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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Investment Objective</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Phocas Real Estate Fund (the “Fund”) seeks
long-term total investment return through a combination of capital appreciation and current income.</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Fees and Expenses</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><b>Portfolio Turnover.</b> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 34.88% of the average value of its portfolio.</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Principal Investment Strategies</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Under normal market conditions, the Fund invests at least
80% of its net assets, plus any borrowings for investment purposes, in the common and preferred stock of equity real estate investment
trusts (“REITs”) and companies of any size market capitalization which own, manage and invest in underlying real estate
assets, such as offices, industrial properties, retail, malls, shopping centers, apartments, lodging, storage and specialty and
health care facilities. As such, the Fund invests at least 25% of its net assets (i.e., concentrates) in the real estate industry.
The Fund may invest up to 60% of its net assets in securities of non-U.S. issuers (“foreign securities”) that trade
on U.S. or foreign exchanges, including foreign securities from emerging markets. The Fund seeks to maintain a portfolio with continuous
exposure to most of these real estate sectors (offices, industrial properties, retail, malls, shopping centers, apartments, lodging,
storage and specialty and health care facilities).</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">In selecting securities for the Fund’s portfolio, the
Advisor focuses on asset valuation, management quality, the quality and location of the real estate held and the debt leverage
used. The investment models used by the Advisor take into account the following variables that affect REITs: asset values; management
quality; prospective growth rates; debt leverage and overall balance sheet quality; the quality of income streams; conflicts of
interest; insider stock ownership; and other factors.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Advisor will consider selling a security given the following
circumstances: loss of management focus, management’s inability to increase shareholder value, balance sheet deterioration,
exorbitant pricing relative to underlying value.</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Principal Investment Risks</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">Losing all or a portion of your investment
is a risk of investing in the Fund. The following additional risks could affect the value of your investment:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Equity Risk</i>. The Fund’s equity holdings, which include common stocks, may decline in
value because of changes in price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock
and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security
may decline for a number of reasons which may relate directly to the issuer of a security or broader economic or market events
including changes in interest rates.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Large Capitalization Company Risk</i>. The Fund’s investments in large capitalization companies
may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and
unable to attain high growth rates during periods of economic expansion.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Management Risk</i>. The Fund’s ability to achieve its investment objective depends on the
ability of the Advisor to correctly identify economic trends, especially with regard to accurately forecasting inflationary and
deflationary periods.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Market Risk.</i> The value of the Fund’s shares will fluctuate as a result of the movement
of the overall stock market or of the value of the individual securities held by the Fund, and you could lose money.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Mid Capitalization Company Risk</i>. The Fund’s investments in mid capitalization companies
may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These
factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Non-Diversification Risk</i>. The Fund is non-diversified. Performance of a non-diversified fund
may be more volatile than performance of a diversified fund because a non-diversified fund may invest a greater percentage of its
total assets in the securities of a single issuer. Greater investment in a single issuer makes the Fund more susceptible to financial,
economic or market events impacting such issuer.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Non-U.S. Investment Risk.</i> Foreign securities can be more volatile than domestic (U.S.) securities.
Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid
and more volatile than U.S. securities, which could affect the Fund’s investments. The exchange rates between U.S. dollar
and foreign currencies might fluctuate, which can negatively affect the value of the Fund’s investments.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Emerging Markets Risk</i>. Emerging markets investments are subject to the same risks as foreign
investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information
about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility
and high transaction costs.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext">·</font></td><td style="text-align: left"><i>Preferred Stock Risk</i>. Preferred stock is a class of a capital stock that typically pays dividends
at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the
payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates
rise and is also affected by the issuer’s ability to make payments on the preferred stock.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Times New Roman, Times, Serif; color: black"><i>Real Estate and Equity REIT Concentration Risk.</i></font><font style="color: black">
<font style="font-family: Times New Roman, Times, Serif">Because the Fund concentrates its net assets in the real estate sector
(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 sector, 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 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. In addition, the value of an individual REIT’s securities can decline if the REIT fails to continue qualifying
for special tax treatment. Further, the Fund, and in turn its shareholders, will indirectly bear a portion of the expenses, including
management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund. Shareholders may also invest in
REITS directly and, thus, avoid such duplicative fees.</font></font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Times New Roman, Times, Serif; color: black"><i>Small and Micro Capitalization Company Risk</i></font><font style="color: black">.
<font style="font-family: Times New Roman, Times, Serif">The Fund’s investments in small and micro capitalization companies
may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies. These
factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.</font></font></td></tr></table>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Performance Information</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The historical information shown below from September 29,
2006 through December 31, 2012 reflects the historical performance of the Phocas Real Estate Fund, a series of Advisors Series
Trust (the “Predecessor Fund”). Effective as of the close of business on July 31, 2013, the Predecessor Fund reorganized
into the Fund. The Predecessor Fund and the Fund have identical investment objectives and strategies and are managed by the same
investment adviser. The chart provided below indicates some of the risks of investing in the Fund by showing the performance of
the Predecessor Fund from year to year and how the Predecessor Fund’s average annual returns for one year, five years and
since inception. The information for the NAREIT Equity Index shows how the Fund's performance compares with the returns of an index
of funds with similar investment objectives. Updated performance information is available by calling (866) PHOCAS1 or (866) 746-2271
(toll free).</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: black"><i>Performance information represents
only past performance, before and after taxes, and does not necessarily indicate future results.</i></font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><b>Average Annual Total Returns</b><br />
<b>(</b>For the periods ended December 31, 2012<b>)</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">During the period shown, the highest return for a quarter
was 32.24% for the quarter ended September 30, 2009, and the lowest return was -34.59% for the quarter ended December 31, 2008.</p>
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
Return Before Taxes
Return After Taxes on Distributions
Return After Taxes on Distributions and Sale of Fund Shares
NAREIT Equity Index (reflects no deduction for fees, expenses or taxes)
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annual Returns as of December 31</font>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholder Fees (fees paid directly from your investment)</font>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font>
0
0
0
-0.0100
0.0075
0.0025
0.0138
0.0238
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474
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-0.3511
0.3225
0.2250
0.0789
0.1670
0.1600
0.1670
0.1639
0.1087
0.1970
0.0166
0.0577
0.0536
0.0470
0.0574
2006-09-29
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. </i>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">(866) 746-2271</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The historical information shown below from September 29,
2006 through December 31, 2012 reflects the historical performance of the Phocas Real Estate Fund, a series of Advisors Series
Trust (the “Predecessor Fund”). Effective as of the close of business on July 31, 2013, the Predecessor Fund reorganized
into the Fund. The Predecessor Fund and the Fund have identical investment objectives and strategies and are managed by the same
investment adviser. The chart provided below indicates some of the risks of investing in the Fund by showing the performance of
the Predecessor Fund from year to year and how the Predecessor Fund’s average annual returns for one year, five years and
since inception. </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The information for the NAREIT Equity Index shows how the Fund's performance compares with the returns of an index
of funds with similar investment objectives. </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
0.3224
2009-09-30
2008-12-31
-0.3459
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"><td style="width: 0.25in"><font style="font-family: Symbol; color: windowtext"></font></td><td style="text-align: left"><i>Non-Diversification Risk</i>. The Fund is non-diversified. Performance of a non-diversified fund
may be more volatile than performance of a diversified fund because a non-diversified fund may invest a greater percentage of its
total assets in the securities of a single issuer. Greater investment in a single issuer makes the Fund more susceptible to financial,
economic or market events impacting such issuer.</td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">Losing all or a portion of your investment
is a risk of investing in the Fund.</p>
0.3488
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Under normal market conditions, the Fund invests at least
80% of its net assets, plus any borrowings for investment purposes, in the common and preferred stock of equity real estate investment
trusts (“REITs”) and companies of any size market capitalization which own, manage and invest in underlying real estate
assets, such as offices, industrial properties, retail, malls, shopping centers, apartments, lodging, storage and specialty and
health care facilities. As such, the Fund invests at least 25% of its net assets (i.e., concentrates) in the real estate industry.
The Fund may invest up to 60% of its net assets in securities of non-U.S. issuers (“foreign securities”) that trade
on U.S. or foreign exchanges, including foreign securities from emerging markets. The Fund seeks to maintain a portfolio with continuous
exposure to most of these real estate sectors (offices, industrial properties, retail, malls, shopping centers, apartments, lodging,
storage and specialty and health care facilities).</p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><b>Example. </b></p>
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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Phocas Real Estate Fund</p>
Phocas Financial Corporation (the "Advisor") has contractually agreed to waive its fee and/or reimburse Fund 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 1.50% through April 30, 2016 ("Expense Cap"). The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Cap if such payment (1) is made within three years of the fee waiver or expense reimbursement, (2) is approved by the Board and (3) does not cause the Net Annual Fund Operating Expenses of the Fund to exceed the Expense Cap. The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. Net Annual Fund Operating Expenses will increase if exclusions from the Expense Cap apply.
The Net Annual Fund Operating Expenses shown above reflect new contractual fees and are estimated expenses for the Fund's current fiscal year and are not based on the expenses incurred during the Predecessor Fund's (as defined in the Performance section below) previous fiscal year.