# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-26-000025
**Filing Date:** 2026-2
**Character Count:** 67782
**Document Hash:** a18de551303ba292877ae275acc0bae6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-26-000025.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001576367-26-000025

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 26676297

**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

### Acuitas US Microcap Fund (Series ID: S000045890)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000142990 | Institutional Shares | AFMCX           |

?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 June 30

Date of reporting period: July 1, 2025– December 31, 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.

#### Acuitas US Microcap Fund

#### AFMCX

#### : Institutional Shares

#### Semi-Annual Shareholder Report - December 31, 2025

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Acuitas US Microcap Fund for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://acuitasfunds.com/invest-with-us/. You can also request this information by contacting us at (844) 805-5628.

# **What were the Fund's costs for the last six months ?** 
(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 Shares | $82 | 1.50% |

---

# **How did the Fund perform in the last six months ?** 
The Fund returned 16.25% over the last six months, underperforming the Russell Microcap Index's return of 24.35% by 810 basis points. Over the last year, the Fund has returned 13.43% compared to the Russell Microcap Index's return of 22.98%. While microcap led U.S. equity – rewarding investors with an allocation – it was an incredibly difficult environment for active managers due to the low quality nature of leadership. Within our Fund, one of our core managers did quite well with returns of 38.2% on the year, while our quality growth oriented subadviser struggled with a return of 8.9%.

The main theme of the year within microcap was low-quality, non-earning companies dominating returns. This is typical during a risk-on environment and during the early innings of a market rotation in leadership. Biotech and pharmaceuticals is a space where we typically have an underweight due to the binary nature of the outcomes and reliance on FDA approval for drugs, however those companies had an exceptional year. Our underweight was a notable drag on returns. The performance of these companies aligns with the risk-on, low-quality nature of market leadership.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](if33dd61e25eb79e4af567693.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Acuitas US Microcap Fund** | **Russell 3000 Index** | **Russell Microcap<sup>®</sup> Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **03/31/16** | $9612 | $10097 | $9457 |
| **06/30/16** | $10058 | $10362 | $9832 |
| **09/30/16** | $10901 | $10818 | $10938 |
| **12/31/16** | $12155 | $11274 | $12037 |
| **03/31/17** | $11940 | $11921 | $12083 |
| **06/30/17** | $12292 | $12280 | $12546 |
| **09/30/17** | $13202 | $12842 | $13380 |
| **12/31/17** | $13402 | $13656 | $13622 |
| **03/31/18** | $13260 | $13568 | $13714 |
| **06/30/18** | $14354 | $14095 | $15081 |
| **09/30/18** | $14790 | $15099 | $15207 |
| **12/31/18** | $11675 | $12940 | $11840 |
| **03/31/19** | $13210 | $14757 | $13391 |
| **06/30/19** | $12965 | $15361 | $13515 |
| **09/30/19** | $12668 | $15540 | $12777 |
| **12/31/19** | $14230 | $16954 | $14496 |
| **03/31/20** | $8961 | $13410 | $9859 |
| **06/30/20** | $11312 | $16364 | $12870 |
| **09/30/20** | $12061 | $17871 | $13345 |
| **12/31/20** | $16231 | $20495 | $17534 |
| **03/31/21** | $20273 | $21796 | $21722 |
| **06/30/21** | $21629 | $23592 | $22622 |
| **09/30/21** | $20518 | $23568 | $21495 |
| **12/31/21** | $20986 | $25754 | $20924 |
| **03/31/22** | $19217 | $24395 | $19335 |
| **06/30/22** | $16185 | $20321 | $15669 |
| **09/30/22** | $16003 | $19413 | $15594 |
| **12/31/22** | $16966 | $20808 | $16330 |
| **03/31/23** | $17593 | $22302 | $15869 |
| **06/30/23** | $18458 | $24172 | $16709 |
| **09/30/23** | $17712 | $23386 | $15383 |
| **12/31/23** | $19920 | $26209 | $17854 |
| **03/31/24** | $21114 | $28835 | $18690 |
| **06/30/24** | $19682 | $29762 | $17704 |
| **09/30/24** | $20980 | $31616 | $19172 |
| **12/31/24** | $21572 | $32448 | $20301 |
| **03/31/25** | $18346 | $30916 | $17380 |
| **06/30/25** | $21050 | $34314 | $20077 |
| **09/30/25** | $23462 | $37120 | $23497 |
| **12/31/25** | $24470 | $38012 | $24966 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. Effective June 12, 2024, the Fund changed its primary benchmark index from the Russell Microcap<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index due to regulatory requirements. The Fund retained the Russell Microcap<sup>®</sup> Index as a secondary benchmark because the Russell Microcap<sup>®</sup> Index more closely aligns with the Fund's investment strategies and investment restrictions.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Acuitas US Microcap Fund | 13.43% | 8.56% | 9.36% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Microcap<sup>®</sup> Index | 22.98% | 7.32% | 9.58% |

---

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 | $102811036 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 40% |
| Investment Advisory Fees (Net of fees waived) | $472009 |

---

# **Asset Class Weightings** 

# (% total investments)
![Group By Asset Type Chart](i07912af893d84a51f81d8702.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 98.4% |
| Money Market Fund | 1.6% |

---

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](i50c19a29c84ca80672ce79bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Health Care | 22.3% |
| Financials | 15.0% |
| Technology | 14.2% |
| Consumer Discretionary | 10.2% |
| Energy | 4.4% |
| Utilities | 3.0% |
| Telecommunications | 1.7% |
| Consumer Staples | 1.7% |
| Basic Materials | 1.4% |
| Real Estate | 0.6% |

---

\* excluding cash equivalents

# **Top Ten Holdings** 

# (% of total investments)\*

---

| | |
|:---|:---|
| Ducommun, Inc. | 2.35% |
| iRadimed Corp. | 1.66% |
| Vishay Precision Group, Inc. | 1.49% |
| Thermon Group Holdings, Inc. | 1.40% |
| Customers Bancorp, Inc. | 1.31% |
| ADTRAN Holdings, Inc. | 1.25% |
| Select Water Solutions, Inc., Class A | 1.20% |
| Core Molding Technologies, Inc. | 1.20% |
| Mesa Laboratories, Inc. | 1.11% |
| Graham Corp. | 1.06% |

---

\* excluding cash equivalents

# **Where can I find additional information about the fund?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://acuitasfunds.com/invest-with-us](if0252fa3bbf18a014f55bc88.jpg)

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://acuitasfunds.com/invest-with-us/ .

#### Acuitas US Microcap Fund

#### 220S-AFMCX-25

#### AFMCX

#### Semi-Annual Shareholder Report - December 31, 2025
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)&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;

ACUITAS

US

MICROCAP

FUND

SEMI-ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

December

31,

2025

(Unaudited)

TABLE

OF

CONTENTS

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Other

Information

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

98.4%

Basic

Materials

-

1.4%

36,969

Dakota

Gold

Corp.

(a) $

209,984

8,463

Energy

Fuels,

Inc./Canada

(a) 123,052

2,113

Kaiser

Aluminum

Corp.

242,699

39,795

Northern

Technologies

International

Corp.

311,595

4,595

Perpetua

Resources

Corp.

(a) 111,245

75,122

Taseko

Mines,

Ltd.

(a) 425,190

7,083

U.S.

Antimony

Corp.

(a) 35,557

1,459,322

Consumer

Discretionary

-

10.1%

7,335

Acme

United

Corp.

295,674

3,700

Allegiant

Travel

Co.

(a) 315,499

59,196

Arhaus,

Inc.

(a) 663,587

10,566

Build-A-Bear

Workshop,

Inc.,

Class A

647,379

8,499

Climb

Global

Solutions,

Inc.

873,612

35,812

Crown

Crafts,

Inc.

99,199

84,176

Digital

Turbine,

Inc.

(a) 420,880

48,165

Duluth

Holdings,

Inc.,

Class B

(a) 100,183

54,800

El

Pollo

Loco

Holdings,

Inc.

(a) 573,208

21,000

First

Watch

Restaurant

Group,

Inc.

(a) 316,680

74,910

Fluent,

Inc.

(a) 179,784

189,272

FTAI

Infrastructure,

Inc.

872,544

8,734

Gentherm,

Inc.

(a) 317,656

20,395

Interface,

Inc.

569,428

17,675

Kura

Sushi

USA,

Inc.,

Class A

(a) 924,933

15,219

Lands'

End,

Inc.

(a) 220,980

8,600

Liquidity

Services,

Inc.

(a) 260,666

11,371

Malibu

Boats,

Inc.,

Class A

(a) 320,776

26,579

Owlet,

Inc.

(a) 430,314

3,265

Pursuit

Attractions

and

Hospitality,

Inc.

(a) 109,965

29,844

Shoe

Carnival,

Inc.

503,767

62,475

Sportsman's

Warehouse

Holdings,

Inc.

(a) 91,214

3,391

Standard

Motor

Products,

Inc.

124,958

5,747

Sun

Country

Airlines

Holdings,

Inc.

(a) 82,699

22,540

Universal

Technical

Institute,

Inc.

(a) 588,970

657

Victoria's

Secret

&

Co.

(a) 35,590

15,635

Zumiez,

Inc.

(a) 407,292

10,347,437

Consumer

Staples

-

1.6%

39,458

Cronos

Group,

Inc.

(a) 103,775

51,380

Mama's

Creations,

Inc.

(a) 693,116

17,400

MGP

Ingredients,

Inc.

422,820

7,505

Oil-Dri

Corp.

of

America

367,295

21,388

SunOpta,

Inc.

(a) 81,274

1,668,280

Energy

-

4.3%

7,482

American

Superconductor

Corp.

(a) 215,332

2,310

Centrus

Energy

Corp.,

Class A

(a) 560,776

12,100

Civitas

Resources,

Inc.

327,789

8,416

Flotek

Industries,

Inc.

(a) 145,008

55,250

Geospace

Technologies

Corp.

(a) 934,277

21,835

Innovex

International,

Inc.

(a) 477,531

20,500

Matrix

Service

Co.

(a) 239,850

73,520

NPK

International,

Inc.

(a) 876,358

24,252

Oil

States

International,

Inc.

(a) 164,186

12,090

Stabilis

Solutions,

Inc.

(a) 55,010

111,050

VAALCO

Energy,

Inc.

404,222

4,400,339

Financials

-

14.7%

6,752

Alpine

Banks

of

Colorado,

Class B

268,730

76,400

American

Coastal

Insurance

Corp.

(a) 964,932

5,614

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

250,384

Shares

Security

Description

Value

Financials

-

14.7%

(continued)

1,568

Bank

First

Corp.

$

191,014

15,320

Bank

of

Marin

Bancorp

398,473

9,871

Bankwell

Financial

Group,

Inc.

452,289

6,058

Business

First

Bancshares,

Inc.

158,356

27,796

Capitol

Federal

Financial,

Inc.

189,291

6,827

Central

Pacific

Financial

Corp.

212,729

4,650

Community

Trust

Bancorp,

Inc.

262,725

8,053

ConnectOne

Bancorp,

Inc.

211,150

18,150

Customers

Bancorp,

Inc.

(a) 1,327,128

2,178

Dave,

Inc.

(a) 482,231

6,400

Enova

International,

Inc.

(a) 1,006,080

4,453

First

Financial

Corp.

269,050

37,231

First

Western

Financial,

Inc.

(a) 998,163

4,967

Five

Star

Bancorp

177,719

6,251

Hanmi

Financial

Corp.

168,965

25,923

Heritage

Commerce

Corp.

311,335

6,398

Heritage

Financial

Corp./WA

151,313

12,572

Heritage

Insurance

Holdings,

Inc.

(a) 367,857

24,861

International

General

Insurance

Holdings,

Ltd.

623,762

1,444

Investors

Title

Co.

360,480

4,445

LendingTree,

Inc.

(a) 235,985

60,575

Medallion

Financial

Corp.

623,317

4,196

Mercantile

Bank

Corp.

201,828

29,914

Metalla

Royalty

&

Streaming,

Ltd.

(a) 232,731

8,100

MVB

Financial

Corp.

209,223

33,765

NB

Bancorp,

Inc.

669,222

11,436

Northrim

BanCorp,

Inc.

304,312

13,096

OP

Bancorp

184,916

19,000

Porch

Group,

Inc.

(a) 173,470

10,670

PRA

Group,

Inc.

(a) 188,752

19,115

Regional

Management

Corp.

740,706

20,927

Silvercrest

Asset

Management

Group,

Inc.

317,881

21,549

SuRo

Capital

Corp.

203,423

7,120

Texas

Capital

Bancshares,

Inc.

(a) 644,645

3,849

Unity

Bancorp,

Inc.

199,070

6,478

Univest

Financial

Corp.

212,090

15,145,727

Health

Care

-

22.0%

129,225

908

Devices,

Inc.

(a) 678,431

35,654

Aclaris

Therapeutics,

Inc.

(a) 107,319

15,543

Adaptive

Biotechnologies

Corp.

(a) 252,418

3,409

Addus

HomeCare

Corp.

(a) 366,092

5,931

ADMA

Biologics,

Inc.

(a) 108,181

18,635

Agenus,

Inc.

(a) 58,514

4,300

AnaptysBio,

Inc.

(a) 208,464

8,303

ARS

Pharmaceuticals,

Inc.

(a) 96,730

44,059

Avanos

Medical,

Inc.

(a) 494,783

26,796

Azenta,

Inc.

(a) 891,235

10,000

Beta

Bionics,

Inc.

(a) 304,700

22,593

BioLife

Solutions,

Inc.

(a) 546,299

22,665

Bioventus,

Inc.

(a) 168,628

9,245

CareDx,

Inc.

(a) 174,176

2,300

Celcuity,

Inc.

(a) 229,402

10,574

Cogent

Biosciences,

Inc.

(a) 375,588

13,231

Cormedix,

Inc.

(a) 153,877

15,965

Corvus

Pharmaceuticals,

Inc.

(a) 122,930

36,472

CytomX

Therapeutics,

Inc.

(a) 155,371

14,478

Design

Therapeutics,

Inc.

(a) 135,804

4,138

Edgewise

Therapeutics,

Inc.

(a) 102,684

18,506

Electromed,

Inc.

(a) 538,895

16,618

Embecta

Corp.

197,422

17,350

Eton

Pharmaceuticals,

Inc.

(a) 293,388

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Health

Care

-

22.0%

(continued)

9,200

EyePoint,

Inc.

(a) $

168,084

18,750

Harmony

Biosciences

Holdings,

Inc.

(a) 701,625

87,726

Harvard

Bioscience,

Inc.

(a) 58,671

10,155

Healthcare

Services

Group,

Inc.

(a) 194,164

9,481

HealthStream,

Inc.

218,727

15,913

Immunome,

Inc.

(a) 341,811

35,353

InfuSystem

Holdings,

Inc.

(a) 317,116

29,077

Inmode,

Ltd.

(a) 427,141

17,306

iRadimed

Corp.

1,683,528

43,319

Ironwood

Pharmaceuticals,

Inc.

(a) 145,985

8,500

Kiniksa

Pharmaceuticals

International

PLC

(a) 350,625

56,926

KORU

Medical

Systems,

Inc.

(a) 330,740

4,226

LeMaitre

Vascular,

Inc.

342,729

4,400

LENZ

Therapeutics,

Inc.

(a) 70,400

4,858

Liquidia

Corp.

(a) 167,552

95,451

MiMedx

Group,

Inc.

(a) 646,203

3,287

Mineralys

Therapeutics,

Inc.

(a) 119,285

121,578

Niagen

Bioscience,

Inc.

(a) 773,236

2,733

Olema

Pharmaceuticals,

Inc.

(a) 68,325

10,663

OptimizeRx

Corp.

(a) 130,728

20,555

Organogenesis

Holdings,

Inc.

(a) 106,475

16,976

OrthoPediatrics

Corp.

(a) 301,494

25,320

Pacira

BioSciences,

Inc.

(a) 655,282

20,134

Pediatrix

Medical

Group,

Inc.

(a) 430,666

8,051

Phibro

Animal

Health

Corp.,

Class A

300,785

14,076

Photronics,

Inc.

(a) 450,432

34,381

Phreesia,

Inc.

(a) 581,727

685

Praxis

Precision

Medicines,

Inc.

(a) 201,897

4,930

Rigel

Pharmaceuticals,

Inc.

(a) 211,152

11,242

Sensus

Healthcare,

Inc.

(a) 44,743

24,132

SI-BONE,

Inc.

(a) 475,883

9,897

Stoke

Therapeutics,

Inc.

(a) 314,131

8,060

Supernus

Pharmaceuticals,

Inc.

(a) 400,582

9,500

Syndax

Pharmaceuticals,

Inc.

(a) 199,595

6,977

Tactile

Systems

Technology,

Inc.

(a) 202,333

33,225

Taysha

Gene

Therapies,

Inc.

(a) 182,737

4,118

Terns

Pharmaceuticals,

Inc.

(a) 166,367

24,230

The

Joint

Corp.

(a) 211,286

17,867

The

Pennant

Group,

Inc.

(a) 502,956

10,625

Theravance

Biopharma,

Inc.

(a) 198,794

14,495

Trevi

Therapeutics,

Inc.

(a) 181,477

8,142

Tyra

Biosciences,

Inc.

(a) 214,053

5,577

US

Physical

Therapy,

Inc.

435,508

6,420

Utah

Medical

Products,

Inc.

359,263

5,592

WaVe

Life

Sciences,

Ltd.

(a) 95,064

4,729

Xenon

Pharmaceuticals,

Inc.

(a) 211,954

67,895

Xeris

Biopharma

Holdings,

Inc.

(a) 532,976

14,561

Zymeworks,

Inc.

(a) 383,391

22,571,009

Industrials

-

25.1%

10,164

Aebi

Schmidt

Holding

AG

128,575

16,759

Allient,

Inc.

900,796

20,642

Amprius

Technologies,

Inc.

(a) 162,865

7,855

Applied

Digital

Corp.

(a) 192,605

49,260

Archer

Aviation,

Inc.,

Class A

(a) 370,435

4,279

Astronics

Corp.

(a) 232,093

2,241

Atlanticus

Holdings

Corp.

(a) 150,035

25,366

Barrett

Business

Services,

Inc.

918,503

1,750

Bel

Fuse,

Inc.,

Class B

296,853

42,915

BGSF,

Inc.

(a) 198,696

5,917

BlueLinx

Holdings,

Inc.

(a) 363,481

6,532

CECO

Environmental

Corp.

(a) 390,940

Shares

Security

Description

Value

Industrials

-

25.1%

(continued)

6,653

Cipher

Mining,

Inc.

(a) $

98,198

65,128

Concrete

Pumping

Holdings,

Inc.

(a) 437,009

60,529

Core

Molding

Technologies,

Inc.

(a) 1,213,606

3,832

CRA

International,

Inc.

769,063

98,070

Cryoport,

Inc.

(a) 941,472

189,600

DHI

Group,

Inc.

(a) 293,880

25,024

Ducommun,

Inc.

(a) 2,380,533

27,654

eHealth,

Inc.

(a) 127,208

17,778

Energy

Recovery,

Inc.

(a) 239,825

22,106

Enovix

Corp.

(a) 161,595

14,061

Franklin

Covey

Co.

(a) 235,944

28,401

Freightcar

America,

Inc.

(a) 314,399

16,623

Graham

Corp.

(a) 1,067,695

23,979

Great

Lakes

Dredge

&

Dock

Corp.

(a) 314,604

30,595

Information

Services

Group,

Inc.

176,839

14,202

Insteel

Industries,

Inc.

449,777

23,172

Janus

International

Group,

Inc.

(a) 151,545

15,500

LightPath

Technologies,

Inc.

(a) 167,400

18,906

Mayville

Engineering

Co.,

Inc.

(a) 353,920

14,243

Mesa

Laboratories,

Inc.

1,118,076

13,229

Montrose

Environmental

Group,

Inc.

(a) 328,476

29,460

Myers

Industries,

Inc.

551,491

7,635

Napco

Security

Technologies,

Inc.

318,380

4,525

Natural

Gas

Services

Group,

Inc.

152,266

15,225

Orion

Energy

Systems,

Inc.

(a) 234,161

34,240

Park

Aerospace

Corp.

730,682

95,036

Proficient

Auto

Logistics,

Inc.

(a) 916,147

79,956

Ranpak

Holdings

Corp.

(a) 432,562

4,741

RCM

Technologies,

Inc.

(a) 96,930

143,450

Resources

Connection,

Inc.

722,988

28,649

Soldi

Power,

Inc.

(a) 121,758

6,503

Tectonic

Therapeutic,

Inc.

(a) 135,653

2,737

The

Gorman-Rupp

Co.

130,692

2,052

The

Monarch

Cement

Co.

482,220

38,227

Thermon

Group

Holdings,

Inc.

(a) 1,420,515

12,759

Titan

Machinery,

Inc.

(a) 191,895

13,150

Transcat,

Inc.

(a) 746,000

2,629

Tutor

Perini

Corp.

176,196

3,926

Twin

Disc,

Inc.

65,486

17,474

Ultra

Clean

Holdings,

Inc.

(a) 442,616

14,362

Ultralife

Corp.

(a) 82,151

39,268

Vishay

Precision

Group,

Inc.

(a) 1,511,818

40,575

Wabash

National

Corp.

350,974

5,291

Werner

Enterprises,

Inc.

158,783

25,819,305

Real

Estate

-

0.6%

71,680

Apartment

Investment

and

Management

Co.

REIT

(a) 425,779

15,065

Whitestone

REIT

209,253

635,032

Technology

-

14.0%

29,217

A10

Networks,

Inc.

516,849

145,002

ADTRAN

Holdings,

Inc.

(a) 1,260,067

72,997

Amplitude,

Inc.,

Class A

(a) 845,305

30,500

Arlo

Technologies,

Inc.

(a) 426,695

24,217

Arteris,

Inc.

(a) 375,364

45,185

AstroNova,

Inc.

(a) 390,850

32,237

Asure

Software,

Inc.

(a) 303,673

16,194

AXT,

Inc.

(a) 264,772

14,025

Backblaze,

Inc.,

Class A

(a) 65,357

29,287

Blaze

Holdings,

Inc.

(a) 57,110

10,325

Cerence,

Inc.

(a) 110,374

19,235

CEVA,

Inc.

(a) 413,937

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2025

See

Notes

to

Financial

Statements.

At

December

31,

2025,

The

Fund

held

the

following

exchange

traded

futures

contracts:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

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

consists

of

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

\* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures at

period

end.

Shares

Security

Description

Value

Technology

-

14.0%

(continued)

32,779

Cohu,

Inc.

(a) $

762,767

17,143

Consensus

Cloud

Solutions,

Inc.

(a) 374,060

10,264

Donnelley

Financial

Solutions,

Inc.

(a) 479,226

29,921

Evolv

Technologies

Holdings,

Inc.

(a) 214,234

34,670

Forrester

Research,

Inc.

(a) 281,520

15,945

Hurco

Cos.,

Inc.

(a) 246,350

5,454

Ichor

Holdings,

Ltd.

(a) 100,517

152,124

indie

Semiconductor,

Inc.,

Class A

(a) 536,998

55,298

inTEST

Corp.

(a) 413,076

52,100

Key

Tronic

Corp.

(a) 145,359

59,429

Magnite,

Inc.

(a) 964,533

4,751

Materion

Corp.

590,644

13,302

Mitek

Systems,

Inc.

(a) 140,336

11,270

nLight,

Inc.

(a) 422,738

7,217

NVE

Corp.

428,185

26,656

OneSpan,

Inc.

342,263

7,674

Ouster,

Inc.

(a) 166,065

12,605

PDF

Solutions,

Inc.

(a) 359,621

7,925

Penguin

Solutions,

Inc.

(a) 155,013

19,260

Shutterstock,

Inc.

367,866

24,385

Simulations

Plus,

Inc.

(a) 444,539

11,847

Solaris

Energy

Infrastructure,

Inc.,

Class A

544,607

13,618

Veeco

Instruments,

Inc.

(a) 389,202

11,339

Viant

Technology,

Inc.,

Class A

(a) 136,522

41,102

Weave

Communications,

Inc.

(a) 311,964

14,348,558

Telecommunications

-

1.7%

42,275

Aviat

Networks,

Inc.

(a) 903,840

19,002

Cogent

Communications

Holdings,

Inc.

409,683

44,074

Ondas

Holdings,

Inc.

(a) 430,162

1,743,685

Utilities

-

2.9%

46,323

Enviri

Corp.

(a) 830,108

54,358

Perma-Fix

Environmental

Services,

Inc.

(a) 684,367

25,470

Pure

Cycle

Corp.

(a) 279,915

115,557

Select

Water

Solutions,

Inc.,

Class A

1,215,660

3,010,050

Total

Common

Stock

(Cost

$81,962,754)

101,148,744

Shares

Security

Description

Value

Money

Market

Fund

-

1.6%

1,648,208

First

American

Government

Obligations

Fund,

Class X,

3.68%

(b) (Cost

$1,648,208)

1,648,208

Investments,

at

value

-

100.0%

(Cost

$83,610,962)

$

102,796,952

Other

Assets

&

Liabilities,

Net

-

0.0%

14,084

Net

Assets

-

100.0%

$

102,811,036

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

December

31,

2025. Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Depreciation

CME

E-Mini

Russell

2000

Index

Future

03/20/26

$

1,161,140

$

1,124,100

$(37,040)

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

102,796,952

$

(37,040)

Level

-

Other

Significant

Observable

Inputs

–

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

102,796,952

$

(37,040)

ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2025

See

Notes

to

Financial

Statements.

\*

Shares

redeemed

or

exchanged

within

days

of

purchase

are

charged

a

1.00%

redemption

fee.

ASSETS

Investments,

at

value

(Cost

$83,610,962)

$

102,796,952

Deposits

with

broker

268,328

Receivables:

Fund

shares

sold

176,270

Dividends

19,691

Prepaid

expenses

13,967

Total

Assets

103,275,208

LIABILITIES

Payables:

Investment

securities

purchased

40,737

Fund

shares

redeemed

268,121

Variation

margin

8,865

Accrued

Liabilities:

Investment

adviser

fees

84,778

Trustees'

fees

and

expenses

1,585

Fund

services

fees

22,301

Other

expenses

37,785

Total

Liabilities

464,172

NET

ASSETS

$

102,811,036

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

83,427,199

Distributable

Earnings

19,383,837

NET

ASSETS

$

102,811,036

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

6,754,297

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

Institutional

Shares

(based

on

net

assets

of

$102,811,036)

$

15.22 ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

OPERATIONS

FOR

THE

SIX

MONTHS

ENDED

DECEMBER

31,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

$

719,746

Total

Investment

Income

719,746

EXPENSES

Investment

adviser

fees

634,915

Fund

services

fees

131,545

Custodian

fees

19,095

Registration

fees

12,886

Professional

fees

32,520

Trustees'

fees

and

expenses

9,648

Interest

expense

Other

expenses

100,684

Total

Expenses

941,317

Fees

waived

(179,398)

Net

Expenses

761,919

NET

INVESTMENT

LOSS

(42,173)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on:

Investments

7,105,688

Futures

207,454

Net

realized

gain

7,313,142

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

7,948,682

Futures

(73,545)

Net

change

in

unrealized

appreciation

(depreciation)

7,875,137

NET

REALIZED

AND

UNREALIZED

GAIN

15,188,279

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

15,146,106

ACUITAS

US

MICROCAP

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

December

31,

2025

For

the

Year

Ended

June

30,

2025

OPERATIONS

Net

investment

loss

$

(42,173)

$

(177,390)

Net

realized

gain

7,313,142

94,861

Net

change

in

unrealized

appreciation

(depreciation)

7,875,137

6,090,755

Increase

in

Net

Assets

Resulting

from

Operations

15,146,106

6,008,226

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

(4,841,295)

(2,668,331)

Return

of

Capital

–

(275,602)

Total

Distributions

Paid

(4,841,295)

(2,943,933)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

7,815,236

20,334,376

Reinvestment

of

distributions:

Institutional

Shares

4,840,406

2,943,383

Redemption

of

shares:

Institutional

Shares

(11,810,305)

(17,255,274)

Redemption

fees:

Institutional

Shares

1,893

4,685

Increase

in

Net

Assets

from

Capital

Share

Transactions

847,230

6,027,170

Increase

in

Net

Assets

11,152,041

9,091,463

NET

ASSETS

Beginning

of

Period

91,658,995

82,567,532

End

of

Period

$

102,811,036

$

91,658,995

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

528,598

1,546,045

Reinvestment

of

distributions:

Institutional

Shares

311,080

195,924

Redemption

of

shares:

Institutional

Shares

(778,057)

(1,308,588)

Increase

in

Shares

61,621

433,381

ACUITAS

US

MICROCAP

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2025

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

13.70 $

13.19 $

12.37 $

11.53 $

16.75 $

8.76 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.01)

(0.03)

(0.02)

(0.03)

(0.06)

(0.05)

Net

realized

and

unrealized

gain

(loss)

2.25 0.98 0.84 1.60 (3.91)

8.04 Total

from

Investment

Operations

2.24 0.95 0.82 1.57 (3.97)

7.99 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

–

(0.00)(b)

–

–

–

–

Net

realized

gain

(0.72)

(0.40)

–

(0.73)

(1.25)

–

Return

of

Capital

–

(0.04)

–

–

–

–

Total

Distributions

to

Shareholders

(0.72)

(0.44)

–

(0.73)

(1.25)

–

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

15.22 $

13.70 $

13.19 $

12.37 $

11.53 $

16.75 TOTAL

RETURN

16.25%(c)

6.95%

6.63%

14.04%

(25.17)%

91.21%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

102,811

$

91,659

$

82,568

$

62,883

$

47,078

$

66,416

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.08)%(d)

(0.20)%

(0.14)%

(0.23)%

(0.41)%

(0.36)%

Net

expenses

1.50%(d)

1.50%

1.50%

1.50%

1.50%

1.50%

Dividend

and

interest

expenses

0.00%(d)

0.00%

0.00%

0.00%

0.00%

–%

Gross

expenses

(e) 1.86%(d)

1.85%

1.96%

2.05%

2.00%

2.08%

PORTFOLIO

TURNOVER

RATE

40%(c)

63%

64%

56%

61%

78%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Annualized.

(e) 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.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

1. Organization

The

Acuitas

US

Microcap

Fund

(the

"Fund")

is

a

diversified

portfolio

of

Forum

Funds

II

(the

"Trust").

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Act").

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

the

Fund's

shares

of

beneficial

interest

without

par

value.

The

Fund

currently

offers

two

classes

of

shares:

Institutional

Shares

and

Investor

Shares.

As

of

December

31,

2025,

Investor

Shares

had

not

commenced

operations.

The

Fund

seeks

capital

appreciation.

The

Fund

commenced

operations

on

July

18,

2014. The

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

the

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statement

of

Operations

and

the

financial

highlights

for

the

Fund

is

the

information

utilized

for

the

day-

to-day

management

of

the

Fund.

The

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Fund

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

their

role,

the

management

committee

of

Acuitas

Investments,

LLC,

the

Fund's

Adviser,

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

Note

2. Summary

of

Significant

Accounting

Policies

The

Fund

is

an

investment

company

and

follows

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

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

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.

Futures

contracts

are

valued

at

the

day's

settlement

price

on

the

exchange

where

the

contract

is

traded.

Forward

currency

contracts

are

generally

valued

based

on

interpolation

of

forward

curve

data

points

obtained

from

major

banking

institutions

that

deal

in

foreign

currencies

and

currency

dealers.

Exchange-traded

options

for

which

the

last

quoted

sale

price

is

outside

the

closing

bid

and

ask

price

will

be

valued

at

the

mean

of

the

closing

bid

and

ask

price.

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

Adviser

as

the

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Fund.

The

Adviser

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

Adviser's

fair

value

determinations.

The

Adviser

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

Adviser

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

Adviser's

fair

valuation

procedures

as

a

part

of

the

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

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.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

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.

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

the

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

of

the

securities'

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

-

Significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

December

31,

2025,

for

the

Fund's

investments

is

included

at

the

end

of

the

Fund's

Schedule

of

Investments.

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

on

the

trade

date.

Dividend

income

is

recorded

on

the

ex-dividend

date.

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.

Futures

Contracts

–

A

futures

contract

is

an

agreement

between

parties

to

buy

or

sell

a

security

at

a

set

price

on

a

future

date.

Upon

entering

into

such

a

contract,

a

fund

is

required

to

pledge

to

the

broker

an

amount

of

cash,

U.S.

Government

obligations

or

other

high-quality

debt

securities

equal

to

the

minimum

"initial

margin"

requirements

of

the

exchange

on

which

the

futures

contract

is

traded.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

value

at

the

time

it

was

closed.

Risks

of

entering

into

futures

contracts

include

the

possibility

that

there

may

be

an

illiquid

market

and

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

changes

in

the

value

of

the

underlying

securities.

Notional

amounts

of

each

individual

futures

contract

outstanding

as

of

December

31,

2025,

for

the

Fund,

are

disclosed

in

the

Schedule

of

Investments.

Distributions

to

Shareholders

–

The

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

realized

by

the

Fund

are

distributed

at

least

annually.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

due

primarily

to

differing

treatments

of

income

and

gain

on

various

investment

securities

held

by

the

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

the

Fund.

Federal

Taxes

–

The

Fund

intends

to

continue

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

Chapter

1,

Subtitle

A,

of

the

Internal

Revenue

Code

of

1986,

as

amended

("Code"),

and

to

distribute

all

of

its

taxable

income

to

shareholders.

In

addition,

by

distributing

in

each

calendar

year

substantially

all

of

its

net

investment

income

and

capital

gains,

if

any,

the

Fund

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

During

the

period,

the

Fund

did

not

incur

any

interest

or

penalties.

The

Fund

files

a

U.S.

federal

income

and

excise

tax

return

as

required.

The

Fund's

federal

income

tax

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

fiscal

years

after

they

are

filed.

As

of

December

31,

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.

Redemption

Fees

–

A

shareholder

who

redeems

or

exchanges

shares

within

days

of

purchase

will

incur

a

redemption

fee

of

1.00%

of

the

current

NAV

of

shares

redeemed

or

exchanged,

subject

to

certain

limitations.

The

fee

is

charged

for

the

benefit

of

the

remaining

shareholders

and

will

be

paid

to

the

Fund

to

help

offset

transaction

costs.

The

fee

is

accounted

for

as

an

addition

to

paid-in

capital.

The

Fund

reserves

the

right

to

modify

the

terms

of

or

terminate

the

fee

at

any

time.

There

are

limited

exceptions

to

the

imposition

of

the

redemption

fee.

Redemption

fees

incurred

for

the

Fund,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

by

the

Fund

to

the

counterparty

to

the

contract.

The

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

the

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

The

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

the

Fund's

Statement

of

Assets

and

Liabilities.

Note

3. Fees

and

Expenses

Investment

Adviser

–

Acuitas

Investments,

LLC

(the

"Adviser")

is

the

investment

Adviser

to

the

Fund.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

from

the

Fund

at

an

annual

rate

of

1.25%

of

the

Fund's

average

daily

net

assets.

The

sub-advisory

fees,

calculated

as

a

percentage

of

the

Fund's

average

daily

net

assets

managed

by

the

subadvisers,

are

paid

by

the

Adviser.

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

Fund.

The

Fund

has

adopted

a

Distribution

Plan

(the

"Plan")

for

Investor

Shares

in

accordance

with

Rule

12b-1

of

the

Act.

Under

the

Plan,

the

Fund

pays

the

Distributor

and/or

any

other

entity

as

authorized

by

the

Board

a

fee

of

up

to

0.25%

of

the

average

daily

net

assets

of

Investor

Shares.

The

Distributor

is

not

affiliated

with

the

Adviser

or

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

or

their

affiliates.

Currently,

Investor

Shares

are

not

offered

for

sale,

therefore

the

Fund

is

not

currently

paying

12b-1

fees.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

the

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

and

administration

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

an

Anti-Money

Laundering

Officer

to

the

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Each

Independent

Trustee

receives

an

annual

fee

of

$25,000

($32,500

for

the

Chairman)

for

service

to

the

Trust.

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

the

Fund

is

disclosed

in

the

Statement

of

Operations.

Certain

officers

of

the

Trust

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Fund.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

4. Expense

Reimbursement

and

Fees

Waived

The

Adviser

has

contractually

agreed

to

waive

its

fees

and/or

reimburse

expenses

to

limit

total

annual

operating

expenses

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

of

Institutional

Shares

to

1.50%

and

Investor

Shares

to

1.75%

through

November

1,

2026. 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

period

ended

December

31,

2025,

the

fees

waived

and/or

reimbursed

expenses

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i) the

then-current

expense

cap

and

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

December

31,

2025,

$864,412

is

subject

to

recapture

by

the

Adviser.

Other

waivers

are

not

eligible

for

recoupment.

Note

5. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

period

ended

December

31,

2025,

totaled

$

39,088,726

and

$

41,730,145

,

respectively.

Note

6. Summary

of

Derivative

Activity

The

volume

of

open

derivative

positions

may

vary

on

a

daily

basis

as

the

Fund

transacts

derivative

contracts

in

order

to

achieve

the

exposure

desired

by

the

Adviser.

The

notional

value

of

activity

for

the

period

ended

December

31,

2025

,

for

futures

contracts

was

$

2,923,672

.

The

Fund's

use

of

derivatives

for

the

period

ended

December

31,

2025,

was

limited

to

futures

contracts.

Following

is

a

summary

of

the

effect

of

derivatives

on

the

Statement

of

Assets

and

Liabilities

as

of

December

31,

2025. Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

for

the

period

ended

December

31,

2025,

are

recorded

by

the

Fund

in

the

following

locations

on

the

Statement

of

Operations:

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

investments

at

December

31,

2025. These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

162,906

$

16,492

$

179,398

Location:

Equity

Contracts

Asset

derivatives:

Unrealized

depreciation

on

futures\*

$

(37,040)

\*

Balance

is

included

in

the

deposits

with

broker

for

futures

contracts

on

the

Statement

of

Assets

and

Liabilities.

Location:

Equity

Contracts

Net

realized

gain

on:

Futures

$

207,454

Total

net

realized

gain

$

207,454

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(73,545)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(73,545)

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged\*

Cash

Collateral

(Received)

Pledged\*

Net

Amount

Unrealized

Depreciation

on

Futures\*\*

$

(37,040)

$

-

$

(37,040)

$

-

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2025

Note

7. Federal

Income

Tax

As

of

December

31,

2025,

the

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

the

components

of

net

unrealized

appreciation

consists

of:

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

As

of

June

30,

2025,

distributable

earnings

(accumulated

losses)

on

a

tax

basis

were

as

follows:

The

difference

between

components

of

distributable

earnings

on

a

tax

basis

and

the

amounts

reflected

in

the

Statement

of

Assets

and

Liabilities

are

primarily

due

to

investments

in

real

estate

investment

trusts,

futures,

PFICs,

return

of

capital

on

equity

securities

and

wash

sales.

For

tax

purposes,

the

prior

year

post-October

capital

loss

was

$377,973

for

the

Fund

(realized

during

the

period

November

1,

2024

through

June

30,

2025).

This

loss

was

recognized

for

tax

purposes

on

the

first

business

day

of

the

Fund's

current

fiscal

year,

July

1,

2025. For

tax

purposes,

the

prior

deferred

late

year

ordinary

loss

was

$111,582

for

the

Fund

(realized

during

the

period

January

1,

2025

through

June

30,

2025).

This

loss

was

recognized

for

tax

purposes

on

the

first

business

day

of

the

Fund's

current

fiscal

year,

July

1,

2025. Note

8. 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

the

Fund

has

had

no

such

events.

\*

The

actual

financial

instruments

and

cash

collateral

(received)

pledged

may

be

in

excess

of

the

amounts

shown

in

the

table.

The

table

only

reflects

collateral

amounts

up

to

the

amount

of

the

financial

instrument

disclosed

on

the

Statement

of

Assets

and

Liabilities.

\*\*

Balance

is

included

in

the

deposits

with

broker

for

futures

contracts

on

the

Statement

of

Assets

and

Liabilities.

Gross

Unrealized

Appreciation

$

25,735,565

Gross

Unrealized

Depreciation

(6,549,575)

Net

Unrealized

Appreciation

$

19,185,990

2025

2024

Ordinary

Income

$

671,585

$

–

Long-Term

Capital

Gain

1,996,746

–

Return

of

Capital

275,602

–

$

2,943,933

$

–

Capital

and

Other

Losses

$

(489,555)

Net

Unrealized

Appreciation

9,568,581

Total

$

9,079,026

ACUITAS

US

MICROCAP

FUND

OTHER

INFORMATION

December

31,

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)

N/A

220-SAR-1225

FOR

MORE

INFORMATION

Investment

Adviser

Acuitas

Investments,

LLC

520

Pike

Street,

Suite

1221

Seattle,

WA

98101

https://acuitasinvestments.com

Transfer

Agent

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

www.apexgroup.com

Acuitas

US

Microcap

Fund

P.O.

Box

588

Portland,

ME

04112

(844) 805-5628

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

(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.

Not applicable.

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) Not applicable.

(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: | February 18, 2026 |

---

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: | February 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | February 17, 2026 |

---

## 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 (Acuitas US Microcap 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: | February 18, 2026 | /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 (Acuitas US Microcap 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: | February 17, 2026 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## 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: | February 18, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | February 17, 2026 |
|  | /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.