(190,969,771)
Decrease
in
Net
Assets
from
Capital
Share
Transactions
(34,227,865)
(215,065,364)
Decrease
in
Net
Assets
(41,995,370)
(162,376,745)
NET
ASSETS
Beginning
of
Period
366,744,514
529,121,259
End
of
Period
$
324,749,144
$
366,744,514
SHARE
TRANSACTIONS
Sale
of
shares:
Investor
Shares
72,404
146,752
Institutional
Shares
94,177
661,980
Institutional
Plus
Shares
891,601
1,324,881
Redemption
of
shares:
Investor
Shares
(385,539)
(1,028,360)
Institutional
Shares
(684,265)
(1,781,669)
Institutional
Plus
Shares
(890,914)
(5,481,097)
Decrease
in
Shares
(902,536)
(6,157,513)
12
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
37.86
$
33.34
$
31.01
$
26.98
$
38.01
$
29.48
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
0.00(b)
(0.08)
(0.09)
(0.09)
(0.20)
(0.18)
Net
realized
and
unrealized
gain
(loss)
(0.89)
4.60
2.42
4.12
(9.75)
8.81
Total
from
Investment
Operations
(0.89)
4.52
2.33
4.03
(9.95)
8.63
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(1.08)
(0.11)
Total
Distributions
to
Shareholders
-
-
-
-
(1.08)
(0.11)
REDEMPTION
FEES(a)
-
-
-
-
0.00(b)
0.01
NET
ASSET
VALUE,
End
of
Period
$
36.97
$
37.86
$
33.34
$
31.01
$
26.98
$
38.01
TOTAL
RETURN
(2.35)%(c)
13.56%
7.51%
14.94%
(26.97)%
29.33%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
103,085
$
117,419
$
132,811
$
162,503
$
184,717
$
307,341
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.02)%(d)
(0.21)%
(0.28)%
(0.33)%
(0.55)%
(0.54)%
Net
expenses
0.93%(d)
0.93%
0.88%
0.87%
0.85%
0.89%
Gross
expenses
(e)
0.96%(d)
0.95%
0.90%
0.89%
0.86%
0.91%
PORTFOLIO
TURNOVER
RATE
19%(c)(f)
59%(f)
29%
27%
35%
30%
footertext
(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.
(f)
Excludes
in-kind
transactions
associated
with
redemptions
of
the
Fund.
13
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
38.06
$
33.50
$
31.14
$
27.09
$
38.15
$
29.57
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.01
(0.05)
(0.08)
(0.09)
(0.19)
(0.17)
Net
realized
and
unrealized
gain
(loss)
(0.88)
4.61
2.44
4.14
(9.79)
8.86
Total
from
Investment
Operations
(0.87)
4.56
2.36
4.05
(9.98)
8.69
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(1.08)
(0.11)
Total
Distributions
to
Shareholders
-
-
-
-
(1.08)
(0.11)
REDEMPTION
FEES(a)
-
-
-
-
-
0.00(b)
NET
ASSET
VALUE,
End
of
Period
$
37.19
$
38.06
$
33.50
$
31.14
$
27.09
$
38.15
TOTAL
RETURN
(2.29)%(c)
13.61%
7.58%
14.95%
(26.95)%
29.41%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
179,785
$
206,495
$
219,229
$
247,019
$
231,134
$
406,489
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.06%(d)
(0.12)%
(0.25)%
(0.32)%
(0.53)%
(0.50)%
Net
expenses
0.85%(d)
0.85%
0.84%
0.85%
0.83%
0.85%
Gross
expenses
(e)
0.93%(d)
0.92%
0.88%
0.87%
0.85%
0.86%
PORTFOLIO
TURNOVER
RATE
19%(c)(f)
59%(f)
29%
27%
35%
30%
footertext
(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.
(f)
Excludes
in-kind
transactions
associated
with
redemptions
of
the
Fund.
14
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
MIDCAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
December
3,
2021
(a)
Through
June
30,
2022
2025
2024
2023
INSTITUTIONAL
PLUS
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
38.17
$
33.55
$
31.17
$
27.10
$
38.47
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(b)
0.02
(0.07)
(0.06)
(0.07)
(0.08)
Net
realized
and
unrealized
gain
(loss)
(0.89)
4.69
2.44
4.14
(10.21)
Total
from
Investment
Operations
(0.87)
4.62
2.38
4.07
(10.29)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(1.08)
Total
Distributions
to
Shareholders
-
-
-
-
(1.08)
NET
ASSET
VALUE,
End
of
Period
$
37.30
$
38.17
$
33.55
$
31.17
$
27.10
TOTAL
RETURN
(2.28)%(c)
13.77%
7.64%
15.02%
(27.53)%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
41,879
$
42,830
$
177,081
$
178,611
$
210,030
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.12%(d)
(0.20)%
(0.19)%
(0.26)%
(0.44)%(d)
Net
expenses
0.79%(d)
0.79%
0.78%
0.79%
0.79%(d)
Gross
expenses
(e)
0.98%(d)
0.95%
0.88%
0.88%
0.90%(d)
PORTFOLIO
TURNOVER
RATE
19%(c)(f)
59%(f)
29%
27%
35%(c)
footertext
(a)
Commencement
of
operations.
(b)
Calculated
based
on
average
shares
outstanding
during
each
period.
(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.
(f)
Excludes
in-kind
transactions
associated
with
redemptions
of
the
Fund.
15
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
December
31,
2025.
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
Common
Stock
-
99.0%
Consumer
Discretionary
-
3.8%
57,253
Floor
&
Decor
Holdings,
Inc.,
Class A
(a)
$
3,486,135
7,114
Murphy
USA,
Inc.
2,870,642
6,356,777
Consumer
Staples
-
1.4%
235,648
Utz
Brands,
Inc.
2,446,026
Financials
-
10.0%
52,964
Goosehead
Insurance,
Inc.,
Class A
(a)
3,900,798
42,906
Hamilton
Lane,
Inc.,
Class A
5,762,705
10,360
Kinsale
Capital
Group,
Inc.
4,052,003
6,867
MarketAxess
Holdings,
Inc.
1,244,644
8,745
Morningstar,
Inc.
1,900,376
16,860,526
Health
Care
-
14.4%
79,024
Bio-Techne
Corp.
4,647,401
21,851
HealthEquity,
Inc.
(a)
2,001,770
27,373
LeMaitre
Vascular,
Inc.
2,219,950
23,259
Masimo
Corp.
(a)
3,025,066
8,077
Medpace
Holdings,
Inc.
(a)
4,536,447
39,070
Repligen
Corp.
(a)
6,402,010
8,594
The
Ensign
Group,
Inc.
1,497,075
24,329,719
Industrials
-
31.9%
14,244
Applied
Industrial
Technologies,
Inc.
3,657,432
53,075
Casella
Waste
Systems,
Inc.
(a)
5,198,165
75,427
Core
&
Main,
Inc.,
Class A
(a)
3,919,941
13,941
CSW
Industrials,
Inc.
4,092,102
85,517
Douglas
Dynamics,
Inc.
2,792,130
17,490
ESCO
Technologies,
Inc.
3,417,371
18,923
Exponent,
Inc.
1,314,392
30,612
Federal
Signal
Corp.
3,324,157
347,313
Hayward
Holdings,
Inc.
(a)
5,365,986
23,928
HEICO
Corp.,
Class A
6,040,145
5,865
JBT
Marel
Corp.
883,680
7,727
Kadant,
Inc.
2,202,349
14,498
RBC
Bearings,
Inc.
(a)
6,501,338
11,331
Simpson
Manufacturing
Co.,
Inc.
1,829,617
25,225
SiteOne
Landscape
Supply,
Inc.
(a)
3,142,026
53,680,831
Information
Technology
-
27.3%
30,851
Agilysys,
Inc.
(a)
3,666,333
67,438
Alarm.com
Holdings,
Inc.
(a)
3,440,687
20,832
Appfolio,
Inc.
(a)
4,846,565
18,461
Badger
Meter,
Inc.
3,219,783
19,416
Guidewire
Software,
Inc.
(a)
3,902,810
Shares
Security
Description
Value
Information
Technology
-
27.3%
(continued)
26,641
Manhattan
Associates,
Inc.
(a)
$
4,617,152
43,757
Novanta,
Inc.
(a)
5,206,645
18,572
Onto
Innovation,
Inc.
(a)
2,931,776
59,600
Procore
Technologies,
Inc.
(a)
4,335,304
14,411
ServiceTitan,
Inc.
(a)
1,534,771
36,858
SPS
Commerce,
Inc.
(a)
3,285,154
56,481
The
Descartes
Systems
Group,
Inc.
(a)
4,951,124
45,938,104
Materials
-
8.2%
15,437
Eagle
Materials,
Inc.
3,190,519
384,212
Perimeter
Solutions,
Inc.
(a)
10,577,357
13,767,876
Real
Estate
-
2.0%
67,558
Landbridge
Co.,
LLC
3,309,666
Total
Common
Stock
(Cost
$132,886,666)
166,689,525
Money
Market
Fund
-
1.2%
1,934,623
First
American
Treasury
Obligations
Fund,
Class X,
3.66%
(b)
(Cost
$1,934,623)
1,934,623
Investments,
at
value
-
100.2%
(Cost
$134,821,289)
$
168,624,148
Other
Assets
&
Liabilities,
Net
-
(0.2)%
(272,378)
Net
Assets
-
100.0%
$
168,351,770
LLC
Limited
Liability
Company
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2025.
16
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
DECEMBER
31,
2025
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
168,624,148
Level
2
-
Other
Significant
Observable
Inputs
-
Level
3
-
Significant
Unobservable
Inputs
-
Total
$
168,624,148
PORTFOLIO
HOLDINGS
%
of
Total
Net
Assets
Consumer
Discretionary
3.8%
Consumer
Staples
1.4%
Financials
10.0%
Health
Care
14.4%
Industrials
31.9%
Information
Technology
27.3%
Materials
8.2%
Real
Estate
2.0%
Money
Market
Fund
1.2%
Other
Assets
&
Liabilities,
Net
(0.2)%
100.0%
17
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
DECEMBER
31,
2025
ASSETS
Investments,
at
value
(Cost
$134,821,289)
$
168,624,148
Receivables:
Fund
shares
sold
6,817
Dividends
49,455
Prepaid
expenses
30,590
Total
Assets
168,711,010
LIABILITIES
Payables:
Fund
shares
redeemed
2,449
Accrued
Liabilities:
Investment
adviser
fees
314,349
Trustees'
fees
and
expenses
42
Fund
services
fees
8,711
Other
expenses
33,689
Total
Liabilities
359,240
NET
ASSETS
$
168,351,770
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
145,934,929
Distributable
Earnings
22,416,841
NET
ASSETS
$
168,351,770
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Investor
Shares
800,959
Institutional
Shares
2,648,965
Institutional
Plus
Shares
3,570,477
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
Investor
Shares
(based
on
net
assets
of
$19,062,821)
$
23.80
Institutional
Shares
(based
on
net
assets
of
$63,548,666)
$
23.99
Institutional
Plus
Shares
(based
on
net
assets
of
$85,740,283)
$
24.01
18
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
DECEMBER
31,
2025
INVESTMENT
INCOME
Dividend
income
$
345,141
Total
Investment
Income
345,141
EXPENSES
Investment
adviser
fees
784,141
Fund
services
fees
86,005
Transfer
agent
fees:
Investor
Shares
10,684
Institutional
Shares
9,107
Institutional
Plus
Shares
1,282
Custodian
fees
9,487
Registration
fees:
Investor
Shares
7,006
Institutional
Shares
8,113
Institutional
Plus
Shares
7,246
Professional
fees
30,352
Trustees'
fees
and
expenses
9,241
Other
expenses
34,821
Total
Expenses
997,485
Fees
waived
(158,830)
Net
Expenses
838,655
NET
INVESTMENT
LOSS
(493,514)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
2,845,089
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(2,016,517)
NET
REALIZED
AND
UNREALIZED
GAIN
828,572
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
335,058
19
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
For
the
Six
Months
Ended
December
31,
2025
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
loss
$
(493,514)
$
(515,446)
Net
realized
gain
(loss)
2,845,089
(1,282,998)
Net
change
in
unrealized
appreciation
(depreciation)
(2,016,517)
16,194,978
Increase
in
Net
Assets
Resulting
from
Operations
335,058
14,396,534
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Investor
Shares
824,024
2,458,291
Institutional
Shares
2,315,021
17,727,892
Institutional
Plus
Shares
5,982,349
84,563,447
Redemption
of
shares:
Investor
Shares
(1,292,327)
(7,459,124)
Institutional
Shares
(24,363,380)
(118,224,527)
Institutional
Plus
Shares
(3,490,518)
(2,166,661)
Decrease
in
Net
Assets
from
Capital
Share
Transactions
(20,024,831)
(23,100,682)
Decrease
in
Net
Assets
(19,689,773)
(8,704,148)
NET
ASSETS
Beginning
of
Period
188,041,543
196,745,691
End
of
Period
$
168,351,770
$
188,041,543
SHARE
TRANSACTIONS
Sale
of
shares:
Investor
Shares
34,118
102,719
Institutional
Shares
95,100
724,729
Institutional
Plus
Shares
248,288
3,561,141
Redemption
of
shares:
Investor
Shares
(53,617)
(307,894)
Institutional
Shares
(997,173)
(4,924,970)
Institutional
Plus
Shares
(145,997)
(92,954)
Decrease
in
Shares
(819,281)
(937,229)
20
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
23.82
$
22.29
$
20.76
$
18.19
$
24.94
$
18.38
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.08)
(0.09)
(0.10)
(0.10)
(0.15)
(0.13)
Net
realized
and
unrealized
gain
(loss)
0.06
1.62
1.63
2.67
(6.01)
7.16
Total
from
Investment
Operations
(0.02)
1.53
1.53
2.57
(6.16)
7.03
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(0.60)
(0.48)
Total
Distributions
to
Shareholders
-
-
-
-
(0.60)
(0.48)
REDEMPTION
FEES(a)
-
-
-
-
0.01
0.01
NET
ASSET
VALUE,
End
of
Period
$
23.80
$
23.82
$
22.29
$
20.76
$
18.19
$
24.94
TOTAL
RETURN
(0.08)%(b)
6.86%
7.37%
14.13%
(25.32)%
38.60%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
19,063
$
19,544
$
22,859
$
18,295
$
18,105
$
29,472
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.67)%(c)
(0.36)%
(0.44)%
(0.54)%
(0.64)%
(0.58)%
Net
expenses
1.05%(c)
1.04%
1.04%
1.05%
1.05%
1.05%
Gross
expenses
(d)
1.24%(c)
1.23%
1.25%
1.30%
1.23%
1.30%
PORTFOLIO
TURNOVER
RATE
24%(b)
36%
30%
41%
46%
34%
footertext
(a)
Calculated
based
on
average
shares
outstanding
during
each
period.
(b)
Not
annualized.
(c)
Annualized.
(d)
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.
21
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
24.00
$
22.43
$
20.87
$
18.27
$
25.03
$
18.42
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.07)
(0.06)
(0.07)
(0.08)
(0.12)
(0.11)
Net
realized
and
unrealized
gain
(loss)
0.06
1.63
1.63
2.68
(6.04)
7.20
Total
from
Investment
Operations
(0.01)
1.57
1.56
2.60
(6.16)
7.09
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(0.60)
(0.48)
Total
Distributions
to
Shareholders
-
-
-
-
(0.60)
(0.48)
REDEMPTION
FEES(a)
-
-
-
-
-
0.00(b)
NET
ASSET
VALUE,
End
of
Period
$
23.99
$
24.00
$
22.43
$
20.87
$
18.27
$
25.03
TOTAL
RETURN
(0.04)%(c)
7.00%
7.48%
14.23%
(25.27)%
38.79%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
63,549
$
85,223
$
173,886
$
75,462
$
60,847
$
52,591
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.58)%(d)
(0.24)%
(0.31)%
(0.43)%
(0.52)%
(0.49)%
Net
expenses
0.95%(d)
0.94%
0.94%
0.95%
0.95%
0.95%
Gross
expenses
(e)
1.09%(d)
1.04%
1.07%
1.12%
1.09%
1.18%
PORTFOLIO
TURNOVER
RATE
24%(c)
36%
30%
41%
46%
34%
footertext
(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.
22
DF
DENT
GROWTH
FUNDS
See
Notes
to
Financial
Statements.
DF
DENT
SMALL
CAP
GROWTH
FUND
FINANCIAL
HIGHLIGHTS
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
December
31,
2025
February
25,
2025
(a)
Through
June
30,
2025
INSTITUTIONAL
PLUS
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
24.01
$
24.21
INVESTMENT
OPERATIONS
Net
investment
loss
(b)
(0.06)
(0.02)
Net
realized
and
unrealized
loss
0.06
(0.18)
Total
from
Investment
Operations
-
(0.20)
NET
ASSET
VALUE,
End
of
Period
$
24.01
$
24.01
TOTAL
RETURN
-%(c)
(0.83)%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
85,740
$
83,274
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.47)%(d)
(0.26)%(d)
Net
expenses
0.85%(d)
0.84%(d)
Gross
expenses
(e)
1.05%(d)
1.15%(d)
PORTFOLIO
TURNOVER
RATE
24%(c)
36%(c)
(a)
Commencement
of
operations.
(b)
Calculated
based
on
average
shares
outstanding
during
each
period.
(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.
23
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
Note
1.
Organization
DF
Dent
Premier
Growth
Fund,
DF
Dent
Midcap
Growth
Fund,
and
DF
Dent
Small
Cap
Growth
Fund
(individually,
a
"Fund"
and
collectively,
the
"Funds")
are
diversified
portfolios
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
each
Fund's
shares
of
beneficial
interest
without
par
value.
DF
Dent
Premier
Growth
Fund
commenced
operations
on
July
16,
2001.
DF
Dent
Midcap
Growth
Fund's
Investor
Shares,
Institutional
Shares,
and
Institutional
Plus
Shares
commenced
operations
on
July
1,
2011,
November
29,
2017,
and
December
3,
2021,
respectively.
DF
Dent
Small
Cap
Growth
Fund's
Investor
Shares,
Institutional
Shares,
and
Institutional
Plus
Shares
commenced
operations
on
November
1,
2013,
November
20,
2017,
and
February
25,
2025,
respectively.
The
Funds
seek
long-term
capital
appreciation.
Each
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
each
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
Statements
of
Operations
and
the
financial
highlights
for
each
Fund
is
the
information
utilized
for
the
day-to-day
management
of
the
Funds.
Each
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Funds
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
D.F.
Dent
and
Company,
Inc.,
the
Funds'
adviser,
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
Note
2.
Summary
of
Significant
Accounting
Policies
The
Funds
are
investment
companies
and
follow
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
each
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.
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
each
Fund's
valuation
designee
to
perform
any
fair
value
determinations
for
securities
24
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
and
other
assets
held
by
each
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
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser's
fair
valuation
procedures
as
a
part
of
each
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
each
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
each
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
aggregate
value
by
input
level,
as
of
December
31,
2025,
for
each
Fund's
investments
is
included
at
the
end
of
each
Fund's
Schedule
of
Investments.
25
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
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.
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.
Distributions
to
Shareholders
-
Each
Fund
declares
any
dividends
from
net
investment
income
and
pays
them
annually.
Any
net
capital
gains
realized
by
the
Funds
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
each
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
each
Fund.
Federal
Taxes
-
Each
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
their
net
investment
income
and
capital
gains,
if
any,
the
Funds
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
Each
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations.
During
the
period,
each
Fund
did
not
incur
any
interest
or
penalties.
Each
Fund
files
a
U.S.
federal
income
and
excise
tax
return
as
required.
Each
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
December
31,
2025,
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.
The
DF
Dent
Midcap
Growth
Fund's
and
DF
Dent
Small
Cap
Growth
Fund's
class-specific
expenses
are
charged
to
the
operations
of
that
class
of
shares.
Income
and
expenses
(other
than
expenses
attributable
to
a
specific
class)
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
the
class'
respective
net
assets
to
the
total
net
assets
of
each
Fund.
Commitments
and
Contingencies
-
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
provide
general
indemnifications
by
each
Fund
to
the
counterparty
to
the
contract.
Each
Fund's
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
each
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
Each
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
each
Fund's
Statement
of
Assets
and
Liabilities.
26
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
Note
3.
Fees
and
Expenses
Investment
Adviser
-
D.F.
Dent
and
Company,
Inc.
(the
"Adviser")
is
the
investment
adviser
to
the
Funds.
Pursuant
to
an
investment
advisory
agreement,
the
Adviser
receives
an
advisory
fee,
payable
monthly,
at
an
annual
rate
of
0.99%,
0.75%,
and
0.85%
of
the
average
daily
net
assets
of
DF
Dent
Premier
Growth
Fund,
DF
Dent
Midcap
Growth
Fund
and
DF
Dent
Small
Cap
Growth
Fund,
respectively.
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
Funds.
The
Funds
do
not
have
a
distribution
(12b-1)
plan;
accordingly,
the
Distributor
does
not
receive
compensation
from
the
Funds
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
each
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
and
administration
fees
within
the
Statements
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
Services
Agreement,
each
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
each
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
each
Fund
is
disclosed
in
the
Statements
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
each
Fund.
Note
4.
Expense
Reimbursement
and
Fees
Waived
The
Adviser
has
contractually
agreed
to
waive
a
portion
of
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
acquired
fund
fees
and
expenses,
and
extraordinary
expenses)
to
0.99%,
through
October
31,
2026
(the
"Expense
Cap"),
for
DF
Dent
Premier
Growth
Fund.
Additionally,
the
Adviser
has
contractually
agreed
to
waive
a
portion
of
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,
acquired
fund
fees
and
expenses,
and
extraordinary
expenses)
of
Investor
Shares,
Institutional
Shares
and
Institutional
Plus
Shares
to
0.98%,
0.85%,
and
0.79%,
respectively,
through
October
31,
2026,
for
DF
Dent
Midcap
Growth
Fund.
The
Adviser
has
also
contractually
agreed
to
waive
a
portion
of
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,
27
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
portfolio
transaction
expenses,
acquired
fund
fees
and
expenses,
and
extraordinary
expenses)
of
Investor
Shares
and
Institutional
Shares
to
1.05%
and
0.95%,
respectively,
through
October
31,
2026,
for
DF
Dent
Small
Cap
Growth
Fund.
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
December
31,
2025
,
fees
waived
and
expenses
reimbursed
were
as
follows:
The
Adviser
may
be
reimbursed
by
each
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
December
31,
2025
,
$974,318,
$484,008
and
$531,670
are
subject
to
recoupment
by
the
Adviser
for
the
DF
Dent
Premier
Growth
Fund,
DF
Dent
Midcap
Growth
Fund,
and
DF
Dent
Small
Cap
Growth
Fund,
respectively.
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
December
31,
2025
,
were
as
follows:
*
Sales
exclude
redemptions
in-kind
of
$14,413,150
and
$28,042,572
for
the
DF
Dent
Premier
Growth
Fund
and
DF
Dent
Midcap
Growth
Fund,
respectively.
See
Note
6.
Note
6.
ReFlow
Transactions
Each
Fund
may
participate
in
the
ReFlow
Fund,
LLC
("ReFlow")
liquidity
program.
This
program
is
designed
to
provide
an
alternative
liquidity
source
on
days
when
redemptions
of
Fund
shares
exceed
purchases.
Under
the
program,
ReFlow
is
available
to
provide
cash
to
the
Funds
to
meet
all,
or
a
portion,
of
daily
net
shareholder
redemptions.
ReFlow
provides
this
cash
by
purchasing
shares
at
net
asset
value
and
ReFlow
will
not
be
subject
to
any
investment
minimum
applicable
to
such
shares.
There
are
no
assurances
that
Reflow
will
have
sufficient
funds
available
to
meet
a
Fund's
liquidity
needs
on
a
particular
day.
Following
purchases
of
Fund
shares,
ReFlow
then
generally
redeems
those
shares
when
the
Fund
experiences
net
sales,
at
the
end
of
a
maximum
holding
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
DF
Dent
Premier
Growth
Fund
$
177,027
$
23,058
$
200,085
DF
Dent
Midcap
Growth
Fund
94,173
47,021
141,194
DF
Dent
Small
Cap
Growth
Fund
129,179
29,651
158,830
Purchases
Sales
DF
Dent
Premier
Growth
Fund
$
27,829,747
$
43,266,090
DF
Dent
Midcap
Growth
Fund
64,623,649
93,588,047
DF
Dent
Small
Cap
Growth
Fund
43,161,103
61,086,545
28
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
period
determined
by
ReFlow
(currently
8
days)
or
at
other
times
at
ReFlow's
discretion.
While
ReFlow
holds
Fund
shares,
it
will
have
the
same
rights
and
privileges
with
respect
to
those
shares
as
any
other
shareholder.
For
use
of
the
ReFlow
service,
a
participating
Fund
pays
a
fee
to
ReFlow
each
time
it
purchases
Fund
shares,
calculated
by
applying
to
the
purchase
amount
a
fee
rate
determined
through
an
automated
daily
"Dutch
auction"
among
other
participating
mutual
funds
seeking
liquidity
that
day.
The
current
minimum
fee
rate
is
0.14%
of
the
value
of
the
Fund
shares
purchased
by
ReFlow,
although
the
Fund
may
submit
a
bid
at
a
higher
fee
rate
if
it
determines
that
doing
so
is
in
the
best
interest
of
Fund
shareowners.
Such
a
fee
is
allocated
among
a
Fund's
share
classes
based
on
relative
net
assets
and
is
shown
in
the
Statement
of
Operations.
In
accordance
with
federal
securities
laws,
ReFlow
is
prohibited
from
acquiring
more
than
3%
of
the
outstanding
voting
securities
of
a
Fund.
During
the
period
ended
December
31,
2025
,
the
DF
Dent
Premier
Growth
Fund
and
DF
Dent
Midcap
Growth
Fund
satisfied
redemption
in-kind
requests
made
by
Reflow.
The
transfers
were
effected
in
accordance
with
policies
and
procedures
approved
by
the
Board.
Consideration
paid
and
shares
sold
were
as
follows:
Note
7.
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
Funds
invest
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
Funds'
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
8.
Federal
Income
Tax
As
of
December
31,
2025
,
cost
for
federal
income
tax
purposes
is
substantially
the
same
as
for
financial
statement
purposes
and
net
unrealized
appreciation
consists
of:
Value
of
Cash
and
Securities
Sold
Shares
Sold
DF
Dent
Premier
Growth
Fund
$
28,896,788
758,040
DF
Dent
Midcap
Growth
Fund
14,836,498
375,092
DF
Dent
Small
Cap
Growth
Fund
-
-
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
DF
Dent
Premier
Growth
Fund
$
117,859,881
$
(2,016,411)
$
115,843,470
DF
Dent
Midcap
Growth
Fund
93,171,258
(7,581,234)
85,590,024
DF
Dent
Small
Cap
Growth
Fund
39,706,740
(5,903,881)
33,802,859
29
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
NOTES
TO
FINANCIAL
STATEMENTS
DECEMBER
31,
2025
As
of
June
30,
2025
,
distributable
earnings/accumulated
loss
on
a
tax
basis
were
as
follows:
The
difference
between
components
of
distributable
earnings/accumulated
loss
on
a
tax
basis
and
the
amounts
reflected
in
the
Statements
of
Assets
and
Liabilities
are
primarily
due
to
wash
sales
and
equity
return
of
capital.
For
tax
purposes,
the
prior
year
late-year
ordinary
loss
was
$
574,018
and
$61,822
for
the
DF
Dent
Premier
Growth
Fund
and
DF
Dent
Small
Cap
Growth
Fund,
respectively,
(realized
during
the
period
January
1,
2025
through
June
30,
2025
).
These
losses
were
recognized
for
tax
purposes
on
the
first
business
day
of
each
Fund's
current
fiscal
year,
July
1,
2025
.
As
of
June
30,
2025
,
the
DF
Dent
Midcap
Growth
Fund
had
$10,083,355
of
available
short-term
capital
loss
carryforward
and
the
DF
Dent
Small
Cap
Growth
Fund
had
$9,538,785
of
available
long-term
capital
loss
carryforwards
that
have
no
expiration
date.
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
each
Fund
has
had
no
such
events.
Undistributed
Long-Term
Gain
Capital
and
Other
Losses
Net
Unrealized
Appreciation
Total
DF
Dent
Premier
Growth
Fund
$
7,111,097
$
(574,018)
$
134,266,753
$
140,803,832
DF
Dent
Midcap
Growth
Fund
-
(10,083,355)
115,872,190
105,788,835
DF
Dent
Small
Cap
Growth
Fund
-
(9,600,607)
31,682,390
22,081,783
30
DF
DENT
GROWTH
FUNDS
DF
DENT
GROWTH
FUNDS
OTHER
INFORMATION
DECEMBER
31,
2025
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)
N/A
DF
Dent
Premier
Growth
Fund
-
DFDPX
DF
Dent
Midcap
Growth
Fund
Investor
Shares
-
DFDMX
DF
Dent
Midcap
Growth
Fund
Institutional
Shares
-
DFMGX
DF
Dent
Midcap
Growth
Fund
Institutional
Plus
Shares
-
DFMLX
DF
Dent
Small
Cap
Growth
Fund
Investor
Shares
-
DFDSX
DF
Dent
Small
Cap
Growth
Fund
Institutional
Shares
-
DFSGX
DF
Dent
Small
Cap
Growth
Fund
Institutional
Plus
Shares
-
DFSLX
INVESTMENT
ADVISER
D.F.
Dent
and
Company,
Inc.
400
E.
Pratt
Street,
7th
Floor
Baltimore,
MD
21202
www.dfdent.com
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
(866)
2DF-DENT
www.apexgroup.com
221-SAR-1225
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Funds.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Funds'
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
(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.
Not applicable.
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:
|
February 12, 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:
|
February 12, 2026
|
|
By:
|
/s/ Karen Shaw
|
|
|
Karen Shaw, Principal Financial Officer
|
||
|
Date:
|
February 12, 2026
|
Forum Funds published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 12, 2026 at 16:20 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]