Waterville Large Cap Value Fund gets new adviser, reduces fees

By Toni Weeks

San Diego, Dec. 27 - The board of trustees of Forum Funds terminated its investment adviser agreement with Waterville Capital, LLC as of Dec. 27 and commenced an interim agreement with Radnor, Pa.-based Carne Capital, LLC to act as investment adviser to the Waterville Large Cap Value Fund.

According to a 497 filing with the Securities and Exchange Commission, the agreement will be in effect until May 20 or until shareholders approve a new investment advisory agreement, whichever is earlier.

In connection with the adviser change, the fund has changed its name to Carne Large Cap Value Fund.

The filing also said that Carne Capital has reduced the advisory fee to 0.95% from 1% of the fund's average annual daily net assets.

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