FOUNDATION RESOURCE MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMCSA	COMCAST	625,932 (+197.0%)	$18,709 (+182.5%)	2.5%	$30.34	-6.0%	COM	20030N101
—	MOSAIC	651,468 (+1.3%)	$15,694 (-29.6%)	2.1%	$26.14	—	COM	61945c103
MRK	MERCK AND CO. INC.	193,095 (+1.2%)	$20,325 (+26.9%)	2.7%	$50.81	+83.5%	COM	58933Y105
BMY	BRISTOL MYERS SQUIBB	155,840 (+1.2%)	$8,406 (+21.0%)	1.1%	$41.09	+15.7%	COM	110122108
—	CNH INDUSTRIAL NV	645,440 (+1.3%)	$5,951 (-13.9%)	0.8%	$12.15	—	COM	n20944109
—	NUTRIEN LTD	172,752 (+1.2%)	$10,662 (+6.3%)	1.4%	$44.94	—	COM	67077m108
—	SANOFI	260,634 (+1.0%)	$12,630 (+3.7%)	1.7%	$47.45	—	COM	80105n105
—	DEVON ENERGY	127,827 (+5.1%)	$4,682 (+9.8%)	0.6%	$39.52	—	COM	25179m103
APA	APACHE CORP	244,242 (+6.4%)	$5,974 (+7.2%)	0.8%	$19.62	+23.0%	COM	03743Q108
CVE	CENOVUS ENERGY, INC.	481,381 (+1.6%)	$8,145 (+1.1%)	1.1%	$18.65	-6.9%	COM	15135U109
TRC	TEJON RANCH CO	494,801 (+2.0%)	$7,803 (+0.7%)	1.0%	$19.56	-18.5%	COM	879080109
—	OVINTIV INC	94,221 (+2.9%)	$3,693 (-0.1%)	0.5%	$8.87	—	COM	69047q102

Decreased Positions (4)

TECK TECK RESOURCES LTD CL B 5.9%

Value ($000) $44,104 (+5.6%) Shares 920,951 (-3.3%) Est. Cost $21.22 Unrealized +104.2%

INTC INTEL CORP. 2.5%

Value ($000) $18,546 (+3.8%) Shares 502,602 (-5.6%) Est. Cost $37.90 Unrealized -0.4%

EAF GRAFTECH INTERNATIONAL LTD 0.2%

Value ($000) $1,785 (-19.4%) Shares 115,058 (-33.4%) Est. Cost $11.57 Unrealized +31.4%

RIG TRANSOCEAN, LTD 0.1%

Value ($000) $764 (+28.9%) Shares 184,867 (-2.6%) Est. Cost $19.46 Unrealized -80.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TECK	TECK RESOURCES LTD CL B	920,951 (-3.3%)	$44,104 (+5.6%)	5.9%	$21.22	+104.2%	COM	878742204
INTC	INTEL CORP.	502,602 (-5.6%)	$18,546 (+3.8%)	2.5%	$37.90	-0.4%	COM	458140100
EAF	GRAFTECH INTERNATIONAL LTD	115,058 (-33.4%)	$1,785 (-19.4%)	0.2%	$11.57	+31.4%	COM	384313607
RIG	TRANSOCEAN, LTD	184,867 (-2.6%)	$764 (+28.9%)	0.1%	$19.46	-80.0%	COM	H8817H100

Unchanged Positions (35)

NEM NEWMONT GOLDCORP 7.6%

Value ($000) $57,090 Shares 571,762 Est. Cost $26.62 Unrealized +238.8%

DG DOLLAR GENERAL CORP 5.1%

Value ($000) $37,830 Shares 284,930 Est. Cost $85.31 Unrealized +30.7%

— BARRICK GOLD CORP 3.5%

Value ($000) $25,995 Shares 596,907 Est. Cost $20.82 Unrealized —

XOM EXXON MOBIL 6.8%

Value ($000) $50,831 Shares 422,399 Est. Cost $52.04 Unrealized +121.9%

— FREEPORT-MCMORAN INC. 1.5%

Value ($000) $11,235 Shares 221,213 Est. Cost $32.11 Unrealized —

VZ VERIZON COMMUNICATIONS INC COM 3.4%

Value ($000) $25,478 Shares 625,529 Est. Cost $33.85 Unrealized +19.6%

HPQ HP INC 1.1%

Value ($000) $8,351 Shares 374,804 Est. Cost $11.37 Unrealized +122.0%

ABEV AMBEV SA SPON ADR 2.3%

Value ($000) $17,140 Shares 6,939,320 Est. Cost $2.19 Unrealized —

GILD GILEAD SCIENCES INC 1.8%

Value ($000) $13,318 Shares 108,505 Est. Cost $51.63 Unrealized +134.1%

PBT PERMIAN BASIN ROYALTY TRUST 1.5%

Value ($000) $10,910 Shares 642,507 Est. Cost $12.99 Unrealized —

NVO NOVO-NORDISK ADR 1.1%

Value ($000) $8,589 Shares 168,814 Est. Cost $55.49 Unrealized —

L LOEWS 1.8%

Value ($000) $13,336 Shares 126,636 Est. Cost $47.28 Unrealized +118.3%

PFE PFIZER INC COM 3.0%

Value ($000) $22,424 Shares 900,546 Est. Cost $22.32 Unrealized +12.1%

CVX CHEVRON 4.8%

Value ($000) $35,581 Shares 233,456 Est. Cost $73.62 Unrealized +105.6%

KHC KRAFT HEINZ COMPANY 1.0%

Value ($000) $7,564 Shares 311,909 Est. Cost $21.64 Unrealized +13.8%

PKE PARK AEROSPACE CORP 1.4%

Value ($000) $10,745 Shares 503,497 Est. Cost $14.70 Unrealized +35.5%

BEN FRANKLIN RESOURCES INC COM 1.9%

Value ($000) $14,090 Shares 589,781 Est. Cost $22.45 Unrealized +0.9%

PSX PHILLIPS 66 1.1%

Value ($000) $8,104 Shares 62,800 Est. Cost $40.99 Unrealized +226.9%

— CAMECO CORP 0.7%

Value ($000) $5,215 Shares 57,001 Est. Cost $10.91 Unrealized —

— CONOCOPHILLIPS 3.6%

Value ($000) $26,738 Shares 285,636 Est. Cost $68.04 Unrealized —

— MARATHON PETROLEUM CORP 0.1%

Value ($000) $802 Shares 4,929 Est. Cost $38.85 Unrealized —

WMT WAL-MART STORES 0.3%

Value ($000) $1,950 Shares 17,502 Est. Cost $51.12 Unrealized +109.7%

AEM AGNICO EAGLE MINES LTD 4.8%

Value ($000) $35,870 Shares 211,587 Est. Cost $48.32 Unrealized +247.3%

LKQ LKQ CORP 2.4%

Value ($000) $17,598 Shares 582,709 Est. Cost $32.36 Unrealized -7.4%

BRK/B BERKSHIRE HATHAWAY CL B 6.5%

Value ($000) $48,495 Shares 96,478 Est. Cost $118.03 Unrealized +321.5%

CB CHUBB LTD INC 0.1%

Value ($000) $665 Shares 2,129 Est. Cost $151.80 Unrealized +92.6%

IMO IMPERIAL OIL LTD 0.1%

Value ($000) $599 Shares 6,945 Est. Cost $30.07 Unrealized +201.6%

RTX RAYTHEON TECHNOLOGIES 0.0%

Value ($000) $321 Shares 1,749 Est. Cost $111.08 Unrealized +56.0%

— THE TRAVELERS COS., INC. 0.1%

Value ($000) $671 Shares 2,315 Est. Cost $94.95 Unrealized —

JNJ JOHNSON AND JOHNSON 0.0%

Value ($000) $229 Shares 1,106 Est. Cost $169.51 Unrealized +16.2%

IBM INTERNATIONAL BUSINESS MACHINE 0.1%

Value ($000) $414 Shares 1,399 Est. Cost $131.75 Unrealized +126.8%

FHI FEDERATED HERMES, INC 2.8%

Value ($000) $20,614 Shares 395,893 Est. Cost $20.49 Unrealized +145.5%

SJT SAN JUAN BASIN ROYALTY TRUST 0.0%

Value ($000) $82 Shares 14,565 Est. Cost $16.05 Unrealized —

— TSAKOS ENERGY NAVIGATION LTD 1.0%

Value ($000) $7,819 Shares 348,732 Est. Cost $10.35 Unrealized —

BRK/A BERKSHIRE HATHAWAY HLD A 0.5%

Value ($000) $3,774 Shares 5 Est. Cost $445789.38 Unrealized +67.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT GOLDCORP	571,762	$57,090	7.6%	$26.62	+238.8%	COM	651639106
DG	DOLLAR GENERAL CORP	284,930	$37,830	5.1%	$85.31	+30.7%	COM	256677105
—	BARRICK GOLD CORP	596,907	$25,995	3.5%	$20.82	—	COM	06849f108
XOM	EXXON MOBIL	422,399	$50,831	6.8%	$52.04	+121.9%	COM	30231G102
—	FREEPORT-MCMORAN INC.	221,213	$11,235	1.5%	$32.11	—	COM	35671d857
VZ	VERIZON COMMUNICATIONS INC COM	625,529	$25,478	3.4%	$33.85	+19.6%	COM	92343V104
HPQ	HP INC	374,804	$8,351	1.1%	$11.37	+122.0%	COM	40434L105
ABEV	AMBEV SA SPON ADR	6,939,320	$17,140	2.3%	$2.19	—	COM	02319V103
GILD	GILEAD SCIENCES INC	108,505	$13,318	1.8%	$51.63	+134.1%	COM	375558103
PBT	PERMIAN BASIN ROYALTY TRUST	642,507	$10,910	1.5%	$12.99	—	COM	714236106
NVO	NOVO-NORDISK ADR	168,814	$8,589	1.1%	$55.49	—	COM	670100205
L	LOEWS	126,636	$13,336	1.8%	$47.28	+118.3%	COM	540424108
PFE	PFIZER INC COM	900,546	$22,424	3.0%	$22.32	+12.1%	COM	717081103
CVX	CHEVRON	233,456	$35,581	4.8%	$73.62	+105.6%	COM	166764100
KHC	KRAFT HEINZ COMPANY	311,909	$7,564	1.0%	$21.64	+13.8%	COM	500754106
PKE	PARK AEROSPACE CORP	503,497	$10,745	1.4%	$14.70	+35.5%	COM	70014A104
BEN	FRANKLIN RESOURCES INC COM	589,781	$14,090	1.9%	$22.45	+0.9%	COM	354613101
PSX	PHILLIPS 66	62,800	$8,104	1.1%	$40.99	+226.9%	COM	718546104
—	CAMECO CORP	57,001	$5,215	0.7%	$10.91	—	COM	13321l108
—	CONOCOPHILLIPS	285,636	$26,738	3.6%	$68.04	—	COM	20825c104
—	MARATHON PETROLEUM CORP	4,929	$802	0.1%	$38.85	—	COM	56585a102
WMT	WAL-MART STORES	17,502	$1,950	0.3%	$51.12	+109.7%	COM	931142103
AEM	AGNICO EAGLE MINES LTD	211,587	$35,870	4.8%	$48.32	+247.3%	COM	008474108
LKQ	LKQ CORP	582,709	$17,598	2.4%	$32.36	-7.4%	COM	501889208
BRK/B	BERKSHIRE HATHAWAY CL B	96,478	$48,495	6.5%	$118.03	+321.5%	COM	084670702
CB	CHUBB LTD INC	2,129	$665	0.1%	$151.80	+92.6%	COM	H1467J104
IMO	IMPERIAL OIL LTD	6,945	$599	0.1%	$30.07	+201.6%	COM	453038408
RTX	RAYTHEON TECHNOLOGIES	1,749	$321	0.0%	$111.08	+56.0%	COM	75513E101
—	THE TRAVELERS COS., INC.	2,315	$671	0.1%	$94.95	—	COM	89417e109
JNJ	JOHNSON AND JOHNSON	1,106	$229	0.0%	$169.51	+16.2%	COM	478160104
IBM	INTERNATIONAL BUSINESS MACHINE	1,399	$414	0.1%	$131.75	+126.8%	COM	459200101
FHI	FEDERATED HERMES, INC	395,893	$20,614	2.8%	$20.49	+145.5%	COM	314211103
SJT	SAN JUAN BASIN ROYALTY TRUST	14,565	$82	0.0%	$16.05	—	COM	798241105
—	TSAKOS ENERGY NAVIGATION LTD	348,732	$7,819	1.0%	$10.35	—	COM	g9108l173
BRK/A	BERKSHIRE HATHAWAY HLD A	5	$3,774	0.5%	$445789.38	+67.4%	COM	084670108