# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-26-000145
**Filing Date:** 2026-5
**Character Count:** 64212
**Document Hash:** d4727acb9134ecf38e6d3d9915872da1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-26-000145.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0000315774-26-000145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS
- **CENTRAL INDEX KEY:** 0000315774

**ORGANIZATION NAME:**
- **EIN:** 010516963
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03023
- **FILM NUMBER:** 26930266

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 2073472000

**MAIL ADDRESS:**
- **STREET 1:** FORUM FUNDS
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORUM FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAHNESTOCK DAILY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DAILY INCOME EXTENSION FUND INC
- **DATE OF NAME CHANGE:** 19810607

## Series and Classes Contracts Data

### Auxier Focus Fund (Series ID: S000004570)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012491 | A Shares             | AUXAX           |
| C000012493 | Investor Shares      | AUXFX           |
| C000112762 | Institutional Shares | AUXIX           |

## Nport-Ex

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

Shares

Security

Description

Value

Equity

Securities

-

91.9%

Common

Stock

-

91.3%

Communications

-

0.2%

16,900

America

Movil

SAB

de

CV,

ADR

$

430,612

1,719

Cisco

Systems,

Inc.

133,377

34,119

Telefonica

SA,

ADR

148,076

1,576

Versant

Media

Group,

Inc.

(a) 58,344

770,409

Consumer

Cyclical

-

2.5%

Airbnb,

Inc.,

Class A

(a) 25,256

4,100

Alimentation

Couche-Tard,

Inc.

231,937

680

Amazon.com,

Inc.

(a) 141,624

1,241

Booking

Holdings,

Inc.

5,225,007

890

Deckers

Outdoor

Corp.

(a) 89,080

14,025

DR

Horton,

Inc.

1,924,510

Evolution

AB,

ADR

24,340

MercadoLibre,

Inc.

(a) 172,902

7,834,656

Consumer

Discretionary

-

9.3%

134,668

Arcos

Dorados

Holdings,

Inc.,

Class A

1,111,011

34,000

Becle

SAB

de

CV

30,260

39,408

Comcast

Corp.,

Class A

1,131,404

12,753

CVS

Health

Corp.

915,920

1,075

Domino's

Pizza,

Inc.

385,699

15,600

General

Motors

Co.

1,162,200

3,775

Genuine

Parts

Co.

399,206

13,500

Grand

Canyon

Education,

Inc.

(a) 2,295,405

194,687

Lincoln

Educational

Services

Corp.

(a) 7,919,867

19,060

Lowe's

Cos.,

Inc.

4,503,497

3,871

McDonald's

Corp.

1,203,068

62,302

Sally

Beauty

Holdings,

Inc.

(a) 862,883

3,870

The

Home

Depot,

Inc.

1,272,804

Ulta

Beauty,

Inc.

(a) 26,136

10,000

Universal

Technical

Institute,

Inc.

(a) 361,000

37,350

Walmart,

Inc.

4,641,858

4,550

Yum

China

Holdings,

Inc.

221,949

7,050

Yum!

Brands,

Inc.

1,096,134

29,540,301

Consumer

Staples

-

18.3%

65,455

Altria

Group,

Inc.

4,319,375

88,805

British

American

Tobacco

PLC,

ADR

5,192,428

13,200

Coca-Cola

HBC

AG,

ADR

(a) 748,770

3,535

Diageo

PLC,

ADR

263,181

11,221

Kenvue,

Inc.

193,450

11,050

Keurig

Dr

Pepper,

Inc.

290,946

50,327

Molson

Coors

Beverage

Co.,

Class B

2,167,081

69,600

Monster

Beverage

Corp.

(a) 5,043,216

38,595

PepsiCo.,

Inc.

5,993,418

89,375

Philip

Morris

International,

Inc.

14,777,263

36,044

The

Coca-Cola

Co.

2,741,146

525

The

Hershey

Co.

109,142

178,251

The

Kroger

Co.

12,898,242

10,884

The

Magnum

Ice

Cream

Co.

NV

(a) 162,716

3,140

The

Procter

&

Gamble

Co.

453,542

48,374

Unilever

PLC,

ADR

2,755,867

1,200

Wal-Mart

de

Mexico

SAB

de

CV,

ADR

39,036

58,148,819

Energy

-

4.5%

127,510

BP

PLC,

ADR

5,992,970

7,630

Chevron

Corp.

1,578,647

13,600

ConocoPhillips

1,795,200

4,000

Devon

Energy

Corp.

201,280

7,800

Phillips

1,421,004

Shares

Security

Description

Value

Energy

-

4.5%

(continued)

13,415

Valero

Energy

Corp.

$

3,314,578

14,303,679

Financials

-

22.3%

53,260

Aflac,

Inc.

5,843,155

53,270

American

International

Group,

Inc.

4,008,568

2,780

Ameriprise

Financial,

Inc.

1,235,432

550

Aon

PLC,

Class A

177,529

5,480

Arch

Capital

Group,

Ltd.

(a) 526,025

196,649

Bank

of

America

Corp.

9,586,639

15,925

Berkshire

Hathaway,

Inc.,

Class B

(a) 7,631,260

Capital

One

Financial

Corp.

54,729

60,674

Central

Pacific

Financial

Corp.

1,939,141

25,975

Citigroup,

Inc.

2,945,825

5,616

Colliers

International

Group,

Inc.

600,294

5,616

FirstService

Corp.

780,287

2,025

Marsh

351,236

23,194

Mastercard,

Inc.,

Class A

11,589,114

1,800

PayPal

Holdings,

Inc.

81,414

1,700

Ryan

Specialty

Holdings,

Inc.

57,358

91,460

The

Bank

of

New

York

Mellon

Corp.

10,849,900

650

The

Charles

Schwab

Corp.

61,087

The

Progressive

Corp.

19,824

10,568

The

Travelers

Cos.,

Inc.

3,082,474

4,200

U.S.

Bancorp

218,442

15,249

Unum

Group

1,113,634

25,500

Visa,

Inc.,

Class A

7,707,120

7,000

Wells

Fargo

&

Co.

557,270

71,017,757

Health

Care

-

15.0%

27,784

Abbott

Laboratories

2,852,583

2,213

AbbVie,

Inc.

481,305

Amgen,

Inc.

52,777

5,550

Becton

Dickinson

&

Co.

872,627

1,295

Biogen,

Inc.

(a) 237,412

12,161

Elevance

Health,

Inc.

3,560,133

38,711

Johnson

&

Johnson

9,462,517

80,518

Medtronic

PLC

6,976,885

68,854

Merck

&

Co.,

Inc.

8,282,448

6,282

Pfizer,

Inc.

176,399

14,097

Quest

Diagnostics,

Inc.

2,762,730

6,209

The

Cigna

Group

1,656,251

27,855

UnitedHealth

Group,

Inc.

7,537,284

751

Waters

Corp.

(a) 223,648

28,100

Zimmer

Biomet

Holdings,

Inc.

2,540,802

Zoetis,

Inc.

23,642

47,699,443

Industrials

-

7.9%

2,000

Builders

FirstSource,

Inc.

(a) 164,660

41,235

CAE,

Inc.

(a) 1,074,172

1,240

Caterpillar,

Inc.

878,490

97,016

Corning,

Inc.

13,191,266

1,550

FedEx

Corp.

552,079

700

Ferguson

Enterprises,

Inc.

163,282

69,882

Gates

Industrial

Corp.

PLC

(a) 1,580,032

General

Dynamics

Corp.

102,966

3,500

Johnson

Controls

International

PLC

458,325

Old

Dominion

Freight

Line,

Inc.

58,620

28,275

RTX

Corp.

5,454,247

2,830

The

Boeing

Co.

(a) 563,255

7,440

United

Parcel

Service,

Inc.,

Class B

731,947

24,973,341

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

31,

2026. The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

–

quoted

prices

in

active

markets

for

identical

assets

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

Shares

Security

Description

Value

Information

Technology

-

8.6%

40,550

Alphabet,

Inc.,

Class A

$

11,660,558

14,775

Cognizant

Technology

Solutions

Corp.,

Class A

906,447

13,950

Fiserv,

Inc.

(a) 778,410

7,526

Forrester

Research,

Inc.

(a) 42,597

3,855

Meta

Platforms,

Inc.,

Class A

2,205,561

31,581

Microsoft

Corp.

11,690,339

27,283,912

Materials

-

2.1%

14,225

Celanese

Corp.,

Class A

935,578

30,258

Corteva,

Inc.

2,532,897

24,040

DuPont

de

Nemours,

Inc.

1,101,032

25,505

LyondellBasell

Industries

NV,

Class A

2,054,683

5,780

The

Mosaic

Co.

147,390

6,771,580

Real

Estate

-

0.0%

1,000

Americold

Realty

Trust,

Inc.

REIT

11,460

Weyerhaeuser

Co.

REIT

2,443

13,903

Technology

-

0.4%

10,000

DHI

Group,

Inc.

(a) 28,100

NVIDIA

Corp.

18,312

12,020

Qnity

Electronics,

Inc.

1,386,868

1,433,280

Transportation

-

0.2%

2,610

Union

Pacific

Corp.

633,238

Total

Common

Stock

(Cost

$85,697,952)

290,424,318

Shares

Security

Description

Rate

Value

Preferred

Stock

-

0.6%

Financials

-

0.0%

2,000

WaFd,

Inc.

(callable

at

25)

(b) (Cost

$33,367)

0.30%

32,240

Information

Technology

-

0.6%

118,059

Iterate

Studio,

Inc.

(c) (Cost

$1,999,990)

0.00 1,999,990

Total

Preferred

Stock

(Cost

$2,033,357)

2,032,230

Total

Equity

Securities

(Cost

$87,731,309)

292,456,548

Principal

Security

Description

Rate

Maturity

Value

Fixed

Income

Securities

-

7.5%

Corporate

Non-Convertible

Bonds

-

0.7%

Energy

-

0.1%

$

400,000

Energy

Transfer

LP

(callable

at

100)

(b)(d) 6.63%

02/15/45

400,357

Financials

-

0.5%

300,000

JPMorgan

Chase

&

Co.

(callable

at

100)

(b)(d) 3.65 09/01/69

298,796

500,000

JPMorgan

Chase

&

Co.

(callable

at

100)

(b)(d) 6.51 11/01/22

501,682

345,000

The

Goldman

Sachs

Group,

Inc.

(callable

at

100)

(b)(d) 6.13 11/10/64

343,328

Principal

Security

Description

Rate

Maturity

Value

Financials

-

0.5%

(continued)

$

400,000

Truist

Financial

Corp.

(callable

at

100)

(b)(d) 5.13%

06/15/49

$

393,881

1,537,687

Utilities

-

0.1%

345,000

Sempra

(d) 6.40 10/01/54

344,037

Total

Corporate

Non-Convertible

Bonds

(Cost

$2,242,342)

2,282,081

U.S.

Government

&

Agency

Obligations

-

6.8%

U.S.

Treasury

Securities

-

6.8%

13,000,000

U.S.

Treasury

Bill

(e) 3.63 04/07/26

12,992,178

5,500,000

U.S.

Treasury

Bill

(e) 3.63 04/09/26

5,495,594

3,000,000

U.S.

Treasury

Bill

(e) 3.66 07/21/26

2,966,746

21,454,518

Total

U.S.

Government

&

Agency

Obligations

(Cost

$21,454,283)

21,454,518

Total

Fixed

Income

Securities

(Cost

$23,696,625)

23,736,599

Shares

Security

Description

Value

Money

Market

Fund

-

0.4%

1,362,265

Fidelity

Investments

Treasury

Only

Portfolio,

Institutional

Class,

3.56%

(f) (Cost

$1,362,265)

1,362,264

Investments,

at

value

-

99.8%

(Cost

$112,790,199)

$

317,555,411

Other

Assets

&

Liabilities,

Net

-

0.2%

548,993

Net

Assets

-

100.0%

$

318,104,404

ADR

American

Depositary

Receipt

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) Perpetual

maturity

security.

(c) Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$1,999,990

or

0.7%

of

net

assets.

(d) Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2026. (e) Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

(f) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026. AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

supplied

by

the

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

The

following

table

summarizes

the

quantitative

inputs

used

for

investments

categorized

as

Level

of

the

fair

value

hierarchy

as

of

March

31,

2026:

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND'S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND'S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND.

Level

Level

Level

Total

Investments

at

Value

Common

Stock

Communications

$

770,409

$

–

$

–

$

770,409

Consumer

Cyclical

7,834,656

–

–

7,834,656

Consumer

Discretionary

29,540,301

–

–

29,540,301

Consumer

Staples

58,148,819

–

–

58,148,819

Energy

14,303,679

–

–

14,303,679

Financials

71,017,757

–

–

71,017,757

Health

Care

47,699,443

–

–

47,699,443

Industrials

24,973,341

–

–

24,973,341

Information

Technology

27,283,912

–

–

27,283,912

Materials

6,771,580

–

–

6,771,580

Real

Estate

13,903

–

–

13,903

Technology

1,433,280

–

–

1,433,280

Transportation

633,238

–

–

633,238

Preferred

Stock

Financials

32,240

–

–

32,240

Information

Technology

–

–

1,999,990

1,999,990

Corporate

Non-

Convertible

Bonds

–

2,282,081

–

2,282,081

U.S.

Government

&

Agency

Obligations

–

21,454,518

–

21,454,518

Money

Market

Fund

1,362,264

–

–

1,362,264

Investments

at

Value

$

291,818,822

$

23,736,599

$

1,999,990

$

317,555,411

Preferred

Stock

Balance

as

of

06/30/25

$

1,999,990

Balance

as

of

03/31/26

$

1,999,990

Investments

in

Securities

Fair

Value

at

03/31/2026

Valuation

Technique(s)

Unobservable

Inputs

Range

as

of

03/31/26

Weighted

Average

as

of

03/31/26

Iterate

Studio,

Inc.

$1,999,990

Transaction

Price

Transaction

Price

$16.9406

$16.9406

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FORUM FUNDS

- **b. Investment Company Act file number:** 811-03023

- **c. CIK number of Registrant:** 0000315774

- **d. LEI of Registrant:** 549300LXYEU14CHGAO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** AUXIER FOCUS FUND

- **b. EDGAR series identifier (if any):** S000004570

- **c. LEI of Series:** 2549005EIHS90NEXOQ80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $318415681.63

**Total Liabilities:** $309867.75

**Net Assets:** $318105813.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012491 | 2.03%                | 3.68%                | -3.91%               |
| Class ID C000012493 | 2.04%                | 3.75%                | -3.90%               |
| Class ID C000112762 | 2.06%                | 3.73%                | -3.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10471917.69             | $-3986725.18                               |
| Month 2  | $228273.41               | $11427118.08                               |
| Month 3  | $534100.27               | $-14062664.57                              |

### Schedule of Portfolio Investments

| Name                           | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aflac Inc                      | Aflac, Inc.                                                       | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     53260 | NS      | $5843154.60   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     27784 | NS      | $2852583.28   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2213 | NS      | $481305.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb, Inc.                                                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       200 | NS      | $25256.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc   | Alimentation Couche-Tard, Inc.                                    | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      4100 | NS      | $231937.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     40550 | NS      | $11660558.00  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                                                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     65455 | NS      | $4319375.45   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       680 | NS      | $141623.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV                                           | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     16900 | NS      | $430612.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     53270 | NS      | $4008567.50   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc     | Americold Realty Trust, Inc.                                      | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |      1000 | NS      | $11460.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial, Inc.                                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2780 | NS      | $1235432.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       150 | NS      | $52777.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12161 | NS      | $3560132.75   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                                            | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    127510 | NS      | $5992970.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    196649 | NS      | $9586638.75   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | The Bank of New York Mellon Corp.                                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     91460 | NS      | $10849899.80  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co.                                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      5550 | NS      | $872626.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                                          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     15925 | NS      | $7631260.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1295 | NS      | $237412.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2830 | NS      | $563254.90    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings, Inc.                                            | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1241 | NS      | $5225007.12   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                                      | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     88805 | NS      | $5192428.35   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource, Inc.                                        | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      2000 | NS      | $164660.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                        | CAE, Inc.                                                         | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     41235 | NS      | $1074171.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | The Cigna Group                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      6209 | NS      | $1656250.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                                  | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     12753 | NS      | $915920.46    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       300 | NS      | $54729.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1240 | NS      | $878490.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                                                    | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     14225 | NS      | $935578.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp.                                   | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     60674 | NS      | $1939141.04   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7630 | NS      | $1578647.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1719 | NS      | $133377.21    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25975 | NS      | $2945824.75   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | The Coca-Cola Co.                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     36044 | NS      | $2741146.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                                  | CUSIP: 191223205<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     13200 | NS      | $748770.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.                              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     14775 | NS      | $906446.25    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group, Inc.                                | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      5616 | NS      | $600294.24    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     39408 | NS      | $1131403.68   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     13600 | NS      | $1795200.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                                                     | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     97016 | NS      | $13191265.52  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                                                     | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     30258 | NS      | $2532897.18   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton, Inc.                                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     14025 | NS      | $1924510.50   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                  | DHI Group, Inc.                                                   | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |     10000 | NS      | $28100.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp.                                             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       890 | NS      | $89080.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      4000 | NS      | $201280.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                        | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      3535 | NS      | $263180.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                                              | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1075 | NS      | $385699.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                                           | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     24040 | NS      | $1101032.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400357.20    | 0.13%             | 2045-02-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Evolution AB                   | Evolution AB                                                      | CUSIP: 30051E104<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |       391 | NS      | $24339.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3855 | NS      | $2205561.15   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                                                       | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1550 | NS      | $552079.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises, Inc.                                        | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       700 | NS      | $163282.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Fidelity Investments Treasury Only Portfolio, Institutional Class | CUSIP: 31607A802<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1362265 | NS      | $1362264.54   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp.                                                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5616 | NS      | $780287.04    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv, Inc.                                                      | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     13950 | NS      | $778410.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc         | Forrester Research, Inc.                                          | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |      7526 | NS      | $42597.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       300 | NS      | $102966.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                                                | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     15600 | NS      | $1162200.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                                                 | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3775 | NS      | $399206.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | The Goldman Sachs Group, Inc.                                     | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    345000 | PA      | $343327.50    | 0.11%             | 2064-11-10      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education, Inc.                                      | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     13500 | NS      | $2295405.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | The Hershey Co.                                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       525 | NS      | $109142.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3870 | NS      | $1272804.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     38711 | NS      | $9462516.84   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501681.50    | 0.16%             | 2022-11-01      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298796.37    | 0.09%             | 2069-09-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc                     | Kenvue, Inc.                                                      | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     11221 | NS      | $193450.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper, Inc.                                            | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     11050 | NS      | $290946.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | The Kroger Co.                                                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    178251 | NS      | $12898242.36  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp.                                | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    200687 | NS      | $8163947.16   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     19060 | NS      | $4503496.80   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos., Inc.                                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2025 | NS      | $351236.25    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     23194 | NS      | $11589114.04  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3871 | NS      | $1203068.09   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre, Inc.                                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       100 | NS      | $172902.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68854 | NS      | $8282447.66   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     31581 | NS      | $11690338.77  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                                         | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     50327 | NS      | $2167080.62   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp.                                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     69600 | NS      | $5043216.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | The Mosaic Co.                                                    | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      5780 | NS      | $147390.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       105 | NS      | $18312.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line, Inc.                                   | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       300 | NS      | $58620.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings, Inc.                                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1800 | NS      | $81414.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     38595 | NS      | $5993417.55   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6282 | NS      | $176398.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     89375 | NS      | $14777262.50  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                                       | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7800 | NS      | $1421004.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3140 | NS      | $453541.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | The Progressive Corp.                                             | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       100 | NS      | $19824.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics Inc          | Qnity Electronics, Inc.                                           | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |     12020 | NS      | $1386867.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                                           | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     14097 | NS      | $2762730.06   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp.                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     28275 | NS      | $5454247.50   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings, Inc.                                     | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1700 | NS      | $57358.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                                       | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     62302 | NS      | $862882.70    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | The Charles Schwab Corp.                                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       650 | NS      | $61087.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                         | Sempra                                                            | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    345000 | PA      | $344037.21    | 0.11%             | 2054-10-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Telefonica SA                  | Telefonica SA                                                     | CUSIP: 879382208<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |     34119 | NS      | $148076.46    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | The Travelers Cos., Inc.                                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     10568 | NS      | $3082474.24   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FIN CORP                | Truist Financial Corp.                                            | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $393881.16    | 0.12%             | 2049-06-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                                                      | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      4200 | NS      | $218442.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty, Inc.                                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        50 | NS      | $26135.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                                      | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     48374 | NS      | $2755866.78   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2610 | NS      | $633238.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.                                       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      7440 | NS      | $731947.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5495593.29   | 1.73%             | 2026-04-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797TG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12992178.29  | 4.08%             | 2026-04-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797UQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2966746.26   | 0.93%             | 2026-07-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     27855 | NS      | $7537284.45   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute, Inc.                               | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     10000 | NS      | $361000.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                                                        | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     15249 | NS      | $1113634.47   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     13415 | NS      | $3314578.20   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group Inc        | Versant Media Group, Inc.                                         | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |      1576 | NS      | $58343.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     25500 | NS      | $7707120.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     37350 | NS      | $4641858.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV   | Wal-Mart de Mexico SAB de CV                                      | CUSIP: 93114W107<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      1200 | NS      | $39036.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WAFD INC                       | WaFd, Inc.                                                        | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2000 | NS      | $32240.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                    | Waters Corp.                                                      | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       751 | NS      | $223647.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7000 | NS      | $557270.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co.                                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |       100 | NS      | $2443.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                                                 | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7050 | NS      | $1096134.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings, Inc.                                          | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      4550 | NS      | $221949.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.                                      | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     28100 | NS      | $2540802.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis, Inc.                                                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       200 | NS      | $23642.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                           | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       550 | NS      | $177529.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group, Ltd.                                          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      5480 | NS      | $526025.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings, Inc.                                      | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    134668 | NS      | $1111011.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp. PLC                                        | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     69882 | NS      | $1580032.02   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International PLC                                | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      3500 | NS      | $458325.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     80518 | NS      | $6976884.70   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Iterate Studio, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    118059 | NS      | $1999990.30   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV                                      | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     25505 | NS      | $2054682.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co NV/The     | The Magnum Ice Cream Co. NV                                       | CUSIP: N5505D105<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |     10884 | NS      | $162715.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle SAB de CV                | Becle SAB de CV                                                   | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |     34000 | NS      | $30260.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer