N-Q 1 primary-document.htm 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON
, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
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: July 31
 
Date of reporting period: February 1, 2019 – April 30, 2019
 

Item 1.  Schedule of Investments.
 
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
April
30,
2019
1
At
April
30,
2019,
the
Fund
held
the
following
exchange
traded
futures
contracts:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
April
30,
2019.
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
includes
futures.
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. 
Value
Investments,
at
value
-
0.0%
(Cost
$0)
$
0‌
Other
Assets
&
Liabilities,
Net
-
100.0%
41,002,550‌
Net
Assets
-
100.0%
$
41,002,550‌
Contracts
Type
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
277‌
S&P
500
E-mini
Future
06/21/19
$
39,173,150‌
$
40,836,725‌
$
1,663,575‌
Valuation
Inputs
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
1,663,575‌
Level
2
-
Other
Significant
Observable
Inputs
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
Total
$
1,663,575‌
*
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
period
end.
ABR
Dynamic
Short
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
April
30,
2019
2
At
April
30,
2019,
the
Fund
held
the
following
exchange
traded
futures
contracts:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
April
30,
2019.
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
includes
futures.
The
Level
2
value
displayed
in
this
table
is
U.S.
Treasury
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. 
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
79.0%
U.S.
Treasury
Securities
-
79.0%
$
335,000‌
U.S.
Treasury
Bond
3.38%
05/15/44
$
362,873‌
352,000‌
U.S.
Treasury
Bond
3.13 
08/15/44
365,379‌
357,000‌
U.S.
Treasury
Bond
3.00 
11/15/44
362,620‌
396,000‌
U.S.
Treasury
Bond
2.50 
02/15/45
365,898‌
357,000‌
U.S.
Treasury
Bond
3.00 
05/15/45
362,731‌
369,000‌
U.S.
Treasury
Bond
2.88 
08/15/45
366,045‌
2,185,546‌
Total
U.S.
Government
&
Agency
Obligations
(Cost
$2,135,363)
2,185,546‌
Investments,
at
value
-
79.0%
(Cost
$2,135,363)
$
2,185,546‌
Other
Assets
&
Liabilities,
Net
-
21.0%
580,432‌
Net
Assets
-
100.0%
$
2,765,978‌
Contracts
Type
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
(Depreciation)
(23‌)
CBOE
VIX
Future
05/22/19
$
(386,648‌)
$
(331,775‌)
$
54,873‌
(13‌)
CBOE
VIX
Future
06/19/19
(201,821‌)
(205,075‌)
(3,254‌)
$
(588,469‌)
$
(536,850‌)
$
51,619‌
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
–‌
$
51,619‌
Level
2
-
Other
Significant
Observable
Inputs
2,185,546‌
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
–‌
Total
$
2,185,546‌
$
51,619‌
*
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
period
end.
 
Item 2.  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 these disclosure 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 3.  Exhibits
Certifications as required by Rule 30a-2(a) under the Act.
 

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.
 
 
FORUM FUNDS  II
 
By:
/s/ Jessica Chase
 
 
Jessica Chase, Principal Executive Officer
 
 
 
 
Date:
May 14, 2019
 
 
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.
 
By:
/s/ Jessica Chase
 
 
Jessica Chase, Principal Executive Officer
 
 
 
 
Date:
May 14, 2019
 
 
By:
/s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
 
 
 
 
Date:
May 14, 2019