N-CSRS 1 primary-document.htm
As filed with the Securities and Exchange Commission on January 03, 2023
 
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
Three Canal Plaza, Suite 600
Portland, Maine 04101
 
 
Jessica Chase, Principal Executive Officer
Three Canal Plaza, Suite 600
Portland, Maine 04101
207-347-2000
 
 
Date of fiscal year end: April 30
 
Date of reporting period: May 1, 2022 – October 31, 2022
 
 

ITEM 1. REPORT TO STOCKHOLDERS.
 
MONONGAHELA
ALL
CAP
VALUE
FUND
Semi-Annual
Report
October
31,
2022
(Unaudited)
MONONGAHELA
ALL
CAP
VALUE
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
October
31,
2022
1
Dear
Shareholder,
We
are
pleased
to
offer
this
semi-annual
report
for
the
Monongahela
All
Cap
Value
Fund
(the
“Fund”)
for
the
period
from
May
1,
2022
to
October
31,
2022.
During
this
period
the
Fund
was
down
4.15%,
the
S&P
500
Index
(the
“S&P
500”,
an
index
of
the
500
largest
publicly-traded
companies
in
the
US
weighted
by
market
capitalization)
was
down
5.5%
and
the
Russell
2000
Value
Index
(the
“Russell
2000
Value,”
an
index
that
tracks
the
performance
of
small
market
capitalization
value
companies)
was
down
1.35%.
Calendar
year
to
date
(January
1st
to
October
31st)
the
Fund
is
down
10.05%,
the
S&P
500
is
down
17.70%
and
the
Russell
2000
Value
is
down
11.19%.
The
performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
For
the
most
recent
month-end
performance,
please
call
1-855-
392-9331
or
visit
the
Fund’s
website
at
http://moncapfund.com
.
Stocks
for
the
Long
Run
Jeremy
Siegel,
the
Russell
E.
Palmer
Professor
of
Finance
at
the
Wharton
School
of
the
University
of
Pennsylvania,
published
the
6th
edition
of
“Stocks
for
the
Long
Run”
on
September
27th,
2022.
The
1st
edition
was
released
in
1994
and
the
subsequent
editions
have
been
seminal
in
their
analysis
of
equity
performance
over
the
long
term.
While
copyright
laws
prohibit
us
from
reproducing
some
of
Professor
Siegel’s
fascinating
charts,
suffice
it
to
say
that
bear
markets
are
a
blip
on
the
screen
in
the
long
term
total
return
of
equities.
In
Chapter
2
of
the
new
edition,
Siegel
notes:
Swings
in
investor
sentiment
resulting
from
political
or
economic
crises
can
throw
stocks
off
their
long-term
path,
but
the
fundamental
forces
producing
economic
growth
have
always
enabled
equities
to
regain
their
long-term
trend.
That
is
why
stock
returns
have
displayed
such
stability
despite
the
radical
political,
economic,
and
social
changes
that
have
impacted
the
world
over
the
past
two
centuries.
The
Federal
Reserve’s
attempt
to
slow
the
current
surge
in
inflation
with
rapid
monetary
tightening
policies
has
left
markets
unsettled.
Unable
to
gauge
the
duration
of
tightening
measures
or
the
consequences,
the
major
stock
markets
have
struggled
this
year,
and
the
averages
remain
range-bound,
bouncing
in
and
out
of
bear
market
territory.
Our
reports
are
meant
to
present
a
snapshot
of
the
portfolio’s
value
at
a
given
moment
and
present
comparisons
with
broad
benchmarks.
While
the
declines
presented
in
this
report
are
painful,
they
represent
a
mark
to
market,
placing
a
current
value
on
all
assets
in
the
portfolio.
Profits
or
losses
are
unrealized
or
“paper
losses”
until
a
sale
occurs.
We
position
the
Fund
so
that
sales
occur
when
valuations
dictate
as
opposed
to
having
to
sell
at
less
attractive
price
during
market
declines.
As
you
will
note
in
our
schedule
of
investments,
we
have
approximately
5.5%
of
assets
in
Money
Market
Funds
(MMF)
and
Treasury
Bills
(T-Bill).
The
T-Bill
recently
purchased
on
10/14/22
with
a
10/5/23
maturity
had
a
yield
to
maturity
on
purchase
date
of
4.429%.
While
these
are
most
likely
temporary
investments
for
the
Fund,
a
year
ago
we
were
collecting
less
than
0.25%
on
our
cash/cash
equivalents.
Balances
in
the
MMF
and
T-Bills
will
fluctuate
with
our
perception
of
risk
and
opportunity.
The
current
bear/correction
market,
marked
from
the
peak
of
prior
market
highs,
is
approaching
one
year;
the
average
bear
market
lasts
slightly
less
than
10
months.
The
constant
barrage
of
negative
news,
economic
and
social,
makes
it
difficult
to
stay
the
course,
but
that
is
exactly
the
path
forward.
The
market
is
essentially
a
discounting
machine,
pricing
in
anticipated
future
conditions.
Our
fundamentally
based
research
strongly
suggests
that
value-oriented
portfolios
anchored
with
individual
equities
should
“regain
the
long-term
trend”
as
we
approach
2023.
We
believe
that
the
extreme
volatility
within
the
declining
market
has
presented
some
excellent
buying
opportunities
in
fundamentally
strong
companies
that
rarely
trade
at
a
discount.
These
positions
have
been
recently
added:
Company
Sector
Abbott
Labs
Health
Care
Clorox
Company
Consumer
Staples
Intel
Corp
Information
Technology
McCormick
&
Co
Consumer
Staples
MONONGAHELA
ALL
CAP
VALUE
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
October
31,
2022
2
PNC
Financial
Services
Financial
Rockwell
Automation
Industrial
Woodward
Inc
Industrial
Like
a
well-tended
orchard,
portfolios
need
pruning.
In
the
past
six
months,
we
have
removed
the
following
positions.
The
first
group
reached
or
exceeded
intrinsic
value
targets:
Coca-Cola
Consumer
Staples
Corteva
Inc
Materials
Int’l
Business
Machines
Information
Technology
Eli
Lilly
&
Co.
Health
Care
The
following
significant
positions
were
removed
as
fundamental
shifts
in
interest
rates
or
sector
weakness
have
changed
our
outlook:
Cognizant
Technology
Solutions
Information
Technology
Healthcare
Services
Group
Industrial
MillerKnoll
Inc
Industrial
Newmont
Corporation
Materials
Verizon
Communications
Communication
Services
William
Penn
Bancorporation
Financial
The
structural
changes
that
are
occurring
with
interest
rates
and
inflation
are
generational
and
these
macro
trends
do
affect
our
portfolio
and
our
performance.
While
there
are
an
almost
infinite
number
of
variables
that
affect
equity
prices,
our
value
style
of
investing
identifies
companies
with
more
conservative
valuation.
Value
investing
tends
to
outperform
growth
and
momentum
style
investing
in
correcting
markets.
Through
October
31st,
most
value
funds,
including
ours,
have
outperformed
growth
strategies.
As
noted
in
our
opening
paragraph,
the
S&P
500,
with
a
large
cap
growth
orientation,
is
down
17.7%
calendar
year
to
date,
the
Russell
2000
Value
index
is
down
11.19%
while
the
Fund
is
down
10.05%
for
the
same
time
period.
Portfolios
that
worked
well
in
the
past
decade,
risk
on
profiles,
will
in
our
opinion,
likely
underperform
going
forward.
We
are
very
comfortable
in
the
well-researched
value
orientation
of
our
Fund.
Thank
you
for
your
investment.
IMPORTANT
RISKS
AND
DISCLOSURES:
Mutual
fund
investing
involves
risk,
including
possible
loss
of
principal.
Turbulence
in
the
financial
markets
and
reduced
liquidity
in
equity,
credit
and
fixed-income
markets
may
negatively
affect
issuers
worldwide,
which
could
have
an
adverse
effect
on
mutual
fund
investments.
A
value
investing
strategy
involves
the
risk
that
undervalued
securities
may
not
appreciate
as
anticipated
or
will
remain
undervalued
for
long
periods
of
time.
Securities
of
micro-,
small-
and
mid-
capitalization
companies
may
be
more
volatile
and
less
liquid
than
those
of
large-cap
companies
due
to
limited
resources
or
product
lines
and
greater
sensitivity
to
adverse
economic
conditions.
The
views
in
this
report
were
those
of
the
Fund
managers
as
of
October
31,
2022,
and
may
not
reflect
their
views
on
the
date
this
report
is
first
published
or
any
time
thereafter.
These
views
are
intended
to
assist
shareholders
in
understanding
Mark
Rodgers
Michael
C.
Rodgers
Co-Manager
Co-Manager
MONONGAHELA
ALL
CAP
VALUE
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
October
31,
2022
3
their
investment
in
the
Fund
and
do
not
constitute
investment
advice.
This
letter
may
contain
discussions
about
certain
investments
both
held
and
not
held
in
the
portfolio.
All
current
and
future
holdings
are
subject
to
risk
and
to
change.
Fund
Holdings
are
subject
to
change.
Please
see
the
schedule
of
investments
for
a
complete
list
of
holdings.
MONONGAHELA
ALL
CAP
VALUE
FUND
PERFORMANCE
CHART
AND
ANALYSIS
October
31,
2022
4
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$10,000
investment,
including
reinvested
dividends
and
distributions,
in
the
Monongahela
All
Cap
Value
Fund
(the
“Fund”)
compared
with
the
performance
of
the
benchmarks,
the
S&P
500
®
Index
(the
“S&P
500”)
and
the
Russell
2000
®
Value
Index
(the
“Russell
2000
Value”),
since
inception.
The
S&P
500
is
a
broad-based
measurement
of
the
U.S.
stock
market
based
on
the
performance
of
500
widely
held
large
capitalization
common
stocks.
The
Russell
2000
Value
measures
the
2,000
smallest
of
the
3,000
largest
U.S.
Companies
(based
on
total
market
capitalization)
that
have
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
The
total
return
of
the
indices
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Fund
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
indices
do
not
include
expenses.
The
Fund
is
professionally
managed,
while
the
indices
are
unmanaged
and
are
not
available
for
investment.
Comparison
of
Change
in
Value
of
a
$10,000
Investment
Monongahela
All
Cap
Value
Fund
vs.
S&P
500®
Index
vs.
Russell
2000®
Value
Index
Performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Investment
return
and
principal
value
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
original
cost.
For
the
most
recent
month-end
performance,
please
call
(855)
392-9331.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratio
(gross)
is
1.83%.
However,
the
Fund’s
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
September
1,
2023
(the
“Expense
Cap”).
The
Expense
Cap
may
be
raised
or
eliminated
only
with
the
consent
of
the
Board
of
Trustees.
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
dividend
and
interest
expenses
on
short
sales,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
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.
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
will
increase
if
exclusions
from
the
Expense
Cap
apply.
During
the
period,
certain
fees
were
waived
and/or
expenses
reimbursed;
otherwise,
returns
would
have
been
lower.
In
addition,
other
Fund
service
providers
may
waive
all
or
any
portion
of
their
fees
and
may
reimburse
certain
expenses
of
the
Fund.
Shares
redeemed
or
exchanged
within
60
days
of
purchase
will
be
charged
a
1.00%
redemption
fee.
The
performance
table
and
graph
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
greater
than
one
year
are
annualized.
Average
Annual
Total
Returns
Periods
Ended
October
31,
2022
Six
Month
One
Year
Five
Year
Since
Inception
07/01/13
Monongahela
All
Cap
Value
Fund
-4.15%
-6.43%
8.95%
10.03%
S&P
500®
Index
-5.50%
-14.61%
10.44%
11.95%
Russell
2000®
Value
Index
-1.35%
-10.73%
5.31%
7.86%
MONONGAHELA
ALL
CAP
VALUE
FUND
SCHEDULE
OF
INVESTMENTS
October
31,
2022
5
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
October
31,
2022. 
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.
The
Level
2
value
displayed
in
this
table
are
U.S.
Treasury
Securities
and
a
Money
Shares
Security
Description
Value
Common
Stock
-
94.0%
Consumer
Discretionary
-
17.8%
52,500‌
El
Pollo
Loco
Holdings,
Inc. 
(a)
$
527,100‌
22,000‌
H&R
Block,
Inc.
905,300‌
9,000‌
Hasbro,
Inc.
587,250‌
25,000‌
Tapestry,
Inc.
792,000‌
4,250‌
Target
Corp.
698,062‌
7,250‌
Williams-Sonoma,
Inc.
897,768‌
4,407,480‌
Consumer
Staples
-
9.7%
6,574‌
Alico,
Inc.
201,296‌
4,000‌
Brown-Forman
Corp.,
Class A
275,080‌
10,000‌
General
Mills,
Inc.
815,800‌
2,250‌
Kimberly-Clark
Corp.
280,035‌
1,000‌
McCormick
&
Co.,
Inc.,
Non-
Voting
Shares
78,640‌
500‌
The
Clorox
Co.
73,020‌
2,750‌
The
Procter
&
Gamble
Co.
370,342‌
8,500‌
Walgreens
Boots
Alliance,
Inc.
310,250‌
2,404,463‌
Energy
-
4.0%
10,500‌
ONEOK,
Inc.
622,860‌
3,500‌
Phillips
66
365,015‌
987,875‌
Financials
-
8.8%
3,700‌
CB
Financial
Services,
Inc.
79,106‌
12,000‌
Equitable
Holdings,
Inc.
367,440‌
13,000‌
MetLife,
Inc.
951,730‌
17,500‌
Old
Republic
International
Corp.
406,175‌
2,000‌
The
Bank
of
New
York
Mellon
Corp.
84,220‌
1,750‌
The
PNC
Financial
Services
Group,
Inc.
283,203‌
2,171,874‌
Health
Care
-
14.2%
1,500‌
Abbott
Laboratories
148,410‌
5,000‌
AbbVie,
Inc.
732,000‌
2,000‌
Azenta,
Inc.
88,800‌
500‌
Bristol-Myers
Squibb
Co.
38,735‌
12,500‌
Hologic,
Inc. 
(a)
847,500‌
4,500‌
Merck
&
Co.,
Inc.
455,400‌
4,000‌
PerkinElmer,
Inc.
534,320‌
4,000‌
Zimmer
Biomet
Holdings,
Inc.
453,400‌
25,000‌
Zimvie,
Inc. 
(a)
219,250‌
3,517,815‌
Industrials
-
21.9%
4,000‌
Aerojet
Rocketdyne
Holdings,
Inc. 
(a)
193,800‌
5,000‌
Curtiss-Wright
Corp.
839,150‌
3,750‌
Douglas
Dynamics,
Inc.
127,312‌
8,750‌
Emerson
Electric
Co.
757,750‌
9,000‌
Fortune
Brands
Home
&
Security,
Inc.
542,880‌
750‌
Honeywell
International,
Inc.
153,015‌
3,000‌
Hubbell,
Inc.
712,440‌
2,500‌
Rockwell
Automation,
Inc.
638,250‌
2,000‌
Science
Applications
International
Corp.
216,680‌
24,000‌
The
Gorman-Rupp
Co.
651,360‌
6,000‌
Westinghouse
Air
Brake
Technologies
Corp.
559,680‌
500‌
Woodward,
Inc.
45,850‌
5,438,167‌
Shares
Security
Description
Value
Information
Technology
-
12.9%
4,500‌
Badger
Meter,
Inc.
$
506,160‌
15,500‌
Canon,
Inc.,
ADR
328,755‌
12,750‌
Coherent
Corp. 
(a)
428,527‌
12,500‌
Corning,
Inc.
402,125‌
2,500‌
F5,
Inc. 
(a)
357,275‌
8,000‌
Intel
Corp.
227,440‌
10,000‌
Seagate
Technology
Holdings
PLC
496,600‌
2,750‌
Texas
Instruments,
Inc.
441,733‌
3,188,615‌
Materials
-
1.2%
2,000‌
PPG
Industries,
Inc.
228,360‌
10,000‌
Universal
Stainless
&
Alloy
Products,
Inc. 
(a)
73,500‌
301,860‌
Utilities
-
3.5%
10,000‌
National
Fuel
Gas
Co.
674,900‌
2,000‌
WEC
Energy
Group,
Inc.
182,660‌
857,560‌
Total
Common
Stock
(Cost
$19,480,203)
23,275,709‌
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
0.4%
U.S.
Treasury
Securities
-
0.4%
$
100,000‌
U.S.
Treasury
Bill
(Cost
$96,026)
4.42%
10/05/23
95,831‌
Shares
Security
Description
Value
Money
Market
Fund
-
5.1%
1,280,670‌
First
American
Treasury
Obligations
Fund,
Class X,
3.07% 
(b)
(Cost
$1,280,671)
1,280,671‌
Investments,
at
value
-
99.5%
(Cost
$20,856,900)
$
24,652,211‌
Other
Assets
&
Liabilities,
Net
-
0.5%
111,964‌
Net
Assets
-
100.0%
$
24,764,175‌
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
October
31,
2022.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
23,275,709‌
Level
2
-
Other
Significant
Observable
Inputs
1,376,502‌
Level
3
-
Significant
Unobservable
Inputs
–‌
Total
$
24,652,211‌
MONONGAHELA
ALL
CAP
VALUE
FUND
SCHEDULE
OF
INVESTMENTS
October
31,
2022
6
See
Notes
to
Financial
Statements.
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
PORTFOLIO
HOLDINGS
%
of
Total
Investments
Consumer
Discretionary
17.9‌%
Consumer
Staples
9.7‌%
Energy
4.0‌%
Financials
8.8‌%
Health
Care
14.3‌%
Industrials
22.1‌%
Information
Technology
12.9‌%
Materials
1.2‌%
Utilities
3.5‌%
U.S.
Government
&
Agency
Obligations
0.4‌%
Money
Market
Fund
5.2‌%
100.0‌%
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
7
See
Notes
to
Financial
Statements.
ASSETS
Investments,
at
value
(Cost
$20,856,900)
$
24,652,211‌
Receivables:
Fund
shares
sold
500‌
Dividends
128,073‌
Prepaid
expenses
9,425‌
Total
Assets
24,790,209‌
LIABILITIES
Accrued
Liabilities:
Investment
Adviser
fees
141‌
Trustees’
fees
and
expenses
61‌
Fund
services
fees
4,893‌
Other
expenses
20,939‌
Total
Liabilities
26,034‌
NET
ASSETS
$
24,764,175‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
19,883,463‌
Distributable
Earnings
4,880,712‌
NET
ASSETS
$
24,764,175‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
1,449,366‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
17.09‌
*
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,
2022
8
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$779)
$
398,753‌
Interest
income
176‌
Total
Investment
Income
398,929‌
EXPENSES
Investment
adviser
fees
92,885‌
Fund
services
fees
87,382‌
Custodian
fees
2,495‌
Registration
fees
6,699‌
Professional
fees
19,379‌
Trustees'
fees
and
expenses
2,717‌
Other
expenses
20,096‌
Total
Expenses
231,653‌
Fees
waived
(126,383‌)
Net
Expenses
105,270‌
NET
INVESTMENT
INCOME
293,659‌
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
19,436‌
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
(1,391,590‌)
NET
REALIZED
AND
UNREALIZED
LOSS
(1,372,154‌)
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(1,078,495‌)
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
9
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
October
31,
2022
For
the
Year
Ended
April
30,
2022
OPERATIONS
Net
investment
income
$
293,659‌
$
379,548‌
Net
realized
gain
19,436‌
1,050,988‌
Net
change
in
unrealized
appreciation
(depreciation)
(1,391,590‌)
(1,883,022‌)
Decrease
in
Net
Assets
Resulting
from
Operations
(1,078,495‌)
(452,486‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
–‌
(1,892,020‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
1,153,878‌
3,946,000‌
Reinvestment
of
distributions
–‌
1,855,424‌
Redemption
of
shares
(554,492‌)
(2,640,404‌)
Redemption
fees
492‌
548‌
Increase
in
Net
Assets
from
Capital
Share
Transactions
599,878‌
3,161,568‌
Increase
(Decrease)
in
Net
Assets
(478,617‌)
817,062‌
NET
ASSETS
Beginning
of
Period
25,242,792‌
24,425,730‌
End
of
Period
$
24,764,175‌
$
25,242,792‌
SHARE
TRANSACTIONS
Sale
of
shares
66,587‌
207,973‌
Reinvestment
of
distributions
–‌
99,175‌
Redemption
of
shares
(32,900‌)
(139,925‌)
Increase
in
Shares
33,687‌
167,223‌
MONONGAHELA
ALL
CAP
VALUE
FUND
FINANCIAL
HIGHLIGHTS
10
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,
2022
For
the
Years
Ended
April
30,
2022
2021
2020
2019
2018
NET
ASSET
VALUE,
Beginning
of
Period
$
17.83‌
$
19.56‌
$
12.62‌
$
14.03‌
$
13.65‌
$
13.80‌
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.21‌
0.28‌
0.23‌
0.28‌
0.28‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
(0.95‌)
(0.56‌)
6.92‌
(1.22‌)
0.93‌
1.09‌
Total
from
Investment
Operations
(0.74‌)
(0.28‌)
7.15‌
(0.94‌)
1.21‌
1.32‌
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
–‌
(0.25‌)
(0.20‌)
(0.27‌)
(0.26‌)
(0.17‌)
Net
realized
gain
–‌
(1.20‌)
(0.01‌)
(0.20‌)
(0.57‌)
(1.30‌)
Total
Distributions
to
Shareholders
–‌
(1.45‌)
(0.21‌)
(0.47‌)
(0.83‌)
(1.47‌)
REDEMPTION
FEES(a)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
–‌
NET
ASSET
VALUE,
End
of
Period
$
17.09‌
$
17.83‌
$
19.56‌
$
12.62‌
$
14.03‌
$
13.65‌
TOTAL
RETURN
(4.15‌)%(c)
(1.73‌)%
56.94‌%
(7.26‌)%
9.72‌%
9.36‌%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
24,764‌
$
25,243‌
$
24,426‌
$
12,755‌
$
12,805‌
$
10,141‌
Ratios
to
Average
Net
Assets:
Net
investment
income
2.37‌%(d)
1.47‌%
1.41‌%
2.01‌%
1.98‌%
1.63‌%
Net
expenses
0.85‌%(d)
0.85‌%
0.85‌%
0.85‌%
0.85‌%
0.85‌%
Gross
expenses
(e)
1.87‌%(d)
1.83‌%
2.21‌%
2.57‌%
2.86‌%
3.36‌%
PORTFOLIO
TURNOVER
RATE
16‌%(c)
30‌%
32‌%
47‌%
37‌%
60‌%
(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.
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
11
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.
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
valued
at
market
prices
using
the
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
valued
at
amortized
cost.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust's
Board
of
Trustees
(the
"Board")
has
designated
the
Adviser,
as
defined
in
Note
3,
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
price
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
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
-
Quoted
prices
in
active
markets
for
identical
assets
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
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
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
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
12
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,
2022,
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.
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
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
fiscal
years
after
they
are
filed.
As
of
October
31,
2022,
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
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
balance
sheet.
Note
3. Fees
and
Expenses
Investment
Adviser
–
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.
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
13
Distribution
–
Foreside
Fund
Services,
LLC
(the
“Distributor”),
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(doing
business
as
ACA
Group),
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
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
$45,000
($55,000
for
the
Chairman).
The
Audit
Committee
Chairman
receives
an
additional
$2,000
annually.
The
Trustees
and
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,
2023
(“Expense
Cap”).
Other
Fund
service
providers
have
voluntarily
agreed
to
waive
a
portion
of
their
fees.
The
voluntary
waivers
may
be
changed
or
eliminated
at
any
time.
The
Expense
Cap
may
only
be
raised
or
eliminated
with
the
consent
of
the
Board
of
Trustees.
For
the
period
ended
October
31,
2022
,
fees
waived
and
expenses
reimbursed
were
as
follows:
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
dividend
and
interest
expenses
on
short
sales,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
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,
2022,
$482,697
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.
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,
2022
were
$4,042,686
and
$3,758,588,
respectively.
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
83,997‌
$
42,386‌
$
126,383‌
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
14
Note
6. Federal
Income
Tax
As
of
October
31,
2022,
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,
2022,
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.
Management
has
evaluated
the
need
for
additional
disclosures
and/or
adjustments
resulting
from
subsequent
events.
Based
on
this
evaluation,
no
additional
disclosures
or
adjustments
were
required.
Gross
Unrealized
Appreciation
$
4,938,826‌
Gross
Unrealized
Depreciation
(1,143,515‌)
Net
Unrealized
Appreciation
$
3,795,311‌
Undistributed
Ordinary
Income
$
97,376‌
Undistributed
Long-Term
Gain
648,802‌
Unrealized
Appreciation
5,213,029‌
Total
$
5,959,207‌
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
October
31,
2022
15
Liquidity
Risk
Management
Program
The
Fund
has
adopted
and
implemented
a
written
liquidity
risk
management
program,
as
required
by
Rule
22e-4
(the
“Liquidity
Rule”)
under
the
Investment
Company
Act
of
1940,
as
amended.
The
liquidity
risk
management
program
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk,
taking
into
consideration,
among
other
factors,
the
Fund’s
investment
strategy
and
the
liquidity
of
the
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
its
short
and
long-term
cash
flow
projections
and
its
cash
holdings
and
access
to
other
funding
sources.
The
Board
approved
the
designation
of
the
Trust’s
Valuation
Committee
as
the
administrator
of
the
liquidity
risk
management
program
(the
“Program
Administrator”).
The
Program
Administrator
is
responsible
for
the
administration
and
oversight
of
the
program
and
for
reporting
to
the
Board
on
at
least
an
annual
basis
regarding,
among
other
things,
the
program’s
operation,
adequacy,
and
effectiveness.
The
Program
Administrator
assessed
the
Fund’s
liquidity
risk
profile
based
on
information
gathered
for
the
period
July
1,
2021
through
June
30,
2022
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
September
15,
2022.
The
Program
Administrator’s
written
report
stated
that:
(i)
the
Fund
is
able
to
meet
redemptions
in
normal
and
reasonably
foreseeable
stressed
conditions
and
without
significant
dilution
of
remaining
shareholders’
interests
in
the
Fund;
(ii)
the
Fund’s
strategy
is
appropriate
for
an
open-end
mutual
fund;
(iii)
the
liquidity
classification
determinations
regarding
the
Fund’s
portfolio
investments,
which
take
into
account
a
variety
of
factors
and
may
incorporate
analysis
from
one
or
more
third-party
data
vendors,
remained
appropriate;
(iv)
the
Fund
did
not
approach
the
internal
triggers
set
forth
in
the
liquidity
risk
management
program
or
the
regulatory
percentage
limitation
(15%)
on
holdings
in
illiquid
investments;
(v)
it
continues
to
be
appropriate
to
not
set
a
“highly
liquid
investment
minimum”
for
the
Fund
because
the
Fund
primarily
holds
“highly
liquid
investments”;
and
(vi)
the
liquidity
risk
management
program
remains
reasonably
designed
and
adequately
implemented
to
prevent
violations
of
the
Liquidity
Rule.
No
significant
liquidity
events
impacting
the
Fund
or
proposed
changes
to
the
Program
were
noted
in
the
report.
Proxy
Voting
Information
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
securities
held
in
the
Fund’s
portfolio
is
available,
without
charge
and
upon
request,
by
calling
(855)
392-9331
and
on
the
U.S.
Securities
and
Exchange
Commission’s
(the
“SEC”)
website
at
www.sec.gov.
The
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June
30
is
available,
without
charge
and
upon
request,
by
calling
(855)
392-9331
and
on
the
SEC’s
website
at
www.sec.gov.
Availability
of
Quarterly
Portfolio
Schedules
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
Forms
N-PORT
are
available
free
of
charge
on
the
SEC’s
website
at
www.sec.gov.
Shareholder
Expense
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
redemption
fees,
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund,
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
May
1,
2022
through
October
31,
2022.
Actual
Expenses
–
The
first
line
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
October
31,
2022
16
Hypothetical
Example
for
Comparison
Purposes
–
The
second
line
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
redemption
fees.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactoinal
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
May
1,
2022
Ending
Account
Value
October
31,
2022
Expenses
Paid
During
Period*
Annualized
Expense
Ratio*
Actual
$
1,000.00
$
958.49
$
4.20
0.85%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,020.92
$
4.33
0.85%
*
Expenses
are
equal
to
the
Fund’s
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half-year
184
divided
by
365
to
reflect
the
half-year
period.
MONONGAHELA
ALL
CAP
VALUE
FUND
FOR
MORE
INFORMATION:
P.O.
Box
588
Portland,
ME
04112
(855)
392-9331
(toll
free)
monongahela.ta@apexfs.com
www.Moncapfund.com
INVESTMENT
ADVISER
Monongahela
Capital
Management
223
Mercer
Street
Harmony,
PA
16037
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
www.apexgroup.com
DISTRIBUTOR
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
Maine
04101
www.foreside.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-1022
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 report to shareholders under Item 1.
(b)
   
Not applicable.
 
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
 
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept nominees to the board of trustees from shareholders.
 
ITEM 11. 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 Investment Company Act of 1940 (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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
 
ITEM 13. EXHIBITS.
 
(a)(1)  Not applicable.
 
 
(a)(3)  Not applicable.
 

 

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/ Jessica Chase
 
 
Jessica Chase, Principal Executive Officer
 
 
 
 
Date
January 3, 2023
 
 
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/ Jessica Chase
 
 
Jessica Chase, Principal Executive Officer
 
 
 
 
Date
January 3, 2023
 
 
 
By
/s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
 
 
 
 
Date
January 3, 2023