As filed with the Securities and Exchange Commission on May 5, 2020
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: February 29
Date of reporting period: March 1, 2019 – February 29, 2020
ITEM 1. REPORT TO STOCKHOLDERS.
JAGUAR
GLOBAL
PROPERTY
FUND
Annual
Report
February
29,
2020
JAGUAR
GLOBAL
PROPERTY
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
February
29,
2020
2
For
much
of
the
Fund’s
fiscal
year,
the
global
property
securities
markets
performed
well,
especially
during
the
second
half
of
Calendar
Year
(“CY”)
2019
when
the
trade
discussions
between
the
US
and
China
appeared
to
be
reaching
resolution
as
well
as
other
political
issues
like
the
election
of
Boris
Johnson
in
the
UK.
The
Hong
Kong
markets
also
started
to
recover
as
CY2019
ended
after
suffering
through
riots
that
shut
down
stores
and
office
buildings.
As
the
markets
were
stabilizing
in
the
areas
most
beset
by
political
challenges,
the
Covid-19
virus
emerged
in
what
now
appears
to
be
the
catalyst
for
a
global
recession.
With
China
at
the
epicenter
of
the
virus
that
may
have
started
in
mid-December,
the
government
moved
to
shut
down
the
areas
most
affected
(Hubei
province
in
particular)
and
by
February
17,
2020,
according
to
the
Johns
Hopkins
Coronavirus
Resource
Center,
the
rate
of
new
infections
started
to
decline.
This
initially
resulted
in
a
recovery
in
share
prices
in
China
and
Hong
Kong,
but
the
recovery
was
quickly
reversed
by
the
end
of
the
month
as
the
incidence
of
the
virus
expanded
rapidly
to
other
parts
of
the
world.
The
rise
in
virus
cases
was
also
accompanied
by
an
oil
price
war
that
erupted
between
Saudi
Arabia
and
Russia,
further
destabilizing
markets
–
although
this
should
ultimately
reduce
energy
costs
globally
and
encourage
an
increase
in
consumption.
Well
before
the
virus
emerged,
the
real
estate
markets
had
experienced
a
shift
in
investor
sentiment
as
the
retailers
around
the
world
continued
to
struggle
with
the
appropriate
product
mix
and
store
size
to
meet
the
changes
in
demand
patterns.
The
logistics
sector
has
become
the
main
disruptive
force
in
the
retail
sector
as
consumers
can
go
directly
to
the
manufacturer
and
bypass
the
local
store.
The
appeal
of
other
more
traditional
property
types
has
also
shifted,
and
the
“non-traditional”
property
types
including
data
centers,
student
housing,
refrigerated
storage,
manufactured
homes
and
developments
focusing
on
low
to
moderate
income
housing,
and
healthcare
performed
well.
The
more
traditional
property
types
–
shopping
malls,
offices
and
apartments
–
had
mixed
results
depending
on
their
local
market
dynamics,
but
overall
performance
tended
to
be
much
below
the
level
of
their
non-traditional
peers.
The
Fund
holdings
in
the
residential
markets
in
Australia,
Singapore
and
China
benefited
from
a
more
benign
environment
after
the
efforts
of
their
respective
governments
have
had
some
impact
on
slowing
the
pace
of
price
increases.
Conversely,
performance
was
negatively
affected
by
rent
controls
introduced
in
Berlin
which
cast
a
pall
over
the
rental
apartment
industry
as
these
measures
were
specifically
targeted
at
reducing
the
future
profitability
of
the
sector.
In
the
US,
the
Fund
outperformed
the
benchmark
by
investing
in
the
“non-traditional”
property
types
like
manufactured
homes,
where
the
top
companies
rose
nearly
28%
during
the
period,
and
low-moderate
income
rental
apartments.
Avoiding
storage
companies
which
are
experiencing
supply
issues
also
helped
performance
while
having
any
exposure
to
shopping
malls
detracted.
The
Fund
also
benefited
from
companies
that
had
recently
experienced
management/strategy
changes
and
executed
as
we
expected
they
would.
Interestingly,
community
shopping
centers
are
performing
well
and
are
viewed
more
as
the
“anti-Amazon”
by
providing
daily
necessities
–
dry
cleaning,
food
and
beverage,
pharmacies,
etc.
The
logistics/industrial
sector
continues
to
lead
the
pack,
especially
those
companies
focusing
on
“last
mile”
delivery
which
is
becoming
so
important
to
the
retail
sector
and
consumers.
The
market
that
had
the
most
significant
negative
impact
on
Fund
performance
was
Japan
where
the
decline
in
interest
rates
in
the
second
quarter
globally
may
have
contributed
to
a
surge
in
demand
for
the
3%
yield
generated
by
the
JREITs.
However,
this
does
not
fully
explain
the
surge
in
share
prices
as
much
as
50%
in
the
fourth
quarter
CY2019
where
property
fundamentals
suggest
a
rise
of
closer
to
5%
-
for
the
entire
year.
Note
that
following
the
emergence
of
the
virus,
the
share
price
for
JREITs
declined
dramatically,
falling
as
much
as
50%,
as
we
suspect
that
investors
were
taking
advantage
of
low
interest
rates
to
fund
purchases
of
JREIT
shares
and
the
fall
in
share
prices
led
to
margin
calls.
European
markets
performed
well
and
the
Fund
benefited
from
exposure
to
the
industrial
sector
in
particular
as
well
as
the
office
market
in
Sweden,
although
the
Fund’s
investments
in
the
latter
trailed
the
market
overall
despite
its
key
holding
rising
over
20%
for
the
period
as
the
small
cap
companies
surged
as
high
as
75%.
The
Fund’s
investments
in
the
UK
and
Ireland
outperformed
on
both
an
absolute
and
relative
basis
gaining
over
12%
and
28%,
respectively.
As
the
impact
on
sentiment
and
markets
from
the
virus
spreads
over
the
coming
quarters,
we
will
be
allocating
capital
to
companies
with
well-funded
balance
sheets
and
businesses.
We
expect
that
the
impact
of
the
virus
will
subside
as
it
has
in
China
and
now
much
of
Asia,
resulting
in
a
far
more
attractive
investment
environment
for
those
with
capital.
This
is
particularly
the
case
for
the
real
estate
sector
where
the
amount
of
private
equity
“dry
powder”
estimated
to
exceed
$300
billion
should
reduce
the
downside
risk
for
property
owners,
public
and
private.
Because
the
Fund
concentrates
its
net
assets
in
the
real
estate
industry
(by
investing
in
equity
REITs
and
other
companies
that
invest
in
real
estate
assets),
it
is
particularly
vulnerable
to
the
risks
of
the
real
estate
industry,
including
those
specific
to
equity
REITs.
Declines
in
real
estate
values,
changes
in
interest
rates,
economic
downturns,
overbuilding
and
changes
in
zoning
laws
and
government
regulations
can
have
a
significant
negative
effect
on
companies
in
the
real
estate
industry.
Extended
vacancies,
a
decline
in
rental
income,
failure
JAGUAR
GLOBAL
PROPERTY
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
February
29,
2020
3
to
collect
rents,
increased
competition
from
other
properties
and
poor
management
can
also
affect
the
value
and
performance
of
equity
REITs
and
companies
that
invest
in
real
estate
assets.
The
Fund
is
non-diversified,
which
means
that
the
Fund
may
hold
larger
positions
in
fewer
securities
than
other
funds.
Investing
overseas
involves
special
risks,
including
the
volatility
of
currency
exchange
rates,
and
in
some
cases,
political
and
economic
instability,
and
relatively
illiquid
markets.
Emerging
markets
involve
greater
risks
than
more
developed
markets
as
they
may
be
more
volatile
and
less
liquid.
The
Fund
may
invest
in
small
and
mid-sized
capitalization
companies
meaning
that
these
companies
carry
greater
risk
than
is
customarily
associated
with
larger
companies
for
various
reasons
such
as
narrower
markets,
limited
financial
resources
and
less
liquid
stock.
JAGUAR
GLOBAL
PROPERTY
FUND
PERFORMANCE
CHART
AND
ANALYSIS
(Unaudited)
February
29,
2020
4
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$1,000,000
investment
in
Institutional
Shares,
including
reinvested
dividends
and
distributions,
in
the
Jaguar
Global
Property
Fund
(the
“Fund”)
compared
with
the
performance
of
the
benchmark,
FTSE
EPRA/NAREIT
Developed
Index
("Developed
Index"),
since
inception.
The
Developed
Index
incorporates
Real
Estate
Investment
Trusts
(REITs)
and
Real
Estate
Holding
&
Development
companies.
The
total
return
of
the
index
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Fund
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
index
does
not
include
expenses.
The
Fund
is
professionally
managed,
while
the
index
is
unmanaged
and
is
not
available
for
investment.
Comparison
of
Change
in
Value
of
a
$1,000,000
Investment
Jaguar
Global
Property
Fund
vs.
FTSE
EPRA/NAREIT
Developed
Index
Performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Investment
return
and
principal
value
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
original
cost.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratio
(gross)
is
3.15%.
However,
the
Fund’s
adviser has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
to
0.90%,
through
June
30,
2020
(the
“Expense
Cap”).
The
Expense
Cap
may
be
raised
or
eliminated
only
with
the
consent
of
the
Board
of
Trustees.
The
adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
approved
by
the
Board,
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
Expense
Cap
and
(ii)
the
Expense
Cap
in
place
at
the
time
the
fees/
expenses
were
waived/reimbursed.
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
will
increase
if
exclusions
from
the
Expense
Cap
apply.
During
the
period,
certain
fees
were
waived
and/or
expenses
reimbursed;
otherwise,
returns
would
have
been
lower.
Shares
redeemed
or
exchanged
within
90
days
of
purchase
will
be
charged
a
1.50%
redemption
fee.
The
performance
table
and
graph
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
greater
than
one
year
are
annualized.
For
the
most
recent
month-end
performance,
please
call
(844)
218-5182.
Average
Annual
Total
Returns
Periods
Ended
February
29,
2020
One
Year
Since
Inception
12/16/16
Jaguar
Global
Property
Fund
4.83%
6.87%
FTSE
EPRA/NAREIT
Developed
Index
2.85%
6.88%
JAGUAR
GLOBAL
PROPERTY
FUND
SCHEDULE
OF
INVESTMENTS
February
29,
2020
5
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
February
29,
2020.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
more
information
on
valuation
inputs,
and
their
aggregation
into
the
levels
used
in
the
table
below,
please
refer
to
the
Security
Valuation
section
in
Note
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
and
Level
2
values
displayed
in
this
table
are
Common
Stock.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
country.
Shares
Security
Description
Value
Common
Stock
-
96.0%
Australia
-
4.6%
75,600
Mirvac
Group
REIT
$
151,575
45,500
Stockland
Corp.,
Ltd.
REIT
141,340
64,500
Vicinity
Centres
Re,
Ltd.
REIT
91,886
384,801
Belgium
-
2.4%
907
VGP
NV
98,259
3,950
Warehouses
de
Pauw
CVA
REIT
107,648
205,907
China
-
3.7%
45,000
China
Overseas
Land
&
Investment,
Ltd.
154,616
34,000
China
Resources
Land,
Ltd.
160,600
315,216
France
-
1.6%
730
Gecina
SA
REIT
130,360
Germany
-
3.6%
1,930
ADO
Properties
SA
(a)
57,654
4,529
Vonovia
SE
245,610
303,264
Hong
Kong
-
6.0%
79,000
Hang
Lung
Properties,
Ltd.
176,667
23,000
Hysan
Development
Co.,
Ltd.
84,918
31,797
Kerry
Properties,
Ltd.
92,540
116,817
New
World
Development
Co.,
Ltd.
153,795
507,920
Japan
-
7.9%
5,100
Daiwa
House
Industry
Co.,
Ltd.
143,939
8,000
Mitsui
Fudosan
Co.,
Ltd.
187,744
6,000
Sumitomo
Realty
&
Development
Co.,
Ltd.
191,647
21,500
Tokyu
Fudosan
Holdings
Corp.
138,691
662,021
Singapore
-
1.9%
29,000
UOL
Group,
Ltd.
157,309
Spain
-
2.3%
6,680
Arima
Real
Estate
SOCIMI
SA
REIT
(b)
92,147
8,110
Merlin
Properties
Socimi
SA
REIT
105,106
197,253
Sweden
-
2.6%
6,540
Fabege
AB
107,630
39,080
Samhallsbyggnadsbolaget
i
Norden
AB
110,640
218,270
United
Kingdom
-
4.4%
11,994
Great
Portland
Estates
PLC
REIT
132,256
7,300
The
UNITE
Group
PLC
REIT
108,187
28,667
Urban
&
Civic
PLC
131,243
371,686
United
States
-
55.0%
5,850
Agree
Realty
Corp.
REIT
420,147
8,570
American
Homes
4
Rent,
Class A
REIT
221,877
7,940
Americold
Realty
Trust
REIT
243,520
7,080
Apartment
Investment
&
Management
Co.
REIT
338,707
1,680
AvalonBay
Communities,
Inc.
REIT
336,991
1,380
Boston
Properties,
Inc.
REIT
177,937
7,880
CareTrust
REIT,
Inc.
164,455
4,437
Cousins
Properties,
Inc.
REIT
158,356
3,110
CyrusOne,
Inc.
REIT
188,404
4,320
Douglas
Emmett,
Inc.
REIT
164,937
250
Equinix,
Inc.
REIT
143,200
1,940
Equity
LifeStyle
Properties,
Inc.
REIT
132,560
1,660
Extra
Space
Storage,
Inc.
REIT
166,598
1,200
Life
Storage,
Inc.
REIT
129,492
2,160
National
Health
Investors,
Inc.
REIT
176,537
Shares
Security
Description
Value
United
States
-
55.0%
(continued)
2,210
Prologis,
Inc.
REIT
$
186,259
3,765
Regency
Centers
Corp.
REIT
216,262
1,660
Simon
Property
Group,
Inc.
REIT
204,313
15,310
Summit
Hotel
Properties,
Inc.
REIT
141,924
720
Sun
Communities,
Inc.
REIT
110,074
5,680
Terreno
Realty
Corp.
REIT
311,662
5,360
Ventas,
Inc.
REIT
288,207
4,622,419
Total
Common
Stock
(Cost
$7,708,395)
8,076,426
Investments,
at
value
-
96.0%
(Cost
$7,708,395)
$
8,076,426
Other
Assets
&
Liabilities,
Net
-
4.0%
333,448
Net
Assets
-
100.0%
$
8,409,874
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
At
the
period
end,
the
value
of
these
securities
amounted
to
$57,654
or
0.7%
of
net
assets.
(b)
Non-income
producing
security.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
4,622,419
Level
2
-
Other
Significant
Observable
Inputs
3,454,007
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
8,076,426
PORTFOLIO
HOLDINGS
(Unaudited)
%
of
Total
Net
Assets
Australia
4.6%
Belgium
2.4%
China
3.7%
France
1.6%
Germany
3.6%
Hong
Kong
6.0%
Japan
7.9%
Singapore
1.9%
Spain
2.3%
Sweden
2.6%
United
Kingdom
4.4%
United
States
55.0%
Other
Assets
&
Liabilities,
Net
4.0%
100.0%
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
February
29,
2020
6
See
Notes
to
Financial
Statements.
ASSETS
Investments,
at
value
(Cost
$7,708,395)
$
8,076,426
Cash
405,330
Receivables:
Investment
securities
sold
264,223
Dividends
and
interest
10,131
From
investment
adviser
10,752
Prepaid
expenses
6,493
Total
Assets
8,773,355
LIABILITIES
Payables:
Investment
securities
purchased
316,488
Fund
shares
redeemed
8,472
Accrued
Liabilities:
Fund
services
fees
7,625
Other
expenses
30,896
Total
Liabilities
363,481
NET
ASSETS
$
8,409,874
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
8,213,325
Distributable
earnings
196,549
NET
ASSETS
$
8,409,874
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
788,502
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
10.67
*
Shares
redeemed
or
exchanged
within
90
days
of
purchase
are
charged
a
1.50%
redemption
fee.
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENT
OF
OPERATIONS
YEAR
ENDED
FEBRUARY
29,
2020
7
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$10,067)
$
265,512
Interest
income
2,378
Total
Investment
Income
267,890
EXPENSES
Investment
adviser
fees
64,909
Fund
services
fees
94,708
Custodian
fees
10,348
Registration
fees
16,288
Professional
fees
33,404
Trustees'
fees
and
expenses
3,811
Other
expenses
33,217
Total
Expenses
256,685
Fees
waived
and
expenses
reimbursed
(178,794)
Net
Expenses
77,891
NET
INVESTMENT
INCOME
189,999
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
on:
Investments
196,241
Foreign
currency
transactions
(1,200)
Net
realized
gain
195,041
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
16,084
Foreign
currency
translations
(312)
Net
change
in
unrealized
appreciation
(depreciation)
15,772
NET
REALIZED
AND
UNREALIZED
GAIN
210,813
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
400,812
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
8
See
Notes
to
Financial
Statements.
For
the
Year
Ended
February
29,
2020
For
the
Year
Ended
February
28,
2019
OPERATIONS
Net
investment
income
$
189,999
$
226,054
Net
realized
gain
(loss)
195,041
(32,604)
Net
change
in
unrealized
appreciation
(depreciation)
15,772
463,530
Increase
in
Net
Assets
Resulting
from
Operations
400,812
656,980
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(477,230)
(232,363)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
676,292
1,364,071
Reinvestment
of
distributions
468,871
227,164
Redemption
of
shares
(922,240)
(935,296)
Redemption
fees
8
312
Increase
in
Net
Assets
from
Capital
Share
Transactions
222,931
656,251
Increase
in
Net
Assets
146,513
1,080,868
NET
ASSETS
Beginning
of
Year
8,263,361
7,182,493
End
of
Year
$
8,409,874
$
8,263,361
SHARE
TRANSACTIONS
Sale
of
shares
59,724
129,962
Reinvestment
of
distributions
41,976
23,347
Redemption
of
shares
(80,545)
(87,053)
Increase
in
Shares
21,155
66,256
JAGUAR
GLOBAL
PROPERTY
FUND
FINANCIAL
HIGHLIGHTS
9
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Year
Ended
For
the
Years
Ended
December
16,
2016
(a)
Through
February
29,
February
28,
February
28,
2020
2019
2018
2017
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
10.77
$
10.24
$
10.40
$
10.00
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.25
0.31
0.20
0.04
Net
realized
and
unrealized
gain
0.30
0.55
0.25(c)
0.40
Total
from
Investment
Operations
0.55
0.86
0.45
0.44
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.30)
(0.26)
(0.60)
(0.04)
Net
realized
gain
(0.35)
(0.07)
(0.01)
–
Total
Distributions
to
Shareholders
(0.65)
(0.33)
(0.61)
(0.04)
REDEMPTION
FEES(b)
0.00(d)
0.00(d)
–
–
NET
ASSET
VALUE,
End
of
Period
$
10.67
$
10.77
$
10.24
$
10.40
TOTAL
RETURN
4.83%
(e)
8.70%
4.02%
4.37%(f)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
8,410
$
8,263
$
7,182
$
750
Ratios
to
Average
Net
Assets:
Net
investment
income
2.20%
2.92%
1.91%
1.98%(g)
Net
expenses
0.90%
0.90%
0.98%
1.00%(g)
Gross
expenses
(h)
2.97%
3.15%
17.15%
33.40%(g)
PORTFOLIO
TURNOVER
RATE
44%
21%
27%
17%(f)
(a)
Commencement
of
operations.
(b)
Calculated
based
on
average
shares
outstanding
during
each
period.
(c)
Per
share
amount
does
not
accord
with
the
amount
reported
in
the
Statement
of
Operations
due
to
the
timing
of
Fund
share
sales
and
the
amount
per
share
of
realized
and
unrealized
gains
and
losses
at
such
time.
(d)
Less
than
$0.01
per
share.
(e)
Includes
adjustments
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
and,
consequently,
the
net
asset
values
for
financial
reporting
purposes
and
the
returns
based
upon
those
net
asset
values
may
differ
from
the
net
asset
values
and
returns
for
shareholder
transactions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
February
29,
2020
10
Organization
The
Jaguar
Global
Property
Fund
(the
“Fund”)
is
a
non-diversified
portfolio
of
Forum
Funds
II
(the
“Trust”).
The
Trust
is
a
Delaware
statutory
trust
that
is
registered
as
an
open-end,
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”).
Under
its
Trust
Instrument,
the
Trust
is
authorized
to
issue
an
unlimited
number
of
the
Fund’s
shares
of
beneficial
interest
without
par
value.
The
Fund
commenced
operations
on
December
16,
2016.
The
Fund
currently
offers
one
class
of
shares:
Institutional
Shares.
The
Fund
seeks
to
generate
maximum
total
return
through
current
income
and
capital
appreciation
by
investing
in
real
estate-related
and
equity-linked
securities
internationally.
Prior
to
January
1,
2019,
the
Fund
was
named
NWS
Global
Property
Fund.
Summary
of
Significant
Accounting
Policies
The
Fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
–
Investment
Companies.”
These
financial
statements
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
fiscal
year.
Actual
amounts
could
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Fund:
Security
Valuation
–
Securities
are
valued
at
market
prices
using
the
last
quoted
trade
or
official
closing
price
from
the
principal
exchange
where
the
security
is
traded,
as
provided
by
independent
pricing
services
on
each
Fund
business
day.
In
the
absence
of
a
last
trade,
securities
are
valued
at
the
mean
of
the
last
bid
and
ask
price
provided
by
the
pricing
service.
Shares
of
non-exchange
traded
open-end
mutual
funds
are
valued
at
net
asset
value
(“NAV”).
Short-term
investments
that
mature
in
sixty
days
or
less
may
be
valued
at
amortized
cost.
The
Fund
values
its
investments
at
fair
value
pursuant
to
procedures
adopted
by
the
Trust’s
Board
of
Trustees
(the
“Board”)
if
(1)
market
quotations
are
not
readily
available
or
(2)
the
Adviser,
as
defined
in
Note
4,
believes
that
the
values
available
are
unreliable.
The
Trust’s
Valuation
Committee,
as
defined
in
the
Fund’s
registration
statement,
performs
certain
functions
as
they
relate
to
the
administration
and
oversight
of
the
Fund’s
valuation
procedures.
Under
these
procedures,
the
Valuation
Committee
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Valuation
Committee
may
work
with
the
Adviser
to
provide
valuation
inputs.
In
determining
fair
valuations,
inputs
may
include
market-based
analytics
that
may
consider
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values
and
other
relevant
investment
information.
Adviser
inputs
may
include
an
income-based
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
in
determining
fair
value.
Discounts
may
also
be
applied
based
on
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
The
Valuation
Committee
performs
regular
reviews
of
valuation
methodologies,
key
inputs
and
assumptions,
disposition
analysis
and
market
activity.
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
price
of
an
investment
may
differ
from
the
security’s
market
price
and
may
not
be
the
price
at
which
the
asset
may
be
sold.
Fair
valuation
could
result
in
a
different
NAV
than
a
NAV
determined
by
using
market
quotes.
GAAP
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
and
liabilities.
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
a
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
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
February
29,
2020
11
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
aggregate
value
by
input
level,
as
of
February
29,
2020,
for
the
Fund’s
investments
is
included
in
the
Fund’s
Schedule
of
Investments.
Security
Transactions,
Investment
Income
and
Realized
Gain
and
Loss
–
Investment
transactions
are
accounted
for
on
the
trade
date.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividend
income
is
recorded
on
the
ex-dividend
date
or
as
soon
as
possible
after
determining
the
existence
of
a
dividend
declaration
after
exercising
reasonable
due
diligence.
Income
and
capital
gains
on
some
foreign
securities
may
be
subject
to
foreign
withholding
taxes,
which
are
accrued
as
applicable.
Interest
income
is
recorded
on
an
accrual
basis.
Premium
is
amortized
and
discount
is
accreted
using
the
effective
interest
method.
Identified
cost
of
investments
sold
is
used
to
determine
the
gain
and
loss
for
both
financial
statement
and
federal
income
tax
purposes.
Foreign
Currency
Translations
–
Foreign
currency
amounts
are
translated
into
U.S.
dollars
as
follows:
(1)
assets
and
liabilities
at
the
rate
of
exchange
at
the
end
of
the
respective
period;
and
(2)
purchases
and
sales
of
securities
and
income
and
expenses
at
the
rate
of
exchange
prevailing
on
the
dates
of
such
transactions.
The
portion
of
the
results
of
operations
arising
from
changes
in
the
exchange
rates
and
the
portion
due
to
fluctuations
arising
from
changes
in
the
market
prices
of
securities
are
not
isolated.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
on
investments.
Foreign
Currency
Transactions
–
The
Fund
may
enter
into
transactions
to
purchase
or
sell
foreign
currency
contracts
and
options
on
foreign
currency.
Forward
currency
contracts
are
agreements
to
exchange
one
currency
for
another
at
a
future
date
and
at
a
specified
price.
A
fund
may
use
forward
currency
contracts
to
facilitate
transactions
in
foreign
securities,
to
manage
a
fund’s
foreign
currency
exposure
and
to
protect
the
U.S.
dollar
value
of
its
underlying
portfolio
securities
against
the
effect
of
possible
adverse
movements
in
foreign
exchange
rates.
These
contracts
are
intrinsically
valued
daily
based
on
forward
rates,
and
a
fund’s
net
equity
therein,
representing
unrealized
gain
or
loss
on
the
contracts
as
measured
by
the
difference
between
the
forward
foreign
exchange
rates
at
the
dates
of
entry
into
the
contracts
and
the
forward
rates
at
the
reporting
date,
is
recorded
as
a
component
of
NAV.
These
instruments
involve
market
risk,
credit
risk,
or
both
kinds
of
risks,
in
excess
of
the
amount
recognized
in
the
Statement
of
Assets
and
Liabilities.
Risks
arise
from
the
possible
inability
of
counterparties
to
meet
the
terms
of
their
contracts
and
from
movement
in
currency
and
securities
values
and
interest
rates.
Due
to
the
risks
associated
with
these
transactions,
a
fund
could
incur
losses
up
to
the
entire
contract
amount,
which
may
exceed
the
net
unrealized
value
included
in
its
NAV.
Distributions
to
Shareholders
–
The
Fund
declares
any
dividends
from
net
investment
income
and
pays
them
annually.
Any
net
capital
gains
and
foreign
currency
gains
realized
by
the
Fund
are
distributed
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
due
primarily
to
differing
treatments
of
income
and
gain
on
various
investment
securities
held
by
the
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
the
Fund.
Federal
Taxes
–
The
Fund
intends
to
continue
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
Chapter
1,
Subtitle
A,
of
the
Internal
Revenue
Code
of
1986,
as
amended
(“Code”),
and
to
distribute
all
of
its
taxable
income
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Fund
will
file
a
U.S.
federal
income
and
excise
tax
return
as
required.
The
Fund’s
federal
income
tax
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
fiscal
years
after
they
are
filed.
As
of
February
29,
2020,
there
are
no
uncertain
tax
positions
that
would
require
financial
statement
recognition,
de-recognition
or
disclosure.
REITs
–
The
Fund
has
made
certain
investments
in
real
estate
investment
trusts
(“REITs”)
which
pay
dividends
to
their
shareholders
based
upon
funds
available
from
operations.
It
is
quite
common
for
these
dividends
to
exceed
the
REIT’s
taxable
earnings
and
profits
resulting
in
the
excess
portion
of
such
dividends
being
designated
as
a
return
of
capital.
The
Fund
may
include
the
gross
dividends
from
such
REITs
in
income
or
may
utilize
estimates
of
any
potential
REIT
dividend
reclassifications
in
the
Fund’s
annual
distributions
to
shareholders
and,
accordingly,
a
portion
of
the
Fund’s
distributions
may
be
designated
as
a
return
of
capital,
require
reclassification,
or
be
under
distributed
on
an
excise
basis
and
subject
to
excise
tax.
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
February
29,
2020
12
Income
and
Expense
Allocation
–
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
of
its
investment
portfolios.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
investment
portfolios
in
an
equitable
manner.
Redemption
Fees
–
A
shareholder
who
redeems
or
exchanges
shares
within
90
days
of
purchase
will
incur
a
redemption
fee
of
1.50%
of
the
current
NAV
of
shares
redeemed
or
exchanged,
subject
to
certain
limitations.
The
fee
is
charged
for
the
benefit
of
the
remaining
shareholders
and
will
be
paid
to
the
Fund
to
help
offset
transaction
costs.
The
fee
is
accounted
for
as
an
addition
to
paid-in
capital.
The
Fund
reserves
the
right
to
modify
the
terms
of
or
terminate
the
fee
at
any
time.
There
are
limited
exceptions
to
the
imposition
of
the
redemption
fee.
Redemption
fees
incurred
for
the
Fund,
if
any,
are
reflected
on
the
Statements
of
Changes
in
Net
Assets.
Commitments
and
Contingencies
–
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund’s
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
The
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
the
Fund’s
balance
sheet.
Cash
–
Concentration
in
Uninsured
Account
For
cash
management
purposes,
the
Fund
may
concentrate
cash
with
the
Fund’s
custodian.
This
typically
results
in
cash
balances
exceeding
the
Federal
Deposit
Insurance
Corporation
(“FDIC”)
insurance
limits.
As
of
February
29,
2020,
Jaguar
Global
Property
Fund
had
$155,330
as
cash
reserves
at
MUFG
Union
Bank,
N.A.
that
exceeded
the
FDIC
insurance
limit.
Fees
and
Expenses
Investment
Adviser
–
Jaguar
Listed
Property
LLC
(the
“Adviser”)
is
the
investment
adviser
to
the
Fund.
Pursuant
to
an
investment
advisory
agreement,
the
Adviser
receives
an
advisory
fee,
payable
monthly,
from
the
Fund
at
an
annual
rate
of
0.75%
of
the
Fund’s
average
daily
net
assets.
Distribution
–
Foreside
Fund
Services,
LLC
serves
as
the
Fund’s
distributor
(the
“Distributor”).
The
Fund
does
not
have
a
distribution
(12b-1)
plan;
accordingly,
the
Distributor
does
not
receive
compensation
from
the
Fund
for
its
distribution
services.
The
Adviser
compensates
the
Distributor
directly
for
its
services.
The
Distributor
is
not
affiliated
with
the
Adviser
or
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
(“Apex”)
or
their
affiliates.
Other
Service
Providers
–
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
services
agreement,
the
Fund
pays
Apex
customary
fees
for
its
services.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
an
Anti-Money
Laundering
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions.
Trustees
and
Officers
–
The
Trust
pays
each
Independent
Trustee
an
annual
fee
of
$16,000
($21,000
for
the
Chairman)
for
service
to
the
Trust.
The
Independent
Trustees
and
Chairman
may
receive
additional
fees
for
special
Board
meetings.
The
Independent
Trustees
are
also
reimbursed
for
all
reasonable
out-of-pocket
expenses
incurred
in
connection
with
their
duties
as
Trustees,
including
travel
and
related
expenses
incurred
in
attending
Board
meetings.
The
amount
of
Independent
Trustees’
fees
attributable
to
the
Fund
is
disclosed
in
the
Statement
of
Operations.
Certain
officers
of
the
Trust
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Fund.
Expense
Reimbursement
and
Fees
Waived
The
Adviser
has
contractually
agreed
to
waive
its
fee
and/or
reimburse
the
Fund’s
expenses
to
limit
total
annual
fund
operating
expenses
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
to
0.90%,
through
June
30,
2020
for
the
Fund.
Other
fund
service
providers
have
voluntarily
agreed
to
waive
and
reimburse
a
portion
of
their
fees.
These
voluntary
fee
waivers
and
reimbursements
may
be
reduced
or
eliminated
at
any
time.
For
the
year
ended
February
29,
2020,
fees
waived
and/or
reimbursed
expenses
were
as
follows:
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
February
29,
2020
13
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
Adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
approved
by
the
Board,
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(
i
)
the
then-current
expense
cap
and
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
As
of
February
29,
2020,
$487,688
is
subject
to
recapture
by
the
Adviser
for
the
Fund.
Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments
during
the
year
ended
February
29,
2020,
were
as
follows:
Federal
Income
Tax
As
of
February
29,
2020,
the
cost
for
federal
income
tax
purposes
is
$7,780,781
and
net
unrealized
appreciation
on
investments
consists
of:
Distributions
paid
during
the
fiscal
year
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
February
29,
2020,
distributable
earnings
(accumulated
loss)
on
a
tax
basis
were
as
follows:
The
difference
between
components
of
distributable
earnings
on
a
tax
basis
and
the
amounts
reflected
in
the
Statement
of
Assets
and
Liabilities
are
primarily
due
to
investments
in
passive
foreign
investment
companies
(“PFIC”),
REITS
and
wash
sales.
For
tax
purposes,
the
current
year
post-October
loss
was
$95,128
for
the
Fund
(realized
during
the
period
November
1,
2019
through
February
29,
2020)
and
the
current
year
deferred
late
year
ordinary
loss
was
$3,627.
These
losses
will
be
recognized
for
tax
purposes
on
the
first
business
day
of
the
Fund’s
next
fiscal
year,
March
1,
2020.
Subsequent
Events
Management
is
currently
evaluating
the
recent
introduction
of
the
COVID-19
virus
and
its
impact
on
the
financial
services
industry
and
has
concluded
that
while
it
is
reasonably
possible
that
the
virus
could
have
a
negative
effect
on
the
fair
value
of
the
Fund's
investments
and
results
of
operations,
the
specific
impact
is
not
readily
determinable
as
of
the
date
of
these
financial
statements.
The
financial
statements
do
not
include
any
adjustments
that
might
result
from
the
outcome
of
this
uncertainty.
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
64,909
$
101,885
$
12,000
$
178,794
Purchases
Sales
$
3,655,835
$
3,674,357
Gross
Unrealized
Appreciation
$
817,995
Gross
Unrealized
Depreciation
(522,350)
Net
Unrealized
Appreciation
$
295,645
2020
2019
Ordinary
Income
$
258,685
$
230,930
Long-Term
Capital
Gain
218,545
1,433
Total
$
477,230
$
232,363
Capital
and
Other
Losses
$
(98,755)
Net
Unrealized
Appreciation
295,304
Total
$
196,549
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
14
To
the
Board
of
Trustees
of
Forum
Funds
II
and
the
Shareholders
of
Jaguar
Global
Property
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Jaguar
Global
Property
Fund,
a
series
of
shares
of
beneficial
interest
in
Forum
Funds
II
(the
“
Fund
”),
including
the
schedule
of
investments,
as
of
February
29,
2020,
and
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended
and
the
financial
highlights
for
each
of
the
years
in
the
three-year
period
ended
February
29,
2020
and
for
the
period
from
December
16,
2016
(commencement
of
operations)
through
February
28,
2017,
and
the
related
notes
to
the
financial
statements
(“
financial
statements
”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
29,
2020,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
its
financial
highlights
for
each
of
the
years
and
period
stated
above,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“
PCAOB
”)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
law
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risk
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
29,
2020
by
correspondence
with
the
custodian
and
broker.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
BBD,
LLP
We
have
served
as
the
auditor
of
one
or
more
of
the
Funds
in
the
Forum
Funds
II
since
2013.
Philadelphia,
Pennsylvania
April
27
,
2020
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
(Unaudited)
February
29,
2020
15
Investment
Advisory
Agreement
Approval
At
the
December
13,
2019
Board
meeting
(the
“December
meeting”),
the
Board,
including
the
Independent
Trustees,
met
in
person
and
considered
the
approval
of
the
continuance
of
the
investment
advisory
agreement
between
the
Adviser
and
the
Trust
pertaining
to
the
Fund
(the
“Advisory
Agreement”).
In
preparation
for
the
December
meeting,
the
Board
was
presented
with
a
range
of
information
to
assist
in
its
deliberations.
The
Board
requested
and
reviewed
written
responses
from
the
Adviser
to
a
letter
circulated
on
the
Board’s
behalf
concerning
the
Adviser’s
personnel,
operations,
financial
condition,
performance,
and
services
provided
to
the
Fund
by
the
Adviser.
During
its
deliberations,
the
Board
received
an
oral
presentation
from
the
Adviser
and
discussed
the
materials
with
the
Adviser,
independent
legal
counsel
to
the
Independent
Trustees
(“Independent
Legal
Counsel”),
and,
as
necessary,
with
the
Trust’s
administrator.
The
Independent
Trustees
also
met
in
executive
session
with
Independent
Legal
Counsel
while
deliberating.
At
the
December
meeting,
the
Board
reviewed,
among
other
matters,
the
topics
discussed
below:
Nature,
Extent
and
Quality
of
Services
Based
on
written
materials
received
and
the
presentation
from
senior
representatives
of
the
Adviser
regarding
the
Adviser’s
personnel,
operations,
and
financial
condition,
the
Board
considered
the
quality
of
services
provided
by
the
Adviser
under
the
Advisory
Agreement.
In
this
regard,
the
Board
considered
information
regarding
the
experience,
qualifications
and
professional
background
of
the
portfolio
managers
and
other
personnel
at
the
Adviser
with
principal
responsibility
for
the
Fund,
as
well
as
the
investment
philosophy
and
decision-making
process
of
those
professionals
and
the
capability
and
integrity
of
the
Adviser’s
senior
management
and
staff.
The
Board
considered
also
the
adequacy
of
the
Adviser’s
resources.
The
Board
noted
the
Adviser’s
representation
that
the
firm
is
financially
stable
and
has
the
operational
capability
and
necessary
staffing
and
experience
to
continue
providing
quality
investment
advisory
services
to
the
Fund.
Based
on
the
presentation
and
the
materials
provided
by
the
Adviser
in
connection
with
the
Board’s
consideration
of
the
renewal
of
the
Advisory
Agreement,
and
other
relevant
considerations,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
to
be
provided
to
the
Fund
under
the
Advisory
Agreement.
Performance
In
connection
with
a
presentation
by
the
Adviser
regarding
its
approach
to
managing
the
Fund,
the
Board
reviewed
the
historical
performance
of
the
Fund,
including
the
performance
of
the
Fund
compared
to
its
respective
primary
benchmark
index
and
compared
to
independent
peer
groups
of
funds
identified
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
believed
to
have
characteristics
similar
to
those
of
the
Fund.
The
Board
observed
that
the
Global
Fund
underperformed
its
primary
benchmark
index,
the
FTSE
EPRA/NAREIT
Developed
Index,
over
the
one-year
period
ended
September
30,
2019,
and
for
the
period
since
the
Global
Fund’s
inception
on
December
16,
2016.
The
Board
observed
that
the
Global
Fund
underperformed
the
median
of
its
Broadridge
peers
for
the
one-year
period
ended
September
30,
2019.
The
Board
noted
the
Adviser’s
representation
that
the
Fund’s
underperformance
relative
to
its
respective
index
and
Broadridge
peer
group
could
be
attributed,
in
large
part,
to
the
Fund’s
investments
in,
and
underweight
exposure
to,
certain
Japanese
companies
that
outperformed
the
market
on
the
whole,
which
the
Fund
did
not
hold
due
to
the
Adviser’s
perception
of
excessive
valuations.
The
Board
also
noted
the
Adviser’s
representation
that
it
employs
a
benchmark-agnostic
approach
to
investing
in
real
estate
securities
markets,
investing
in
companies
that
have
the
most
upside
potential
based
on
underlying
fundamentals.
The
Board
noted
further
the
Adviser’s
representation
that
it
was
reviewing
the
Fund’s
weightings
in
Japan
with
the
intention
of
gradually
narrowing
the
gap
in
exposure
relative
to
the
indexes,
but
not
at
current
valuation
levels.
Finally,
the
Board
noted
the
Adviser’s
representation
that
the
Fund’s
performance
had
rebounded,
outperforming
its
respective
benchmark
index
year-to-date
(as
of
the
date
of
the
December
meeting),
and
that
the
Adviser
remained
confident
in
the
Adviser’s
stock
selection
processes
and
in
the
Fund’s
portfolios.
Based
on
the
foregoing
and
other
applicable
considerations,
the
Board
determined
that
the
investment
performance
of
the
Fund
was
such
that
the
Advisory
Agreement
should
continue.
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
(Unaudited)
February
29,
2020
16
Compensation
The
Board
evaluated
the
Adviser’s
compensation
for
providing
advisory
services
to
the
Fund
and
analyzed
comparative
information
on
actual
advisory
fee
rates
and
actual
total
expense
ratios
of
the
Fund
as
compared
to
those
of
the
respective
Broadridge
peer
group.
The
Board
observed
that
the
Adviser’s
actual
advisory
fee
rate
and
actual
total
expense
ratio
for
the
Fund
was
less
than
the
median
of
the
respective
Broadridge
peer
group.
Based
on
the
foregoing,
and
other
relevant
considerations,
the
Board
concluded
that
the
Adviser’s
advisory
fee
rates
charged
to
the
Fund
was
fair
and
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
information
provided
by
the
Adviser
regarding
the
costs
of
services
and
its
profitability
with
respect
to
the
Fund.
In
this
regard,
the
Board
considered
the
Adviser’s
resources
devoted
to
the
Fund,
as
well
as
the
Adviser’s
discussion
of
the
aggregate
costs
and
profitability
of
its
mutual
fund
activity.
The
Board
noted
the
Adviser’s
representation
that
it
does
not
maintain
separately
identifiable
profit
and
loss
information
for
the
Fund,
but
that
the
Adviser
had
incurred
losses
since
the
inception
of
the
Fund
due
to
the
relatively
small
size
of
the
Fund
and
the
Adviser’s
business
decision
to
subsidize
the
Fund’s
operations
by
capping
the
total
expense
ratio
of
the
Fund
to
ensure
that
the
expenses
of
the
Fund
remained
at
competitive
levels.
Based
on
these
and
other
applicable
considerations,
the
Board
concluded
that
the
Adviser’s
costs
of
services
and
profits
attributable
to
management
of
the
Fund
was
reasonable
in
the
context
of
all
factors
considered.
Economies
of
Scale
The
Board
evaluated
whether
the
Fund
would
benefit
from
any
economies
of
scale.
In
this
respect,
the
Board
considered
the
Fund’s
fee
structures,
asset
sizes,
and
net
expense
ratios.
The
Board
noted
the
Adviser’s
representation
that
economies
of
scale
could
be
experienced
the
Fund
upon
reaching
significantly
higher
asset
levels
but
that,
in
light
of
the
Fund’s
current
asset
levels,
breakpoints
in
the
advisory
fee
were
not
believed
by
the
Adviser
to
be
appropriate
at
this
time.
Based
on
the
foregoing
information
and
other
applicable
considerations,
the
Board
concluded
that
the
asset
levels
of
the
Fund
was
not
indicative
of
economies
of
scale
such
that
economies
of
scale
were
not
a
material
factor
in
approving
the
Advisory
Agreement.
Other
Benefits
The
Board
noted
the
Adviser’s
representation
that,
aside
from
its
contractual
advisory
fees,
it
does
not
benefit
in
a
material
way
from
its
relationship
with
the
Fund.
Based
on
the
foregoing
representation,
the
Board
concluded
that
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Fund
was
not
a
material
factor
in
renewing
the
agreement.
Conclusion
The
Board
did
not
identify
any
single
factor
as
being
of
paramount
importance,
and
different
Trustees
may
have
given
different
weight
to
different
factors.
The
Board
reviewed
a
memorandum
from
Independent
Legal
Counsel
discussing
the
legal
standards
applicable
to
its
consideration
of
renewing
the
agreement.
Based
on
its
review,
including
consideration
of
each
of
the
factors
referenced
above,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
the
advisory
arrangements,
as
outlined
in
the
Advisory
Agreement,
were
fair
and
reasonable
in
light
of
the
services
to
be
performed,
expenses
to
be
incurred
and
such
other
matters
as
the
Board
considered
relevant.
Proxy
Voting
Information
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
securities
held
in
the
Fund’s
portfolio
is
available,
without
charge
and
upon
request,
by
calling
(844)
218-5182
and
on
the
U.S.
Securities
and
Exchange
Commission's
(the
"SEC")
website
at
www.sec.gov.
The
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June
30
is
available,
without
charge
and
upon
request,
by
calling
(844)
218-5182
and
on
the
SEC’s
website
at
www.sec.gov.
Availability
of
Quarterly
Portfolio
Schedules
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
Forms
N-PORT
are
available
free
of
charge
on
the
SEC’s
website
at
www.sec.gov
or
may
be
reviewed
and
copied
at
the
SEC’s
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
(Unaudited)
February
29,
2020
17
Public
Reference
Room
in
Washington,
D.C.
Information
on
the
operation
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Shareholder
Expense
Example
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
redemption
fees,
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund,
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
September
1,
2019
through
February
29,
2020.
Actual
Expenses
–
The
first
line
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
–
The
second
line
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
redemption
fees.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Federal
Tax
Status
of
Dividends
Declared
during
the
Fiscal
Year
For
federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
Fund
designates
12.07
%
of
its
income
dividend
distributed
as
qualifying
for
the
qualified
dividend
rate
(QDI)
and
0.77
%
as
qualified
interest
income
exempt
from
U.S.
tax
for
foreign
shareholders
(QII)
as
defined
in
Section
1(h)(11)
of
the
Code.
The
Fund
also
designates
15.27
%
as
short-term
capital
gain
dividends
exempt
from
U.S.
tax
for
foreign
shareholders
(QSD).
Trustees
and
Officers
of
the
Trust
The
Board
is
responsible
for
oversight
of
the
management
of
the
Trust’s
business
affairs
and
of
the
exercise
of
all
the
Trust’s
powers
except
those
reserved
for
the
shareholders.
The
following
table
provides
information
about
each
Trustee
and
certain
officers
of
the
Trust.
Each
Trustee
and
officer
holds
office
until
the
person
resigns,
is
removed,
or
is
replaced.
Unless
otherwise
noted,
the
persons
have
held
their
principal
occupations
for
more
than
five
years.
The
address
for
all
Trustees
and
officers
is
Three
Canal
Plaza,
Suite
600,
Portland,
Beginning
Account
Value
September
1,
2019
Ending
Account
Value
February
29,
2020
Expenses
Paid
During
Period*
Annualized
Expense
Ratio*
Institutional
Shares
Actual
$
1,000.00
$
992.10
$
4.46
0.90%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,020.40
$
4.52
0.90%
*
Expenses
are
equal
to
the
Fund’s
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half-year
(182)
divided
by
366
to
reflect
the
half-year
period.
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
(Unaudited)
February
29,
2020
18
Maine
04101.
The
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge
and
upon
request,
by
calling
(844)
218-5182.
(1)
Jessica
Chase
is
currently
an
interested
person
of
the
Trust,
as
defined
in
the
1940
Act,
due
to
her
affiliation
with
Apex
Fund
Services
and
her
role
as
President
of
the
Trust.
Apex
Fund
Services
is
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC.
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
Five
Years
Number
of
Series
in
Fund
Complex
Overseen
By
Trustee
Other
Directorships
Held
By
Trustee
During
Past
Five
Years
Independent
Trustees
David
Tucker
Born:
1958
Chairman
of
the
Board;
Trustee;
Chairman,
Nominating
Committee
and
Qualified
Legal
Compliance
Committee
Since
2013
Director,
Blue
Sky
Experience
(a
charitable
endeavor),
since
2008;
Senior
Vice
President
&
General
Counsel,
American
Century
Companies
(an
investment
management
firm),
1998-
2008.
1
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Mark
D.
Moyer
Born:
1959
Trustee;
Chairman
Audit
Committee
Since
2013
Chief
Financial
Officer,
Freedom
House
(a
NGO
advocating
political
freedom
and
democracy),
since
2017;
independent
consultant
providing
interim
CFO
services,
principally
to
non-profit
organizations,
2011-2017;
Chief
Financial
Officer,
Institute
of
International
Education
(a
NGO
administering
international
educational
exchange
programs),
2008-2011;
Chief
Financial
Officer
and
Chief
Restructuring
Officer,
Ziff
Davis
Media
Inc.
(an
integrated
media
company),
2005-2008;
Adjunct
Professor
of
Accounting,
Fairfield
University
from
2009-2012.
1
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Jennifer
Brown-Strabley
Born:
1964
Trustee
Since
2013
Principal,
Portland
Global
Advisors
(a
registered
investment
adviser),
1996-
2010.
1
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Interested
Trustees
(1)
Jessica
Chase
Born:
1970
Trustee
Since
2019
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
1
Trustee,
Forum
Funds,
Trustee,
U.S.
Global
Investors
Funds.
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
(Unaudited)
February
29,
2020
19
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Officers
Jessica
Chase
Born:
1970
President;
Principal
Executive
Officer
Since
2015
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Karen
Shaw
Born:
1972
Treasurer;
Principal
Financial
Officer
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Zachary
Tackett
Born:
1988
Vice
President;
Secretary
and
Anti-
Money
Laundering
Compliance
Officer
Since
2014
Counsel,
Apex
Fund
Services
since
2019;
Counsel,
Atlantic
Fund
Services
2014-2019.
Timothy
Bowden
Born:
1969
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2008-2019.
Michael
J.
McKeen
Born:
1971
Vice
President
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Geoffrey
Ney
Born:
1975
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-2019.
Todd
Proulx
Born:
1978
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-2019.
Carlyn
Edgar
Born:
1963
Chief
Compliance
Officer
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
JAGUAR
GLOBAL
PROPERTY
FUND
FOR
MORE
INFORMATION:
P.O.
Box
588
Portland,
ME
04112
(844)
218-5182
(toll
free)
INVESTMENT
ADVISER
Jaguar
Listed
Property
LLC
390
Park
Avenue,
4th
Floor
New
York,
NY
10022
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
www.theapexgroup.com
DISTRIBUTOR
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
Maine
04101
www.foreside.com
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund’s
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
231-ANR-0220
ITEM 2. CODE OF ETHICS.
(a)
As of the end of the period covered by this report, Forum Funds II (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).
(c) There have been no amendments to the Registrant’s Code of Ethics during the period covered by this report.
(d) There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.
(e) Not applicable.
(f) (1) A copy of the Code of Ethics is being filed under Item 12(a) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $17,500 in 2019 and $17,500 in 2020.
(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2018 and $0 in 2019.
(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $3,000 in 2019 and $3,000 in 2020. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2019 and $0 in 2020.
(e) (1) The Audit Committee reviews and approves in advance all audit and “permissible non-audit services” (as that term is defined by the rules and regulations of the Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a “Series”). In addition, the Audit Committee reviews and approves in advance all “permissible non-audit services” to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant (“Affiliate”), by the Series’ principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series’ investment adviser or an Affiliate to the Series’ principal accountant for audit and permissible non-audit services are consistent with the principal accountant’s independence.
(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2018 and $0 in 2019. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.
(h) During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.
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 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Code of Ethics.
(a)(3) Not applicable.
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 | April 27, 2020 |
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 | April 27, 2020 |
By | /s/ Karen Shaw | |
Karen Shaw, Principal Financial Officer | ||
Date | April 27, 2020 |