Forester Discovery Fund

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December 31, 2020 value-based hedged equity Forester Discovery Fund

The Forester Discovery Fund is a diversified, no-load mutual fund for investors seeking long-term growth of capital by investing primarily in common stocks from countries outside of the United States, with added emphasis on capital protection in unfavorable market conditions. The fund’s objective is maximum long-term capital growth.

TOTAL RETURN AVERAGE ANNUALIZED (%) as of 12/31/2020 FUND INCEPTION DATE: 9/10/99 OBJECTIVE

Maximum long-term YTD 1 year 3 years 5 years 10 years Since Incp. capital growth Forester Discovery Fund 1.98 1.98 -2.27 0.11 1.14 2.88 MSCI ACWI Ex USA VALUE NR USD1 -0.78 -0.78 -0.41 5.71 2.78 N/A TICKER INTLX Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, your investment may be worth more or less than its original cost. CUSIP Performance current to the most recent month-end may be lower or higher than performance quoted and can be 34623P100 obtained by calling 800-388-0365. Performance for periods less than one year is not annualized.

INCEPTION DATE PORTFOLIO SECTOR DIVERSIFICATION2 as of 12/31/2020 9/10/1999

EXPENSE RATIO Basic Materials 10.10% T-Bills 6.01% 1.15% Financial 7.99% Communication Services 5.50% Health Care 7.87% Consumer Discretionary 4.16% MINIMUM INVESTMENT Utilities 7.79% Energy 3.55% $2,500 Consumer Staples 6.48% Other 0.00% Industrials 6.35% Real Estate 0.00% Information Technology 6.18% Cash 28.02%

INTLX FUND INFORMATION TOP TEN HOLDINGS2 as of 12/31/2020 NSCC Number 4949 RWE AG 5.10% For more complete information NAV $12.71 Sanofi ADR 4.41% Number of Holdings 21 Unilever Plc. ADR 3.66% on the Forester Funds, including P/E 16.50 Siemens AG ADR 3.61% charges and expenses, obtain Yield (before fees) 3.86% Prudential Plc. ADR 3.59% a prospectus by calling Weighted Ave Market Cap (bil) $72B Agnico Eagle Mines Ltd. 3.58% 800-388-0365. The prospectus Expense Ratio 1.19% Total SE ADR 3.55% should be read carefully before Total Assets (mil) $2M SAP SE ADR 3.49% investing. Minimum Investment $2,500 GlaxoSmithKline Plc. ADR 3.46% Sales Load None Newmont Corp. 3.27% Forester Funds 12b-1 Fee None

800-388-0365 1MSCI ACWI EX USA VALUE INDEX (USD) MSCI ACWI EX USA VALUE INDEX. The MSCI ACWI ex USA Value Index captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 26 Emerging www.forestervalue.com Markets countries*. 2 Portfolio holdings and distributions are subject to change and are not recommendations to buy and sell any security. CALENDAR YEAR RETURNS (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Forester 5.64 3.23 1.65 0.52 0.61 2.30 4.17 4.19 7.66 18.61 1.54 -2.73 5.79 8.51 -1.12 0.94 -3.89 12.07 -11.78 3.74 1.98 Discovery Fund

MSCI ACWI 1 N/A -16.14 -14.93 47.34 25.08 16.53 29.74 12.31 -45.47 44.29 7.84 -13.20 16.97 15.04 -5.10 -10.06 8.92 22.66 -13.97 15.71 -0.78

ABOUT THE INVESTMENT ADVISOR Tom Forester, CFA, The Fund is managed by Forester Capital Management, Ltd., which selects the Fund’s Portfolio Manager, investments and handles its business affairs under the direction of the Fund’s board of directors. President and Chief Investment Officer Forester Capital was incorporated in 1999 and its address is: 100 Field Drive, Lake Forest, IL 60045. of Forester Capital Management, Ltd. ABOUT OUR STRATEGY The Forester Discovery Fund Our decisions are grounded in a fundamental belief that Low P/E stocks outperform over the has been managed since its long-term. The fund generally invests at least 65% of its net assets in the common stocks of non- inception by Thomas H. Forester, U.S. companies that it believes are undervalued and have great appreciation potential. These CFA. He has extensive money companies may operate in both developed countries and emerging markets. At times, the fund management experience. From is positioned defensively when the manager believes that the overall stock market is highly May 1997 through January, valued or that market conditions warrant it. 1999, Mr. Forester was an officer and portfolio manager with The Fund generally purchases a stock only at a price deemed significantly below the intrinsic Dreman Value Advisors, Inc. value of the company—Forester Capital’s estimate of the amount a buyer would pay to own the and its successor firm, Scudder entire company—after performing its own fundamental analysis of the company. Investments Inc. where he managed over $1.4 billion in value assets. He previously was ABOUT OUR PROCESS an officer and portfolio manager Step 1 Investable Universe from 1995 to 1997 with Peregrine Market capitalization above $5 billion Capital Management Inc., a Price/Earnings ratio below sector average subsidiary of Wells Fargo and an Focus on fewer than 200 companies to perform indepth analysis officer and portfolio manager for Thomas White International from 1992 to 1995. Step 2 Business Analysis Fundamental research to identify companies with: Mr. Forester, CFA, holds an MBA Solid balance sheet Good competitive position from the Kellogg School at Historical EPS growth Northwestern University and a Historical dividend growth BA degree in economics (with honors) from the University of Identification of 70-80 high quality value companies Colorado (1981). He also studied at the London Business School. Step 3 Security Selection Determine future growth potential Mr. Forester has appeared on Research competitive advantages CNBC and in articles in The Wall Identify potential catalysts for reaching fair value Street Journal, New York Times, 40-50 highest conviction value stocks Forbes, Fortune, Barron’s, Money, SmartMoney, Washington Post, Step 4 Portfolio Construction USA Today, Investment News, Individual positions of 1% to 3.5% Investor’s Business Daily and Sector limit of 25% Marketwatch. Valuation overlay of sector weights

This process has historically led to strong performance 350 with lower risk.