Forum Funds Ii NPORT-P Baywood Sociallyresponsible Fund (Jun 2023 report)

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2023

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

June

30,

2023.

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

-

94.8%

Basic

Materials

-

6.6%

700‌

International

Flavors

&

Fragrances,

Inc.

$

55,713‌

1,200‌

Newmont

Corp.

51,192‌

660‌

Nutrien,

Ltd.

38,973‌

300‌

Packaging

Corp.

of

America

39,648‌

1,300‌

Rio

Tinto

PLC,

ADR

82,992‌

268,518‌

Capital

Goods

/

Industrials

-

5.1%

200‌

Parker-Hannifin

Corp.

78,008‌

1,300‌

Raytheon

Technologies

Corp.

127,348‌

205,356‌

Communication

Services

-

5.9%

6,800‌

AT&T,

Inc.

108,460‌

2,300‌

Comcast

Corp.,

Class A

95,565‌

1,000‌

Verizon

Communications,

Inc.

37,190‌

241,215‌

Consumer

Discretionary

-

7.4%

500‌

Darden

Restaurants,

Inc.

83,540‌

300‌

Genuine

Parts

Co.

50,769‌

2,200‌

Kontoor

Brands,

Inc.

92,620‌

500‌

Lear

Corp.

71,775‌

298,704‌

Consumer

Staples

-

6.8%

800‌

Ingredion,

Inc.

84,760‌

1,110‌

Molson

Coors

Beverage

Co.,

Class B

73,083‌

200‌

PepsiCo.,

Inc.

37,044‌

2,300‌

The

Kraft

Heinz

Co.

81,650‌

276,537‌

Energy

-

8.8%

300‌

Chevron

Corp.

47,205‌

1,300‌

ConocoPhillips

134,693‌

1,400‌

Equinor

ASA,

ADR

40,894‌

3,800‌

Kinder

Morgan,

Inc.

65,436‌

700‌

Phillips

66

66,766‌

354,994‌

Financials

-

19.0%

1,500‌

Air

Lease

Corp.

62,775‌

1,600‌

American

International

Group,

Inc.

92,064‌

1,100‌

Brookfield

Asset

Management,

Ltd.

35,893‌

1,500‌

Citigroup,

Inc.

69,060‌

600‌

CME

Group,

Inc.

111,174‌

4,700‌

Corebridge

Financial,

Inc.

83,002‌

1,400‌

MetLife,

Inc.

79,142‌

600‌

Prosperity

Bancshares,

Inc.

33,888‌

3,000‌

Radian

Group,

Inc.

75,840‌

1,200‌

The

Charles

Schwab

Corp.

68,016‌

1,400‌

Wells

Fargo

&

Co.

59,752‌

770,606‌

Health

Care

-

14.1%

200‌

AbbVie,

Inc.

26,946‌

300‌

Amgen,

Inc.

66,606‌

500‌

AstraZeneca

PLC,

ADR

35,785‌

1,100‌

Cardinal

Health,

Inc.

104,027‌

5,657‌

Koninklijke

Philips

NV,

ADR 

(a)

122,700‌

900‌

Medtronic

PLC

79,290‌

1,200‌

Merck

&

Co.,

Inc.

138,468‌

573,822‌

Real

Estate

-

4.5%

1,104‌

Realty

Income

Corp.

REIT

66,008‌

2,400‌

VICI

Properties,

Inc.

REIT

75,432‌

1,200‌

Weyerhaeuser

Co.

REIT

40,212‌

181,652‌

Shares

Security

Description

Value

Technology

-

11.5%

1,400‌

Cisco

Systems,

Inc.

$

72,436‌

1,100‌

Corning,

Inc.

38,544‌

800‌

International

Business

Machines

Corp.

107,048‌

1,200‌

NetApp,

Inc.

91,680‌

500‌

NXP

Semiconductors

NV

102,340‌

300‌

Texas

Instruments,

Inc.

54,006‌

466,054‌

Transportation

-

2.8%

300‌

FedEx

Corp.

74,370‌

200‌

Union

Pacific

Corp.

40,924‌

115,294‌

Utilities

-

2.3%

1,000‌

OGE

Energy

Corp.

35,910‌

700‌

Pinnacle

West

Capital

Corp.

57,022‌

92,932‌

Total

Common

Stock

(Cost

$3,154,374)

3,845,684‌

Shares

Security

Description

Value

Money

Market

Fund

-

5.0%

205,058‌

First

American

Government

Obligations

Fund,

Class X,

5.01% 

(b)

(Cost

$205,058)

205,058‌

Investments,

at

value

-

99.8%

(Cost

$3,359,432)

$

4,050,742‌

Other

Assets

&

Liabilities,

Net

-

0.2%

7,183‌

Net

Assets

-

100.0%

$

4,057,925‌

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,

2023.

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2023

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

$

3,845,684‌

Level

2

-

Other

Significant

Observable

Inputs

205,058‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

4,050,742‌

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2023

3

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

June

30,

2023.

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.

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.

Shares

Security

Description

Value

Common

Stock

-

96.2%

Basic

Materials

-

3.3%

1,300‌

International

Flavors

&

Fragrances,

Inc.

$

103,467‌

1,100‌

Nutrien,

Ltd.

64,955‌

500‌

Packaging

Corp.

of

America

66,080‌

234,502‌

Capital

Goods

/

Industrials

-

5.3%

350‌

Cummins,

Inc.

85,806‌

5,600‌

nVent

Electric

PLC

289,352‌

375,158‌

Communication

Services

-

7.1%

1,100‌

Alphabet,

Inc.,

Class A 

(a)

131,670‌

6,600‌

AT&T,

Inc.

105,270‌

3,300‌

Comcast

Corp.,

Class A

137,115‌

10,300‌

Warner

Bros

Discovery,

Inc. 

(a)

129,162‌

503,217‌

Consumer

Discretionary

-

7.3%

700‌

Aptiv

PLC 

(a)

71,463‌

1,000‌

Genuine

Parts

Co.

169,230‌

6,500‌

Kontoor

Brands,

Inc.

273,650‌

514,343‌

Consumer

Staples

-

5.2%

1,600‌

Mondelez

International,

Inc.,

Class A

116,704‌

500‌

PepsiCo.,

Inc.

92,610‌

4,400‌

The

Kraft

Heinz

Co.

156,200‌

365,514‌

Energy

-

8.2%

2,600‌

Devon

Energy

Corp.

125,684‌

6,200‌

Kinder

Morgan,

Inc.

106,764‌

3,100‌

Schlumberger

NV

152,272‌

150‌

Texas

Pacific

Land

Corp.

197,475‌

582,195‌

Financials

-

21.8%

2,600‌

Air

Lease

Corp.

108,810‌

1,500‌

American

Express

Co.

261,300‌

3,600‌

American

International

Group,

Inc.

207,144‌

2,300‌

Bank

of

America

Corp.

65,987‌

600‌

Berkshire

Hathaway,

Inc.,

Class B 

(a)

204,600‌

1,200‌

BOK

Financial

Corp.

96,936‌

4,083‌

Brookfield

Corp.

137,393‌

1,000‌

CME

Group,

Inc.

185,290‌

6,200‌

Corebridge

Financial,

Inc.

109,492‌

1,600‌

The

Charles

Schwab

Corp.

90,688‌

1,200‌

W

R

Berkley

Corp.

71,472‌

1,539,112‌

Health

Care

-

19.6%

400‌

Amgen,

Inc.

88,808‌

1,000‌

AstraZeneca

PLC,

ADR

71,570‌

950‌

Becton

Dickinson

&

Co.

250,809‌

1,700‌

Cardinal

Health,

Inc.

160,769‌

10,655‌

Koninklijke

Philips

NV,

ADR 

(a)

231,107‌

800‌

Laboratory

Corp.

of

America

Holdings

193,064‌

1,800‌

Merck

&

Co.,

Inc.

207,702‌

250‌

Regeneron

Pharmaceuticals,

Inc. 

(a)

179,635‌

1,383,464‌

Real

Estate

-

3.6%

2,234‌

Realty

Income

Corp.

REIT

133,571‌

3,600‌

Weyerhaeuser

Co.

REIT

120,636‌

254,207‌

Technology

-

13.3%

2,600‌

Cisco

Systems,

Inc.

134,524‌

2,000‌

Coherent

Corp. 

(a)

101,960‌

4,100‌

Corning,

Inc.

143,664‌

1,500‌

International

Business

Machines

Corp.

200,715‌

1,500‌

NetApp,

Inc.

114,600‌

Shares

Security

Description

Value

Technology

-

13.3%

(continued)

1,200‌

NXP

Semiconductors

NV

$

245,616‌

941,079‌

Transportation

-

1.5%

500‌

Union

Pacific

Corp.

102,310‌

Total

Common

Stock

(Cost

$4,932,473)

6,795,101‌

Shares

Security

Description

Value

Money

Market

Fund

-

3.7%

263,250‌

First

American

Government

Obligations

Fund,

Class X,

5.01% 

(b)

(Cost

$263,250)

263,250‌

Investments,

at

value

-

99.9%

(Cost

$5,195,723)

$

7,058,351‌

Other

Assets

&

Liabilities,

Net

-

0.1%

9,023‌

Net

Assets

-

100.0%

$

7,067,374‌

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,

2023.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

6,795,101‌

Level

2

-

Other

Significant

Observable

Inputs

263,250‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

7,058,351‌

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

June

30,

2023

4

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.