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

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2023

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

December

31,

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

-

96.5%

Basic

Materials

-

3.1%

400‌

Packaging

Corp.

of

America

$

65,164‌

900‌

Rio

Tinto

PLC,

ADR

67,014‌

132,178‌

Capital

Goods

/

Industrials

-

6.6%

200‌

L3Harris

Technologies,

Inc.

42,124‌

200‌

Parker-Hannifin

Corp.

92,140‌

1,800‌

RTX

Corp.

151,452‌

285,716‌

Communication

Services

-

5.3%

6,400‌

AT&T,

Inc.

107,392‌

2,300‌

Comcast

Corp.,

Class A

100,855‌

500‌

Verizon

Communications,

Inc.

18,850‌

227,097‌

Consumer

Discretionary

-

11.2%

700‌

Darden

Restaurants,

Inc.

115,010‌

400‌

Genuine

Parts

Co.

55,400‌

800‌

Hasbro,

Inc.

40,848‌

2,300‌

Kontoor

Brands,

Inc.

143,566‌

600‌

Lear

Corp.

84,726‌

200‌

Lowe's

Cos.,

Inc.

44,510‌

484,060‌

Consumer

Staples

-

8.7%

1,000‌

Ingredion,

Inc.

108,530‌

2,900‌

Kenvue,

Inc.

62,437‌

1,110‌

Molson

Coors

Beverage

Co.,

Class B

67,943‌

200‌

PepsiCo.,

Inc.

33,968‌

300‌

Target

Corp.

42,726‌

1,700‌

The

Kraft

Heinz

Co.

62,866‌

378,470‌

Energy

-

10.1%

300‌

Chevron

Corp.

44,748‌

1,300‌

ConocoPhillips

150,891‌

1,400‌

Equinor

ASA,

ADR

44,296‌

5,800‌

Kinder

Morgan,

Inc.

102,312‌

700‌

Phillips

66

93,198‌

435,445‌

Financials

-

18.3%

1,500‌

Air

Lease

Corp.

62,910‌

1,200‌

American

International

Group,

Inc.

81,300‌

1,100‌

Brookfield

Asset

Management,

Ltd.

44,187‌

1,200‌

Citigroup,

Inc.

61,728‌

500‌

CME

Group,

Inc.

105,300‌

4,900‌

Corebridge

Financial,

Inc.

106,134‌

1,400‌

MetLife,

Inc.

92,582‌

3,000‌

Radian

Group,

Inc.

85,650‌

1,200‌

The

Charles

Schwab

Corp.

82,560‌

1,400‌

Wells

Fargo

&

Co.

68,908‌

791,259‌

Health

Care

-

13.0%

140‌

Amgen,

Inc.

40,323‌

700‌

Cardinal

Health,

Inc.

70,560‌

5,657‌

Koninklijke

Philips

NV,

ADR 

(a)

131,978‌

1,250‌

Medtronic

PLC

102,975‌

1,400‌

Merck

&

Co.,

Inc.

152,628‌

2,300‌

Pfizer,

Inc.

66,217‌

564,681‌

Real

Estate

-

5.0%

1,104‌

Realty

Income

Corp.

REIT

63,392‌

2,600‌

VICI

Properties,

Inc.

REIT

82,888‌

2,000‌

Weyerhaeuser

Co.

REIT

69,540‌

215,820‌

Shares

Security

Description

Value

Technology

-

10.5%

1,400‌

Cisco

Systems,

Inc.

$

70,728‌

750‌

International

Business

Machines

Corp.

122,662‌

1,100‌

NetApp,

Inc.

96,976‌

500‌

NXP

Semiconductors

NV

114,840‌

300‌

Texas

Instruments,

Inc.

51,138‌

456,344‌

Transportation

-

2.9%

300‌

FedEx

Corp.

75,891‌

200‌

Union

Pacific

Corp.

49,124‌

125,015‌

Utilities

-

1.8%

1,100‌

Pinnacle

West

Capital

Corp.

79,024‌

Total

Common

Stock

(Cost

$3,211,723)

4,175,109‌

Shares

Security

Description

Value

Money

Market

Fund

-

2.3%

99,551‌

First

American

Government

Obligations

Fund,

Class X,

5.30% 

(b)

(Cost

$99,552)

99,551‌

Investments,

at

value

-

98.8%

(Cost

$3,311,275)

$

4,274,660‌

Other

Assets

&

Liabilities,

Net

-

1.2%

53,842‌

Net

Assets

-

100.0%

$

4,328,502‌

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,

2023.

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2023

2

The

Level

1

value

displayed

in

this

table

is

Common

Stock

and

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

$

4,274,660‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

4,274,660‌

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

2023

3

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

December

31,

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

and

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

-

95.8%

Basic

Materials

-

1.8%

1,100‌

Nutrien,

Ltd.

$

61,963‌

500‌

Packaging

Corp.

of

America

81,455‌

143,418‌

Capital

Goods

/

Industrials

-

5.3%

350‌

Cummins,

Inc.

83,849‌

5,600‌

nVent

Electric

PLC

330,904‌

414,753‌

Communication

Services

-

6.8%

800‌

Alphabet,

Inc.,

Class A 

(a)

111,752‌

9,200‌

AT&T,

Inc.

154,376‌

2,900‌

Comcast

Corp.,

Class A

127,165‌

12,100‌

Warner

Bros

Discovery,

Inc. 

(a)

137,698‌

530,991‌

Consumer

Discretionary

-

6.9%

700‌

Aptiv

PLC 

(a)

62,804‌

1,000‌

Genuine

Parts

Co.

138,500‌

5,500‌

Kontoor

Brands,

Inc.

343,310‌

544,614‌

Consumer

Staples

-

6.0%

7,400‌

Kenvue,

Inc.

159,322‌

1,600‌

Mondelez

International,

Inc.,

Class A

115,888‌

500‌

PepsiCo.,

Inc.

84,920‌

3,100‌

The

Kraft

Heinz

Co.

114,638‌

474,768‌

Energy

-

8.4%

2,600‌

Devon

Energy

Corp.

117,780‌

8,200‌

Kinder

Morgan,

Inc.

144,648‌

3,100‌

Schlumberger

NV

161,324‌

150‌

Texas

Pacific

Land

Corp.

235,868‌

659,620‌

Financials

-

22.5%

2,600‌

Air

Lease

Corp.

109,044‌

1,500‌

American

Express

Co.

281,010‌

3,300‌

American

International

Group,

Inc.

223,575‌

1,900‌

Bank

of

America

Corp.

63,973‌

600‌

Berkshire

Hathaway,

Inc.,

Class B 

(a)

213,996‌

3,375‌

Brookfield

Corp.

135,405‌

400‌

Cboe

Global

Markets,

Inc.

71,424‌

1,000‌

CME

Group,

Inc.

210,600‌

7,000‌

Corebridge

Financial,

Inc.

151,620‌

1,800‌

The

Charles

Schwab

Corp.

123,840‌

2,500‌

W

R

Berkley

Corp.

176,800‌

1,761,287‌

Health

Care

-

20.4%

250‌

Amgen,

Inc.

72,005‌

1,200‌

AstraZeneca

PLC,

ADR

80,820‌

950‌

Becton

Dickinson

&

Co.

231,638‌

1,400‌

Cardinal

Health,

Inc.

141,120‌

3,800‌

Fortrea

Holdings,

Inc. 

(a)

132,620‌

10,655‌

Koninklijke

Philips

NV,

ADR 

(a)

248,581‌

650‌

Laboratory

Corp.

of

America

Holdings

147,739‌

1,900‌

Medtronic

PLC

156,522‌

1,800‌

Merck

&

Co.,

Inc.

196,236‌

215‌

Regeneron

Pharmaceuticals,

Inc. 

(a)

188,832‌

1,596,113‌

Real

Estate

-

3.9%

2,771‌

Realty

Income

Corp.

REIT

159,111‌

4,200‌

Weyerhaeuser

Co.

REIT

146,034‌

305,145‌

Technology

-

12.2%

2,600‌

Cisco

Systems,

Inc.

131,352‌

2,000‌

Coherent

Corp. 

(a)

87,060‌

3,200‌

Corning,

Inc.

97,440‌

Shares

Security

Description

Value

Technology

-

12.2%

(continued)

1,400‌

International

Business

Machines

Corp.

$

228,970‌

1,500‌

NetApp,

Inc.

132,240‌

1,200‌

NXP

Semiconductors

NV

275,616‌

952,678‌

Transportation

-

1.6%

500‌

Union

Pacific

Corp.

122,810‌

Total

Common

Stock

(Cost

$5,062,315)

7,506,197‌

Shares

Security

Description

Value

Money

Market

Fund

-

3.5%

275,386‌

First

American

Government

Obligations

Fund,

Class X,

5.30% 

(b)

(Cost

$275,386)

275,386‌

Investments,

at

value

-

99.3%

(Cost

$5,337,701)

$

7,781,583‌

Other

Assets

&

Liabilities,

Net

-

0.7%

52,985‌

Net

Assets

-

100.0%

$

7,834,568‌

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,

2023.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

7,781,583‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

7,781,583‌

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

December

31,

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.