Forum Funds Ii NPORT-P Baywood Valueplus Fund (Jun 2020 report)

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2020

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

June

30,

2020.

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

1

–

quoted

prices

in

active

markets

for

identical

assets

Level

2

–

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

2

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

pricing

service

and

generally

categorized

as

Level

2

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

2

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

3

–

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.

Shares

Security

Description

Value

Common

Stock

-

95.6%

Basic

Materials

-

4.7%

1,766‌

Corteva,

Inc.

$

47,311‌

1,460‌

Nutrien,

Ltd.

46,866‌

800‌

Westrock

Co.

22,608‌

116,785‌

Capital

Goods

/

Industrials

-

9.4%

200‌

3M

Co.

31,198‌

500‌

Cummins,

Inc.

86,630‌

500‌

Eaton

Corp.

PLC

43,740‌

200‌

Parker-Hannifin

Corp.

36,654‌

600‌

Raytheon

Technologies

Corp.

36,972‌

235,194‌

Communication

Services

-

6.3%

1,900‌

Comcast

Corp.,

Class A

74,062‌

1,500‌

Verizon

Communications,

Inc.

82,695‌

156,757‌

Consumer

Discretionary

-

7.0%

500‌

Genuine

Parts

Co.

43,480‌

1,600‌

Kontoor

Brands,

Inc.

28,496‌

300‌

Lear

Corp.

32,706‌

600‌

Target

Corp.

71,958‌

176,640‌

Consumer

Staples

-

7.1%

200‌

Kimberly-Clark

Corp.

28,270‌

1,100‌

Molson

Coors

Beverage

Co.,

Class B

37,796‌

500‌

Mondelez

International,

Inc.,

Class A

25,565‌

300‌

PepsiCo.,

Inc.

39,678‌

400‌

Walmart,

Inc.

47,912‌

179,221‌

Energy

-

10.4%

400‌

Chevron

Corp.

35,692‌

1,500‌

ConocoPhillips

63,030‌

3,700‌

Equinor

ASA,

ADR

53,576‌

1,700‌

Kinder

Morgan,

Inc.

25,789‌

500‌

Phillips

66

35,950‌

800‌

Valero

Energy

Corp.

47,056‌

261,093‌

Financials

-

16.7%

2,200‌

American

International

Group,

Inc.

68,596‌

400‌

Ameriprise

Financial,

Inc.

60,016‌

700‌

BOK

Financial

Corp.

39,508‌

1,200‌

Citigroup,

Inc.

61,320‌

1,500‌

MetLife,

Inc.

54,780‌

400‌

Morgan

Stanley

19,320‌

300‌

Northern

Trust

Corp.

23,802‌

900‌

Prosperity

Bancshares,

Inc.

53,442‌

2,400‌

Radian

Group,

Inc.

37,224‌

418,008‌

Health

Care

-

14.9%

800‌

AbbVie,

Inc.

78,544‌

300‌

Amgen,

Inc.

70,758‌

700‌

AstraZeneca

PLC,

ADR

37,023‌

500‌

Cardinal

Health,

Inc.

26,095‌

600‌

CVS

Health

Corp.

38,982‌

500‌

Gilead

Sciences,

Inc.

38,470‌

800‌

Koninklijke

Philips

NV,

ADR 

(a)

37,472‌

500‌

Medtronic

PLC

45,850‌

373,194‌

Real

Estate

-

4.3%

6,830‌

VEREIT,

Inc.

REIT

43,917‌

1,300‌

VICI

Properties,

Inc.

REIT

26,247‌

1,700‌

Weyerhaeuser

Co.

REIT

38,182‌

108,346‌

Shares

Security

Description

Value

Technology

-

9.7%

1,700‌

Cisco

Systems,

Inc.

$

79,288‌

600‌

Intel

Corp.

35,898‌

1,200‌

NetApp,

Inc.

53,244‌

600‌

TE

Connectivity,

Ltd.

48,930‌

200‌

Texas

Instruments,

Inc.

25,394‌

242,754‌

Transportation

-

3.5%

4,800‌

Atlas

Corp.

36,480‌

300‌

Union

Pacific

Corp.

50,721‌

87,201‌

Utilities

-

1.6%

500‌

Dominion

Energy,

Inc.

40,590‌

Total

Common

Stock

(Cost

$2,353,333)

2,395,783‌

Shares

Security

Description

Value

Money

Market

Fund

-

3.9%

98,849‌

Federated

Government

Obligations

Fund,

Institutional

Class,

0.07% 

(b)

(Cost

$98,849)

98,849‌

Investments,

at

value

-

99.5%

(Cost

$2,452,182)

$

2,494,632‌

Other

Assets

&

Liabilities,

Net

-

0.5%

12,324‌

Net

Assets

-

100.0%

$

2,506,956‌

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

June

30,

2020.

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2020

2

The

Level

1

value

displayed

in

this

table

is

Common

Stock.

The

Level

2

value

displayed

in

this

table

is

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

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. 

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

2,395,783‌

Level

2

-

Other

Significant

Observable

Inputs

98,849‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

2,494,632‌