# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-25-000084
**Filing Date:** 2025-11
**Character Count:** 127587
**Document Hash:** 2fc1ffc0a8f9a40fc51f20ff36334c8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-25-000084.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001576367-25-000084

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**EFFECTIVENESS DATE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 251505709

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-347-2000

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

## Series and Classes Contracts Data

### Baywood ValuePlus Fund (Series ID: S000042905)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000132967 | Institutional Shares | BVPIX           |

### Baywood SociallyResponsible Fund (Series ID: S000051874)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000163318 | Institutional Shares | BVSIX           |

?xml version='1.0' encoding='ASCII'?

**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**

190 Middle Street, Suite 101

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

190 Middle Street, Suite 101

Portland, Maine 04101

207-347-2000

Date of fiscal year end: September 30

Date of reporting period: October 1, 2024 – September 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.

#### Baywood Socially Responsible Fund

#### BVSIX

#### : Institutional Class

#### Annual Shareholder Report - September 30, 2025
![Image](iabbd33fa06ca10cd8951a92b.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the Baywood SociallyResponsible Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.skba.com/baywood-funds. You can also request this information by contacting us at (855) 409-2297.

# **What were the Fund's costs for the last year ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $92 | 0.89% |

---

# **How did the Fund perform in the last year ?** 
The SociallyResponsible strategy underperformed its benchmarks in this period of elevated returns in the fiscal year ending September 30, 2025. In a period marked by a presidential administration change and a dramatic turn in many established policies, the markets have surprisingly reacted positively, particularly in the second half of the year. With equity markets' relentless focus on anything Artificial Intelligence (AI) related, ignoring much of the rest of the market and potential downsides from some of the administration's many initiatives, we continue to see opportunities in many overlooked companies.

Some of the most dramatic changes in policy are directed towards healthcare as the new head of Human & Health Services (H.H.S.) has broad authority to upend the status quo for most companies represented in the sector. As a result, healthcare stocks were among the worst performing stocks in the benchmarks and the Baywood SociallyResponsible's holdings in healthcare detracted most from returns in the period. As companies pause spending due to the uncertainty in policy change, fall out from lower spending seems far-reaching. Holdings in Fortrea, Avantor, Dentsply Sirona and Regeneron detracted most, as did our overweight position. While some change in policy could affect the outcomes for many healthcare companies, we believe the market's overreaction in many cases skews the potential for future positive financial outcomes in the fund's favor.

Another sector targeted by H.H.S. for reform is consumer staples. Kenvue provides a vivid example of the uncertainty this administration presents. With its recent announcement linking Tylenol to autism, we are witness to the administration's direct influence on the price of stocks as Kenvue, the maker of Tylenol, dropped over 20%. While we believe the market is overreacting, we are also aware of potential negative outcomes, one of which is simply brand damage while another could potentially be a higher risk of lawsuits gaining traction. We continue to evaluate and may adjust our position accordingly. Mondelez and Pepsi also declined in the period as processed foods like sugary sodas, dyes and artificial ingredients are also in the crosshairs of the H.H.S. Our low absolute weight in the sector limited the negative impact.

Holdings in the financials sector contributed positively to returns in the period. In cases where the benchmark held less exposure to the financials sector than the SR fund, it outperformed. Holdings in W.R. Berkley, Interactive Brokers, Brookfield Corporation and CME Group all increased over 20%, led by Interactive Brokers which nearly doubled in the period.

Holdings in the energy sector contributed to overall returns. Kinder Morgan and Texas Pacific Land Corporation outperformed benchmark holdings and at times represented some of the largest holdings in the fund. Companies in the information technology (I.T.) sector also contributed to performance in the period. Corning, Intel, IBM and Cisco all outperformed the average benchmark holdings in I.T. One does not have to own the most widely held AI related companies to participate in the associated capex boom. Our investment philosophy of purchasing companies with market leading positions, high profitability at a discount to peers means that we can own these types of companies but without the risk of precariously high valuations.

The market's sole focus on anything AI related continues to drive the broad market to new highs despite the growing uncertainty for the U.S. and global economy going forward. We continue to view this with increasing caution. Thankfully, this focus on AI related companies has allowed us the opportunity to own attractive companies at even better prices for the SociallyResponsible fund shareholders.

For SKBA's in depth investment perspectives, please visit our website at www.skba.com

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i3388c3634c367e8865fd5d04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **InstitutionalClass<sup>Footnote Reference\*</sup>** | **Morningstar US Market TR Index** | **Morningstar US Large Value TR Index** |
| **9/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10032 | $10633 | $10685 |
| **3/31/16** | $9929 | $10748 | $11053 |
| **6/30/16** | $10241 | $11027 | $11535 |
| **9/30/16** | $10840 | $11496 | $11793 |
| **12/31/16** | $11448 | $11955 | $12705 |
| **3/31/17** | $11798 | $12662 | $13024 |
| **6/30/17** | $11843 | $13051 | $13084 |
| **9/30/17** | $12377 | $13641 | $13724 |
| **12/31/17** | $13363 | $14523 | $14623 |
| **3/31/18** | $12912 | $14434 | $14164 |
| **6/30/18** | $13196 | $14970 | $14231 |
| **9/30/18** | $13945 | $16050 | $15219 |
| **12/31/18** | $11669 | $13789 | $13760 |
| **3/31/19** | $13069 | $15732 | $15180 |
| **6/30/19** | $13634 | $16392 | $15651 |
| **9/30/19** | $13707 | $16603 | $16151 |
| **12/31/19** | $14768 | $18095 | $17296 |
| **3/31/20** | $10268 | $14373 | $12955 |
| **6/30/20** | $12009 | $17533 | $14568 |
| **9/30/20** | $12781 | $19152 | $14997 |
| **12/31/20** | $15393 | $21877 | $17189 |
| **3/31/21** | $17496 | $23192 | $18930 |
| **6/30/21** | $18593 | $25132 | $19653 |
| **9/30/21** | $18289 | $25140 | $19405 |
| **12/31/21** | $19531 | $27517 | $20883 |
| **3/31/22** | $19893 | $26052 | $21224 |
| **6/30/22** | $17492 | $21663 | $19493 |
| **9/30/22** | $17086 | $20670 | $18111 |
| **12/31/22** | $19390 | $22171 | $20938 |
| **3/31/23** | $19664 | $23811 | $21088 |
| **6/30/23** | $20109 | $25833 | $21944 |
| **9/30/23** | $20007 | $25010 | $21676 |
| **12/31/23** | $21855 | $28032 | $23414 |
| **3/31/24** | $23607 | $30902 | $25495 |
| **6/30/24** | $23628 | $31976 | $25345 |
| **9/30/24** | $25552 | $33915 | $27544 |
| **12/31/24** | $25043 | $34785 | $26853 |
| **3/31/25** | $25359 | $33174 | $28450 |
| **6/30/25** | $25973 | $36869 | $28704 |
| **9/30/25** | $27236 | $39853 | $30474 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Performance for Institutional Shares for periods prior to January 8, 2016, reflects the performance and expenses of City National Rochdale Socially Responsible Equity Fund, a series of City National Rochdale Funds (the "Predecessor Fund"). |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Due to regulatory changes, effective September 1, 2024, the Fund changed its primary benchmark index from the Morningstar US Large Value TR Index to the Morningstar US Market TR Index. The Fund retained the Morningstar US Large Value TR Index as a secondary benchmark because the Morningstar US Large Value TR Index more closely aligns with the Fund's investment strategies and investments restrictions.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Class<sup>Footnote Reference\*</sup> | 6.59% | 16.34% | 10.54% |
| Morningstar US Market TR Index | 17.51% | 15.78% | 14.83% |
| Morningstar US Large Value TR Index | 10.64% | 15.24% | 11.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Performance for Institutional Shares for periods prior to January 8, 2016, reflects the performance and expenses of City National Rochdale Socially Responsible Equity Fund, a series of City National Rochdale Funds (the "Predecessor Fund"). |

---

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $26041585 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 15% |
| Investment Advisory Fees (Net of fees waived and expenses reimbursed) | $(31833) |

---

# **Top Ten Holdings** 

# (% total investments)

---

| | |
|:---|:---|
| nVent Electric PLC | 4.45% |
| Kontoor Brands, Inc. | 4.31% |
| W R Berkley Corp. | 4.09% |
| Medtronic PLC | 3.56% |
| American Express Co. | 3.51% |
| Healthcare Realty Trust, Inc. REIT | 3.13% |
| Berkshire Hathaway, Inc., Class B | 3.06% |
| CME Group, Inc. | 2.96% |
| Kinder Morgan, Inc. | 2.81% |
| International Business Machines Corp. | 2.75% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](if3df2f41fb7be69dbf83cca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.1% |
| Health Care | 18.8% |
| Technology | 12.0% |
| Capital Goods / Industrials | 8.7% |
| Consumer Discretionary | 8.4% |
| Energy | 6.4% |
| Real Estate | 6.0% |
| Consumer Staples | 5.2% |
| Basic Materials | 5.2% |
| Communication Services | 4.2% |
| Utilities | 1.6% |
| Transportation | 1.4% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://www.skba.com/baywood-funds, including its:

* prospectus

* financial information

* holdings

* proxy information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.skba.com/baywood-funds](i3a9d7c3a2fe2747f24d3e68c.jpg)

#### Baywood Socially Responsible Fund

#### BVSIX

#### : Institutional Class

#### Annual Shareholder Report - September 30, 2025
217A-BVSIX-25

#### Baywood Value Plus Fund

#### BVPIX

#### : Institutional Class

#### Annual Shareholder Report - September 30, 2025
![Image](iabbd33fa06ca10cd8951a92b.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about the Baywood ValuePlus Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.skba.com/baywood-funds. You can also request this information by contacting us at (855) 409-2297.

# **What were the Fund's costs for the last year ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $73 | 0.70% |

---

# **How did the Fund perform in the last year ?** 
With markets' attention focused on all things Artificial Intelligence (AI), Baywood ValuePlus underperformed the broad market – which isn't broad at all once we begin to look under the hood. To no one's surprise, the market was led by a few highly valued technology companies. History suggests that those at the top rarely remain so once cycles mature. To wit, Apple's dominance was being put to the test by companies nearly as large as it is – its first viable threat in years, while Nvidia was being assailed by threats backed with endless capital. Yet euphoria was clearly putting any concerns aside.

As a value-oriented strategy, ValuePlus was sensitive to how much we paid and what returns we expected to achieve. Shareholders did not place their trust in us so that we would follow the headlines and invest based on dreams of profits. Even market dominance disinterested us unless it was associated with abundant cash flows. This was clearly not the case with majority of AI spending, measured by the trillions with few prospects of profits.

Companies we invested in might have been out-of-favor or simply neglected for reasons we deemed temporary. Some of which were even AI-related, but with more steak than sizzle. They might have been thought to be dis-intermediated by AI or quantum computing or they might have been avoided due to political pressure. In all cases, however, their businesses and financials had to be proven and their valuations attractive.

The Fund outperformed its Value benchmark for the recent semi-annual period and underperformed slightly for the fiscal year. For the year, the Fund returned nearly 10%. Financials and consumer staples were the largest relative detractors, yet the Fund's financial holdings all increased in value for the year. In fact, as a group, financials returned approximately 23% with Citigroup and Wells Fargo each rising by over half in the period. The only shortfall within the financial sector was the fund's sector weight being less than the Value benchmark's nearly 27% exposure.

Industrials, energy, consumer discretionary and communications all contributed to relative returns for the fiscal year. Industrials led with RTX and L3Harris, both aerospace and defense companies. While we were uncertain which path economic growth in general may take, the dis-armament that took place over the last few decades has clearly come to an end. Countries around the world were re-arming in order to protect their citizenry from potential threats. AirLease, one of the few remaining independent aircraft lessors announced it would be acquired. The premium paid also helped contribution for the year.

With Energy representing roughly 9% of the portfolio, ValuePlus was overweight most benchmarks. Our overweight and stock selection, Kinder Morgan especially, aided relative returns in the period. Both sector position and stock selection within consumer discretionary also aided returns. Darden, Kontoor and Hasbro all contributed relative to the value benchmark.

For additional perspectives, please visit www.skba.com

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i485a2067cf306767b1112f9d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Class** | **Morningstar US Market TR Index** | **Morningstar US Large Value TR Index** |
| **9/30/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $10596 | $10633 | $10685 |
| **3/31/16** | $10776 | $10748 | $11053 |
| **6/30/16** | $11217 | $11027 | $11535 |
| **9/30/16** | $11661 | $11496 | $11793 |
| **12/31/16** | $12460 | $11955 | $12705 |
| **3/31/17** | $12694 | $12662 | $13024 |
| **6/30/17** | $12825 | $13051 | $13084 |
| **9/30/17** | $13480 | $13641 | $13724 |
| **12/31/17** | $14471 | $14523 | $14623 |
| **3/31/18** | $14350 | $14434 | $14164 |
| **6/30/18** | $14582 | $14970 | $14231 |
| **9/30/18** | $15174 | $16050 | $15219 |
| **12/31/18** | $12992 | $13789 | $13760 |
| **3/31/19** | $14372 | $15732 | $15180 |
| **6/30/19** | $14734 | $16392 | $15651 |
| **9/30/19** | $14938 | $16603 | $16151 |
| **12/31/19** | $16049 | $18095 | $17296 |
| **3/31/20** | $11212 | $14373 | $12955 |
| **6/30/20** | $13249 | $17533 | $14568 |
| **9/30/20** | $13627 | $19152 | $14997 |
| **12/31/20** | $16134 | $21877 | $17189 |
| **3/31/21** | $17929 | $23192 | $18930 |
| **6/30/21** | $18886 | $25132 | $19653 |
| **9/30/21** | $18642 | $25140 | $19405 |
| **12/31/21** | $19684 | $27517 | $20883 |
| **3/31/22** | $20788 | $26052 | $21224 |
| **6/30/22** | $18852 | $21663 | $19493 |
| **9/30/22** | $17865 | $20670 | $18111 |
| **12/31/22** | $20516 | $22171 | $20938 |
| **3/31/23** | $20502 | $23811 | $21088 |
| **6/30/23** | $21047 | $25833 | $21944 |
| **9/30/23** | $20724 | $25010 | $21676 |
| **12/31/23** | $22834 | $28032 | $23414 |
| **3/31/24** | $24678 | $30902 | $25495 |
| **6/30/24** | $24216 | $31976 | $25345 |
| **9/30/24** | $26415 | $33915 | $27544 |
| **12/31/24** | $25777 | $34785 | $26853 |
| **3/31/25** | $26820 | $33174 | $28450 |
| **6/30/25** | $27755 | $36869 | $28704 |
| **9/30/25** | $28772 | $39853 | $30474 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Due to regulatory changes, effective September 1, 2024, the Fund changed its primary benchmark index from the Morningstar US Large Value TR Index to the Morningstar US Market TR Index. The Fund retained the Morningstar US Large Value TR Index as a secondary benchmark because the Morningstar US Large Value TR Index more closely aligns with the Fund's investment strategies and investments restrictions.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Class | 8.92% | 16.12% | 11.15% |
| Morningstar US Market TR Index | 17.51% | 15.78% | 14.83% |
| Morningstar US Large Value TR Index | 10.64% | 15.24% | 11.79% |

---

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $5489420 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 30% |
| Investment Advisory Fees (Net of fees waived and expenses reimbursed) | $(128026) |

---

# **Top Ten Holdings** 

# (% total investments)

---

| | |
|:---|:---|
| RTX Corp. | 4.83% |
| Medtronic PLC | 4.45% |
| AT&T, Inc. | 3.88% |
| American Electric Power Co., Inc. | 3.58% |
| Kontoor Brands, Inc. | 3.34% |
| Pinnacle West Capital Corp. | 3.21% |
| Kinder Morgan, Inc. | 3.04% |
| CME Group, Inc. | 3.01% |
| Becton Dickinson & Co. | 2.98% |
| International Business Machines Corp. | 2.87% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i67c3daedd9810b505c206032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.5% |
| Health Care | 13.2% |
| Capital Goods / Industrials | 11.2% |
| Energy | 10.0% |
| Technology | 9.3% |
| Consumer Discretionary | 8.5% |
| Utilities | 6.8% |
| Real Estate | 5.4% |
| Consumer Staples | 5.0% |
| Communication Services | 4.5% |
| Basic Materials | 3.7% |
| Transportation | 0.9% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?** 
Additional information is available by scanning the QR code or at https://www.skba.com/baywood-funds, including its:

* prospectus

* financial information

* holdings

* proxy information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.skba.com/baywood-funds](i3a9d7c3a2fe2747f24d3e68c.jpg)

#### Baywood Value Plus Fund

#### BVPIX

#### : Institutional Class

#### Annual Shareholder Report - September 30, 2025
217A-BVPIX-25

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments to the Registrant's Code of Ethics during the period covered by this report.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no waivers to the Registrant's Code of Ethics during the period covered by this report.

(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(f)(1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Board of Trustees has determined that the Registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.

(a)(2) The audit committee financial expert, Mr. Mark Moyer, is a non-"interested" Trustee (as defined in Item 3(a)(2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) &nbsp;&nbsp;&nbsp;&nbsp; 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 $29,600 in 2024 and $29,600 in 2025.

(b) &nbsp;&nbsp;&nbsp;&nbsp; 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 2024 and $0 in 2025.

(c) &nbsp;&nbsp;&nbsp;&nbsp; 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 $6,400 in 2024 and $6,400 in 2025. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) &nbsp;&nbsp;&nbsp;&nbsp; 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 2024 and $0 in 2025.

(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 U.S. 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) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2024 and $0 in 2025. 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) &nbsp;&nbsp;&nbsp;&nbsp; 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.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Annual

Financials

and

Other

Information

September

30,

2025

Advised

by:

SKBA

Capital

Management,

LLC

www.baywoodfunds.com

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

September

30,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

September

30,

2025. 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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

91.5%

Basic

Materials

-

3.4%

Air

Products

and

Chemicals,

Inc.

$

109,088

Packaging

Corp.

of

America

76,275

185,363

Capital

Goods

/

Industrials

-

10.3%

900

3M

Co.

139,662

L3Harris

Technologies,

Inc.

122,164

Parker-Hannifin

Corp.

60,652

1,450

RTX

Corp.

242,629

565,107

Communication

Services

-

4.1%

6,900

AT&T,

Inc.

194,856

1,000

Comcast

Corp.,

Class A

31,420

226,276

Consumer

Discretionary

-

7.8%

Darden

Restaurants,

Inc.

66,626

Genuine

Parts

Co.

55,440

1,100

Hasbro,

Inc.

83,435

2,100

Kontoor

Brands,

Inc.

167,517

800

NIKE,

Inc.,

Class B

55,784

428,802

Consumer

Staples

-

4.6%

570

Diageo

PLC,

ADR

54,395

Ingredion,

Inc.

54,950

PepsiCo.,

Inc.

28,088

600

The

Hershey

Co.

112,230

249,663

Energy

-

9.1%

850

Chevron

Corp.

131,996

1,350

ConocoPhillips

127,697

5,400

Kinder

Morgan,

Inc.

152,874

650

Phillips

88,413

500,980

Financials

-

19.7%

850

Air

Lease

Corp.

54,103

1,100

American

International

Group,

Inc.

86,394

800

Brookfield

Asset

Management,

Ltd.,

Class A

45,552

1,200

Citigroup,

Inc.

121,800

560

CME

Group,

Inc.

151,306

4,300

Corebridge

Financial,

Inc.

137,815

1,200

MetLife,

Inc.

98,844

3,000

Radian

Group,

Inc.

108,660

2,100

Truist

Financial

Corp.

96,012

1,500

U.S.

Bancorp

72,495

1,300

Wells

Fargo

&

Co.

108,966

1,081,947

Health

Care

-

12.0%

Amgen,

Inc.

81,838

800

Becton

Dickinson

&

Co.

149,736

Cardinal

Health,

Inc.

47,088

2,047

Koninklijke

Philips

NV,

ADR

55,801

2,350

Medtronic

PLC

223,814

1,100

Merck

&

Co.,

Inc.

92,323

Pfizer,

Inc.

10,192

660,792

Real

Estate

-

4.9%

6,500

Healthcare

Realty

Trust,

Inc.

REIT

117,195

1,104

Realty

Income

Corp.

REIT

67,112

2,600

VICI

Properties,

Inc.

REIT

84,786

269,093

Shares

Security

Description

Value

Technology

-

8.5%

1,200

Cisco

Systems,

Inc.

$

82,104

510

International

Business

Machines

Corp.

143,902

800

NetApp,

Inc.

94,768

NXP

Semiconductors

NV

91,092

Texas

Instruments,

Inc.

55,119

466,985

Transportation

-

0.9%

Union

Pacific

Corp.

47,274

Utilities

-

6.2%

1,600

American

Electric

Power

Co.,

Inc.

180,000

1,800

Pinnacle

West

Capital

Corp.

161,388

341,388

Total

Common

Stock

(Cost

$3,559,363)

5,023,670

Shares

Security

Description

Value

Money

Market

Fund

-

8.6%

470,290

First

American

Government

Obligations

Fund,

Class X,

4.04%

(a) (Cost

$470,290)

470,290

Investments,

at

value

-

100.1%

(Cost

$4,029,653)

$

5,493,960

Other

Assets

&

Liabilities,

Net

-

(0.1)%

(4,540)

Net

Assets

-

100.0%

$

5,489,420

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

5,493,960

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

5,493,960

BAYWOOD

VALUE

PLUS

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

September

30,

2025

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$4,029,653)

$

5,493,960

Receivables:

Fund

shares

sold

2,041

Dividends

7,867

From

investment

advisor

8,397

Prepaid

expenses

10,126

Total

Assets

5,522,391

LIABILITIES

Accrued

Liabilities:

Fund

services

fees

4,473

Other

expenses

28,498

Total

Liabilities

32,971

NET

ASSETS

$

5,489,420

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

3,707,171

Distributable

Earnings

1,782,249

NET

ASSETS

$

5,489,420

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

229,949

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

23.87 BAYWOOD

VALUE

PLUS

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

SEPTEMBER

30,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$503)

$

169,463

Total

Investment

Income

169,463

EXPENSES

Investment

advisor

fees

25,731

Fund

services

fees

56,654

Transfer

agent

fees

19,580

Custodian

fees

5,185

Registration

fees

20,576

Professional

fees

34,990

Trustees'

fees

and

expenses

7,021

Shareholder

reports

18,689

Other

expenses

22,354

Total

Expenses

210,780

Fees

waived

and

expenses

reimbursed

(174,757)

Net

Expenses

36,023

NET

INVESTMENT

INCOME

133,440

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

291,296

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

3,233

NET

REALIZED

AND

UNREALIZED

GAIN

294,529

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

427,969

BAYWOOD

VALUE

PLUS

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Years

Ended

September

30,

2025

2024

OPERATIONS

Net

investment

income

$

133,440

$

127,174

Net

realized

gain

291,296

129,979

Net

change

in

unrealized

appreciation

(depreciation)

3,233

821,954

Increase

in

Net

Assets

Resulting

from

Operations

427,969

1,079,107

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(257,268)

(240,472)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

397,712

111,881

Reinvestment

of

distributions

256,114

239,380

Redemption

of

shares

(368,928)

(75,626)

Increase

in

Net

Assets

from

Capital

Share

Transactions

284,898

275,635

Increase

in

Net

Assets

455,599

1,114,270

NET

ASSETS

Beginning

of

Year

5,033,821

3,919,551

End

of

Year

$

5,489,420

$

5,033,821

SHARE

TRANSACTIONS

Sale

of

shares

17,914

5,376

Reinvestment

of

distributions

11,332

11,622

Redemption

of

shares

(17,697)

(3,694)

Increase

in

Shares

11,549

13,304

BAYWOOD

VALUE

PLUS

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year.

For

the

Years

Ended

September

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

23.05 $

19.11 $

17.31 $

20.03 $

14.96 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.59 0.60 0.60 0.55 0.45 Net

realized

and

unrealized

gain

(loss)

1.38 4.49 2.17 (1.26)

5.04 Total

from

Investment

Operations

1.97 5.09 2.77 (0.71)

5.49 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.53)

(0.56)

(0.59)

(0.49)

(0.42)

Net

realized

gain

(0.62)

(0.59)

(0.38)

(1.52)

–

Total

Distributions

to

Shareholders

(1.15)

(1.15)

(0.97)

(2.01)

(0.42)

NET

ASSET

VALUE,

End

of

Year

$

23.87 $

23.05 $

19.11 $

17.31 $

20.03 TOTAL

RETURN

8.92%

27.46%

16.00%

(4.16)%

36.80%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

5,489

$

5,034

$

3,920

$

3,234

$

3,389

Ratios

to

Average

Net

Assets:

Net

investment

income

2.60%

2.84%

3.08%

2.77%

2.39%

Net

expenses

0.70%

0.70%

0.70%

0.70%

0.70%

Gross

expenses

(b) 4.10%

4.57%

4.75%

5.19%

5.66%

PORTFOLIO

TURNOVER

RATE

30%

22%

28%

48%

35%

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

SCHEDULE

OF

INVESTMENTS

September

30,

2025

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

September

30,

2025. 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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

is

Common

Stock.and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Common

Stock

-

94.5%

Basic

Materials

-

4.9%

1,800

Air

Products

and

Chemicals,

Inc.

$

490,896

25,500

Graphic

Packaging

Holding

Co.

499,035

1,300

Packaging

Corp.

of

America

283,309

1,273,240

Capital

Goods

/

Industrials

-

8.2%

2,300

3M

Co.

356,914

61,500

Clarivate

PLC

(a) 235,545

1,100

Cummins,

Inc.

464,607

11,100

nVent

Electric

PLC

1,094,904

2,151,970

Communication

Services

-

4.0%

2,000

Alphabet,

Inc.,

Class A

486,200

19,700

AT&T,

Inc.

556,328

1,042,528

Consumer

Discretionary

-

7.9%

3,500

Genuine

Parts

Co.

485,100

3,200

Hasbro,

Inc.

242,720

13,300

Kontoor

Brands,

Inc.

1,060,941

3,800

NIKE,

Inc.,

Class B

264,974

2,053,735

Consumer

Staples

-

4.9%

33,600

Kenvue,

Inc.

545,328

5,100

Mondelez

International,

Inc.,

Class A

318,597

1,200

PepsiCo.,

Inc.

168,528

1,300

The

Hershey

Co.

243,165

1,275,618

Energy

-

6.1%

6,800

Devon

Energy

Corp.

238,408

24,400

Kinder

Morgan,

Inc.

690,764

700

Texas

Pacific

Land

Corp.

653,548

1,582,720

Financials

-

20.9%

2,600

American

Express

Co.

863,616

6,100

American

International

Group,

Inc.

479,094

1,500

Berkshire

Hathaway,

Inc.,

Class B

(a) 754,110

4,975

Brookfield

Corp.

341,185

1,000

Cboe

Global

Markets,

Inc.

245,250

2,700

CME

Group,

Inc.

729,513

17,400

Corebridge

Financial,

Inc.

557,670

2,800

Interactive

Brokers

Group,

Inc.

192,668

5,900

Truist

Financial

Corp.

269,748

13,150

W

R

Berkley

Corp.

1,007,553

5,440,407

Health

Care

-

17.8%

6,300

AstraZeneca

PLC,

ADR

483,336

36,100

Avantor,

Inc.

(a) 450,528

3,200

Becton

Dickinson

&

Co.

598,944

34,600

DENTSPLY

SIRONA,

Inc.

439,074

7,825

Koninklijke

Philips

NV,

ADR

213,310

1,850

Labcorp

Holdings,

Inc.

531,061

9,200

Medtronic

PLC

876,208

1,800

Merck

&

Co.,

Inc.

151,074

600

Regeneron

Pharmaceuticals,

Inc.

337,362

7,500

Solventum

Corp.

(a) 547,500

4,628,397

Real

Estate

-

5.7%

42,700

Healthcare

Realty

Trust,

Inc.

REIT

769,881

5,371

Realty

Income

Corp.

REIT

326,503

15,300

Weyerhaeuser

Co.

REIT

379,287

1,475,671

Shares

Security

Description

Value

Technology

-

11.3%

6,300

Cisco

Systems,

Inc.

$

431,046

3,800

Coherent

Corp.

(a) 409,336

3,300

Corning,

Inc.

270,699

5,600

Intel

Corp.

(a) 187,880

2,400

International

Business

Machines

Corp.

677,184

3,200

NetApp,

Inc.

379,072

2,600

NXP

Semiconductors

NV

592,098

2,947,315

Transportation

-

1.3%

1,500

Union

Pacific

Corp.

354,555

Utilities

-

1.5%

3,400

WEC

Energy

Group,

Inc.

389,606

Total

Common

Stock

(Cost

$20,557,982)

24,615,762

Shares

Security

Description

Value

Money

Market

Fund

-

6.9%

1,797,637

First

American

Government

Obligations

Fund,

Class X,

4.04%

(b) (Cost

$1,797,637)

1,797,637

Investments,

at

value

-

101.4%

(Cost

$22,355,619)

$

26,413,399

Other

Assets

&

Liabilities,

Net

-

(1.4)%

(371,814)

Net

Assets

-

100.0%

$

26,041,585

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2025. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

26,413,399

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

26,413,399

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

September

30,

2025

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$22,355,619)

$

26,413,399

Receivables:

Fund

shares

sold

7,865

Investment

securities

sold

235,205

Dividends

33,813

Prepaid

expenses

10,497

Total

Assets

26,700,779

LIABILITIES

Payables:

Investment

securities

purchased

614,093

Fund

shares

redeemed

Accrued

Liabilities:

Investment

advisor

fees

9,458

Fund

services

fees

5,582

Other

expenses

30,047

Total

Liabilities

659,194

NET

ASSETS

$

26,041,585

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

21,468,207

Distributable

Earnings

4,573,378

NET

ASSETS

$

26,041,585

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

1,435,846

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

18.14 BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

SEPTEMBER

30,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$1,298)

$

435,173

Total

Investment

Income

435,173

EXPENSES

Investment

advisor

fees

117,518

Fund

services

fees

66,376

Transfer

agent

fees

19,580

Custodian

fees

5,185

Registration

fees

20,521

Professional

fees

36,202

Trustees'

fees

and

expenses

8,366

Shareholder

reports

20,649

Other

expenses

25,369

Total

Expenses

319,766

Fees

waived

and

expenses

reimbursed

(170,351)

Net

Expenses

149,415

NET

INVESTMENT

INCOME

285,758

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

470,757

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

595,523

NET

REALIZED

AND

UNREALIZED

GAIN

1,066,280

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

1,352,038

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Years

Ended

September

30,

2025

2024

OPERATIONS

Net

investment

income

$

285,758

$

146,317

Net

realized

gain

470,757

224,950

Net

change

in

unrealized

appreciation

(depreciation)

595,523

1,604,921

Increase

in

Net

Assets

Resulting

from

Operations

1,352,038

1,976,188

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(463,976)

(304,037)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

16,850,159

1,659,816

Reinvestment

of

distributions

454,435

297,165

Redemption

of

shares

(1,199,402)

(1,561,909)

Increase

in

Net

Assets

from

Capital

Share

Transactions

16,105,192

395,072

Increase

in

Net

Assets

16,993,254

2,067,223

NET

ASSETS

Beginning

of

Year

9,048,331

6,981,108

End

of

Year

$

26,041,585

$

9,048,331

SHARE

TRANSACTIONS

Sale

of

shares

967,057

104,055

Reinvestment

of

distributions

26,109

19,247

Redemption

of

shares

(69,221)

(96,661)

Increase

in

Shares

923,945

26,641

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year.

For

the

Years

Ended

September

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

17.68 $

14.39 $

12.80 $

14.32 $

10.18 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.29 0.29 0.27 0.25 0.18 Net

realized

and

unrealized

gain

(loss)

0.84 3.60 1.91 (1.14)

4.19 Total

from

Investment

Operations

1.13 3.89 2.18 (0.89)

4.37 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.22)

(0.26)

(0.27)

(0.21)

(0.14)

Net

realized

gain

(0.45)

(0.34)

(0.32)

(0.42)

(0.09)

Total

Distributions

to

Shareholders

(0.67)

(0.60)

(0.59)

(0.63)

(0.23)

NET

ASSET

VALUE,

End

of

Year

$

18.14 $

17.68 $

14.39 $

12.80 $

14.32 TOTAL

RETURN

6.59%

27.72%

17.10%

(6.58)%

43.10%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

26,042

$

9,048

$

6,981

$

6,536

$

6,766

Ratios

to

Average

Net

Assets:

Net

investment

income

1.71%

1.81%

1.88%

1.73%

1.31%

Net

expenses

0.89%

0.89%

0.89%

0.89%

0.89%

Gross

expenses

(b) 1.91%

3.03%

3.12%

3.17%

3.76%

PORTFOLIO

TURNOVER

RATE

15%

23%

25%

22%

15%

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

BAYWOOD

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

Note

1. Organization

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund

(individually,

a

"Fund"

and

collectively,

the

"Funds")

are

diversified

portfolios

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

each

Fund's

shares

of

beneficial

interest

without

par

value.

The

Baywood

Value

Plus

Fund

commenced

operations

on

December

2,

2013,

through

a

reorganization

of

a

collective

investment

trust

into

the

Baywood

Value

Plus

Fund.

The

collective

investment

trust

was

previously

managed

by

the

Baywood

Value

Plus

Fund's

Advisor

and

portfolio

management

team.

This

collective

investment

trust

was

organized

and

commenced

operations

on

June

27,

2008. The

Baywood

Value

Plus

Fund

currently

offers

Institutional

Shares.

The

Baywood

Value

Plus

Fund

seeks

to

achieve

long-term

capital

appreciation

by

investing

in

undervalued

equity

securities.

The

Baywood

Socially

Responsible

Fund

commenced

operations

on

January

3,

2005. The

Baywood

Socially

Responsible

Fund

currently

offers

Institutional

Shares.

The

Baywood

Socially

Responsible

Fund

seeks

to

provide

long-term

capital

growth.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Advisor,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

financial

highlights

for

each

Fund

is

the

information

utilized

for

the

day-

to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

their

role,

the

management

committee

of

SKBA

Capital

Management,

LLC,

the

Funds'

Advisor,

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

Note

2. Summary

of

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

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

each

Fund:

Security

Valuation

–

Securities

are

recorded

at

fair

value

using

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

per

share

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

recorded

at

amortized

cost,

which

approximates

fair

value.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Advisor

as

each

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

each

Fund.

The

Advisor

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Advisor's

fair

value

determinations.

The

Advisor

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Advisor

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

Board

has

approved

the

Advisor's

fair

valuation

procedures

as

a

part

of

each

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Advisor

provides

fair

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.

Advisor

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

Advisor

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

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.

BAYWOOD

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

level

of

various

"inputs"

used

to

determine

the

value

of

each

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

Level

-

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

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

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

that

the

securities'

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

-

Significant

unobservable

inputs

(including

each

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

September

30,

2025,

for

each

Fund's

investments

is

included

at

the

end

of

each

Fund's

Schedule

of

Investments.

REITs

–

Each

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.

Each

Fund

may

include

the

gross

dividends

from

such

REITs

in

income

or

may

utilize

estimates

of

any

potential

REIT

dividend

reclassifications

in

each

Fund's

annual

distributions

to

shareholders

and,

accordingly,

a

portion

of

each

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.

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.

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

and

included

in

interest

income.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Distributions

to

Shareholders

–

Distributions

to

shareholders

of

net

investment

income,

if

any,

are

declared

and

paid

at

least

annually.

Distributions

to

shareholders

of

net

capital

gains,

if

any,

are

declared

and

paid

at

least

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

each

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

each

Fund.

Federal

Taxes

–

Each

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

Funds

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

Each

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations.

During

the

year,

each

Fund

did

not

incur

any

interest

or

penalties.

Each

Fund

files

a

U.S.

federal

income

and

excise

tax

return

as

required.

Each

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

September

30,

2025,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

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.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

BAYWOOD

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund's

Statement

of

Assets

and

Liabilities.

Note

3. Fees

and

Expenses

Investment

Advisor

–

SKBA

Capital

Management,

LLC

(the

"Advisor")

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement,

the

Advisor

receives

an

advisory

fee,

payable

monthly,

at

an

annual

rate

of

0.50%

and

0.70%

of

the

average

daily

net

assets

of

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund,

respectively.

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

"Distributor"),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Funds

do

not

have

a

distribution

(12b-1)

plan;

accordingly,

the

Distributor

does

not

receive

compensation

from

the

Funds

for

its

distribution

services.

The

Advisor

compensates

the

Distributor

directly

for

its

services.

The

Distributor

is

not

affiliated

with

the

Advisor

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

each

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statements

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

each

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

each

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Each

Independent

Trustee

receives

an

annual

fee

of

$25,000

($32,500

for

the

Chairman)

for

service

to

the

Trust.

Effective

January

1,

2025,

the

Audit

Committee

Chairman

receives

an

additional

$2,000

annually.

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

each

Fund

is

disclosed

in

the

Statements

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

each

Fund.

Note

4. Expense

Reimbursement

and

Fees

Waived

The

Advisor

has

contractually

agreed

to

waive

its

fee

and/or

reimburse

certain

expenses

to

limit

total

operating

expenses

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

to

0.70%

through

January

31,

2026,

for

Baywood

Value

Plus

Fund.

The

Advisor

also

has

contractually

agreed

to

waive

its

fees

and/or

reimburse

certain

expenses

to

limit

total

operating

expenses

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

to

0.89%

through

January

31,

2026,

for

Baywood

Socially

Responsible

Fund.

Other

Fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board

of

Trustees

of

the

Trust.

For

the

year

ended

September

30,

2025,

fees

waived

and

expenses

reimbursed

were

as

follows:

The

Advisor

may

be

reimbursed

by

each

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Advisor

pursuant

to

the

Expense

Cap

if

such

payment

is

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,

or

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

September

30,

2025,

$442,032

and

$440,823

in

the

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund,

respectively,

is

subject

to

recapture

by

the

Advisor.

Other

Waivers

are

not

eligible

for

recoupment.

Investment

Adviser

Fees

Waived

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

Baywood

Value

Plus

Fund

$

25,731

$

128,026

$

21,000

$

174,757

Baywood

Socially

Responsible

Fund

117,518

31,833

21,000

170,351

BAYWOOD

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

September

30,

2025

Note

5. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

year

ended

September

30,

2025,

were

as

follows:

Note

6. Federal

Income

Tax

As

of

September

30,

2025

,

the

cost

for

federal

income

tax

purposes

and

the

components

of

net

unrealized

appreciation

were

as

follows:

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

As

of

September

30,

2025,

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

Statements

of

Assets

and

Liabilities

are

primarily

due

to

wash

sales,

REITs

and

equity

return

of

capital.

Note

7. Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

each

Fund

has

had

no

such

events.

Purchases

Sales

Baywood

Value

Plus

Fund

$

1,489,192

$

1,611,209

Baywood

Socially

Responsible

Fund

16,997,478

2,277,850

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

Baywood

Value

Plus

Fund

$

4,004,334

$

1,507,685

$

(18,059)

$

1,489,626

Baywood

Socially

Responsible

Fund

22,343,030

5,034,955

(964,586)

4,070,369

Ordinary

Income

Long-Term

Capital

Gain

Total

Baywood

Value

Plus

Fund

2025

$

121,698

$

135,570

$

257,268

2024

119,009

121,463

240,472

Baywood

Socially

Responsible

Fund

2025

240,162

223,814

463,976

2024

131,870

172,167

304,037

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gain

Net

Unrealized

Appreciation

Total

Baywood

Value

Plus

Fund

$

3,729

$

288,894

$

1,489,626

$

1,782,249

Baywood

Socially

Responsible

Fund

13,678

489,331

4,070,369

4,573,378

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

![](epub161434935754752.jpg)

To

the

Shareholders

of

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund

and

the

Board

of

Trustees

of

Forum

Funds

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund

(the

"Funds"),

each

a

series

of

Forum

Funds

II,

as

of

September

30,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

September

30,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

highlights

for

the

years

ended

September

30,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

November

28,

2022,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

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

Funds

in

accordance

with

the

U.S.

federal

securities

laws

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

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

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

September

30,

2025,

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.

We

have

served

as

the

Funds'

auditor

since

2023. COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

November

20,

2025

Baywood

Funds

IMPORTANT

TAX

INFORMATION

(Unaudited)

September

30,

2025

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.

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund

designate

100.00 %

and

100.00%

of

its

income

dividend

distributed

as

qualifying

for

the

corporate

dividends-received

deduction

(DRD)

and

100.00%

and

100.00 %

for

the

qualified

dividend

rate

(QDI),

respectively.

Pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code,

Baywood

Value

Plus

Fund

and

Baywood

Socially

Responsible

Fund

designated

$135,570

and

$223,814

as

long-term

capital

gain

dividends,

respectively.

Baywood

Funds

OTHER

INFORMATION

September

30,

2025

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7. Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

At

the

September

24,

2025

Board

meeting

("September

meeting"),

the

Board

of

Trustees

of

Forum

Funds

II,

including

the

Trustees

who

are

not

"interested

persons"

of

the

Trust,

met

and

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Advisor

and

the

Trust

pertaining

to

the

Funds

(the

"Advisory

Agreement").

In

preparation

for

the

September

meeting,

the

Board

was

presented

with

a

range

of

information

to

assist

in

its

deliberations.

The

Board

requested

and

reviewed

written

responses

from

the

Advisor

to

a

letter

circulated

on

the

Board's

behalf

concerning

the

Advisor's

personnel,

operations,

financial

condition,

performance,

and

services

provided

to

the

Funds

by

the

Advisor.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Advisor

and

discussed

the

materials

with

the

Advisor,

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

September

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

the

Advisor

regarding

the

personnel,

operations,

and

financial

condition

of

the

Advisor,

the

Board

considered

the

quality

of

services

provided

by

the

Advisor

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

Advisor

with

principal

responsibility

for

the

Funds,

as

well

as

the

investment

philosophy

and

decision-making

process

of

those

professionals

and

the

capability

and

integrity

of

the

Advisor's

senior

management

and

staff.

The

Board

also

considered

the

adequacy

of

the

Advisor's

resources

and

noted

the

Advisor's

representations

that

the

firm

is

in

stable

financial

condition

and

has

the

operational

capability

and

the

necessary

staffing

and

experience

to

continue

providing

high-quality

investment

advisory

services

to

the

Funds.

Based

on

the

presentation

and

the

materials

provided

by

the

Advisor

in

connection

with

the

Board's

consideration

of

the

renewal

of

the

Advisory

Agreement,

among

other

relevant

factors,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

under

the

Advisory

Agreement.

Performance

In

connection

with

a

presentation

by

the

Advisor

regarding

its

approach

to

managing

the

Funds,

including

the

investment

objective

and

strategy

of

each

Fund,

the

Board

reviewed

the

performance

of

each

Fund

compared

to

their

respective

primary

benchmarks

and

compared

to

independent

peer

groups

of

funds

identified

by

a

third-party,

independent

service

provider,

Strategic

Insight,

Inc.

("Strategic

Insight"),

believed

to

have

characteristics

similar

to

those

of

the

Funds.

The

Board

observed

that

the

Socially

Responsible

Fund

underperformed

the

Morningstar

US

Large

Value

TR

Index,

for

the

one-

and

ten-year

periods

ended

June

30,

2025,

as

well

as

the

period

since

the

Socially

Responsible

Fund's

inception

on

January

3,

2005,

and

outperformed

the

Morningstar

US

Large

Value

TR

Index

for

the

three-

and

five-year

periods

ended

June

30,

2025. The

Board

also

observed

that

the

Socially

Responsible

Fund

underperformed

the

Morningstar

US

Market

TR

Index

for

the

one-,

three-,

and

ten-year

periods

ended

June

30,

2025,

as

well

as

the

period

since

the

Socially

Responsible

Fund's

inception

on

January

3,

2005,

and

outperformed

the

Morningstar

US

TR

Index

for

the

five-year

period

ended

June

30,

2025. The

Board

observed

that

the

Socially

Responsible

Fund

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-

and

ten-year

periods

ended

June

30,

2025

and

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

three-

and

five-year

period

ended

June

30,

2025. The

Board

noted

the

Advisor's

Baywood

Funds

OTHER

INFORMATION

September

30,

2025

representation

that

the

Socially

Responsible

Fund's

relative

underperformance

during

the

short

term

could

be

attributed,

at

least

in

part,

to

shifts

in

the

market,

sector

allocation

and

stock

selection.

The

Board

further

noted

the

Advisor's

representation

that

each

of

the

Morningstar

US

Large

Value

TR

Index

and

Morningstar

US

Market

TR

Index

did

not

have

the

same

socially

responsible

investment

constraints

as

those

of

the

Socially

Responsible

Fund,

which

could

result

in

performance

variance

versus

the

indexes.

The

Board

observed

that

the

Value

Plus

Fund

outperformed

the

Morningstar

US

Large

Value

TR

Index

for

the

one-

and

five-year

periods

ended

June

30,

2025,

as

well

as

for

the

period

since

the

Value

Plus

Fund's

inception

on

June

27,

2008,

and

underperformed

Morningstar

US

Large

Value

TR

Index

for

the

three-

and

ten-year

periods

ended

June

30,

2025. The

Board

also

observed

that

the

Value

Plus

Fund

underperformed

the

Morningstar

US

Market

TR

Index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

and

for

the

period

since

the

Value

Plus

Fund's

inception

on

June

27,

2008. The

Board

also

observed

that,

based

on

the

information

provided

by

Strategic

Insight,

the

Value

Plus

Fund

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-,

three-,

five-,

and

ten-

year

periods

ended

June

30,

2025. The

Board

noted

the

Advisor's

representations

that

stock

selection,

particularly

in

the

consumer

discretionary,

industrials,

and

health

care

space

contributed

to

the

Value

Plus

Fund's

performance

during

the

year.

The

Board

also

noted

the

Advisor's

representation

that

the

Value

Plus

Fund's

active

management

style

and

value

bias

remained

out

of

favor

in

the

market

relative

to

passive

investment

and

growth-oriented

strategies.

In

consideration

of

the

Funds'

investment

strategies

and

the

foregoing

performance

information,

among

other

considerations,

the

Board

determined

that

the

Funds

could

benefit

from

the

Advisor's

continued

management

of

each

Fund.

Compensation

The

Board

evaluated

the

Advisor's

compensation

for

providing

advisory

services

to

the

Funds

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expense

ratios

of

the

Funds

as

compared

to

those

of

their

respective

Strategic

Insight

peer

groups.

The

Board

observed

that

the

Advisor's

net

management

fee

rates

for

each

of

the

Funds

were

less

than

the

medians

of

their

respective

Strategic

Insight

peer

groups.

The

Board

also

observed

that

the

net

total

expense

ratio

for

the

Value

Plus

Fund

was

less

than

the

median

of

its

Strategic

Insight

peer

group

and

that,

although

the

net

total

expense

ratio

for

the

Socially

Responsible

Fund

was

higher

than

the

median

of

its

Strategic

Insight

peer

group,

the

Socially

Responsible

Fund's

net

total

expense

ratio

with

within

a

narrow

range

of

the

median

of

its

peers.

Based

on

the

foregoing,

and

other

relevant

considerations,

the

Board

concluded

that

the

Advisor's

advisory

fee

rates

charged

to

the

Funds

were

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Advisor

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Funds.

In

this

regard,

the

Board

considered

the

Advisor's

resources

devoted

to

the

Funds,

as

well

as

the

information

provided

by

the

Advisor

regarding

the

costs

and

profitability

of

its

Fund

activities.

The

Board

noted

the

Advisor's

representation

that,

as

a

result

of

the

contractual

expense

limitation

arrangement

in

place

for

each

of

the

Funds,

the

Advisor

was

not

earning

any

profit

from

its

mutual

fund

operations

but

that

the

Advisor

was

willing

to

continue

subsidizing

the

Funds

in

an

effort

to

support

growth

initiatives.

Based

on

these

and

other

applicable

considerations,

including

financial

statements

from

the

Advisor

indicating

its

profitability

and

expenses

from

overall

operations,

the

Board

concluded

that

the

Advisor's

costs

of

services

and

profits

attributable

to

management

of

the

Funds

appeared

to

be

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Advisor.

Economies

of

Scale

The

Board

evaluated

whether

the

Funds

were

benefitting,

or

may

benefit

in

the

future,

from

any

economies

of

scale.

In

this

respect,

the

Board

considered

the

Funds'

fee

structures,

asset

sizes,

and

net

expense

ratios.

The

Board

noted

the

Advisor's

representation

that

economies

of

scale

could

be

experienced

if

the

Funds

were

to

reach

significantly

higher

asset

levels

but

that,

in

light

of

the

Funds'

current

asset

levels

and

the

Advisor's

ongoing

subsidization

of

the

Funds,

breakpoints

in

the

advisory

fee

were

not

believed

by

the

Advisor

to

be

appropriate

at

this

time.

Based

on

the

foregoing

information

and

other

applicable

considerations,

the

Board

concluded

that

the

asset

levels

of

the

Funds

were

not

consistent

with

the

existence

of

economies

of

scale

and

that

economies

of

scale

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement.

Other

Benefits

The

Board

noted

the

Advisor's

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Funds.

Based

on

the

foregoing

representation

and

the

materials

presented,

the

Board

concluded

that

other

benefits

Baywood

Funds

OTHER

INFORMATION

September

30,

2025

received

by

the

Advisor

from

its

relationship

with

the

Funds

were

not

a

material

factor

to

consider

in

approving

the

continuation

of

the

Advisory

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

Fund

counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

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

arrangement,

as

outlined

in

the

Advisory

Agreement,

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

![](epub161443525689344.jpg)

FOR

MORE

INFORMATION:

P.O.

Box

588

Portland,

ME

04112

(855) 409-2297

(toll

free)

INVESTMENT

ADVISOR

SKBA

Capital

Management,

LLC

601

California

Street,

Suite

1500

San

Francisco,

CA

94108

TRANSFER

AGENT

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

www.apexgroup.com

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds'

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

217-ANR-0925

(b)&nbsp;&nbsp;&nbsp;&nbsp; Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of other information filed under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. 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 Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) [Code of Ethics (filed herewith).](coe.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).](cert302.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).](section906.htm)

# 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Forum Funds II</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | November 4, 2025 |

---

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/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | November 4, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | November 4, 2025 |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Forum Funds II (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust as of, and for, the
 periods presented in the Report. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | November 4, 2025 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | November 4, 2025 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds II**

I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds II (Baywood Value*Plus* Fund, Baywood Socially*Responsible* Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds II**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds II (Baywood Value*Plus* Fund, Baywood Socially*Responsible* Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 4, 2025 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## Ex-99.Code

## Code of Ethics
**SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND**

This Code of Ethics ("Code") applies to all Funds and has been adopted in order to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties to the Trust and to deal with other types of conflict of interest situations. Upon discovering a violation of the Code, the Board may impose such sanctions as it deems appropriate.

A specific purpose of the Code is to promote honest and ethical conduct, compliance with applicable laws and accountability for adherence to the Code. All Access Persons should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

**SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFINITIONS**

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Access Person</u> means:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee and Officer;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any officer, director or general partner of the Adviser; and (ii) any officer, director or general partner of the Distributor, where the Distributor in the ordinary course of business either (a) makes, participates in or obtains information regarding the Fund's purchase or sale of Covered Investments or (b) fills a function related to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any employee of the Fund or Adviser, or of any company in a control relationship with the Fund or Adviser, whose regular functions (i) relate to the making of any recommendation regarding the Fund's purchase or sale of Covered Investments or (ii) include making, participating in or obtaining information regarding the purchase or sale of Covered Investments by a Fund; and

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any natural person in a control relationship with a Fund or Adviser who obtains information concerning recommendations made to a Fund about the purchase or sale of a Covered Investment.

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Beneficial Owner</u> means "beneficial owner" as defined in Rule 16a-1(a)(2) under the 1934 Act except that the determination of direct or indirect beneficial ownership shall apply to all Covered Investments which an Access Person owns or acquires. A Beneficial Owner of an investment is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest (the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities) in a security. Indirect pecuniary interest in an investment includes securities held by a person's immediate family And immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Control</u> means the power to exercise a controlling influence over the management or policies of a company, unless the power is solely the result of an official position with the company.

(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Covered Officer</u> means the PEO, PFO and PAO as those terms are used in Section 406 of the Sarbanes-Oxley Act of 2002.

(E) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Covered Investment</u> means any investment except:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct obligations of the United States Government;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankers' acceptances and bank certificates of deposit;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper and debt instruments with a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements covering any of the foregoing; and

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of registered open-end investment companies other than Funds.

(F) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Personnel</u>, means any employee of the Fund or Adviser who makes or participates in making recommendations to the Fund regarding the purchase or sale of investments by the Fund. No Fund or the Trust shall employ such a person without prior approval of the Board and the Review Officer.

(G) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Security Held or to be Acquired</u> means

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Covered Investment which, within the most recent 15 days (a) is or has been held by the Trust or (b) is being or has been considered by the Trust or an Adviser for purchase by a Fund; and

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any option to purchase or sell, and any investment convertible into or exchangeable for, a Covered Investment.

(H) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase or sale</u> includes the writing of an option to purchase or sell.

(I) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Material non-public information</u> means information (i) that there is a substantial likelihood a reasonable investor would consider important in making an investment decision, or that is reasonably certain to have a substantial effect on the price of Shares and (ii) that has not been effectively communicated to the market place. Examples include: (a) valuation issues; (b) liquidity issues; (c) significant increase in expenses; (d) proposal for liquidation or reorganization; (e) regulatory developments that affect a Fund; and (f) extraordinary developments at the Adviser. Public information includes information found in a report filed with the SEC or appearing in a news service.

**SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROHIBITED TRANSACTIONS**

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Prohibition Against Fraudulent Conduct</u>. No Access Person shall use any information concerning the operating activities, investments or investment intentions of a Fund, or the Access Person's ability to influence such operating activities or investment intentions, for personal gain or in a manner detrimental to the interests of a Fund. In addition, no Affiliated Person of a Fund shall, directly or indirectly in connection with the operating activities of the Fund or the purchase or sale of a security held or to be acquired by a Fund:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employ any device, scheme or artifice to defraud a Fund;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make to a Fund or to the Adviser or Distributor any untrue statement of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Fund; or

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engage in any manipulative practice with respect to a Fund.

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Prohibited Transactions</u>. Access Persons are prohibited from:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inducing or causing a Fund to take action, or to fail to take action, for the benefit of a person either in addition to or other than the Fund;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accepting anything other than of de minimus value or any other preferential treatment from any entity with which a Fund does business;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Using knowledge of the operating activities or portfolio transactions of a Fund for their benefit or the benefit of any person other than the Fund;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Violating the anti-fraud provisions of the securities laws; or

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for the Independent Trustees, serving on the boards of directors of publicly traded companies, absent prior authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Fund and its shareholders.

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Undue Influence; Disclosure of Personal Interest</u>. No Access Person shall cause or attempt to cause a Fund to purchase, sell or hold any investment in a manner or engage in operating activity calculated to create any benefit to the Access Person. No Access Person shall recommend any operating activity or investment transactions for a Fund without having disclosed to the Review Officer the Access Person's interest, if any, in Shares or such investment or the issuer thereof, including, without limitation:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Access Person's direct or indirect beneficial ownership of any securities of the subject issuer or in the investment;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any position with such issuer or its Affiliated Persons; and

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any present or proposed business relationship between such issuer or its Affiliated Persons, on the one hand, and such person or any party in which such person has a significant interest, on the other hand.

(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Corporate Opportunities</u>. Access Persons are prohibited from taking advantage of any opportunity properly belonging to a Fund.

(E) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. Except as required in the normal course of carrying out an Access Person's business responsibilities, Access Persons are prohibited from revealing information relating to the investment intentions or activities of any Fund, or investment that are being considered for purchase or sale on behalf of any Fund.

(F) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Prohibited Transactions in Fund Shares</u>. Access Persons are prohibited from trading in Shares while in possession of material non-public information regarding the operating activities of the Fund.

**SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REPORTING REQUIREMENTS**

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Access Person Reporting</u>. Access Persons must report the information described in this Section 4 with respect to transactions in any Covered Investment in which the Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership. Access Persons must report to the Review Officer, unless they are required to report to an Adviser or the Distributor pursuant to a code of ethics adopted by those persons; and, in the case of (i) the Adviser or (ii) the Distributor if the Distributor is (a) an Affiliated Person of the Trust or (b) has any officer, director or general partner that serves the Trust or the Adviser in the same capacity ("Affiliated Distributor"), has been approved by the Board. The Board shall not approve such code of ethics unless it is maintained and enforced as if it were subject to the same rules as provided in Rule 17j-1 under the 1940 Act. Access Persons will promptly:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provide full access to the Trust to any and all records and documents which the Trust considers relevant to any investment transactions or other matters subject to the Code;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperate with the Trust in investigating any investment transactions or other matter subject to the Code;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provide the Trust with an explanation (in writing if requested) of the facts and circumstances surrounding any investment transaction or other matter subject to the Code; and

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notify the Review Officer in writing, from time to time, of any incident of noncompliance with the Code by any Access Person.

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Independent Trustee Reporting</u>. An Independent Trustee need not provide the account opening, holdings or transaction reports required by this Section 4, except that an Independent Trustee must report a transaction if the Independent Trustee knew at the time of the transaction, or in the ordinary course of fulfilling the official duties as an Independent Trustee should have known:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That during the 15-day period immediately preceding or immediately following the transaction in a Covered Investment by the Independent Trustee, the Covered Investment is or was purchased or sold or was being considered for purchase or sale by a Fund or that Fund's Adviser, or

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Trustee possessed material non-public information about the operating activities of a Fund or the Trust preceding a transaction in Shares of the Fund.

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exclusions from Reporting</u>. Purchases or sales of Covered Investments in an account over which an Access Person has no direct or indirect influence or control are not subject to the reporting requirements of this Section.

(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Initial Holding Reports</u>. No later than ten (10) days after the person becomes an Access Person, an Access Person must report the following information:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

(E) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Quarterly Transaction Reports</u>. No later than ten (10) days after the end of a calendar quarter, an Access Person must report the following information:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to any transaction during the quarter in a Covered Investment in which the Access Person had, or by reason of such transaction acquired, any direct or indirect beneficial ownership:

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Investment involved;

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The price of the Covered Investment at which the transaction was effected; the name of the broker, dealer or bank with or through which the transaction was effected; and

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to any account established by the Access Person in which any investment were held during the quarter for the direct or indirect benefit of the Access Person:

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name of the broker, dealer or bank with whom the Access Person established the account;

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date the account was established; and

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

(F) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Holdings Reports</u>. Annually, an Access Person must report the following information (which information must be current as of a date no more than thirty (30) days before the report is submitted):

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The title, number of shares and principal amount of each Covered Investment in which the Access Person had any direct or indirect beneficial ownership;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the Access Person.

(G) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certification of Compliance</u>. Upon becoming an Access Person, the person shall certify (in the form of Appendix A) that the Access Person has read and understood this Code and recognizes that the Access Person is subject to this Code. Further, each Access Person is required to certify annually that the Access Person has complied with all the requirements of this Code and that the Access Person has disclosed or reported all personal investment transactions pursuant to the requirements of this Code.

(H) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Alternative Reporting</u>. The submission to the Review Officer of duplicate broker trade confirmations and statements on all Covered Investments transactions shall be deemed to satisfy these reporting requirements. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the records maintained by the Review Officer and recording the date of the confirmation.

(I) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Report Qualification</u>. Any report may contain a statement that the report shall not be construed as an admission by the person making the report that the person has any direct or indirect beneficial ownership in the Covered Investments to which the report relates.

**SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVERED OFFICERS**

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conflicts of Interest</u>. A "conflict of interest" occurs when a Covered Officer's employment or personal interest interferes with the interests of, or service to, the Trust. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of the Covered Officer's position with the Trust. A Covered Officer may be an officer or employee of a Service Provider, another investment company or another company. Conflicts may arise from, or as a result of, the contractual relationship between the Trust and its Service Providers or otherwise due to the Covered Officers' positions, but such other positions of a Covered Officer do not by itself give rise to a conflict of interest. As applicable to a Covered Officer, the following must be approved by the Audit Committee<u>:</u>

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service on the board of directors or governing board of a publicly traded entity;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any non-nominal gifts from persons or entities who have or are seeking business relationships with the Trust or a Fund;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest (material to the officer) in, or any consulting or employment relationship with, any entities doing business with the Trust, other than its service providers and their respective Affiliated Persons; and

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Trust's service providers or their respective Affiliated Persons.

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties</u>. A Covered Officer shall:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Become familiar with the disclosure requirements generally applicable to the Trust;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent appropriate, consult with other Officers and employees of the Trust and its service providers;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promote compliance with the standards and restrictions imposed by applicable laws; and

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Fund or its Service Providers for reporting potential violations of by the Fund, its Service Providers, or another Covered Officer that are made in good faith.

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Covered Officer shall notify the Chairman of the Audit Committee promptly if the officer knows of any violation of this Code.

**SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REVIEW OFFICER**

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment</u>. A Review Officer shall be appointed by the PEO.

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties of Review Officer</u>. The Review Officer shall :

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Review all investment transaction and holdings reports or shall maintain the names of persons responsible for reviewing these reports;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify all Access Persons who are required to make these reports, maintain and periodically update a list of such Access Persons, and promptly inform each Access Person of the requirements of this Code;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compare, on a quarterly basis, all Access Persons' transactions in Covered Investments with each Fund's completed portfolio transactions and in the case of transactions in Shares, with operating activities of the Fund, to determine whether a Code violation may have occurred;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintain a signed acknowledgment by each person who is then an Access Person;

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify persons who are Investment Personnel, maintain and periodically update a list of such Investment Personnel, and inform those persons of their requirements to obtain prior written approval from the Review Officer prior to directly or indirectly acquiring ownership of a security in any private placement or initial public offering; and

(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually prepare a written report to the Trustees that

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Describes any issues under this Code since the last report to the Trustees, including information about material violations of the Code and sanctions imposed in response to the material violations; and

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confirm that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Potential Trade Conflict</u>. When there appears to be a transaction that conflicts with this Code, the Review Officer shall request a written explanation of the Access Person's transaction. If after the review it is determined that there has been a violation of this Code, the Review Officer shall make a recommendation of appropriate action to the Board.

(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Required Records</u>. The Review Officer shall maintain:

(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of this and any other code of ethics adopted by the Trust, Adviser or Affiliated Distributor, which has been in effect at any time during the previous five (5) years, in an easily accessible place;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A record of any violation of this Code, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurs;

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of each report made by an Access Person as required by this Code for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A list of all persons who are, or at any time within the past five years have been, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics, in an easily accessible place;

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of each written report and certification required pursuant to Section 7(E) of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place; and

(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A record of any decision, and the reasons supporting the decision, approving the acquisition by Investment Personnel of securities under Section 6(B)(5) of this Code, for at least five (5) years after the end of the fiscal year in which the approval is granted.

**SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOARD REVIEW**

The Boards, including a majority of the Independent Trustees, shall:

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approve the (i) Code and any material changes to the Code and (ii) before initially retaining their services, the code of ethics of each Adviser and Affiliated Distributor, and any material changes to these codes within six months of the change;

(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base its approval of a code of ethics, and any material changes thereto, on a determination that the code contains provisions reasonably necessary to prevent Access Persons (or the equivalent persons) from engaging in prohibited conduct;

(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive, prior to approving a code or any amendment to a code, a certification from the Trusts, Adviser or Affiliated Distributor that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating the Code; and

Receive and consider, no less frequently than annually: (i) a written report from the Trusts, Adviser and Affiliated Distributor, as applicable, describing any issues, material violations or sanctions arising under the respective codes; and (ii) a written certification from the Trusts, Adviser and Affiliated Distributor, as applicable, that it has adopted procedures reasonably necessary to prevent Access Persons (or the equivalent persons) from violating its code.

**APPENDIX A**

**Code of Ethics Certification**

I understand that I am an Access Person as defined in the Forum ETF Trust and Forum Funds II Code of Ethics.

I have read and I understand the Code of Ethics and that I am subject to it. In addition, I will comply with the requirements of the Code of Ethics applicable to my position and will disclose or report all personal investment transactions that are required to be disclosed or reported pursuant to the requirements of the Code.

If I am also a Covered Officer, I understand that I am a Covered Officer as defined in the Forum ETF Trust and Forum Funds II Code of Ethics and will request from the Forum ETF Trust' Audit Committee Chairman all approvals that are required under Section 5(A) of the Code.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NAME]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date

***This Certification must be completed and returned to the Trust's Review Officer.***