# EDGAR Filing Document

**Accession Number:** 0001088323
**File Stem:** 0001162044-23-000229
**Filing Date:** 2023-2
**Character Count:** 34049
**Document Hash:** ca8c2b0b388e867e853f7357027330dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000229.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001162044-23-000229

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORESTER FUNDS INC
- **CENTRAL INDEX KEY:** 0001088323
- **IRS NUMBER:** 364297578
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09391
- **FILM NUMBER:** 23651501

**BUSINESS ADDRESS:**
- **STREET 1:** 612 PADDOCK
- **CITY:** LIBERTYVILLE
- **STATE:** IL
- **ZIP:** 60048
- **BUSINESS PHONE:** 224-544-5123

**MAIL ADDRESS:**
- **STREET 1:** 612 PADDOCK
- **CITY:** LIBERTYVILLE
- **STATE:** IL
- **ZIP:** 60048

## Series and Classes Contracts Data

### Forester Value Fund (Series ID: S000004887)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013241 | Class N      | FVALX           |
| C000077922 | Class I      | FVILX           |
| C000090611 | Class R      | FVRLX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 30, 2022 (unaudited)** | **December 30, 2022 (unaudited)** | **December 30, 2022 (unaudited)** | **December 30, 2022 (unaudited)** |
| **<u>Forester Value Fund</u>** | **<u>Forester Value Fund</u>** | **<u>Forester Value Fund</u>** | **<u>Forester Value Fund</u>** |
|  |  | **Shares or Principal** |  |
| **Security Description** |  | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 65.19%** | **Common Stocks - 65.19%** | **Common Stocks - 65.19%** | **Common Stocks - 65.19%** |
| **Communications - 1.14%** |  |  |  |
| Verizon Communications, Inc. |  | 4340  | 170996  |
| **Consumer Discretionary - 1.20%** |  |  |  |
| Ebay, Inc. |  | 4380  | 181639  |
| **Consumer Staples - 13.00%** |  |  |  |
| Altria Group, Inc.  |  | 5580  | 255062  |
| Conagra Brands, Inc. |  | 7770  | 300699  |
| General Mills, Inc. |  | 5750  | 482137  |
| JM Smucker Co. |  | 2830  | 448442  |
| The Kroger Co. |  | 5930  | 264359  |
| Tyson Foods, Inc. Class A |  | 3360  | 209160  |
|  |  |  | 1959859  |
| **Energy - 7.49%** |  |  |  |
| Chevron Corp. |  | 2500  | 448725  |
| Exxon Mobil Corp. |  | 3040  | 335312  |
| Pioneer Natural Resources Co. |  | 1510  | 344869  |
|  |  |  | 1128906  |
| **Financials - 7.89%** |  |  |  |
| Allstate Corp. |  | 1380  | 187128  |
| Aon Plc. (United Kingdom) |  | 850  | 255119  |
| Chubb Ltd. |  | 800  | 176480  |
| Travelers Cos., Inc. |  | 1710  | 320608  |
| US Bancorp, Inc. |  | 5750  | 250758  |
|  |  |  | 1190093  |
| **Health Care - 17.81%** |  |  |  |
| Amgen, Inc.  |  | 1110  | 291530  |
| Bristol Myers Squibb Co. |  | 4690  | 337446  |
| Cardinal Health, Inc. |  | 5360  | 412023  |
| Cigna Corp. |  | 1020  | 337967  |
| CVS Health Corp. |  | 3910  | 364373  |
| Johnson & Johnson |  | 2620  | 462823  |
| Teva Pharmaceutical Industries, Ltd. (2) |  | 16000  | 145920  |
| UnitedHealth Group, Inc. |  | 630  | 334013  |
|  |  |  | 2686095  |
| **Industrials - 3.07%** |  |  |  |
| 3M Co. |  | 1070  | 128314  |
| Quanta Services, Inc. |  | 2350  | 334875  |
|  |  |  | 463189  |
| **Information Technology - 4.37%** |  |  |  |
| International Business Machines Corp. |  | 2300  | 324047  |
| Oracle Corp. |  | 4100  | 335134  |
|  |  |  | 659181  |
| **Materials - 2.26%** |  |  |  |
| Agnico Eagle Mines, Ltd. (Canada) |  | 3030  | 157530  |
| Alamos Gold, Inc. |  | 18170  | 183699  |
|  |  |  | 341229  |
| **Utilities - 6.96%** |  |  |  |
| Dominion Energy, Inc. (2) |  | 5100  | 312732  |
| Exelon Corp. |  | 7810  | 337627  |
| First Energy Corp. |  | 9530  | 399688  |
|  |  |  | 1050047  |
| Total Common Stock |  | (Cost $7,738,948) | 9831234  |
| **U.S. Government Obligations - 28.56%** | **U.S. Government Obligations - 28.56%** | **U.S. Government Obligations - 28.56%** | **U.S. Government Obligations - 28.56%** |
| U.S. Government Treasury Bill, 0.000%, 02/02/2023 | U.S. Government Treasury Bill, 0.000%, 02/02/2023 | 350000  | 348889  |
| U.S. Government Treasury Bill, 0.000%, 03/23/2023 | U.S. Government Treasury Bill, 0.000%, 03/23/2023 | 1000000  | 990693  |
| U.S. Government Treasury Bill, 0.000%, 03/30/2023 | U.S. Government Treasury Bill, 0.000%, 03/30/2023 | 1500000  | 1484634  |
| U.S. Government Treasury Bill, 0.000%, 04/06/2023 | U.S. Government Treasury Bill, 0.000%, 04/06/2023 | 1500000  | 1483725  |
| Total U.S. Government Obligations | Total U.S. Government Obligations | (Cost $4,269,808) | 4307941  |
| **Money Market Registered Investment Companies - 2.93%** | **Money Market Registered Investment Companies - 2.93%** | **Money Market Registered Investment Companies - 2.93%** | **Money Market Registered Investment Companies - 2.93%** |
| Morgan Stanley Institutional Liquidity Fund Treasury Portfolio, Institutional Class - 4.10 % (4) | Morgan Stanley Institutional Liquidity Fund Treasury Portfolio, Institutional Class - 4.10 % (4) | 441251  | 441251  |
| Total Money Market Registered Investment Companies | Total Money Market Registered Investment Companies | (Cost $441,251) | 441251  |
| **Total Investments - 98.98%** | **Total Investments - 98.98%** | (Cost $12,821,442) | 14928026  |
| Liabilities in Excess of Other Assets - 1.02% | Liabilities in Excess of Other Assets - 1.02% |  | 153191  |
| Total Net Assets - 100.00% | Total Net Assets - 100.00% |  | 15081217  |
| **Options** | **Options** | **Options** | **Options** |
|  | **Long (Short)** | **Notional Value of** | **Fair** |
|  | **<u>Contracts (5)</u>** | **<u>Contracts ($) (6)</u>** | **<u>Value ($)</u>** |
| **Put Options** |  |  |  |
| S&P 500 Index, February 17, 2023, Put @ $3,700.00 | 55 | 20350000  | 347600  |
| Total Options | 55 | (Cost $371,434) | 347600  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 30, 2022 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 30, 2022 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 30, 2022 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 30, 2022 in valuing the Fund's assets carried at fair value: |
|  |  | Investments in  | Other Financial |
| Valuation Inputs |  | Securities | Instruments (9) |
| Level 1 - Quoted Prices |  | $14928026 | $ |
| Level 2 - Other Significant Observable Inputs |  | - | - |
| Level 3 - Significant Unobservable Inputs |  | - | - |
| Total |  | $14928026 | $0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (4) Variable rate security; the coupon rate shown represents the yield at December 30, 2022 | (4) Variable rate security; the coupon rate shown represents the yield at December 30, 2022 | (4) Variable rate security; the coupon rate shown represents the yield at December 30, 2022 | (4) Variable rate security; the coupon rate shown represents the yield at December 30, 2022 |
| (6) The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 30, 2022. | (6) The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 30, 2022. | (6) The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 30, 2022. | (6) The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 30, 2022. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FORESTER FUNDS INC

- **b. Investment Company Act file number:** 811-09391

- **c. CIK number of Registrant:** 0001088323

- **d. LEI of Registrant:** 549300HUEIDHTPEMXI96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 612 Paddock

  - **City:** Libertyville

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60048

  - **Telephone number:** 224-544-5123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Forester Value Fund

- **b. EDGAR series identifier (if any):** S000004887

- **c. LEI of Series:** 549300P6TVRJIQF86J18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $15102399.89

**Total Liabilities:** $21183.08

**Net Assets:** $15081216.82

**Cash Not Reported:** $3013.89

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 17.65 | **1-Year:** -0 | **5-Year:** -0 | **10-Year:** -0 | **30-Year:** -0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0 | **1-Year:** -0 | **5-Year:** -0 | **10-Year:** -0 | **30-Year:** -0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013241 | 1.51%                | 0.33%                | -0.08%               |
| Class ID C000077922 | 1.62%                | 0.32%                | 0.05%                |
| Class ID C000090611 | 1.40%                | 0.31%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $915522.87                                 |
| Month 2  | $5675.43                 | $414134.45                                 |
| Month 3  | $133314.72               | $-374869.20                                |

### Schedule of Portfolio Investments

| Name                                                           | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3M Co.                                                         | 3M Co.                                                                              | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      1070 | NS      | $128314.40    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                        | Agnico Eagle Mines, Ltd. (Canada)                                                   | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      3030 | NS      | $157529.70    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold, Inc.                                              | Alamos Gold, Inc.                                                                   | CUSIP: 011527108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     18170 | NS      | $183698.70    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp.                                                 | Allstate Corp.                                                                      | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1380 | NS      | $187128.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                             | Altria Group, Inc.                                                                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5580 | NS      | $255061.80    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                     | Amgen, Inc.                                                                         | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1110 | NS      | $291530.40    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon Plc.                                                       | Aon Plc. (United Kingdom)                                                           | CUSIP: G0408V102<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | EC               | CORP              | GB        |       850 | NS      | $255119.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol Myers Squibb Co.                                       | Bristol Myers Squibb Co.                                                            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      4690 | NS      | $337445.50    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                                               | CVS Health Corp.                                                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3910 | NS      | $364372.90    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                                          | Cardinal Health, Inc.                                                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      5360 | NS      | $412023.20    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                  | Chevron Corp.                                                                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $448725.00    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                                  | Chubb Ltd.                                                                          | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       800 | NS      | $176480.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp.                                                    | Cigna Corp.                                                                         | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1020 | NS      | $337966.80    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands, Inc.                                           | Conagra Brands, Inc.                                                                | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      7770 | NS      | $300699.00    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                          | Dominion Energy, Inc.                                                               | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      5100 | NS      | $312732.00    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ebay, Inc.                                                     | Ebay, Inc.                                                                          | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      4380 | NS      | $181638.60    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                                   | Exelon Corp.                                                                        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      7810 | NS      | $337626.30    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                              | Exxon Mobil Corp.                                                                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3040 | NS      | $335312.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First Energy Corp.                                             | First Energy Corp.                                                                  | CUSIP: 33763UAH4<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      9530 | NS      | $399688.20    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                                            | General Mills, Inc.                                                                 | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      5750 | NS      | $482137.50    | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                          | International Business Machines Corp.                                               | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2300 | NS      | $324047.00    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JM Smucker Co.                                                 | JM Smucker Co.                                                                      | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      2830 | NS      | $448441.80    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                              | Johnson & Johnson                                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2620 | NS      | $462823.00    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Fund Treasury Portfolio | Morgan Stanley Institutional Liquidity Fund Treasury Portfolio, Institutional Class | CUSIP: 61747C582<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    441251 | NS      | $441251.20    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                   | Oracle Corp.                                                                        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      4100 | NS      | $335134.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co.                                  | Pioneer Natural Resources Co.                                                       | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      1510 | NS      | $344868.90    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                                          | Quanta Services, Inc.                                                               | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2350 | NS      | $334875.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                         | S&P 500 Index, February 17, 2023, Put @ $3,700.00                                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        55 | NC      | $347600.00    | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.                            | Teva Pharmaceutical Industries, Ltd.                                                | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     16000 | NS      | $145920.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                                                 | The Kroger Co.                                                                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      5930 | NS      | $264359.40    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                                      | Travelers Cos., Inc.                                                                | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1710 | NS      | $320607.90    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                              | Tyson Foods, Inc. Class A                                                           | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      3360 | NS      | $209160.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                       | U.S. Government Treasury Bill, 0.000%, 02/02/2023                                   | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $348889.45    | 2.31%             | 2023-02-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                       | U.S. Government Treasury Bill, 0.000%, 03/23/2023                                   | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $990693.00    | 6.57%             | 2023-03-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                       | U.S. Government Treasury Bill, 0.000%, 03/30/2023                                   | CUSIP: 912796YM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1484634.00   | 9.84%             | 2023-03-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                       | U.S. Government Treasury Bill, 0.000%, 04/06/2023                                   | CUSIP: 912796YN3<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1500000 | PA      | $1483725.00   | 9.84%             | 2023-04-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US Bancorp, Inc.                                               | US Bancorp, Inc.                                                                    | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      5750 | NS      | $250757.50    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                                       | UnitedHealth Group, Inc.                                                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       630 | NS      | $334013.40    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                                   | Verizon Communications, Inc.                                                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      4340 | NS      | $170996.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** THE FORESTER FUNDS, INC.

**Signature:** /s/ Thomas H. Forester

**Name of Signer:** Thomas H. Forester

**Title:** CEO and CFO