# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0001435109-25-000282
**Filing Date:** 2025-8
**Character Count:** 193441
**Document Hash:** d3c0db348829bf5f7939678adb9c724f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-25-000282.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001435109-25-000282

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 251269553

**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

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end June 30

Date of reporting period: July 1, 2024 – June 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&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

#### Annual Shareholder Report - June 30, 2025
![Image](ic5cee7742268fe9798d5547f.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Premier Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $105 | 0.99% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30, 2025, the DF Dent Premier Growth Fund underperformed its benchmark, the S&P 500 Index. The underperformance was a function of stock selection rather than sector allocation.

The largest detractors from performance were stock selection in Industrials and Communication Services and our overweight in Health Care. Within Health Care, our positions in Life Science stocks broadly detracted from performance. Stock selection in Information Technology also detracted from performance, primarily due to not owning AI winners like NVIDIA Corp. (NVDA) and Broadcom, Inc. (AVGO), and our underweight to the mega cap technology and technology services stocks known as the Magnificent 7 (Apple, Microsoft, Amazon, Alphabet, Meta Platforms, NVIDIA, and Tesla). The Communications sector also underperformed, driven by both stock selection and sector allocation. Notably, the Real Estate and Materials sectors contributed positively to the portfolio's performance, as did an underweight in the Energy sector and an overweight in the Industrials sector.

The Information Technology and Financials sectors were the largest contributors to the benchmark's return. The Energy and Health Care sectors were the only detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](ic3bb9ac6c952890e112ffa7b.jpg)Guidewire Software, Inc.

* ![Thin up arrow](ic3bb9ac6c952890e112ffa7b.jpg)HEICO Corp., Class A 

* ![Thin up arrow](ic3bb9ac6c952890e112ffa7b.jpg)Visa, Inc., Class A

* ![Thin up arrow](ic3bb9ac6c952890e112ffa7b.jpg)CBRE Group, Inc., Class A 

* ![Thin up arrow](ic3bb9ac6c952890e112ffa7b.jpg)Veeva Systems, Inc., Class A 

# **Top Detractors** 
* ![Thin down arrow](i7f4a525b11ca2607e4dcabc0.jpg)West Pharmaceutical Services, Inc.

* ![Thin down arrow](i7f4a525b11ca2607e4dcabc0.jpg)Bio-Techne Corp.

* ![Thin down arrow](i7f4a525b11ca2607e4dcabc0.jpg)Thermo Fisher Scientific, Inc. 

* ![Thin down arrow](i7f4a525b11ca2607e4dcabc0.jpg)Danaher Corp.

* ![Thin down arrow](i7f4a525b11ca2607e4dcabc0.jpg)ASML Holding NV

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](ibea63148a43369546f08a96a.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **DF Dent Premier Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **6/30/15** | $10000 | $10000 |
| **9/30/15** | $9442 | $9356 |
| **12/31/15** | $9878 | $10015 |
| **3/31/16** | $9649 | $10150 |
| **6/30/16** | $9794 | $10399 |
| **9/30/16** | $10335 | $10800 |
| **12/31/16** | $10118 | $11213 |
| **3/31/17** | $10892 | $11893 |
| **6/30/17** | $11813 | $12260 |
| **9/30/17** | $12563 | $12810 |
| **12/31/17** | $13339 | $13661 |
| **3/31/18** | $14111 | $13557 |
| **6/30/18** | $14764 | $14023 |
| **9/30/18** | $15972 | $15104 |
| **12/31/18** | $13587 | $13062 |
| **3/31/19** | $16283 | $14845 |
| **6/30/19** | $17884 | $15483 |
| **9/30/19** | $18104 | $15746 |
| **12/31/19** | $19416 | $17175 |
| **3/31/20** | $16457 | $13809 |
| **6/30/20** | $20892 | $16645 |
| **9/30/20** | $22267 | $18132 |
| **12/31/20** | $24915 | $20335 |
| **3/31/21** | $24822 | $21590 |
| **6/30/21** | $27361 | $23436 |
| **9/30/21** | $27536 | $23572 |
| **12/31/21** | $29182 | $26172 |
| **3/31/22** | $26035 | $24968 |
| **6/30/22** | $21055 | $20948 |
| **9/30/22** | $19742 | $19925 |
| **12/31/22** | $20996 | $21432 |
| **3/31/23** | $22605 | $23038 |
| **6/30/23** | $24273 | $25053 |
| **9/30/23** | $22984 | $24232 |
| **12/31/23** | $26123 | $27066 |
| **3/31/24** | $28571 | $29923 |
| **6/30/24** | $28125 | $31204 |
| **9/30/24** | $30433 | $33041 |
| **12/31/24** | $29952 | $33837 |
| **3/31/25** | $29000 | $32392 |
| **6/30/25** | $31517 | $35936 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| DF Dent Premier Growth Fund | 12.06% | 8.57% | 12.16% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

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 | $236200273 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 15% |
| Investment Advisory Fees (Net of fees waived) | $1943886 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| Amazon.com, Inc. | 5.84% |
| Visa, Inc., Class A | 5.58% |
| Mastercard, Inc., Class A | 5.11% |
| Microsoft Corp. | 4.79% |
| HEICO Corp., Class A | 4.78% |
| Alphabet, Inc., Class C | 3.96% |
| TransDigm Group, Inc. | 3.74% |
| Veeva Systems, Inc., Class A | 3.46% |
| S&P Global, Inc. | 3.29% |
| Guidewire Software, Inc. | 2.88% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](id457f55667a105630d958ebf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 27.2% |
| Industrials | 20.7% |
| Financials | 18.5% |
| Health Care | 12.9% |
| Materials | 6.5% |
| Consumer Discretionary | 5.8% |
| Real Estate | 4.4% |
| Communication Services | 4.0% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](ic5cee7742268fe9798d5547f.jpg)

#### DF Dent Premier Growth Fund

#### DFDPX

#### Annual Shareholder Report - June 30, 2025
221A-DFDPX-25

#### DF Dent Midcap Growth Fund

#### DFDMX

#### : Investor Shares

#### Annual Shareholder Report - June 30, 2025
![Image](i61443a313dea90c729f5b450.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $99 | 0.93% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30th, 2025, the DF Dent Midcap Growth Fund outperformed the Russell 2500 Index while underperforming the Russell Midcap Growth Index.

The outperformance relative to the Russell 2500 Index was driven primarily by stock selection within Real Estate, Materials, and Financials. Financials, Industrials, and Information Technology were the top performing sectors in the Russell 2500 Index. Being overweight Technology and underweight Energy also contributed to the Fund's performance. This was offset by stock selection in Consumer Discretionary and our overweight to Life Sciences within Health Care as they detracted from performance. Healthcare, followed by Energy, were the two detractors from the benchmark's performance.

The underperformance relative to the Russell Midcap Growth Index was primarily due to our cautious view towards AI-driven investment themes. Not owning AI winners, Palantir Technologies, Inc. (PLTR), AppLovin Corp. (APP), and Vistra Corp. (VST) alone almost accounted for our portfolio's shortfall for the year. Stock selection in Health Care, Industrials, Consumer Discretionary, and especially Information Technology detracted from performance. Overweighting Materials and underweighting Utilities also hindered performance. On the positive side, stock selection within Financials, Real Estate, and Materials and being underweight in both Consumer Staples and Consumer Discretionary were the largest contributors to performance. Consumer Staples and Materials were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](idf9bbaed7bd28b7a5d3b7502.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](idf9bbaed7bd28b7a5d3b7502.jpg)CBRE Group, Inc., Class A 

* ![Thin up arrow](idf9bbaed7bd28b7a5d3b7502.jpg)Veeva Systems, Inc., Class A 

* ![Thin up arrow](idf9bbaed7bd28b7a5d3b7502.jpg)HEICO Corp., Class A

* ![Thin up arrow](idf9bbaed7bd28b7a5d3b7502.jpg)Guidewire Software, Inc.

# **Top Detractors** 
* ![Thin down arrow](i7f4862acede96d90f01a2c22.jpg)Bio-Techne Corp.

* ![Thin down arrow](i7f4862acede96d90f01a2c22.jpg)Edwards Lifesciences Corp.

* ![Thin down arrow](i7f4862acede96d90f01a2c22.jpg)West Pharmaceutical Services, Inc.

* ![Thin down arrow](i7f4862acede96d90f01a2c22.jpg)Booz Allen Hamilton Holding Corp. 

* ![Thin down arrow](i7f4862acede96d90f01a2c22.jpg)Microchip Technology, Inc.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i260cab5d464f75da11300237.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Investor Shares** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **9/30/15** | $9201 | $8970 | $9201 |
| **12/31/15** | $9484 | $9264 | $9580 |
| **3/31/16** | $9465 | $9301 | $9635 |
| **6/30/16** | $9751 | $9633 | $9786 |
| **9/30/16** | $10163 | $10265 | $10235 |
| **12/31/16** | $9886 | $10894 | $10282 |
| **3/31/17** | $10553 | $11303 | $10991 |
| **6/30/17** | $11480 | $11544 | $11454 |
| **9/30/17** | $12140 | $12092 | $12059 |
| **12/31/17** | $12973 | $12725 | $12880 |
| **3/31/18** | $13654 | $12695 | $13160 |
| **6/30/18** | $14145 | $13419 | $13576 |
| **9/30/18** | $15195 | $14050 | $14604 |
| **12/31/18** | $12948 | $11452 | $12268 |
| **3/31/19** | $15425 | $13264 | $14675 |
| **6/30/19** | $17012 | $13657 | $15468 |
| **9/30/19** | $17164 | $13481 | $15364 |
| **12/31/19** | $18146 | $14632 | $16620 |
| **3/31/20** | $15455 | $10283 | $13289 |
| **6/30/20** | $19587 | $13015 | $17311 |
| **9/30/20** | $20504 | $13781 | $18933 |
| **12/31/20** | $23666 | $17558 | $22534 |
| **3/31/21** | $23346 | $19477 | $22407 |
| **6/30/21** | $25332 | $20537 | $24888 |
| **9/30/21** | $25512 | $19986 | $24698 |
| **12/31/21** | $26577 | $20750 | $25402 |
| **3/31/22** | $22984 | $19543 | $22207 |
| **6/30/22** | $18500 | $16224 | $17527 |
| **9/30/22** | $17266 | $15767 | $17413 |
| **12/31/22** | $18466 | $16938 | $18615 |
| **3/31/23** | $20057 | $17513 | $20315 |
| **6/30/23** | $21263 | $18428 | $21582 |
| **9/30/23** | $20029 | $17547 | $20454 |
| **12/31/23** | $22696 | $19890 | $23429 |
| **3/31/24** | $24424 | $21266 | $25654 |
| **6/30/24** | $22861 | $20357 | $24830 |
| **9/30/24** | $25282 | $22138 | $26454 |
| **12/31/24** | $25227 | $22276 | $28608 |
| **3/31/25** | $24747 | $20605 | $26571 |
| **6/30/25** | $25960 | $22374 | $31408 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. 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 | 13.56% | 5.79% | 10.01% |
| Russell 2500 Index | 9.91% | 11.44% | 8.39% |
| Russell Midcap Growth Index | 26.49% | 12.65% | 12.13% |

---

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 | $366744514 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 59% |
| Investment Advisory Fees (Net of fees waived) | $2883598 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.82% |
| Ecolab, Inc. | 5.16% |
| Vulcan Materials Co. | 4.75% |
| Veeva Systems, Inc., Class A | 4.29% |
| CBRE Group, Inc., Class A | 4.26% |
| CoStar Group, Inc. | 4.23% |
| Veralto Corp. | 4.08% |
| Appfolio, Inc. | 3.95% |
| TransDigm Group, Inc. | 3.62% |
| Goosehead Insurance, Inc., Class A | 3.48% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ifa411abf59cb2fb42503f11e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 28.2% |
| Information Technology | 23.3% |
| Health Care | 15.0% |
| Financials | 12.2% |
| Materials | 9.9% |
| Real Estate | 8.5% |
| Consumer Discretionary | 2.9% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](i61443a313dea90c729f5b450.jpg)

#### DF Dent Midcap Growth Fund

#### DFDMX

#### : Investor Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFDMX-25

#### DF Dent Midcap Growth Fund

#### DFMGX

#### : Institutional Shares

#### Annual Shareholder Report - June 30, 2025
![Image](i50667b9ec27e92bb4dbb7f69.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $90 | 0.85% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30th, 2025, the DF Dent Midcap Growth Fund outperformed the Russell 2500 Index while underperforming the Russell Midcap Growth Index.

The outperformance relative to the Russell 2500 Index was driven primarily by stock selection within Real Estate, Materials, and Financials. Financials, Industrials, and Information Technology were the top performing sectors in the Russell 2500 Index. Being overweight Technology and underweight Energy also contributed to the Fund's performance. This was offset by stock selection in Consumer Discretionary and our overweight to Life Sciences within Health Care as they detracted from performance. Healthcare, followed by Energy, were the two detractors from the benchmark's performance.

The underperformance relative to the Russell Midcap Growth Index was primarily due to our cautious view towards AI-driven investment themes. Not owning AI winners, Palantir Technologies, Inc. (PLTR), AppLovin Corp. (APP), and Vistra Corp. (VST) alone almost accounted for our portfolio's shortfall for the year. Stock selection in Health Care, Industrials, Consumer Discretionary, and especially Information Technology detracted from performance. Overweighting Materials and underweighting Utilities also hindered performance. On the positive side, stock selection within Financials, Real Estate, and Materials and being underweight in both Consumer Staples and Consumer Discretionary were the largest contributors to performance. Consumer Staples and Materials were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](iac3819420e30cd62769c15dc.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](iac3819420e30cd62769c15dc.jpg)CBRE Group, Inc., Class A 

* ![Thin up arrow](iac3819420e30cd62769c15dc.jpg)Veeva Systems, Inc., Class A 

* ![Thin up arrow](iac3819420e30cd62769c15dc.jpg)HEICO Corp., Class A

* ![Thin up arrow](iac3819420e30cd62769c15dc.jpg)Guidewire Software, Inc.

# **Top Detractors** 
* ![Thin down arrow](iac7a7218c81c7e0e0c74dd48.jpg)Bio-Techne Corp.

* ![Thin down arrow](iac7a7218c81c7e0e0c74dd48.jpg)Edwards Lifesciences Corp.

* ![Thin down arrow](iac7a7218c81c7e0e0c74dd48.jpg)West Pharmaceutical Services, Inc.

* ![Thin down arrow](iac7a7218c81c7e0e0c74dd48.jpg)Booz Allen Hamilton Holding Corp. 

* ![Thin down arrow](iac7a7218c81c7e0e0c74dd48.jpg)Microchip Technology, Inc.

# **Total Return Based on a $500,000 Investment**![Growth of 10K Chart](i4bf308bc26a7c285858e53ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Shares<sup>Footnote Reference1</sup>** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **6/30/15** | $500000 | $500000 | $500000 |
| **9/30/15** | $460049 | $448516 | $460052 |
| **12/31/15** | $474212 | $463217 | $478998 |
| **3/31/16** | $473260 | $465037 | $481771 |
| **6/30/16** | $487534 | $481650 | $489299 |
| **9/30/16** | $508152 | $513260 | $511767 |
| **12/31/16** | $494313 | $544693 | $514102 |
| **3/31/17** | $527648 | $565152 | $549544 |
| **6/30/17** | $574000 | $577215 | $572708 |
| **9/30/17** | $607018 | $604585 | $602964 |
| **12/31/17** | $648635 | $636258 | $644003 |
| **3/31/18** | $682707 | $634737 | $658007 |
| **6/30/18** | $707544 | $670973 | $678783 |
| **9/30/18** | $760403 | $702484 | $730198 |
| **12/31/18** | $648058 | $572620 | $613409 |
| **3/31/19** | $772204 | $663195 | $733767 |
| **6/30/19** | $852223 | $682831 | $773403 |
| **9/30/19** | $859797 | $674075 | $768194 |
| **12/31/19** | $909555 | $731614 | $830984 |
| **3/31/20** | $775016 | $514165 | $664455 |
| **6/30/20** | $982306 | $650752 | $865525 |
| **9/30/20** | $1028814 | $689033 | $946656 |
| **12/31/20** | $1187571 | $877889 | $1126702 |
| **3/31/21** | $1171577 | $973832 | $1120333 |
| **6/30/21** | $1271208 | $1026829 | $1244378 |
| **9/30/21** | $1280538 | $999292 | $1234921 |
| **12/31/21** | $1333792 | $1037506 | $1270111 |
| **3/31/22** | $1153485 | $977155 | $1110327 |
| **6/30/22** | $928616 | $811224 | $876361 |
| **9/30/22** | $866571 | $788367 | $870639 |
| **12/31/22** | $926902 | $846924 | $930725 |
| **3/31/23** | $1006772 | $875637 | $1015755 |
| **6/30/23** | $1067445 | $921389 | $1079081 |
| **9/30/23** | $1005400 | $877328 | $1022710 |
| **12/31/23** | $1139774 | $994486 | $1171474 |
| **3/31/24** | $1226499 | $1063299 | $1282724 |
| **6/30/24** | $1148344 | $1017848 | $1241506 |
| **9/30/24** | $1269691 | $1106896 | $1322717 |
| **12/31/24** | $1266949 | $1113775 | $1430407 |
| **3/31/25** | $1243296 | $1030227 | $1328559 |
| **6/30/25** | $1304655 | $1118678 | $1570381 |

---

---

| | |
|:---|:---|
| 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. 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> | 13.61% | 5.84% | 10.07% |
| Russell 2500 Index | 9.91% | 11.44% | 8.39% |
| Russell Midcap Growth Index | 26.49% | 12.65% | 12.13% |

---

---

| | |
|:---|:---|
| 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 | $366744514 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 59% |
| Investment Advisory Fees (Net of fees waived) | $2883598 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.82% |
| Ecolab, Inc. | 5.16% |
| Vulcan Materials Co. | 4.75% |
| Veeva Systems, Inc., Class A | 4.29% |
| CBRE Group, Inc., Class A | 4.26% |
| CoStar Group, Inc. | 4.23% |
| Veralto Corp. | 4.08% |
| Appfolio, Inc. | 3.95% |
| TransDigm Group, Inc. | 3.62% |
| Goosehead Insurance, Inc., Class A | 3.48% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i62320cfab4d763d5f39033e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 28.2% |
| Information Technology | 23.3% |
| Health Care | 15.0% |
| Financials | 12.2% |
| Materials | 9.9% |
| Real Estate | 8.5% |
| Consumer Discretionary | 2.9% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](i50667b9ec27e92bb4dbb7f69.jpg)

#### DF Dent Midcap Growth Fund

#### DFMGX

#### : Institutional Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFMGX-25

#### DF Dent Midcap Growth Fund

#### DFMLX

#### : Institutional Plus Shares

#### Annual Shareholder Report - June 30, 2025
![Image](ie6da36763eb1f1ce23c48878.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Midcap Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $84 | 0.79% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30th, 2025, the DF Dent Midcap Growth Fund outperformed the Russell 2500 Index while underperforming the Russell Midcap Growth Index.

The outperformance relative to the Russell 2500 Index was driven primarily by stock selection within Real Estate, Materials, and Financials. Financials, Industrials, and Information Technology were the top performing sectors in the Russell 2500 Index. Being overweight Technology and underweight Energy also contributed to the Fund's performance. This was offset by stock selection in Consumer Discretionary and our overweight to Life Sciences within Health Care as they detracted from performance. Healthcare, followed by Energy, were the two detractors from the benchmark's performance.

The underperformance relative to the Russell Midcap Growth Index was primarily due to our cautious view towards AI-driven investment themes. Not owning AI winners, Palantir Technologies, Inc. (PLTR), AppLovin Corp. (APP), and Vistra Corp. (VST) alone almost accounted for our portfolio's shortfall for the year. Stock selection in Health Care, Industrials, Consumer Discretionary, and especially Information Technology detracted from performance. Overweighting Materials and underweighting Utilities also hindered performance. On the positive side, stock selection within Financials, Real Estate, and Materials and being underweight in both Consumer Staples and Consumer Discretionary were the largest contributors to performance. Consumer Staples and Materials were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](i754447360c8bddf75b042fd8.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](i754447360c8bddf75b042fd8.jpg)CBRE Group, Inc., Class A 

* ![Thin up arrow](i754447360c8bddf75b042fd8.jpg)Veeva Systems, Inc., Class A 

* ![Thin up arrow](i754447360c8bddf75b042fd8.jpg)HEICO Corp., Class A

* ![Thin up arrow](i754447360c8bddf75b042fd8.jpg)Guidewire Software, Inc.

# **Top Detractors** 
* ![Thin down arrow](i82e72037fb409943e3e93eb3.jpg)Bio-Techne Corp.

* ![Thin down arrow](i82e72037fb409943e3e93eb3.jpg)Edwards Lifesciences Corp.

* ![Thin down arrow](i82e72037fb409943e3e93eb3.jpg)West Pharmaceutical Services, Inc.

* ![Thin down arrow](i82e72037fb409943e3e93eb3.jpg)Booz Allen Hamilton Holding Corp. 

* ![Thin down arrow](i82e72037fb409943e3e93eb3.jpg)Microchip Technology, Inc.

# **Total Return Based on a $100,000,000 Investment**![Growth of 10K Chart](i5248c270f2ef31ca14cd4a70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Plus Shares<sup>Footnote Reference1</sup>** | **Russell 2500 Index** | **Russell Midcap Growth Index** |
| **6/30/15** | $100000000 | $100000000 | $100000000 |
| **9/30/15** | $92009834 | $89703265 | $92010456 |
| **12/31/15** | $94842378 | $92643368 | $95799523 |
| **3/31/16** | $94652059 | $93007402 | $96354131 |
| **6/30/16** | $97506846 | $96330089 | $97859757 |
| **9/30/16** | $101630428 | $102652005 | $102353449 |
| **12/31/16** | $98862605 | $108938560 | $102820320 |
| **3/31/17** | $105529641 | $113030473 | $109908853 |
| **6/30/17** | $114799994 | $115443073 | $114541652 |
| **9/30/17** | $121403534 | $120916927 | $120592795 |
| **12/31/17** | $129726979 | $127251596 | $128800546 |
| **3/31/18** | $136541307 | $126947441 | $131601341 |
| **6/30/18** | $141445076 | $134194573 | $135756563 |
| **9/30/18** | $151953153 | $140496896 | $146039550 |
| **12/31/18** | $129484150 | $114524001 | $122681896 |
| **3/31/19** | $154248159 | $132638904 | $146753313 |
| **6/30/19** | $170120834 | $136566190 | $154680668 |
| **9/30/19** | $171635654 | $134814997 | $153638868 |
| **12/31/19** | $181455440 | $146322843 | $166196795 |
| **3/31/20** | $154546083 | $102833037 | $132891010 |
| **6/30/20** | $195873539 | $130150425 | $173105035 |
| **9/30/20** | $205042653 | $137806517 | $189331197 |
| **12/31/20** | $236662940 | $175577789 | $225340380 |
| **3/31/21** | $233463891 | $194766305 | $224066644 |
| **6/30/21** | $253324651 | $205365803 | $248875554 |
| **9/30/21** | $255124115 | $199858444 | $246984248 |
| **12/31/21** | $265733306 | $207501203 | $254022184 |
| **3/31/22** | $229810479 | $195430958 | $222065371 |
| **6/30/22** | $185077682 | $162244784 | $175272281 |
| **9/30/22** | $172784699 | $157673366 | $174127787 |
| **12/31/22** | $184804504 | $169384851 | $186145062 |
| **3/31/23** | $200785382 | $175127499 | $203151085 |
| **6/30/23** | $212873481 | $184277814 | $215816115 |
| **9/30/23** | $200512204 | $175465507 | $204541925 |
| **12/31/23** | $227351883 | $198897230 | $234294897 |
| **3/31/24** | $244698647 | $212659888 | $256544835 |
| **6/30/24** | $229127536 | $203569512 | $248301171 |
| **9/30/24** | $253576912 | $221379100 | $264543334 |
| **12/31/24** | $253098852 | $222755013 | $286081327 |
| **3/31/25** | $248386542 | $206045412 | $265711876 |
| **6/30/25** | $260679524 | $223735646 | $314076236 |

---

---

| | |
|:---|:---|
| 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. 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> | 13.77% | 5.88% | 10.06% |
| Russell 2500 Index | 9.91% | 11.44% | 8.39% |
| Russell Midcap Growth Index | 26.49% | 12.65% | 12.13% |

---

---

| | |
|:---|:---|
| 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 | $366744514 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 59% |
| Investment Advisory Fees (Net of fees waived) | $2883598 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 5.82% |
| Ecolab, Inc. | 5.16% |
| Vulcan Materials Co. | 4.75% |
| Veeva Systems, Inc., Class A | 4.29% |
| CBRE Group, Inc., Class A | 4.26% |
| CoStar Group, Inc. | 4.23% |
| Veralto Corp. | 4.08% |
| Appfolio, Inc. | 3.95% |
| TransDigm Group, Inc. | 3.62% |
| Goosehead Insurance, Inc., Class A | 3.48% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i376b8bdfee1702c687ddfee2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 28.2% |
| Information Technology | 23.3% |
| Health Care | 15.0% |
| Financials | 12.2% |
| Materials | 9.9% |
| Real Estate | 8.5% |
| Consumer Discretionary | 2.9% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](ie6da36763eb1f1ce23c48878.jpg)

#### DF Dent Midcap Growth Fund

#### DFMLX

#### : Institutional Plus Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFMLX-25

#### DF Dent Small Cap Growth Fund

#### DFDSX

#### : Investor Shares

#### Annual Shareholder Report - June 30, 2025
![Image](i42811965b8b955b4a667ab87.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $108 | 1.04% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30, 2025, the DF Dent Small Cap Growth Fund underperformed the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance was a function of stock selection rather than sector allocation, though the drivers were more nuanced. Two notable contributors to underperformance were our exposure to companies in the life sciences industry, which performed poorly, and our relative lack of exposure to companies in several momentum-driven industries such as artificial intelligence, quantum computing, and space. The former impacted stock selection within our healthcare exposure while the latter primarily impacted stock selection in information technology but also extended materially into industrials.

The Fund's performance relative to the Russell 2000 Index was driven primarily by sector allocation. Notably, being underweight the benchmark in the Energy sector and overweight the benchmark in the Information Technology and Industrials sectors contributed to the Fund's performance, as did stock selection in the Financials and Materials sectors. Financials, Industrials, Consumer Staples, and Communication Services were the top performing sectors in the Russell 2000 Index. Stock selection in the Health Care, Consumer Staples, and Information Technology sectors detracted the most from performance. Energy, followed by Health Care were the two detractors from the benchmark's performance.

The underperformance relative to the Russell 2000 Growth Index was driven almost entirely by stock selection. Stock selection in the Consumer Discretionary, Health Care, Consumer Staples, Industrials, and Information Technology sectors were all drags versus the index. Financials, Industrials, Information Technology, and Consumer Staples were the top performing sectors in the Russell 2000 Growth Index. Allocation was a noticeable positive versus the index with overweights in Financials and Industrials and underweights in Health Care and Energy contributing the most. Energy, followed by Health Care were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](i049df8b1a322792f420ddddc.jpg)Guidewire Software, Inc.

* ![Thin up arrow](i049df8b1a322792f420ddddc.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](i049df8b1a322792f420ddddc.jpg)HEICO Corp., Class A

* ![Thin up arrow](i049df8b1a322792f420ddddc.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i049df8b1a322792f420ddddc.jpg)Hamilton Lane, Inc., Class A

# **Top Detractors** 
* ![Thin down arrow](ia623c8bdf0afe697d26bdc69.jpg)RxSight, Inc.

* ![Thin down arrow](ia623c8bdf0afe697d26bdc69.jpg)Bio-Techne Corp. 

* ![Thin down arrow](ia623c8bdf0afe697d26bdc69.jpg)Medpace Holdings, Inc.

* ![Thin down arrow](ia623c8bdf0afe697d26bdc69.jpg)Charles River Laboratories International, Inc.

* ![Thin down arrow](ia623c8bdf0afe697d26bdc69.jpg)SPS Commerce, Inc.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i8bbb7556870ba320261ba789.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Investor Shares** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **6/30/15** | $10000 | $10000 | $10000 |
| **9/30/15** | $8879 | $8808 | $8694 |
| **12/31/15** | $8792 | $9125 | $9069 |
| **3/31/16** | $8726 | $8986 | $8645 |
| **6/30/16** | $9494 | $9327 | $8925 |
| **9/30/16** | $10122 | $10171 | $9748 |
| **12/31/16** | $10238 | $11069 | $10096 |
| **3/31/17** | $10453 | $11342 | $10636 |
| **6/30/17** | $10981 | $11621 | $11103 |
| **9/30/17** | $11452 | $12280 | $11793 |
| **12/31/17** | $11832 | $12690 | $12334 |
| **3/31/18** | $12221 | $12680 | $12617 |
| **6/30/18** | $13196 | $13663 | $13530 |
| **9/30/18** | $14353 | $14151 | $14277 |
| **12/31/18** | $11653 | $11293 | $11186 |
| **3/31/19** | $13641 | $12940 | $13104 |
| **6/30/19** | $15176 | $13211 | $13464 |
| **9/30/19** | $14661 | $12894 | $12902 |
| **12/31/19** | $15887 | $14175 | $14372 |
| **3/31/20** | $12663 | $9835 | $10669 |
| **6/30/20** | $16554 | $12335 | $13932 |
| **9/30/20** | $17599 | $12944 | $14929 |
| **12/31/20** | $21398 | $17005 | $19349 |
| **3/31/21** | $21425 | $19164 | $20292 |
| **6/30/21** | $22943 | $19987 | $21087 |
| **9/30/21** | $23173 | $19115 | $19895 |
| **12/31/21** | $24518 | $19524 | $19898 |
| **3/31/22** | $20628 | $18055 | $17385 |
| **6/30/22** | $17133 | $14951 | $14038 |
| **9/30/22** | $16408 | $14624 | $14072 |
| **12/31/22** | $17086 | $15534 | $14653 |
| **3/31/23** | $18565 | $15960 | $15543 |
| **6/30/23** | $19554 | $16790 | $16639 |
| **9/30/23** | $18932 | $15929 | $15421 |
| **12/31/23** | $20891 | $18164 | $17387 |
| **3/31/24** | $22624 | $19105 | $18705 |
| **6/30/24** | $20995 | $18479 | $18159 |
| **9/30/24** | $23519 | $20192 | $19687 |
| **12/31/24** | $23171 | $20260 | $20022 |
| **3/31/25** | $21428 | $18340 | $17796 |
| **6/30/25** | $22436 | $19898 | $19926 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. 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 | 6.86% | 6.27% | 8.42% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |
| Russell 2000 Growth Index | 9.73% | 7.42% | 7.14% |

---

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 | $188041543 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 36% |
| Investment Advisory Fees (Net of fees waived) | $1526658 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 4.86% |
| Perimeter Solutions, Inc. | 3.50% |
| RBC Bearings, Inc. | 3.39% |
| Core & Main, Inc., Class A | 3.27% |
| Hamilton Lane, Inc., Class A | 3.21% |
| Manhattan Associates, Inc. | 3.20% |
| Murphy USA, Inc. | 3.11% |
| Goosehead Insurance, Inc., Class A | 3.08% |
| Casella Waste Systems, Inc. | 3.04% |
| Repligen Corp. | 2.95% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](idf6eba20b68c3bd42a023165.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 35.2% |
| Information Technology | 22.6% |
| Financials | 14.2% |
| Health Care | 13.4% |
| Materials | 6.2% |
| Consumer Discretionary | 5.3% |
| Consumer Staples | 3.1% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](i42811965b8b955b4a667ab87.jpg)

#### DF Dent Small Cap Growth Fund

#### DFDSX

#### : Investor Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFDSX-25

#### DF Dent Small Cap Growth Fund

#### DFSGX

#### : Institutional Shares

#### Annual Shareholder Report - June 30, 2025
![Image](i40ddad44867fb47201896bdc.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(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 | $98 | 0.94% |

---

# **How did the Fund perform in the last year ?** 
During the period from July 1, 2024, through June 30, 2025, the DF Dent Small Cap Growth Fund underperformed the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance was a function of stock selection rather than sector allocation, though the drivers were more nuanced. Two notable contributors to underperformance were our exposure to companies in the life sciences industry, which performed poorly, and our relative lack of exposure to companies in several momentum-driven industries such as artificial intelligence, quantum computing, and space. The former impacted stock selection within our healthcare exposure while the latter primarily impacted stock selection in information technology but also extended materially into industrials.

The Fund's performance relative to the Russell 2000 Index was driven primarily by sector allocation. Notably, being underweight the benchmark in the Energy sector and overweight the benchmark in the Information Technology and Industrials sectors contributed to the Fund's performance, as did stock selection in the Financials and Materials sectors. Financials, Industrials, Consumer Staples, and Communication Services were the top performing sectors in the Russell 2000 Index. Stock selection in the Health Care, Consumer Staples, and Information Technology sectors detracted the most from performance. Energy, followed by Health Care were the two detractors from the benchmark's performance.

The underperformance relative to the Russell 2000 Growth Index was driven almost entirely by stock selection. Stock selection in the Consumer Discretionary, Health Care, Consumer Staples, Industrials, and Information Technology sectors were all drags versus the index. Financials, Industrials, Information Technology, and Consumer Staples were the top performing sectors in the Russell 2000 Growth Index. Allocation was a noticeable positive versus the index with overweights in Financials and Industrials and underweights in Health Care and Energy contributing the most. Energy, followed by Health Care were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](i19d6bdc4666daba22f9a72a3.jpg)Guidewire Software, Inc.

* ![Thin up arrow](i19d6bdc4666daba22f9a72a3.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](i19d6bdc4666daba22f9a72a3.jpg)HEICO Corp., Class A

* ![Thin up arrow](i19d6bdc4666daba22f9a72a3.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i19d6bdc4666daba22f9a72a3.jpg)Hamilton Lane, Inc., Class A

# **Top Detractors** 
* ![Thin down arrow](i7278fafc6baad1c9ad6c85fd.jpg)RxSight, Inc.

* ![Thin down arrow](i7278fafc6baad1c9ad6c85fd.jpg)Bio-Techne Corp. 

* ![Thin down arrow](i7278fafc6baad1c9ad6c85fd.jpg)Medpace Holdings, Inc.

* ![Thin down arrow](i7278fafc6baad1c9ad6c85fd.jpg)Charles River Laboratories International, Inc.

* ![Thin down arrow](i7278fafc6baad1c9ad6c85fd.jpg)SPS Commerce, Inc.

# **Total Return Based on a $500,000 Investment**![Growth of 10K Chart](i6372fc9a25bb095a666b7eb9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Shares<sup>Footnote Reference1</sup>** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **6/30/15** | $500000 | $500000 | $500000 |
| **9/30/15** | $443944 | $440411 | $434692 |
| **12/31/15** | $439585 | $456238 | $453469 |
| **3/31/16** | $436280 | $449310 | $432233 |
| **6/30/16** | $474702 | $466347 | $446242 |
| **9/30/16** | $506101 | $508532 | $487392 |
| **12/31/16** | $511885 | $553453 | $504793 |
| **3/31/17** | $522627 | $567101 | $531793 |
| **6/30/17** | $549068 | $581072 | $555133 |
| **9/30/17** | $572617 | $614010 | $589652 |
| **12/31/17** | $591622 | $634519 | $616688 |
| **3/31/18** | $611453 | $633985 | $630869 |
| **6/30/18** | $659791 | $683142 | $676497 |
| **9/30/18** | $718457 | $707574 | $713861 |
| **12/31/18** | $583048 | $564633 | $559288 |
| **3/31/19** | $682885 | $646980 | $655177 |
| **6/30/19** | $760093 | $660535 | $673181 |
| **9/30/19** | $734357 | $644676 | $645089 |
| **12/31/19** | $796107 | $708756 | $718592 |
| **3/31/20** | $634454 | $491772 | $533447 |
| **6/30/20** | $829429 | $616773 | $696598 |
| **9/30/20** | $882112 | $647192 | $746460 |
| **12/31/20** | $1072956 | $850229 | $967457 |
| **3/31/21** | $1074796 | $958200 | $1014623 |
| **6/30/21** | $1151140 | $999331 | $1054371 |
| **9/30/21** | $1162637 | $955757 | $994771 |
| **12/31/21** | $1230787 | $976224 | $994882 |
| **3/31/22** | $1035386 | $902755 | $869255 |
| **6/30/22** | $860232 | $747525 | $701886 |
| **9/30/22** | $823977 | $731175 | $703583 |
| **12/31/22** | $858349 | $776719 | $732656 |
| **3/31/23** | $932742 | $797984 | $777148 |
| **6/30/23** | $982652 | $839521 | $831957 |
| **9/30/23** | $951576 | $796469 | $771069 |
| **12/31/23** | $1050453 | $908208 | $869359 |
| **3/31/24** | $1138031 | $955255 | $935272 |
| **6/30/24** | $1056104 | $923944 | $907970 |
| **9/30/24** | $1183702 | $1009620 | $984331 |
| **12/31/24** | $1166752 | $1012997 | $1001104 |
| **3/31/25** | $1079175 | $916975 | $889823 |
| **6/30/25** | $1130026 | $994915 | $996296 |

---

---

| | |
|:---|:---|
| 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. 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> | 7.00% | 6.38% | 8.50% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |
| Russell 2000 Growth Index | 9.73% | 7.42% | 7.14% |

---

---

| | |
|:---|:---|
| 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 | $188041543 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 36% |
| Investment Advisory Fees (Net of fees waived) | $1526658 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 4.86% |
| Perimeter Solutions, Inc. | 3.50% |
| RBC Bearings, Inc. | 3.39% |
| Core & Main, Inc., Class A | 3.27% |
| Hamilton Lane, Inc., Class A | 3.21% |
| Manhattan Associates, Inc. | 3.20% |
| Murphy USA, Inc. | 3.11% |
| Goosehead Insurance, Inc., Class A | 3.08% |
| Casella Waste Systems, Inc. | 3.04% |
| Repligen Corp. | 2.95% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i008eb8be4870d57a9345ae53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 35.2% |
| Information Technology | 22.6% |
| Financials | 14.2% |
| Health Care | 13.4% |
| Materials | 6.2% |
| Consumer Discretionary | 5.3% |
| Consumer Staples | 3.1% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](i40ddad44867fb47201896bdc.jpg)

#### DF Dent Small Cap Growth Fund

#### DFSGX

#### : Institutional Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFSGX-25

#### DF Dent Small Cap Growth Fund

#### DFSLX

#### : Institutional Plus Shares

#### Annual Shareholder Report - June 30, 2025
![Image](i3df478cb0845d93b7e4b55dd.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the DF Dent Small Cap Growth Fund for the period of February 25, 2025, to June 30, 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 year ?** 
(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<sup>Footnote Reference1</sup>** |
| Institutional Plus Shares | $28 | 0.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Annualized for periods less than one year. |

---

# **How did the Fund perform in the last year ?** 
During the period from February 25, 2025, through June 30, 2025, the DF Dent Small Cap Growth Fund underperformed the Russell 2000 Index and the Russell 2000 Growth Index.

The underperformance was a function of stock selection rather than sector allocation, though the drivers were more nuanced. Two notable contributors to underperformance were our exposure to companies in the life sciences industry, which performed poorly, and our relative lack of exposure to companies in several momentum-driven industries such as artificial intelligence, quantum computing, and space. The former impacted stock selection within our healthcare exposure while the latter primarily impacted stock selection in information technology but also extended materially into industrials.

The Fund's performance relative to the Russell 2000 Index was driven primarily by sector allocation. Notably, being underweight the benchmark in the Energy sector and overweight the benchmark in the Information Technology and Industrials sectors contributed to the Fund's performance, as did stock selection in the Financials and Materials sectors. Financials, Industrials, Consumer Staples, and Communication Services were the top performing sectors in the Russell 2000 Index. Stock selection in the Health Care, Consumer Staples, and Information Technology sectors detracted the most from performance. Energy, followed by Health Care were the two detractors from the benchmark's performance.

The underperformance relative to the Russell 2000 Growth Index was driven almost entirely by stock selection. Stock selection in the Consumer Discretionary, Health Care, Consumer Staples, Industrials, and Information Technology sectors were all drags versus the index. Financials, Industrials, Information Technology, and Consumer Staples were the top performing sectors in the Russell 2000 Growth Index. Allocation was a noticeable positive versus the index with overweights in Financials and Industrials and underweights in Health Care and Energy contributing the most. Energy, followed by Health Care were the two detractors from the benchmark's performance.

# **Top Contributors** 
* ![Thin up arrow](i212d8b96a9adaa0f43c65e60.jpg)Guidewire Software, Inc.

* ![Thin up arrow](i212d8b96a9adaa0f43c65e60.jpg)Goosehead Insurance, Inc., Class A

* ![Thin up arrow](i212d8b96a9adaa0f43c65e60.jpg)HEICO Corp., Class A

* ![Thin up arrow](i212d8b96a9adaa0f43c65e60.jpg)Perimeter Solutions, Inc. 

* ![Thin up arrow](i212d8b96a9adaa0f43c65e60.jpg)Hamilton Lane, Inc., Class A

# **Top Detractors** 
* ![Thin down arrow](i29ba9e4f3dd857d5bcf8bbc5.jpg)RxSight, Inc.

* ![Thin down arrow](i29ba9e4f3dd857d5bcf8bbc5.jpg)Bio-Techne Corp. 

* ![Thin down arrow](i29ba9e4f3dd857d5bcf8bbc5.jpg)Medpace Holdings, Inc.

* ![Thin down arrow](i29ba9e4f3dd857d5bcf8bbc5.jpg)Charles River Laboratories International, Inc.

* ![Thin down arrow](i29ba9e4f3dd857d5bcf8bbc5.jpg)SPS Commerce, Inc.

# **Total Return Based on a $100,000,000 Investment**![Growth of 10K Chart](i7317a9fafbc0b09275dadc45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Plus Shares<sup>Footnote Reference1</sup>** | **Russell 2000<sup>®</sup> Index** | **Russell 2000 Growth Index** |
| **6/30/15** | $100000000 | $100000000 | $100000000 |
| **9/30/15** | $88788871 | $88082155 | $86938363 |
| **12/31/15** | $87917019 | $91247625 | $90693807 |
| **3/31/16** | $87255989 | $89862028 | $86446659 |
| **6/30/16** | $94940465 | $93269407 | $89248392 |
| **9/30/16** | $101220252 | $101706461 | $97478366 |
| **12/31/16** | $102377055 | $110690665 | $100958536 |
| **3/31/17** | $104525403 | $113420196 | $106358564 |
| **6/30/17** | $109813645 | $116214405 | $111026510 |
| **9/30/17** | $114523485 | $122802037 | $117930423 |
| **12/31/17** | $118324409 | $126903894 | $123337689 |
| **3/31/18** | $122207962 | $126797017 | $126173706 |
| **6/30/18** | $131958158 | $136628488 | $135299366 |
| **9/30/18** | $143526186 | $141514782 | $142772275 |
| **12/31/18** | $116526941 | $112926687 | $111857508 |
| **3/31/19** | $136406632 | $129395985 | $131035327 |
| **6/30/19** | $151760143 | $132106920 | $134636224 |
| **9/30/19** | $146612723 | $128935285 | $129017723 |
| **12/31/19** | $158873459 | $141751113 | $143718394 |
| **3/31/20** | $126630432 | $98354386 | $106689430 |
| **6/30/20** | $165538218 | $123354696 | $139319539 |
| **9/30/20** | $175985679 | $129438454 | $149291994 |
| **12/31/20** | $213975731 | $170045879 | $193491456 |
| **3/31/21** | $214251710 | $191640054 | $202924613 |
| **6/30/21** | $229430556 | $199866278 | $210874117 |
| **9/30/21** | $231730381 | $191151366 | $198954223 |
| **12/31/21** | $245176914 | $195244823 | $198976497 |
| **3/31/22** | $206276390 | $180551080 | $173850926 |
| **6/30/22** | $171331850 | $149505012 | $140377104 |
| **9/30/22** | $164079210 | $146235051 | $140716619 |
| **12/31/22** | $170860900 | $155343737 | $146531282 |
| **3/31/23** | $185648751 | $159596736 | $155429689 |
| **6/30/23** | $195538714 | $167904184 | $166391418 |
| **9/30/23** | $189322166 | $159293863 | $154213848 |
| **12/31/23** | $208913713 | $181641683 | $173871752 |
| **3/31/24** | $226244698 | $191050907 | $187054375 |
| **6/30/24** | $209949805 | $184788843 | $181594003 |
| **9/30/24** | $235192760 | $201924011 | $196866195 |
| **12/31/24** | $231707725 | $202599338 | $200220701 |
| **3/31/25** | $214278699 | $183395014 | $177964632 |
| **6/30/25** | $224469091 | $198982977 | $199259195 |

---

---

| | |
|:---|:---|
| 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. 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> | 6.91% | 6.28% | 8.42% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |
| Russell 2000 Growth Index | 9.73% | 7.42% | 7.14% |

---

---

| | |
|:---|:---|
| 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 | $188041543 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 36% |
| Investment Advisory Fees (Net of fees waived) | $1526658 |

---

# **Top Ten Holdings** 

# (% total investments)\*

---

| | |
|:---|:---|
| HEICO Corp., Class A | 4.86% |
| Perimeter Solutions, Inc. | 3.50% |
| RBC Bearings, Inc. | 3.39% |
| Core & Main, Inc., Class A | 3.27% |
| Hamilton Lane, Inc., Class A | 3.21% |
| Manhattan Associates, Inc. | 3.20% |
| Murphy USA, Inc. | 3.11% |
| Goosehead Insurance, Inc., Class A | 3.08% |
| Casella Waste Systems, Inc. | 3.04% |
| Repligen Corp. | 2.95% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ie5cf3170afcea64932c11b1b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 35.2% |
| Information Technology | 22.6% |
| Financials | 14.2% |
| Health Care | 13.4% |
| Materials | 6.2% |
| Consumer Discretionary | 5.3% |
| Consumer Staples | 3.1% |

---

\* 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 information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfdent.com/literature/](i23c749a92003f3a692e1958c.jpg)

![Image](i3df478cb0845d93b7e4b55dd.jpg)

#### DF Dent Small Cap Growth Fund

#### DFSLX

#### : Institutional Plus Shares

#### Annual Shareholder Report - June 30, 2025
221A-DFSLX-25

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

ITEM 2. CODE OF ETHICS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the period covered by this report, Forum Funds (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics").

(c)&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments to the Registrant's Code of Ethics during the period covered by this report.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no waivers to the Registrant's Code of Ethics during the period covered by this report.

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

(f)(1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Board of Trustees has determined that the Registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.

(a)(2) The audit committee financial expert, Mr. Mark Moyer, is a non-"interested" Trustee (as defined in Item 3(a)(2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $45,300 in 2024 and $45,300 in 2025.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2024 and $0 in 2025.

(c) &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $9,600 in 2024 and $9,600 in 2025. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025.

(e)(1) The Audit Committee reviews and approves in advance all audit and "permissible non-audit services" (as that term is defined by the rules and regulations of the U.S. Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a "Series"). In addition, the Audit Committee reviews and approves in advance all "permissible non-audit services" to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant ("Affiliate"), by the Series' principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series' investment adviser or an Affiliate to the Series' principal accountant for audit and permissible non-audit services are consistent with the principal accountant's independence.

(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2024 and $0 in 2025. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.

(h) &nbsp;&nbsp;&nbsp;&nbsp; During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

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

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

#### ANNUAL

#### FINANCIALS

#### AND

#### OTHER

#### INFORMATION

#### JUNE

#### 30,

#### 2025
DF

DENT

GROWTH

FUNDS

TABLE

OF

CONTENTS

JUNE

30,

2025

DF

Dent

Premier

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Schedule

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Statement

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Statements

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Changes

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Net

Assets

Financial

Highlights

DF

Dent

Midcap

Growth

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Schedule

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Investments

Statement

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Assets

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Net

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Financial

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DF

Dent

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Schedule

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Statement

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DF

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Notes

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Important

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DF

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DF

DENT

PREMIER

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

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

-

99.8%

Communication

Services

-

4.0%

52,617

Alphabet,

Inc.,

Class C

$

9,333,730

Consumer

Discretionary

-

5.8%

62,761

Amazon.com,

Inc.

(a) 13,769,136

Financials

-

18.5%

8,283

Kinsale

Capital

Group,

Inc.

4,008,144

21,400

Mastercard,

Inc.,

Class A

12,025,516

13,356

Moody's

Corp.

6,699,236

14,715

S&P

Global,

Inc.

(a) 7,759,072

36,992

Visa,

Inc.,

Class A

13,134,010

43,625,978

Health

Care

-

12.9%

85,000

Bio-Techne

Corp.

4,373,250

29,697

Danaher

Corp.

5,866,345

9,695

Intuitive

Surgical,

Inc.

(a) 5,268,360

10,950

Thermo

Fisher

Scientific,

Inc.

4,439,787

28,327

Veeva

Systems,

Inc.,

Class A

(a) 8,157,610

11,078

West

Pharmaceutical

Services,

Inc.

2,423,866

30,529,218

Industrials

-

20.6%

23,092

Booz

Allen

Hamilton

Holding

Corp.

2,404,570

53,226

Copart,

Inc.

(a) 2,611,800

38,262

Fastenal

Co.

1,607,004

43,532

HEICO

Corp.,

Class A

11,263,905

28,094

Old

Dominion

Freight

Line,

Inc.

4,559,656

5,795

TransDigm

Group,

Inc.

(a) 8,812,109

60,352

Uber

Technologies,

Inc.

(a) 5,630,841

56,652

Veralto

Corp.

5,719,019

32,951

Waste

Connections,

Inc.

6,152,611

48,761,515

Information

Technology

-

27.1%

17,420

ANSYS,

Inc.

(a) 6,118,252

4,194

ASML

Holding

NV

3,361,030

12,701

Atlassian

Corp.,

Class A

(a) 2,579,446

19,715

Cadence

Design

Systems,

Inc.

(a) 6,075,177

28,783

Guidewire

Software,

Inc.

(a) 6,776,957

7,548

Intuit,

Inc.

5,945,031

21,846

Manhattan

Associates,

Inc.

(a) 4,313,930

22,682

Microsoft

Corp.

11,282,254

7,848

Monolithic

Power

Systems,

Inc.

5,739,870

8,285

Motorola

Solutions,

Inc.

3,483,511

5,072

ServiceNow,

Inc.

(a) 5,214,422

5,290

Tyler

Technologies,

Inc.

(a) 3,136,124

64,026,004

Shares

Security

Description

Value

Materials

-

6.5%

16,250

Ecolab,

Inc.

$

4,378,400

13,216

The

Sherwin-Williams

Co.

4,537,846

24,452

Vulcan

Materials

Co.

6,377,570

15,293,816

Real

Estate

-

4.4%

44,590

CBRE

Group,

Inc.,

Class A

(a) 6,247,951

50,240

CoStar

Group,

Inc.

(a) 4,039,296

10,287,247

Total

Common

Stock

(Cost

$101,103,560)

235,626,644

Money

Market

Fund

-

0.4%

986,091

First

American

Treasury

Obligations

Fund,

Class X,

4.24%

(b) (Cost

$986,091)

986,091

Investments,

at

value

-

100.2%

(Cost

$102,089,651)

$

236,612,735

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(412,462)

Net

Assets

-

100.0%

$

236,200,273

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

June

30,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

236,612,735

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

236,612,735

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

Communication

Services

4.0%

Consumer

Discretionary

5.8%

Financials

18.5%

Health

Care

12.9%

Industrials

20.6%

Information

Technology

27.1%

Materials

6.5%

Real

Estate

4.4%

Money

Market

Fund

0.4%

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

JUNE

30,

2025

ASSETS

Investments,

at

value

(Cost

$102,089,651)

$

236,612,735

Receivables:

Fund

shares

sold

1,126

Dividends

59,256

Prepaid

expenses

21,649

Total

Assets

236,694,766

LIABILITIES

Accrued

Liabilities:

Investment

adviser

fees

445,786

Trustees'

fees

and

expenses

Fund

services

fees

11,401

ReFlow

fees

1,440

Other

expenses

35,512

Total

Liabilities

494,493

NET

ASSETS

$

236,200,273

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

95,396,441

Distributable

Earnings

140,803,832

NET

ASSETS

$

236,200,273

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

6,044,696

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

39.08 4

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

PREMIER

GROWTH

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

JUNE

30,

2025

\*

See

additional

information

contained

in

Note

and

Note

6. INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$10,386)

$

1,232,429

Total

Investment

Income

1,232,429

EXPENSES

Investment

adviser

fees

2,289,771

Fund

services

fees

180,229

Custodian

fees

26,026

Registration

fees

20,329

Professional

fees

68,973

Trustees'

fees

and

expenses

19,543

ReFlow

fees

9,334

Other

expenses

62,948

Total

Expenses

2,677,153

Fees

waived

(388,889)

Net

Expenses

2,288,264

NET

INVESTMENT

LOSS

(1,055,835)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

Unaffiliated

issuers

17,536,780

Redemptions

in-kind

\*

4,278,953

21,815,733

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

5,667,228

NET

REALIZED

AND

UNREALIZED

GAIN

27,482,961

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

26,427,126

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

Years

Ended

June

30,

2025

2024

OPERATIONS

Net

investment

loss

$

(1,055,835)

$

(826,765)

Net

realized

gain

21,815,733

30,137,857

Net

change

in

unrealized

appreciation

(depreciation)

5,667,228

2,428,258

Increase

in

Net

Assets

Resulting

from

Operations

26,427,126

31,739,350

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(30,116,196)

(36,525,907)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

7,279,139

13,503,081

Reinvestment

of

distributions

28,195,477

34,549,001

Redemption

of

shares\*

(26,978,932)

(59,143,595)

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

8,495,684

(11,091,513)

Increase

(Decrease)

in

Net

Assets

4,806,614

(15,878,070)

NET

ASSETS

Beginning

of

Year

231,393,659

247,271,729

End

of

Year

$

236,200,273

$

231,393,659

SHARE

TRANSACTIONS

Sale

of

shares

192,311

342,232

Reinvestment

of

distributions

722,405

984,863

Redemption

of

shares

(692,891)

(1,529,032)

Increase

(Decrease)

in

Shares

221,825

(201,937)

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

year

.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

NET

ASSET

VALUE,

Beginning

of

Year

$

39.74 $

41.04 $

35.60 $

49.79 $

38.91 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.18)

(0.14)

(0.11)

(0.27)

(0.25)

Net

realized

and

unrealized

gain

(loss)

4.96 5.74 5.55 (10.28)

12.16 Total

from

Investment

Operations

4.78 5.60 5.44 (10.55)

11.91 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

(5.44)

(6.90)

–

(3.64)

(1.03)

Total

Distributions

to

Shareholders

(5.44)

(6.90)

–

(3.64)

(1.03)

REDEMPTION

FEES(a)

–

–

–

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Year

$

39.08 $

39.74 $

41.04 $

35.60 $

49.79 TOTAL

RETURN

12.06%

15.87%

15.28%

(23.05)%

30.96%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

236,200

$

231,394

$

247,272

$

278,936

$

430,924

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.46)%

(0.36)%

(0.30)%

(0.58)%

(0.57)%

Net

expenses

0.99%

0.99%

0.99%

0.99%

0.99%

Gross

expenses

(c) 1.16%

1.14%

1.13%

1.10%

1.11%

PORTFOLIO

TURNOVER

RATE

15%(d)

19%

20%

18%

14%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(d) 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

JUNE

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

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

-

97.8%

Consumer

Discretionary

-

2.8%

70,654

CarMax,

Inc.

(a) $

4,748,655

73,305

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) 5,568,248

10,316,903

Financials

-

11.9%

118,225

Goosehead

Insurance,

Inc.,

Class A

(a) 12,473,920

19,903

Kinsale

Capital

Group,

Inc.

9,631,062

2,852

Markel

Group,

Inc.

(a) 5,696,471

18,117

Moody's

Corp.

9,087,306

11,925

MSCI,

Inc.

6,877,624

43,766,383

Health

Care

-

14.7%

180,437

Bio-Techne

Corp.

9,283,484

13,910

Medpace

Holdings,

Inc.

(a) 4,365,793

6,383

Mettler-Toledo

International,

Inc.

(a) 7,498,238

60,537

Repligen

Corp.

(a) 7,529,592

53,427

Veeva

Systems,

Inc.,

Class A

(a) 15,385,907

44,143

West

Pharmaceutical

Services,

Inc.

9,658,488

53,721,502

Industrials

-

27.6%

65,080

Booz

Allen

Hamilton

Holding

Corp.

6,776,780

75,120

Copart,

Inc.

(a) 3,686,138

80,679

HEICO

Corp.,

Class A

20,875,691

25,595

IDEX

Corp.

4,493,714

65,110

Old

Dominion

Freight

Line,

Inc.

10,567,353

44,008

SiteOne

Landscape

Supply,

Inc.

(a) 5,322,328

8,546

TransDigm

Group,

Inc.

(a) 12,995,389

145,011

Veralto

Corp.

14,638,860

10,791

Verisk

Analytics,

Inc.

3,361,397

59,073

Waste

Connections,

Inc.

11,030,111

119,819

WNS

Holdings,

Ltd.

(a) 7,577,354

101,325,115

Information

Technology

-

22.8%

23,230

ANSYS,

Inc.

(a) 8,158,841

61,466

Appfolio,

Inc.

(a) 14,154,390

29,813

Atlassian

Corp.,

Class A

(a) 6,054,722

31,949

Cadence

Design

Systems,

Inc.

(a) 9,845,084

67,528

Entegris,

Inc.

5,446,133

14,799

Guidewire

Software,

Inc.

(a) 3,484,425

32,122

Manhattan

Associates,

Inc.

(a) 6,343,131

85,241

Microchip

Technology,

Inc.

5,998,409

14,155

Monolithic

Power

Systems,

Inc.

10,352,684

55,687

PTC,

Inc.

(a) 9,597,098

6,871

Tyler

Technologies,

Inc.

(a) 4,073,404

83,508,321

Shares

Security

Description

Value

Materials

-

9.7%

68,711

Ecolab,

Inc.

$

18,513,492

65,304

Vulcan

Materials

Co.

17,032,589

35,546,081

Real

Estate

-

8.3%

109,038

CBRE

Group,

Inc.,

Class A

(a) 15,278,405

188,536

CoStar

Group,

Inc.

(a) 15,158,294

30,436,699

Total

Common

Stock

(Cost

$236,932,049)

358,621,004

Money

Market

Fund

-

2.4%

8,786,880

First

American

Treasury

Obligations

Fund,

Class X,

4.24%

(b) (Cost

$8,786,880)

8,786,880

Investments,

at

value

-

100.2%

(Cost

$245,718,929)

$

367,407,884

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(663,370)

Net

Assets

-

100.0%

$

366,744,514

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

June

30,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

367,407,884

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

367,407,884

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

JUNE

30,

2025

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

Consumer

Discretionary

2.8%

Financials

11.9%

Health

Care

14.7%

Industrials

27.6%

Information

Technology

22.8%

Materials

9.7%

Real

Estate

8.3%

Money

Market

Fund

2.4%

Other

Assets

&

Liabilities,

Net

(0.2)%

100.0%

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

JUNE

30,

2025

ASSETS

Investments,

at

value

(Cost

$245,718,929)

$

367,407,884

Receivables:

Fund

shares

sold

78,081

Dividends

128,681

Prepaid

expenses

34,722

Total

Assets

367,649,368

LIABILITIES

Payables:

Fund

shares

redeemed

248,656

Accrued

Liabilities:

Investment

adviser

fees

575,826

Trustees'

fees

and

expenses

Fund

services

fees

18,704

Other

expenses

61,209

Total

Liabilities

904,854

NET

ASSETS

$

366,744,514

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

260,955,679

Distributable

Earnings

105,788,835

NET

ASSETS

$

366,744,514

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Investor

Shares

3,101,393

Institutional

Shares

5,424,823

Institutional

Plus

Shares

1,122,003

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Investor

Shares

(based

on

net

assets

of

$117,419,441)

$

37.86 Institutional

Shares

(based

on

net

assets

of

$206,495,155)

$

38.06 Institutional

Plus

Shares

(based

on

net

assets

of

$42,829,918)

$

38.17 10

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

MIDCAP

GROWTH

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

JUNE

30,

2025

\*

See

additional

information

contained

in

Note

and

Note

6. INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$13,028)

$

2,868,859

Total

Investment

Income

2,868,859

EXPENSES

Investment

adviser

fees

3,060,765

Fund

services

fees

311,637

Transfer

agent

fees:

Investor

Shares

26,570

Institutional

Shares

7,298

Institutional

Plus

Shares

4,593

Custodian

fees

47,589

Registration

fees:

Investor

Shares

16,219

Institutional

Shares

15,600

Institutional

Plus

Shares

16,888

Professional

fees

98,683

Trustees'

fees

and

expenses

27,886

ReFlow

fees

49,817

Other

expenses

114,017

Total

Expenses

3,797,562

Fees

waived

(276,471)

Net

Expenses

3,521,091

NET

INVESTMENT

LOSS

(652,232)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

Unaffiliated

issuers

48,948,788

Redemptions

in-kind\*

19,751,915

68,700,703

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(15,359,852)

NET

REALIZED

AND

UNREALIZED

GAIN

53,340,851

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

52,688,619

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

Years

Ended

June

30,

2025

2024

OPERATIONS

Net

investment

loss

$

(652,232)

$

(1,319,495)

Net

realized

gain

68,700,703

29,664,974

Net

change

in

unrealized

appreciation

(depreciation)

(15,359,852)

9,987,698

Increase

in

Net

Assets

Resulting

from

Operations

52,688,619

38,333,177

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

5,327,549

9,054,453

Institutional

Shares

24,907,334

15,648,066

Institutional

Plus

Shares

49,281,233

23,347,127

Redemption

of

shares:

Investor

Shares

(37,444,798)

(48,679,959)

Institutional

Shares

(66,166,911)

(58,573,179)

Institutional

Plus

Shares\*

(190,969,771)

(38,141,409)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(215,065,364)

(97,344,901)

Decrease

in

Net

Assets

(162,376,745)

(59,011,724)

NET

ASSETS

Beginning

of

Year

529,121,259

588,132,983

End

of

Year

$

366,744,514

$

529,121,259

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

146,752

277,060

Institutional

Shares

661,980

475,454

Institutional

Plus

Shares

1,324,881

730,558

Redemption

of

shares:

Investor

Shares

(1,028,360)

(1,534,257)

Institutional

Shares

(1,781,669)

(1,862,941)

Institutional

Plus

Shares

(5,481,097)

(1,182,450)

Decrease

in

Shares

(6,157,513)

(3,096,576)

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

year

.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

33.34 $

31.01 $

26.98 $

38.01 $

29.48 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.08)

(0.09)

(0.09)

(0.20)

(0.18)

Net

realized

and

unrealized

gain

(loss)

4.60 2.42 4.12 (9.75)

8.81 Total

from

Investment

Operations

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

Year

$

37.86 $

33.34 $

31.01 $

26.98 $

38.01 TOTAL

RETURN

13.56%

7.51%

14.94%

(26.97)%

29.33%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

117,419

$

132,811

$

162,503

$

184,717

$

307,341

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.21)%

(0.28)%

(0.33)%

(0.55)%

(0.54)%

Net

expenses

0.93%

0.88%

0.87%

0.85%

0.89%

Gross

expenses

(c) 0.95%

0.90%

0.89%

0.86%

0.91%(d)

PORTFOLIO

TURNOVER

RATE

59%(e)

29%

27%

35%

30%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(d) Ratio

includes

recoupment,

which

amounted

to

0.03%.

(e) 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

year

.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

33.50 $

31.14 $

27.09 $

38.15 $

29.57 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.05)

(0.08)

(0.09)

(0.19)

(0.17)

Net

realized

and

unrealized

gain

(loss)

4.61 2.44 4.14 (9.79)

8.86 Total

from

Investment

Operations

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

Year

$

38.06 $

33.50 $

31.14 $

27.09 $

38.15 TOTAL

RETURN

13.61%

7.58%

14.95%

(26.95)%

29.41%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

206,495

$

219,229

$

247,019

$

231,134

$

406,489

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.12)%

(0.25)%

(0.32)%

(0.53)%

(0.50)%

Net

expenses

0.85%

0.84%

0.85%

0.83%

0.85%

Gross

expenses

(c) 0.92%

0.88%

0.87%

0.85%

0.86%

PORTFOLIO

TURNOVER

RATE

59%(d)

29%

27%

35%

30%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(d) 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

Years

Ended

June

30,

December

3,

2021

(a) Through

June

30,

2022

2025

2024

2023

INSTITUTIONAL

PLUS

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

33.55 $

31.17 $

27.10 $

38.47 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.07)

(0.06)

(0.07)

(0.08)

Net

realized

and

unrealized

gain

(loss)

4.69 2.44 4.14 (10.21)

Total

from

Investment

Operations

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

$

38.17 $

33.55 $

31.17 $

27.10 TOTAL

RETURN

13.77%

7.64%

15.02%

(27.53)%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

42,830

$

177,081

$

178,611

$

210,030

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.20)%

(0.19)%

(0.26)%

(0.44)%(d)

Net

expenses

0.79%

0.78%

0.79%

0.79%(d)

Gross

expenses

(e) 0.95%

0.88%

0.88%

0.90%(d)

PORTFOLIO

TURNOVER

RATE

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

JUNE

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

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

-

97.7%

Consumer

Discretionary

-

5.2%

29,238

CarMax,

Inc.

(a) $

1,965,086

28,536

Floor

&

Decor

Holdings,

Inc.,

Class A

(a) 2,167,595

14,063

Murphy

USA,

Inc.

5,720,828

9,853,509

Consumer

Staples

-

3.0%

263,257

Utz

Brands,

Inc.

3,303,875

10,605

Co.

2,418,895

5,722,770

Financials

-

13.8%

47,755

EVERTEC,

Inc.

1,721,568

53,720

Goosehead

Insurance,

Inc.,

Class A

(a) 5,667,997

41,443

Hamilton

Lane,

Inc.,

Class A

5,889,879

9,343

Kinsale

Capital

Group,

Inc.

4,521,078

7,672

MarketAxess

Holdings,

Inc.

1,713,464

14,072

Morningstar,

Inc.

4,417,623

38,305

Trupanion,

Inc.

(a) 2,120,182

26,051,791

Health

Care

-

13.1%

69,864

Bio-Techne

Corp.

3,594,503

26,233

Charles

River

Laboratories

International,

Inc.

(a) 3,980,333

46,173

HealthEquity,

Inc.

(a) 4,837,084

30,580

LeMaitre

Vascular,

Inc.

2,539,669

13,477

Medpace

Holdings,

Inc.

(a) 4,229,891

43,648

Repligen

Corp.

(a) 5,428,938

24,610,418

Industrials

-

34.4%

15,912

Applied

Industrial

Technologies,

Inc.

3,698,744

48,457

Casella

Waste

Systems,

Inc.

(a) 5,590,969

99,626

Core

&

Main,

Inc.,

Class A

(a) 6,012,429

13,654

CSW

Industrials,

Inc.

3,916,377

95,537

Douglas

Dynamics,

Inc.

2,815,475

9,867

ESCO

Technologies,

Inc.

1,893,181

35,363

Exponent,

Inc.

2,641,970

42,199

Federal

Signal

Corp.

4,490,818

325,973

Hayward

Holdings,

Inc.

(a) 4,498,427

34,536

HEICO

Corp.,

Class A

8,936,190

20,242

JBT

Marel

Corp.

2,434,303

8,632

Kadant,

Inc.

2,740,228

16,197

RBC

Bearings,

Inc.

(a) 6,232,606

16,739

Simpson

Manufacturing

Co.,

Inc.

2,599,734

28,180

SiteOne

Landscape

Supply,

Inc.

(a) 3,408,089

43,061

WNS

Holdings,

Ltd.

(a) 2,723,178

64,632,718

Shares

Security

Description

Value

Information

Technology

-

22.1%

34,465

Agilysys,

Inc.

(a) $

3,951,068

58,645

Alarm.com

Holdings,

Inc.

(a) 3,317,548

23,273

Appfolio,

Inc.

(a) 5,359,306

21,691

Guidewire

Software,

Inc.

(a) 5,107,146

29,762

Manhattan

Associates,

Inc.

(a) 5,877,102

33,265

Novanta,

Inc.

(a) 4,288,856

53,356

Procore

Technologies,

Inc.

(a) 3,650,617

16,099

ServiceTitan,

Inc.

(a) 1,725,491

27,184

SPS

Commerce,

Inc.

(a) 3,699,471

44,226

The

Descartes

Systems

Group,

Inc.

(a) 4,495,352

41,471,957

Materials

-

6.1%

24,775

Eagle

Materials,

Inc.

5,007,275

462,358

Perimeter

Solutions,

Inc.

(a) 6,436,023

11,443,298

Total

Common

Stock

(Cost

$147,967,085)

183,786,461

Money

Market

Fund

-

2.5%

4,717,835

First

American

Treasury

Obligations

Fund,

Class X,

4.24%

(b) (Cost

$4,717,835)

4,717,835

Investments,

at

value

-

100.2%

(Cost

$152,684,920)

$

188,504,296

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(462,753)

Net

Assets

-

100.0%

$

188,041,543

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

June

30,

2025. 16

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

SCHEDULE

OF

INVESTMENTS

JUNE

30,

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

$

188,504,296

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

188,504,296

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

Consumer

Discretionary

5.2%

Consumer

Staples

3.0%

Financials

13.8%

Health

Care

13.1%

Industrials

34.4%

Information

Technology

22.1%

Materials

6.1%

Money

Market

Fund

2.5%

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

JUNE

30,

2025

ASSETS

Investments,

at

value

(Cost

$152,684,920)

$

188,504,296

Receivables:

Fund

shares

sold

26,923

Dividends

66,603

Prepaid

expenses

23,421

Total

Assets

188,621,243

LIABILITIES

Payables:

Investment

securities

purchased

184,287

Fund

shares

redeemed

33,613

Accrued

Liabilities:

Investment

adviser

fees

302,770

Trustees'

fees

and

expenses

Fund

services

fees

13,213

Other

expenses

45,499

Total

Liabilities

579,700

NET

ASSETS

$

188,041,543

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

165,959,760

Distributable

Earnings

22,081,783

NET

ASSETS

$

188,041,543

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Investor

Shares

820,458

Institutional

Shares

3,551,038

Institutional

Plus

Shares

3,468,186

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Investor

Shares

(based

on

net

assets

of

$19,544,420)

$

23.82 Institutional

Shares

(based

on

net

assets

of

$85,223,198)

$

24.00 Institutional

Plus

Shares

(based

on

net

assets

of

$83,273,925)

$

24.01 18

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

JUNE

30,

2025

INVESTMENT

INCOME

Dividend

income

$

1,406,215

Total

Investment

Income

1,406,215

EXPENSES

Investment

adviser

fees

1,729,727

Fund

services

fees

166,372

Transfer

agent

fees:

Investor

Shares

23,713

Institutional

Shares

21,882

Institutional

Plus

Shares

809

Custodian

fees

23,256

Registration

fees:

Investor

Shares

15,941

Institutional

Shares

18,523

Institutional

Plus

Shares

17,203

Professional

fees

64,871

Trustees'

fees

and

expenses

18,381

Other

expenses

77,816

Total

Expenses

2,178,494

Fees

waived

(256,833)

Net

Expenses

1,921,661

NET

INVESTMENT

LOSS

(515,446)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

loss

on

investments

(1,282,998)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

16,194,978

NET

REALIZED

AND

UNREALIZED

GAIN

14,911,980

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

14,396,534

DF

DENT

GROWTH

FUNDS

See

Notes

to

Financial

Statements.

DF

DENT

SMALL

CAP

GROWTH

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

For

the

Years

Ended

June

30,

2025

2024

OPERATIONS

Net

investment

loss

$

(515,446)

$

(372,773)

Net

realized

loss

(1,282,998)

(2,649,453)

Net

change

in

unrealized

appreciation

(depreciation)

16,194,978

7,765,496

Increase

in

Net

Assets

Resulting

from

Operations

14,396,534

4,743,270

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

2,458,291

7,672,280

Institutional

Shares

17,727,892

106,816,162

Institutional

Plus

Class

84,563,447

–

Redemption

of

shares:

Investor

Shares

(7,459,124)

(4,201,324)

Institutional

Shares

(118,224,527)

(12,041,037)

Institutional

Plus

Class

(2,166,661)

–

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

(23,100,682)

98,246,081

Increase

(Decrease)

in

Net

Assets

(8,704,148)

102,989,351

NET

ASSETS

Beginning

of

Year

196,745,691

93,756,340

End

of

Year

$

188,041,543

$

196,745,691

SHARE

TRANSACTIONS

Sale

of

shares:

Investor

Shares

102,719

335,266

Institutional

Shares

724,729

4,680,496

Institutional

Plus

Class

3,561,141

–

Redemption

of

shares:

Investor

Shares

(307,894)

(190,911)

Institutional

Shares

(4,924,970)

(544,463)

Institutional

Plus

Class

(92,954)

–

Increase

(Decrease)

in

Shares

(937,229)

4,280,388

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

year

.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

22.29 $

20.76 $

18.19 $

24.94 $

18.38 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.09)

(0.10)

(0.10)

(0.15)

(0.13)

Net

realized

and

unrealized

gain

(loss)

1.62 1.63 2.67 (6.01)

7.16 Total

from

Investment

Operations

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

Year

$

23.82 $

22.29 $

20.76 $

18.19 $

24.94 TOTAL

RETURN

6.86%

7.37%

14.13%

(25.32)%

38.60%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

19,544

$

22,859

$

18,295

$

18,105

$

29,472

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.36)%

(0.44)%

(0.54)%

(0.64)%

(0.58)%

Net

expenses

1.04%

1.04%

1.05%

1.05%

1.05%

Gross

expenses

(b) 1.23%

1.25%

1.30%

1.23%

1.30%

PORTFOLIO

TURNOVER

RATE

36%

30%

41%

46%

34%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) 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

year

.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

22.43 $

20.87 $

18.27 $

25.03 $

18.42 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.06)

(0.07)

(0.08)

(0.12)

(0.11)

Net

realized

and

unrealized

gain

(loss)

1.63 1.63 2.68 (6.04)

7.20 Total

from

Investment

Operations

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

Year

$

24.00 $

22.43 $

20.87 $

18.27 $

25.03 TOTAL

RETURN

7.00%

7.48%

14.23%

(25.27)%

38.79%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

85,223

$

173,886

$

75,462

$

60,847

$

52,591

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.24)%

(0.31)%

(0.43)%

(0.52)%

(0.49)%

Net

expenses

0.94%

0.94%

0.95%

0.95%

0.95%

Gross

expenses

(c) 1.04%

1.07%

1.12%

1.09%

1.18%

PORTFOLIO

TURNOVER

RATE

36%

30%

41%

46%

34%

footertext

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

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

the

period

.

February

25,

2025

(a) Through

June

30,

2025

INSTITUTIONAL

PLUS

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

24.21 INVESTMENT

OPERATIONS

Net

investment

loss

(b) (0.02)

Net

realized

and

unrealized

gain

(0.18)

Total

from

Investment

Operations

(0.20)

NET

ASSET

VALUE,

End

of

Period

$

24.01 TOTAL

RETURN

(0.83)%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

83,274

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.26)%(d)

Net

expenses

0.84%(d)

Gross

expenses

(e) 1.15%(d)

PORTFOLIO

TURNOVER

RATE

36%(c)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

the

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

JUNE

30,

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

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

year.

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

and

other

assets

held

by

each

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

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

June

30,

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

JUNE

30,

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

year,

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

June

30,

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

JUNE

30,

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

–

Through

the

calendar

year

ended

December

31,

2024,

each

Independent

Trustee's

annual

retainer

was

$45,000

($55,000

for

the

Chairman)

and

the

Audit

Committee

Chairman

received

an

additional

$2,000

annually.

Effective

January

1,

2025,

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,

and

extraordinary

expenses)

to

0.99%,

through

October

31,

2025

(the

"Expense

Cap").

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,

and

extraordinary

expenses)

of

Investor

Shares,

Institutional

Shares

and

Institutional

Plus

Shares

to

0.98%,

0.85%,

and

0.79%,

respectively,

through

October

31,

2025,

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

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

and

extraordinary

expenses)

of

Investor

Shares

and

Institutional

Shares

to

1.05%

and

0.95%,

respectively,

through

October

31,

2025,

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

year

ended

June

30,

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

June

30,

2025

,

$957,181,

$470,880

and

$470,308

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

year

ended

June

30,

2025

,

were

as

follows:

\*

Sales

exclude

redemptions

in-kind

of

$5,328,626

and

$31,619,571

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

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

DF

Dent

Premier

Growth

Fund

$

345,885

$

43,004

$

388,889

DF

Dent

Midcap

Growth

Fund

177,167

99,304

276,471

DF

Dent

Small

Cap

Growth

Fund

203,069

53,764

256,833

Purchases

Sales

DF

Dent

Premier

Growth

Fund

$

35,284,757

$

53,385,128

DF

Dent

Midcap

Growth

Fund

240,989,996

417,310,470

DF

Dent

Small

Cap

Growth

Fund

69,580,141

84,726,865

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

2025

then

generally

redeems

those

shares

when

the

Fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

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

year

ended

June

30,

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. Federal

Income

Tax

As

of

June

30,

2025

,

cost

for

federal

income

tax

purposes

and

net

unrealized

appreciation

consists

of:

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

Value

of

Cash

and

Securities

Sold

Shares

Sold

DF

Dent

Premier

Growth

Fund

$

5,486,878

148,214

DF

Dent

Midcap

Growth

Fund

32,500,653

867,184

DF

Dent

Small

Cap

Growth

Fund

-

-

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

DF

Dent

Premier

Growth

Fund

$

102,345,982

$

135,910,114

$

(1,643,361)

$

134,266,753

DF

Dent

Midcap

Growth

Fund

251,535,694

117,248,049

(1,375,859)

115,872,190

DF

Dent

Small

Cap

Growth

Fund

156,821,906

40,236,612

(8,554,222)

31,682,390

Long-Term

Capital

Gain

Total

DF

Dent

Premier

Growth

Fund

2025

$

30,116,196

$

30,116,196

2024

36,525,907

36,525,907

DF

Dent

Midcap

Growth

Fund

2025

–

–

2024

–

–

DF

Dent

Small

Cap

Growth

Fund

2025

–

–

2024

–

–

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

JUNE

30,

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

current

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

will

be

recognized

for

tax

purposes

on

the

first

business

day

of

each

Fund's

next

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.

On

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book

to

tax

differences,

certain

amounts

have

been

reclassified

for

the

year

ended

June

30,

2025

.

The

following

reclassifications

were

the

result

of

current

year

net

operating

loss,

equalization,

return

of

capital

distributions

from

underlying

investments,

and

in

kind

redemptions

and

have

no

impact

on

the

net

assets

of

each

Fund.

Note

8. 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

Distributable

Earnings

Paid-in-Capital

DF

Dent

Premier

Growth

Fund

$

(3,536,349)

$

3,536,349

DF

Dent

Midcap

Growth

Fund

(17,494,626)

17,494,626

DF

Dent

Small

Cap

Growth

Fund

709,353

(709,353)

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

![](epub157715494076416.jpg)

To

the

Shareholders

of

DF

Dent

Premier

Growth

Fund,

DF

Dent

Midcap

Growth

Fund

and

DF

Dent

Small

Cap

Growth

Fund

and

Board

of

Trustees

of

Forum

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

DF

Dent

Premier

Growth

Fund,

DF

Dent

Midcap

Growth

Fund,

and

DF

Dent

Small

Cap

Growth

Fund

(the

"Funds"),

each

a

series

of

Forum

Funds,

as

of

June

30,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

highlights

for

the

years

ended

June

30,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

August

24,

2022,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

broker.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Funds'

auditor

since

2023. COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

August

25,

2025

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

IMPORTANT

TAX

INFORMATION

(Unaudited)

JUNE

30,

2025

Federal

Tax

Status

of

Dividends

Declared

during

the

Fiscal

Year

Pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code,

DF

Dent

Premier

Growth

Fund

designated

$30,116,196

as

long-term

capital

gain

dividends.

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

OTHER

INFORMATION

(Unaudited)

JUNE

30,

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)

At

the

June

24,

2025

Board

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

to

the

Funds

(the

"Advisory

Agreement").

In

preparation

for

its

deliberations,

the

Board

requested

written

responses

from

the

Adviser

to

a

due

diligence

questionnaire

circulated

on

the

Board's

behalf

concerning

the

services

provided

by

the

Adviser.

The

Board

also

discussed

the

materials

with

Fund

counsel

and,

as

necessary,

with

the

Trust's

administrator.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Adviser

and

was

advised

by

independent

Trustee

counsel.

At

the

meeting,

the

Board

reviewed,

among

other

matters:

(i) the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser,

including

information

on

the

investment

performance

of

the

Funds;

(ii) the

costs

of

the

services

provided

and

profitability

to

the

Adviser

with

respect

to

its

relationship

with

each

Fund;

(iii) information

concerning

the

advisory

fee

and

total

expense

ratio

of

each

Fund,

including

a

comparison

to

the

fees

and

expenses

of

a

relevant

peer

group

of

funds;

(iv) the

extent

to

which

economies

of

scale

may

be

realized

as

each

Fund

grows

and

whether

the

advisory

fee

enables

investors

to

share

in

the

benefits

of

economies

of

scale;

and

(v) other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Funds.

The

Board

recognized

that

the

evaluation

process

with

respect

to

the

Adviser

was

an

ongoing

one

and,

in

this

regard,

the

Board

considered

information

provided

by

the

Adviser

at

regularly

scheduled

meetings

during

the

past

year.

*Nature,* 

*Extent* 

*and* 

*Quality* 

*of* 

*Services*

Based

on

written

materials

received,

a

presentation

from

senior

representatives

of

the

Adviser

and

a

discussion

with

the

Adviser

about

the

Adviser's

personnel,

operations

and

financial

condition,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

and

other

personnel

at

the

Adviser

with

principal

responsibility

for

the

Funds,

as

well

as

the

investment

philosophy

and

decision-making

process

of

the

Adviser

and

the

capability

and

integrity

of

the

Adviser's

senior

management

and

staff.

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

OTHER

INFORMATION

(Unaudited)

JUNE

30,

2025

The

Board

considered

also

the

adequacy

of

the

Adviser's

resources.

The

Board

noted

the

Adviser's

representation

that

the

firm

is

in

stable

financial

condition,

that

the

firm

is

able

to

meet

its

expense

reimbursement

obligations

to

the

Funds,

and

that

the

firm

has

the

operational

capability

and

necessary

staffing

and

experience

to

continue

providing

high-quality

investment

advisory

services

to

the

Funds.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser

in

connection

with

the

Board's

consideration

of

the

renewal

of

the

Advisory

Agreement,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

under

the

Advisory

Agreement.

*Performance*

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Funds,

the

Board

reviewed

the

performance

of

each

Fund

compared

to

its

respective

benchmark

and

to

a

peer

group

of

funds.

The

Board

considered

that

the

DF

Dent

Premier

Growth

Fund

underperformed

its

primary

benchmark

index,

the

S&P

500

Index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2025,

and

outperformed

the

S&P

500

Index

for

the

period

since

the

DF

Dent

Premier

Growth

Fund's

inception

on

July

16,

2001. The

Board

also

considered

the

DF

Dent

Premier

Growth

Fund's

performance

relative

to

an

independent

peer

group

of

funds

identified

by

Strategic

Insight,

Inc.

("Strategic

Insight")

as

having

characteristics

similar

to

those

of

the

DF

Dent

Premier

Growth

Fund.

The

Board

observed

that,

based

on

information

provided

by

Strategic

Insight,

the

DF

Dent

Premier

Growth

Fund

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2025. The

Board

considered

that

the

DF

Dent

Midcap

Growth

Fund

underperformed

the

Russell

Midcap

Growth

Index,

for

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2025,

and

outperformed

the

Russell

Midcap

Growth

Index

for

the

period

since

the

DF

Dent

Midcap

Growth

Fund's

inception

on

July

1,

2011. The

Board

also

observed

that

the

DF

Dent

Midcap

Growth

Fund

outperformed

the

Russell

2500

Index

over

the

one-,

three-,

and

10-year

periods

ended

March

31,

2025,

and

for

the

period

since

the

DF

Dent

Midcap

Growth

Fund's

inception

on

July

1,

2011,

and

underperformed

the

Russell

2500

Index

over

the

five-year

period

ended

March

31,

2025. The

Board

observed

further

that

the

DF

Dent

Midcap

Growth

Fund

outperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-

and

three-year

periods

ended

March

31,

2025,

and

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

five-year

period

ended

March

31,

2025. The

Board

considered

that

the

DF

Dent

Small

Cap

Growth

Fund

underperformed

the

Russell

2000

Growth

Index

for

the

one-year

period

ended

March

31,

2025

and

outperformed

the

Russell

2000

Growth

Index

for

the

three-,

five-,

and

10-year

periods

ended

March

31,

2025,

and

for

the

period

since

the

DF

Dent

Small

Cap

Growth

Fund's

inception

on

November

1,

2013. The

Board

also

observed

that

the

DF

Dent

Small

Cap

Growth

Fund

underperformed

the

Russell

2000

Index

over

one-

and

five-year

periods

ended

March

31,

2025

and

outperformed

the

Russell

2000

Index

over

the

three-

and

10-year

periods

ended

March

31,

2025,

and

for

the

period

since

the

DF

Dent

Small

Cap

Growth

Fund's

inception

on

November

1,

2013. The

Board

observed

further

that

the

DF

Dent

Small

Cap

Growth

Fund

narrowly

underperformed

the

average

of

its

Strategic

Insight

peer

group

for

the

one-

and

five-year

periods

ended

March

31,

2025

and

outperformed

the

average

of

the

Strategic

Insight

peer

group

for

the

three-year

period

ended

March

31,

2025. 34

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

OTHER

INFORMATION

(Unaudited)

JUNE

30,

2025

The

Board

considered

the

Adviser's

representation

that

the

relative

performance

over

the

one-

and

three-year

periods

for

each

of

the

DF

Dent

Premier

Growth

Fund

and

DF

Dent

Midcap

Growth

Fund

could

be

attributed,

in

part,

to

stock

selection

within

the

healthcare

and

information

technology

sectors.

With

respect

to

the

DF

Dent

Premier

Growth

Fund,

the

Board

considered

further

the

Adviser's

representation

that

the

Fund's

performance

was

negatively

impacted

by

underexposure

to

certain

mega-cap

stocks,

including

certain

of

the

"Magnificent

Seven"

stocks,

within

the

technology

sector

relative

to

the

index.

The

Board

further

considered

that

such

mega-

cap

stocks

drove

a

significant

portion

of

the

index's

performance

in

recent

years

and

that

the

DF

Dent

Premier

Growth

Fund

maintained

an

"all

cap"

approach

that

should

be

expected

to

lag

the

S&P

500

Index

during

periods

of

significant

outperformance

by

large

cap

companies

due

to

the

DF

Dent

Premier

Growth

Fund's

exposure

to

smaller

capitalization

companies.

The

Board

also

considered

the

Adviser's

representation

that

each

of

the

Funds

is

designed

to

provide

long-term

capital

appreciation,

and

that

the

Funds

continued

to

show

the

ability

to

achieve

this

objective

over

the

long

term.

In

consideration

of

the

Funds'

investment

objectives

and

strategies

and

the

foregoing

performance

information,

among

other

considerations,

the

Board

determined

that

each

Fund

could

benefit

from

the

Adviser's

continued

management

of

the

Funds.

*Compensation*

The

Board

evaluated

the

Adviser's

compensation

for

providing

advisory

services

to

each

of

the

Funds

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expenses

of

the

Funds'

respective

Strategic

Insight

peer

groups.

The

Board

noted

that

the

net

advisory

fee

rate

for

each

Fund

was

higher

than

the

median

of

its

respective

Strategic

Insight

peer

group,

but

the

net

total

expense

ratio

for

each

Fund

was

equal

to

or

less

than

the

median

of

its

respective

Strategic

Insight

peer

group.

The

Board

also

noted

that

the

Adviser

had

in

place

a

contractual

expense

waiver

for

each

of

the

Funds,

pursuant

to

which

the

Adviser

continued

to

waive

a

portion

of

its

investment

advisory

fees

in

order

to

subsidize

the

Funds'

expenses.

Based

on

the

foregoing

and

other

relevant

factors,

the

Board

concluded

that

the

Adviser's

current

advisory

fee

rates

charged

to

each

of

the

Funds

were

reasonable.

*Cost* 

*of* 

*Services* 

*and* 

*Profitability*

The

Board

considered

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Funds.

In

this

regard,

the

Board

considered

the

Adviser's

operating

expenses

and

other

resources

devoted

to

the

Funds,

as

well

as

the

information

provided

by

the

Adviser

regarding

costs

and

overall

profitability.

The

Board

noted

that

the

Adviser

had

in

place

a

contractual

expense

waiver

to

ensure

the

expense

ratios

for

the

Funds

remained

at

competitive

levels.

The

Board

also

noted

that

the

Adviser

had

committed

to

extending

the

expense

cap

arrangements

for

all

of

the

Funds

through

at

least

the

duration

of

the

current

Advisory

Agreement

renewal

period.

The

Board

further

noted

the

Adviser's

representation

that

the

Funds

were

less

profitable

to

the

Adviser

than

the

Adviser's

overall

investment

management

business

because,

although

the

Funds

represented

a

relatively

small

percentage

of

the

Adviser's

total

assets

under

management,

the

Funds

represented

a

relatively

high

percentage

of

the

Adviser's

overall

administrative,

reporting,

and

compliance

DF

DENT

GROWTH

FUNDS

DF

DENT

GROWTH

FUNDS

OTHER

INFORMATION

(Unaudited)

JUNE

30,

2025

expenses.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser's

profits

attributable

to

management

of

the

Funds

were

reasonable.

*Economies* 

*of* 

*Scale*

The

Board

evaluated

whether

the

Funds

would

benefit

from

any

economies

of

scale.

In

this

respect,

the

Board

considered

each

Fund's

fee

structure,

asset

size,

and

net

expense

ratio,

giving

effect

to

each

Fund's

expense

waiver

agreement.

The

Board

reviewed

relevant

materials

and

discussed

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund's

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

observed

that,

although

the

Midcap

Fund

experienced

periods

of

substantial

asset

growth

in

prior

periods,

the

Midcap

Fund's

assets

were

not

at

a

level

that

reflected

meaningful

economies

of

scale

and

suffered

a

recent

decline.

Noting

the

relatively

low

asset

levels

for

the

Premier

Fund

and

Small

Cap

Fund,

the

decrease

in

the

Premier

Fund's

asset

levels

over

the

past

year,

the

existence

of

the

Adviser's

ongoing

expense

limitation

arrangements,

as

well

as

the

Adviser's

representation

that

the

level

of

the

Funds'

assets

had

not

provided

meaningful

economies

of

scale,

among

other

relevant

considerations,

the

Board

concluded

that

any

existing

economies

of

scale

were

captured

by

the

expense

cap

structures

of

the

Funds

and

that

the

advisory

fees

for

each

Fund

remained

reasonable

in

light

of

the

current

information

provided

to

the

Board

with

respect

to

economies

of

scale.

*Other* 

*Benefits*

The

Board

noted

the

Adviser's

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Funds.

Based

on

the

foregoing

representation,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Funds

were

not

a

material

factor

to

consider

in

approving

the

continuation

of

the

Advisory

Agreement.

*Conclusion*

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

The

Board

reviewed

a

memorandum

from

Fund

counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

and

its

consideration

of

information

received

throughout

the

year

from

the

Adviser,

the

Board

determined,

in

the

exercise

of

its

business

judgment,

that

the

advisory

arrangement,

as

outlined

in

the

Advisory

Agreement,

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

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-ANR-0625

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.

Included as part of other information filed under Item 7(a).

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) [Code of Ethics (filed herewith).](coe.htm)

(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; <u>Forum Funds</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 25, 2025 |

---

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: | August 25, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | August 25, 2025 |

---

## Ex-99.Code

**Code of Ethics**

**SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND** 

This Code of Ethics ("Code") applies to all Funds and has been adopted in order to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties to the Trust and to deal with other types of conflict of interest situations. Upon discovering a violation of the Code, the Board may impose such sanctions as it deems appropriate.

A specific purpose of the Code is to promote honest and ethical conduct, compliance with applicable laws and accountability for adherence to the Code. All Access Persons should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

**SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Access Person</u> means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Trustee and Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) Any officer, director or general partner of the Adviser; and (ii) any officer, director or general partner of the Distributor, where the Distributor in the ordinary course of business either (a) makes, participates in or obtains information regarding the Fund's purchase or sale of Covered Investments or (b) fills a function related to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any employee of the Fund or Adviser, or of any company in a control relationship with the Fund or Adviser, whose regular functions (i) relate to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments or (ii) include making, participating in or obtaining information regarding the purchase or sale of Covered Investments by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any natural person in a control relationship with a Fund or Adviser who obtains information concerning recommendations made to a Fund about the purchase or sale of a Covered Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Beneficial Owner</u> means "beneficial owner" as defined in Rule 16a-1(a)(2) under the 1934 Act except that the determination of direct or indirect beneficial ownership shall apply to all Covered Investments which an Access Person owns or acquires. A Beneficial Owner of an investment is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest (the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities) in a security. Indirect pecuniary interest in an investment includes securities held by a person's immediate family And immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Control</u> means the power to exercise a controlling influence over the management or policies of a company, unless the power is solely the result of an official position with the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Covered Officer</u> means the PEO, PFO and PAO as those terms are used in Section 406 of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Covered Investment</u> means any investment except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the United States Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Commercial paper and debt instruments with a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Repurchase agreements covering any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares of registered open-end investment companies other than Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Investment Personnel</u>, means any employee of the Fund or Adviser who makes or participates in making recommendations to the Fund regarding the purchase or sale of investments by the Fund. No Fund or the Trust shall employ such a person without prior approval of the Board and the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <u>Security Held or to be Acquired</u> means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any Covered Investment which, within the most recent 15 days (a) is or has been held by a Fund or (b) is being or has been considered by a Fund or an Adviser for purchase by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any option to purchase or sell, and any investment convertible into or exchangeable for, a Covered Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) <u>Purchase or sale</u> includes the writing of an option to purchase or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) &nbsp;&nbsp;&nbsp;&nbsp; <u>Material non-public information</u> means information (i) that there is a substantial likelihood a reasonable investor would consider important in making an investment decision, or that is reasonably certain to have a substantial effect on the price of Shares and (ii) that has not been effectively communicated to the market place. Examples include: (a) valuation issues; (b) liquidity issues; (c) significant increase in expenses; (d) proposal for liquidation or reorganization; (e) regulatory developments that affect a Fund; and (f) extraordinary developments at the Adviser. Public information includes information found in a report filed with the SEC or appearing in a news service.

**SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROHIBITED TRANSACTIONS**

(A) <u>Prohibition Against Fraudulent Conduct</u>. No Access Person shall use any information concerning the operating activities, investments or investment intentions of a Fund, or the Access Person's ability to influence such operating activities or investment intentions, for personal gain or in a manner detrimental to the interests of a Fund. In addition, no Affiliated Person of a Fund shall, directly or indirectly in connection with the operating activities of the Fund or the purchase or sale of a security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make to a Fund or to the Adviser or Distributor any untrue statement of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to a Fund.

(B) <u>Other Prohibited Transactions</u>. Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Inducing or causing a Fund to take action, or to fail to take action, for the benefit of a person either in addition to or other than the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Accepting anything other than of de minimis value or any other preferential treatment from any entity with which a Fund does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Using knowledge of the operating activities or portfolio transactions of a Fund for their benefit or the benefit of any person other than the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Violating the anti-fraud provisions of the securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Except for the Independent Trustees, serving on the boards of directors of publicly traded companies, absent prior authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Fund and its shareholders.

(C) <u>Undue Influence; Disclosure of Personal Interest</u>. No Access Person shall cause or attempt to cause a Fund to purchase, sell or hold any investment in a manner or engage in operating activity calculated to create any benefit to the Access Person. No Access Person shall recommend any operating activity or investment transactions for a Fund without having disclosed to the Review Officer the Access Person's interest, if any, in Shares or such investment or the issuer thereof, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Access Person's direct or indirect beneficial ownership of any securities of the subject issuer or in the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any position with such issuer or its Affiliated Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any present or proposed business relationship between such issuer or its Affiliated Persons, on the one hand, and such person or any party in which such person has a significant interest, on the other hand.

(D) <u>Corporate Opportunities</u>. Access Persons are prohibited from taking advantage of any opportunity properly belonging to a Fund.

(E) <u>Confidentiality</u>. Except as required in the normal course of carrying out an Access Person's business responsibilities, Access Persons are prohibited from revealing information relating to the investment intentions or activities of any Fund, or investment that are being considered for purchase or sale on behalf of any Fund.

(F) <u>Prohibited Transactions in Fund Shares</u>. Access Persons are prohibited from trading in Shares while in possession of material non-public information regarding the operating activities of the Fund.

**SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Access Person Reporting</u>. Access Persons must report the information described in this Section 4 with respect to transactions in any Covered Investment in which the Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership. Access Persons must report to the Review Officer, unless they are required to report to an Adviser or the Distributor pursuant to a code of ethics adopted by those persons; and, in the case of (i) the Adviser or (ii) the Distributor if the Distributor is (a) an Affiliated Person of the Trust or (b) has any officer, director or general partner that serves the Trust or the Adviser in the same capacity ("Affiliated Distributor"), has been approved by the Board. The Board shall not approve such code of ethics unless it is maintained and enforced as if it were subject to the same rules as provided in Rule 17j-1 under the 1940 Act. Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provide full access to the Trust to any and all records and documents which the Trust considers relevant to any investment transactions or other matters subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Cooperate with the Trust in investigating any investment transactions or other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Provide the Trust with an explanation (in writing if requested) of the facts and circumstances surrounding any investment transaction or other matter subject to the Code; and

Notify the Review Officer in writing, from time to time, of any incident of noncompliance with the Code by any Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Independent Trustee Reporting</u>. An Independent Trustee need not provide the account opening, holdings or transaction reports required by this Section 4, except that an Independent Trustee must report a transaction if the Independent Trustee knew at the time of the transaction, or in the ordinary course of fulfilling the official duties as an Independent Trustee should have known:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) That during the 15-day period immediately preceding or immediately following the transaction in a Covered Investment by the Independent Trustee, the Covered Investment is or was purchased or sold or was being considered for purchase or sale by a Fund or that Fund's Adviser, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Independent Trustee possessed material non-public information about the operating activities of a Fund or the Trust preceding a transaction in Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Exclusions from Reporting</u>. Purchases or sales of Covered Investments in an account over which an Access Person has no direct or indirect influence or control are not subject to the reporting requirements of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Initial Holding Reports</u>. No later than ten (10) days after the person becomes an Access Person, an Access Person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Quarterly Transaction Reports</u>. No later than ten (10) days after the end of a calendar quarter, an Access Person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the quarter in a Covered Investment in which the Access Person had, or by reason of such transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Investment involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; The price of the Covered Investment at which the transaction was effected; the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the Access Person in which any investment were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Annual Holdings Reports</u>. Annually, an Access Person must report the following information (which information must be current as of a date no more than thirty (30) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <u>Certification of Compliance</u>. Upon becoming an Access Person, the person shall certify (in the form of Appendix A) that the Access Person has read and understood this Code and recognizes that the Access Person is subject to this Code. Further, each Access Person is required to certify annually that the Access Person has complied with all the requirements of this Code and that the Access Person has disclosed or reported all personal investment transactions pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) <u>Alternative Reporting</u>. The submission to the Review Officer of duplicate broker trade confirmations and statements on all Covered Investments transactions shall be deemed to satisfy these reporting requirements. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the records maintained by the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) &nbsp;&nbsp;&nbsp;&nbsp; <u>Report Qualification</u>. Any report may contain a statement that the report shall not be construed as an admission by the person making the report that the person has any direct or indirect beneficial ownership in the Covered Investments to which the report relates.

**SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVERED OFFICERS**

(A) <u>Conflicts of Interest</u>. A "conflict of interest" occurs when a Covered Officer's employment or personal interest interferes with the interests of, or service to, the Trust. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of the Covered Officer's position with the Trust. A Covered Officer may be an officer or employee of a Service Provider, another investment company or another company. Conflicts may arise from, or as a result of, the contractual relationship between the Trust and its Service Providers or otherwise due to the Covered Officers' positions, but such other positions of a Covered Officer do not by itself give rise to a conflict of interest. As applicable to a Covered Officer, the following must be approved by the Audit Committee<u>:</u>

(1) Service on the board of directors or governing board of a publicly traded entity;

(2) The receipt of any non-nominal gifts from persons or entities who have or are seeking business relationships with the Trust or a Fund;

(3) The receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

(4) Any ownership interest (material to the officer) in, or any consulting or employment relationship with, any entities doing business with the Trust, other than its service providers and their respective Affiliated Persons; and

(5) Any direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Trust's service providers or their respective Affiliated Persons.

(B) <u>Duties</u>. A Covered Officer shall:

(1) Become familiar with the disclosure requirements generally applicable to the Trust;

(2) Not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others;

(3) To the extent appropriate, consult with other Officers and employees of the Trust and its service providers;

(4) Promote compliance with the standards and restrictions imposed by applicable laws; and

(5) Not retaliate against any other Covered Officer or any employee of the Fund or its Service Providers for reporting potential violations of by the Fund, its Service Providers, or another Covered Officer that are made in good faith.

(C) A Covered Officer shall notify the Chairman of the Audit Committee promptly if the officer knows of any violation of this Code.

**SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REVIEW OFFICER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Appointment</u>. A Review Officer shall be appointed by the PEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Duties of Review Officer</u>. The Review Officer shall :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Review all investment transaction and holdings reports or shall maintain the names of persons responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Identify all Access Persons who are required to make these reports, maintain and periodically update a list of such Access Persons, and promptly inform each Access Person of the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compare, on a quarterly basis, all Access Persons' transactions in Covered Investments with each Fund's completed portfolio transactions and in the case of transactions in Shares, with operating activities of the Fund, to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintain a signed acknowledgment by each person who is then an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Identify persons who are Investment Personnel, maintain and periodically update a list of such Investment Personnel, and inform those persons of their requirements to obtain prior written approval from the Review Officer prior to directly or indirectly acquiring ownership of a security in any private placement or initial public offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Annually prepare a written report to the Trustees that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Describes any issues under this Code since the last report to the Trustees, including information about material violations of the Code and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Confirm that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Potential Trade Conflict</u>. When there appears to be a transaction that conflicts with this Code, the Review Officer shall request a written explanation of the Access Person's transaction. If after the review it is determined that there has been a violation of this Code, the Review Officer shall make a recommendation of appropriate action to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Required Records</u>. The Review Officer shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this and any other code of ethics adopted by the Trust, Adviser or Affiliated Distributor, which has been in effect at any time during the previous five (5) years, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an Access Person as required by this Code for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or at any time within the past five years have been, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A copy of each written report and certification required pursuant to Section 7(D) of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A record of any decision, and the reasons supporting the decision, approving the acquisition by Investment Personnel of securities under Section 6(B)(5) of this Code, for at least five (5) years after the end of the fiscal year in which the approval is granted.

**SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOARD REVIEW**

The Board, including a majority of the Independent Trustees, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Approve the (i) Code and any material changes to the Code and (ii) before initially retaining their services, the code of ethics of each Adviser and Affiliated Distributor, and any material changes to these codes within six months of the change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Base its approval of a code of ethics, and any material changes thereto, on a determination that the code contains provisions reasonably necessary to prevent Access Persons (or the equivalent persons) from engaging in prohibited conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Receive, prior to approving a code or any amendment to a code, a certification from the Trust, Adviser or Affiliated Distributor that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Receive and consider, no less frequently than annually: (i) a written report from the Trust, Adviser and Affiliated Distributor, as applicable, describing any issues, material violations or sanctions arising under the respective codes; and (ii) a written certification from the Trust, Adviser and Affiliated Distributor, as applicable, that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating its code.

**APPENDIX A**

**Code of Ethics Certification**

I understand that I am an Access Person as defined in the Forum Funds Code of Ethics.

I have read and I understand the Code of Ethics and that I am subject to it. In addition, I will comply with the requirements of the Code of Ethics applicable to my position and will disclose or report all personal investment transactions that are required to be disclosed or reported pursuant to the requirements of the Code.

If I am also a Covered Officer, I understand that I am a Covered Officer as defined in the Forum Funds Code of Ethics and will request from the Forum Funds' Audit Committee Chairman all approvals that are required under Section 5(A) of the Code.

<u>&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;&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;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&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;</u> 

&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; [NAME]&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date

***This Certification must be completed and returned to the Trust's Review Officer.***

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds**

I, Zachary Tackett, certify that:

1. 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. 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. 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. 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: | August 25, 2025 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds**

I, Karen Shaw, certify that:

1. 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. 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. 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. 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: | August 25, 2025 | /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: | August 25, 2025 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | August 25, 2025 |
|  | /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.