Forum Funds

12/15/2025 | Press release | Distributed by Public on 12/15/2025 13:03

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 April 30
Date of reporting period: May 1, 2025 - October 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.

Semi-Annual Shareholder Report - October 31, 2025

Monongahela All Cap Value Fund

MCMVX

Fund Overview

This semi-annual shareholder report contains important information about the Monongahela All Cap Value Fund (the "Fund") for the period of May 1, 2025, to October 31, 2025. You can find additional information about the Fund at www.Moncapfund.com. You can also request this information by contacting us at (855) 392-9331.

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
Monongahela All Cap Value Fund
$47
0.85%

How did the Fund perform in the last six months?

We offer this semi-annual report for the Monongahela All Cap Value Fund (the "Fund") for the period from May 1, 2025, to October 31, 2025 (the "period.") During the period the Fund was up 17.48%, while the S&P 500 Index (an index of the 500 largest publicly traded companies in the US weighted by market capitalization) was up 23.6% and the Russell 2000 Value Index (an index that tracks the performance of small capitalization value companies) was up 23.45%.

The Fund underperformed the S&P 500 due to sector weighting and market capitalization. The S&P 500 represents large capitalization stocks and is heavily weighted in the Information Technology and Communication Services sectors. The Fund's exposure to those two sectors is 18.2%, while the S&P 500 has 46.2% of its weighting in the Information Technology sector (36.1%) and the Communication Services sector (10.1%). Those two sectors significantly outperformed the markets and with their outsized weighting, led the S&P 500 higher. In addition, the Fund was overweight in the defensive Consumer Staples sector which was down approximately 6.8% for the period. The Fund was also heavily overweighted in the Consumer Staples sector (16.5%) as compared to the weighting in the Consumer Staples sector of the Russell 2000 Value Index (1.5%). The Fund was also underweighted in Financials and overweighted in Industrials, both allocations contributing to the lag in returns.

During the period, the entire position of 30,000 shares in WK Kellogg Co. (KLG) was sold. The Ferrero Group announced an agreement to purchase KLG in an all-cash purchase at $23 per share. Cracker Barrel Old Country Store Inc. management was struggling to adapt to changing demographics, clarify their vision, and reduce debt. The risk level of success increased during the period, and we decided to exit the entire position. We also sold our entire position in Lindsay Corp. The uncertainty around tariffs, and their effect on the agriculture markets Lindsay Corp. serves increased pressure on sales and margins. Significant new positions include Erie Indemnity Co. in the Financial sector and Kraft-Heinz Co. in the Consumer Staples sector.

Total Return Based on a $10,000 Investment

Date
Monongahela All Cap Value Fund
S&P 500® Index
Russell 2000® Value Index
10/31/15
$10,000
$10,000
$10,000
01/31/16
$9,465
$9,382
$9,088
04/30/16
$10,412
$10,043
$10,118
07/31/16
$11,004
$10,628
$10,892
10/31/16
$11,113
$10,451
$10,881
01/31/17
$12,332
$11,262
$12,743
04/30/17
$12,825
$11,843
$12,868
07/31/17
$13,141
$12,333
$12,985
10/31/17
$13,745
$12,921
$13,581
01/31/18
$14,991
$14,236
$14,011
04/30/18
$14,025
$13,414
$13,709
07/31/18
$14,940
$14,336
$14,852
10/31/18
$14,066
$13,870
$13,500
01/31/19
$14,665
$13,906
$13,379
04/30/19
$15,389
$15,224
$14,009
07/31/19
$15,356
$15,481
$13,706
10/31/19
$15,893
$15,857
$13,935
01/31/20
$16,374
$16,922
$13,964
04/30/20
$14,271
$15,356
$10,668
07/31/20
$15,922
$17,332
$11,525
10/31/20
$16,352
$17,397
$11,995
01/31/21
$19,844
$19,841
$16,257
04/30/21
$22,397
$22,416
$19,093
07/31/21
$22,775
$23,649
$18,867
10/31/21
$22,546
$24,862
$19,708
01/31/22
$22,912
$24,462
$18,656
04/30/22
$22,010
$22,464
$17,835
07/31/22
$22,060
$22,552
$17,968
10/31/22
$21,097
$21,230
$17,594
01/31/23
$22,713
$22,452
$18,558
04/30/23
$22,028
$23,063
$16,411
07/31/23
$23,411
$25,487
$18,676
10/31/23
$21,110
$23,383
$15,847
01/31/24
$24,036
$27,126
$18,541
04/30/24
$25,665
$28,289
$18,713
07/31/24
$27,428
$31,132
$21,605
10/31/24
$27,722
$32,272
$20,881
01/31/25
$29,136
$34,281
$21,419
04/30/25
$25,638
$31,711
$18,585
07/31/25
$29,038
$36,216
$20,683
10/31/25
$30,119
$39,196
$22,943

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

Average Annual Total Returns

One Year
Five Year
Ten Year
Monongahela All Cap Value Fund
8.65%
12.99%
11.66%
S&P 500®Index
21.45%
17.64%
14.64%
Russell 2000®Value Index
9.87%
13.85%
8.66%

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

Fund Statistics

Total Net Assets
$38,017,951
# of Portfolio Holdings
47
Portfolio Turnover Rate
13%
Investment Advisory Fees (Net of fees waived)
$28,388

Sector Weightings

(% total investments)

Value
Value
Money Market Fund
7.7%
Industrials
22.7%
Information Technology
18.2%
Consumer Staples
16.6%
Health Care
10.4%
Consumer Discretionary
10.0%
Financials
9.0%
Energy
3.2%
Materials
1.3%
Utilities
0.9%

Top Ten Holdings

(% total investments)*

Curtiss-Wright Corp.
5.96%
Coherent Corp.
5.66%
Rockwell Automation, Inc.
4.47%
Lamb Weston Holdings, Inc.
3.97%
Westinghouse Air Brake Technologies Corp.
3.79%
Emerson Electric Co.
3.59%
Hubbell, Inc.
3.36%
Revvity, Inc.
3.34%
MetLife, Inc.
3.31%
Corning, Inc.
3.18%

* excluding cash equivalents

Where can I find additional information about the fund?

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.Moncapfund.com.

Monongahela All Cap Value Fund

MCMVX

Semi-Annual Shareholder Report - October 31, 2025

211S-MCMVX-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)
MONONGAHELA
ALL
CAP
VALUE
FUND
Semi-Annual
Financials
and
Other
Information
October
31,
2025
(Unaudited)
MONONGAHELA
ALL
CAP
VALUE
FUND
SCHEDULE
OF
INVESTMENTS
October
31,
2025
2
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
October
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
-
92.1%
Consumer
Discretionary
-
10.0%
5,000‌
eBay,
Inc.
$
406,550‌
60,000‌
El
Pollo
Loco
Holdings,
Inc.
(a)
613,200‌
12,500‌
H&R
Block,
Inc.
621,750‌
3,000‌
Mohawk
Industries,
Inc.
(a)
340,920‌
5,000‌
Williams-Sonoma,
Inc.
971,700‌
22,500‌
Winnebago
Industries,
Inc.
848,475‌
3,802,595‌
Consumer
Staples
-
16.5%
20,000‌
Alico,
Inc.
704,200‌
2,500‌
Colgate-Palmolive
Co.
192,625‌
15,000‌
General
Mills,
Inc.
699,150‌
5,000‌
Kimberly-Clark
Corp.
598,550‌
22,500‌
Lamb
Weston
Holdings,
Inc.
1,388,925‌
7,000‌
Target
Corp.
649,040‌
9,000‌
The
Estee
Lauder
Cos.,
Inc.
870,210‌
31,500‌
The
Kraft
Heinz
Co.
778,995‌
2,750‌
The
Procter
&
Gamble
Co.
413,518‌
6,295,213‌
Energy
-
3.2%
11,000‌
ONEOK,
Inc.
737,000‌
3,500‌
Phillips
66
476,490‌
1,213,490‌
Financials
-
9.0%
5,000‌
CNA
Financial
Corp.
222,750‌
12,500‌
Equitable
Holdings,
Inc.
617,500‌
2,000‌
Erie
Indemnity
Co.,
Class A
585,280‌
18,500‌
Farmers
National
Banc
Corp.
240,130‌
14,500‌
MetLife,
Inc.
1,157,390‌
15,000‌
Old
Republic
International
Corp.
591,900‌
3,414,950‌
Health
Care
-
10.4%
3,000‌
Abbott
Laboratories
370,860‌
10,000‌
Bristol-Myers
Squibb
Co.
460,700‌
12,500‌
Hologic,
Inc.
(a)
923,875‌
12,000‌
Merck
&
Co.,
Inc.
1,031,760‌
12,500‌
Revvity,
Inc.
1,169,875‌
3,957,070‌
Industrials
-
22.6%
3,500‌
Curtiss-Wright
Corp.
2,085,055‌
9,000‌
Emerson
Electric
Co.
1,256,130‌
2,500‌
Hubbell,
Inc.
1,175,000‌
45,000‌
MillerKnoll,
Inc.
702,900‌
4,250‌
Rockwell
Automation,
Inc.
1,565,530‌
10,500‌
The
Gorman-Rupp
Co.
472,185‌
6,500‌
Westinghouse
Air
Brake
Technologies
Corp.
1,328,860‌
8,585,660‌
Information
Technology
-
18.2%
5,500‌
Akamai
Technologies,
Inc.
(a)
413,050‌
10,000‌
Cognizant
Technology
Solutions
Corp.,
Class A
728,800‌
15,000‌
Coherent
Corp.
(a)
1,979,400‌
12,500‌
Corning,
Inc.
1,113,500‌
1,000‌
Dolby
Laboratories,
Inc.,
Class A
66,320‌
2,500‌
F5,
Inc.
(a)
632,625‌
20,000‌
Kulicke
&
Soffa
Industries,
Inc.
798,600‌
22,000‌
NetScout
Systems,
Inc.
(a)
611,600‌
3,500‌
Texas
Instruments,
Inc.
565,110‌
6,909,005‌
Materials
-
1.3%
2,000‌
Air
Products
and
Chemicals,
Inc.
485,180‌
Shares
Security
Description
Value
Utilities
-
0.9%
3,000‌
WEC
Energy
Group,
Inc.
$
335,190‌
Total
Common
Stock
(Cost
$25,314,450)
34,998,353‌
Shares
Security
Description
Value
Money
Market
Fund
-
7.6%
2,900,043‌
First
American
Treasury
Obligations
Fund,
Class X,
3.90%
(b)
(Cost
$2,900,043)
2,900,043‌
Investments,
at
value
-
99.7%
(Cost
$28,214,493)
$
37,898,396‌
Other
Assets
&
Liabilities,
Net
-
0.3%
119,555‌
Net
Assets
-
100.0%
$
38,017,951‌
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
October
31,
2025.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
37,898,396‌
Level
2
-
Other
Significant
Observable
Inputs
-‌
Level
3
-
Significant
Unobservable
Inputs
-‌
Total
$
37,898,396‌
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
3
See
Notes
to
Financial
Statements.
ASSETS
Investments,
at
value
(Cost
$28,214,493)
$
37,898,396‌
Receivables:
Fund
shares
sold
99,000‌
Dividends
50,486‌
Prepaid
expenses
13,009‌
Total
Assets
38,060,891‌
LIABILITIES
Payables:
Fund
shares
redeemed
200‌
Accrued
Liabilities:
Investment
Adviser
fees
7,123‌
Trustees'
fees
and
expenses
311‌
Fund
services
fees
10,025‌
Other
expenses
25,281‌
Total
Liabilities
42,940‌
NET
ASSETS
$
38,017,951‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
25,973,011‌
Distributable
Earnings
12,044,940‌
NET
ASSETS
$
38,017,951‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
1,772,841‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
21.44‌
*
Shares
redeemed
or
exchanged
within
60
days
of
purchase
are
charged
a
1.00%
redemption
fee.
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
OCTOBER
31,
2025
4
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
$
389,804‌
Total
Investment
Income
389,804‌
EXPENSES
Investment
adviser
fees
136,492‌
Fund
services
fees
92,588‌
Custodian
fees
2,731‌
Registration
fees
10,904‌
Professional
fees
29,412‌
Trustees'
fees
and
expenses
6,046‌
Other
expenses
29,495‌
Total
Expenses
307,668‌
Fees
waived
(152,977‌)
Net
Expenses
154,691‌
NET
INVESTMENT
INCOME
235,113‌
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
1,446,306‌
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
3,965,430‌
NET
REALIZED
AND
UNREALIZED
GAIN
5,411,736‌
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
5,646,849‌
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
5
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
October
31,
2025
For
the
Year
Ended
April
30,
2025
OPERATIONS
Net
investment
income
$
235,113‌
$
403,677‌
Net
realized
gain
1,446,306‌
596,335‌
Net
change
in
unrealized
appreciation
(depreciation)
3,965,430‌
(1,173,072‌)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
5,646,849‌
(173,060‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
-‌
(1,777,103‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
921,626‌
3,713,525‌
Reinvestment
of
distributions
-‌
1,758,926‌
Redemption
of
shares
(662,885‌)
(1,641,122‌)
Redemption
fees
585‌
1,051‌
Increase
in
Net
Assets
from
Capital
Share
Transactions
259,326‌
3,832,380‌
Increase
in
Net
Assets
5,906,175‌
1,882,217‌
NET
ASSETS
Beginning
of
Period
32,111,776‌
30,229,559‌
End
of
Period
$
38,017,951‌
$
32,111,776‌
SHARE
TRANSACTIONS
Sale
of
shares
45,220‌
185,714‌
Reinvestment
of
distributions
-‌
84,184‌
Redemption
of
shares
(32,226‌)
(82,899‌)
Increase
in
Shares
12,994‌
186,999‌
MONONGAHELA
ALL
CAP
VALUE
FUND
FINANCIAL
HIGHLIGHTS
6
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
October
31,
2025
For
the
Years
Ended
April
30,
2025
2024
2023
2022
2021
NET
ASSET
VALUE,
Beginning
of
Period
$
18.25‌
$
19.22‌
$
17.04‌
$
17.83‌
$
19.56‌
$
12.62‌
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.13‌
0.24‌
0.26‌
0.34‌
0.28‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
3.06‌
(0.14‌)
2.51‌
(0.33‌)
(0.56‌)
6.92‌
Total
from
Investment
Operations
3.19‌
0.10‌
2.77‌
0.01‌
(0.28‌)
7.15‌
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
-‌
(0.21‌)
(0.30‌)
(0.30‌)
(0.25‌)
(0.20‌)
Net
realized
gain
-‌
(0.86‌)
(0.29‌)
(0.50‌)
(1.20‌)
(0.01‌)
Total
Distributions
to
Shareholders
-‌
(1.07‌)
(0.59‌)
(0.80‌)
(1.45‌)
(0.21‌)
REDEMPTION
FEES(a)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
NET
ASSET
VALUE,
End
of
Period
$
21.44‌
$
18.25‌
$
19.22‌
$
17.04‌
$
17.83‌
$
19.56‌
TOTAL
RETURN
17.48‌%(c)
(0.11‌)%
16.51‌%
0.08‌%
(1.73‌)%
56.94‌%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
38,018‌
$
32,112‌
$
30,230‌
$
26,160‌
$
25,243‌
$
24,426‌
Ratios
to
Average
Net
Assets:
Net
investment
income
1.30‌%(d)
1.21‌%
1.48‌%
2.00‌%
1.47‌%
1.41‌%
Net
expenses
0.85‌%(d)
0.85‌%
0.85‌%
0.85‌%
0.85‌%
0.85‌%
Gross
expenses
(e)
1.70‌%(d)
1.70‌%
1.77‌%
1.90‌%
1.83‌%
2.21‌%
PORTFOLIO
TURNOVER
RATE
13‌%(c)
23‌%
37‌%
27‌%
30‌%
32‌%
(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.
Had
certain
fees
and
expenses
not
been
waived
and/or
reimbursed,
the
Fund's
total
return
would
have
been
lower.
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
7
Note
1. Organization
The
Monongahela
All
Cap
Value
Fund
(the
"Fund")
is
a
diversified
portfolio
of
Forum
Funds
(the
"Trust").
The
Trust
is
a
Delaware
statutory
trust
that
is
registered
as
an
open-end,
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"Act").
Under
its
Trust
Instrument,
the
Trust
is
authorized
to
issue
an
unlimited
number
of
the
Fund's
shares
of
beneficial
interest
without
par
value.
The
Fund
commenced
operations
on
July
1,
2013.
The
Fund
seeks
total
return
through
long-term
capital
appreciation
and
income.
The
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
the
Fund
is
used
by
the
Adviser,
as
defined
in
Note
3,
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statement
of
Operations
and
the
financial
highlights
for
the
Fund
is
the
information
utilized
for
the
day-to-day
management
of
the
Fund.
The
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Fund
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
Rodgers
Brothers,
Inc.
(f.k.a
Monongahela
Capital
Management),
the
Fund's
Adviser,
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
Note
2. Summary
of
Significant
Accounting
Policies
The
Fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946,
"Financial
Services
-
Investment
Companies."
These
financial
statements
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
fiscal
period.
Actual
amounts
could
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Fund:
Security
Valuation
-
Securities
are
recorded
at
fair
value
using
last
quoted
trade
or
official
closing
price
from
the
principal
exchange
where
the
security
is
traded,
as
provided
by
independent
pricing
services
on
each
Fund
business
day.
In
the
absence
of
a
last
trade,
securities
are
valued
at
the
mean
of
the
last
bid
and
ask
price
provided
by
the
pricing
service.
Short-
term
investments
that
mature
in
sixty
days
or
less
may
be
recorded
at
amortized
cost,
which
approximates
fair
value.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust's
Board
of
Trustees
(the
"Board")
has
designated
the
Adviser
as
the
Fund's
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Fund.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser's
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser's
fair
valuation
procedures
as
a
part
of
the
Fund's
compliance
program
and
will
review
any
changes
made
to
the
procedures.
The
Adviser
provides
fair
valuation
inputs.
In
determining
fair
valuations,
inputs
may
include
market-based
analytics
that
may
consider
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values
and
other
relevant
investment
information.
Adviser
inputs
may
include
an
income-based
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
in
determining
fair
value.
Discounts
may
also
be
applied
based
on
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
The
Adviser
performs
regular
reviews
of
valuation
methodologies,
key
inputs
and
assumptions,
disposition
analysis
and
market
activity.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
of
an
investment
may
differ
from
the
security's
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
Net
Asset
Value
("NAV")
than
a
NAV
determined
by
using
market
quotes.
GAAP
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
level
of
various
"inputs"
used
to
determine
the
value
of
the
Fund's
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
8
Level
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
Level
2
-
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
a
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities'
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
-
Significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
aggregate
value
by
input
level,
as
of
October
31,
2025,
for
the
Fund's
investments
is
included
in
the
Fund's
Schedule
of
Investments.
Security
Transactions,
Investment
Income
and
Realized
Gain
and
Loss
-
Investment
transactions
are
accounted
for
on
the
trade
date.
Dividend
income
is
recorded
on
the
ex-dividend
date.
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
-
The
Fund
declares
any
dividends
from
net
investment
income
and
pays
them
annually.
Any
net
capital
gains
and
net
foreign
currency
gains
realized
by
the
Fund
are
distributed
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
due
primarily
to
differing
treatments
of
income
and
gain
on
various
investment
securities
held
by
the
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
the
Fund.
Federal
Taxes
-
The
Fund
intends
to
continue
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
Chapter
1,
Subtitle
A,
of
the
Internal
Revenue
Code
of
1986,
as
amended
("Code"),
and
to
distribute
all
of
its
taxable
income
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
period,
the
Fund
did
not
incur
any
interest
or
penalties.
The
Fund
files
a
U.S.
federal
income
and
excise
tax
return
as
required.
The
Fund's
federal
income
tax
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
years
after
they
are
filed.
As
of
October
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.
Redemption
Fees
-
A
shareholder
who
redeems
or
exchanges
shares
within
60
days
of
purchase
will
incur
a
redemption
fee
of
1.00%
of
the
current
NAV
of
shares
redeemed
or
exchanged,
subject
to
certain
limitations.
The
fee
is
charged
for
the
benefit
of
the
remaining
shareholders
and
will
be
paid
to
the
Fund
to
help
offset
transaction
costs.
The
fee
is
accounted
for
as
an
addition
to
paid-in
capital.
The
Fund
reserves
the
right
to
modify
the
terms
of
or
terminate
the
fee
at
any
time.
There
are
limited
exceptions
to
the
imposition
of
the
redemption
fee.
Redemption
fees
incurred
for
the
Fund,
if
any,
are
reflected
on
the
Statements
of
Changes
in
Net
Assets.
Commitments
and
Contingencies
-
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund's
maximum
exposure
under
these
arrangements
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
9
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
The
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
the
Fund's
Statement
of
Assets
and
Liabilities.
Note
3. Fees
and
Expenses
Investment
Adviser
-
Rodgers
Brothers,
Inc.
(f.k.a
Monongahela
Capital
Management)
(the
"Adviser")
is
the
investment
Adviser
to
the
Fund.
Pursuant
to
an
investment
advisory
agreement,
the
Adviser
receives
an
advisory
fee,
payable
monthly,
from
the
Fund
at
an
annual
rate
of
0.75%
of
the
Fund's
average
daily
net
assets.
Distribution
-
Foreside
Fund
Services,
LLC,
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(d/b/a
ACA
Group)
(the
"Distributor"),
acts
as
the
agent
of
the
Trust
in
connection
with
the
continuous
offering
of
shares
of
the
Fund.
The
Fund
does
not
have
a
distribution
(12b-1)
plan;
accordingly,
the
Distributor
does
not
receive
compensation
from
the
Fund
for
its
distribution
services.
The
Adviser
compensates
the
Distributor
directly
for
its
services.
The
Distributor
is
not
affiliated
with
the
Adviser
or
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC
(d/b/a
Apex
Fund
Services)
("Apex")
or
their
affiliates.
Other
Service
Providers
-
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
and
administration
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
Services
Agreement,
the
Fund
pays
Apex
customary
fees
for
its
services.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
an
Anti-Money
Laundering
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions.
Trustees
and
Officers
-
Each
Independent
Trustee's
annual
retainer
is
$60,000
($70,000
for
the
Chairman).
The
Audit
Committee
Chairman
receives
an
additional
$5,000
annually.
The
Trustees
and
the
Chairman
may
receive
additional
fees
for
special
Board
meetings.
Each
Trustee
is
also
reimbursed
for
all
reasonable
out-of-pocket
expenses
incurred
in
connection
with
his
or
her
duties
as
a
Trustee,
including
travel
and
related
expenses
incurred
in
attending
Board
meetings.
The
amount
of
Trustees'
fees
attributable
to
the
Fund
is
disclosed
in
the
Statement
of
Operations.
Certain
officers
of
the
Trust
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Fund.
Note
4. Expense
Reimbursements
and
Fees
Waived
The
Adviser
has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
dividend
and
interest
expenses
on
short
sales,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses
)
to
0.85%
,
through
at
least
September
1,
2026
("Expense
Cap").
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.
The
Expense
Cap
may
only
be
raised
or
eliminated
with
the
consent
of
the
Board
of
Trustees.
For
the
period
ended
October
31,
2025
,
fees
waived
and
expenses
reimbursed
were
as
follows:
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
Adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
expense
cap,
or
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
As
of
October
31,
2025,
$578,176
is
subject
to
recapture
by
the
Adviser
.
Other
waivers
are
not
eligible
for
recoupment.
In
addition,
other
Fund
service
providers
may
waive
all
or
any
portion
of
their
fees
and
may
reimburse
certain
expenses
of
the
Fund.
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
108,104‌
$
44,873‌
$
152,977‌
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
10
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
October
31,
2025
were
$4,291,099
and
$5,859,812,
respectively.
Note
6. Federal
Income
Tax
As
of
October
31,
2025,
cost
of
investments
for
federal
income
tax
purposes
is
substantially
the
same
for
financial
statement
purposes
and
net
unrealized
appreciation
consists
of:
As
of
April
30,
2025,
distributable
earnings
on
a
tax
basis
were
as
follows:
The
difference
between
components
of
distributable
earnings
on
a
tax
basis
and
the
amounts
reflected
in
the
Statement
of
Assets
and
Liabilities
are
primarily
due
to
wash
sales
and
equity
return
of
capital.
Note
7. Subsequent
Events
Subsequent
events
occurring
after
the
date
of
this
report
through
the
date
these
financial
statements
were
issued
have
been
evaluated
for
potential
impact,
and
the
Fund
has
had
no
such
events.
Gross
Unrealized
Appreciation
$
10,694,755‌
Gross
Unrealized
Depreciation
(1,010,852‌)
Net
Unrealized
Appreciation
$
9,683,903‌
Undistributed
Ordinary
Income
$
155,295‌
Undistributed
Long-Term
Gain
477,126‌
Net
Unrealized
Appreciation
5,765,670‌
Total
$
6,398,091‌
MONONGAHELA
ALL
CAP
VALUE
FUND
OTHER
INFORMATION
October
31,
2025
11
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
MONONGAHELA
ALL
CAP
VALUE
FUND
FOR
MORE
INFORMATION:
P.O.
Box
588
Portland,
ME
04112
(855)
392-9331
(toll
free)
www.Moncapfund.com
INVESTMENT
ADVISER
Rodgers
Brothers,
Inc.
(f.k.a
Monongahela
Capital
Management)
223
Mercer
Street
Harmony,
PA
16037
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
www.apexgroup.com
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund's
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
211-SAR-1025
(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:
December 12, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
/s/ Zachary Tackett
Zachary Tackett, Principal Executive Officer
Date:
December 12, 2025
By:
/s/ Karen Shaw
Karen Shaw, Principal Financial Officer
Date:
December 12, 2025
Forum Funds published this content on December 15, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 15, 2025 at 19:03 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]