# EDGAR Filing Document

**Accession Number:** 0000315774
**File Stem:** 0000315774-25-000102
**Filing Date:** 2025-10
**Character Count:** 57431
**Document Hash:** 2e6e0fb6454cb42f8ed149548dc3c250
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000315774-25-000102.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000315774-25-000102

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**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:** 251418622

**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)

September

30,

2025

Shares

Security

Description

Value

Equity

Securities

-

95.2%

Common

Stock

-

94.5%

Communications

-

0.2%

16,900

America

Movil

SAB

de

CV,

ADR

$

354,900

1,719

Cisco

Systems,

Inc.

117,614

34,119

Telefonica

SA,

ADR

173,324

645,838

Consumer

Cyclical

-

3.0%

Airbnb,

Inc.,

Class A

(a) 24,284

4,100

Alimentation

Couche-Tard,

Inc.

217,659

Amazon.com,

Inc.

(a) 43,914

1,241

Booking

Holdings,

Inc.

6,700,494

Deckers

Outdoor

Corp.

(a) 49,671

14,025

DR

Horton,

Inc.

2,376,817

Evolution

AB,

ADR

32,058

9,444,897

Consumer

Discretionary

-

8.4%

126,668

Arcos

Dorados

Holdings,

Inc.,

Class A

855,009

34,000

Becle

SAB

de

CV

34,663

39,408

Comcast

Corp.,

Class A

1,238,199

12,753

CVS

Health

Corp.

961,449

Domino's

Pizza,

Inc.

172,684

15,600

General

Motors

Co.

951,132

3,775

Genuine

Parts

Co.

523,215

13,500

Grand

Canyon

Education,

Inc.

(a) 2,963,520

210,501

Lincoln

Educational

Services

Corp.

(a) 4,946,773

19,060

Lowe's

Cos.,

Inc.

4,789,969

3,871

McDonald's

Corp.

1,176,358

61,302

Sally

Beauty

Holdings,

Inc.

(a) 997,997

3,870

The

Home

Depot,

Inc.

1,568,085

Ulta

Beauty,

Inc.

(a) 27,338

37,350

Walmart,

Inc.

3,849,291

4,550

Yum

China

Holdings,

Inc.

195,286

7,050

Yum!

Brands,

Inc.

1,071,600

26,322,568

Consumer

Staples

-

18.4%

65,455

Altria

Group,

Inc.

4,323,957

88,205

British

American

Tobacco

PLC,

ADR

4,681,921

13,200

Coca-Cola

HBC

AG,

ADR

(a) 622,380

3,535

Diageo

PLC,

ADR

337,345

11,221

Kenvue,

Inc.

182,117

9,450

Keurig

Dr

Pepper,

Inc.

241,069

50,327

Molson

Coors

Beverage

Co.,

Class B

2,277,297

69,600

Monster

Beverage

Corp.

(a) 4,684,776

38,595

PepsiCo.,

Inc.

5,420,282

89,375

Philip

Morris

International,

Inc.

14,496,625

36,044

The

Coca-Cola

Co.

2,390,438

5,225

The

Hershey

Co.

977,336

192,226

The

Kroger

Co.

12,957,955

3,140

The

Procter

&

Gamble

Co.

482,461

54,421

Unilever

PLC,

ADR

3,226,077

57,302,036

Energy

-

3.4%

127,510

BP

PLC,

ADR

4,393,994

7,630

Chevron

Corp.

1,184,863

13,600

ConocoPhillips

1,286,424

4,000

Devon

Energy

Corp.

140,240

7,800

Phillips

1,060,956

14,415

Valero

Energy

Corp.

2,454,298

10,520,775

Financials

-

26.4%

53,260

Aflac,

Inc.

5,949,142

51,445

American

International

Group,

Inc.

4,040,490

2,780

Ameriprise

Financial,

Inc.

1,365,675

Shares

Security

Description

Value

Financials

-

26.4%

(continued)

Aon

PLC,

Class A

$

142,632

5,480

Arch

Capital

Group,

Ltd.

(a) 497,200

198,374

Bank

of

America

Corp.

10,234,115

15,925

Berkshire

Hathaway,

Inc.,

Class B

(a) 8,006,135

Capital

One

Financial

Corp.

21,258

60,674

Central

Pacific

Financial

Corp.

1,840,849

25,975

Citigroup,

Inc.

2,636,463

5,616

Colliers

International

Group,

Inc.

877,275

5,616

FirstService

Corp.

1,069,792

2,025

Marsh

&

McLennan

Cos.,

Inc.

408,098

27,194

Mastercard,

Inc.,

Class A

15,468,219

1,100

PayPal

Holdings,

Inc.

(a) 73,766

1,700

Ryan

Specialty

Holdings,

Inc.

95,812

136,625

The

Bank

of

New

York

Mellon

Corp.

14,886,660

650

The

Charles

Schwab

Corp.

62,056

11,068

The

Travelers

Cos.,

Inc.

3,090,407

3,200

U.S.

Bancorp

154,656

15,249

Unum

Group

1,186,067

29,000

Visa,

Inc.,

Class A

9,900,020

7,000

Wells

Fargo

&

Co.

586,740

82,593,527

Health

Care

-

15.2%

27,784

Abbott

Laboratories

3,721,389

2,213

AbbVie,

Inc.

512,398

Amgen,

Inc.

42,330

5,400

Becton

Dickinson

&

Co.

1,010,718

1,295

Biogen,

Inc.

(a) 181,404

12,161

Elevance

Health,

Inc.

3,929,462

38,711

Johnson

&

Johnson

7,177,794

80,518

Medtronic

PLC

7,668,534

68,854

Merck

&

Co.,

Inc.

5,778,916

8,370

Organon

&

Co.

89,392

6,282

Pfizer,

Inc.

160,065

14,097

Quest

Diagnostics,

Inc.

2,686,606

8,209

The

Cigna

Group

2,366,244

27,855

UnitedHealth

Group,

Inc.

9,618,332

26,750

Zimmer

Biomet

Holdings,

Inc.

2,634,875

47,578,459

Industrials

-

5.9%

Builders

FirstSource,

Inc.

(a) 48,500

41,235

CAE,

Inc.

(a) 1,222,205

1,240

Caterpillar,

Inc.

591,666

97,291

Corning,

Inc.

7,980,781

1,550

FedEx

Corp.

365,506

700

Ferguson

Enterprises,

Inc.

157,206

69,882

Gates

Industrial

Corp.

PLC

(a) 1,734,471

General

Dynamics

Corp.

102,300

3,500

Johnson

Controls

International

PLC

384,825

28,275

RTX

Corp.

4,731,256

2,830

The

Boeing

Co.

(a) 610,799

7,440

United

Parcel

Service,

Inc.,

Class B

621,463

18,550,978

Information

Technology

-

11.2%

40,550

Alphabet,

Inc.,

Class A

9,857,705

17,625

Cognizant

Technology

Solutions

Corp.,

Class A

1,182,109

1,075

Fiserv,

Inc.

(a) 138,600

19,126

Forrester

Research,

Inc.

(a) 202,736

3,530

Meta

Platforms,

Inc.,

Class A

2,592,361

40,656

Microsoft

Corp.

21,057,775

35,031,286

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

September

30,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

The

following

is

a

reconciliation

of

Level

investments

for

which

significant

unobservable

inputs

were

used

to

determine

fair

value.

Shares

Security

Description

Value

Materials

-

2.2%

14,225

Celanese

Corp.,

Class A

$

598,588

30,258

Corteva,

Inc.

2,046,349

28,458

Dow,

Inc.

652,542

24,040

DuPont

de

Nemours,

Inc.

1,872,716

2,149

International

Flavors

&

Fragrances,

Inc.

132,250

25,505

LyondellBasell

Industries

NV,

Class A

1,250,765

4,980

The

Mosaic

Co.

172,706

6,725,916

Transportation

-

0.2%

2,610

Union

Pacific

Corp.

616,926

Total

Common

Stock

(Cost

$87,649,870)

295,333,206

Shares

Security

Description

Rate

Value

Preferred

Stock

-

0.7%

Information

Technology

-

0.7%

118,059

Iterate

Studio,

Inc.

(b) (Cost

$1,999,990)

0.00%

1,999,990

Total

Equity

Securities

(Cost

$89,649,860)

297,333,196

Principal

Security

Description

Rate

Maturity

Value

Fixed

Income

Securities

-

4.4%

Corporate

Non-Convertible

Bonds

-

0.7%

Energy

-

0.1%

$

400,000

Energy

Transfer

LP

(callable

at

100)

(c)(d) 6.63%

02/15/45

399,786

Financials

-

0.5%

300,000

JPMorgan

Chase

&

Co.

(callable

at

100)

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

297,076

500,000

JPMorgan

Chase

&

Co.

(callable

at

100)

(c)(d) 7.14 11/01/22

504,014

345,000

The

Goldman

Sachs

Group,

Inc.

(callable

at

100)

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

350,597

400,000

Truist

Financial

Corp.

(callable

at

100)

(c)(d) 5.13 06/15/49

396,459

1,548,146

Utilities

-

0.1%

345,000

Sempra

(c) 6.40 10/01/54

353,006

Total

Corporate

Non-Convertible

Bonds

(Cost

$2,242,738)

2,300,938

U.S.

Government

&

Agency

Obligations

-

3.7%

U.S.

Treasury

Securities

-

3.7%

4,000,000

U.S.

Treasury

Bill

(e) 4.03 10/21/25

3,991,024

7,500,000

U.S.

Treasury

Bill

(e) 4.03 10/30/25

7,475,570

11,466,594

Total

U.S.

Government

&

Agency

Obligations

(Cost

$11,466,825)

11,466,594

Total

Fixed

Income

Securities

(Cost

$13,709,563)

13,767,532

Shares

Security

Description

Value

Money

Market

Fund

-

0.4%

1,295,409

Fidelity

Investments

Treasury

Only

Portfolio,

Institutional

Class,

4.04%

(f) (Cost

$1,295,409)

$

1,295,409

Investments,

at

value

-

100.0%

(Cost

$104,654,832)

$

312,396,137

Other

Assets

&

Liabilities,

Net

-

0.0%

70,916

Net

Assets

-

100.0%

$

312,467,053

ADR

American

Depositary

Receipt

LP

Limited

Partnership

PLC

Public

Limited

Company

(a) Non-income

producing

security.

(b) 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.

(c) Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2025. (d) Perpetual

maturity

security.

(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

September

30,

2025. Level

Level

Level

Total

Investments

at

Value

Common

Stock

Communications

$

645,838

$

–

$

–

$

645,838

Consumer

Cyclical

9,444,897

–

–

9,444,897

Consumer

Discretionary

26,322,568

–

–

26,322,568

Consumer

Staples

57,302,036

–

–

57,302,036

Energy

10,520,775

–

–

10,520,775

Financials

82,593,527

–

–

82,593,527

Health

Care

47,578,459

–

–

47,578,459

Industrials

18,550,978

–

–

18,550,978

Information

Technology

35,031,286

–

–

35,031,286

Materials

6,725,916

–

–

6,725,916

Transportation

616,926

–

–

616,926

Preferred

Stock

Information

Technology

–

–

1,999,990

1,999,990

Corporate

Non-

Convertible

Bonds

–

2,300,938

–

2,300,938

U.S.

Government

&

Agency

Obligations

–

11,466,594

–

11,466,594

Money

Market

Fund

1,295,409

–

–

1,295,409

Investments

at

Value

$

296,628,615

$

13,767,532

$

1,999,990

$

312,396,137

AUXIER

FOCUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

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.

Preferred

Stock

Balance

as

of

06/30/25

$

1,999,990

Balance

as

of

09/30/25

$

1,999,990

The

following

table

summarizes

the

quantitative

inputs

used

for

investments

categorized

as

Level

of

the

fair

value

hierarchy

as

of

September

30,

2025:

Investments

in

Securities

Fair

Value

at

09/30/25

Valuation

Technique(s)

Unobservable

Inputs

Range

as

of

09/30/25

Weighted

Average

as

of

09/30/25

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:** 2025-09-30

**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:** $312768824.29

**Total Liabilities:** $301779.34

**Net Assets:** $312467044.95

**Cash Not Reported:** $4700.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012491 | -0.34%               | 4.26%                | 1.31%                |
| Class ID C000012493 | -0.32%               | 4.30%                | 1.33%                |
| Class ID C000112762 | -0.31%               | 4.31%                | 1.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $61653.77                | $-1067567.63                               |
| Month 2  | $4745.45                 | $12380714.63                               |
| Month 3  | $98861.11                | $3600122.59                                |

### 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      | $5949142.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     27784 | NS      | $3721388.96   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2213 | NS      | $512398.02    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb, Inc.                                                      | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       200 | NS      | $24284.00     | 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      | $217658.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     40550 | NS      | $9857705.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                                                | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     65455 | NS      | $4323957.30   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       100 | NS      | $21957.00     | 0.01%             |  |  |  | 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      | $354900.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     51445 | NS      | $4040490.30   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial, Inc.                                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2780 | NS      | $1365675.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       150 | NS      | $42330.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12161 | NS      | $3929462.32   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                                            | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    127510 | NS      | $4393994.60   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    198374 | NS      | $10234114.66  | 3.28%             |  |  |  | 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        |    136625 | NS      | $14886660.00  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co.                                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      5400 | NS      | $1010718.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                                          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     15925 | NS      | $8006134.50   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1295 | NS      | $181403.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | The Boeing Co.                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2830 | NS      | $610798.90    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings, Inc.                                            | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1241 | NS      | $6700494.07   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                                      | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     88205 | NS      | $4681921.40   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource, Inc.                                        | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       400 | NS      | $48500.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                        | CAE, Inc.                                                         | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     41235 | NS      | $1222205.40   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | The Cigna Group                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      8209 | NS      | $2366244.25   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                                  | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     12753 | NS      | $961448.67    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                                       | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       100 | NS      | $21258.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      1240 | NS      | $591666.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                                                    | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     14225 | NS      | $598588.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp.                                   | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     60674 | NS      | $1840849.16   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7630 | NS      | $1184862.70   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1719 | NS      | $117613.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25975 | NS      | $2636462.50   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | The Coca-Cola Co.                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     36044 | NS      | $2390438.08   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                                  | CUSIP: 191223205<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     13200 | NS      | $622380.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.                              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     17625 | NS      | $1182108.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group, Inc.                                | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      5616 | NS      | $877275.36    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     39408 | NS      | $1238199.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     13600 | NS      | $1286424.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                                                     | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     97291 | NS      | $7980780.73   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                                                     | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     30258 | NS      | $2046348.54   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton, Inc.                                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     14025 | NS      | $2376816.75   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp.                                             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       490 | NS      | $49671.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                                                | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      4000 | NS      | $140240.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                        | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      3535 | NS      | $337345.05    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                                              | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       400 | NS      | $172684.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                                         | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     28458 | NS      | $652541.94    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                                           | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     24040 | NS      | $1872716.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399785.60    | 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      | $32058.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3530 | NS      | $2592361.40   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                                                       | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1550 | NS      | $365505.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises, Inc.                                        | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |       700 | NS      | $157206.00    | 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        |   1295409 | NS      | $1295408.68   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp.                                                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5616 | NS      | $1069791.84   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv, Inc.                                                      | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1075 | NS      | $138599.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc         | Forrester Research, Inc.                                          | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     19126 | NS      | $202735.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                            | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       300 | NS      | $102300.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                                                | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     15600 | NS      | $951132.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                                                 | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      3775 | NS      | $523215.00    | 0.17%             |  |  |  | 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      | $350596.94    | 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      | $2963520.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | The Hershey Co.                                                   | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      5225 | NS      | $977336.25    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | The Home Depot, Inc.                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3870 | NS      | $1568085.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc.                          | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      2149 | NS      | $132249.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     38711 | NS      | $7177793.62   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504014.00    | 0.16%             | 2022-11-01      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co.                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297076.44    | 0.10%             | 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      | $182116.83    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper, Inc.                                            | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      9450 | NS      | $241069.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | The Kroger Co.                                                    | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    192226 | NS      | $12957954.66  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C | Lincoln Educational Services Corp.                                | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    210501 | NS      | $4946773.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     19060 | NS      | $4789968.60   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos., Inc.                                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2025 | NS      | $408098.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     27194 | NS      | $15468219.14  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3871 | NS      | $1176358.19   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co., Inc.                                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68854 | NS      | $5778916.22   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40656 | NS      | $21057775.20  | 6.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                                         | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     50327 | NS      | $2277296.75   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp.                                            | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     69600 | NS      | $4684776.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | The Mosaic Co.                                                    | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      4980 | NS      | $172706.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                   | Organon & Co.                                                     | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      8370 | NS      | $89391.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings, Inc.                                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1100 | NS      | $73766.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo., Inc.                                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     38595 | NS      | $5420281.80   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                                      | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6282 | NS      | $160065.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     89375 | NS      | $14496625.00  | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                                       | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7800 | NS      | $1060956.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | The Procter & Gamble Co.                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3140 | NS      | $482461.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                                           | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     14097 | NS      | $2686606.26   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp.                                                         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     28275 | NS      | $4731255.75   | 1.51%             |  |  |  | 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      | $95812.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                                       | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     61302 | NS      | $997996.56    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | The Charles Schwab Corp.                                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       650 | NS      | $62055.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                         | Sempra                                                            | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    345000 | PA      | $353005.73    | 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      | $173324.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | The Travelers Cos., Inc.                                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     11068 | NS      | $3090406.96   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FIN CORP                | Truist Financial Corp.                                            | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $396459.20    | 0.13%             | 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        |      3200 | NS      | $154656.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty, Inc.                                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        50 | NS      | $27337.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                                      | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     54421 | NS      | $3226076.88   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                                               | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2610 | NS      | $616925.70    | 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      | $621463.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7475570.18   | 2.39%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bill                                                | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3991024.44   | 1.28%             | 2025-10-21      | 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      | $9618331.50   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                                                        | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     15249 | NS      | $1186067.22   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     14415 | NS      | $2454297.90   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     29000 | NS      | $9900020.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     37350 | NS      | $3849291.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7000 | NS      | $586740.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                                                 | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7050 | NS      | $1071600.00   | 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      | $195286.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.                                      | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     26750 | NS      | $2634875.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                           | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       400 | NS      | $142632.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group, Ltd.                                          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      5480 | NS      | $497200.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings, Inc.                                      | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    126668 | NS      | $855009.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp. PLC                                        | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     69882 | NS      | $1734471.24   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International PLC                                | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      3500 | NS      | $384825.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     80518 | NS      | $7668534.32   | 2.45%             |  |  |  | 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   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV                                      | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     25505 | NS      | $1250765.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle SAB de CV                | Becle SAB de CV                                                   | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |     34000 | NS      | $34663.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** Forum Funds

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer