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Forester Value Fund Forester Value Fund Class I Shares (FVILX) Class N Shares (FVALX) Class R Shares (FVRLX) SEMI-ANNUAL REPORT SEPTEMBER 30, 2020 (UNAUDITED) Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.forestervalue.com and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you. This report is submitted for the general information of shareholders of The Forester Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective Prospectus for the Funds, which contains more information concerning the Funds' investment policies, as well as fees and expenses and other pertinent information. Read the Prospectus carefully before you invest or send money. THE FORESTER VALUE FUND PORTFOLIO ILLUSTRATION SEPTEMBER 30, 2020 (UNAUDITED) The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments. Sectors are categorized using Global Industry Classification Standard (GICS). The Forester Value Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2020 (UNAUDITED) Shares/Par Value Value COMMON STOCKS - 74.80% Communication Services - 1.94% 4,960 AT&T, Inc. $ 141,410 Consumer Discretionary - 2.72% 3,800 Ebay, Inc. 197,980 Consumer Staples - 14.32% 5,560 Conagra Brands, Inc. 198,548 3,330 General Mills, Inc. 205,394 1,240 JM Smucker Co. 143,245 4,620 The Kroger Co. 156,664 3,700 Tyson Foods, Inc. Class A 220,076 3,300 Walgreens Boots Alliance, Inc. 118,536 1,042,463 Energy - 3.17% 1,400 Chevron Corp. 100,800 3,790 Exxon Mobil Corp. 130,111 230,911 Financials - 10.37% 1,680 Allstate Corp. 158,155 1,100 Aon Plc. (United Kingdom) 226,930 1,640 Travelers Companies, Inc. 177,432 5,360 US Bancorp, Inc. 192,156 754,673 Health Care - 17.27% 1,300 AbbVie, Inc. 113,867 2,600 Bristol Myers Squibb Co. 156,754 1,920 Cardinal Health, Inc. 90,144 770 Cigna Corp. * 130,446 3,100 CVS Health Corp. 181,040 1,100 Johnson & Johnson 163,768 6,200 Pfizer, Inc. 227,540 620 UnitedHealth Group, Inc. 193,297 1,256,856 Industrials - 7.34% 1,000 3M Co. 160,180 1,000 General Dynamics Corp. 138,430 4,450 Quanta Services, Inc. 235,227 533,837 The Forester Value Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2020 (UNAUDITED) Shares/Par Value Value Information Technology - 8.74% 700 CDW Corp. 83,671 1,300 International Business Machines Corp. 158,171 870 Microsoft Corp. 182,987 3,540 Oracle Corp. 211,338 636,167 Materials - 1.95% 2,236 Newmont Goldcorp Corp. 141,874 Utilities - 6.98% 1,180 DTE Energy Co. 135,747 2,800 Exelon Corp. 100,128 4,200 First Energy Corp. 120,582 2,800 Southern Co. 151,816 508,273 TOTAL FOR COMMON STOCKS (Cost $3,755,006) - 74.80% 5,444,444 TOTAL FOR PUT OPTIONS PURCHASED (Premiums Paid $127,506) - 1.18% 85,590 U.S. GOVERNMENT AGENCIES & OBLIGATIONS - 10.30% 750,000 U.S. Government Treasury Bill, 0.00%, 12/03/2020 749,875 TOTAL FOR U.S GOVERNMENT AGENCIES & OBLIGATIONS (Cost $749,933) - 10.30% 749,875 MONEY MARKET FUND - 13.67% 994,708 Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, Institutional Class, 1.00% ** 994,708 TOTAL FOR MONEY MARKET FUND (Cost $994,708) - 13.67% 994,708 TOTAL INVESTMENTS (Cost $5,627,153) - 99.95% 7,274,617 OTHER ASSETS LESS LIABILITIES, NET - 0.05% 3,712 NET ASSETS - 100.00% $ 7,278,329 * Non-income producing security during the period. ** Variable rate security; the coupon rate shown represents the yield at September 30, 2020. The accompanying notes are an integral part of these financial statements. The Forester Value Fund SCHEDULE OF PUT OPTIONS PURCHASED SEPTEMBER 30, 2020 (UNAUDITED) Notional Exercise Underlying Security Counterparty Contracts + Amount ** Price Expiration Value PUT OPTIONS - 1.18% S&P 500 Index Put * Interactive Brokers 30$ 8,700,000 $ 2,900 11/20/2020$ 85,590 Total Put Options (Premiums Paid $127,506) - 1.18% $ 85,590 * Non-income producing security during the period. **The notional amount is calculated by multiplying outstanding contracts by the exercise price at September 30, 2020. + Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. The accompanying notes are an integral part of these financial statements. The Forester Value Fund STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 2020 (UNAUDITED) Assets: Investments in Securities, at Value (Cost $5,627,153)$ 7,274,617 Deposit with Broker for Options 24 Cash 1,000 Receivables: Shareholder Subscriptions 4,465 Dividends and Interest 5,516 Total Assets 7,285,622 Liabilities: Payables: Due to Advisor 7,293 Total Liabilities 7,293 Net Assets $ 7,278,329 Net Assets Consist of: Paid In Capital $ 2,620,197 Distributable Earnings 4,658,132 Net Assets $ 7,278,329 Class I Shares: Net Assets $ 2,028,097 Shares outstanding (250,000,000 shares authorized with $0.0001 par value) 195,581 Net asset value, offering price, and redemption price per share$ 10.37 Class N Shares: Net Assets $ 4,493,980 Shares outstanding (250,000,000 shares authorized with $0.0001 par value) 442,783 Net asset value, offering price, and redemption price per share$ 10.15 Class R Shares: Net Assets $ 756,252 Shares outstanding (250,000,000 shares authorized with $0.0001 par value) 72,055 Net asset value, offering price, and redemption price per share$ 10.50 The accompanying notes are an integral part of these financial statements. The Forester Value Fund STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) Investment Income: Dividends $ 91,725 Interest 294 Total Investment Income 92,019 Expenses: Advisory Fees 36,859 Distribution (12b-1) Fees 8,607 Administration Fees 4,444 Total Expenses 49,910 Net Investment Income 42,109 Realized and Unrealized Gain on Investments and Options: Realized Gain (Loss) on: Investments (1,249,034) Options Written 75,741 (1,173,293) Net Change in Unrealized Appreciation (Depreciation) on: Investments 633,727 Options Written (55,173) 578,554 Net Realized and Unrealized Loss on Investments and Options (594,739) Net Decrease in Net Assets Resulting from Operations $ (552,630) The accompanying notes are an integral part of these financial statements. The Forester Value Fund STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Six Months Ended Year Ended 9/30/2020 3/31/2020 Increase (Decrease) in Net Assets From Operations: Net Investment Income $ 42,109 $ 201,741 Net Realized Gain (Loss) on Investments and Options (1,173,293) 3,047,276 Unrealized Appreciation (Depreciation) on Investments and Options 578,554 (3,353,518) Net Decrease in Net Assets Resulting from Operations (552,630) (104,501) Distributions to Shareholders: Distributions: Class I Shares - (186,611) Class N Shares - (374,510) Class R Shares - (52,069) Total Distributions Paid to Shareholders - (613,190) Capital Share Transactions (1,279,026) (9,674,224) Total Decrease (1,831,656) (10,391,915) Net Assets: Beginning of Period 9,109,985 19,501,900 End of Period $ 7,278,329 $ 9,109,985 The accompanying notes are an integral part of these financial statements. The Forester Value Fund - Class I FINANCIAL HIGHLIGHTS Selected data for a share outstanding throughout the period: (Unaudited) Six Months Ended Years Ended 9/30/2020 3/31/2020 3/31/2019 3/31/2018 3/31/2017 3/31/2016 Net Asset Value, at Beginning of Period $ 11.10 $ 11.61 $ 11.63 $ 11.36 $ 12.57 $ 12.86 Income From Investment Operations: Net Investment Income * 0.07 0.17 0.14 0.12 0.10 0.07 Net Gain (Loss) on Securities (Realized and Unrealized) (0.80) 0.04 0.03 0.27 (1.19) (0.28) Total from Investment Operations (0.73) 0.21 0.17 0.39 (1.09) (0.21) Distributions: Net Investment Income - (0.72) (0.19) (0.12) (0.12) (0.08) Realized Gains - - - - - - Total from Distributions - (0.72) (0.19) (0.12) (0.12) (0.08) Net Asset Value, at End of Period $ 10.37 $ 11.10 $ 11.61 $ 11.63 $ 11.36 $ 12.57 Total Return ** (6.58)% (b) 2.04% 1.57% 3.49% (8.68)% (1.60)% Ratios/Supplemental Data: Net Assets at End of Period (Thousands) $ 2,028 $ 2,407 $ 10,978 $ 20,474 $ 29,594 $ 62,964 Ratio of Expenses to Average Net Assets 0.99% (a) 0.99% 0.99% 0.99% 0.99% 0.99% Ratio of Net Investment Income to Average Net Assets 1.24% (a) 1.50% 1.22% 1.09% 0.65% 0.59% Portfolio Turnover 2.66% (b) 21.80% 38.45% 13.11% 12.76% 5.73% * Per share net investment income has been determined on the basis of average shares outstanding during the year or period.
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