Forum Funds Ii NPORT-P Acuitas International Small Cap Fund (Mar 2020 report)

ACUITAS

INTERNATIONAL

SMALL

CAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2020

1

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

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

Shares

Security

Description

Value

Common

Stock

-

82.2%

Australia

-

9.0%

991‌

ARB

Corp.,

Ltd.

$

8,711‌

3,625‌

Bravura

Solutions,

Ltd.

8,607‌

8,524‌

Duxton

Water,

Ltd.

6,816‌

7,502‌

MNF

Group,

Ltd.

21,457‌

3,117‌

SmartGroup

Corp.,

Ltd.

9,375‌

8,243‌

Western

Areas,

Ltd.

9,862‌

64,828‌

Austria

-

3.3%

811‌

FACC

AG

6,972‌

569‌

Palfinger

AG 

(a)

10,430‌

200‌

Schoeller-Bleckmann

Oilfield

Equipment

AG

6,618‌

24,020‌

Belgium

-

0.7%

176‌

Akka

Technologies

4,804‌

Canada

-

4.6%

3,900‌

Alithya

Group,

Inc.,

Class A 

(a)

6,817‌

4,902‌

EXFO,

Inc. 

(a)

12,714‌

3,293‌

Extendicare,

Inc.

13,525‌

33,056‌

China

-

0.5%

35,528‌

Goodbaby

International

Holdings,

Ltd. 

(a)

3,895‌

Cyprus

-

0.8%

5,144‌

Atalaya

Mining

PLC 

(a)

5,431‌

France

-

4.9%

263‌

Albioma

SA

7,846‌

202‌

Devoteam

SA

13,100‌

936‌

FIGEAC-AERO 

(a)

4,542‌

455‌

Lectra

7,246‌

313‌

Maisons

du

Monde

SA 

(b)

2,522‌

35,256‌

Germany

-

3.2%

753‌

Flatex

AG 

(a)

22,714‌

Hong

Kong

-

3.7%

16,700‌

C-Mer

Eye

Care

Holdings,

Ltd.

9,478‌

20,900‌

Nissin

Foods

Co.,

Ltd.

17,226‌

26,704‌

Ireland

-

2.1%

13,030‌

Hibernia

REIT

PLC

15,262‌

Italy

-

0.8%

949‌

doValue

SpA 

(b)

5,914‌

Japan

-

28.3%

379‌

Anicom

Holdings,

Inc. 

(a)

12,636‌

192‌

Digital

Arts,

Inc.

8,339‌

284‌

Hirata

Corp.

12,163‌

626‌

Internet

Initiative

Japan,

Inc.

20,639‌

624‌

Katitas

Co.,

Ltd.

10,069‌

479‌

Makino

Milling

Machine

Co.,

Ltd.

12,709‌

385‌

Mandom

Corp.

7,415‌

1,059‌

Metaps,

Inc. 

(a)

4,688‌

1,376‌

Nihon

Chouzai

Co.,

Ltd.

21,179‌

652‌

Nippon

Ceramic

Co.,

Ltd.

11,194‌

1,091‌

Optex

Group

Co.,

Ltd.

10,146‌

1,976‌

Poletowin

Pitcrew

Holdings,

Inc.

14,206‌

565‌

Taiyo

Holdings

Co.,

Ltd.

21,386‌

237‌

V

Technology

Co.,

Ltd.

6,899‌

2,978‌

Yumeshin

Holdings

Co.,

Ltd.

15,731‌

1,073‌

Zojirushi

Corp.

14,779‌

204,178‌

Shares

Security

Description

Value

Luxembourg

-

1.3%

1,255‌

Solutions

30

SE 

(a)

$

9,613‌

New

Zealand

-

0.6%

6,378‌

Vista

Group

International,

Ltd.

4,415‌

Norway

-

2.0%

731‌

Norway

Royal

Salmon

ASA

14,625‌

Singapore

-

0.9%

15,100‌

Koufu

Group,

Ltd.

6,215‌

Sweden

-

4.9%

810‌

Balco

Group

AB

6,616‌

293‌

BioGaia

AB

12,440‌

2,009‌

Humana

AB

7,920‌

877‌

Troax

Group

AB

8,138‌

35,114‌

Switzerland

-

1.1%

368‌

Lastminute.com

NV 

(a)

8,220‌

United

Kingdom

-

9.5%

1,300‌

accesso

Technology

Group

PLC 

(a)

2,987‌

4,518‌

Biffa

PLC 

(b)

10,090‌

2,300‌

Blancco

Technology

Group

PLC 

(a)

5,314‌

7,046‌

Clipper

Logistics

PLC

13,128‌

470‌

Craneware

PLC

11,180‌

1,149‌

CVS

Group

PLC

11,774‌

4,678‌

The

Gym

Group

PLC 

(b)

8,193‌

2,333‌

Urban

&

Civic

PLC

6,027‌

68,693‌

Total

Common

Stock

(Cost

$778,704)

592,957‌

Exchange

Traded

Funds

-

6.9%

798‌

iShares

MSCI

Emerging

Markets

Small-

Capital

ETF

25,600‌

739‌

SPDR

S&P

Emerging

Markets

SmallCap

ETF

24,468‌

Total

Exchange

Traded

Funds

(Cost

$67,171)

50,068‌

Shares

Security

Description

Value

Money

Market

Fund

-

6.2%

44,698‌

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares,

0.36% 

(c)

(Cost

$44,698)

44,698‌

Investments,

at

value

-

95.3%

(Cost

$890,573)

$

687,723‌

Other

Assets

&

Liabilities,

Net

-

4.7%

33,572‌

Net

Assets

-

100.0%

$

721,295‌

ETF

Exchange

Traded

Fund

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

$26,719

or

3.7%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

ACUITAS

INTERNATIONAL

SMALL

CAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2020

2

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

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. 

Level

1

Level

2

Level

3

Total

Investments

at

Value

Common

Stock

Australia

$

64,828‌

$

–‌

$

–‌

$

64,828‌

Austria

24,020‌

–‌

–‌

24,020‌

Belgium

4,804‌

–‌

–‌

4,804‌

Canada

33,056‌

–‌

–‌

33,056‌

China

3,895‌

–‌

–‌

3,895‌

Cyprus

5,431‌

–‌

–‌

5,431‌

France

35,256‌

–‌

–‌

35,256‌

Germany

22,714‌

–‌

–‌

22,714‌

Hong

Kong

26,704‌

–‌

–‌

26,704‌

Ireland

15,262‌

–‌

–‌

15,262‌

Italy

5,914‌

–‌

–‌

5,914‌

Japan

204,178‌

–‌

–‌

204,178‌

Luxembourg

9,613‌

–‌

–‌

9,613‌

New

Zealand

4,415‌

–‌

–‌

4,415‌

Norway

14,625‌

–‌

–‌

14,625‌

Singapore

6,215‌

–‌

–‌

6,215‌

Sweden

35,114‌

–‌

–‌

35,114‌

Switzerland

8,220‌

–‌

–‌

8,220‌

United

Kingdom

68,693‌

–‌

–‌

68,693‌

Exchange

Traded

Funds

50,068‌

–‌

–‌

50,068‌

Money

Market

Fund

–‌

44,698‌

–‌

44,698‌

Investments

at

Value

$

643,025‌

$

44,698‌

$

–‌

$

687,723‌