# EDGAR Filing Document

**Accession Number:** 0001088323
**File Stem:** 0001162044-25-001278
**Filing Date:** 2025-12
**Character Count:** 112595
**Document Hash:** 522071ade46a651b26833ccba4713ef8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001278.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001162044-25-001278

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORESTER FUNDS INC
- **CENTRAL INDEX KEY:** 0001088323

**ORGANIZATION NAME:**
- **EIN:** 364297578
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09391
- **FILM NUMBER:** 251558852

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

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 <u>811-9391</u>

<u>THE FORESTER FUNDS, INC.</u>

(Exact name of registrant as specified in charter)

612 Paddock

<u>Libertyville, Illinois 60048</u>

(Address of principal executive offices)(Zip code)

Thomas H. Forester

Forester Capital Management, Ltd.

612 Paddock

<u>Libertyville, Illinois 60048</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(224) 544-5123</u>

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>September 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

![](image_001.gif)

SEMI-ANNUAL SHAREHOLDER REPORT

**September 30, 2025 (Unaudited)**

FORESTER VALUE FUND – CLASS I

***FVILX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Forester Value Fund – Class I - FVILX (the "Fund") for the period April 1, 2025 to September 30, 2025.

You can find additional information about the Fund at https://forestervalue.com/index.html. You can also request this information by contacting us at 1-800-388-0365.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Forester Value Fund – Class I | &nbsp;&nbsp;$52 | &nbsp;&nbsp;0.99% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$4571305 | &nbsp;&nbsp;43 | &nbsp;&nbsp;12.75% | &nbsp;&nbsp;$19847 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_003.gif)

**<u>top ten holdings (% OF Net ASsets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 12/26/2025 | &nbsp;&nbsp;17.34% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 10/09/2025 | &nbsp;&nbsp;10.93% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, Institutional Class | &nbsp;&nbsp;9.86% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Alamos Gold, Inc. Class A | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. (Canada) | &nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;The Kroger Co. | &nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Ebay, Inc. | &nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;2.36% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;56.13% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended September 30, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-388-0365, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://forestervalue.com/index.html or contact us at 1-800-388-0365.

![](image_001.gif)

SEMI-ANNUAL SHAREHOLDER REPORT

**September 30, 2025 (Unaudited)**

FORESTER VALUE FUND – CLASS N

***FVALX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Forester Value Fund – Class N - FVALX (the "Fund") for the period April 1, 2025 to September 30, 2025.

You can find additional information about the Fund at https://forestervalue.com/index.html. You can also request this information by contacting us at 1-800-388-0365.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Forester Value Fund – Class N | &nbsp;&nbsp;$66 | &nbsp;&nbsp;1.25% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$4571305 | &nbsp;&nbsp;43 | &nbsp;&nbsp;12.75% | &nbsp;&nbsp;$19847 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_003.gif)

**<u>top ten holdings (% OF Net ASsets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 12/26/2025 | &nbsp;&nbsp;17.34% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 10/09/2025 | &nbsp;&nbsp;10.93% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, Institutional Class | &nbsp;&nbsp;9.86% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Alamos Gold, Inc. Class A | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. (Canada) | &nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;The Kroger Co. | &nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Ebay, Inc. | &nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;2.36% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;56.13% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended September 30, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-388-0365, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://forestervalue.com/index.html or contact us at 1-800-388-0365.

![](image_001.gif)

SEMI-ANNUAL SHAREHOLDER REPORT

**September 30, 2025 (Unaudited)**

FORESTER VALUE FUND – CLASS R

***FVRLX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Forester Value Fund – Class R - FVRLX (the "Fund") for the period April 1, 2025 to September 30, 2025.

You can find additional information about the Fund at https://forestervalue.com/index.html. You can also request this information by contacting us at 1-800-388-0365.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Forester Value Fund – Class R | &nbsp;&nbsp;$79 | &nbsp;&nbsp;1.50% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$4571305 | &nbsp;&nbsp;43 | &nbsp;&nbsp;12.75% | &nbsp;&nbsp;$19847 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_003.gif)

**<u>top ten holdings (% OF Net ASsets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 12/26/2025 | &nbsp;&nbsp;17.34% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 10/09/2025 | &nbsp;&nbsp;10.93% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, Institutional Class | &nbsp;&nbsp;9.86% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Alamos Gold, Inc. Class A | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. (Canada) | &nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;The Kroger Co. | &nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Ebay, Inc. | &nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;2.36% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;56.13% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the six months ended September 30, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-388-0365, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://forestervalue.com/index.html or contact us at 1-800-388-0365.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on registrant's website.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![](image_008.gif)

**Forester Value Fund**

Class I Shares (FVILX)

Class N Shares (FVALX)

Class R Shares (FVRLX)

**SEMI-ANNUAL FINANCIAL STATEMENTS**

SEPTEMBER 30, 2025

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Forester Value Fund** |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** | &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |  |
| &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares/Par Value</u>** | &nbsp;&nbsp;**<u>Shares/Par Value</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 61.06%** | &nbsp;&nbsp;**COMMON STOCKS - 61.06%** |  |
| &nbsp;&nbsp;**Communication Services - 2.63%** | &nbsp;&nbsp;**Communication Services - 2.63%** |  |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Comcast Corp. Class A | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21994 |
| &nbsp;&nbsp;2230 | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;98009 |
|  |  | &nbsp;&nbsp;120003 |
| &nbsp;&nbsp;**Consumer Discretionary - 2.45%** | &nbsp;&nbsp;**Consumer Discretionary - 2.45%** |  |
| &nbsp;&nbsp;1230 | &nbsp;&nbsp;Ebay, Inc. | &nbsp;&nbsp;111869 |
| &nbsp;&nbsp;**Consumer Staples -11.75%** | &nbsp;&nbsp;**Consumer Staples -11.75%** |  |
| &nbsp;&nbsp;1630 | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;107678 |
| &nbsp;&nbsp;1360 | &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;68571 |
| &nbsp;&nbsp;750 | &nbsp;&nbsp;JM Smucker Co. | &nbsp;&nbsp;81450 |
| &nbsp;&nbsp;1230 | &nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;55657 |
| &nbsp;&nbsp;2320 | &nbsp;&nbsp;The Kraft Heinz Co. | &nbsp;&nbsp;60413 |
| &nbsp;&nbsp;1700 | &nbsp;&nbsp;The Kroger Co. | &nbsp;&nbsp;114597 |
| &nbsp;&nbsp;900 | &nbsp;&nbsp;Tyson Foods, Inc. Class A | &nbsp;&nbsp;48870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537236 |
| &nbsp;&nbsp;**Energy - 5.30%** | &nbsp;&nbsp;**Energy - 5.30%** |  |
| &nbsp;&nbsp;900 | &nbsp;&nbsp;BP PLC ADR | &nbsp;&nbsp;31014 |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;38822 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;28620 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;51480 |
| &nbsp;&nbsp;820 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;92455 |
|  |  | &nbsp;&nbsp;242391 |
| &nbsp;&nbsp;**Financials - 7.65%** | &nbsp;&nbsp;**Financials - 7.65%** |  |
| &nbsp;&nbsp;350 | &nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;75127 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Aon Plc. (United Kingdom) Class A | &nbsp;&nbsp;35658 |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;Chubb Ltd. (Switzerland) | &nbsp;&nbsp;64917 |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;The Travelers Companies, Inc. | &nbsp;&nbsp;75389 |
| &nbsp;&nbsp;2040 | &nbsp;&nbsp;US Bancorp, Inc. | &nbsp;&nbsp;98593 |
|  |  | &nbsp;&nbsp;349684 |
| &nbsp;&nbsp;**COMMON STOCKS (CONTINUED) - 61.06%** | &nbsp;&nbsp;**COMMON STOCKS (CONTINUED) - 61.06%** |  |
| &nbsp;&nbsp;**Health Care - 12.90%** | &nbsp;&nbsp;**Health Care - 12.90%** |  |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76194 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;45540 |
| &nbsp;&nbsp;820 | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;128707 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1100 | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;82929 |
| &nbsp;&nbsp;540 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;100127 |
| &nbsp;&nbsp;4090 | &nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR \* | &nbsp;&nbsp;82618 |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;The Cigna Group | &nbsp;&nbsp;46120 |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;27624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589859 |
| &nbsp;&nbsp;**Industrials - 3.64%** | &nbsp;&nbsp;**Industrials - 3.64%** |  |
| &nbsp;&nbsp;500 | &nbsp;&nbsp;3M Co. | &nbsp;&nbsp;77590 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Fedex Corp. | &nbsp;&nbsp;47162 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;41442 |
|  |  | &nbsp;&nbsp;166194 |
| &nbsp;&nbsp;**Information Technology - 2.69%** | &nbsp;&nbsp;**Information Technology - 2.69%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;27230 |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;56432 |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;39374 |
|  |  | &nbsp;&nbsp;123036 |
| &nbsp;&nbsp;**Materials - 5.49%** | &nbsp;&nbsp;**Materials - 5.49%** |  |
| &nbsp;&nbsp;730 | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. (Canada) | &nbsp;&nbsp;123049 |
| &nbsp;&nbsp;3670 | &nbsp;&nbsp;Alamos Gold, Inc. Class A | &nbsp;&nbsp;127936 |
|  |  | &nbsp;&nbsp;250985 |
| &nbsp;&nbsp;**Utilities - 6.56%** | &nbsp;&nbsp;**Utilities - 6.56%** |  |
| &nbsp;&nbsp;1770 | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;108271 |
| &nbsp;&nbsp;2180 | &nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;98122 |
| &nbsp;&nbsp;2040 | &nbsp;&nbsp;First Energy Corp. | &nbsp;&nbsp;93473 |
|  |  | &nbsp;&nbsp;299866 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,824,520) - 61.06% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $1,824,520) - 61.06% | &nbsp;&nbsp;2791123 |
| &nbsp;&nbsp;**TOTAL FOR PUT OPTIONS PURCHASED (Premiums Paid $47,878) - 0.76%** | &nbsp;&nbsp;**TOTAL FOR PUT OPTIONS PURCHASED (Premiums Paid $47,878) - 0.76%** | &nbsp;&nbsp;35070 |
| &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 28.27%** | &nbsp;&nbsp;**U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 28.27%** |  |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 10/09/2025 | &nbsp;&nbsp;499550 |
| &nbsp;&nbsp;800000 | &nbsp;&nbsp;U.S. Government Treasury Bill, 0.00%, 12/26/2025 | &nbsp;&nbsp;792633 |
| &nbsp;&nbsp;TOTAL FOR U.S GOVERNMENT AGENCIES & OBLIGATIONS (Cost $1,291,794) - 28.27% | &nbsp;&nbsp;TOTAL FOR U.S GOVERNMENT AGENCIES & OBLIGATIONS (Cost $1,291,794) - 28.27% | &nbsp;&nbsp;1292183 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 9.86%** | &nbsp;&nbsp;**MONEY MARKET FUND - 9.86%** |  |
| &nbsp;&nbsp;450703 | &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, Institutional Class, 4.06% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450703 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $450,703) - 9.86% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $450,703) - 9.86% | &nbsp;&nbsp;450703 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $3,614,895) - 99.95%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $3,614,895) - 99.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569079 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES, NET - 0.05%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES, NET - 0.05%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2226 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4571305 |
| &nbsp;&nbsp;\* Non-income producing security during the period. | &nbsp;&nbsp;\* Non-income producing security during the period. |  |

---

\*\* Variable rate security; the coupon rate shown represents the yield at September 30, 2025. <br> The accompanying notes are an integral part of these financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** |
| &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** | &nbsp;&nbsp;**SCHEDULE OF PUT OPTIONS PURCHASED** |
| &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount</u> \*\*** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**PUT OPTIONS - 0.76%** | &nbsp;&nbsp;**PUT OPTIONS - 0.76%** |  |  |  |  |  |
| &nbsp;&nbsp;S&P 500 Index Put \* | &nbsp;&nbsp;Options Clearing Corp. | &nbsp;&nbsp;10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;35070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options (Premiums Paid $47,878) - 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options (Premiums Paid $47,878) - 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Put Options (Premiums Paid $47,878) - 0.76% |  |  |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;35070 |
| &nbsp;&nbsp;\* Non-income producing security during the period. | &nbsp;&nbsp;\* Non-income producing security during the period. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2025. |  |
| &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Forester Value Fund** |  |
| &nbsp;&nbsp;**STATEMENT OF ASSETS AND LIABILITIES** | &nbsp;&nbsp;**STATEMENT OF ASSETS AND LIABILITIES** |  |
| &nbsp;&nbsp;**September 30, 2025 (Unaudited)** | &nbsp;&nbsp;**September 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $3,614,895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $3,614,895) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4569079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit with Broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit with Broker | &nbsp;&nbsp;702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576237 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4571305 |
| &nbsp;&nbsp;Net Assets Consist of: | &nbsp;&nbsp;Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3720225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851080 |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4571305 |
| &nbsp;&nbsp;Class I Shares: | &nbsp;&nbsp;Class I Shares: |  |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1116015 |
| &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177110 |
| &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30 |
| &nbsp;&nbsp;Class N Shares: | &nbsp;&nbsp;Class N Shares: |  |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2616939 |
| &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431949 |
| &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06 |
| &nbsp;&nbsp;Class R Shares: | &nbsp;&nbsp;Class R Shares: |  |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 838351 |
| &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;Shares outstanding (250,000,000 shares authorized with $0.0001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127665 |
| &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**The Forester Value Fund** |  |  |
| &nbsp;&nbsp;**STATEMENT OF OPERATIONS** | &nbsp;&nbsp;**STATEMENT OF OPERATIONS** | &nbsp;&nbsp;**STATEMENT OF OPERATIONS** |  |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)** |  |
| &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $169) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76844 |
| &nbsp;&nbsp;Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;19847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees | &nbsp;&nbsp;5265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27514 |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49330 |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments and Options: | &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments and Options: | &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments and Options: |  |
| &nbsp;&nbsp; Realized Gain (Loss) on: | &nbsp;&nbsp; Realized Gain (Loss) on: | &nbsp;&nbsp; Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8676) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244085 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81342 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments and Options | &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments and Options | &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325427 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374757 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** | &nbsp;&nbsp;**The Forester Value Fund** |
| &nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** | &nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** | &nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49330 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Options | &nbsp;&nbsp;244085 | &nbsp;&nbsp;337581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation (Depreciation) on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;374757 | &nbsp;&nbsp;207962 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | &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; (12130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N Shares | &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; (51564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | &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; (15201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid to Shareholders | &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; (78895) |
| &nbsp;&nbsp;Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608568) |
| &nbsp;&nbsp;Total Increase (Decrease) | &nbsp;&nbsp;1481709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479501) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569097 |
| &nbsp;&nbsp;End of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4571305 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3089596 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** | &nbsp;&nbsp;**The Forester Value Fund - Class I** |
| &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;3/31/2024 |  | &nbsp;&nbsp;3/31/2023 |  | &nbsp;&nbsp;3/31/2022 |  | &nbsp;&nbsp;3/31/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.10 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.14 |  | &nbsp;&nbsp;0.12 |  | &nbsp;&nbsp;0.07 |  | &nbsp;&nbsp;0.12 |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |  | &nbsp;&nbsp;0.18 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &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; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |  |
| &nbsp;&nbsp; Realized Gains | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &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; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.06) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;10.92% &nbsp;&nbsp;(b) | &nbsp;&nbsp;8.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.77)% |  | &nbsp;&nbsp;3.22% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17)% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1109 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1213 |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.99% &nbsp;&nbsp;(a) | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;+ | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;+ | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;+ | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;2.50% &nbsp;&nbsp;(a) | &nbsp;&nbsp;2.33% | &nbsp;&nbsp;2.67% |  | &nbsp;&nbsp;1.96% |  | &nbsp;&nbsp;1.29% |  | &nbsp;&nbsp;1.30% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;12.75% &nbsp;&nbsp;(b) | &nbsp;&nbsp;7.91% | &nbsp;&nbsp;7.13% |  | &nbsp;&nbsp;117.75% |  | &nbsp;&nbsp;7.80% |  | &nbsp;&nbsp;4.77% |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. |  |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 0.99% for the years ended March 31, 2024, 2023, 2022 and 2021. |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** | &nbsp;&nbsp;**The Forester Value Fund - Class N** |
| &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;3/31/2024 |  | &nbsp;&nbsp;3/31/2023 |  | &nbsp;&nbsp;3/31/2022 |  | &nbsp;&nbsp;3/31/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.88 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.12 |  | &nbsp;&nbsp;0.10 |  | &nbsp;&nbsp;0.06 |  | &nbsp;&nbsp;0.09 |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |  | &nbsp;&nbsp;0.10 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.04) |  | &nbsp;&nbsp;(0.19) |  | &nbsp;&nbsp;0.16 |  | &nbsp;&nbsp;(0.30) |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &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; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |  |
| &nbsp;&nbsp; Realized Gains | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &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; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.99) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;10.79% &nbsp;&nbsp;(b) | &nbsp;&nbsp;7.98% | &nbsp;&nbsp;(0.55)% |  | &nbsp;&nbsp;(3.57)% |  | &nbsp;&nbsp;2.96% |  | &nbsp;&nbsp;(1.54)% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2617 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2371 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2737 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3139 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3563 |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.25% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;2.18% &nbsp;&nbsp;(a) | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;2.39% |  | &nbsp;&nbsp;1.69% |  | &nbsp;&nbsp;1.03% |  | &nbsp;&nbsp;1.04% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;12.75% &nbsp;&nbsp;(b) | &nbsp;&nbsp;7.91% | &nbsp;&nbsp;7.13% |  | &nbsp;&nbsp;117.75% |  | &nbsp;&nbsp;7.80% |  | &nbsp;&nbsp;4.77% |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. |  |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.25% for the years ended March 31, 2024, 2023, 2022 and 2021. |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** | &nbsp;&nbsp;**The Forester Value Fund - Class R** |
| &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Selected data for a share outstanding throughout the period:** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;3/31/2024 |  | &nbsp;&nbsp;3/31/2023 |  | &nbsp;&nbsp;3/31/2022 |  | &nbsp;&nbsp;3/31/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.26 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.12 |  | &nbsp;&nbsp;0.10 |  | &nbsp;&nbsp;0.05 |  | &nbsp;&nbsp;0.07 |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |  | &nbsp;&nbsp;0.15 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &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; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |  |
| &nbsp;&nbsp; Realized Gains | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &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; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.94) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;10.79% &nbsp;&nbsp;(b) | &nbsp;&nbsp;7.58% | &nbsp;&nbsp;(0.75)% |  | &nbsp;&nbsp;(3.74)% |  | &nbsp;&nbsp;2.56% |  | &nbsp;&nbsp;(1.62)% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1271 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.50% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;+ | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.91% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;2.07% |  | &nbsp;&nbsp;1.52% |  | &nbsp;&nbsp;0.78% |  | &nbsp;&nbsp;0.81% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;12.75% &nbsp;&nbsp;(b) | &nbsp;&nbsp;7.91% | &nbsp;&nbsp;7.13% |  | &nbsp;&nbsp;117.75% |  | &nbsp;&nbsp;7.80% |  | &nbsp;&nbsp;4.77% |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. |  |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. | &nbsp;&nbsp;+ Expenses (excluding interest expense) were 1.50% for the years ended March 31, 2024, 2023, 2022 and 2021. |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |  |  |  |

---

**The Forester Value Fund**

Notes to Financial Statements

September 30, 2025 (Unaudited)

**1.) ORGANIZATION**

The Forester Funds, Inc. (the "Company") is an open-end diversified investment company currently offering one series of shares, The Forester Value Fund. The Company was incorporated as a Maryland corporation on April 7, 1999. The accompanying financial statements are those of the Forester Value Fund (the "Fund"). Forester Capital Management, Ltd. (the "Advisor") serves as the Fund's investment advisor. The Fund currently offers three classes of shares, Class I shares, Class N shares and Class R shares. Each class of shares commenced operations on the following dates: Class I shares June 8, 2009, Class N shares September 10, 1999 and Class R shares December 28, 2010. Each class differs as to administrative and distribution fees, such that Class I shares have no distribution fees but there is a higher minimum initial investment required. See Note 4 to the financial statements for further information regarding the fees for each Class of shares offered by the Fund.

The objective of the Fund is to seek long-term growth of capital.

**2.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.*

**Security Valuation** - All investments in securities are recorded at their estimated fair value, as described in Note 3.

**Federal Income Taxes** - The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as "regulated investment company" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Fund's 2025 tax returns. The Fund identifies its major tax jurisdiction as U.S. Federal and State of Illinois, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended September 30, 2025, the Fund did not incur any interest or penalties.

**Security Transactions, Investment Income and Distributions to Shareholders -** As is common in the industry, security transactions are accounted for on the trade date (the date the securities are purchased or sold). Interest income is recorded on the accrual basis. Discounts and premiums are amortized over the useful lives of the respective securities. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders substantially all of its net realized capital gains and investment income, if any at year-end. Withholding taxes on foreign dividends have been provided for in accordance with the company's understanding of the applicable country's tax rules and rates.

**Use of Estimates in Financial Statements -** The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and assumptions.

**Options -** The Fund may invest in put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining if the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may utilize call and put options to attempt to protect against possible changes in the market value of securities held in or to be purchased for the Fund's portfolio and to generate income or gain for the Fund. The ability of the Fund to successfully utilize options will depend on the Advisor's ability to predict pertinent market movements, which cannot be assured. The Fund will comply with applicable regulatory requirements when implementing these techniques and instruments.

**Share class accounting –** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the three classes of shares of the Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**3.) SECURITIES VALUATIONS**

***Processes and Structure***

 ****

The Fund's Board of Directors has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Directors.

***Hierarchy of Fair Value Inputs***

The Fund utilizes various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted prices in active
markets for identical assets or liabilities that the company has the ability to access.

· *Level 2.* Observable inputs other than
quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include
quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit
risk, yield curves, default rates and similar data.

· *Level 3.* Unobservable inputs for the asset
or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the
assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Fair Value Measurements***

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows:

*Equity securities (common stocks)* - Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in level 2.

*Short term investments* – Investments in other investment companies, including money market funds, are valued at the investment company's net asset value per share. These securities will be categorized in level 1 of the fair value hierarchy.

*U.S. government agencies & obligations -* U.S. government agencies & obligations are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government obligations are categorized in level 1 or level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

*Derivative instruments (put options)* – Options are valued at the last sales prices on the valuation date if the last sales price is between the closing bid and asked prices. Otherwise, options are valued at the closing bid price. These securities will be categorized in level 2 of the fair value hierarchy if valued at other than closing price.

The following table summarizes the inputs used to value the Fund's assets measured at fair value as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$2791123 | &nbsp;&nbsp;$&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;$2791123 |
| &nbsp;&nbsp;Put Options Purchased | &nbsp;&nbsp;- | &nbsp;&nbsp;35070 | &nbsp;&nbsp;- | &nbsp;&nbsp;35070 |
| &nbsp;&nbsp;U.S. Government Agencies & Obligations | &nbsp;&nbsp;- | &nbsp;&nbsp;1292183 | &nbsp;&nbsp;- | &nbsp;&nbsp;1292183 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;450703 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;450703 |
|  | &nbsp;&nbsp;$3241826 | &nbsp;&nbsp;$1327253 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$4569079 |

---

\* Industry classifications of these categories are detailed on the Fund's Schedule of Investments.

The Fund did not hold any Level 3 assets during the six months ended September 30, 2025. There were no significant transfers into or out of level 1 or level 2 during the period. It is the Fund's policy to recognize transfers into and out of level 1 and level 2 at the end of the reporting period.

**4.) TRANSACTIONS WITH AFFILIATES**

**Investment Advisory Agreement** – The Advisor provides the Fund with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space and certain administrative services, and personnel needed by the Fund. The Advisor receives a management fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.89% of the Fund's average daily net assets for Class I, Class N and Class R shares. For the six months ended September 30, 2025, the Advisor earned a management fee of $4,541 for Class I, $11,868 for Class N, and $3,438 for Class R. The Fund owes the Advisor $3,264 for management fees as of September 30, 2025.

**Administrative Fee -** The Fund pays the Advisor an administration fee for all other normal operating expenses (including administrative services and all expenses related to the Fund's daily operations, excluding management fees and certain excluded extraordinary expenses like non-filing legal fees), which is computed and accrued daily and paid monthly, at an annual rate of 0.10% of the Fund's average daily net assets for Class I shares, 0.11% of the Fund's average daily net assets for Class N and Class R shares. For the six months ended September 30, 2025, the Advisor earned a fee of $510 for Class I, $1,467 for Class N and $425 for Class R. The Fund owes the Advisor $399 at September 30, 2025 for administrative fees.

**Distribution Agreement and Plan** - The Fund has adopted a Distribution Plan pursuant to which the Fund pays broker-dealers for distributing Class N and Class R shares of the Fund. This expense, which is computed and accrued daily and paid monthly, is limited to an annual rate 0.25% of Class N average daily net assets and an annual rate of 0.50% of Class R average daily net assets. For the six months ended September 30, 2025, the Fund accrued $3,334 for Class N and $1,931 for Class R. The Fund owes the Advisor $864 at September 30, 2025 for distribution fees.

**Related Party -** Thomas Forester is the control person of the Advisor and also serves as a director and officer of the Company. Mr. Forester receives benefits from the Advisor resulting from management fees paid to the Advisor by the Fund.

**5.) SEGMENT REPORTING**

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role, the Advisor is deemed to be the Chief Operating Decision Maker.

**6.) INVESTMENT TRANSACTIONS**

For the six months ended September 30, 2025, purchases and sales of investment securities, other than short-term investments, options and U.S. Government Securities, aggregated $731,756 and $330,841, respectively; purchases and sales of options aggregated $978,843 and $1,070,123, respectively; purchases and sales of short term U.S. Government securities aggregated $1,273,933 and $600,000, respectively.

**7.) DERIVATIVE TRANSACTIONS**

The Fund considers the average quarter-end notional amounts during the year, categorized by primary underlying risk, to be representative of its derivative activities during the six months ended September 30, 2025.

Average notional value of:

Put Options Purchased $5,900,000

The Fund has adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose: a) how and why an entity uses derivative instruments; and b) how derivative instruments and related hedged items affect an entity's financial position, financial performance and cash flows.

As of September 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp; **Equity Index**<br> **Contracts** |
| &nbsp;&nbsp;Put Options Purchased (Investments in Securities) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;35070 |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;35070</u> |

---

For the six months ended September 30, 2025, financial derivative instruments had the following effect on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net change in unrealized appreciation on:** | &nbsp;&nbsp; **Equity Index**<br> **Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Put Options Purchased (Investments)\* | &nbsp;&nbsp;$39026 | &nbsp;&nbsp;$39026 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Net realized loss on:** | &nbsp;&nbsp; **Equity Index**<br> **Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Put Options Purchased (Investments)\* | &nbsp;&nbsp;$(8676) | &nbsp;&nbsp;$(8676) |

---

\*This information is also in the investments line item in the Statement of Operations.

The selling of written call options may tend to reduce the volatility of the Fund because the premiums received from selling the options will reduce any losses on the underlying securities, but only by the amount of the premiums. However, selling the options may also limit the Fund's gain on the underlying securities. Written call options expose the Fund to minimal counterparty risk since they are exchange-traded and the exchange's clearing house guarantees the options against default.

The Fund engages in option transactions involving individual securities and stock indexes. An option involves either: (a) the right or the obligation to buy or sell a specific instrument at a specific price until the expiration date of the option; or (b) the right to receive payments or the obligation to make payments representing the difference between the closing price of a stock index and the exercise price of the option expressed in dollars times a specified multiple until the expiration date of the option. The Fund may purchase and write options. Options are sold (written) on securities and stock indexes. The purchaser of an option on a security pays the seller (the writer) a premium for the right granted but is not obligated to buy or sell the underlying security. The purchaser of an option on a stock index pays the seller a premium for the right granted, and in return the seller of such an option is obligated to make the payment. A writer of an option may terminate the obligation prior to expiration of the option by making an offsetting purchase of an identical option. Options are traded on organized exchanges and in the over-the-counter market. To cover the potential obligations involved in writing options, a Fund will either: (a) own the underlying security, or in the case of an option on a market index, will hold a portfolio of stocks substantially replicating the movement of the index; or (b) the Fund will segregate with the custodian high grade liquid assets sufficient to purchase the underlying security or equal to the market value of the stock index option, marked to market daily.

The purchase of options limits a Fund's potential loss to the amount of the premium paid and can afford the Fund the opportunity to profit from favorable movements in the price of an underlying security to a greater extent than if transactions were effected in the security directly. However, the purchase of an option could result in the Fund losing a greater percentage of its investment than if the transaction were effected directly. When a Fund writes a call option, it will receive a premium, but it will give up the opportunity to profit from a price increase in the underlying security above the exercise price as long as its obligation as a writer continues, and it will retain the risk of loss should the price of the security decline. When a Fund writes a put option, it will assume the risk that the price of the underlying security or instrument will fall below the exercise price, in which case a Fund may be required to purchase the security or instrument at a higher price than the market price of the security or instrument. In addition, there can be no assurance that the Fund can affect a closing transaction on a particular option it has written. Further, the total premium paid for any option may be lost if a Fund does not exercise the option.

The Fund engages in option transactions involving securities and stock indices in order to gain exposure to particular securities or markets, in connection with hedging transactions, or to try to enhance returns. Options require additional skills and techniques beyond normal portfolio management. The Fund's use of options involves risk that such instruments may not work as intended due to unanticipated developments, especially in abnormal market conditions, or if the adviser makes an error in judgment, or other causes. The use of options may magnify the increase or decrease in the performance of the Fund, and may also subject the Fund to higher price volatility.

The premiums paid for the options represent the cost of the investment and the options are valued daily at their closing price. The Fund recognizes a realized gain or loss when the option is sold or expired. Option holdings within the Fund, which may include put options and call options, are subject to loss of value with the passage of time, and may experience a total loss of value upon expiration. With options, there is minimal counterparty risk to the Fund since they are exchange traded.

**8.) CAPITAL SHARE TRANSACTIONS**

As of September 30, 2025, there were 5,000,000,000 shares of capital stock for the Company with a par value of $0.0001 authorized. Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** |
| &nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;127359 | &nbsp;&nbsp;$771122 | &nbsp;&nbsp;2765 | &nbsp;&nbsp;$15122 |
| Shares issued in reinvestment of dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1923 | &nbsp;&nbsp;9920 |
| Shares redeemed | &nbsp;&nbsp; (25562) | &nbsp;&nbsp; (153972) | &nbsp;&nbsp; (18829) | &nbsp;&nbsp; (101740) |
| Net increase (decrease) | &nbsp;&nbsp; <u>101797</u> | &nbsp;&nbsp;<u>$617150</u> | &nbsp;&nbsp; <u>(14141)</u> | &nbsp;&nbsp;<u>$(76698)</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** |
| &nbsp;&nbsp;**CLASS N SHARES** | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;213559 | &nbsp;&nbsp;$1242805 | &nbsp;&nbsp;42077 | &nbsp;&nbsp;$227914 |
| Shares issued in reinvestment of dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;9918 | &nbsp;&nbsp;49294 |
| Shares redeemed | &nbsp;&nbsp; (144704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839149) | &nbsp;&nbsp; (143735) | &nbsp;&nbsp; (739724) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 68855</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 403656</u> | &nbsp;&nbsp; <u>(91740)</u> | &nbsp;&nbsp;<u>$(462516)</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Six Months ended**<br> **<u>September 30, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** | &nbsp;&nbsp; **Year ended**<br> **<u>March 31, 2025</u>** |
| &nbsp;&nbsp;**CLASS R SHARES** | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> | &nbsp;&nbsp; <br> <u>Shares</u> | &nbsp;&nbsp; <br> <u>Amount</u> |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;27497 | &nbsp;&nbsp;$173912 | &nbsp;&nbsp;7540 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 41976 |
| Shares issued in reinvestment of dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2815 | &nbsp;&nbsp;15201 |
| Shares redeemed | &nbsp;&nbsp; (13982) | &nbsp;&nbsp; (87766) | &nbsp;&nbsp; (22667) | &nbsp;&nbsp; (126531) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;13515</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;86146</u> | &nbsp;&nbsp; <u>(12312)</u> | &nbsp;&nbsp;<u>$(69354)</u> |

---

**9.) TAX MATTERS**

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Fund's tax basis capital gains and losses and undistributed ordinary income are determined only at the end of each fiscal year. As of March 31, 2025, the Fund's most recent fiscal year-end, components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br> Undistributed Ordinary Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 |
| &nbsp;&nbsp;Short-term Capital Loss Carryforward – Non-expiring | &nbsp;&nbsp;(456189) |
| &nbsp;&nbsp;Post-October Capital Loss Deferral | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Unrealized Appreciation of Investments | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924676</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 476323</u> |

---

Under current tax law, net capital losses realized after October 31<sup>st</sup> and net ordinary losses incurred after December 31<sup>st</sup> may be deferred and treated as occurring on the first day of the following year. The Fund utilized $120,539 of capital loss carry forwards during the year ended March 31, 2025.

As of March 31, 2025, the Fund has a capital loss carryforward available for federal income tax purposes, which can be used to offset future capital gains, as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Short-term non-expiring | &nbsp;&nbsp;$456189 |

---

As of March 31, 2025, the tax basis components of unrealized appreciation (depreciation) and cost of investment securities inclusive of derivative contracts were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Gross unrealized appreciation on investment securities | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;940676 |
| &nbsp;&nbsp;Gross unrealized depreciation on investment securities | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (16000)</u> |
| &nbsp;&nbsp;Net unrealized appreciation on investment securities | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;924676</u> |
| &nbsp;&nbsp;Tax cost of investment securities, including short-term investments\* | &nbsp;&nbsp;<u>$2016432</u> |

---

\*The difference between the book cost and tax cost of investments represents mark-to-market on 1256 contracts for tax purposes.

No distributions were paid during the six months ended September 30, 2025.

The tax character of distributions paid during the year ended March 31, 2025 is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Ordinary income: | &nbsp;&nbsp;March 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | $&nbsp;&nbsp;&nbsp;&nbsp;12130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N Shares | 51564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | 15201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;78895 |

---

**10.) COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**11.) CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940, as amended. As of September 30, 2025, National Financial Services, LLC, in omnibus accounts, for the benefit of others, in aggregate, owned approximately 37% of the Fund and may be deemed to control the Fund.

**12.) MARKET RISK**

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**13.) NEW ACCOUNTING PRONOUNCEMENTS**

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective on April 9, 2024. The compliance date is June 11, 2026 for Funds with more than $1 billion in assets and December 11, 2026 for Funds with less than $1 billion in assets. Management is currently evaluating the impact of the new rule.

**14.) SUBSEQUENT EVENT** 

Management has evaluated the impact of all subsequent events on the Fund through the issuance of these financial statements and has noted no such events requiring disclosure.

**The Forester Value Fund**

Additional information

September 30, 2025 (UNAUDITED)

***Proxy Voting*** - A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the 12-month period ended June 30, are available without charge upon request by (1) calling the Fund at 1-800-388-0365 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>www.sec.gov</u>. A review of how the Fund voted on company proxies can be obtained at our transfer agent's website, <u>www.mutualss.com</u>.

**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.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(a) The registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.

(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 registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics. Not applicable.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(b) Certification pursuant to Section 906 Certification of the Sarbanes-Oxley Act of 2002. Filed herewith.

**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.

<u>THE FORESTER FUNDS, INC.</u>

By /s/Thomas H. Forester

Thomas H. Forester

CEO and CFO

Date <u>December 8, 2025</u>

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/Thomas H. Forester

Thomas H. Forester

CEO and CFO

Date <u>December 8, 2025</u>

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Thomas H. Forester, certify that:

1. I have reviewed this report on Form N-CSR of The Forester Funds, Inc.;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) 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) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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(s) 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: <u>December 8, 2025</u>

<u>/s/Thomas H. Forester</u>

Thomas H. Forester

CEO and CFO

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Thomas H. Forester, Chief Executive Officer, and Chief Financial Officer of The Forester Funds, Inc. (the "Registrant"), does certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer and Chief Financial Officer

The Forester Funds, Inc. Trust

/s/Thomas H. Forester

Thomas H. Forester

Date: <u>December 8, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to The Forester Funds, Inc. Trust and will be retained by The Forester Funds, Inc. Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

<br>