N-CSRS 1 primary-document.htm
As filed with the Securities and Exchange Commission on October 23, 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 28
 
Date of reporting period: March 1, 2020 – August 31, 2020
 
 

ITEM 1. REPORT TO STOCKHOLDERS.
 
JAGUAR
GLOBAL
PROPERTY
FUND

Semi-Annual
Report
August
31,
2020
(Unaudited)
JAGUAR
GLOBAL
PROPERTY
FUND
SCHEDULE
OF
INVESTMENTS
August
31,
2020
2
See
Notes
to
Financial
Statements.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
August
31,
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
-
97.1%
Australia
-
3.4%
85,100‌
Mirvac
Group
REIT
$
132,435‌
133,700‌
Vicinity
Centres
Re,
Ltd.
REIT
142,492‌
274,927‌
Belgium
-
3.1%
787‌
VGP
NV
113,827‌
3,814‌
Warehouses
de
Pauw
CVA
REIT
134,723‌
248,550‌
China
-
4.0%
49,000‌
China
Overseas
Land
&
Investment,
Ltd.
141,938‌
38,000‌
China
Resources
Land,
Ltd.
175,776‌
317,714‌
France
-
1.6%
670‌
Gecina
SA
REIT
92,108‌
2,120‌
Klepierre
SA
REIT
34,887‌
126,995‌
Germany
-
6.6%
4,930‌
ADO
Properties
SA 
(a)(b)
151,552‌
5,202‌
Vonovia
SE
372,468‌
524,020‌
Hong
Kong
-
6.6%
79,000‌
Hang
Lung
Properties,
Ltd.
222,723‌
59,797‌
Kerry
Properties,
Ltd.
155,468‌
29,204‌
New
World
Development
Co.,
Ltd.
151,669‌
529,860‌
Japan
-
7.5%
8,000‌
Mitsui
Fudosan
Co.,
Ltd.
145,022‌
49‌
Nippon
Prologis
REIT,
Inc.
160,534‌
6,000‌
Sumitomo
Realty
&
Development
Co.,
Ltd.
177,369‌
26,200‌
Tokyu
Fudosan
Holdings
Corp.
112,800‌
595,725‌
Netherlands
-
0.2%
370‌
Unibail-Rodamco-Westfield
REIT
17,291‌
Singapore
-
2.8%
33,000‌
Ascendas
Real
Estate
Investment
Trust
REIT
80,526‌
29,000‌
UOL
Group,
Ltd.
140,039‌
220,565‌
Spain
-
1.5%
6,680‌
Arima
Real
Estate
SOCIMI
SA
REIT 
(b)
71,744‌
5,635‌
Merlin
Properties
Socimi
SA
REIT
50,569‌
122,313‌
Sweden
-
1.1%
7,220‌
Fabege
AB
87,936‌
United
Kingdom
-
4.6%
11,564‌
Great
Portland
Estates
PLC
REIT
93,305‌
37,144‌
Primary
Health
Properties
PLC
REIT
75,670‌
8,490‌
The
UNITE
Group
PLC
REIT
109,802‌
28,667‌
Urban
&
Civic
PLC
88,329‌
367,106‌
United
States
-
54.1%
4,150‌
Agree
Realty
Corp.
REIT
277,718‌
10,530‌
American
Homes
4
Rent,
Class A
REIT
301,579‌
7,940‌
Americold
Realty
Trust
REIT
304,499‌
1,380‌
Boston
Properties,
Inc.
REIT
119,881‌
6,740‌
CareTrust
REIT,
Inc.
130,554‌
4,437‌
Cousins
Properties,
Inc.
REIT
132,444‌
3,110‌
CyrusOne,
Inc.
REIT
259,778‌
4,320‌
Douglas
Emmett,
Inc.
REIT
120,614‌
250‌
Equinix,
Inc.
REIT
197,445‌
2,750‌
Equity
LifeStyle
Properties,
Inc.
REIT
182,297‌
3,830‌
Equity
Residential
REIT
216,203‌
2,010‌
Extra
Space
Storage,
Inc.
REIT
214,165‌
Shares
Security
Description
Value
United
States
-
54.1%
(continued)
4,710‌
Healthcare
Realty
Trust,
Inc.
REIT
$
135,884‌
1,200‌
Life
Storage,
Inc.
REIT
126,516‌
3,310‌
Mid-America
Apartment
Communities,
Inc.
REIT
387,667‌
1,820‌
National
Health
Investors,
Inc.
REIT
113,295‌
2,210‌
Prologis,
Inc.
REIT
225,111‌
5,105‌
Regency
Centers
Corp.
REIT
202,720‌
380‌
SBA
Communications
Corp.
REIT
116,307‌
1,530‌
Simon
Property
Group,
Inc.
REIT
103,811‌
720‌
Sun
Communities,
Inc.
REIT
107,338‌
5,680‌
Terreno
Realty
Corp.
REIT
338,755‌
4,314,581‌
Total
Common
Stock
(Cost
$7,329,403)
7,747,583‌
Investments,
at
value
-
97.1%
(Cost
$7,329,403)
$
7,747,583‌
Other
Assets
&
Liabilities,
Net
-
2.9%
228,074‌
Net
Assets
-
100.0%
$
7,975,657‌
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
$151,552
or
1.9%
of
net
assets.
(b)
Non-income
producing
security.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
7,747,583‌
Level
2
-
Other
Significant
Observable
Inputs
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
Total
$
7,747,583‌
PORTFOLIO
HOLDINGS
%
of
Total
Net
Assets
Australia
3.4‌%
Belgium
3.1‌%
China
4.0‌%
France
1.6‌%
Germany
6.6‌%
Hong
Kong
6.6‌%
Japan
7.5‌%
Netherlands
0.2‌%
Singapore
2.8‌%
Spain
1.5‌%
Sweden
1.1‌%
United
Kingdom
4.6‌%
United
States
54.1‌%
Other
Assets
&
Liabilities,
Net
2.9‌%
100.0‌%
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
August
31,
2020
3
See
Notes
to
Financial
Statements.
ASSETS
Investments,
at
value
(Cost
$7,329,403)
$
7,747,583‌
Cash
233,017‌
Foreign
currency
(Cost
$473)
476‌
Receivables:
Dividends
and
interest
8,001‌
From
investment
adviser
10,541‌
Prepaid
expenses
8,605‌
Total
Assets
8,008,223‌
LIABILITIES
Payables:
Fund
shares
redeemed
3,015‌
Accrued
Liabilities:
Trustees’
fees
and
expenses
133‌
Fund
services
fees
7,153‌
Other
expenses
22,265‌
Total
Liabilities
32,566‌
NET
ASSETS
$
7,975,657‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
8,472,571‌
Distributable
earnings
(496,914‌)
NET
ASSETS
$
7,975,657‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
815,809‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
$
9.78‌
*
Shares
redeemed
or
exchanged
within
90
days
of
purchase
are
charged
a
1.50%
redemption
fee.
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENT
OF
OPERATIONS
SIX
MONTHS
ENDED
AUGUST
31,
2020
4
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$3,851)
$
122,755‌
Interest
income
300‌
Total
Investment
Income
123,055‌
EXPENSES
Investment
adviser
fees
27,711‌
Fund
services
fees
51,424‌
Custodian
fees
4,963‌
Registration
fees
5,702‌
Professional
fees
16,936‌
Trustees'
fees
and
expenses
2,462‌
Other
expenses
21,995‌
Total
Expenses
131,193‌
Fees
waived
and
expenses
reimbursed
(97,940‌)
Net
Expenses
33,253‌
NET
INVESTMENT
INCOME
89,802‌
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
loss
on:
Investments
(834,148‌)
Foreign
currency
transactions
(2‌)
Net
realized
loss
(834,150‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
50,149‌
Foreign
currency
translations
736‌
Net
change
in
unrealized
appreciation
(depreciation)
50,885‌
NET
REALIZED
AND
UNREALIZED
LOSS
(783,265‌)
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(693,463‌)
JAGUAR
GLOBAL
PROPERTY
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
5
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
August
31,
2020
For
the
Year
Ended
February
29,
2020
OPERATIONS
Net
investment
income
$
89,802‌
$
189,999‌
Net
realized
gain
(loss)
(834,150‌)
195,041‌
Net
change
in
unrealized
appreciation
(depreciation)
50,885‌
15,772‌
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(693,463‌)
400,812‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
–‌
(477,230‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
398,290‌
676,292‌
Reinvestment
of
distributions
–‌
468,871‌
Redemption
of
shares
(139,044‌)
(922,240‌)
Redemption
fees
–‌
8‌
Increase
in
Net
Assets
from
Capital
Share
Transactions
259,246‌
222,931‌
Increase
(Decrease)
in
Net
Assets
(434,217‌)
146,513‌
NET
ASSETS
Beginning
of
Period
8,409,874‌
8,263,361‌
End
of
Period
$
7,975,657‌
$
8,409,874‌
SHARE
TRANSACTIONS
Sale
of
shares
42,570‌
59,724‌
Reinvestment
of
distributions
–‌
41,976‌
Redemption
of
shares
(15,263‌)
(80,545‌)
Increase
in
Shares
27,307‌
21,155‌
JAGUAR
GLOBAL
PROPERTY
FUND
FINANCIAL
HIGHLIGHTS
6
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
August
31,
2020
For
the
Year
Ended
February
29,
2020
For
the
Years
Ended
February
28,
December
16,
2016
(a)
Through
February
28,
2017
2019
2018
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
10.67‌
$
10.77‌
$
10.24‌
$
10.40‌
$
10.00‌
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.11‌
0.25‌
0.31‌
0.20‌
0.04‌
Net
realized
and
unrealized
gain
(loss)
(1.00‌)
0.30‌
0.55‌
0.25‌(c)
0.40‌
Total
from
Investment
Operations
(0.89‌)
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
$
9.78‌
$
10.67‌
$
10.77‌
$
10.24‌
$
10.40‌
TOTAL
RETURN
(8.34‌)%(e)
4.83‌%(f)
8.70‌%
4.02‌%
4.37‌%(e)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
7,976‌
$
8,410‌
$
8,263‌
$
7,182‌
$
750‌
Ratios
to
Average
Net
Assets:
Net
investment
income
2.45‌%(g)
2.20‌%
2.92‌%
1.91‌%
1.98‌%(g)
Net
expenses
0.90‌%(g)
0.90‌%
0.90‌%
0.98‌%
1.00‌%(g)
Gross
expenses
(h)
3.57‌%(g)
2.97‌%
3.15‌%
17.15‌%
33.40‌%(g)
PORTFOLIO
TURNOVER
RATE
17‌%(e)
44‌%
21‌%
27‌%
17‌%(e)
(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)
Not
annualized.
(f)
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.
(g)
Annualized.
(h)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
August
31,
2020
7
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
period.
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
3,
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
August
31,
2020
8
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
August
31,
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
to
the
next
call
date
above
par
and
discount
is
accreted
to
maturity
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
August
31,
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
August
31,
2020
9
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.
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,
2021
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
period
ended
August
31,
2020,
fees
waived
and/or
reimbursed
expenses
were
as
follows:
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
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
27,711‌
$
64,296‌
$
5,933‌
$
97,940‌
JAGUAR
GLOBAL
PROPERTY
FUND
NOTES
TO
FINANCIAL
STATEMENTS
August
31,
2020
10
expense
cap
and
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
As
of
August
31,
2020,
$420,752
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
period
ended
August
31,
2020,
were
as
follows:
Federal
Income
Tax
As
of
August
31,
2020,
the
cost
for
federal
income
tax
purposes
is
substantially
the
same
as
for
financial
statement
purposes
and
net
unrealized
appreciation
on
investments
consists
of:
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
prior
year
post-October
loss
was
$95,128
for
the
Fund
(realized
during
the
period
November
1,
2019
through
February
29,
2020)
and
the
prior
year
deferred
late
year
ordinary
loss
was
$3,627.
This
loss
was
recognized
for
tax
purposes
on
the
first
business
day
of
the
Fund’s
current
fiscal
year,
March
1,
2020.
Subsequent
Events
The
global
outbreak
of
the
COVID-19
virus
has
caused
negative
effects
on
many
companies,
sectors,
countries,
regions,
and
financial
markets
in
general,
and
uncertainty
exists
as
to
its
long-term
implications.
The
effects
of
the
pandemic
may
adversely
impact
the
Fund's
assets
and
performance.
The
financial
statements
do
not
include
any
adjustments
that
might
result
from
the
outcome
of
this
uncertainty.
Purchases
Sales
$
1,680,294‌
$
1,225,138‌
Gross
Unrealized
Appreciation
$
1,161,165‌
Gross
Unrealized
Depreciation
(742,985‌)
Net
Unrealized
Appreciation
$
418,180‌
Capital
and
Other
Losses
$
(98,755‌)
Net
Unrealized
Appreciation
295,304‌
Total
$
196,549‌
JAGUAR
GLOBAL
PROPERTY
FUND
ADDITIONAL
INFORMATION
August
31,
2020
11
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.
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
March
1,
2020
through
August
31,
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.
Beginning
Account
Value
March
1,
2020
Ending
Account
Value
August
31,
2020
Expenses
Paid
During
Period*
Annualized
Expense
Ratio*
Institutional
Shares
Actual
$
1,000.00
$
916.60
$
4.35
0.90%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,020.70
$
4.58
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
(184)
divided
by
365
to
reflect
the
half-year
period.
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-SAR-0820
ITEM 2. CODE OF ETHICS.
Not applicable.
 
 
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
 
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
 
 
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)  Not applicable.
 
 
(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
October 23, 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
October 23, 2020
 
 
 
By
/s/ Karen Shaw
 
 
Karen Shaw, Principal Financial Officer
 
 
 
 
Date
October 23, 2020