0000315774 2026-09-01 2026-09-01 0000315774 ff:S000040732Member 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:C000126338Member 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:EquityRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:ValueInvestmentRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:SectorRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:MidCapitalizationCompanyRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:SmallAndMicroCapitalizationCompanyRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:LargeCapitalizationCompanyRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:ForeignInvestmentsRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:MarketEventsRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:ManagementRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:FixedIncomeSecuritiesRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:ConvertibleSecuritiesRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:AdrRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:PreferredStockRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:CashAndCashEquivalentsHoldingsRiskMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member ff:C000126338Member 2016-01-01 2016-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2017-01-01 2017-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2018-01-01 2018-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2019-01-01 2019-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2020-01-01 2020-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2021-01-01 2021-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2022-01-01 2022-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2023-01-01 2023-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2024-01-01 2024-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2025-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2021-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member 2016-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000315774 ff:S000040732Member ff:C000126338Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index1Member 2025-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index1Member 2021-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index1Member 2016-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index2Member 2025-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index2Member 2021-01-01 2025-12-31 0000315774 ff:S000040732Member ff:Index2Member 2016-01-01 2025-12-31 0000315774 ff:S000040732Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0000315774 ff:S000040732Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-09-01 2026-09-01 iso4217:USD pure false 485BPOS 0000315774 N-1A FORUM FUNDS 2026-09-01 2026-09-01 SUMMARY SECTION Investment Objective The Monongahela All Cap Value Fund (the “Fund”) seeks total return through long-term capital appreciation and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) 0 0 0 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0084 0.0001 0.0160 -0.0074 0.0086 September 1, 2027 Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Expense Cap through the time periods described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be: 88 432 801 1838 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 37% of the average value of its portfolio. 0.37 Principal Investment Strategies The Fund seeks to achieve its investment objective by investing primarily in a portfolio of domestic equity securities, which primarily consist of common and preferred stocks and securities convertible into common stocks, of companies of any market capitalization. The Fund invests in securities that the Adviser believes are undervalued and exhibit the likelihood of exceeding market returns. Utilizing fundamental research, the Fund seeks equity securities selling at discounts to their intrinsic values with the intention to hold these securities until their market values reflect or exceed such intrinsic values. Under normal circumstances, the Adviser expects the holding period of the equity securities in which the Fund invests to be between two and six years. While the Fund’s vision is long term, the relationship of price to intrinsic value will ultimately determine the holding period of a given security. When market discounts to intrinsic value are discovered, a security becomes a candidate for purchase. Conversely, when the market places a premium on a security as compared to its intrinsic value, the security becomes a sell candidate. Consistent with its investment objective, the Fund intends to invest opportunistically in the various market capitalization segments and to vary its allocations to micro-, small-, mid- and large-capitalization companies. The Fund may invest in foreign equity securities and sponsored and unsponsored American Depositary Receipts (“ADRs”) of companies located in developed countries using the same value-oriented approach the Fund uses to invest in domestic equity securities. The location of companies in which the Fund invests may be determined by a company’s country of incorporation, the location of the securities exchange on which a company is principally traded, or the location from which a company derives the majority of its revenues. The Fund may have significant exposure to the Industrials and Information Technology sectors. However, as sector and industry composition of the Fund's portfolio changes over time, the Fund's exposure to these sectors may be lower at a future date, and the Fund's exposure to other market sectors may be higher. The Fund may invest up to 30% of its assets in fixed-income securities whose returns the Adviser believes will provide comparable returns to the equities in which the Fund invests. The Fund will only invest in fixed-income investments of investment grade quality, defined as “Baa3” and above in the case of Moody’s Investors Service, Inc. (“Moody’s”) and “BBB-” and above in the case of Standard & Poor’s Financial Services, LLC, a division of the McGraw-Hill Companies, Inc. (“S&P”) and Fitch, Inc (“Fitch”). You could lose money on your investment in the Fund, and the Fund could underperform other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Equity Risk. Equity securities, which include common and preferred stocks and securities convertible into common stocks, may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates. Value Investment Risk. The Fund’s investments in value securities are subject to the risk that they may remain undervalued for extended periods of time or never realize their full value. Different investment styles may shift in and out of favor, depending on market conditions and investor sentiment. The Fund’s value approach could cause it to underperform funds that use a growth or non-value approach to investing or have a broader investment style. Sector Risk. The Fund may invest a higher percentage of its total assets in one or more sectors. Developments affecting those sectors should be expected to impact the Fund more than a fund that is more broadly diversified and/or is not weighted in those sectors. Industrials Sector Risk. The industrials sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation. Information Technology Sector Risk. The information technology sector includes, for example, artificial intelligence, internet, semiconductor, software, hardware and technology equipment companies. This sector can be affected by, among other things, the supply and demand for specific products and services, the pace of technological development and government regulation. Mid Capitalization Company Risk. Investments in mid capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund’s ability to sell such securities at a desirable time and price. Small and Micro Capitalization Company Risk. The Fund’s investments in small and micro capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund’s ability to sell such securities at a desirable time and price. Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. Foreign Investments Risk. The value of foreign investments may be affected by risks in addition to those affecting domestic investments, including the imposition of new, amended or limited government regulations, changes in diplomatic relations between the U.S. and another country, political and economic instability, less favorable economic conditions, the imposition or tightening of exchange controls, trade barriers and other protectionist trade policies (including those in the U.S.), other limitations on repatriation of foreign capital or nationalization and/or increased taxation or confiscation of investors’ assets. Investments in securities of foreign issuers are subject to fluctuations in the value of the issuer’s local currency relative to the U.S dollar and may be subject to foreign withholding and other taxes. Market Events Risk. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic and other factors, which may negatively affect performance. Disruptive events with geopolitical consequences, including tensions, war, or open conflict between nations, and pandemics, may destabilize various countries’ economies and markets, which may experience increased volatility and reduced liquidity. Policy changes by the Federal Reserve, including with respect to changes in interest rates and inflation, and political circumstances in the U.S. and abroad, and/or other government actors could similarly cause increased volatility in financial markets. Trade barriers and other protectionist trade policies (including those in the U.S.) may also result in market turbulence. Market volatility and reductions in market liquidity may negatively affect issuers worldwide, including issuers in which the Fund invests. Under such circumstances, the Fund may have difficulty liquidating portfolio holdings, particularly at favorable prices. To the extent that the Fund experiences higher levels of redemptions, the Fund may be required to sell portfolio holdings, which may negatively impact the Fund’s NAV. In addition, advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements and liquidity. Management Risk. The Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the Fund’s investment objective. Securities selected by the Adviser for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar investment objectives. Fixed-Income Securities Risk. The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks: Prepayment Risk. Prepayment of fixed-income securities, which is more common when interest rates are declining, may shorten such securities’ effective maturity, reduce the Fund’s return and cause the Fund to reinvest in lower yielding securities. Credit Risk. The financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer’s credit rating may cause a decrease in the value of the security and an increase in investment risk and price volatility. Extension Risk. If interest rates rise, repayments of principal on certain fixed-income securities may occur at a slower-than-expected rate and, as a result, the expected maturity of such securities could lengthen which could cause their value to decline. Interest Rate Risk. An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than fixed-income securities with shorter durations. The Fund may face a heightened level of interest rate risk due to changes in monetary policy. Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer’s credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities. ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, foreign investment risks, such as political and financial instability, less liquidity, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when U.S. markets are not open for trading. Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock. Cash and Cash Equivalents Holdings Risk. When investing in cash and cash equivalents, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund’s performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. Performance Information The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Updated performance information is available at www.Moncapfund.com or by calling (855) 392-9331 (toll free). Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. www.Moncapfund.com (855) 392-9331 Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Annual Returns as of December 31 0.2129 0.2076 -0.0810 0.2698 0.1325 0.2258 -0.0773 0.1218 0.1539 0.0965 The calendar year-to-date total return as of June 30, 2026 was 20.83%. During the period shown, the highest return for a quarter was 20.93% for the quarter ended June 30, 2020, and the lowest return was -24.83% for the quarter ended March 31, 2020. year-to-date total return 2026-06-30 0.2083 highest return 0.2093 2020-06-30 lowest return -0.2483 2020-03-31 Average Annual Total Returns (For the periods ended December 31, 2025) 0.0965 0.0993 0.1201 0.0807 0.0856 0.1069 0.0688 0.0771 0.0966 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1259 0.0888 0.0927 S&P 500® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies. Russell 2000® Value Index measures the performance of 2,000 small-capitalization companies within the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies (based on total market capitalization). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Rodgers Brothers, Inc. (f/k/a Monongahela Capital Management) (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, 2027 (“Expense Cap”). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may recoup from the Fund fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such recoupment 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 of the Fund (i.e., after the recoupment has been taken into account) 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 will increase if exclusions from the Expense Cap apply. Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights because they do not include Acquired Fund Fees and Expenses (“AFFE”).