# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001435109-23-000004
**Filing Date:** 2023-1
**Character Count:** 62619
**Document Hash:** 7f684be09b9772f768344143c5b04cdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-23-000004.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001435109-23-000004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774
- **IRS NUMBER:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 23502492

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2073472000

**MAIL ADDRESS:**
- **STREET 1:** FORUM FUNDS
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAHNESTOCK DAILY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAILY INCOME EXTENSION FUND INC
- **DATE OF NAME CHANGE:** 19810607

## Series and Classes Contracts Data

### Monongahela All Cap Value Fund (Series ID: S000040732)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000126338 | Monongahela All Cap Value Fund | MCMVX           |

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

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

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

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

![](epub127315715555328.jpg)

![](epub127315715555329.jpg)

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

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

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

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

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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock.

The

Level

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

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

-

Quoted

Prices

$

23,275,709

Level

-

Other

Significant

Observable

Inputs

1,376,502

Level

-

Significant

Unobservable

Inputs

–

Total

$

24,652,211

MONONGAHELA

ALL

CAP

VALUE

FUND

SCHEDULE

OF

INVESTMENTS

October

31,

2022

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

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

Trustees'

fees

and

expenses

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

days

of

purchase

are

charged

a

1.00%

redemption

fee.

MONONGAHELA

ALL

CAP

VALUE

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

October

31,

2022

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$779)

$

398,753

Interest

income

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

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

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

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

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

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

Level

-

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

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

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

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

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

-

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

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

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

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

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

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

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

divided

by

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

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

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) &nbsp;&nbsp;&nbsp;&nbsp; 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)(2) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002. (Exhibits filed herewith)](cert302.htm)

(a)(3) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit filed herewith)](section906.htm)

# 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Forum Funds</u>

---

| | |
|:---|:---|
| 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 |

---

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds**

I, Jessica Chase, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Monongahela All Cap Value Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 3, 2023 | /s/ Jessica Chase |
|  |  | Jessica Chase |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (Monongahela All Cap Value Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 3, 2023 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Forum Funds (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust as of, and for, the periods
 presented in the Report. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | January 3, 2023 |
|  | /s/ Jessica Chase |
|  | Jessica Chase |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | January 3, 2023 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.