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

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2020

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

December

31,

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

-

96.8%

Basic

Materials

-

8.0%

1,666‌

Corteva,

Inc.

$

64,507‌

1,460‌

Nutrien,

Ltd.

70,314‌

900‌

Rio

Tinto

PLC,

ADR

67,698‌

1,000‌

Westrock

Co.

43,530‌

246,049‌

Capital

Goods

/

Industrials

-

5.9%

200‌

3M

Co.

34,958‌

300‌

Cummins,

Inc.

68,130‌

100‌

Parker-Hannifin

Corp.

27,241‌

700‌

Raytheon

Technologies

Corp.

50,057‌

180,386‌

Communication

Services

-

5.9%

1,800‌

Comcast

Corp.,

Class A

94,320‌

1,500‌

Verizon

Communications,

Inc.

88,125‌

182,445‌

Consumer

Discretionary

-

7.6%

500‌

Genuine

Parts

Co.

50,215‌

1,600‌

Kontoor

Brands,

Inc.

64,896‌

300‌

Lear

Corp.

47,709‌

400‌

Target

Corp.

70,612‌

233,432‌

Consumer

Staples

-

6.9%

600‌

Ingredion,

Inc.

47,202‌

1,100‌

Molson

Coors

Beverage

Co.,

Class B

49,709‌

500‌

Mondelez

International,

Inc.,

Class A

29,235‌

300‌

PepsiCo.,

Inc.

44,490‌

300‌

Walmart,

Inc.

43,245‌

213,881‌

Energy

-

8.9%

500‌

Chevron

Corp.

42,225‌

1,900‌

ConocoPhillips

75,981‌

3,200‌

Equinor

ASA,

ADR

52,544‌

3,000‌

Kinder

Morgan,

Inc. 

(a)

41,010‌

900‌

Phillips

66

62,946‌

274,706‌

Financials

-

19.5%

2,400‌

American

International

Group,

Inc.

90,864‌

400‌

Ameriprise

Financial,

Inc.

77,732‌

400‌

Chubb,

Ltd.

61,568‌

1,000‌

Citigroup,

Inc.

61,660‌

200‌

CME

Group,

Inc.

36,410‌

1,100‌

First

American

Financial

Corp.

56,793‌

1,300‌

MetLife,

Inc.

61,035‌

400‌

Morgan

Stanley

27,412‌

300‌

Northern

Trust

Corp.

27,942‌

1,000‌

Prosperity

Bancshares,

Inc.

69,360‌

1,500‌

Radian

Group,

Inc.

30,375‌

601,151‌

Health

Care

-

15.3%

800‌

AbbVie,

Inc.

85,720‌

400‌

Amgen,

Inc.

91,968‌

500‌

AstraZeneca

PLC,

ADR

24,995‌

1,100‌

Cardinal

Health,

Inc.

58,916‌

816‌

Koninklijke

Philips

NV,

ADR 

(a)

44,203‌

500‌

Medtronic

PLC

58,570‌

900‌

Merck

&

Co.,

Inc.

73,620‌

1,700‌

Viatris,

Inc. 

(a)

31,858‌

469,850‌

Real

Estate

-

4.2%

1,366‌

VEREIT,

Inc.

REIT

51,621‌

1,800‌

VICI

Properties,

Inc.

REIT

45,900‌

900‌

Weyerhaeuser

Co.

REIT

30,177‌

127,698‌

Shares

Security

Description

Value

Technology

-

8.4%

1,600‌

Cisco

Systems,

Inc.

$

71,600‌

1,400‌

NetApp,

Inc.

92,736‌

500‌

TE

Connectivity,

Ltd.

60,535‌

200‌

Texas

Instruments,

Inc.

32,826‌

257,697‌

Transportation

-

5.0%

5,800‌

Atlas

Corp.

62,872‌

200‌

Union

Pacific

Corp.

41,644‌

300‌

United

Parcel

Service,

Inc.,

Class B

50,520‌

155,036‌

Utilities

-

1.2%

1,200‌

OGE

Energy

Corp.

38,232‌

Total

Common

Stock

(Cost

$2,525,406)

2,980,563‌

Shares

Security

Description

Value

Money

Market

Fund

-

2.7%

81,365‌

Federated

Government

Obligations

Fund,

Institutional

Class,

0.01% 

(b)

(Cost

$81,365)

81,365‌

Investments,

at

value

-

99.5%

(Cost

$2,606,771)

$

3,061,928‌

Other

Assets

&

Liabilities,

Net

-

0.5%

16,594‌

Net

Assets

-

100.0%

$

3,078,522‌

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

December

31,

2020.

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

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

$

2,980,563‌

Level

2

-

Other

Significant

Observable

Inputs

81,365‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

3,061,928‌