SEC Info - Forum Funds II - ‘NSAR-A’ for 5/31/15

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Forum Funds II – ‘NSAR-A’ for 5/31/15

On: Wednesday, 7/1/15, at 10:33am ET · Effective: 7/1/15 · For: 5/31/15 · Accession #: 1435109-15-575 · File #: 811-22842

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/01/15  Forum Funds II                    NSAR-A      5/31/15    1:12K                                    Atlantic Fd Admi… LLC/FA
          → Baywood ValuePlus Fund ⇒ Institutional Shares (BVPIX) — Investor Shares (BVPNX)
          → CVR Dynamic Allocation Fund ⇒ Institutional Shares (CVRAX) — Investor Shares

Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A      Semi-Annual Report by an Investment Company           12     48K

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Semi-Annual Report by an Open-End Investment Company

Report
Registrant: ForumFundsII — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended: 5/31/15

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 1576367
SEC File #: 811-22842

Telephone #: 207-347-2000
2. Address: Three Canal Plaza, Suite 600
Portland, ME 04101
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 9
The number of separate Funds/Series (portfolios) reported here: 2...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 2: Baywood SKBA ValuePlus [ now
Baywood ValuePlus Fund ] — S#42905 ⇒ BVPIX & BVPNX
↓ Series 3: CVR Dynamic Allocation [ renamed
CVR Dynamic Allocation Fund ] — S#43548 ⇒ CVRAX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 36

The Identification Code of the family for Form N-SAR Filings: FORUMFMLY
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? No
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 2 Funds/Series Reported Here

Information Common to All Funds/Series
All: Administrator
10.1 Name: Atlantic Fund Administration, LLC
Location: Portland, ME
All: Principal Underwriter
11.1 Name: Foreside Fund Services, LLC
SEC File #: 008-51293
Location: Portland, ME
All: Shareholder Servicing/Transfer Agent
12.1 Name: Atlantic Shareholder Services, LLC
SEC File #: 084-06277
Location: Portland, ME
All: Independent Public Accountant
13.1 Name: BBD, LLP
Location: Philadelphia, PA
All: Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Auerbach Grayson & Co., Inc.
IRS #: 13-3676908
Commissions paid ($000s): 13
20.2 Broker: Alpha Finance
Commissions paid ($000s): 13
20.3 Broker: Sterne, Agee & Leach, Inc.
IRS #: 63-0463600
Commissions paid ($000s): 10
20.4 Broker: Itg, Inc.
IRS #: 95-2848406
Commissions paid ($000s): 6
20.5 Broker: Bloomberg Tradebook LLC
Commissions paid ($000s): 6
20.6 Broker: Charles Schwab & Co., Inc.
IRS #: 94-1737782
Commissions paid ($000s): 5
20.7 Broker: Cantor Fitzgerald & Co.
IRS #: 13-3680184
Commissions paid ($000s): 5
20.8 Broker: Jefferies & Co., Inc.
IRS #: 95-2622900
Commissions paid ($000s): 5
20.9 Broker: HSBC Securities (USA) Inc.
Commissions paid ($000s): 5
20.10 Broker: Bmo Capital Markets
Commissions paid ($000s): 4
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 126
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Fidelity Government Money Market
Registrant’s purchases ($000s): 100,178
Registrant’s sales ($000s): 98,017
22.2 Entity: Stit Invesco Liquid Asset
Registrant’s purchases ($000s): 27,626
Registrant’s sales ($000s): 26,884
22.3 Entity: Goldman Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 20,177
Registrant’s sales ($000s): 2,356
22.4 Entity: Fidelity Money Market Portfolio
Registrant’s purchases ($000s): 8,386
Registrant’s sales ($000s): 8,502
22.5 Entity: Siebert Brandford Shank
Registrant’s purchases ($000s): 10,146
22.6 Entity: Merrill Lynch, Pierce, Fenner & Smith, Inc.
IRS #: 13-5674085
Registrant’s purchases ($000s): 9,827
22.7 Entity: Barclays Capital, Inc.
Registrant’s purchases ($000s): 9,767
22.8 Entity: Bear Stearns & Co., Inc.
IRS #: 13-3299429
Registrant’s purchases ($000s): 9,301
22.9 Entity: Cantor Fitzgerald & Co.
IRS #: 13-3680184
Registrant’s purchases ($000s): 8,806
22.10 Entity: Morgan Stanley Liq Prime
Registrant’s purchases ($000s): 4,072
Registrant’s sales ($000s): 4,560
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 253,682
Aggregate sales ($000s): 149,122
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... Yes
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
All: Advisory Fee
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... Yes
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
Series 2 ↑Information Common to All Funds/Series ↑List of 2 Funds/Series
7. Name: Baywood SKBA ValuePlus [ now
Baywood ValuePlus Fund ] — S#42905 ⇒ BVPIX & BVPNX
S 2: Investment Adviser
8.1 Name: Skba Capital Management, LLC
Role: Adviser
SEC File #: 801-56391
Location: San Francisco, CA
S 2: Affiliated Broker/Dealer
14.1 Name: Foreside Fund Services, LLC
SEC File #: 008-51293
S 2: Custodian
15.1 Name: Mufg Union Bank, N.A.
Role: Custodian
Location: San Francisco, CA

Type of custody: Section 17(f)(1) — Bank
S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 99
Reinvestment of dividends and distributions ................ 1,139
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 77
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 186
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 238
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 126
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 188
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 120
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 281
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 524
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 240
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 142
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 72

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,197
Reinvestment of dividends and distributions ................ 1,139
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,096
S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 2: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 100
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 2
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 2: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.5%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $2,500
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? No –
Writing or investing in options on futures? No –
Writing or investing in options on stock index futures? No –
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? No –
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? No –
Short selling? No –
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,829
Sales ($000s): 1,774

Monthly average Value of portfolio ($000s): 11,943

Percent turnover (lesser of Purchases or Sales, divided by Value): 15%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 175
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 31
Administrator fees ............................................... 17
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 18
Custodian fees ................................................... 2
Postage .......................................................... –
Printing expenses ................................................ 4
Directors’ fees .................................................. 2
Registration fees ................................................ 14
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 15
Auditing fees .................................................... 8
Legal fees ....................................................... 11
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 2
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 15
Total expenses ................................................... 139

Expense reimbursements ($000s): 94

Net investment income ($000s): 130

Realized capital gains ($000s): 489
Net unrealized depreciation during the period ($000s): 574

Total income dividends for which the record date passed during the
period ($000s): 22
Dividends for a second class of shares ($000s): 216

Total capital gains distributions for which the record date passed
during the period ($000s): 902
73. 2? ......... 0.34995
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.26136

Distribution of capital gains: $1.39721
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 12,032
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 594
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. 7
Other receivables ................................................ 62
All other assets ................................................. 16
Total assets ..................................................... 12,711

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 6
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 21

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 12,684

Number of shares outstanding (000s): 81
Number of shares outstanding of a second class of shares (000s): 636

Net Asset Value (NAV) per share (to nearest cent): $17.62
NAV per share of a second class of shares (to nearest cent): $17.69

Total number of shareholder accounts: 4

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 12,418
Series 3 ↑Information Common to All Funds/Series ↑List of 2 Funds/Series
7. Name: CVR Dynamic Allocation [ renamed
CVR Dynamic Allocation Fund ] — S#43548 ⇒ CVRAX
S 3: Investment Adviser
8.1 Name: CVR Portfolio Funds LLC
Role: Adviser
SEC File #: 801-78840
Location: Boston, MA
S 3: Affiliated Broker/Dealer
14.1 Name: Foreside Fund Services, LLC
SEC File #: 008-51293
S 3: Custodian
15.1 Name: Mufg Union Bank, N.A.
Role: Custodian
Location: San Francisco, CA

Type of custody: Section 17(f)(1) — Bank
S 3: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 3: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 429
Reinvestment of dividends and distributions ................ 122
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 750
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 15
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 433
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 532
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 531
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 16
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 435
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 162
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 286
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 16

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,864
Reinvestment of dividends and distributions ................ 122
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 744
S 3: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
S 3: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? No
S 3: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 1.1%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 3: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? No
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 3: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 3: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes to both
Writing or investing in stock index futures? Yes to both
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes to both
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? Yes to both
Short selling? No –
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 11,144
Sales ($000s): 6,408

Monthly average Value of portfolio ($000s): 17,506

Percent turnover (lesser of Purchases or Sales, divided by Value): 37%
S 3: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 130
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 115
Administrator fees ............................................... 18
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 11
Custodian fees ................................................... 3
Postage .......................................................... –
Printing expenses ................................................ 9
Directors’ fees .................................................. 2
Registration fees ................................................ 6
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 34
Auditing fees .................................................... 8
Legal fees ....................................................... 13
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ 5
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 17
Total expenses ................................................... 241

Expense reimbursements ($000s): 79

Net investment income ($000s): -32

Realized capital gains ($000s): 285

Net unrealized appreciation during the period ($000s): 416

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 122
73.
Distribution of capital gains: $0.06613
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 1,850
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 12,670
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 7,611
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 16
All other assets ................................................. 352
Total assets ..................................................... 22,499

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 184
Amounts owed to affiliated persons ............................... 26
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 8

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 22,281

Number of shares outstanding (000s): 2,034

Net Asset Value (NAV) per share (to nearest cent): $10.96

Total number of shareholder accounts: 12

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 20,982
Signature ↑Top of Form N-SAR
/s/ Karen Shaw
Name: Karen Shaw
Title: Treasurer

↑Top

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Forum Funds II – ‘NSAR-A’ for 5/31/15

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Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents