As filed with the Securities and Exchange Commission on February 10, 2017
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22842
FORUM FUNDS II
Three Canal Plaza, Suite 600
Portland, Maine 04101
Jessica Chase, Principal Executive Officer
Three Canal Plaza, Suite 600
Portland, Maine 04101
207-347-2000
Date of fiscal year end: June 30
Date of reporting period: July 1, 2016 – December 31, 2016
ITEM 1. REPORT TO STOCKHOLDERS.
TABLE OF CONTENTS |
1 |
ACUITAS INTERNATIONAL SMALL CAP FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2016 |
Shares | Security Description | Value | ||||
Common Stock - 96.1% | ||||||
Australia - 2.6% | ||||||
39,058 | GrainCorp, Ltd., Class A | $ | 269,460 | |||
525,000 | Metals X, Ltd. (a) | 212,165 | ||||
15,987 | Mineral Resources, Ltd. | 139,829 | ||||
79,661 | Tassal Group, Ltd. | 238,572 | ||||
70,600 | The Star Entertainment Group, Ltd. | 263,404 | ||||
1,123,430 | ||||||
Austria - 1.5% | ||||||
9,049 | BUWOG AG (a) | 210,417 | ||||
2,416 | Oesterreichische Post AG | 81,103 | ||||
11,581 | Palfinger AG | 348,655 | ||||
640,175 | ||||||
Belgium - 0.5% | ||||||
30,277 | AGFA-Gevaert NV (a) | 117,062 | ||||
975 | Barco NV | 82,148 | ||||
199,210 | ||||||
Canada - 5.5% | ||||||
23,770 | Canam Group, Inc. | 159,688 | ||||
41,810 | Cardinal Energy, Ltd. | 329,772 | ||||
74,834 | Gran Tierra Energy, Inc. (a) | 226,288 | ||||
54,480 | Granite Oil Corp. | 238,995 | ||||
2,086 | Russel Metals, Inc. | 39,742 | ||||
135,890 | Surge Energy, Inc. | 335,006 | ||||
52,580 | TORC Oil & Gas, Ltd. | 323,865 | ||||
193,230 | Western Forest Products, Inc. | 272,003 | ||||
45,290 | Whitecap Resources, Inc. | 410,179 | ||||
2,335,538 | ||||||
China - 1.6% | ||||||
324,941 | China Lesso Group Holdings, Ltd. | 210,775 | ||||
132,000 | Sinopec Shanghai Petrochemical Co., Ltd., Class H | 71,494 | ||||
480,000 | Xinyi Glass Holdings, Ltd. | 392,443 | ||||
674,712 | ||||||
Denmark - 1.7% | ||||||
7,063 | Dfds A/S | 322,623 | ||||
4,660 | Jyske Bank A/S | 222,162 | ||||
12,425 | Matas A/S | 169,772 | ||||
714,557 | ||||||
Finland - 0.7% | ||||||
2,852 | Cramo OYJ | 71,421 | ||||
29,638 | Metsa Board OYJ | 211,994 | ||||
283,415 | ||||||
Germany - 6.5% | ||||||
21,063 | ADVA Optical Networking SE (a) | 171,123 | ||||
5,537 | Bilfinger SE (a) | 213,178 | ||||
3,286 | Carl Zeiss Meditec AG | 121,065 | ||||
1,671 | Cewe Stiftung & Co. KGAA | 148,757 | ||||
22,023 | Deutz AG | 123,911 | ||||
8,690 | Duerr AG | 698,414 | ||||
13,498 | ElringKlinger AG | 225,563 | ||||
26,441 | Kloeckner & Co. SE (a) | 331,493 | ||||
3,540 | Krones AG | 323,823 | ||||
7,667 | RHOEN-KLINIKUM AG | 207,093 | ||||
14,652 | SAF-Holland SA | 210,298 | ||||
2,774,718 | ||||||
Hong Kong - 2.2% | ||||||
144,000 | China State Construction International Holdings, Ltd. | 215,411 | ||||
547,620 | Dah Chong Hong Holdings, Ltd. | 209,034 | ||||
29,500 | Kingboard Chemical Holdings, Ltd. | 89,400 | ||||
Shares | Security Description | Value | ||||
603,200 | Man Wah Holdings, Ltd. | $ | 408,382 | |||
922,227 | ||||||
Indonesia - 0.7% | ||||||
1,285,400 | Matahari Putra Prima Tbk PT | 141,205 | ||||
12,011,500 | Panin Financial Tbk PT (a) | 153,348 | ||||
294,553 | ||||||
Ireland - 0.8% | ||||||
14,484 | Smurfit Kappa Group PLC | 332,299 | ||||
Israel - 0.4% | ||||||
4,628 | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 186,824 | ||||
Italy - 2.9% | ||||||
11,760 | Banca Generali SpA | 280,512 | ||||
1,329 | Biesse SpA | 26,777 | ||||
2,791 | Brembo SpA | 168,932 | ||||
101,180 | Cairo Communication SpA | 405,792 | ||||
98,812 | Saras SpA | 178,905 | ||||
31,330 | Zignago Vetro SpA | 182,047 | ||||
1,242,965 | ||||||
Japan - 25.3% | ||||||
8,400 | Alps Electric Co., Ltd. | 203,109 | ||||
6,100 | AOKI Holdings, Inc. | 75,053 | ||||
5,700 | Arcs Co., Ltd. | 128,412 | ||||
21,000 | Avex Group Holdings, Inc. | 302,220 | ||||
4,600 | BML, Inc. | 109,652 | ||||
4,200 | Canon Marketing Japan, Inc. | 70,650 | ||||
2,700 | Cawachi, Ltd. | 67,341 | ||||
27,000 | Chiyoda Corp. | 187,123 | ||||
32,000 | Chugoku Marine Paints, Ltd. | 235,739 | ||||
1,900 | Ci:z Holdings Co., Ltd. | 53,485 | ||||
15,900 | DCM Holdings Co., Ltd. | 141,212 | ||||
6,750 | DIC Corp. | 205,027 | ||||
20,400 | EDION Corp. | 191,302 | ||||
10,400 | FCC Co., Ltd. | 187,133 | ||||
43,200 | FIDEA Holdings Co., Ltd. | 77,252 | ||||
10,200 | Geo Holdings Corp. | 118,865 | ||||
54,500 | Hitachi Zosen Corp. | 284,916 | ||||
3,300 | Hogy Medical Co., Ltd. | 203,576 | ||||
12,000 | Icom, Inc. | 232,351 | ||||
1,700 | J-Oil Mills, Inc. | 58,036 | ||||
5,200 | Kaga Electronics Co., Ltd. | 84,357 | ||||
3,000 | Kanamoto Co., Ltd. | 79,444 | ||||
4,200 | Kato Sangyo Co., Ltd. | 98,356 | ||||
2,100 | Kissei Pharmaceutical Co., Ltd. | 52,341 | ||||
15,600 | Kohnan Shoji Co., Ltd. | 293,914 | ||||
23,000 | Makino Milling Machine Co., Ltd. | 180,064 | ||||
30,000 | Marudai Food Co., Ltd. | 126,545 | ||||
11,400 | Miraca Holdings, Inc. | 512,086 | ||||
2,000 | Mochida Pharmaceutical Co., Ltd. | 138,781 | ||||
118,500 | Monex Group, Inc. | 329,519 | ||||
7,000 | NET One Systems Co., Ltd. | 44,800 | ||||
27,000 | Nippon Chemi-Con Corp. | 58,909 | ||||
22,000 | Nippon Kayaku Co., Ltd. | 271,624 | ||||
16,300 | Nissin Electric Co., Ltd. | 179,910 | ||||
44,300 | NTN Corp. | 179,285 | ||||
19,000 | Pacific Industrial Co., Ltd. | 241,574 | ||||
83,400 | Round One Corp. | 578,002 | ||||
7,620 | Ryosan Co., Ltd. | 230,148 | ||||
48,400 | Sega Sammy Holdings, Inc. | 720,151 | ||||
8,500 | Seino Holdings Co., Ltd. | 94,400 | ||||
63,000 | Shinmaywa Industries, Ltd. | 566,528 | ||||
8,000 | Ship Healthcare Holdings, Inc. | 205,348 | ||||
50,700 | SKY Perfect JSAT Holdings, Inc. | 233,383 |
See Notes to Financial Statements. | 2 |
ACUITAS INTERNATIONAL SMALL CAP FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2016 |
Shares | Security Description | Value | ||||
19,700 | Star Micronics Co., Ltd. | $ | 268,341 | |||
63,000 | Takara Leben Co., Ltd. | 367,085 | ||||
25,000 | Takuma Co., Ltd. | 213,690 | ||||
4,690 | TechnoPro Holdings, Inc. | 150,481 | ||||
26,300 | Tokyo Dome Corp. | 259,231 | ||||
9,200 | TOMONY Holdings, Inc. | 47,624 | ||||
12,100 | Toppan Forms Co., Ltd. | 126,202 | ||||
21,000 | Toshiba TEC Corp. (a) | 100,620 | ||||
13,800 | United Arrows, Ltd. | 380,791 | ||||
3,400 | Xebio Holdings Co., Ltd. | 52,538 | ||||
5,000 | Yuasa Trading Co., Ltd. | 124,834 | ||||
10,723,360 | ||||||
Malaysia - 1.1% | ||||||
61,200 | AirAsia Bhd | 31,241 | ||||
250,400 | Alliance Financial Group Bhd | 207,643 | ||||
32,631 | Berjaya Sports Toto Bhd | 21,531 | ||||
399,000 | Supermax Corp. Bhd | 187,671 | ||||
448,086 | ||||||
Mexico - 1.4% | ||||||
171,400 | Concentradora Hipotecaria SAPI de CV REIT | 193,066 | ||||
584,481 | Consorcio ARA SAB de CV | 182,142 | ||||
159,160 | PLA Administradora Industrial S de RL de CV REIT (a) | 200,393 | ||||
575,601 | ||||||
Netherlands - 2.3% | ||||||
21,096 | BE Semiconductor Industries NV | 702,620 | ||||
14,617 | Intertrust NV (b) | 257,264 | ||||
959,884 | ||||||
Norway - 2.0% | ||||||
6,653 | Aker ASA, Class A | 248,851 | ||||
42,132 | Austevoll Seafood ASA | 408,618 | ||||
6,038 | Salmar ASA | 180,468 | ||||
837,937 | ||||||
Panama - 1.1% | ||||||
15,926 | Banco Latinoamericano de Comerico Exterior SA, Class E | 468,861 | ||||
Philippines - 0.6% | ||||||
190,520 | Metropolitan Bank & Trust Co. | 278,235 | ||||
Portugal - 1.0% | ||||||
69,500 | NOS SGPS SA | 412,472 | ||||
Singapore - 0.5% | ||||||
283,746 | Symphony International Holdings, Ltd. | 232,672 | ||||
South Africa - 0.8% | ||||||
38,103 | Barloworld, Ltd. | 327,102 | ||||
South Korea - 2.3% | ||||||
45,290 | DGB Financial Group, Inc. (a) | 366,355 | ||||
11,494 | Hankook Tire Worldwide Co., Ltd. (a) | 197,467 | ||||
28,576 | Jusung Engineering Co., Ltd. (a) | 244,876 | ||||
3,742 | LS Corp. (a) | 183,723 | ||||
992,421 | ||||||
Spain - 1.4% | ||||||
10,336 | Ebro Foods SA | 216,570 | �� | |||
32,351 | Mediaset Espana Comunicacion SA | 379,706 | ||||
596,276 | ||||||
Sweden - 2.3% | ||||||
40,554 | Betsson AB (a) | 391,269 | ||||
63,176 | Cloetta AB, Class B | 199,015 | ||||
8,160 | JM AB | 235,738 | ||||
Shares | Security Description | Value | ||||
14,711 | Mycronic AB | $ | 158,242 | |||
984,264 | ||||||
Switzerland - 4.9% | ||||||
4,090 | Aryzta AG (a) | 180,140 | ||||
160 | Forbo Holding AG | 206,305 | ||||
316 | Georg Fischer AG | 258,808 | ||||
1,703 | Kardex AG (a) | 159,296 | ||||
19,329 | Logitech International SA | 482,133 | ||||
57,542 | OC Oerlikon Corp. AG (a) | 565,079 | ||||
2,380 | Valiant Holding AG | 236,995 | ||||
2,088,756 | ||||||
Taiwan - 5.5% | ||||||
67,357 | Chicony Electronics Co., Ltd. | 156,746 | ||||
288,543 | China Life Insurance Co., Ltd. | 286,940 | ||||
11,013 | ChipMOS TECHNOLOGIES, INC., ADR | 155,393 | ||||
76,793 | FLEXium Interconnect, Inc. | 202,056 | ||||
33,000 | Global Unichip Corp. | 80,378 | ||||
524,328 | King's Town Bank Co., Ltd. | 457,967 | ||||
208,000 | Micro-Star International Co., Ltd. | 475,001 | ||||
68,000 | Realtek Semiconductor Corp. | 215,210 | ||||
41,000 | Sheng Yu Steel Co., Ltd. | 43,253 | ||||
36,000 | Taiwan FU Hsing Industrial Co., Ltd. | 46,691 | ||||
236,000 | Teco Electric and Machinery Co., Ltd. | 204,301 | ||||
2,323,936 | ||||||
United Arab Emirates - 0.7% | ||||||
472,580 | Gulf Marine Services PLC | 285,380 | ||||
United Kingdom - 14.5% | ||||||
45,740 | Arrow Global Group PLC | 167,983 | ||||
172,870 | Blancco Technology Group PLC | 497,460 | ||||
22,522 | Bovis Homes Group PLC | 227,600 | ||||
55,140 | Brewin Dolphin Holdings PLC | 207,329 | ||||
95,285 | Cambian Group PLC (a) | 145,319 | ||||
7,830 | Dialog Semiconductor PLC (a) | 331,050 | ||||
37,154 | Electrocomponents PLC | 218,274 | ||||
113,795 | Fenner PLC | 330,618 | ||||
138,160 | JD Sports Fashion PLC | 541,283 | ||||
19,419 | Kennedy Wilson Europe Real Estate PLC | 229,508 | ||||
472,608 | Ladbrokes Coral Group PLC | 675,633 | ||||
233,414 | Lookers PLC | 337,281 | ||||
70,603 | Pagegroup PLC | 339,778 | ||||
35,370 | Playtech PLC | 360,053 | ||||
214,252 | QinetiQ Group PLC | 693,908 | ||||
17,346 | Redde PLC | 34,952 | ||||
15,020 | Secure Trust Bank PLC | 398,164 | ||||
81,888 | Tyman PLC | 278,031 | ||||
36,726 | Virgin Money Holdings UK PLC | 137,005 | ||||
6,151,229 | ||||||
United States - 0.8% | ||||||
36,100 | Tahoe Resources, Inc. | 340,122 | ||||
Total Common Stock (Cost $39,604,661) | 40,751,217 | |||||
Investment Companies - 0.5% | ||||||
554,900 | Digital Telecommunications Infrastructure Fund (Cost $192,293) | 216,936 | ||||
Money Market Fund - 3.1% | ||||||
1,316,314 | BlackRock Liquidity Funds FedFund Portfolio, 0.42% (c) (Cost $1,316,314) | 1,316,314 | ||||
Total Investments - 99.7% (Cost $41,113,268)* | $ | 42,284,467 | ||||
Other Assets & Liabilities, Net – 0.3% | 107,973 | |||||
Net Assets – 100.0% | $ | 42,392,440 |
See Notes to Financial Statements. | 3 |
ACUITAS INTERNATIONAL SMALL CAP FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2016 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A under the Securities Act of 1933. At the period end, the value of these securities amounted to $257,264 or 0.6% of net assets. |
(c) | Variable rate security. Rate presented is as of December 31, 2016. |
* Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
ITEM 6. INVESTMENTS.
(a) | Included as part of report to shareholders under Item 1. |
(b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept nominees to the board of trustees from shareholders.
ITEM 11. CONTROLS AND PROCEDURES
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002. (Exhibits filed herewith)
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit filed herewith)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Forum Funds II
By | /s/ Jessica Chase | |
Jessica Chase, Principal Executive Officer | ||
Date | January 30, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.