# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-26-000074
**Filing Date:** 2026-5
**Character Count:** 72922
**Document Hash:** 79d514ad555cdba5388901686fbdeeff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-26-000074.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001576367-26-000074

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**EFFECTIVENESS DATE**: 20260521

**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:** 261007445

**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, 2025 – March 31, 2026

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

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i3e36cfbba390a2bf4eab9e8d.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Baywood SociallyResponsible Fund for the period of October 1, 2025, to March 31, 2026. 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 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 Class | $45 | 0.89% |

---

# **How did the Fund perform in the last six months ?** 
The one thing that remains clear in this environment is that increased levels of volatility will likely persist. Volatility is likely to permeate across inflation, the economy, politics and is likely to greatly affect financial markets as well. The broad market's strong return in the fourth quarter of 2025 compared to its roughly 4% decline in the first quarter reflects this volatility. The SociallyResponsible strategy outperformed the broad market during this volatility and generated positive returns in an overall down period.

The largest source of relative outperformance was in the IT sector whereby the Fund's holdings produced positive returns in the period while the Morningstar US Market TR Index holdings declined. The Fund's relative performance was further aided by the high concentration of IT stocks in the benchmark, which represent over 30%, while the Fund holds approximately 11%, given IT was one of the worst performing sectors for the benchmark in the period.

The strongest absolute contributors for both the value benchmark and the SociallyResponsible sectors came from the energy sector. The energy sector contribution to GDP is approximately 8% per year on average and having no representation of such a large contribution to the economy unnecessarily narrows diversification opportunities. Carefully curated companies provide a great benefit to the strategy without owning some of the more egregious environmental offenders. Companies like Texas Pacific Land Corporation, which is a real estate holding company that leases its property to a number of different companies. Texas Pacific was the top performing company in the strategy and most of its approximate 65% return in the first quarter came before the increases in the price of oil as investors recognized that Texas Pacific would benefit from having its land available for data centers collocated near energy sources with both energy and water rights, ideal for the current building boom in A.I.

In the communication sector, Verizon, a new holding for the quarter, and AT&T helped generate positive returns despite negative benchmark contribution. Both companies languished last year as the A.I. frenzy left these "boring" companies behind, yet what investors don't realize is that without these companies, the A.I. boom has no legs to stand on. Verizon, which was initiated in the quarter, has a dividend yield in excess of 5% and is well covered by its earnings – a stable ballast for these volatile markets. Should Verizon experience a pull-back in the price of its shares we are likely to continue to build our position. Both AT&T and Verizon contributed positively to returns in the quarter and we believe they are likely to continue to provide stability for the strategy in this volatile market.

In healthcare, our holdings in Avantor and Solventum were mostly responsible for the relative underperformance. Solventum, recently spun out of 3M, continues to transition into a stand-alone company. It recently completed the divestiture of its purification and filtration business which allowed it to pay down nearly 1/3 of its debt, while it temporarily carries higher separation costs. The mixed results pressured the price of its shares in the quarter but we believe these to be temporary in nature and maintain our holdings in Solventum. Some of the weakness from Solventum and Avantor were offset by our holding in Royal Philips, which we sold out of in the period for a strong gain.

Building a portfolio of companies that have been neglected by years of the markets' near-singular focus on a small group of technology giants has produced a great opportunity for investors in the SociallyResponsible fund. Owning companies whose fundamentals appear mispriced provides us with confidence navigating in what we believe are going to be volatile markets going forward.

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](i14607b875d2e57ce5025b84f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Class<sup>Footnote Reference\*</sup>** | **Morningstar US Market TR Index** | **Morningstar US Large Value TR Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10314 | $10260 | $10436 |
| **09/30/16** | $10917 | $10696 | $10670 |
| **12/31/16** | $11530 | $11124 | $11496 |
| **03/31/17** | $11881 | $11781 | $11784 |
| **06/30/17** | $11927 | $12143 | $11838 |
| **09/30/17** | $12465 | $12692 | $12417 |
| **12/31/17** | $13458 | $13512 | $13230 |
| **03/31/18** | $13004 | $13429 | $12816 |
| **06/30/18** | $13290 | $13928 | $12875 |
| **09/30/18** | $14044 | $14933 | $13770 |
| **12/31/18** | $11752 | $12830 | $12449 |
| **03/31/19** | $13162 | $14638 | $13734 |
| **06/30/19** | $13731 | $15252 | $14161 |
| **09/30/19** | $13804 | $15447 | $14613 |
| **12/31/19** | $14873 | $16836 | $15649 |
| **03/31/20** | $10341 | $13373 | $11721 |
| **06/30/20** | $12094 | $16313 | $13180 |
| **09/30/20** | $12871 | $17820 | $13569 |
| **12/31/20** | $15502 | $20354 | $15552 |
| **03/31/21** | $17621 | $21578 | $17127 |
| **06/30/21** | $18725 | $23383 | $17782 |
| **09/30/21** | $18419 | $23391 | $17557 |
| **12/31/21** | $19670 | $25603 | $18894 |
| **03/31/22** | $20035 | $24239 | $19203 |
| **06/30/22** | $17616 | $20155 | $17637 |
| **09/30/22** | $17207 | $19232 | $16386 |
| **12/31/22** | $19528 | $20628 | $18944 |
| **03/31/23** | $19804 | $22154 | $19080 |
| **06/30/23** | $20252 | $24036 | $19854 |
| **09/30/23** | $20149 | $23270 | $19612 |
| **12/31/23** | $22010 | $26082 | $21184 |
| **03/31/24** | $23775 | $28751 | $23067 |
| **06/30/24** | $23796 | $29751 | $22932 |
| **09/30/24** | $25733 | $31555 | $24921 |
| **12/31/24** | $25221 | $32365 | $24296 |
| **03/31/25** | $25539 | $30865 | $25740 |
| **06/30/25** | $26158 | $34303 | $25971 |
| **09/30/25** | $27430 | $37080 | $27572 |
| **12/31/25** | $27570 | $37979 | $28714 |
| **03/31/26** | $27776 | $36391 | $29393 |

---

---

| | |
|:---|:---|
| 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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Class<sup>Footnote Reference\*</sup> | 8.76% | 9.53% | 10.76% |
| Morningstar US Market TR Index | 17.90% | 11.02% | 13.79% |
| Morningstar US Large Value TR Index | 14.19% | 11.41% | 11.38% |

---

---

| | |
|:---|:---|
| 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 | $26362999 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 13% |
| Investment Advisory Fees (Net of fees waived) | $21992 |

---

# **Top Ten Holdings** 

# (% total investments)

---

| | |
|:---|:---|
| Kontoor Brands, Inc. | 4.05% |
| Texas Pacific Land Corp. | 4.01% |
| W R Berkley Corp. | 3.83% |
| Kinder Morgan, Inc. | 3.29% |
| Healthcare Realty Trust, Inc. REIT | 3.27% |
| AT&T, Inc. | 3.23% |
| CME Group, Inc. | 3.21% |
| Medtronic PLC | 3.21% |
| American Express Co. | 3.17% |
| NIKE, Inc., Class B | 3.13% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](i3542b9c8a3c1bf0c1b1452fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.6% |
| Health Care | 17.9% |
| Technology | 12.0% |
| Energy | 8.7% |
| Consumer Discretionary | 8.2% |
| Capital Goods / Industrials | 7.3% |
| Consumer Staples | 6.4% |
| Communication Services | 5.0% |
| Real Estate | 4.9% |
| Basic Materials | 4.7% |
| Transportation | 1.7% |
| Utilities | 1.6% |

---

\* 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 voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.skba.com/baywood-funds](ic058c8a6e8335941e77cac4e.jpg)

#### Baywood Socially Responsible Fund

#### BVSIX

#### : Institutional Class

#### Semi-Annual Shareholder Report - March 31, 2026
217S-BVSIX-26

#### Baywood Value Plus Fund

#### BVPIX

#### : Institutional Class

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i3e36cfbba390a2bf4eab9e8d.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the Baywood ValuePlus Fund for the period of October 1, 2025, to March 31, 2026. 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 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 Class | $36 | 0.70% |

---

# **How did the Fund perform in the last six months ?** 
With concentration comes risk and our benchmark proved this to be the case over the last six months ending in March. Baywood ValuePlus was underweight to the Morningstar US Market Index in the following sectors: communications, consumer discretionary and technology. It is worth noting that those three sectors house the "Magnificient 7" which generally has the effect of crowding out every other economic sector. As a result of such benchmark concentration, by being active, ValuePlus is commensurately overweight in everything else (Consumer Staples, Energy, Financials, Health Care, Industrials, Materials, Real Estate and Utilities). The strategy's outperformance in the period was in part related to what we owned but also related to what we did not own. ValuePlus had approximately half of the benchmark weight in communications and our positions increased about 7% versus flat for the benchmark. ValuePlus had a mere fourth of the benchmark's technology exposure with the companies held by the Fund also declining less than those of the benchmark. Those two differences in and of themselves contributed over 2% to the strategy's excess returns.

In terms of relative overweights, ValuePlus had approximately 50% greater exposure to healthcare compared with our benchmark; this contributed an additional 1% to excess returns. We were also overweight financials, energy and utilities, all of which contributed approximately 3% to excess returns in the period. While we were generally equal weight in industrials, our higher exposure to aerospace was another noteworthy contributor.

The two sectors worth mentioning due to their detraction from overall relative returns were consumer staples and materials. Within consumer staples, Diageo was the culprit while in materials, it was Graphic Packaging. Even in sectors in which we outperformed, there were some notable laggards: Kinder Morgan in energy, Corebridge in financials, Medtronic in healthcare and 3M in industrials. Yet that is the attraction of having an actively managed yet diversified portfolio. Not all companies behave in a similar fashion. We have what can be viewed as natural hedges in the portfolio from a true diversification standpoint. We cannot say that nearly half of our exposure is directly tied to AI and hyper-scaler growth. Nor would we want to. Not only do we have a more balanced exposure across economic sectors but exposure within sectors is also greater. For example, in healthcare we have exposure to a few select pharmaceuticals companies but also have exposure to medical equipment. In financials, we have exposure to lending institutions but also to insurance companies and exchanges, companies which behave very differently from one another. Within industrials, we have exposure to pro-cyclical companies but also to those not prone to economic weakness.

We report to you on a semi-annual basis. Our objectives are longer term and aim to capture mis-pricings in established companies that are temporary in nature. The companies we seek tend to reward shareholders in the form of dividends and also buybacks to a greater extent than the broad market. Since the composite's inception in 1989, the strategy has outperformed both value and broad market benchmarks while exhibiting lower risk than the market. The Fund is managed using the same disciplined investment process that has guided the strategy for nearly four decades.

For SKBA's in depth investment perspectives, please visit our website at www.skba.com or ask us any questions at info@skba.com.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](ibde082862a4123b5935c7ea3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Institutional Class** | **Morningstar US Market TR Index** | **Morningstar US Large Value TR Index** |
| **03/31/16** | $10000 | $10000 | $10000 |
| **06/30/16** | $10409 | $10260 | $10436 |
| **09/30/16** | $10821 | $10696 | $10670 |
| **12/31/16** | $11563 | $11124 | $11496 |
| **03/31/17** | $11779 | $11781 | $11784 |
| **06/30/17** | $11901 | $12143 | $11838 |
| **09/30/17** | $12509 | $12692 | $12417 |
| **12/31/17** | $13428 | $13512 | $13230 |
| **03/31/18** | $13316 | $13429 | $12816 |
| **06/30/18** | $13532 | $13928 | $12875 |
| **09/30/18** | $14080 | $14933 | $13770 |
| **12/31/18** | $12056 | $12830 | $12449 |
| **03/31/19** | $13336 | $14638 | $13734 |
| **06/30/19** | $13672 | $15252 | $14161 |
| **09/30/19** | $13862 | $15447 | $14613 |
| **12/31/19** | $14893 | $16836 | $15649 |
| **03/31/20** | $10404 | $13373 | $11721 |
| **06/30/20** | $12295 | $16313 | $13180 |
| **09/30/20** | $12646 | $17820 | $13569 |
| **12/31/20** | $14971 | $20354 | $15552 |
| **03/31/21** | $16637 | $21578 | $17127 |
| **06/30/21** | $17525 | $23383 | $17782 |
| **09/30/21** | $17299 | $23391 | $17557 |
| **12/31/21** | $18266 | $25603 | $18894 |
| **03/31/22** | $19290 | $24239 | $19203 |
| **06/30/22** | $17493 | $20155 | $17637 |
| **09/30/22** | $16578 | $19232 | $16386 |
| **12/31/22** | $19038 | $20628 | $18944 |
| **03/31/23** | $19025 | $22154 | $19080 |
| **06/30/23** | $19530 | $24036 | $19854 |
| **09/30/23** | $19231 | $23270 | $19612 |
| **12/31/23** | $21189 | $26082 | $21184 |
| **03/31/24** | $22900 | $28751 | $23067 |
| **06/30/24** | $22471 | $29751 | $22932 |
| **09/30/24** | $24512 | $31555 | $24921 |
| **12/31/24** | $23920 | $32365 | $24296 |
| **03/31/25** | $24888 | $30865 | $25740 |
| **06/30/25** | $25755 | $34303 | $25971 |
| **09/30/25** | $26699 | $37080 | $27572 |
| **12/31/25** | $26832 | $37979 | $28714 |
| **03/31/26** | $27947 | $36391 | $29393 |

---

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Year** | **Ten Year** |
| Institutional Class | 12.29% | 10.93% | 10.82% |
| Morningstar US Market TR Index | 17.90% | 11.02% | 13.79% |
| Morningstar US Large Value TR Index | 14.19% | 11.41% | 11.38% |

---

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 | $5803640 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 14% |
| Investment Advisory Fees (Net of fees waived and expenses reimbursed) | $(64065) |

---

# **Top Ten Holdings** 

# (% total investments)

---

| | |
|:---|:---|
| Medtronic PLC | 4.00% |
| AT&T, Inc. | 3.62% |
| RTX Corp. | 3.31% |
| Kontoor Brands, Inc. | 3.31% |
| Kinder Morgan, Inc. | 3.28% |
| Chevron Corp. | 3.03% |
| CME Group, Inc. | 2.99% |
| ConocoPhillips | 2.98% |
| NIKE, Inc., Class B | 2.96% |
| The Hershey Co. | 2.82% |

---

\* excluding cash equivalents

# **Sector Weightings** 

# (% total investments)
![Group By Sector Chart](ibfd8baafcd3c6b432cf300e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.0% |
| Health Care | 15.0% |
| Energy | 11.4% |
| Capital Goods / Industrials | 9.3% |
| Consumer Discretionary | 9.2% |
| Technology | 8.0% |
| Consumer Staples | 8.0% |
| Real Estate | 6.7% |
| Communication Services | 5.3% |
| Basic Materials | 4.4% |
| Utilities | 4.1% |
| Transportation | 1.6% |

---

\* 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 voting information

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.skba.com/baywood-funds](ic058c8a6e8335941e77cac4e.jpg)

#### Baywood Value Plus Fund

#### BVPIX

#### : Institutional Class

#### Semi-Annual Shareholder Report - March 31, 2026
217S-BVPIX-26

(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;

Semi

Annual

Financials

and

Other

Information

March

31,

2026

(Unaudited)

Advised

by:

SKBA

Capital

Management,

LLC

www.baywoodfunds.com

BAYWOOD

VALUE

PLUS

FUND

SCHEDULE

OF

INVESTMENTS

March

31,

2026

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

March

31,

2026. 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

-

95.3%

Basic

Materials

-

4.2%

Air

Products

and

Chemicals,

Inc.

$

116,196

5,600

Graphic

Packaging

Holding

Co.

55,664

Packaging

Corp.

of

America

74,277

246,137

Capital

Goods

/

Industrials

-

8.8%

950

3M

Co.

137,969

L3Harris

Technologies,

Inc.

138,060

Parker-Hannifin

Corp.

53,714

950

RTX

Corp.

183,255

512,998

Communication

Services

-

5.0%

6,900

AT&T,

Inc.

200,031

1,850

Verizon

Communications,

Inc.

92,870

292,901

Consumer

Discretionary

-

8.8%

Darden

Restaurants,

Inc.

68,614

1,000

Hasbro,

Inc.

93,600

2,600

Kontoor

Brands,

Inc.

182,754

3,100

NIKE,

Inc.,

Class B

163,742

508,710

Consumer

Staples

-

7.6%

1,270

Diageo

PLC,

ADR

94,552

650

Ingredion,

Inc.

73,229

3,200

Kenvue,

Inc.

55,168

PepsiCo.,

Inc.

62,116

750

The

Hershey

Co.

155,917

440,982

Energy

-

10.9%

810

Chevron

Corp.

167,589

1,250

ConocoPhillips

165,000

5,400

Kinder

Morgan,

Inc.

181,062

650

Phillips

118,417

632,068

Financials

-

16.2%

1,100

American

International

Group,

Inc.

82,775

1,000

Brookfield

Asset

Management,

Ltd.,

Class A

44,450

1,100

Citigroup,

Inc.

124,751

560

CME

Group,

Inc.

165,396

2,800

Corebridge

Financial,

Inc.

66,808

1,100

MetLife,

Inc.

77,792

3,000

Radian

Group,

Inc.

99,240

2,100

Truist

Financial

Corp.

96,537

1,500

U.S.

Bancorp

78,015

1,300

Wells

Fargo

&

Co.

103,493

939,257

Health

Care

-

14.4%

Amgen,

Inc.

102,036

850

Becton

Dickinson

&

Co.

133,646

Cardinal

Health,

Inc.

48,601

8,600

DENTSPLY

SIRONA,

Inc.

99,760

2,550

Medtronic

PLC

220,958

1,100

Merck

&

Co.,

Inc.

132,319

3,400

Pfizer,

Inc.

95,472

832,792

Real

Estate

-

6.4%

8,500

Healthcare

Realty

Trust,

Inc.

REIT

144,415

1,104

Realty

Income

Corp.

REIT

67,543

2,600

VICI

Properties,

Inc.

REIT

71,032

3,500

Weyerhaeuser

Co.

REIT

85,505

368,495

Shares

Security

Description

Value

Technology

-

7.6%

1,200

Cisco

Systems,

Inc.

$

93,108

International

Business

Machines

Corp.

104,227

700

NetApp,

Inc.

71,673

NXP

Semiconductors

NV

94,493

Texas

Instruments,

Inc.

77,656

441,157

Transportation

-

1.5%

Union

Pacific

Corp.

87,343

Utilities

-

3.9%

800

American

Electric

Power

Co.,

Inc.

104,864

1,200

Pinnacle

West

Capital

Corp.

120,900

225,764

Total

Common

Stock

(Cost

$4,112,126)

5,528,604

Shares

Security

Description

Value

Money

Market

Fund

-

4.2%

246,654

First

American

Government

Obligations

Fund,

Class X,

3.58%

(a) (Cost

$246,654)

246,654

Investments,

at

value

-

99.5%

(Cost

$4,358,780)

$

5,775,258

Other

Assets

&

Liabilities,

Net

-

0.5%

28,382

Net

Assets

-

100.0%

$

5,803,640

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

March

31,

2026. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

5,775,258

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

5,775,258

BAYWOOD

VALUE

PLUS

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

March

31,

2026

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$4,358,780)

$

5,775,258

Receivables:

Fund

shares

sold

24,234

Dividends

8,216

From

investment

advisor

11,079

Prepaid

expenses

17,163

Total

Assets

5,835,950

LIABILITIES

Payables:

Fund

shares

redeemed

9,508

Accrued

Liabilities:

Trustees'

fees

and

expenses

Fund

services

fees

4,998

Other

expenses

17,793

Total

Liabilities

32,310

NET

ASSETS

$

5,803,640

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

4,124,083

Distributable

Earnings

1,679,557

NET

ASSETS

$

5,803,640

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

248,051

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

23.40 BAYWOOD

VALUE

PLUS

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

MARCH

31,

2026

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$287)

$

91,667

Total

Investment

Income

91,667

EXPENSES

Investment

advisor

fees

14,000

Fund

services

fees

28,020

Transfer

agent

fees

10,018

Custodian

fees

2,613

Registration

fees

10,904

Professional

fees

17,579

Trustees'

fees

and

expenses

4,075

Other

expenses

21,165

Total

Expenses

108,374

Fees

waived

and

expenses

reimbursed

(88,773)

Net

Expenses

19,601

NET

INVESTMENT

INCOME

72,066

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

229,793

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(47,829)

NET

REALIZED

AND

UNREALIZED

GAIN

181,964

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

254,030

BAYWOOD

VALUE

PLUS

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

March

31,

2026

For

the

Year

Ended

September

30,

2025

OPERATIONS

Net

investment

income

$

72,066

$

133,440

Net

realized

gain

229,793

291,296

Net

change

in

unrealized

appreciation

(depreciation)

(47,829)

3,233

Increase

in

Net

Assets

Resulting

from

Operations

254,030

427,969

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(356,722)

(257,268)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

151,745

397,712

Reinvestment

of

distributions

356,029

256,114

Redemption

of

shares

(90,862)

(368,928)

Increase

in

Net

Assets

from

Capital

Share

Transactions

416,912

284,898

Increase

in

Net

Assets

314,220

455,599

NET

ASSETS

Beginning

of

Period

5,489,420

5,033,821

End

of

Period

$

5,803,640

$

5,489,420

SHARE

TRANSACTIONS

Sale

of

shares

6,462

17,914

Reinvestment

of

distributions

15,580

11,332

Redemption

of

shares

(3,940)

(17,697)

Increase

in

Shares

18,102

11,549

BAYWOOD

VALUE

PLUS

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

March

31,

2026

For

the

Years

Ended

September

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

23.87 $

23.05 $

19.11 $

17.31 $

20.03 $

14.96 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.30 0.59 0.60 0.60 0.55 0.45 Net

realized

and

unrealized

gain

(loss)

0.76 1.38 4.49 2.17 (1.26)

5.04 Total

from

Investment

Operations

1.06 1.97 5.09 2.77 (0.71)

5.49 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.28)

(0.53)

(0.56)

(0.59)

(0.49)

(0.42)

Net

realized

gain

(1.25)

(0.62)

(0.59)

(0.38)

(1.52)

–

Total

Distributions

to

Shareholders

(1.53)

(1.15)

(1.15)

(0.97)

(2.01)

(0.42)

NET

ASSET

VALUE,

End

of

Period

$

23.40 $

23.87 $

23.05 $

19.11 $

17.31 $

20.03 TOTAL

RETURN

4.68%(b)

8.92%

27.46%

16.00%

(4.16)%

36.80%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

5,804

$

5,489

$

5,034

$

3,920

$

3,234

$

3,389

Ratios

to

Average

Net

Assets:

Net

investment

income

2.57%(c)

2.60%

2.84%

3.08%

2.77%

2.39%

Net

expenses

0.70%(c)

0.70%

0.70%

0.70%

0.70%

0.70%

Gross

expenses

(d) 3.87%(c)

4.10%

4.57%

4.75%

5.19%

5.66%

PORTFOLIO

TURNOVER

RATE

14%(b)

30%

22%

28%

48%

35%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Not

annualized.

(c) Annualized.

(d) 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

March

31,

2026

See

Notes

to

Financial

Statements.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's instruments

as

of

March

31,

2026. 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

-

94.2%

Basic

Materials

-

4.4%

2,100

Air

Products

and

Chemicals,

Inc.

$

610,029

27,500

Graphic

Packaging

Holding

Co.

273,350

1,300

Packaging

Corp.

of

America

275,886

1,159,265

Capital

Goods

/

Industrials

-

6.8%

4,100

3M

Co.

595,443

98,500

Clarivate

PLC

(a) 249,205

700

Cummins,

Inc.

376,614

4,900

nVent

Electric

PLC

579,572

1,800,834

Communication

Services

-

4.8%

900

Alphabet,

Inc.,

Class A

258,804

27,700

AT&T,

Inc.

803,023

3,800

Verizon

Communications,

Inc.

190,760

1,252,587

Consumer

Discretionary

-

7.8%

2,800

Hasbro,

Inc.

262,080

14,300

Kontoor

Brands,

Inc.

1,005,147

14,700

NIKE,

Inc.,

Class B

776,454

2,043,681

Consumer

Staples

-

6.0%

30,600

Kenvue,

Inc.

527,544

5,100

Mondelez

International,

Inc.,

Class A

293,964

1,200

PepsiCo.,

Inc.

186,348

2,800

The

Hershey

Co.

582,092

1,589,948

Energy

-

8.2%

6,800

Devon

Energy

Corp.

342,176

24,400

Kinder

Morgan,

Inc.

818,132

2,100

Texas

Pacific

Land

Corp.

996,576

2,156,884

Financials

-

20.3%

2,600

American

Express

Co.

786,448

6,100

American

International

Group,

Inc.

459,025

1,600

Berkshire

Hathaway,

Inc.,

Class B

(a) 766,720

7,462

Brookfield

Corp.

301,987

1,000

Cboe

Global

Markets,

Inc.

281,070

2,700

CME

Group,

Inc.

797,445

12,800

Corebridge

Financial,

Inc.

305,408

2,800

Interactive

Brokers

Group,

Inc.

187,796

5,900

Truist

Financial

Corp.

271,223

4,900

U.S.

Bancorp

254,849

14,350

W

R

Berkley

Corp.

951,118

5,363,089

Health

Care

-

16.9%

3,150

AstraZeneca

PLC

621,243

36,100

Avantor,

Inc.

(a) 283,024

4,100

Becton

Dickinson

&

Co.

644,643

34,600

DENTSPLY

SIRONA,

Inc.

401,360

1,850

Labcorp

Holdings,

Inc.

493,599

9,200

Medtronic

PLC

797,180

1,800

Merck

&

Co.,

Inc.

216,522

600

Regeneron

Pharmaceuticals,

Inc.

463,584

8,200

Solventum

Corp.

(a) 535,460

4,456,615

Real

Estate

-

4.6%

47,700

Healthcare

Realty

Trust,

Inc.

REIT

810,423

16,800

Weyerhaeuser

Co.

REIT

410,424

1,220,847

Technology

-

11.3%

1,500

Adobe,

Inc.

(a) 364,620

6,300

Cisco

Systems,

Inc.

488,817

1,500

Coherent

Corp.

(a) 357,315

Shares

Security

Description

Value

Technology

-

11.3%

(continued)

5,600

Intel

Corp.

(a) $

247,128

2,200

International

Business

Machines

Corp.

533,258

3,200

NetApp,

Inc.

327,648

3,400

NXP

Semiconductors

NV

669,324

2,988,110

Transportation

-

1.6%

1,700

Union

Pacific

Corp.

412,454

Utilities

-

1.5%

3,400

WEC

Energy

Group,

Inc.

393,618

Total

Common

Stock

(Cost

$21,980,803)

24,837,932

Shares

Security

Description

Value

Money

Market

Fund

-

5.4%

1,423,801

First

American

Government

Obligations

Fund,

Class X,

3.58%

(b) (Cost

$1,423,801)

1,423,801

Investments,

at

value

-

99.6%

(Cost

$23,404,604)

$

26,261,733

Other

Assets

&

Liabilities,

Net

-

0.4%

101,266

Net

Assets

-

100.0%

$

26,362,999

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

March

31,

2026. Valuation

Inputs

Investments

in

Securities

Level

-

Quoted

Prices

$

26,261,733

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

26,261,733

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

March

31,

2026

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$23,404,604)

$

26,261,733

Receivables:

Fund

shares

sold

78,106

Dividends

33,144

Reclaims

Prepaid

expenses

16,147

Total

Assets

26,389,574

LIABILITIES

Payables:

Fund

shares

redeemed

Accrued

Liabilities:

Investment

advisor

fees

4,184

Trustees'

fees

and

expenses

Fund

services

fees

5,965

Other

expenses

16,350

Total

Liabilities

26,575

NET

ASSETS

$

26,362,999

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

22,247,377

Distributable

Earnings

4,115,622

NET

ASSETS

$

26,362,999

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

1,479,333

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

$

17.82 BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENT

OF

OPERATIONS

SIX

MONTHS

ENDED

MARCH

31,

2026

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$1,180)

$

328,575

Total

Investment

Income

328,575

EXPENSES

Investment

advisor

fees

93,410

Fund

services

fees

35,036

Transfer

agent

fees

9,961

Custodian

fees

2,595

Registration

fees

10,915

Professional

fees

18,768

Trustees'

fees

and

expenses

5,198

Other

expenses

24,948

Total

Expenses

200,831

Fees

waived

(82,067)

Net

Expenses

118,764

NET

INVESTMENT

INCOME

209,811

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on

investments

1,339,930

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(1,200,651)

NET

REALIZED

AND

UNREALIZED

GAIN

139,279

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

349,090

BAYWOOD

SOCIALLY

RESPONSIBLE

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

March

31,

2026

For

the

Year

Ended

September

30,

2025

OPERATIONS

Net

investment

income

$

209,811

$

285,758

Net

realized

gain

1,339,930

470,757

Net

change

in

unrealized

appreciation

(depreciation)

(1,200,651)

595,523

Increase

in

Net

Assets

Resulting

from

Operations

349,090

1,352,038

DISTRIBUTIONS

TO

SHAREHOLDERS

Total

Distributions

Paid

(806,846)

(463,976)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares

1,534,599

16,850,159

Reinvestment

of

distributions

798,994

454,435

Redemption

of

shares

(1,554,423)

(1,199,402)

Increase

in

Net

Assets

from

Capital

Share

Transactions

779,170

16,105,192

Increase

in

Net

Assets

321,414

16,993,254

NET

ASSETS

Beginning

of

Period

26,041,585

9,048,331

End

of

Period

$

26,362,999

$

26,041,585

SHARE

TRANSACTIONS

Sale

of

shares

84,632

967,057

Reinvestment

of

distributions

44,414

26,109

Redemption

of

shares

(85,559)

(69,221)

Increase

in

Shares

43,487

923,945

BAYWOOD

SOCIALLY

RESPONSIBLE

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

March

31,

2026

For

the

Years

Ended

September

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

18.14 $

17.68 $

14.39 $

12.80 $

14.32 $

10.18 INVESTMENT

OPERATIONS

Net

investment

income

(a) 0.14 0.29 0.29 0.27 0.25 0.18 Net

realized

and

unrealized

gain

(loss)

0.09 0.84 3.60 1.91 (1.14)

4.19 Total

from

Investment

Operations

0.23 1.13 3.89 2.18 (0.89)

4.37 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.12)

(0.22)

(0.26)

(0.27)

(0.21)

(0.14)

Net

realized

gain

(0.43)

(0.45)

(0.34)

(0.32)

(0.42)

(0.09)

Total

Distributions

to

Shareholders

(0.55)

(0.67)

(0.60)

(0.59)

(0.63)

(0.23)

NET

ASSET

VALUE,

End

of

Period

$

17.82 $

18.14 $

17.68 $

14.39 $

12.80 $

14.32 TOTAL

RETURN

1.26%(b)

6.59%

27.72%

17.10%

(6.58)%

43.10%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

26,363

$

26,042

$

9,048

$

6,981

$

6,536

$

6,766

Ratios

to

Average

Net

Assets:

Net

investment

income

1.57%(c)

1.71%

1.81%

1.88%

1.73%

1.31%

Net

expenses

0.89%(c)

0.89%

0.89%

0.89%

0.89%

0.89%

Gross

expenses

(d) 1.50%(c)

1.91%

3.03%

3.12%

3.17%

3.76%

PORTFOLIO

TURNOVER

RATE

13%(b)

15%

23%

25%

22%

15%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Not

annualized.

(c) Annualized.

(d) 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

March

31,

2026

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

period.

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

March

31,

2026

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

March

31,

2026,

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

period,

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

March

31,

2026,

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

March

31,

2026

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.

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,

2027,

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,

2027,

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

period

ended

March

31,

2026,

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

March

31,

2026,

$449,747

and

$443,436

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.

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

March

31,

2026,

were

as

follows:

Investment

Adviser

Fees

Waived

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

Baywood

Value

Plus

Fund

$

14,000

$

64,065

$

10,708

$

88,773

Baywood

Socially

Responsible

Fund

71,418

-

10,649

82,067

BAYWOOD

FUNDS

NOTES

TO

FINANCIAL

STATEMENTS

March

31,

2026

Note

6. Federal

Income

Tax

As

of

March

31,

2026

,

the

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

the

components

of

net

unrealized

appreciation

were

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

$

1,053,509

$

730,369

Baywood

Socially

Responsible

Fund

3,356,917

3,273,543

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

Baywood

Value

Plus

Fund

$

1,512,548

$

(96,070)

$

1,416,478

Baywood

Socially

Responsible

Fund

4,598,811

(1,741,682)

2,857,129

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

Baywood

Funds

OTHER

INFORMATION

March

31,

2026

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

![](epub166567421673472.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-SAR-0326

(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: | May 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: | May 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | May 18, 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 (Baywood Value*Plus* Fund and 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: | May 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 (Baywood Value*Plus* Fund and 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: | May 18, 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: | May 18, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | May 18, 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.