As filed with the
Securities and Exchange Commission on July 07, 2021
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 A. 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, 2020 – April 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS.
MONONGAHELA
ALL
CAP
VALUE
FUND
Annual
Report
April
30,
2021
MONONGAHELA
ALL
CAP
VALUE
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
April
30,
2021
1
Dear
Shareholder,
We
are
pleased
to
offer
this
annual
report
for
the
Monongahela
All
Cap
Value
Fund
(the
“Fund”)
for
the
time
from
May
1,
2020
to
April
30,
2021.
For
this
period,
the
Fund
was
up
56.94%,
the
S&P
500
Index
(
the
“S&P
“,
an
index
of
the
500
largest
publicly-traded
companies
in
the
US
weighted
by
market
capitalization)
was
up
45.98%
and
the
Russell
2000
Value
Index
(an
index
that
measures
the
performance
of
US
small
market
capitalization
companies)
was
up
78.96%.
Since
our
mid-year
report
on
October
31,
2020,
the
Fund
was
up
36.97%
while
the
S&P
was
up
28.85%
and
the
Russell
2000
Value
Index
was
up
59.17%.
The
Sky
is
on
Fire
Our
Value
style
of
investing
was
partially
shaped
by
the
uncertainty
of
the
Pittsburgh
economy
in
the
mid-1970s.
The
proud
“Steel
City”
once
produced
50%
of
the
nation’s
steel,
which
was
used
in
projects
including
the
Golden
Gate
Bridge,
Rockefeller
Center
and
the
locks
of
the
Panama
Canal.
When
we
were
young,
it
was
a
visual
wonder
to
drive
into
the
city
at
night
and
see
the
“sky
on
fire,”
lit
with
blast
furnace
fires
spewing
sparks
and
dust.
As
the
steel
industry
and
its
ancillary
businesses
began
a
secular
decline
in
the
70’s,
the
regional
economy
experienced
a
long
downward
spiral
culminating
in
a
17%
unemployment
rate
by
the
end
of
1982.
If
you
lived
in
the
Greater
Pittsburgh
region,
you
had
parents,
uncles
and
aunts,
cousins
and
friends
who
experienced
the
pain
of
plant
closures
and
structural
unemployment.
Pittsburgh
was
unprepared
for
the
changes
that
were
coming
and
unaware
of
the
risk
associated
with
that
change.
The
tenets
of
our
Value
investing
style
have
evolved
over
40
plus
years,
but
we
remain
mindful
of
the
unknown
and
the
risks
and
consequences
of
thinking
that
tomorrow
will
resemble
the
days,
months
and
years
before.
Likewise,
we
know
the
unpredictable
nature
of
the
markets,
but
are
confident
that
preparing
the
Fund
for
disrupting
events
by
constantly
analyzing
risk
and
adjusting
portfolios
will
allow
all
of
us
to
sleep
better
at
night.
We
believe
the
leadership
and
management
of
our
core
investments
is
exceptional
at
preparing
for
the
unknown.
Change
is
constant
and
sometimes
extreme,
but
the
ten
companies
listed
below
managed
the
disruptions
in
2020
exceptionally
well
and
emerged
stronger
from
the
pandemic.
It
is
interesting
to
note
the
resiliency
of
our
top
ten
core
stocks.
While
all
of
these
holdings
felt
the
impact
of
the
COVID-19
disruption,
they
have
proven
to
be
well
managed,
durable
companies
with
distinct
attributes
that
allowed
them
to
position
for
recovery.
With
the
exception
of
Hasbro,
the
stocks
have
all
exceeded
their
pre-pandemic
price
levels.
Company
52-week
total
return*
Company
52-week
total
return*
Tapestry
Inc.
221.6
%
Hasbro
Inc.
41.5
%
Target
Corp.
91.3
%
Hologic
Inc.
30.8
%
Seagate
Technology
91.2
%
MetLife
Inc.
81.5
%
Emerson
Electric
Co.
62.2
%
General
Mills
Inc.
5.0
%
Williams-Sonoma
Inc.
179.6
%
Healthcare
Services
Grp
Inc.
20.7
%
*Returns
from
5/01/20
to
4/30/21,
including
dividends
paid
during
that
period.
Valued
Sectors
During
the
market
lows
of
March
2020
and
through
most
of
last
year,
we
were
able
to
find
great
businesses
at
discounted
prices
and
make
additions
to
the
Fund.
Anticipating
a
robust
economic
recovery,
we
have
significantly
increased
exposure
to
the
Industrial
sector,
adding
Curtiss
Wright
Corp.,
Deluxe
Corp.,
Hyster-Yale
Materials
Handling
Inc.
and
Westinghouse
Air
Brake
Technologies
Corp.
In
this
sector,
Cubic
Corp.
is
being
purchased
by
Veritas
and
Elliott
Management
and
we
have
begun
to
reduce
our
position.
Oneok
Inc,
an
energy
midstream
provider
in
the
Energy
sector
should
also
benefit
as
the
economy
recovers.
The
position
has
performed
well
since
its
addition
and
is
currently
paying
a
6.8%
dividend.
MONONGAHELA
ALL
CAP
VALUE
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
April
30,
2021
2
Within
the
Consumer
Discretionary
sector,
retailers
Tapestry
Inc,
Target
Corp.
and
Williams-Sonoma
Inc.
have
provided
a
lift
as
consumer
spending
has
remained
strong.
All
three
have
been
well
managed
through
the
pandemic
and
should
also
benefit
as
consumers
return
to
the
marketplace.
After
years
of
a
difficult
operating
environment,
the
Materials
sector
is
benefiting
from
tight
supplies
and
inflationary
pricing.
While
there
is
great
debate
over
whether
the
inflation
that
we
are
seeing
is
transitory
or
structural,
the
companies
in
this
group
are
experiencing
secular
demand
and
very
strong
forward
bookings.
Expectations
are
still
relatively
low
for
this
group
and
we
would
expect
sales,
earning
and
free
cash
flow
(cash
left
over
after
a
company
pays
its
operating
expenses
and
capital
expenditures)
to
outpace
Wall
Street’s
modest
forecast.
For
example,
we
believe
Agnico
Eagle
Mines
LTD,
Corteva
Inc.,
GCP
Applied
Technologies
Inc.
and
small-cap
Universal
Stainless
are
well
positioned
for
the
recovery.
Borrowed
Prosperity
The
Fund
is
benefiting
from
the
very
strong
recovery
and
we
expect
the
economy
to
post
robust
GDP
numbers
and
continued
large
increases
in
employment
for
the
balance
of
the
year.
In
this
positive
environment,
the
equity
market
and
the
Fund
are
performing
well.
As
native
Pittsburghers,
we
know
that
the
time
to
prepare
for
change
is
while
the
night
sky
is
on
fire.
The
market’s
rise
has
been
accompanied
by
a
large
dose
of
optimism
and
pockets
of
speculation.
The
speculation
is
easy
for
Value
Investors
like
us
to
avoid
but
we
should
acknowledge
that
we
have
all
been
the
beneficiary
of
Central
Bankers’
accommodation.
We
rarely
focus
on
macroeconomics,
but
we
must
note
that
the
prosperity
that
we
are
experiencing
in
the
markets
and
most
of
the
economy
is
partially
borrowed.
The
Federal
Reserve
(the
“Fed”)
balance
sheet
assets
have
ballooned
to
$7.7
trillion
dollars,
approximately
three
trillion
higher
than
last
year,
and
with
that
is
a
corresponding
liability.
While
the
Fed
has
the
backing
of
the
Treasury,
the
consequences
of
the
unparalleled
easing
and
extraordinary
bond
purchases
change
the
relationship
between
the
government
and
the
market.
The
consequences
at
this
point
are
unknown,
but
we
believe
the
risk
is
increasing
and
record
debt
levels
on
the
balance
sheets
of
governments
and
corporations
should
be
noted.
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
April
30,
2021,
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
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.
Mark
Rodgers
Michael
Rodgers
Co-Manager
Co-Manager
MONONGAHELA
ALL
CAP
VALUE
FUND
PERFORMANCE
CHART
AND
ANALYSIS
(Unaudited)
April
30,
2021
3
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.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratio
(gross)
is
2.58%.
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,
2021
(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
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
and
(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.
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.
For
the
most
recent
month-end
performance,
please
call
(855)
392-9331.
Average
Annual
Total
Returns
Periods
Ended
April
30,
2021
Six
Month
One
Year
Five
Year
Since
Inception
07/01/13
Monongahela
All
Cap
Value
Fund
36.97%
56.94%
16.56%
12.93%
S&P
500®
Index
28.85%
45.98%
17.42%
15.20%
Russell
2000®
Value
Index
59.17%
78.96%
13.54%
10.59%
MONONGAHELA
ALL
CAP
VALUE
FUND
SCHEDULE
OF
INVESTMENTS
April
30,
2021
4
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
as
of
April
30,
2021.
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
-
97.1%
Communication
Services
-
1.3%
5,000
Meredith
Corp.
(a)
$
155,500
3,000
Verizon
Communications,
Inc.
173,370
328,870
Consumer
Discretionary
-
18.1%
35,000
El
Pollo
Loco
Holdings,
Inc.
(a)
592,900
1,000
H&R
Block,
Inc.
22,260
7,500
Hasbro,
Inc.
745,875
1,000
Starbucks
Corp.
114,490
25,000
Tapestry,
Inc.
(a)
1,196,250
4,750
Target
Corp.
984,485
4,500
Williams-Sonoma,
Inc.
768,375
4,424,635
Consumer
Staples
-
11.7%
5,574
Alico,
Inc.
167,053
1,500
Diageo
PLC,
ADR
269,025
11,500
General
Mills,
Inc.
699,890
1,000
Kimberly-Clark
Corp.
133,320
8,000
The
Coca-Cola
Co.
431,840
2,500
The
Procter
&
Gamble
Co.
333,550
17,500
United-Guardian,
Inc.
255,850
10,500
Walgreens
Boots
Alliance,
Inc.
557,550
2,848,078
Energy
-
3.5%
10,000
ONEOK,
Inc.
523,400
4,000
Phillips
66
323,640
847,040
Financials
-
7.1%
7,500
CB
Financial
Services,
Inc.
161,250
8,500
Equitable
Holdings,
Inc.
290,955
11,000
MetLife,
Inc.
699,930
17,500
Old
Republic
International
Corp.
430,850
5,000
Rocket
Cos.,
Inc.,
Class
A
(a)
112,250
2,500
William
Penn
Bancorp
28,950
1,724,185
Health
Care
-
9.9%
5,500
AbbVie,
Inc.
613,250
1,500
Bristol-Myers
Squibb
Co.
93,630
1,000
Eli
Lilly
&
Co.
182,770
11,000
Hologic,
Inc.
(a)
721,050
3,000
Merck
&
Co.,
Inc.
223,500
3,500
PerkinElmer,
Inc.
453,705
5,000
Phibro
Animal
Health
Corp.,
Class A
122,600
2,410,505
Industrials
-
24.6%
7,000
Cubic
Corp.
523,880
5,000
Curtiss-Wright
Corp.
639,500
4,000
Deluxe
Corp.
176,080
2,500
Douglas
Dynamics,
Inc.
111,825
8,500
Emerson
Electric
Co.
769,165
6,000
Fortune
Brands
Home
&
Security,
Inc.
629,880
22,500
Healthcare
Services
Group,
Inc.
673,875
15,000
Herman
Miller,
Inc.
622,500
3,500
Hubbell,
Inc.
672,035
3,000
Hyster-Yale
Materials
Handling,
Inc.
242,550
10,000
Powell
Industries,
Inc.
352,400
10,000
The
Gorman-Rupp
Co.
345,200
3,000
Westinghouse
Air
Brake
Technologies
Corp.
246,210
6,005,100
Shares
Security
Description
Value
Information
Technology
-
16.4%
3,500
Badger
Meter,
Inc.
$
326,865
1,750
Brooks
Automation,
Inc.
177,328
12,000
Canon,
Inc.,
ADR
284,760
3,000
Cognizant
Technology
Solutions
Corp.,
Class A
241,200
15,000
Corning,
Inc.
663,150
2,000
F5
Networks,
Inc.
(a)
373,520
4,000
II-VI,
Inc.
(a)
268,560
4,000
International
Business
Machines
Corp.
567,520
10,000
Seagate
Technology
PLC
928,400
1,000
Texas
Instruments,
Inc.
180,510
4,011,813
Materials
-
2.7%
3,000
Agnico
Eagle
Mines,
Ltd.
187,320
2,500
Corteva,
Inc.
121,900
7,500
GCP
Applied
Technologies,
Inc.
(a)
192,675
17,500
Universal
Stainless
&
Alloy
Products,
Inc.
(a)
159,950
661,845
Utilities
-
1.8%
7,000
National
Fuel
Gas
Co.
347,620
1,000
WEC
Energy
Group,
Inc.
97,170
444,790
Total
Common
Stock
(Cost
$16,636,938)
23,706,861
Shares
Security
Description
Value
Money
Market
Fund
-
2.9%
715,198
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares,
0.01%
(b)
(Cost
$715,198)
715,198
Investments,
at
value
-
100.0%
(Cost
$17,352,136)
$
24,422,059
Other
Assets
&
Liabilities,
Net
-
0.0%
3,671
Net
Assets
-
100.0%
$
24,425,730
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
April
30,
2021.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
23,706,861
Level
2
-
Other
Significant
Observable
Inputs
715,198
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
24,422,059
MONONGAHELA
ALL
CAP
VALUE
FUND
SCHEDULE
OF
INVESTMENTS
April
30,
2021
5
See
Notes
to
Financial
Statements.
The
Level
1
value
displayed
in
this
table
is
Common
Stock.
The
Level
2
value
displayed
in
this
table
is
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
PORTFOLIO
HOLDINGS
(Unaudited)
%
of
Total
Investments
Communication
Services
1.3%
Consumer
Discretionary
18.1%
Consumer
Staples
11.7%
Energy
3.5%
Financials
7.1%
Health
Care
9.9%
Industrials
24.6%
Information
Technology
16.4%
Materials
2.7%
Utilities
1.8%
Money
Market
Fund
2.9%
100.0%
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2021
6
See
Notes
to
Financial
Statements.
ASSETS
Investments,
at
value
(Cost
$17,352,136)
$
24,422,059
Receivables:
Dividends
36,186
Prepaid
expenses
11,070
Total
Assets
24,469,315
LIABILITIES
Accrued
Liabilities:
Investment
Adviser
fees
10,305
Fund
services
fees
7,278
Other
expenses
26,002
Total
Liabilities
43,585
NET
ASSETS
$
24,425,730
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
16,122,017
Distributable
earnings
8,303,713
NET
ASSETS
$
24,425,730
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
1,248,456
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
19.56
*
Shares
redeemed
or
exchanged
within
60
days
of
purchase
are
charged
a
1.00%
redemption
fee.
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENT
OF
OPERATIONS
YEAR
ENDED
APRIL
30,
2021
7
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$
(978))
$
412,509
Total
Investment
Income
412,509
EXPENSES
Investment
adviser
fees
136,502
Fund
services
fees
171,553
Custodian
fees
5,000
Registration
fees
12,629
Professional
fees
37,228
Trustees'
fees
and
expenses
3,801
Other
expenses
36,104
Total
Expenses
402,817
Fees
waived
and
expenses
reimbursed
(248,115)
Net
Expenses
154,702
NET
INVESTMENT
INCOME
257,807
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on
investments
1,172,472
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
6,810,846
NET
REALIZED
AND
UNREALIZED
GAIN
7,983,318
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
8,241,125
MONONGAHELA
ALL
CAP
VALUE
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
8
See
Notes
to
Financial
Statements.
For
the
Years
Ended
April
30,
2021
2020
OPERATIONS
Net
investment
income
$
257,807
$
264,818
Net
realized
gain
(loss)
1,172,472
(5,951)
Net
change
in
unrealized
appreciation
(depreciation)
6,810,846
(1,241,322)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
8,241,125
(982,455)
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(243,651)
(431,487)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
4,699,888
2,094,468
Reinvestment
of
distributions
238,417
424,850
Redemption
of
shares
(1,268,927)
(1,155,135)
Redemption
fees
3,585
393
Increase
in
Net
Assets
from
Capital
Share
Transactions
3,672,963
1,364,576
Increase
(Decrease)
in
Net
Assets
11,670,437
(49,366)
NET
ASSETS
Beginning
of
Year
12,755,293
12,804,659
End
of
Year
$
24,425,730
$
12,755,293
SHARE
TRANSACTIONS
Sale
of
shares
298,305
151,456
Reinvestment
of
distributions
14,365
28,325
Redemption
of
shares
(74,790)
(81,699)
Increase
in
Shares
237,880
98,082
MONONGAHELA
ALL
CAP
VALUE
FUND
FINANCIAL
HIGHLIGHTS
9
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year
.
For
the
Years
Ended
April
30,
2021
2020
2019
2018
2017
NET
ASSET
VALUE,
Beginning
of
Year
$
12.62
$
14.03
$
13.65
$
13.80
$
11.44
INVESTMENT
OPERATIONS
Net
investment
income
(a)
0.23
0.28
0.28
0.23
0.17
Net
realized
and
unrealized
gain
(loss)
6.92
(1.22)
0.93
1.09
2.46
Total
from
Investment
Operations
7.15
(0.94)
1.21
1.32
2.63
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.20)
(0.27)
(0.26)
(0.17)
(0.16)
Net
realized
gain
(0.01)
(0.20)
(0.57)
(1.30)
(0.11)
Total
Distributions
to
Shareholders
(0.21)
(0.47)
(0.83)
(1.47)
(0.27)
REDEMPTION
FEES(a)
0.00(b)
0.00(b)
0.00(b)
–
–
NET
ASSET
VALUE,
End
of
Year
$
19.56
$
12.62
$
14.03
$
13.65
$
13.80
TOTAL
RETURN
56.94%
(7.26)%
9.72%
9.36%
23.18%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
24,426
$
12,755
$
12,805
$
10,141
$
7,945
Ratios
to
Average
Net
Assets:
Net
investment
income
1.41%
2.01%
1.98%
1.63%
1.37%
Net
expenses
0.85%
0.85%
0.85%
0.85%
0.85%
Gross
expenses
(c)
2.21%
2.57%
2.86%
3.36%
4.29%
PORTFOLIO
TURNOVER
RATE
32%
47%
37%
60%
51%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
$0.01
per
share.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2021
10
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
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
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
year.
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.
The
Fund
values
its
investments
at
fair
value
pursuant
to
procedures
adopted
by
the
Trust’s
Board
of
Trustees
(the
“Board”)
if
(1)
market
quotations
are
not
readily
available
or
(2)
the
Adviser,
as
defined
in
Note
3,
believes
that
the
values
available
are
unreliable.
The
Trust’s
Valuation
Committee,
as
defined
in
the
Fund’s
registration
statement,
performs
certain
functions
as
they
relate
to
the
administration
and
oversight
of
the
Fund’s
valuation
procedures.
Under
these
procedures,
the
Valuation
Committee
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
Valuation
Committee
may
work
with
the
Adviser
to
provide
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
Valuation
Committee
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
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2021
11
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
April
30,
2021,
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
April
30,
2021,
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
April
30,
2021
12
Distribution
–
Foreside
Fund
Services,
LLC
serves
as
the
Fund’s
distributor
(the
“Distributor”).
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
–
The
Trust
pays
each
independent
Trustee
an
annual
retainer
of
$31,000
for
services
to
the
Trust
($41,000
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
September
1,
2021
(“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
year
ended
April
30,
2021
,
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
April
30,
2021,
$447,104
is
subject
to
recapture
by
the
Adviser
.
Other
waivers
are
not
eligible
for
recoupment.
Note
5. Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments,
during
the
year
ended
April
30,
2021
were
$8,819,272
and
$5,330,881,
respectively.
Note
6. Federal
Income
Tax
As
of
April
30,
2021,
cost
of
investments
for
federal
income
tax
purposes
is
$17,348,001
and
net
unrealized
appreciation
consists
of:
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
136,502
$
26,613
$
85,000
$
248,115
Gross
Unrealized
Appreciation
$
7,291,722
Gross
Unrealized
Depreciation
(217,664)
Net
Unrealized
Appreciation
$
7,074,058
MONONGAHELA
ALL
CAP
VALUE
FUND
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2021
13
Distributions
paid
during
the
fiscal
year
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
April
30,
2021,
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
to
the
financial
statements
as
of
the
date
the
financial
statements
were
issued.
2021
2020
Ordinary
Income
$
228,650
$
249,207
Long-Term
Capital
Gain
15,001
182,280
$
243,651
$
431,487
Undistributed
Ordinary
Income
$
160,319
Undistributed
Long-Term
Gain
1,069,336
Unrealized
Appreciation
7,074,058
Total
$
8,303,713
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
14
To
the
Board
of
Trustees
of
Forum
Funds
and
the
Shareholders
of
Monongahela
All
Cap
Value
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Monongahela
All
Cap
Value
Fund,
a
series
of
shares
of
beneficial
interest
in
Forum
Funds
(the
“Fund”),
including
the
schedule
of
investments,
as
of
April
30,
2021,
and
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
April
30,
2021,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended
and
its
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
law
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risk
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2021
by
correspondence
with
the
custodian.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
BBD,
LLP
We
have
served
as
the
auditor
of
one
or
more
of
the
Funds
in
the
Forum
Funds
since
2009.
Philadelphia,
Pennsylvania
June
23,
2021
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
(Unaudited)
April
30,
2021
15
Investment
Advisory
Agreement
Approval
At
the
March
12,
2021
Board
meeting,
the
Board,
including
the
Independent
Trustees,
considered
the
approval
of
the
continuance
of
the
investment
advisory
agreement
between
Monongahela
Capital
Management,
LLC
(the
“Adviser”)
and
the
Trust
pertaining
to
the
Fund
(the
“Advisory
Agreement”).
In
preparation
for
its
deliberations,
the
Board
requested
and
reviewed
written
responses
from
the
Adviser
to
a
due
diligence
questionnaire
circulated
on
the
Board’s
behalf
concerning
the
services
provided
by
the
Adviser.
The
Board
also
discussed
the
materials
with
Fund
counsel
and,
as
necessary,
with
the
Trust’s
administrator.
During
its
deliberations,
the
Board
received
an
oral
presentation
from
the
Adviser,
and
was
advised
by
Trustee
counsel.
At
the
meeting,
the
Board
reviewed,
among
other
matters:
(1)
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
the
Adviser,
including
information
on
the
investment
performance
of
the
Fund
and
Adviser;
(2)
the
costs
of
the
services
provided
and
profitability
to
the
Adviser
of
its
relationship
with
the
Fund;
(3)
the
advisory
fee
and
total
expense
ratio
of
the
Fund
compared
to
a
relevant
peer
group
of
funds;
(4)
the
extent
to
which
economies
of
scale
may
be
realized
as
the
Fund
grows
and
whether
the
advisory
fee
enables
the
Fund’s
investors
to
share
in
the
benefits
of
economies
of
scale;
and
(5)
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Fund.
In
addition,
the
Board
recognized
that
the
evaluation
process
with
respect
to
the
Adviser
was
an
ongoing
one
and,
in
this
regard,
the
Board
considered
information
provided
by
the
Adviser
at
regularly
scheduled
meetings
during
the
past
year.
Nature,
Extent
and
Quality
of
Services
Based
on
written
materials
received,
a
presentation
from
senior
representatives
of
the
Adviser,
and
a
discussion
with
the
Adviser
about
the
Adviser’s
personnel,
operations
and
financial
condition,
the
Board
considered
the
quality
of
services
provided
by
the
Adviser
under
the
Advisory
Agreement.
In
this
regard,
the
Board
considered
information
regarding
the
experience,
qualifications
and
professional
background
of
the
portfolio
managers
at
the
Adviser
with
principal
responsibility
for
the
Fund,
as
well
as
the
investment
philosophy
and
decision-making
process
of
the
Adviser
and
the
capability
and
integrity
of
the
Adviser’s
senior
management
and
staff.
The
Board
considered
also
the
adequacy
of
the
Adviser’s
resources.
The
Board
noted
the
Adviser’s
representations
that
the
firm
is
in
stable
financial
condition,
that
the
firm
is
able
to
meet
its
expense
reimbursement
obligations
to
the
Fund,
and
that
the
Adviser
has
the
operational
capability
and
the
necessary
staffing
and
experience
to
continue
providing
high-
quality
investment
advisory
services
to
the
Fund.
Based
on
the
presentation
and
the
materials
provided
by
the
Adviser
in
connection
with
the
Board’s
consideration
of
the
renewal
of
the
Advisory
Agreement,
among
other
relevant
factors,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement.
Performance
In
connection
with
a
presentation
by
the
Adviser
regarding
its
approach
to
managing
the
Fund,
the
Board
reviewed
the
performance
of
the
Fund
compared
to
its
primary
benchmark
index.
The
Board
observed
that
the
Fund
underperformed
the
S&P
500
Index,
the
Fund’s
primary
benchmark
index,
for
the
one-,
three-,
and
five-year
periods
ended
December
31,
2020,
and
for
the
period
since
the
Fund’s
inception
on
July
1,
2013.
The
Board
also
observed
that
the
Fund
outperformed
the
Russell
2000
Value
Index,
the
Fund’s
secondary
benchmark
index,
for
the
one-,
three-,
and
five-year
periods
ended
December
31,
2020,
and
for
the
period
since
the
Fund’s
inception
on
July
1,
2013.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
performance
relative
to
each
benchmark
index
was
reflective
of
the
performance
of
the
market
as
a
whole,
based
on
market
capitalization
sizes
during
the
periods
under
review.
Specifically,
the
Board
noted
the
Adviser’s
representation
that
the
Fund,
which
was,
on
average,
invested
in
middle
capitalization
stocks,
underperformed
the
S&P
500
Index,
which
is
composed
of
relatively
larger
capitalization
stocks,
whereas
the
Fund
outperformed
the
Russell
2000
Value
Index,
which
is
composed
of
relatively
smaller
capitalization
stocks.
The
Board
also
considered
the
Adviser’s
representation
that
the
Fund’s
relative
performance
was
also
representative
of
a
market
preference
for
“growth”
stocks
rather
than
“value”
stocks
during
the
periods
under
review,
noting
that
the
Fund
maintained
a
“value”
oriented
investment
strategy
during
periods
in
which
growth
stocks
significantly
outperformed
value
stocks.
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
(Unaudited)
April
30,
2021
16
The
Board
also
considered
the
Fund’s
performance
relative
to
an
independent
peer
group
of
funds
identified
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
as
having
characteristics
similar
to
those
of
the
Fund.
The
Board
observed
that,
based
on
the
information
provided
by
Broadridge,
the
Fund
outperformed
the
median
of
the
Broadridge
Peers
for
the
one-,
three-,
and
five-year
periods
ended
December
31,
2020.
Considering
the
Adviser’s
investment
style
and
the
foregoing
performance
information,
among
other
considerations,
the
Board
determined
that
the
Fund
and
its
shareholders
could
benefit
from
the
Adviser’s
continued
management
of
the
Fund.
Compensation
The
Board
evaluated
the
Adviser’s
compensation
for
providing
advisory
services
to
the
Fund
and
analyzed
comparative
information
on
actual
advisory
fee
rates
and
actual
total
expense
ratios
of
the
Fund’s
Broadridge
peers.
The
Board
noted
that
the
Adviser’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
were
each
less
than
the
median
of
the
Broadridge
peer
group
and
were
each
among
the
lowest
of
the
Broadridge
peers.
The
Board
further
noted
that
the
Adviser
was
currently
waiving
its
entire
advisory
fee
in
an
effort
to
keep
the
Fund’s
expenses
at
levels
believed
by
the
Adviser
to
be
attractive
to
investors.
Based
on
the
foregoing,
among
other
relevant
considerations,
the
Board
concluded
that
the
Adviser’s
advisory
fee
rate
charged
to
the
Fund
was
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
information
provided
by
the
Adviser
regarding
the
costs
of
services
and
its
profitability
with
respect
to
the
Fund.
In
this
regard,
the
Board
considered
the
Adviser’s
resources
devoted
to
the
Fund,
as
well
as
the
Adviser’s
discussion
of
the
costs
and
profitability
of
managing
the
Fund.
The
Board
noted
that
the
Adviser
was
currently
waiving
its
entire
advisory
fee
in
an
effort
to
keep
the
Fund
expenses
at
levels
believed
by
the
Adviser
to
be
attractive
to
new
investors
and
had
committed
to
extending
the
waiver
through
at
least
the
duration
of
the
renewal
period
of
the
Advisory
Agreement.
Based
on
these
and
other
applicable
considerations,
the
Board
concluded
that
the
Adviser’s
profitability
attributable
to
management
of
the
Fund
was
reasonable.
Economies
of
Scale
The
Board
considered
whether
the
Fund
could
benefit
from
any
economies
of
scale.
In
this
regard,
the
Board
considered
the
Fund’s
fee
structure,
asset
size,
and
net
expense
ratio.
The
Board
noted
the
Adviser’s
representation
that
the
Fund
could
potentially
benefit
from
economies
of
scale
at
higher
asset
levels
but
that,
in
light
of
the
Fund’s
current
asset
levels
and
because
the
Adviser
was
already
waiving
its
contractual
advisory
fee
in
order
to
keep
the
Fund’s
expenses
at
or
below
the
agreed-upon
expense
cap,
the
Adviser
was
not
proposing
breakpoints
in
the
advisory
fee
at
this
time.
Based
on
the
foregoing
information
and
other
applicable
factors,
and
in
light
of
the
size
of
the
Fund
and
the
existence
of
the
Adviser’s
contractual
expense
cap
arrangements
with
respect
to
the
Fund,
the
Board
concluded
that
the
asset
level
of
the
Fund
was
not
consistent
with
the
existence
of
economies
of
scale
and
that
economies
of
scale
were
not
a
material
factor
to
consider
in
approving
the
continuation
of
the
Advisory
Agreement.
Other
Benefits
The
Board
noted
the
Adviser’s
representation
that,
aside
from
the
advisory
fee
received
from
the
Fund,
the
Adviser
does
not
benefit
in
a
material
way
from
its
relationship
with
the
Fund.
Based
on
the
foregoing
representation,
the
Board
concluded
that
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Fund
were
not
a
material
factor
to
consider
in
approving
the
continuation
of
the
Advisory
Agreement.
Conclusion
The
Board
did
not
identify
any
single
factor
as
being
of
paramount
importance,
and
different
Trustees
may
have
given
different
weight
to
different
factors.
The
Board
reviewed
a
memorandum
from
Fund
counsel
discussing
the
legal
standards
applicable
to
its
consideration
of
the
Advisory
Agreement.
Based
on
its
review,
including
consideration
of
each
of
the
factors
referenced
above,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
the
contractual
fee
under
the
Advisory
Agreement
was
fair
and
reasonable
in
light
of
the
services
performed
or
to
be
performed,
expenses
incurred
or
to
be
incurred
and
such
other
matters
as
the
Board
considered
relevant.
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
(Unaudited)
April
30,
2021
17
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
November
1,
2020
through
April
30,
2021.
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.
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.
Federal
Tax
Status
of
Dividends
Declared
during
the
Fiscal
Year
For
federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
Fund
designates
100
%
of
its
income
dividend
distributed
as
qualifying
for
the
corporate
dividends-received
deduction
(DRD),
and
100
%
for
the
qualified
dividend
rate
(QDI)
as
defined
in
Section
1(h)(11)
of
the
Code.
The
Fund
paid
long-term
capital
gain
dividends
of
$15,001.
Beginning
Account
Value
November
1,
2020
Ending
Account
Value
April
30,
2021
Expenses
Paid
During
Period*
Annualized
Expense
Ratio*
Actual
$
1,000.00
$
1,369.67
$
4.99
0.85%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,020.58
$
4.26
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
(181)
divided
by
365
to
reflect
the
half-year
period.
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
(Unaudited)
April
30,
2021
18
Trustees
and
Officers
of
the
Trust
The
Board
is
responsible
for
oversight
of
the
management
of
the
Trust’s
business
affairs
and
of
the
exercise
of
all
the
Trust’s
powers
except
those
reserved
for
the
shareholders.
The
following
table
provides
information
about
each
Trustee
and
certain
officers
of
the
Trust.
Each
Trustee
and
officer
holds
office
until
the
person
resigns,
is
removed
or
is
replaced.
Unless
otherwise
noted,
the
persons
have
held
their
principal
occupations
for
more
than
five
years.
The
address
for
all
Trustees
and
officers
is
Three
Canal
Plaza,
Suite
600,
Portland,
Maine
04101.
The
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge
and
upon
request,
by
calling
(855)
392-9331.
(1)
Jessica
Chase
is
currently
an
interested
person
of
the
Trust,
as
defined
in
the
1940
Act,
due
to
her
affiliation
with
Apex
Fund
Services
and
her
role
as
President
of
the
Trust.
Apex
Fund
Services
is
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC.
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
Five
Years
Number
of
Series
in
Fund
Complex
Overseen
By
Trustee
Other
Directorships
Held
By
Trustee
During
Past
Five
Years
Independent
Trustees
David
Tucker
Born:
1958
Trustee;
Chairman
of
the
Board
Since
2011
and
Chairman
since
2018
Director,
Blue
Sky
Experience
(a
charitable
endeavor)
since
2008;
Senior
Vice
President
&
General
Counsel,
American
Century
Companies
(an
investment
management
firm)
1998-2008.
1
Trustee,
Forum
Funds
II
and
U.S.
Global
Investors
Funds
Mark
D.
Moyer
Born:
1959
Trustee;
Chairman
of
the
Audit
Committee
Since
2018
Chief
Financial
Officer,
Freedom
House
(a
NGO
advocating
political
freedom
and
democracy)
since
2017;
independent
consultant
providing
interim
CFO
services,
principally
to
non-profit
organizations,
2011-2017.
1
Trustee,
Forum
Funds
II
and
U.S.
Global
Investors
Funds
Jennifer
Brown-Strabley
Born:
1964
Trustee
Since
2018
Principal,
Portland
Global
Advisors
(a
registered
investment
adviser),
1996-2010.
1
Trustee,
Forum
Funds
II
and
U.S.
Global
Investors
Funds
Interested
Trustees
(1)
Jessica
Chase
Born:
1970
Trustee
Since
2018
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
1
Trustee,
Forum
Funds
II
and
U.S.
Global
Investors
Funds
MONONGAHELA
ALL
CAP
VALUE
FUND
ADDITIONAL
INFORMATION
(Unaudited)
April
30,
2021
19
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Officers
Jessica
Chase
Born:
1970
President;
Principal
Executive
Officer
Since
2015
Director,
Apex
Fund
Services
since
2019.
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Karen
Shaw
Born:
1972
Treasurer;
Principal
Financial
Officer
Since
2008
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Zachary
Tackett
Born:
1988
Vice
President;
Secretary
and
Anti-Money
Laundering
Compliance
Officer
Since
2014
Senior
Counsel,
Apex
Fund
Services
since
2019;
Counsel,
Atlantic
Fund
Services
2014-
2019.
Michael
J.
McKeen
Born:
1971
Vice
President
Since
2009
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Timothy
Bowden
Born:
1969
Vice
President
Since
2009
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2008-
2019.
Geoffrey
Ney
Born:
1975
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-
2019.
Todd
Proulx
Born:
1978
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-
2019.
Carlyn
Edgar
Born:
1963
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
2008-2016
and
2021-current;
Vice
President
since
2008
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
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.theapexgroup.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-ANR-0421
ITEM 2. CODE OF ETHICS.
(a)
As of the end of the period covered by this report, Forum Funds (the
“Registrant”) has adopted a code of ethics, which applies to its Principal
Executive Officer and Principal Financial Officer (the “Code of Ethics”).
(c)
There have been no amendments to the Registrant’s Code of Ethics during
the period covered by this report.
(d)
There have been no waivers to the Registrant’s Code of Ethics during the
period covered by this report.
(e)
Not applicable.
(f) (1) A copy of the Code of Ethics is being filed under
Item 13(a) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Mr. Mark Moyer is
an "audit committee financial expert" as that term is defined under
applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as
defined in Section 2(a)(19) under the Investment Company Act of 1940, as
amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the
last two fiscal years (the “Reporting Periods”) for professional services
rendered by the Registrant’s principal accountant for the audit of the
Registrant’s annual financial statements, or services that are normally
provided by the principal accountant in connection with the statutory and
regulatory filings or engagements for the Reporting Periods, were $13,400 in 2020
and $13,400 in 2021.
(b) Audit-Related Fees – The aggregate fees billed in the
Reporting Periods for assurance and related services rendered by the principal
accountant that were reasonably related to the performance of the audit of the
Registrant’s financial statements and are not reported under paragraph (a) of
this Item 4 were $0 in 2020 and $0 in 2021.
(c) Tax Fees - The aggregate fees billed in the Reporting
Periods for professional services rendered by the principal accountant to the
Registrant for tax compliance, tax advice and tax planning were $3,000 in 2020
and $3,000 in 2021. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the
Reporting Periods for products and services provided by the principal
accountant to the Registrant, other than the services reported in paragraphs
(a) through (c) of this Item, were $0 in 2020 and $0 in 2021.
(e) (1) The Audit Committee reviews and approves in advance
all audit and “permissible non-audit services” (as that term is defined by the
rules and regulations of the Securities and Exchange Commission) to be rendered
to a series of the Registrant (each, a “Series”). In addition, the Audit Committee
reviews and approves in advance all “permissible non-audit services” to be
provided to an investment adviser (not including any sub-adviser) of a Series,
or an affiliate of such investment adviser, that is controlling, controlled by
or under common control with the investment adviser and provides on-going
services to the Registrant (“Affiliate”), by the Series’ principal accountant
if the engagement relates directly to the operations and financial reporting of
the Series. The Audit Committee considers whether fees paid by a Series’
investment adviser or an Affiliate to the Series’ principal accountant for
audit and permissible non-audit services are consistent with the principal
accountant’s independence.
(e) (2) No services included in (b) - (d) above were
approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the principal
accountant for services rendered to the Registrant for the Reporting Periods
were $0 in 2020 and $0 in 2021. There were no fees billed in either of the
Reporting Periods for non-audit services rendered by the principal accountant
to the Registrant’s investment adviser or any Affiliate.
(h) During the Reporting Period, the Registrant's principal
accountant provided no non-audit services to the investment advisers or any
entity controlling, controlled by or under common control with the investment
advisers to the series of the Registrant to which this report relates.
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 second fiscal quarter of 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) Code of Ethics
(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
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By:
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/s/ Jessica Chase
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Jessica Chase, Principal
Executive Officer
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Date:
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June 30, 2021
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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.
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By:
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/s/ Jessica Chase
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Jessica Chase, Principal
Executive Officer
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Date:
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June 30, 2021
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By:
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/s/ Karen Shaw
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Karen Shaw, Principal Financial
Officer
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Date:
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June 30, 2021
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