# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000034
**Filing Date:** 2026-2
**Character Count:** 141673
**Document Hash:** 0c4fb9c5bc60de8e99fe255ab1eef58f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000034.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0000315774-26-000034

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 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:** 26624272

**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

### DF Dent Premier Growth Fund (Series ID: S000004568)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012489 | DF Dent Premier Growth Fund | DFDPX           |

### DF Dent Midcap Growth Fund (Series ID: S000033130)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000102025 | Investor Shares           | DFDMX           |
| C000195205 | Institutional Shares      | DFMGX           |
| C000231957 | Institutional Plus Shares | DFMLX           |

### DF Dent Small Cap Growth Fund (Series ID: S000037552)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000115949 | Investor Shares           | DFDSX           |
| C000195206 | Institutional Shares      | DFSGX           |
| C000256263 | Institutional Plus Shares | DFSLX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number 811-03023

**FORUM FUNDS**

190 Middle Street, Suite 101

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

190 Middle Street, Suite 101

Portland, Maine 04101

207-347-2000

Date of fiscal year end June 30

Date of reporting period: July 1, 2025 – December 31, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### DF Dent Premier Growth Fund

#### DFDPX

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Premier Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DF Dent Premier Growth Fund | $50 | 0.99% |

---

# **How did the Fund perform in the last six months ?** 
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed its benchmark, the S&P 500 Index. The underperformance was influenced primarily by stock selection. The largest detractors were stock selection in Financials, Industrials, Health Care, and Information Technology (IT).

Within IT, our underweight of the largest technology names (The Mag 7), and Artificial Intelligence (AI) stocks broadly detracted from performance. Our Software holdings contributed to the underperformance, too, as investors questioned the impact AI would have on their business models. Notably, the Communication Services sector contributed positively to the portfolio's performance, as did an overweight in the Health Care sector and being underweight in Consumer Staples.

Despite the underperformance, we are encouraged that market breath improved throughout the year. While it came in fits and starts, there has been somewhat of a rotation away from the Magnificent 7 - only NVIDIA Corp. (NVDA) and Alphabet, Inc., Class C (GOOG) outperformed the S&P 500 Index in 2025 - and more recently in the fourth quarter of 2025 away from AI infrastructure companies.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Alphabet, Inc., Class C

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Thermo Fisher Scientific, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Monolithic Power Systems, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)ASML Holding NV

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Danaher Corp.

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Veeva Systems, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)ServiceNow, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Tyler Technologies, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Uber Technologies, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Intuit, Inc.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i6d49a869a7da80c0fdd89392.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **DF Dent Premier Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $10000 |
| **03/31/16** | $9769 | $10135 |
| **06/30/16** | $9915 | $10384 |
| **09/30/16** | $10463 | $10784 |
| **12/31/16** | $10243 | $11196 |
| **03/31/17** | $11027 | $11875 |
| **06/30/17** | $11960 | $12242 |
| **09/30/17** | $12718 | $12790 |
| **12/31/17** | $13504 | $13640 |
| **03/31/18** | $14286 | $13537 |
| **06/30/18** | $14946 | $14002 |
| **09/30/18** | $16170 | $15081 |
| **12/31/18** | $13755 | $13042 |
| **03/31/19** | $16485 | $14822 |
| **06/30/19** | $18106 | $15460 |
| **09/30/19** | $18328 | $15723 |
| **12/31/19** | $19656 | $17149 |
| **03/31/20** | $16661 | $13788 |
| **06/30/20** | $21151 | $16620 |
| **09/30/20** | $22542 | $18105 |
| **12/31/20** | $25224 | $20304 |
| **03/31/21** | $25129 | $21558 |
| **06/30/21** | $27699 | $23401 |
| **09/30/21** | $27877 | $23537 |
| **12/31/21** | $29543 | $26132 |
| **03/31/22** | $26358 | $24931 |
| **06/30/22** | $21316 | $20916 |
| **09/30/22** | $19987 | $19895 |
| **12/31/22** | $21256 | $21399 |
| **03/31/23** | $22885 | $23004 |
| **06/30/23** | $24573 | $25015 |
| **09/30/23** | $23268 | $24196 |
| **12/31/23** | $26446 | $27025 |
| **03/31/24** | $28925 | $29878 |
| **06/30/24** | $28474 | $31157 |
| **09/30/24** | $30809 | $32992 |
| **12/31/24** | $30323 | $33786 |
| **03/31/25** | $29359 | $32343 |
| **06/30/25** | $31907 | $35882 |
| **09/30/25** | $32789 | $38797 |
| **12/31/25** | $32400 | $39827 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| DF Dent Premier Growth Fund | 6.85% | 5.14% | 12.47% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $220532634 |
| # of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 12% |
| Investment Advisory Fees (Net of fees waived) | $990095 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 6.61% |
| Amazon.com, Inc. | 6.54% |
| Microsoft Corp. | 4.97% |
| Visa, Inc., Class A | 4.92% |
| Mastercard, Inc., Class A | 4.68% |
| HEICO Corp., Class A | 4.29% |
| TransDigm Group, Inc. | 3.73% |
| Danaher Corp. | 3.08% |
| Uber Technologies, Inc. | 3.03% |
| Monolithic Power Systems, Inc. | 2.96% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i64774adc4276cebc3ff1523e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 27.9% |
| Financials | 17.5% |
| Industrials | 14.8% |
| Health Care | 14.1% |
| Communication Services | 8.0% |
| Materials | 6.6% |
| Consumer Discretionary | 6.6% |
| Real Estate | 4.5% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Premier Growth Fund

#### DFDPX

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFDPX-25

#### DF Dent Midcap Growth Fund

#### DFDMX

#### : Investor Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $46 | 0.93% |

---

# **How did the Fund perform in the last six months ?** 
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.

The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.

The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.

While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)West Pharmaceutical Services, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Monolithic Power Systems, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)CBRE Group, Inc., Class A 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Veeva Systems, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)CoStar Group, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Tyler Technologies, Inc.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](idd7f1444bf2a71bec662761b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Investor Shares** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9980 | $10039 | $10058 |
| **06/30/16** | $10281 | $10398 | $10215 |
| **09/30/16** | $10716 | $11080 | $10684 |
| **12/31/16** | $10424 | $11759 | $10733 |
| **03/31/17** | $11127 | $12201 | $11473 |
| **06/30/17** | $12104 | $12461 | $11956 |
| **09/30/17** | $12801 | $13052 | $12588 |
| **12/31/17** | $13678 | $13736 | $13445 |
| **03/31/18** | $14397 | $13703 | $13737 |
| **06/30/18** | $14914 | $14485 | $14171 |
| **09/30/18** | $16022 | $15165 | $15244 |
| **12/31/18** | $13653 | $12362 | $12806 |
| **03/31/19** | $16264 | $14317 | $15319 |
| **06/30/19** | $17937 | $14741 | $16146 |
| **09/30/19** | $18097 | $14552 | $16038 |
| **12/31/19** | $19132 | $15794 | $17348 |
| **03/31/20** | $16295 | $11100 | $13872 |
| **06/30/20** | $20653 | $14049 | $18070 |
| **09/30/20** | $21619 | $14875 | $19763 |
| **12/31/20** | $24953 | $18952 | $23522 |
| **03/31/21** | $24616 | $21023 | $23389 |
| **06/30/21** | $26710 | $22167 | $25979 |
| **09/30/21** | $26900 | $21573 | $25781 |
| **12/31/21** | $28023 | $22398 | $26516 |
| **03/31/22** | $24234 | $21095 | $23180 |
| **06/30/22** | $19506 | $17513 | $18296 |
| **09/30/22** | $18205 | $17019 | $18176 |
| **12/31/22** | $19470 | $18284 | $19431 |
| **03/31/23** | $21147 | $18903 | $21206 |
| **06/30/23** | $22420 | $19891 | $22528 |
| **09/30/23** | $21118 | $18940 | $21351 |
| **12/31/23** | $23931 | $21469 | $24457 |
| **03/31/24** | $25753 | $22955 | $26779 |
| **06/30/24** | $24104 | $21973 | $25919 |
| **09/30/24** | $26656 | $23896 | $27614 |
| **12/31/24** | $26599 | $24044 | $29863 |
| **03/31/25** | $26092 | $22241 | $27736 |
| **06/30/25** | $27372 | $24150 | $32785 |
| **09/30/25** | $28102 | $26324 | $33696 |
| **12/31/25** | $26729 | $26907 | $32448 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Investor Shares | 0.49% | 1.38% | 10.33% |
| Russell 2500 Index | 11.91% | 7.26% | 10.40% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $324749144 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Investment Advisory Fees (Net of fees waived) | $1258486 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.25% |
| Vulcan Materials Co. | 5.18% |
| Ecolab, Inc. | 5.10% |
| CoStar Group, Inc. | 4.10% |
| Veralto Corp. | 4.08% |
| Bio-Techne Corp. | 3.89% |
| CBRE Group, Inc., Class A | 3.89% |
| Kinsale Capital Group, Inc. | 3.89% |
| Veeva Systems, Inc., Class A | 3.79% |
| TransDigm Group, Inc. | 3.71% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i3892f7f8c7c2a61a5589988b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.8% |
| Information Technology | 23.0% |
| Financials | 17.2% |
| Health Care | 15.9% |
| Materials | 10.3% |
| Real Estate | 8.0% |
| Consumer Discretionary | 1.8% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Midcap Growth Fund

#### DFDMX

#### : Investor Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFDMX-25

#### DF Dent Midcap Growth Fund

#### DFMGX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $42 | 0.85% |

---

# **How did the Fund perform in the last six months ?** 
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.

The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.

The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.

While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)West Pharmaceutical Services, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Monolithic Power Systems, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)CBRE Group, Inc., Class A 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Veeva Systems, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)CoStar Group, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Tyler Technologies, Inc.

# **Total Return Based on a $500,000 Investment**![Growth of 10K Chart](i303ee05e63cae444bf61bb26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Shares<sup>Footnote Reference1</sup>** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $500000 | $500000 | $500000 |
| **3/31/16** | $498997 | $501965 | $502895 |
| **6/30/16** | $514047 | $519897 | $510753 |
| **9/30/16** | $535786 | $554017 | $534206 |
| **12/31/16** | $521194 | $587946 | $536643 |
| **3/31/17** | $556342 | $610030 | $573640 |
| **6/30/17** | $605215 | $623051 | $597820 |
| **9/30/17** | $640028 | $652594 | $629402 |
| **12/31/17** | $683908 | $686782 | $672240 |
| **3/31/18** | $719833 | $685140 | $686858 |
| **6/30/18** | $746021 | $724254 | $708545 |
| **9/30/18** | $801754 | $758267 | $762214 |
| **12/31/18** | $683300 | $618091 | $640305 |
| **3/31/19** | $814197 | $715858 | $765940 |
| **6/30/19** | $898568 | $737053 | $807314 |
| **9/30/19** | $906553 | $727602 | $801877 |
| **12/31/19** | $959018 | $789710 | $867420 |
| **3/31/20** | $817162 | $554994 | $693589 |
| **6/30/20** | $1035725 | $702427 | $903475 |
| **9/30/20** | $1084762 | $743747 | $988164 |
| **12/31/20** | $1252152 | $947600 | $1176104 |
| **3/31/21** | $1235288 | $1051162 | $1169456 |
| **6/30/21** | $1340337 | $1108368 | $1298939 |
| **9/30/21** | $1350175 | $1078644 | $1289068 |
| **12/31/21** | $1406325 | $1119892 | $1325801 |
| **3/31/22** | $1216213 | $1054749 | $1159011 |
| **6/30/22** | $979115 | $875642 | $914787 |
| **9/30/22** | $913696 | $850970 | $908813 |
| **12/31/22** | $977308 | $914177 | $971534 |
| **3/31/23** | $1061521 | $945170 | $1060293 |
| **6/30/23** | $1125494 | $994555 | $1126395 |
| **9/30/23** | $1060075 | $946994 | $1067552 |
| **12/31/23** | $1201756 | $1073456 | $1222840 |
| **3/31/24** | $1293198 | $1147734 | $1338967 |
| **6/30/24** | $1210792 | $1098673 | $1295942 |
| **9/30/24** | $1338738 | $1194792 | $1380713 |
| **12/31/24** | $1335847 | $1202218 | $1493125 |
| **3/31/25** | $1310908 | $1112035 | $1386812 |
| **6/30/25** | $1375604 | $1207510 | $1639237 |
| **9/30/25** | $1412831 | $1316185 | $1684797 |
| **12/31/25** | $1344159 | $1345370 | $1622385 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Shares commenced operations on November 29, 2017. Performance for the periods prior to November 29, 2017 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |

---

The above chart represents historical performance of a hypothetical $500,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Shares<sup>Footnote Reference1</sup> | 0.62% | 1.43% | 10.39% |
| Russell 2500 Index | 11.91% | 7.26% | 10.40% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Shares commenced operations on November 29, 2017. Performance for the 10 year period is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $324749144 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Investment Advisory Fees (Net of fees waived) | $1258486 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.25% |
| Vulcan Materials Co. | 5.18% |
| Ecolab, Inc. | 5.10% |
| CoStar Group, Inc. | 4.10% |
| Veralto Corp. | 4.08% |
| Bio-Techne Corp. | 3.89% |
| CBRE Group, Inc., Class A | 3.89% |
| Kinsale Capital Group, Inc. | 3.89% |
| Veeva Systems, Inc., Class A | 3.79% |
| TransDigm Group, Inc. | 3.71% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i3892f7f8c7c2a61a5589988b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.8% |
| Information Technology | 23.0% |
| Financials | 17.2% |
| Health Care | 15.9% |
| Materials | 10.3% |
| Real Estate | 8.0% |
| Consumer Discretionary | 1.8% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Midcap Growth Fund

#### DFMGX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFMGX-25

#### DF Dent Midcap Growth Fund

#### DFMLX

#### : Institutional Plus Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus Shares | $39 | 0.79% |

---

# **How did the Fund perform in the last six months ?** 
During the period from June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2500 Index and the Russell Midcap Growth Index.

The underperformance relative to the Russell 2500 Index was notable. It was driven primarily by stock selection within Health Care, Industrials, Information Technology, Materials, and Financials. This was somewhat offset by underweights in Consumer Discretionary and Consumer Staples, and our overweighting of the Health Care and Information Technology sectors.

The underperformance relative to the Russell Midcap Growth Index was less severe. It was primarily driven by weakness from being overweight to the Software and Information Services sectors where there was great concern over the potential impact of Artificial Intelligence (AI) on their business models. Stock selection in Financials, Industrials, and Materials also materially detracted from performance. On the positive side, allocation was a significant positive. Underweights in Utilities, Communication Services, and Health Care helped offset the stock selection issues described above. Our overweight in Materials was the biggest positive contributor.

While we are disappointed with absolute and relative portfolio returns in 2025, we are heartened by the robust business performance of our holdings. We estimate the earnings of the portfolio grew by roughly 12% in 2025. This is meaningfully above the portfolio return. We are satisfied with this measure, particularly given that a meaningful percentage of the portfolio comprises companies where earnings growth is cyclically depressed.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)West Pharmaceutical Services, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Monolithic Power Systems, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)CBRE Group, Inc., Class A 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Veeva Systems, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)CoStar Group, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Tyler Technologies, Inc.

# **Total Return Based on a $100,000,000 Investment**![Growth of 10K Chart](i05246d97c20d624d224bceec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Plus Shares<sup>Footnote Reference1</sup>** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **12/31/15** | $100000000 | $100000000 | $100000000 |
| **3/31/16** | $99799331 | $100392942 | $100578926 |
| **6/30/16** | $102809365 | $103979477 | $102150568 |
| **9/30/16** | $107157191 | $110803404 | $106841294 |
| **12/31/16** | $104238851 | $117589163 | $107328635 |
| **3/31/17** | $111268446 | $122006007 | $114727976 |
| **6/30/17** | $121042931 | $124610186 | $119563907 |
| **9/30/17** | $128005577 | $130518709 | $125880371 |
| **12/31/17** | $136781660 | $137356401 | $134448003 |
| **3/31/18** | $143966558 | $137028094 | $137371604 |
| **6/30/18** | $149136999 | $144850707 | $141709018 |
| **9/30/18** | $160216515 | $151653485 | $152442878 |
| **12/31/18** | $136525626 | $123618133 | $128061072 |
| **3/31/19** | $162636325 | $143171505 | $153187937 |
| **6/30/19** | $179372173 | $147410649 | $161462880 |
| **9/30/19** | $180969370 | $145520398 | $160375400 |
| **12/31/19** | $191323165 | $157942060 | $173483949 |
| **3/31/20** | $162950451 | $110998811 | $138717821 |
| **6/30/20** | $206525335 | $140485421 | $180695091 |
| **9/30/20** | $216193075 | $148749468 | $197632714 |
| **12/31/20** | $249532903 | $189520085 | $235220775 |
| **3/31/21** | $246159887 | $210232324 | $233891190 |
| **6/30/21** | $267100694 | $221673508 | $259787885 |
| **9/30/21** | $268998016 | $215728820 | $257813652 |
| **12/31/21** | $280184145 | $223978476 | $265160177 |
| **3/31/22** | $242307799 | $210949756 | $231802169 |
| **6/30/22** | $195142388 | $175128332 | $182957364 |
| **9/30/22** | $182180901 | $170193906 | $181762688 |
| **12/31/22** | $194854355 | $182835377 | $194306878 |
| **3/31/23** | $211704288 | $189034038 | $212058557 |
| **6/30/23** | $224449751 | $198910962 | $225278905 |
| **9/30/23** | $211416255 | $189398886 | $213510380 |
| **12/31/23** | $239715502 | $214691278 | $244567917 |
| **3/31/24** | $258005600 | $229546803 | $267793437 |
| **6/30/24** | $241587717 | $219734576 | $259188317 |
| **9/30/24** | $267366674 | $238958391 | $276142644 |
| **12/31/24** | $266862616 | $240443562 | $298625003 |
| **3/31/25** | $261894046 | $222407083 | $277362422 |
| **6/30/25** | $274855533 | $241502065 | $327847391 |
| **9/30/25** | $282272384 | $263237079 | $336959309 |
| **12/31/25** | $268590815 | $269074083 | $324476950 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Plus Shares commenced operations on December 3, 2021. Performance for the periods prior to December 3, 2021 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |

---

The above chart represents historical performance of a hypothetical $100,000,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell Midcap Growth Index to the Russell 2500 Index due to regulatory requirements. The Fund retained the Russell Midcap Growth Index as a secondary benchmark because the Russell Midcap Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Plus Shares<sup>Footnote Reference1</sup> | 0.65% | 1.48% | 10.38% |
| Russell 2500 Index | 11.91% | 7.26% | 10.40% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Plus Shares commenced operations on December 3, 2021. Performance for the 5 year and 10 year periods is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $324749144 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 19% |
| Investment Advisory Fees (Net of fees waived) | $1258486 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.25% |
| Vulcan Materials Co. | 5.18% |
| Ecolab, Inc. | 5.10% |
| CoStar Group, Inc. | 4.10% |
| Veralto Corp. | 4.08% |
| Bio-Techne Corp. | 3.89% |
| CBRE Group, Inc., Class A | 3.89% |
| Kinsale Capital Group, Inc. | 3.89% |
| Veeva Systems, Inc., Class A | 3.79% |
| TransDigm Group, Inc. | 3.71% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i3892f7f8c7c2a61a5589988b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.8% |
| Information Technology | 23.0% |
| Financials | 17.2% |
| Health Care | 15.9% |
| Materials | 10.3% |
| Real Estate | 8.0% |
| Consumer Discretionary | 1.8% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Midcap Growth Fund

#### DFMLX

#### : Institutional Plus Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFMLX-25

#### DF Dent Small Cap Growth Fund

#### DFDSX

#### : Investor Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $53 | 1.05% |

---

# **How did the Fund perform in the last six months ?** 
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.

The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.

During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.

At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)RBC Bearings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Bio-Techne Corp. 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)SPS Commerce, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Morningstar, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Floor & Decor Holdings, Inc., Class A

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](iffd5a9d0e4857f3f71fc0c57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Investor Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9925 | $9848 | $9532 |
| **06/30/16** | $10799 | $10222 | $9841 |
| **09/30/16** | $11513 | $11146 | $10748 |
| **12/31/16** | $11645 | $12131 | $11132 |
| **03/31/17** | $11889 | $12430 | $11727 |
| **06/30/17** | $12491 | $12736 | $12242 |
| **09/30/17** | $13026 | $13458 | $13003 |
| **12/31/17** | $13459 | $13908 | $13599 |
| **03/31/18** | $13900 | $13896 | $13912 |
| **06/30/18** | $15009 | $14973 | $14918 |
| **09/30/18** | $16325 | $15509 | $15742 |
| **12/31/18** | $13254 | $12376 | $12334 |
| **03/31/19** | $15515 | $14181 | $14448 |
| **06/30/19** | $17262 | $14478 | $14845 |
| **09/30/19** | $16676 | $14130 | $14226 |
| **12/31/19** | $18071 | $15535 | $15847 |
| **03/31/20** | $14403 | $10779 | $11764 |
| **06/30/20** | $18829 | $13519 | $15362 |
| **09/30/20** | $20017 | $14185 | $16461 |
| **12/31/20** | $24338 | $18636 | $21335 |
| **03/31/21** | $24370 | $21002 | $22375 |
| **06/30/21** | $26096 | $21904 | $23251 |
| **09/30/21** | $26358 | $20949 | $21937 |
| **12/31/21** | $27887 | $21397 | $21939 |
| **03/31/22** | $23463 | $19787 | $19169 |
| **06/30/22** | $19488 | $16385 | $15478 |
| **09/30/22** | $18663 | $16026 | $15516 |
| **12/31/22** | $19434 | $17024 | $16157 |
| **03/31/23** | $21116 | $17491 | $17138 |
| **06/30/23** | $22241 | $18401 | $18347 |
| **09/30/23** | $21534 | $17457 | $17004 |
| **12/31/23** | $23763 | $19906 | $19171 |
| **03/31/24** | $25734 | $20938 | $20625 |
| **06/30/24** | $23880 | $20251 | $20023 |
| **09/30/24** | $26752 | $22129 | $21707 |
| **12/31/24** | $26355 | $22203 | $22077 |
| **03/31/25** | $24373 | $20099 | $19623 |
| **06/30/25** | $25520 | $21807 | $21971 |
| **09/30/25** | $25562 | $24510 | $24650 |
| **12/31/25** | $25498 | $25047 | $24949 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Investor Shares | -3.25% | 0.94% | 9.81% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $168351770 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 24% |
| Investment Advisory Fees (Net of fees waived) | $654962 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Perimeter Solutions, Inc. | 6.35% |
| RBC Bearings, Inc. | 3.90% |
| Repligen Corp. | 3.84% |
| HEICO Corp., Class A | 3.62% |
| Hamilton Lane, Inc., Class A | 3.46% |
| Hayward Holdings, Inc. | 3.22% |
| Novanta, Inc. | 3.12% |
| Casella Waste Systems, Inc. | 3.12% |
| The Descartes Systems Group, Inc. | 2.97% |
| Appfolio, Inc. | 2.91% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ib1a57d2d05589838de74b31d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 32.2% |
| Information Technology | 27.5% |
| Health Care | 14.6% |
| Financials | 10.1% |
| Materials | 8.3% |
| Consumer Discretionary | 3.8% |
| Real Estate | 2.0% |
| Consumer Staples | 1.5% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Small Cap Growth Fund

#### DFDSX

#### : Investor Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFDSX-25

#### DF Dent Small Cap Growth Fund

#### DFSGX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $48 | 0.95% |

---

# **How did the Fund perform in the last six months ?** 
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.

The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.

During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.

At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)RBC Bearings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Bio-Techne Corp. 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)SPS Commerce, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Morningstar, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Floor & Decor Holdings, Inc., Class A

# **Total Return Based on a $500,000 Investment**![Growth of 10K Chart](id70e6d3a05b62ae325fc79c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Shares<sup>Footnote Reference1</sup>** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **12/31/15** | $500000 | $500000 | $500000 |
| **3/31/16** | $496241 | $492407 | $476585 |
| **6/30/16** | $539944 | $511079 | $492031 |
| **9/30/16** | $575658 | $557310 | $537404 |
| **12/31/16** | $582237 | $606540 | $556590 |
| **3/31/17** | $594455 | $621497 | $586361 |
| **6/30/17** | $624530 | $636808 | $612095 |
| **9/30/17** | $651316 | $672905 | $650157 |
| **12/31/17** | $672932 | $695382 | $679968 |
| **3/31/18** | $695489 | $694796 | $695603 |
| **6/30/18** | $750470 | $748669 | $745913 |
| **9/30/18** | $817199 | $775444 | $787111 |
| **12/31/18** | $663180 | $618792 | $616677 |
| **3/31/19** | $776739 | $709038 | $722405 |
| **6/30/19** | $864557 | $723892 | $742257 |
| **9/30/19** | $835284 | $706513 | $711282 |
| **12/31/19** | $905521 | $776739 | $792327 |
| **3/31/20** | $721651 | $538942 | $588185 |
| **6/30/20** | $943422 | $675934 | $768076 |
| **9/30/20** | $1003346 | $709270 | $823055 |
| **12/31/20** | $1220419 | $931782 | $1066729 |
| **3/31/21** | $1222511 | $1050110 | $1118735 |
| **6/30/21** | $1309348 | $1095186 | $1162561 |
| **9/30/21** | $1322426 | $1047432 | $1096846 |
| **12/31/21** | $1399942 | $1069862 | $1096968 |
| **3/31/22** | $1177686 | $989347 | $958450 |
| **6/30/22** | $978460 | $819227 | $773907 |
| **9/30/22** | $937222 | $801309 | $775779 |
| **12/31/22** | $976317 | $851221 | $807835 |
| **3/31/23** | $1060935 | $874525 | $856893 |
| **6/30/23** | $1117704 | $920047 | $917325 |
| **9/30/23** | $1082357 | $872866 | $850190 |
| **12/31/23** | $1194824 | $995323 | $958565 |
| **3/31/24** | $1294437 | $1046882 | $1031241 |
| **6/30/24** | $1201251 | $1012568 | $1001138 |
| **9/30/24** | $1346386 | $1106462 | $1085334 |
| **12/31/24** | $1327106 | $1110162 | $1103828 |
| **3/31/25** | $1227493 | $1004930 | $981129 |
| **6/30/25** | $1285333 | $1090346 | $1098527 |
| **9/30/25** | $1287475 | $1225491 | $1232479 |
| **12/31/25** | $1284797 | $1252340 | $1247466 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Shares commenced operations on November 20, 2017. Performance for the periods prior to November 20, 2017 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |

---

The above chart represents historical performance of a hypothetical $500,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Shares<sup>Footnote Reference1</sup> | -3.19% | 1.03% | 9.90% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Shares commenced operations on November 20, 2017. Performance for the 10 year period is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Shares. |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $168351770 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 24% |
| Investment Advisory Fees (Net of fees waived) | $654962 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Perimeter Solutions, Inc. | 6.35% |
| RBC Bearings, Inc. | 3.90% |
| Repligen Corp. | 3.84% |
| HEICO Corp., Class A | 3.62% |
| Hamilton Lane, Inc., Class A | 3.46% |
| Hayward Holdings, Inc. | 3.22% |
| Novanta, Inc. | 3.12% |
| Casella Waste Systems, Inc. | 3.12% |
| The Descartes Systems Group, Inc. | 2.97% |
| Appfolio, Inc. | 2.91% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ib1a57d2d05589838de74b31d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 32.2% |
| Information Technology | 27.5% |
| Health Care | 14.6% |
| Financials | 10.1% |
| Materials | 8.3% |
| Consumer Discretionary | 3.8% |
| Real Estate | 2.0% |
| Consumer Staples | 1.5% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Small Cap Growth Fund

#### DFSGX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFSGX-25

#### DF Dent Small Cap Growth Fund

#### DFSLX

#### : Institutional Plus Shares

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i31cfc168bfad46f4b79efaa3.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://dfdent.com/literature/. You can also request this information by contacting us at (866) 233-3368.

# **What were the Fund's costs for the last six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus Shares | $43 | 0.85% |

---

# **How did the Fund perform in the last six months ?** 
During the period June 30, 2025, through December 31, 2025, the Fund underperformed both the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance relative to the Russell 2000 Index was driven almost entirely by stock selection. Consumer Discretionary, Financials, Health Care, Industrials, and Information Technology sectors were all drags versus the index. Allocation was barely a factor. Being overweight Materials and underweight Financials had the most positive impacts.

The underperformance relative to the Russell 2000 Growth Index was driven primarily by stock selection in the Health Care, Financials, Industrials, Real Estate, and Information Technology sectors. This was partially offset by stock selection in the Materials space. Allocation was a modest positive. Underweights in Communication Services, Consumer Discretionary added to performance versus the index while a Health Care overweight detracted.

During the third quarter of 2025, specifically a huge deficit in September, accounted for most of the underperformance. Unprofitable, high beta companies outperformed while high free cash flow businesses aligned with the Fund's quality bias declined. In the fourth quarter of 2025, our structural zero weighting of no earnings biotechnology stocks was the largest negative.

At the start of 2025, we felt relatively more cautious as valuations in many companies appeared stretched to us while policy and economic uncertainty were building. There will always be sources of uncertainty, but valuations in our quality growth corner of the market appear more attractive to us now. In December 2024 our weighted-average internal rate of return (IRR) expectation for the underlying companies in our portfolio was 9%. Today, it is 14%, largely as a function of lower starting valuations. For the most part, the underlying businesses we've invested in have continued to perform well over the last year. We estimate the earnings of the portfolio grew by roughly 13% in 2025, below our long-term expectations but not outside of normal annual variance.

# **Top Contributors** 
* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Medpace Holdings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Repligen Corp.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)RBC Bearings, Inc.

* ![Thin up arrow](i4d62e3f4ea7dd84e16ea5a9a.jpg)Bio-Techne Corp. 

# **Top Detractors** 
* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Goosehead Insurance, Inc., Class A

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)SPS Commerce, Inc. 

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Morningstar, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Kinsale Capital Group, Inc.

* ![Thin down arrow](i7e6a3c98f1baaab679a32c23.jpg)Floor & Decor Holdings, Inc., Class A

# **Total Return Based on a $100,000,000 Investment**![Growth of 10K Chart](i9d879a45a09be0247415baeb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Plus Shares<sup>Footnote Reference1</sup>** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **12/31/15** | $100000000 | $100000000 | $100000000 |
| **3/31/16** | $99248120 | $98481498 | $95317047 |
| **6/30/16** | $107988722 | $102215709 | $98406269 |
| **9/30/16** | $115131579 | $111462037 | $107480731 |
| **12/31/16** | $116447368 | $121307996 | $111318005 |
| **3/31/17** | $118890977 | $124299341 | $117272136 |
| **6/30/17** | $124906015 | $127361567 | $122419065 |
| **9/30/17** | $130263158 | $134581077 | $130031396 |
| **12/31/17** | $134586466 | $139076380 | $135993508 |
| **3/31/18** | $139003759 | $138959252 | $139120532 |
| **6/30/18** | $150093985 | $149733747 | $149182586 |
| **9/30/18** | $163251880 | $155088730 | $157422299 |
| **12/31/18** | $132541960 | $123758494 | $123335332 |
| **3/31/19** | $155153841 | $141807510 | $144481009 |
| **6/30/19** | $172617481 | $144778475 | $148451398 |
| **9/30/19** | $166762619 | $141302620 | $142256376 |
| **12/31/19** | $180708423 | $155347729 | $158465500 |
| **3/31/20** | $144034038 | $107788433 | $117636952 |
| **6/30/20** | $188289161 | $135186747 | $153615274 |
| **9/30/20** | $200172482 | $141854052 | $164611013 |
| **12/31/20** | $243383742 | $186356498 | $213345832 |
| **3/31/21** | $243697650 | $210021964 | $223746935 |
| **6/30/21** | $260962619 | $219037239 | $232512147 |
| **9/30/21** | $263578523 | $209486401 | $219369139 |
| **12/31/21** | $278873097 | $213972498 | $219393699 |
| **3/31/22** | $234626232 | $197869348 | $191689964 |
| **6/30/22** | $194879049 | $163845374 | $154781356 |
| **9/30/22** | $186629633 | $160261761 | $155155710 |
| **12/31/22** | $194343372 | $170244142 | $161567022 |
| **3/31/23** | $211163609 | $174905084 | $171378504 |
| **6/30/23** | $222412812 | $184009375 | $183465029 |
| **9/30/23** | $215341884 | $174573161 | $170037904 |
| **12/31/23** | $237626020 | $199064560 | $191712928 |
| **3/31/24** | $257338909 | $209376306 | $206248235 |
| **6/30/24** | $238804508 | $202513592 | $200227568 |
| **9/30/24** | $267516759 | $221292347 | $217066856 |
| **12/31/24** | $263552754 | $222032450 | $220765572 |
| **3/31/25** | $243728349 | $200986069 | $196225783 |
| **6/30/25** | $255319269 | $218069213 | $219705404 |
| **9/30/25** | $255850963 | $245098285 | $246495716 |
| **12/31/25** | $255319269 | $250467904 | $249493248 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Plus Shares commenced operations on February 25, 2025. Performance for the periods prior to February 25, 2025 are a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |

---

The above chart represents historical performance of a hypothetical $100,000,000 investment over the past 10 years. Updated performance can be found at https://dfdent.com/literature/. Effective June 1, 2024, the Fund changed its primary benchmark index from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely reflects the market sectors in which the Fund invests.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Plus Shares<sup>Footnote Reference1</sup> | -3.12% | 0.96% | 9.83% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Institutional Plus Shares commenced operations on February 25, 2025. Performance for the 1 year, 5 year and 10 year periods is a blended average annual return which includes the returns of Investor Shares prior to the commencement of operations of Institutional Plus Shares. |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $168351770 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 24% |
| Investment Advisory Fees (Net of fees waived) | $654962 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Perimeter Solutions, Inc. | 6.35% |
| RBC Bearings, Inc. | 3.90% |
| Repligen Corp. | 3.84% |
| HEICO Corp., Class A | 3.62% |
| Hamilton Lane, Inc., Class A | 3.46% |
| Hayward Holdings, Inc. | 3.22% |
| Novanta, Inc. | 3.12% |
| Casella Waste Systems, Inc. | 3.12% |
| The Descartes Systems Group, Inc. | 2.97% |
| Appfolio, Inc. | 2.91% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ib1a57d2d05589838de74b31d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 32.2% |
| Information Technology | 27.5% |
| Health Care | 14.6% |
| Financials | 10.1% |
| Materials | 8.3% |
| Consumer Discretionary | 3.8% |
| Real Estate | 2.0% |
| Consumer Staples | 1.5% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://dfdent.com/literature/, including its:

* prospectus

* financial information

* holdings

* proxy voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i29d721fb8e0855ce03863ec5.jpg)

![Image](i31cfc168bfad46f4b79efaa3.jpg)

#### DF Dent Small Cap Growth Fund

#### DFSLX

#### : Institutional Plus Shares

#### Semi-Annual Shareholder Report - December 31, 2025
221S-DFSLX-25

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

#### SEMI-ANNUAL

#### FINANCIALS

#### AND

#### OTHER

#### INFORMATION
(Unaudited)

#### DECEMBER

#### 31,

#### 2025
DF

DENT

GROWTH

FUNDS

TABLE

OF

CONTENTS

DECEMBER

31,

2025

DF

Dent

Premier

Growth

Fund

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

DF

Dent

Midcap

Growth

Fund

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

DF

Dent

Small

Cap

Growth

Fund

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

DF

Dent

Growth

Funds

Notes

to

Financial

Statements

Other

Information

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

100.1%

Communication

Services

-

8.0%

46,477

Alphabet,

Inc.,

Class C

$

14,584,483

33,145

Netflix,

Inc.

(a) 3,107,675

17,692,158

Consumer

Discretionary

-

6.6%

62,581

Amazon.com,

Inc.

(a) 14,444,946

Financials

-

17.5%

10,198

Kinsale

Capital

Group,

Inc.

3,988,642

18,097

Mastercard,

Inc.,

Class A

10,331,215

11,000

Moody's

Corp.

5,619,350

4,982

MSCI,

Inc.

2,858,323

9,494

S&P

Global,

Inc.

(a) 4,961,469

30,967

Visa,

Inc.,

Class A

10,860,437

38,619,436

Health

Care

-

14.1%

61,500

Bio-Techne

Corp.

3,616,815

29,697

Danaher

Corp.

6,798,237

9,820

Intuitive

Surgical,

Inc.

(a) 5,561,655

9,750

Thermo

Fisher

Scientific,

Inc.

5,649,638

26,627

Veeva

Systems,

Inc.,

Class A

(a) 5,943,945

13,078

West

Pharmaceutical

Services,

Inc.

3,598,281

31,168,571

Industrials

-

14.8%

20,731

Booz

Allen

Hamilton

Holding

Corp.

1,748,867

28,000

Copart,

Inc.

(a) 1,096,200

37,492

HEICO

Corp.,

Class A

9,464,105

6,195

TransDigm

Group,

Inc.

(a) 8,238,421

81,952

Uber

Technologies,

Inc.

(a) 6,696,298

31,277

Waste

Connections,

Inc.

5,484,735

32,728,626

Information

Technology

-

28.0%

16,880

Apple,

Inc.

4,588,997

4,044

ASML

Holding

NV

4,326,514

19,715

Cadence

Design

Systems,

Inc.

(a) 6,162,515

21,224

Guidewire

Software,

Inc.

(a) 4,266,236

7,548

Intuit,

Inc.

4,999,946

13,845

Manhattan

Associates,

Inc.

(a) 2,399,477

22,682

Microsoft

Corp.

10,969,469

7,198

Monolithic

Power

Systems,

Inc.

6,523,979

10,196

Motorola

Solutions,

Inc.

3,908,331

62,572

Procore

Technologies,

Inc.

(a) 4,551,487

30,760

ServiceNow,

Inc.

(a) 4,712,124

9,363

Tyler

Technologies,

Inc.

(a) 4,250,334

61,659,409

Shares

Security

Description

Value

Materials

-

6.6%

14,535

Ecolab,

Inc.

$

3,815,728

13,216

The

Sherwin-Williams

Co.

4,282,381

22,732

Vulcan

Materials

Co.

6,483,621

14,581,730

Real

Estate

-

4.5%

39,190

CBRE

Group,

Inc.,

Class A

(a) 6,301,360

51,990

CoStar

Group,

Inc.

(a) 3,495,808

9,797,168

Total

Common

Stock

(Cost

$104,848,574)

220,692,044

Money

Market

Fund

-

0.1%

334,836

First

American

Treasury

Obligations

Fund,

Class X,

3.66%

(b) (Cost

$334,836)

334,836

Investments,

at

value

-

100.2%

(Cost

$105,183,410)

$

221,026,880

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(494,246)

Net

Assets

-

100.0%

$

220,532,634

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

221,026,880

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

221,026,880

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

Communication

Services

8.0%

Consumer

Discretionary

6.6%

Financials

17.5%

Health

Care

14.1%

Industrials

14.8%

Information

Technology

28.0%

Materials

6.6%

Real

Estate

4.5%

Money

Market

Fund

0.1%

Other

Assets

&

Liabilities,

Net

(0.2)%

100.0%

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

DECEMBER

31,

2025

ASSETS

Investments,

at

value

(Cost

$105,183,410)

$

221,026,880

Receivables:

Fund

shares

sold

2,000

Dividends

53,780

Prepaid

expenses

22,313

Total

Assets

221,104,973

LIABILITIES

Payables:

Fund

shares

redeemed

48,901

Accrued

Liabilities:

Investment

adviser

fees

486,412

Trustees'

fees

and

expenses

Fund

services

fees

11,004

Other

expenses

25,726

Total

Liabilities

572,339

NET

ASSETS

$

220,532,634

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

91,299,251

Distributable

Earnings

129,233,383

NET

ASSETS

$

220,532,634

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

5,966,780

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

36.96 4

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

DECEMBER

31,

2025

\*

See

additional

information

contained

in

Note

and

Note

6. INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$5,493)

$

1,002,461

Total

Investment

Income

1,002,461

EXPENSES

Investment

adviser

fees

1,167,122

Fund

services

fees

93,043

Custodian

fees

12,015

Registration

fees

10,843

Professional

fees

33,236

Trustees'

fees

and

expenses

10,618

ReFlow

fees

7,284

Other

expenses

32,049

Total

Expenses

1,366,210

Fees

waived

(200,085)

Net

Expenses

1,166,125

NET

INVESTMENT

LOSS

(163,664)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

Unaffiliated

issuers

11,024,431

Redemptions

in

kind\*

11,588,070

22,612,501

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(18,679,614)

NET

REALIZED

AND

UNREALIZED

GAIN

3,932,887

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

3,769,223

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

\*

Includes

redemption

in-kind

transactions.

See

additional

information

contained

in

Note

6. For

the

Six

Months

Ended

December

31,

2025

For

the

Year

Ended

June

30,

2025

OPERATIONS

Net

investment

loss

$

(163,664)

$

(1,055,835)

Net

realized

gain

22,612,501

21,815,733

Net

change

in

unrealized

appreciation

(depreciation)

(18,679,614)

5,667,228

Increase

in

Net

Assets

Resulting

from

Operations

3,769,223

26,427,126

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(15,339,672)

(30,116,196)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

17,674,357

7,279,139

Reinvestment

of

distributions

14,327,888

28,195,477

Redemption

of

shares\*

(36,099,435)

(26,978,932)

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

(4,097,190)

8,495,684

Increase

(Decrease)

in

Net

Assets

(15,667,639)

4,806,614

NET

ASSETS

Beginning

of

Period

236,200,273

231,393,659

End

of

Period

$

220,532,634

$

236,200,273

SHARE

TRANSACTIONS

Sale

of

shares

448,108

192,311

Reinvestment

of

distributions

388,395

722,405

Redemption

of

shares

(914,419)

(692,891)

Increase

(Decrease)

in

Shares

(77,916)

221,825

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

NET

ASSET

VALUE,

Beginning

of

Period

$

39.08 $

39.74 $

41.04 $

35.60 $

49.79 $

38.91 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.03)

(0.18)

(0.14)

(0.11)

(0.27)

(0.25)

Net

realized

and

unrealized

gain

(loss)

0.63 4.96 5.74 5.55 (10.28)

12.16 Total

from

Investment

Operations

0.60 4.78 5.60 5.44 (10.55)

11.91 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

(2.72)

(5.44)

(6.90)

–

(3.64)

(1.03)

Total

Distributions

to

Shareholders

(2.72)

(5.44)

(6.90)

–

(3.64)

(1.03)

REDEMPTION

FEES(a)

–

–

–

–

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

36.96 $

39.08 $

39.74 $

41.04 $

35.60 $

49.79 TOTAL

RETURN

1.55%(c)

12.06%

15.87%

15.28%

(23.05)%

30.96%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

220,533

$

236,200

$

231,394

$

247,272

$

278,936

$

430,924

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.14)%(d)

(0.46)%

(0.36)%

(0.30)%

(0.58)%

(0.57)%

Net

expenses

0.99%(d)

0.99%

0.99%

0.99%

0.99%

0.99%

Gross

expenses

(e) 1.16%(d)

1.16%

1.14%

1.13%

1.10%

1.11%

PORTFOLIO

TURNOVER

RATE

12%(c)(f)

15%(f)

19%

20%

18%

14%

footertext

(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.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Excludes

in-kind

transactions

associated

with

redemptions

of

the

Fund.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

99.1%

Consumer

Discretionary

-

1.8%

98,027

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) $

5,968,864

Financials

-

17.0%

83,823

Brown

&

Brown,

Inc.

6,680,693

140,091

Goosehead

Insurance,

Inc.,

Class A

(a) 10,317,702

31,982

Kinsale

Capital

Group,

Inc.

12,508,800

2,555

Markel

Group,

Inc.

(a) 5,492,356

16,226

Moody's

Corp.

8,289,052

19,375

Morningstar,

Inc.

4,210,381

13,611

MSCI,

Inc.

7,809,039

55,308,023

Health

Care

-

15.8%

212,995

Bio-Techne

Corp.

12,526,236

5,764

Mettler-Toledo

International,

Inc.

(a) 8,036,111

45,197

Repligen

Corp.

(a) 7,405,980

54,656

Veeva

Systems,

Inc.,

Class A

(a) 12,200,859

40,254

West

Pharmaceutical

Services,

Inc.

11,075,486

51,244,672

Industrials

-

23.6%

59,629

Booz

Allen

Hamilton

Holding

Corp.

5,030,302

158,340

Copart,

Inc.

(a) 6,199,011

66,957

HEICO

Corp.,

Class A

16,901,955

58,077

Old

Dominion

Freight

Line,

Inc.

9,106,474

39,661

SiteOne

Landscape

Supply,

Inc.

(a) 4,940,174

8,988

TransDigm

Group,

Inc.

(a) 11,952,692

131,711

Veralto

Corp.

13,142,124

52,785

Waste

Connections,

Inc.

9,256,378

76,529,110

Information

Technology

-

22.8%

49,120

Appfolio,

Inc.

(a) 11,427,768

37,532

Atlassian

Corp.,

Class A

(a) 6,085,439

23,465

Cadence

Design

Systems,

Inc.

(a) 7,334,690

60,952

Entegris,

Inc.

5,135,206

13,140

Guidewire

Software,

Inc.

(a) 2,641,271

28,910

Manhattan

Associates,

Inc.

(a) 5,010,392

77,421

Microchip

Technology,

Inc.

4,933,266

8,501

Monolithic

Power

Systems,

Inc.

7,704,966

30,491

Novanta,

Inc.

(a) 3,628,124

60,282

PTC,

Inc.

(a) 10,501,727

21,063

Tyler

Technologies,

Inc.

(a) 9,561,549

73,964,398

Materials

-

10.2%

62,517

Ecolab,

Inc.

16,411,963

58,458

Vulcan

Materials

Co.

16,673,391

33,085,354

Shares

Security

Description

Value

Real

Estate

-

7.9%

77,832

CBRE

Group,

Inc.,

Class A

(a) $

12,514,607

196,312

CoStar

Group,

Inc.

(a) 13,200,019

25,714,626

Total

Common

Stock

(Cost

$236,225,023)

321,815,047

Money

Market

Fund

-

0.6%

1,843,863

First

American

Treasury

Obligations

Fund,

Class X,

3.66%

(b) (Cost

$1,843,863)

1,843,863

Investments,

at

value

-

99.7%

(Cost

$238,068,886)

$

323,658,910

Other

Assets

&

Liabilities,

Net

-

0.3%

1,090,234

Net

Assets

-

100.0%

$

324,749,144

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

323,658,910

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

323,658,910

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

Consumer

Discretionary

1.8%

Financials

17.0%

Health

Care

15.8%

Industrials

23.6%

Information

Technology

22.8%

Materials

10.2%

Real

Estate

7.9%

Money

Market

Fund

0.6%

Other

Assets

&

Liabilities,

Net

0.3%

100.0%

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

DECEMBER

31,

2025

ASSETS

Investments,

at

value

(Cost

$238,068,886)

$

323,658,910

Receivables:

Fund

shares

sold

24,990

Investment

securities

sold

3,429,700

Dividends

96,446

Prepaid

expenses

29,048

Total

Assets

327,239,094

LIABILITIES

Payables:

Investment

securities

purchased

1,739,444

Fund

shares

redeemed

77,517

Accrued

Liabilities:

Investment

adviser

fees

609,151

Trustees'

fees

and

expenses

Fund

services

fees

16,838

Other

expenses

46,990

Total

Liabilities

2,489,950

NET

ASSETS

$

324,749,144

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

226,727,814

Distributable

Earnings

98,021,330

NET

ASSETS

$

324,749,144

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Investor

Shares

2,788,258

Institutional

Shares

4,834,735

Institutional

Plus

Shares

1,122,690

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Investor

Shares

(based

on

net

assets

of

$103,085,067)

$

36.97 Institutional

Shares

(based

on

net

assets

of

$179,784,801)

$

37.19 Institutional

Plus

Shares

(based

on

net

assets

of

$41,879,276)

$

37.30 10

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

DECEMBER

31,

2025

\*

See

additional

information

contained

in

Note

and

Note

6. INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$5,680)

$

1,631,495

Total

Investment

Income

1,631,495

EXPENSES

Investment

adviser

fees

1,352,659

Fund

services

fees

144,005

Transfer

agent

fees:

Investor

Shares

9,494

Institutional

Shares

3,599

Institutional

Plus

Shares

2,270

Custodian

fees

20,922

Registration

fees:

Investor

Shares

7,914

Institutional

Shares

7,963

Institutional

Plus

Shares

8,344

Professional

fees

43,056

Trustees'

fees

and

expenses

13,448

ReFlow

fees

38,921

Other

expenses

46,446

Total

Expenses

1,699,041

Fees

waived

(141,194)

Net

Expenses

1,557,847

NET

INVESTMENT

INCOME

73,648

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

Unaffiliated

issuers

10,847,400

Redemptions

in

kind\*

17,410,378

28,257,778

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(36,098,931)

NET

REALIZED

AND

UNREALIZED

LOSS

(7,841,153)

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

(7,767,505)

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

\*

Includes

redemption

in-kind

transactions.

See

additional

information

contained

in

Note

6. For

the

Six

Months

Ended

December

31,

2025

For

the

Year

Ended

June

30,

2025

OPERATIONS

Net

investment

income

(loss)

$

73,648

$

(652,232)

Net

realized

gain

28,257,778

68,700,703

Net

change

in

unrealized

appreciation

(depreciation)

(36,098,931)

(15,359,852)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(7,767,505)

52,688,619

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

2,784,020

5,327,549

Institutional

Shares

3,672,729

24,907,334

Institutional

Plus

Shares

34,230,485

49,281,233

Redemption

of

shares:

Investor

Shares

(14,722,190)

(37,444,798)

Institutional

Shares

(26,189,937)

(66,166,911)

Institutional

Plus

Shares\*

(34,002,972)

(190,969,771)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(34,227,865)

(215,065,364)

Decrease

in

Net

Assets

(41,995,370)

(162,376,745)

NET

ASSETS

Beginning

of

Period

366,744,514

529,121,259

End

of

Period

$

324,749,144

$

366,744,514

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

72,404

146,752

Institutional

Shares

94,177

661,980

Institutional

Plus

Shares

891,601

1,324,881

Redemption

of

shares:

Investor

Shares

(385,539)

(1,028,360)

Institutional

Shares

(684,265)

(1,781,669)

Institutional

Plus

Shares

(890,914)

(5,481,097)

Decrease

in

Shares

(902,536)

(6,157,513)

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

37.86 $

33.34 $

31.01 $

26.98 $

38.01 $

29.48 INVESTMENT

OPERATIONS

Net

investment

loss

(a) 0.00(b)

(0.08)

(0.09)

(0.09)

(0.20)

(0.18)

Net

realized

and

unrealized

gain

(loss)

(0.89)

4.60 2.42 4.12 (9.75)

8.81 Total

from

Investment

Operations

(0.89)

4.52 2.33 4.03 (9.95)

8.63 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

–

–

–

(1.08)

(0.11)

Total

Distributions

to

Shareholders

–

–

–

–

(1.08)

(0.11)

REDEMPTION

FEES(a)

–

–

–

–

0.00(b)

0.01 NET

ASSET

VALUE,

End

of

Period

$

36.97 $

37.86 $

33.34 $

31.01 $

26.98 $

38.01 TOTAL

RETURN

(2.35)%(c)

13.56%

7.51%

14.94%

(26.97)%

29.33%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

103,085

$

117,419

$

132,811

$

162,503

$

184,717

$

307,341

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.02)%(d)

(0.21)%

(0.28)%

(0.33)%

(0.55)%

(0.54)%

Net

expenses

0.93%(d)

0.93%

0.88%

0.87%

0.85%

0.89%

Gross

expenses

(e) 0.96%(d)

0.95%

0.90%

0.89%

0.86%

0.91%

PORTFOLIO

TURNOVER

RATE

19%(c)(f)

59%(f)

29%

27%

35%

30%

footertext

(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.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Excludes

in-kind

transactions

associated

with

redemptions

of

the

Fund.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

38.06 $

33.50 $

31.14 $

27.09 $

38.15 $

29.57 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.01 (0.05)

(0.08)

(0.09)

(0.19)

(0.17)

Net

realized

and

unrealized

gain

(loss)

(0.88)

4.61 2.44 4.14 (9.79)

8.86 Total

from

Investment

Operations

(0.87)

4.56 2.36 4.05 (9.98)

8.69 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

–

–

–

(1.08)

(0.11)

Total

Distributions

to

Shareholders

–

–

–

–

(1.08)

(0.11)

REDEMPTION

FEES(a)

–

–

–

–

–

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

37.19 $

38.06 $

33.50 $

31.14 $

27.09 $

38.15 TOTAL

RETURN

(2.29)%(c)

13.61%

7.58%

14.95%

(26.95)%

29.41%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

179,785

$

206,495

$

219,229

$

247,019

$

231,134

$

406,489

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.06%(d)

(0.12)%

(0.25)%

(0.32)%

(0.53)%

(0.50)%

Net

expenses

0.85%(d)

0.85%

0.84%

0.85%

0.83%

0.85%

Gross

expenses

(e) 0.93%(d)

0.92%

0.88%

0.87%

0.85%

0.86%

PORTFOLIO

TURNOVER

RATE

19%(c)(f)

59%(f)

29%

27%

35%

30%

footertext

(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.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Excludes

in-kind

transactions

associated

with

redemptions

of

the

Fund.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

December

3,

2021

(a) Through

June

30,

2022

2025

2024

2023

INSTITUTIONAL

PLUS

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

38.17 $

33.55 $

31.17 $

27.10 $

38.47 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b) 0.02 (0.07)

(0.06)

(0.07)

(0.08)

Net

realized

and

unrealized

gain

(loss)

(0.89)

4.69 2.44 4.14 (10.21)

Total

from

Investment

Operations

(0.87)

4.62 2.38 4.07 (10.29)

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

–

–

–

(1.08)

Total

Distributions

to

Shareholders

–

–

–

–

(1.08)

NET

ASSET

VALUE,

End

of

Period

$

37.30 $

38.17 $

33.55 $

31.17 $

27.10 TOTAL

RETURN

(2.28)%(c)

13.77%

7.64%

15.02%

(27.53)%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

41,879

$

42,830

$

177,081

$

178,611

$

210,030

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.12%(d)

(0.20)%

(0.19)%

(0.26)%

(0.44)%(d)

Net

expenses

0.79%(d)

0.79%

0.78%

0.79%

0.79%(d)

Gross

expenses

(e) 0.98%(d)

0.95%

0.88%

0.88%

0.90%(d)

PORTFOLIO

TURNOVER

RATE

19%(c)(f)

59%(f)

29%

27%

35%(c)

footertext

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Excludes

in-kind

transactions

associated

with

redemptions

of

the

Fund.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

99.0%

Consumer

Discretionary

-

3.8%

57,253

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) $

3,486,135

7,114

Murphy

USA,

Inc.

2,870,642

6,356,777

Consumer

Staples

-

1.4%

235,648

Utz

Brands,

Inc.

2,446,026

Financials

-

10.0%

52,964

Goosehead

Insurance,

Inc.,

Class A

(a) 3,900,798

42,906

Hamilton

Lane,

Inc.,

Class A

5,762,705

10,360

Kinsale

Capital

Group,

Inc.

4,052,003

6,867

MarketAxess

Holdings,

Inc.

1,244,644

8,745

Morningstar,

Inc.

1,900,376

16,860,526

Health

Care

-

14.4%

79,024

Bio-Techne

Corp.

4,647,401

21,851

HealthEquity,

Inc.

(a) 2,001,770

27,373

LeMaitre

Vascular,

Inc.

2,219,950

23,259

Masimo

Corp.

(a) 3,025,066

8,077

Medpace

Holdings,

Inc.

(a) 4,536,447

39,070

Repligen

Corp.

(a) 6,402,010

8,594

The

Ensign

Group,

Inc.

1,497,075

24,329,719

Industrials

-

31.9%

14,244

Applied

Industrial

Technologies,

Inc.

3,657,432

53,075

Casella

Waste

Systems,

Inc.

(a) 5,198,165

75,427

Core

&

Main,

Inc.,

Class A

(a) 3,919,941

13,941

CSW

Industrials,

Inc.

4,092,102

85,517

Douglas

Dynamics,

Inc.

2,792,130

17,490

ESCO

Technologies,

Inc.

3,417,371

18,923

Exponent,

Inc.

1,314,392

30,612

Federal

Signal

Corp.

3,324,157

347,313

Hayward

Holdings,

Inc.

(a) 5,365,986

23,928

HEICO

Corp.,

Class A

6,040,145

5,865

JBT

Marel

Corp.

883,680

7,727

Kadant,

Inc.

2,202,349

14,498

RBC

Bearings,

Inc.

(a) 6,501,338

11,331

Simpson

Manufacturing

Co.,

Inc.

1,829,617

25,225

SiteOne

Landscape

Supply,

Inc.

(a) 3,142,026

53,680,831

Information

Technology

-

27.3%

30,851

Agilysys,

Inc.

(a) 3,666,333

67,438

Alarm.com

Holdings,

Inc.

(a) 3,440,687

20,832

Appfolio,

Inc.

(a) 4,846,565

18,461

Badger

Meter,

Inc.

3,219,783

19,416

Guidewire

Software,

Inc.

(a) 3,902,810

Shares

Security

Description

Value

Information

Technology

-

27.3%

(continued)

26,641

Manhattan

Associates,

Inc.

(a) $

4,617,152

43,757

Novanta,

Inc.

(a) 5,206,645

18,572

Onto

Innovation,

Inc.

(a) 2,931,776

59,600

Procore

Technologies,

Inc.

(a) 4,335,304

14,411

ServiceTitan,

Inc.

(a) 1,534,771

36,858

SPS

Commerce,

Inc.

(a) 3,285,154

56,481

The

Descartes

Systems

Group,

Inc.

(a) 4,951,124

45,938,104

Materials

-

8.2%

15,437

Eagle

Materials,

Inc.

3,190,519

384,212

Perimeter

Solutions,

Inc.

(a) 10,577,357

13,767,876

Real

Estate

-

2.0%

67,558

Landbridge

Co.,

LLC

3,309,666

Total

Common

Stock

(Cost

$132,886,666)

166,689,525

Money

Market

Fund

-

1.2%

1,934,623

First

American

Treasury

Obligations

Fund,

Class X,

3.66%

(b) (Cost

$1,934,623)

1,934,623

Investments,

at

value

-

100.2%

(Cost

$134,821,289)

$

168,624,148

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(272,378)

Net

Assets

-

100.0%

$

168,351,770

LLC

Limited

Liability

Company

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2025. 16

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

DECEMBER

31,

2025

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

168,624,148

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

168,624,148

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

Consumer

Discretionary

3.8%

Consumer

Staples

1.4%

Financials

10.0%

Health

Care

14.4%

Industrials

31.9%

Information

Technology

27.3%

Materials

8.2%

Real

Estate

2.0%

Money

Market

Fund

1.2%

Other

Assets

&

Liabilities,

Net

(0.2)%

100.0%

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

DECEMBER

31,

2025

ASSETS

Investments,

at

value

(Cost

$134,821,289)

$

168,624,148

Receivables:

Fund

shares

sold

6,817

Dividends

49,455

Prepaid

expenses

30,590

Total

Assets

168,711,010

LIABILITIES

Payables:

Fund

shares

redeemed

2,449

Accrued

Liabilities:

Investment

adviser

fees

314,349

Trustees'

fees

and

expenses

Fund

services

fees

8,711

Other

expenses

33,689

Total

Liabilities

359,240

NET

ASSETS

$

168,351,770

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

145,934,929

Distributable

Earnings

22,416,841

NET

ASSETS

$

168,351,770

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Investor

Shares

800,959

Institutional

Shares

2,648,965

Institutional

Plus

Shares

3,570,477

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Investor

Shares

(based

on

net

assets

of

$19,062,821)

$

23.80 Institutional

Shares

(based

on

net

assets

of

$63,548,666)

$

23.99 Institutional

Plus

Shares

(based

on

net

assets

of

$85,740,283)

$

24.01 18

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

DECEMBER

31,

2025

INVESTMENT

INCOME

Dividend

income

$

345,141

Total

Investment

Income

345,141

EXPENSES

Investment

adviser

fees

784,141

Fund

services

fees

86,005

Transfer

agent

fees:

Investor

Shares

10,684

Institutional

Shares

9,107

Institutional

Plus

Shares

1,282

Custodian

fees

9,487

Registration

fees:

Investor

Shares

7,006

Institutional

Shares

8,113

Institutional

Plus

Shares

7,246

Professional

fees

30,352

Trustees'

fees

and

expenses

9,241

Other

expenses

34,821

Total

Expenses

997,485

Fees

waived

(158,830)

Net

Expenses

838,655

NET

INVESTMENT

LOSS

(493,514)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

2,845,089

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(2,016,517)

NET

REALIZED

AND

UNREALIZED

GAIN

828,572

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

335,058

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

For

the

Six

Months

Ended

December

31,

2025

For

the

Year

Ended

June

30,

2025

OPERATIONS

Net

investment

loss

$

(493,514)

$

(515,446)

Net

realized

gain

(loss)

2,845,089

(1,282,998)

Net

change

in

unrealized

appreciation

(depreciation)

(2,016,517)

16,194,978

Increase

in

Net

Assets

Resulting

from

Operations

335,058

14,396,534

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

824,024

2,458,291

Institutional

Shares

2,315,021

17,727,892

Institutional

Plus

Shares

5,982,349

84,563,447

Redemption

of

shares:

Investor

Shares

(1,292,327)

(7,459,124)

Institutional

Shares

(24,363,380)

(118,224,527)

Institutional

Plus

Shares

(3,490,518)

(2,166,661)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(20,024,831)

(23,100,682)

Decrease

in

Net

Assets

(19,689,773)

(8,704,148)

NET

ASSETS

Beginning

of

Period

188,041,543

196,745,691

End

of

Period

$

168,351,770

$

188,041,543

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

34,118

102,719

Institutional

Shares

95,100

724,729

Institutional

Plus

Shares

248,288

3,561,141

Redemption

of

shares:

Investor

Shares

(53,617)

(307,894)

Institutional

Shares

(997,173)

(4,924,970)

Institutional

Plus

Shares

(145,997)

(92,954)

Decrease

in

Shares

(819,281)

(937,229)

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

23.82 $

22.29 $

20.76 $

18.19 $

24.94 $

18.38 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.08)

(0.09)

(0.10)

(0.10)

(0.15)

(0.13)

Net

realized

and

unrealized

gain

(loss)

0.06 1.62 1.63 2.67 (6.01)

7.16 Total

from

Investment

Operations

(0.02)

1.53 1.53 2.57 (6.16)

7.03 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

–

–

–

(0.60)

(0.48)

Total

Distributions

to

Shareholders

–

–

–

–

(0.60)

(0.48)

REDEMPTION

FEES(a)

–

–

–

–

0.01 0.01 NET

ASSET

VALUE,

End

of

Period

$

23.80 $

23.82 $

22.29 $

20.76 $

18.19 $

24.94 TOTAL

RETURN

(0.08)%(b)

6.86%

7.37%

14.13%

(25.32)%

38.60%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

19,063

$

19,544

$

22,859

$

18,295

$

18,105

$

29,472

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.67)%(c)

(0.36)%

(0.44)%

(0.54)%

(0.64)%

(0.58)%

Net

expenses

1.05%(c)

1.04%

1.04%

1.05%

1.05%

1.05%

Gross

expenses

(d) 1.24%(c)

1.23%

1.25%

1.30%

1.23%

1.30%

PORTFOLIO

TURNOVER

RATE

24%(b)

36%

30%

41%

46%

34%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Not

annualized.

(c) Annualized.

(d) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

24.00 $

22.43 $

20.87 $

18.27 $

25.03 $

18.42 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.07)

(0.06)

(0.07)

(0.08)

(0.12)

(0.11)

Net

realized

and

unrealized

gain

(loss)

0.06 1.63 1.63 2.68 (6.04)

7.20 Total

from

Investment

Operations

(0.01)

1.57 1.56 2.60 (6.16)

7.09 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

–

–

–

(0.60)

(0.48)

Total

Distributions

to

Shareholders

–

–

–

–

(0.60)

(0.48)

REDEMPTION

FEES(a)

–

–

–

–

–

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

23.99 $

24.00 $

22.43 $

20.87 $

18.27 $

25.03 TOTAL

RETURN

(0.04)%(c)

7.00%

7.48%

14.23%

(25.27)%

38.79%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

63,549

$

85,223

$

173,886

$

75,462

$

60,847

$

52,591

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.58)%(d)

(0.24)%

(0.31)%

(0.43)%

(0.52)%

(0.49)%

Net

expenses

0.95%(d)

0.94%

0.94%

0.95%

0.95%

0.95%

Gross

expenses

(e) 1.09%(d)

1.04%

1.07%

1.12%

1.09%

1.18%

PORTFOLIO

TURNOVER

RATE

24%(c)

36%

30%

41%

46%

34%

footertext

(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.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

December

31,

2025

February

25,

2025

(a) Through

June

30,

2025

INSTITUTIONAL

PLUS

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

24.01 $

24.21 INVESTMENT

OPERATIONS

Net

investment

loss

(b) (0.06)

(0.02)

Net

realized

and

unrealized

loss

0.06 (0.18)

Total

from

Investment

Operations

–

(0.20)

NET

ASSET

VALUE,

End

of

Period

$

24.01 $

24.01 TOTAL

RETURN

–%(c)

(0.83)%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

85,740

$

83,274

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.47)%(d)

(0.26)%(d)

Net

expenses

0.85%(d)

0.84%(d)

Gross

expenses

(e) 1.05%(d)

1.15%(d)

PORTFOLIO

TURNOVER

RATE

24%(c)

36%(c)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

Note

1. Organization

DF

Dent

Premier

Growth

Fund,

DF

Dent

Midcap

Growth

Fund,

and

DF

Dent

Small

Cap

Growth

Fund

(individually,

a

"Fund"

and

collectively,

the

"Funds")

are

diversified

portfolios

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

each

Fund's

shares

of

beneficial

interest

without

par

value.

DF

Dent

Premier

Growth

Fund

commenced

operations

on

July

16,

2001. DF

Dent

Midcap

Growth

Fund's

Investor

Shares,

Institutional

Shares,

and

Institutional

Plus

Shares

commenced

operations

on

July

1,

2011,

November

29,

2017,

and

December

3,

2021,

respectively.

DF

Dent

Small

Cap

Growth

Fund's

Investor

Shares,

Institutional

Shares,

and

Institutional

Plus

Shares

commenced

operations

on

November

1,

2013,

November

20,

2017,

and

February

25,

2025,

respectively.

The

Funds

seek

long-term

capital

appreciation.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

financial

highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

their

role,

the

management

committee

of

D.F.

Dent

and

Company,

Inc.,

the

Funds'

adviser,

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

Note

2. Summary

of

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

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

each

Fund:

Security

Valuation

–

Securities

are

recorded

at

fair

value

using

last

quoted

trade

or

official

closing

price

from

the

principal

exchange

where

the

security

is

traded,

as

provided

by

independent

pricing

services

on

each

Fund

business

day.

In

the

absence

of

a

last

trade,

securities

are

valued

at

the

mean

of

the

last

bid

and

ask

price

provided

by

the

pricing

service.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

per

share

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

recorded

at

amortized

cost,

which

approximates

fair

value.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser

as

each

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

and

other

assets

held

by

each

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

each

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

level

of

various

"inputs"

used

to

determine

the

value

of

each

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

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

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

each

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

December

31,

2025,

for

each

Fund's

investments

is

included

at

the

end

of

each

Fund's

Schedule

of

Investments.

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

on

the

trade

date.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

determining

the

existence

of

a

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

taxes,

which

are

accrued

as

applicable.

Interest

income

is

recorded

on

an

accrual

basis.

Premium

is

amortized

to

the

next

call

date

above

par,

and

discount

is

accreted

to

maturity

using

the

effective

interest

method

and

included

in

interest

income.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Distributions

to

Shareholders

–

Each

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

realized

by

the

Funds

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

each

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

each

Fund.

Federal

Taxes

–

Each

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

their

net

investment

income

and

capital

gains,

if

any,

the

Funds

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

Each

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations.

During

the

period,

each

Fund

did

not

incur

any

interest

or

penalties.

Each

Fund

files

a

U.S.

federal

income

and

excise

tax

return

as

required.

Each

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

December

31,

2025,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

of

its

investment

portfolios.

Expenses

that

are

directly

attributable

to

more

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

in

an

equitable

manner.

The

DF

Dent

Midcap

Growth

Fund's

and

DF

Dent

Small

Cap

Growth

Fund's

class-specific

expenses

are

charged

to

the

operations

of

that

class

of

shares.

Income

and

expenses

(other

than

expenses

attributable

to

a

specific

class)

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

the

class'

respective

net

assets

to

the

total

net

assets

of

each

Fund.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund's

Statement

of

Assets

and

Liabilities.

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

Note

3. Fees

and

Expenses

Investment

Adviser

–

D.F.

Dent

and

Company,

Inc.

(the

"Adviser")

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

at

an

annual

rate

of

0.99%,

0.75%,

and

0.85%

of

the

average

daily

net

assets

of

DF

Dent

Premier

Growth

Fund,

DF

Dent

Midcap

Growth

Fund

and

DF

Dent

Small

Cap

Growth

Fund,

respectively.

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

"Distributor"),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Funds

do

not

have

a

distribution

(12b-1)

plan;

accordingly,

the

Distributor

does

not

receive

compensation

from

the

Funds

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

each

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statements

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

each

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

each

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Each

Independent

Trustee's

annual

retainer

is

$60,000

($70,000

for

the

Chairman).

The

Audit

Committee

Chairman

receives

an

additional

$5,000

annually.

The

Trustees

and

the

Chairman

may

receive

additional

fees

for

special

Board

meetings.

Each

Trustee

is

also

reimbursed

for

all

reasonable

out-of-

pocket

expenses

incurred

in

connection

with

his

or

her

duties

as

a

Trustee,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Trustees'

fees

attributable

to

each

Fund

is

disclosed

in

the

Statements

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

each

Fund.

Note

4. Expense

Reimbursement

and

Fees

Waived

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

and

extraordinary

expenses)

to

0.99%,

through

October

31,

2026

(the

"Expense

Cap"),

for

DF

Dent

Premier

Growth

Fund.

Additionally,

the

Adviser

has

contractually

agreed

to

waive

a

portion

of

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,

acquired

fund

fees

and

expenses,

and

extraordinary

expenses)

of

Investor

Shares,

Institutional

Shares

and

Institutional

Plus

Shares

to

0.98%,

0.85%,

and

0.79%,

respectively,

through

October

31,

2026,

for

DF

Dent

Midcap

Growth

Fund.

The

Adviser

has

also

contractually

agreed

to

waive

a

portion

of

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,

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

and

extraordinary

expenses)

of

Investor

Shares

and

Institutional

Shares

to

1.05%

and

0.95%,

respectively,

through

October

31,

2026,

for

DF

Dent

Small

Cap

Growth

Fund.

The

Expense

Cap

may

only

be

raised

or

eliminated

with

the

consent

of

the

Board

of

Trustees.

Other

fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board

of

Trustees

of

the

Trust.

For

the

period

ended

December

31,

2025

,

fees

waived

and

expenses

reimbursed

were

as

follows:

The

Adviser

may

be

reimbursed

by

each

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

December

31,

2025

,

$974,318,

$484,008

and

$531,670

are

subject

to

recoupment

by

the

Adviser

for

the

DF

Dent

Premier

Growth

Fund,

DF

Dent

Midcap

Growth

Fund,

and

DF

Dent

Small

Cap

Growth

Fund,

respectively.

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

December

31,

2025

,

were

as

follows:

\*

Sales

exclude

redemptions

in-kind

of

$14,413,150

and

$28,042,572

for

the

DF

Dent

Premier

Growth

Fund

and

DF

Dent

Midcap

Growth

Fund,

respectively.

See

Note

6. Note

6. ReFlow

Transactions

Each

Fund

may

participate

in

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program.

This

program

is

designed

to

provide

an

alternative

liquidity

source

on

days

when

redemptions

of

Fund

shares

exceed

purchases.

Under

the

program,

ReFlow

is

available

to

provide

cash

to

the

Funds

to

meet

all,

or

a

portion,

of

daily

net

shareholder

redemptions.

ReFlow

provides

this

cash

by

purchasing

shares

at

net

asset

value

and

ReFlow

will

not

be

subject

to

any

investment

minimum

applicable

to

such

shares.

There

are

no

assurances

that

Reflow

will

have

sufficient

funds

available

to

meet

a

Fund's

liquidity

needs

on

a

particular

day.

Following

purchases

of

Fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

Fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

DF

Dent

Premier

Growth

Fund

$

177,027

$

23,058

$

200,085

DF

Dent

Midcap

Growth

Fund

94,173

47,021

141,194

DF

Dent

Small

Cap

Growth

Fund

129,179

29,651

158,830

Purchases

Sales

DF

Dent

Premier

Growth

Fund

$

27,829,747

$

43,266,090

DF

Dent

Midcap

Growth

Fund

64,623,649

93,588,047

DF

Dent

Small

Cap

Growth

Fund

43,161,103

61,086,545

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

period

determined

by

ReFlow

(currently

days)

or

at

other

times

at

ReFlow's

discretion.

While

ReFlow

holds

Fund

shares,

it

will

have

the

same

rights

and

privileges

with

respect

to

those

shares

as

any

other

shareholder.

For

use

of

the

ReFlow

service,

a

participating

Fund

pays

a

fee

to

ReFlow

each

time

it

purchases

Fund

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

is

0.14%

of

the

value

of

the

Fund

shares

purchased

by

ReFlow,

although

the

Fund

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

Fund

shareowners.

Such

a

fee

is

allocated

among

a

Fund's

share

classes

based

on

relative

net

assets

and

is

shown

in

the

Statement

of

Operations.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

Fund.

During

the

period

ended

December

31,

2025

,

the

DF

Dent

Premier

Growth

Fund

and

DF

Dent

Midcap

Growth

Fund

satisfied

redemption

in-kind

requests

made

by

Reflow.

The

transfers

were

effected

in

accordance

with

policies

and

procedures

approved

by

the

Board.

Consideration

paid

and

shares

sold

were

as

follows:

Note

7. Sector

Concentration

Risk

Sector

concentration

risk

is

the

possibility

that

securities

within

the

same

sector

will

decline

in

price

due

to

sector-specific

market

or

economic

developments.

If

the

Funds

invest

more

heavily

in

a

particular

sector,

the

value

of

its

shares

may

be

especially

sensitive

to

factors

and

economic

risks

that

specifically

affect

that

sector.

As

a

result,

the

Funds'

share

price

may

fluctuate

more

widely

than

the

value

of

shares

of

a

mutual

fund

that

invests

in

a

broader

range

of

sectors.

Additionally,

some

sectors

could

be

subject

to

greater

government

regulation

than

other

sectors.

Therefore,

changes

in

regulatory

policies

for

those

sectors

may

have

a

material

effect

on

the

value

of

securities

issued

by

companies

in

those

sectors.

Note

8. Federal

Income

Tax

As

of

December

31,

2025

,

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

net

unrealized

appreciation

consists

of:

Value

of

Cash

and

Securities

Sold

Shares

Sold

DF

Dent

Premier

Growth

Fund

$

28,896,788

758,040

DF

Dent

Midcap

Growth

Fund

14,836,498

375,092

DF

Dent

Small

Cap

Growth

Fund

-

-

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

DF

Dent

Premier

Growth

Fund

$

117,859,881

$

(2,016,411)

$

115,843,470

DF

Dent

Midcap

Growth

Fund

93,171,258

(7,581,234)

85,590,024

DF

Dent

Small

Cap

Growth

Fund

39,706,740

(5,903,881)

33,802,859

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

DECEMBER

31,

2025

As

of

June

30,

2025

,

distributable

earnings/accumulated

loss

on

a

tax

basis

were

as

follows:

The

difference

between

components

of

distributable

earnings/accumulated

loss

on

a

tax

basis

and

the

amounts

reflected

in

the

Statements

of

Assets

and

Liabilities

are

primarily

due

to

wash

sales

and

equity

return

of

capital.

For

tax

purposes,

the

prior

year

late-year

ordinary

loss

was

$

574,018

and

$61,822

for

the

DF

Dent

Premier

Growth

Fund

and

DF

Dent

Small

Cap

Growth

Fund,

respectively,

(realized

during

the

period

January

1,

2025

through

June

30,

2025).

These

losses

were

recognized

for

tax

purposes

on

the

first

business

day

of

each

Fund's

current

fiscal

year,

July

1,

2025

.

As

of

June

30,

2025

,

the

DF

Dent

Midcap

Growth

Fund

had

$10,083,355

of

available

short-term

capital

loss

carryforward

and

the

DF

Dent

Small

Cap

Growth

Fund

had

$9,538,785

of

available

long-term

capital

loss

carryforwards

that

have

no

expiration

date.

Note

9. 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

each

Fund

has

had

no

such

events.

Undistributed

Long-Term

Gain

Capital

and

Other

Losses

Net

Unrealized

Appreciation

Total

DF

Dent

Premier

Growth

Fund

$

7,111,097

$

(574,018)

$

134,266,753

$

140,803,832

DF

Dent

Midcap

Growth

Fund

–

(10,083,355)

115,872,190

105,788,835

DF

Dent

Small

Cap

Growth

Fund

–

(9,600,607)

31,682,390

22,081,783

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

OTHER

INFORMATION

DECEMBER

31,

2025

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7. Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

N/A

DF

Dent

Premier

Growth

Fund

–

DFDPX

DF

Dent

Midcap

Growth

Fund

Investor

Shares

–

DFDMX

DF

Dent

Midcap

Growth

Fund

Institutional

Shares

–

DFMGX

DF

Dent

Midcap

Growth

Fund

Institutional

Plus

Shares

–

DFMLX

DF

Dent

Small

Cap

Growth

Fund

Investor

Shares

–

DFDSX

DF

Dent

Small

Cap

Growth

Fund

Institutional

Shares

–

DFSGX

DF

Dent

Small

Cap

Growth

Fund

Institutional

Plus

Shares

–

DFSLX

INVESTMENT

ADVISER

D.F.

Dent

and

Company,

Inc.

E. Pratt

Street,

7th

Floor

Baltimore,

MD

21202

www.dfdent.com

TRANSFER

AGENT

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

(866) 2DF-DENT

www.apexgroup.com

221-SAR-1225

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds'

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).](cert302.htm)

(a)(4) Not applicable.

(a)(5) 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 (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/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 12, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | February 12, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | February 12, 2026 |

---

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds**

I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds (DF Dent Midcap Growth Fund, DF Dent Premier Growth Fund, DF Dent Small Cap Growth 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: | February 12, 2026 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | 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 (DF Dent Midcap Growth Fund, DF Dent Premier Growth Fund, DF Dent Small Cap Growth 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: | February 12, 2026 | /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: | February 12, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | February 12, 2026 |
|  | /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.