# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001435109-25-000290
**Filing Date:** 2025-9
**Character Count:** 126219
**Document Hash:** 566b10f128470507a4d4b6d16609e299
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-25-000290.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001435109-25-000290

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 251292308

**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 811-03023

**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, 2024 – June 30, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

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

#### Acuitas US Microcap Fund

#### AFMCX

#### : Institutional Shares

#### Annual Shareholder Report - June 30, 2025

# **Fund Overview** 
This annual shareholder report contains important information about the Acuitas US Microcap Fund for the period of July 1, 2024, to June 30, 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 year ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $155 | 1.50% |

---

# **How did the Fund perform in the last year ?** 
The Fund returned -2.42% over the last six months, underperforming the Russell Microcap Index's return of -1.10% by 132 basis points. Over the last year, the Fund has returned 6.95% compared to the Russell Microcap Index's return of 13.40%. Within our Fund, our growth-orientated subadvisers struggled a bit more than others, while the newest subadviser in the Fund has had a strong start and has meaningfully outperformed their benchmark.

Generally speaking, it has been a difficult market environment for active managers. Uncertainty and volatility across markets has been driven by a unique blend of geopolitical risks, regulatory uncertainty, and a full-scale global trade war. We are confident that once the dust settles on these fronts, the environment for active management will become more favorable. Smaller stocks are also more levered to the domestic economy than larger multi-national organizations, meaning they are less directly impacted by global trade wars and geopolitical developments. However, they tend to be more economically sensitive and have been impacted by the market volatility.

# **Total Return Based on a $10,000 Investment**![Growth of 10K Chart](i23aa59fa932a922fcabff3ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Acuitas US Microcap Fund** | **Russell 3000 Index** | **Russell Microcap<sup>®</sup> Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **09/30/15** | $9157 | $9275 | $8622 |
| **12/31/15** | $9518 | $9857 | $8945 |
| **03/31/16** | $9149 | $9952 | $8459 |
| **06/30/16** | $9573 | $10214 | $8794 |
| **09/30/16** | $10376 | $10663 | $9784 |
| **12/31/16** | $11569 | $11112 | $10767 |
| **03/31/17** | $11365 | $11750 | $10808 |
| **06/30/17** | $11700 | $12104 | $11222 |
| **09/30/17** | $12565 | $12658 | $11969 |
| **12/31/17** | $12756 | $13460 | $12185 |
| **03/31/18** | $12621 | $13373 | $12267 |
| **06/30/18** | $13662 | $13893 | $13490 |
| **09/30/18** | $14077 | $14883 | $13602 |
| **12/31/18** | $11112 | $12754 | $10591 |
| **03/31/19** | $12573 | $14545 | $11978 |
| **06/30/19** | $12340 | $15141 | $12089 |
| **09/30/19** | $12057 | $15317 | $11429 |
| **12/31/19** | $13544 | $16711 | $12966 |
| **03/31/20** | $8529 | $13218 | $8819 |
| **06/30/20** | $10766 | $16130 | $11512 |
| **09/30/20** | $11479 | $17615 | $11937 |
| **12/31/20** | $15449 | $20201 | $15684 |
| **03/31/21** | $19296 | $21483 | $19431 |
| **06/30/21** | $20586 | $23253 | $20235 |
| **09/30/21** | $19529 | $23230 | $19227 |
| **12/31/21** | $19974 | $25385 | $18717 |
| **03/31/22** | $18291 | $24045 | $17295 |
| **06/30/22** | $15405 | $20029 | $14016 |
| **09/30/22** | $15231 | $19135 | $13948 |
| **12/31/22** | $16148 | $20509 | $14607 |
| **03/31/23** | $16745 | $21982 | $14195 |
| **06/30/23** | $17568 | $23825 | $14946 |
| **09/30/23** | $16858 | $23050 | $13760 |
| **12/31/23** | $18960 | $25833 | $15971 |
| **03/31/24** | $20096 | $28421 | $16718 |
| **06/30/24** | $18733 | $29335 | $15837 |
| **09/30/24** | $19968 | $31162 | $17149 |
| **12/31/24** | $20532 | $31983 | $18159 |
| **03/31/25** | $17461 | $30473 | $15547 |
| **06/30/25** | $20035 | $33822 | $17959 |

---

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 | 6.95% | 13.23% | 7.20% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell Microcap<sup>®</sup> Index | 13.40% | 9.30% | 6.03% |

---

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 | $91658995 |
| # of Portfolio Holdings | 259 |
| Portfolio Turnover Rate | 63% |
| Investment Advisory Fees (Net of fees waived) | $828677 |

---

# **Asset Class Weightings** 

# (% total investments)
![Group By Asset Type Chart](i968eb2aef2ab8f78b4a1e763.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 97.3% |
| Money Market Fund | 2.7% |

---

# **Sector Weightings** 

# (% total investments)\*
![Group By Sector Chart](ic431181b9367953ae36c5f3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 24.5% |
| Health Care | 19.3% |
| Financials | 15.8% |
| Technology | 15.7% |
| Consumer Discretionary | 10.2% |
| Energy | 4.6% |
| Utilities | 2.9% |
| Real Estate | 1.9% |
| Consumer Staples | 1.8% |
| Basic Materials | 1.7% |
| Telecommunications | 1.6% |

---

\* excluding cash equivalents

# **Top Ten Holdings** 

# (% of total investments)\*

---

| | |
|:---|:---|
| Ducommun, Inc. | 2.45% |
| Niagen Bioscience, Inc. | 2.05% |
| ADTRAN Holdings, Inc. | 1.43% |
| Magnite, Inc. | 1.41% |
| American Coastal Insurance Corp. | 1.28% |
| iRadimed Corp. | 1.26% |
| Vishay Precision Group, Inc. | 1.26% |
| Customers Bancorp, Inc. | 1.22% |
| Barrett Business Services, Inc. | 1.19% |
| Aviat Networks, Inc. | 1.17% |

---

\* 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](i819b638b5eb891b04289ddfc.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

#### 220A-AFMCX-25

#### AFMCX

#### Annual Shareholder Report - June 30, 2025
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the period covered by this report, Forum Funds II (the "Registrant") has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the "Code of Ethics").

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $14,400 in 2024 and $14,400 in 2025.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2024 and $0 in 2025.

(c) &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $3,200 in 2024 and $3,200 in 2025. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025.

(e)(1) The Audit Committee reviews and approves in advance all audit and "permissible non-audit services" (as that term is defined by the rules and regulations of the U.S. Securities and Exchange Commission) to be rendered to a series of the Registrant (each, a "Series"). In addition, the Audit Committee reviews and approves in advance all "permissible non-audit services" to be provided to an investment adviser (not including any sub-adviser) of a Series, or an affiliate of such investment adviser, that is controlling, controlled by or under common control with the investment adviser and provides on-going services to the Registrant ("Affiliate"), by the Series' principal accountant if the engagement relates directly to the operations and financial reporting of the Series. The Audit Committee considers whether fees paid by a Series' investment adviser or an Affiliate to the Series' principal accountant for audit and permissible non-audit services are consistent with the principal accountant's independence.

(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2024 and $0 in 2025. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.

(h) &nbsp;&nbsp;&nbsp;&nbsp; During the Reporting Period, the Registrant's principal accountant provided no non-audit services to the investment advisers or any entity controlling, controlled by or under common control with the investment advisers to the series of the Registrant to which this report relates.

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

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

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

ACUITAS

US

MICROCAP

FUND

ANNUAL

FINANCIALS

AND

OTHER

INFORMATION

June

30,

2025

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

Report

of

Independent

Registered

Public

Accounting

Firm

Important

Tax

Inforrmation

Other

Information

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

96.8%

Basic

Materials

-

1.7%

2,572

Kaiser

Aluminum

Corp.

$

205,503

16,239

LifeMD,

Inc.

(a) 221,175

42,258

Northern

Technologies

International

Corp.

313,132

131,573

Taseko

Mines,

Ltd.

(a) 414,455

13,033

Worthington

Steel,

Inc.

388,774

1,543,039

Consumer

Discretionary

-

9.9%

5,487

Acme

United

Corp.

227,436

4,360

Allegiant

Travel

Co.

(a) 239,582

6,974

American

Public

Education,

Inc.

(a) 212,428

52,260

Arhaus,

Inc.

(a) 453,094

6,044

Beazer

Homes

USA,

Inc.

(a) 135,204

4,250

BJ's

Restaurants,

Inc.

(a) 189,550

9,475

Civeo

Corp.

218,778

5,734

Climb

Global

Solutions,

Inc.

613,022

31,503

Crown

Crafts,

Inc.

90,414

74,784

Digital

Turbine,

Inc.

(a) 441,226

48,165

Duluth

Holdings,

Inc.,

Class B

(a) 101,146

42,335

El

Pollo

Loco

Holdings,

Inc.

(a) 466,108

16,214

First

Watch

Restaurant

Group,

Inc.

(a) 260,073

74,910

Fluent,

Inc.

(a) 149,820

97,699

FTAI

Infrastructure,

Inc.

602,803

8,734

Gentherm,

Inc.

(a) 247,085

30,730

Guess?,

Inc.

371,526

46,184

Interface,

Inc.

966,631

5,607

Jack

in

the

Box,

Inc.

97,898

3,193

Kura

Sushi

USA,

Inc.,

Class A

(a) 274,853

18,498

Lands'

End,

Inc.

(a) 198,114

6,638

Liquidity

Services,

Inc.

(a) 156,590

9,983

Malibu

Boats,

Inc.,

Class A

(a) 312,867

5,440

Matthews

International

Corp.,

Class A

130,070

2,834

Miller

Industries,

Inc./TN

126,000

29,495

Owlet,

Inc.

(a) 247,758

12,735

Pursuit

Attractions

and

Hospitality,

Inc.

(a) 367,150

4,106

Rocky

Brands,

Inc.

91,112

89,220

Sportsman's

Warehouse

Holdings,

Inc.

(a) 307,809

43,968

Topgolf

Callaway

Brands

Corp.

(a) 353,942

4,358

Universal

Technical

Institute,

Inc.

(a) 147,693

646

Victoria's

Secret

&

Co.

(a) 11,964

17,025

Zumiez,

Inc.

(a) 225,752

9,035,498

Consumer

Staples

-

1.7%

48,206

Cronos

Group,

Inc.

(a) 92,073

47,092

Mama's

Creations,

Inc.

(a) 390,864

7,086

Oil-Dri

Corp.

of

America

418,003

1,728

Seneca

Foods

Corp.,

Class A

(a) 175,271

55,606

SunOpta,

Inc.

(a) 322,515

3,131

The

Chefs'

Warehouse,

Inc.

(a) 199,789

1,598,515

Energy

-

4.4%

11,739

American

Superconductor

Corp.

(a) 430,704

2,933

Centrus

Energy

Corp.,

Class A

(a) 537,267

12,590

Civitas

Resources,

Inc.

346,477

10,277

Flotek

Industries,

Inc.

(a) 151,689

58,025

Geospace

Technologies

Corp.

(a) 827,436

21,835

Innovex

International,

Inc.

(a) 341,063

94,365

NPK

International,

Inc.

(a) 803,046

29,547

Oil

States

International,

Inc.

(a) 158,372

12,090

Stabilis

Solutions,

Inc.

(a) 57,427

115,050

VAALCO

Energy,

Inc.

415,331

4,068,812

Shares

Security

Description

Value

Financials

-

15.3%

5,959

Alpine

Banks

of

Colorado,

Class B

$

161,400

101,988

American

Coastal

Insurance

Corp.

(a) 1,134,107

6,860

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

276,458

1,916

Bank

First

Corp.

225,417

11,720

Bank

of

Marin

Bancorp

267,685

11,946

Bankwell

Financial

Group,

Inc.

430,414

7,392

Business

First

Bancshares,

Inc.

182,213

33,909

Capitol

Federal

Financial,

Inc.

206,845

8,344

Central

Pacific

Financial

Corp.

233,882

5,670

Community

Trust

Bancorp,

Inc.

300,056

9,818

ConnectOne

Bancorp,

Inc.

227,385

18,385

Customers

Bancorp,

Inc.

(a) 1,079,935

1,243

Dave,

Inc.

(a) 333,634

6,660

Enova

International,

Inc.

(a) 742,723

18,164

EZCORP,

Inc.,

Class A

(a) 252,116

5,431

First

Financial

Corp.

294,306

8,873

First

Internet

Bancorp

238,684

34,236

First

Western

Financial,

Inc.

(a) 772,364

29,136

Heritage

Commerce

Corp.

289,321

7,804

Heritage

Financial

Corp./WA

186,047

15,619

Heritage

Insurance

Holdings,

Inc.

(a) 389,538

18,822

International

General

Insurance

Holdings,

Ltd.

452,104

1,656

Investors

Title

Co.

349,913

5,407

LendingTree,

Inc.

(a) 200,438

62,800

Medallion

Financial

Corp.

598,484

4,228

Mercantile

Bank

Corp.

196,221

36,531

Metalla

Royalty

&

Streaming,

Ltd.

(a) 140,279

6,772

Mid

Penn

Bancorp,

Inc.

190,970

5,270

MidWestOne

Financial

Group,

Inc.

151,618

3,500

Northrim

BanCorp,

Inc.

326,410

15,973

OP

Bancorp

207,489

13,014

PRA

Group,

Inc.

(a) 191,957

19,730

Regional

Management

Corp.

576,313

12,827

Silvercrest

Asset

Management

Group,

Inc.

203,436

34,599

SuRo

Capital

Corp.

(a) 284,058

7,355

Texas

Capital

Bancshares,

Inc.

(a) 583,987

4,699

Unity

Bancorp,

Inc.

221,229

4,985

Universal

Insurance

Holdings,

Inc.

138,234

7,908

Univest

Financial

Corp.

237,556

20,900

Veritex

Holdings,

Inc.

545,490

14,020,716

Health

Care

-

18.7%

5,121

908

Devices,

Inc.

(a) 36,513

124,192

Accuray,

Inc.

(a) 170,143

43,529

Aclaris

Therapeutics,

Inc.

(a) 61,811

18,936

Adaptive

Biotechnologies

Corp.

(a) 220,604

2,789

Addus

HomeCare

Corp.

(a) 321,265

7,241

ADMA

Biologics,

Inc.

(a) 131,859

5,700

AnaptysBio,

Inc.

(a) 126,540

10,139

ARS

Pharmaceuticals,

Inc.

(a) 176,926

14,183

Astria

Therapeutics,

Inc.

(a) 76,021

15,370

Avanos

Medical,

Inc.

(a) 188,129

4,702

Azenta,

Inc.

(a) 144,728

10,631

Bicara

Therapeutics,

Inc.

(a) 98,762

30,154

BioLife

Solutions,

Inc.

(a) 649,517

41,372

Butterfly

Network,

Inc.

(a) 82,744

11,307

CareDx,

Inc.

(a) 220,939

19,469

Corvus

Pharmaceuticals,

Inc.

(a) 77,876

44,461

CytomX

Therapeutics,

Inc.

(a) 100,926

20,309

Edgewise

Therapeutics,

Inc.

(a) 266,251

16,565

Electromed,

Inc.

(a) 364,264

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2025

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Health

Care

-

18.7%

(continued)

30,554

Embecta

Corp.

$

296,068

12,621

Eton

Pharmaceuticals,

Inc.

(a) 179,849

15,890

Harmony

Biosciences

Holdings,

Inc.

(a) 502,124

183,193

Harvard

Bioscience,

Inc.

(a) 81,301

12,414

Healthcare

Services

Group,

Inc.

(a) 186,582

6,086

HealthStream,

Inc.

168,400

19,700

Immunome,

Inc.

(a) 183,210

52,154

InfuSystem

Holdings,

Inc.

(a) 325,441

22,301

Inmode,

Ltd.

(a) 322,026

24,617

Intellia

Therapeutics,

Inc.

(a) 230,907

18,663

iRadimed

Corp.

1,115,861

7,131

Kiniksa

Pharmaceuticals

International

PLC

(a) 197,315

64,157

KORU

Medical

Systems,

Inc.

(a) 229,682

4,226

LeMaitre

Vascular,

Inc.

350,969

36,056

MannKind

Corp.

(a) 134,849

78,735

MiMedx

Group,

Inc.

(a) 481,071

126,282

Niagen

Bioscience,

Inc.

(a) 1,819,724

13,021

OptimizeRx

Corp.

(a) 175,784

24,438

Organogenesis

Holdings,

Inc.

(a) 89,443

10,295

Orthofix

Medical,

Inc.

(a) 114,789

16,262

OrthoPediatrics

Corp.

(a) 349,308

11,523

Pacira

BioSciences,

Inc.

(a) 275,400

24,663

Pediatrix

Medical

Group,

Inc.

(a) 353,914

7,732

Phibro

Animal

Health

Corp.,

Class A

197,475

54,610

Photronics,

Inc.

(a) 1,028,306

9,061

Phreesia,

Inc.

(a) 257,876

9,738

Prothena

Corp.

PLC

(a) 59,110

48,685

Quipt

Home

Medical

Corp.

(a) 87,146

7,502

Sensus

Healthcare,

Inc.

(a) 35,560

26,226

SI-BONE,

Inc.

(a) 493,573

19,955

Stoke

Therapeutics,

Inc.

(a) 226,489

9,692

Supernus

Pharmaceuticals,

Inc.

(a) 305,492

29,944

Syndax

Pharmaceuticals,

Inc.

(a) 280,426

62,040

Taysha

Gene

Therapies,

Inc.

(a) 143,312

24,230

The

Joint

Corp.

(a) 279,614

16,013

The

Pennant

Group,

Inc.

(a) 477,988

17,837

Trevi

Therapeutics,

Inc.

(a) 97,568

4,319

TruBridge,

Inc.

(a) 101,151

9,821

Tyra

Biosciences,

Inc.

(a) 93,987

4,198

US

Physical

Therapy,

Inc.

328,284

4,649

Utah

Medical

Products,

Inc.

264,621

8,722

Xenon

Pharmaceuticals,

Inc.

(a) 272,999

30,031

Xeris

Biopharma

Holdings,

Inc.

(a) 140,245

20,378

Zymeworks,

Inc.

(a) 255,744

17,106,801

Industrials

-

23.7%

27,845

AerSale

Corp.

(a) 167,348

20,348

Allient,

Inc.

738,836

35,613

Archer

Aviation,

Inc.,

Class A

(a) 386,401

25,366

Barrett

Business

Services,

Inc.

1,057,509

4,036

Bel

Fuse,

Inc.,

Class B

394,277

90,248

BGSF,

Inc.

(a) 574,880

7,755

BlueLinx

Holdings,

Inc.

(a) 576,817

6,181

Byrna

Technologies,

Inc.

(a) 190,869

11,843

CECO

Environmental

Corp.

(a) 335,275

14,763

Columbus

McKinnon

Corp.

225,431

57,302

Concrete

Pumping

Holdings,

Inc.

(a) 352,407

41,647

Conduent,

Inc.

(a) 109,948

49,334

Core

Molding

Technologies,

Inc.

(a) 818,451

14,373

Core

Scientific,

Inc.

(a) 245,347

3,832

CRA

International,

Inc.

718,002

189,600

DHI

Group,

Inc.

(a) 563,112

Shares

Security

Description

Value

Industrials

-

23.7%

(continued)

26,262

Ducommun,

Inc.

(a) $

2,170,029

1,916

DXP

Enterprises,

Inc./TX

(a) 167,937

22,610

eHealth,

Inc.

(a) 98,354

15,639

Energy

Recovery,

Inc.

(a) 199,866

35,586

Enovix

Corp.

(a) 367,959

6,367

Franklin

Covey

Co.

(a) 145,295

20,707

Graham

Corp.

(a) 1,025,204

29,289

Great

Lakes

Dredge

&

Dock

Corp.

(a) 357,033

37,443

Information

Services

Group,

Inc.

179,726

12,397

Insteel

Industries,

Inc.

461,292

10,618

Janus

International

Group,

Inc.

(a) 86,431

33,372

Kornit

Digital,

Ltd.

(a) 664,437

23,943

Mayville

Engineering

Co.,

Inc.

(a) 382,130

2,741

Mesa

Laboratories,

Inc.

258,257

29,460

Myers

Industries,

Inc.

426,875

4,395

MYR

Group,

Inc.

(a) 797,473

11,551

Napco

Security

Technologies,

Inc.

342,949

6,085

Natural

Gas

Services

Group,

Inc.

(a) 157,054

166,559

Orion

Energy

Systems,

Inc.

(a) 101,601

31,442

Park

Aerospace

Corp.

464,398

4,425

Primoris

Services

Corp.

344,885

44,512

Proficient

Auto

Logistics,

Inc.

(a) 323,157

78,619

Ranpak

Holdings

Corp.

(a) 280,670

12,009

Redwire

Corp.

(a) 195,747

66,265

Resources

Connection,

Inc.

355,843

3,198

Tectonic

Therapeutic,

Inc.

(a) 63,544

3,344

The

Gorman-Rupp

Co.

122,792

1,871

The

Monarch

Cement

Co.

447,169

29,096

Thermon

Group

Holdings,

Inc.

(a) 817,016

12,700

Titan

Machinery,

Inc.

(a) 251,587

6,104

Transcat,

Inc.

(a) 524,700

17,538

Ultralife

Corp.

(a) 157,491

39,668

Vishay

Precision

Group,

Inc.

(a) 1,114,671

41,767

Wabash

National

Corp.

443,983

21,752,465

Real

Estate

-

1.8%

28,560

Anywhere

Real

Estate,

Inc.

(a) 103,387

45,782

Apartment

Investment

and

Management

Co.

REIT

(a) 396,014

6,797

One

Liberty

Properties,

Inc.

REIT

162,177

48,534

Plymouth

Industrial

REIT,

Inc.

779,456

18,389

Whitestone

REIT

229,495

1,670,529

Technology

-

15.2%

29,217

A10

Networks,

Inc.

565,349

141,379

ADTRAN

Holdings,

Inc.

(a) 1,268,170

10,101

Aeva

Technologies,

Inc.

(a) 381,717

54,308

Amplitude,

Inc.,

Class A

(a) 673,419

51,206

Arteris,

Inc.

(a) 487,993

34,047

AstroNova,

Inc.

(a) 394,605

11,119

Asure

Software,

Inc.

(a) 108,521

17,149

Backblaze,

Inc.,

Class A

(a) 94,319

52,032

Blend

Labs,

Inc.,

Class A

(a) 171,706

8,449

Cerence,

Inc.

(a) 86,264

18,030

CEVA,

Inc.

(a) 396,299

17,386

Cohu,

Inc.

(a) 334,507

15,932

Consensus

Cloud

Solutions,

Inc.

(a) 367,392

7,663

Donnelley

Financial

Solutions,

Inc.

(a) 472,424

7,389

D-Wave

Quantum,

Inc.

(a) 108,175

27,079

Evolv

Technologies

Holdings,

Inc.

(a) 168,973

20,280

Hurco

Cos.,

Inc.

(a) 383,292

16,000

Ichor

Holdings,

Ltd.

(a) 314,240

24,502

Immersion

Corp.

193,076

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2025

See

Notes

to

Financial

Statements.

At

June

30,

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

June

30,

2025. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

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,

which

are

valued

at

unrealized

appreciation

(depreciation) at

year

end.

Shares

Security

Description

Value

Technology

-

15.2%

(continued)

145,317

indie

Semiconductor,

Inc.,

Class A

(a) $

517,328

40,148

inTEST

Corp.

(a) 292,277

52,100

Key

Tronic

Corp.

(a) 149,006

52,019

Magnite,

Inc.

(a) 1,254,698

2,911

Materion

Corp.

231,046

16,253

Mitek

Systems,

Inc.

(a) 160,905

16,790

nLight,

Inc.

(a) 330,427

6,452

NVE

Corp.

474,932

24,726

OneSpan,

Inc.

412,677

13,983

Ouster,

Inc.

(a) 339,088

10,255

PDF

Solutions,

Inc.

(a) 219,252

22,142

PROS

Holdings,

Inc.

(a) 346,744

67,010

Rackspace

Technology,

Inc.

(a) 85,773

52,108

Ribbon

Communications,

Inc.

(a) 208,953

18,905

SEMrush

Holdings,

Inc.

(a) 171,090

19,260

Shutterstock,

Inc.

365,170

22,353

Solaris

Energy

Infrastructure,

Inc.,

Class A

632,366

91,201

Teads

Holding

Co.

(a) 226,178

15,349

Veeco

Instruments,

Inc.

(a) 311,892

13,878

Viant

Technology,

Inc.,

Class A

(a) 183,606

13,883,849

Telecommunications

-

1.5%

43,075

Aviat

Networks,

Inc.

(a) 1,035,954

181,208

Ondas

Holdings,

Inc.

(a) 347,919

1,383,873

Utilities

-

2.9%

26,444

Aris

Water

Solutions,

Inc.,

Class A

625,400

43,363

Enviri

Corp.

(a) 376,391

46,983

Perma-Fix

Environmental

Services,

Inc.

(a) 494,261

18,858

Pure

Cycle

Corp.

(a) 202,158

105,564

Select

Water

Solutions,

Inc.,

Class A

912,073

2,610,283

Total

Common

Stock

(Cost

$77,437,072)

88,674,380

Shares

Security

Description

Value

Money

Market

Fund

-

2.7%

2,497,123

First

American

Government

Obligations

Fund,

Class X,

4.26%

(b) (Cost

$2,497,123)

2,497,123

Investments,

at

value

-

99.5%

(Cost

$79,934,195)

$

91,171,503

Other

Assets

&

Liabilities,

Net

-

0.5%

487,492

Net

Assets

-

100.0%

$

91,658,995

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

June

30,

2025. Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

CME

E-Mini

Russell

2000

Index

Future

09/19/25

$

1,059,345

$

1,095,850

$

36,505

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

91,171,503

$

36,505

Level

-

Other

Significant

Observable

Inputs

–

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

91,171,503

$

36,505

ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

June

30,

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

$79,934,195)

$

91,171,503

Deposits

with

broker

for

Futures

Contracts

424,128

Receivables:

Fund

shares

sold

87,037

Investment

securities

sold

120,159

Dividends

50,982

Variation

margin

1,450

Prepaid

expenses

26,748

Total

Assets

91,882,007

LIABILITIES

Payables:

Investment

securities

purchased

93,247

Fund

shares

redeemed

863

Accrued

Liabilities:

Investment

adviser

fees

58,041

Trustees'

fees

and

expenses

1,046

Fund

services

fees

17,162

Other

expenses

52,653

Total

Liabilities

223,012

NET

ASSETS

$

91,658,995

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

82,579,969

Distributable

Earnings

9,079,026

NET

ASSETS

$

91,658,995

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

6,692,676

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

Institutional

Shares

(based

on

net

assets

of

$91,658,995)

$

13.70 ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

OPERATIONS

FOR

THE

YEAR

ENDED

JUNE

30,

2025

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$967)

$

1,152,929

Total

Investment

Income

1,152,929

EXPENSES

Investment

adviser

fees

1,107,262

Fund

services

fees

229,437

Custodian

fees

31,144

Registration

fees

22,330

Professional

fees

52,281

Trustees'

fees

and

expenses

15,892

Interest

expense

1,607

Intermediary

expenses

87,351

Other

expenses

89,294

Total

Expenses

1,636,598

Fees

waived

(306,279)

Net

Expenses

1,330,319

NET

INVESTMENT

LOSS

(177,390)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

206,772

Securities

sold

short

Futures

(111,921)

Net

realized

gain

94,861

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

6,057,630

Futures

33,125

Net

change

in

unrealized

appreciation

(depreciation)

6,090,755

NET

REALIZED

AND

UNREALIZED

GAIN

6,185,616

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

6,008,226

ACUITAS

US

MICROCAP

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Years

Ended

June

30,

2025

2024

OPERATIONS

Net

investment

loss

$

(177,390)

$

(92,219)

Net

realized

gain

94,861

3,832,122

Net

change

in

unrealized

appreciation

(depreciation)

6,090,755

28,187

Increase

in

Net

Assets

Resulting

from

Operations

6,008,226

3,768,090

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

(2,668,331)

–

Return

of

Capital

(275,602)

–

Total

Distributions

Paid

(2,943,933)

–

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

20,334,376

22,076,434

Reinvestment

of

distributions:

Institutional

Shares

2,943,383

–

Redemption

of

shares:

Institutional

Shares

(17,255,274)

(6,160,312)

Redemption

fees:

Institutional

Shares

4,685

584

Increase

in

Net

Assets

from

Capital

Share

Transactions

6,027,170

15,916,706

Increase

in

Net

Assets

9,091,463

19,684,796

NET

ASSETS

Beginning

of

Year

82,567,532

62,882,736

End

of

Year

$

91,658,995

$

82,567,532

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

1,546,045

1,680,424

Reinvestment

of

distributions:

Institutional

Shares

195,924

–

Redemption

of

shares:

Institutional

Shares

(1,308,588)

(502,665)

Increase

in

Shares

433,381

1,177,759

ACUITAS

US

MICROCAP

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year.

For

the

Years

Ended

June

30,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

13.19 $

12.37 $

11.53 $

16.75 $

8.76 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.03)

(0.02)

(0.03)

(0.06)

(0.05)

Net

realized

and

unrealized

gain

(loss)

0.98 0.84 1.60 (3.91)

8.04 Total

from

Investment

Operations

0.95 0.82 1.57 (3.97)

7.99 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.00)(b)

–

–

–

–

Net

realized

gain

(0.40)

–

(0.73)

(1.25)

–

Return

of

Capital

(0.04)

–

–

–

–

Total

Distributions

to

Shareholders

(0.44)

–

(0.73)

(1.25)

–

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Year

$

13.70 $

13.19 $

12.37 $

11.53 $

16.75 TOTAL

RETURN

6.95%

6.63%

14.04%

(25.17)%

91.21%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

91,659

$

82,568

$

62,883

$

47,078

$

66,416

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.20)%

(0.14)%

(0.23)%

(0.41)%

(0.36)%

Net

expenses

1.50%

1.50%

1.50%

1.50%

1.50%

Dividend

and

interest

expenses

0.00%

0.00%

0.00%

0.00%

–%

Gross

expenses

(c) 1.85%

1.96%

2.05%

2.00%

2.08%

PORTFOLIO

TURNOVER

RATE

63%

64%

56%

61%

78%

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Less

than

$0.01

per

share.

(c) 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

June

30,

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

June

30,

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

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

year.

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

June

30,

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

June

30,

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

June

30,

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

year,

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

June

30,

2025

fiscal

years

after

they

are

filed.

As

of

June

30,

2025,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

of

its

investment

portfolios.

Expenses

that

are

directly

attributable

to

more

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

in

an

equitable

manner.

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.

Effective

January

1,

2025,

the

Audit

Committee

Chairman

receives

an

additional

$2,000

annually.

The

Independent

Trustees

and

Chairman

may

receive

additional

fees

for

special

Board

meetings.

The

Independent

Trustees

are

also

reimbursed

for

all

reasonable

out-of-pocket

expenses

incurred

in

connection

with

their

duties

as

Trustees,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Independent

Trustees'

fees

attributable

to

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

June

30,

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,

2025. Other

fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board

of

Trustees

of

the

Trust.

For

the

year

ended

June

30,

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

approved

by

the

Board,

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i) the

then-

current

expense

cap

and

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

June

30,

2025,

$826,561

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

year

ended

June

30,

2025,

totaled

$

56,275,421

and

$

53,887,928

,

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

year

ended

June

30,

2025

,

for

futures

contracts

was

$

14,992,904

.

The

Fund's

use

of

derivatives

for

the

year

ended

June

30,

2025,

was

limited

to

futures

contracts.

Following

is

a

summary

of

the

effect

of

derivatives

on

the

Statement

of

Assets

and

Liabilities

as

of

June

30,

2025. Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

for

the

year

ended

June

30,

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

June

30,

2025. These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

278,585

$

27,694

$

306,279

Location:

Equity

Contracts

Asset

derivatives:

Unrealized

appreciation

on

futures\*

$

36,505

\*

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

$

(111,921)

Total

net

realized

gain

$

(111,921)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

33,125

Total

net

change

in

unrealized

appreciation

(depreciation)

$

33,125

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged\*

Cash

Collateral

(Received)

Pledged\*

Net

Amount

Unrealized

Appreciation

on

Futures\*\*

$

36,505

$

-

$

36,505

$

-

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2025

Note

7. Federal

Income

Tax

As

of

June

30,

2025,

the

cost

for

federal

income

tax

purposes

is

$81,602,922

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

current

year

post-October

capital

loss

was

$377,973

for

the

Fund

(realized

during

the

period

November

1,

2024

through

June

30,

2025).

This

loss

will

be

recognized

for

tax

purposes

the

first

business

day

of

the

Fund's

next

fiscal

year,

July

1,

2025. For

tax

purposes,

the

deferred

late

year

ordinary

loss

was

$111,582

for

the

Fund

(realized

during

the

period

January

1,

2025

through

June

30,

2025).

This

loss

will

be

recognized

for

tax

purposes

on

the

first

business

day

of

the

Fund's

next

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

$

19,683,405

Gross

Unrealized

Depreciation

(10,114,824)

Net

Unrealized

Appreciation

$

9,568,581

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

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

![](epub159137128251392.jpg)

To

the

Shareholders

of

Acuitas

US

Microcap

Fund

and

Board

of

Trustees

of

Forum

Funds

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Acuitas

US

Microcap

Fund

(the

"Fund"),

a

series

of

Forum

Funds

II,

as

of

June

30,

2025,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

June

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Fund's

financial

highlights

for

the

years

ended

June

30,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

August

24,

2022,

expressed

an

unqualified

opinion

on

those

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Fund's

auditor

since

2023. COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

August

25,

2025

ACUITAS

US

MICROCAP

FUND

IMPORTANT

TAX

INFORMATION

(Unaudited)

June

30,

2025

Federal

Tax

Status

of

Dividends

Declared

during

the

Fiscal

Year

For

federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

Fund

designates

100.00%

of

its

income

dividend

distributed

as

qualifying

for

the

corporate

dividends-received

deduction

(DRD)

and

100.00%

for

the

qualified

dividend

rate

(QDI)

as

defined

in

Section

1(h)(11)

of

the

Code.

The

Fund

also

designates

69.09%

as

short-term

capital

gain

dividends

exempt

from

U.S.

tax

for

foreign

shareholders

(QSD).

Pursuant

to

Section

852

(b)(3)

of

the

Internal

Revenue

Code,

the

Fund

designates

$1,996,746

as

long-term

capital

gain

dividends

for

the

year

ended

June

30,

2025. ACUITAS

US

MICROCAP

FUND

OTHER

INFORMATION

June

30,

2025

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7. Statement

Regarding

the

Basis

for

the

Board's

Approval

of

Investment

Advisory

Contract

(Item

of

Form

N-CSR)

Acuitas

US

Microcap

Fund

("Microcap

Fund")

(the

"Fund")

At

the

June

23,

2025

Board

meeting

(the

"June

meeting"),

the

Board

of

Trustees

of

Forum

Funds

II

(the

"Board"),

including

the

Trustees

who

are

not

"interested

persons"

of

the

Trust

("Independent

Trustees"),

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

Acuitas

Investments,

LLC

(the

"Adviser")

and

the

Trust

pertaining

to

the

Fund

(the

"Advisory

Agreement")

and

the

subadvisory

agreements

between

the

Adviser

and

each

of

Bridge

City

Capital,

LLC;

ClariVest

Asset

Management,

LLC;

Granahan

Investment

Management,

Inc.;

Meros

Investment

Management,

L.P.;

and

Tieton

Capital

Management,

LLC

(each

a

"Subadviser")

(the

"Subadvisory

Agreements").

In

preparation

for

the

June

meeting,

the

Board

was

presented

with

a

range

of

information

to

assist

in

its

deliberations.

The

Board

requested

and

reviewed

written

responses

from

the

Adviser

and

each

Subadviser

to

a

letter

circulated

on

the

Board's

behalf

concerning

the

personnel,

operations,

financial

condition,

performance,

and

services

provided

to

the

Fund

by

the

Adviser

and

each

of

the

Subadvisers.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Adviser

and

discussed

the

materials

with

the

Adviser,

independent

legal

counsel

to

the

Independent

Trustees

("Independent

Legal

Counsel"),

and,

as

necessary,

with

the

Trust's

administrator.

The

Independent

Trustees

also

met

in

executive

session

with

Independent

Legal

Counsel

while

deliberating.

At

the

June

meeting,

the

Board

reviewed,

among

other

matters,

the

topics

discussed

below.

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received

and

the

presentation

from

senior

representatives

of

the

Adviser

regarding

the

personnel,

operations,

and

financial

condition

of

the

Adviser

and

each

Subadviser,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement

and

by

each

Subadviser

under

the

respective

Subadvisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

and

other

personnel

at

the

Adviser

and

each

Subadviser

with

principal

responsibility

for

the

Fund's

investments;

the

investment

philosophy

and

decision-making

process

of

the

Adviser's

and

Subadvisers'

investment

professionals;

the

quality

of

the

Adviser's

and

Subadvisers'

services

with

respect

to

regulatory

compliance;

and

the

Adviser's

and

each

Subadviser's

representations

that

each

firm

is

in

stable

financial

condition

to

allow

each

firm

to

provide

quality

advisory

services

to

the

Fund.

The

Board

also

considered

the

Adviser's

analysis

of

and

recommendation

to

approve

the

continuance

of

the

Subadvisory

Agreements

with

the

Subadvisers.

The

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

by

the

Adviser

under

the

Advisory

Agreement

and

by

each

Subadviser

under

the

respective

Subadvisory

Agreements.

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Fund,

including

the

investment

objective

and

strategy

of

the

Fund

and

the

Adviser's

discussion

of

the

performance

of

each

of

the

Subadvisers,

the

Board

reviewed

the

performance

of

the

Fund

compared

to

its

benchmark

and

to

a

peer

group

of

funds.

ACUITAS

US

MICROCAP

FUND

OTHER

INFORMATION

June

30,

2025

The

Board

observed

that

the

Fund

underperformed

the

Russell

Microcap

Index

for

the

one-year

period

ended

March

31,

2025

and

outperformed

the

Russell

Microcap

Index

for

the

three-,

five-,

and

ten-year

periods

ended

March

31,

2025,

and

for

the

period

since

the

Fund's

inception

on

July

18,

2014. The

Board

also

observed

that

the

Fund

underperformed

its

primary

benchmark

index,

the

Russell

3000

Index,

for

the

one-,

three-,

five,

and

ten-year

periods

ended

March

31,

2025,

and

for

the

period

since

the

Fund's

inception

on

July

18,

2014. The

Board

also

considered

the

Fund's

performance

relative

to

an

independent

peer

group

of

funds

identified

by

Strategic

Insight,

Inc.

("Strategic

Insight")

believed

to

have

characteristics

similar

to

those

of

the

Fund.

Based

on

information

presented

by

Strategic

Insight,

the

Board

observed

that

the

Fund

underperformed

the

average

of

the

Strategic

Insight

peers

for

the

one-,

three-,

and

ten-year

periods

ended

March

31,

2025

and

outperformed

the

average

of

the

Strategic

Insight

peers

for

the

five-year

period

ended

March

31,

2025. The

Board

noted

the

Adviser's

representation

that

the

Fund's

relative

performance

could

be

attributed,

in

part,

to

the

Fund's

stock

selection

and

bias

toward

high

quality

companies.

The

Board

also

noted

the

Adviser's

representation

that

the

Strategic

Insight

peer

group

was

not

an

optimal

representation

of

the

Fund's

investment

strategy

from

a

performance

comparison

standpoint

because

many

of

the

funds

within

the

Strategic

Insight

peer

group

operate

within

the

small

cap

universe,

whereas

the

Fund

places

a

larger

emphasis

on

microcap

investments.

At

the

request

of

the

Adviser,

the

Board

reviewed

the

Fund's

performance

compared

to

the

performance

of

a

peer

group

of

funds

identified

by

the

Adviser

as

being

a

more

optimal

comparison

to

the

Fund

(the

"Comparable

Funds").

The

Board

observed

that

the

Fund

underperformed

the

average

of

the

Comparable

Funds

for

the

one-year

period

ended

March

31,

2025

and

outperformed

the

average

of

the

Comparable

Funds

for

the

three-

and

five-year

periods

ended

March

31,

2025. The

Board

also

evaluated

the

Adviser's

assessment

of

each

Subadviser's

performance.

The

Board

acknowledged

the

Adviser's

representation

that

the

different

Subadvisers

could

be

expected

to

achieve

different

performance

results

in

light

of

the

differences

in

their

strategies,

allocated

assets,

and

market

environment.

In

this

regard,

the

Board

noted

that

the

Adviser

emphasized

its

responsibility

for

allocating

the

Fund's

assets

among

Subadvisers

on

an

ongoing

basis

in

order

to

achieve

the

Fund's

investment

objective.

In

view

of

the

respective

roles

of

the

Adviser

and

Subadvisers,

the

Board

determined

that

it

was

appropriate

to

evaluate

the

individual

performance

achieved

by

each

Subadviser

as

it

contributed

to

the

performance

of

the

Fund

as

a

whole.

Based

on

the

foregoing,

among

other

applicable

considerations,

the

Board

concluded

that

the

Fund

and

its

shareholders

could

benefit

from

the

Adviser's

continued

management

under

the

Advisory

Agreement

and

from

each

Subadviser's

continued

management

under

the

respective

Subadvisory

Agreements.

Compensation

The

Board

evaluated

the

Adviser's

compensation

for

providing

advisory

services

to

the

Fund

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expense

ratios

of

the

Fund's

Strategic

Insight

peers.

The

Board

noted

that,

based

on

the

information

provided

by

Strategic

Insight,

the

net

advisory

fee

rate

and

net

total

expense

ratio

for

the

Fund

were

each

higher

than

the

median

of

its

Strategic

Insight

peers.

The

Board

noted

the

Adviser's

representation

that

the

Fund's

Strategic

Insight

peers

are

heavily

weighted

toward

small

cap

managers,

which

offer

lower

fees

than

microcap

managers,

which

could

account

for

some

of

the

variance

in

the

fee

and

expense

comparison.

The

Board

also

noted

the

Adviser's

representation

that

many

of

the

funds

listed

in

the

respective

Strategic

Insight

peer

groups

did

not

operate

pursuant

to

a

multi-manager

structure

and

that,

unlike

the

peers

in

the

Strategic

Insight

peer

group,

the

Adviser

paid

each

of

the

Subadvisers

directly

from

the

advisory

fee

paid

to

the

Adviser

such

that

the

fees

and

expenses

of

the

Strategic

Insight

peers

were

not

directly

comparable.

The

Board

noted

further

the

Adviser's

representation

that,

although

the

total

expense

ratio

for

the

Fund

was

higher

than

the

average

of

the

expense

ratios

of

the

Comparable

Funds,

the

Fund's

total

expense

ratio

was

believed

to

be

within

a

reasonable

range.

Finally,

the

Board

observed

that

the

contractual

advisory

fee

and

expense

cap

were

each

lowered

in

2020. With

regard

to

Subadviser

compensation,

the

Board

noted

the

arms-length

nature

of

the

relationship

between

the

Adviser

and

each

Subadvisers

with

respect

to

the

negotiation

of

the

subadvisory

fee

rate

on

behalf

of

the

Fund

and

that

the

Adviser,

and

not

the

Fund,

was

responsible

for

paying

the

subadvisory

fees

due

under

each

Subadvisory

Agreement.

Based

on

the

foregoing

and

other

relevant

considerations,

the

Board

concluded

that

the

Adviser's

advisory

fee

rate

charged

to

the

Fund

appeared

to

be

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser.

ACUITAS

US

MICROCAP

FUND

OTHER

INFORMATION

June

30,

2025

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Fund.

In

this

regard,

the

Board

considered

the

Adviser's

resources

devoted

to

the

Fund,

as

well

as

the

Adviser's

discussion

of

the

aggregate

costs

and

profitability

of

its

mutual

fund

activity,

including

the

percentage

and

amount

of

the

Adviser's

fee

that

the

Adviser

retained

and

the

percentage

and

amount

of

the

Adviser's

fee

that

was

paid

to

the

Subadvisers.

The

Board

noted

that

the

Adviser

does

not

maintain

separate

profit

and

loss

data

by

account,

making

it

difficult

to

assess

costs

incurred

specific

to

providing

services

to

the

Fund.

The

Board

noted

further

the

Adviser's

representation

that

the

Adviser

continues

to

pay

its

Subadvisers

directly

from

the

Adviser's

advisory

fees

and

that

the

Adviser

continued

to

subsidize

the

operation

of

the

Fund

by

waiving

its

advisory

fee

and

reimbursing

expenses

to

the

extent

necessary

to

keep

the

Fund's

total

expense

ratios

at

competitive

levels.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser's

profits

attributable

to

management

of

the

Fund

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser.

The

Board

did

not

consider

information

regarding

the

costs

of

services

provided

or

profits

realized

by

the

Subadvisers

from

their

relationships

with

the

Fund,

noting

instead

the

arms-length

nature

of

the

relationship

between

the

Adviser

and

each

Subadviser

with

respect

to

the

negotiation

of

the

subadvisory

fee

rate

on

behalf

of

the

Fund

and

that

the

Adviser,

and

not

the

Fund,

was

responsible

for

paying

the

subadvisory

fee

due

under

each

Subadvisory

Agreement.

Economies

of

Scale

The

Board

considered

whether

the

Fund

was

benefiting,

or

may

benefit

in

the

future,

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Fund's

fee

structure,

asset

size,

net

expense

ratio,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

generally

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund's

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

noted

the

assets

of

the

Fund

were

stable

but

relatively

low.

The

Board

also

noted

the

Adviser's

representation

that

the

Fund

was

benefiting

from

expenses

subsidized

by

the

Adviser

under

the

contractual

expense

limitation

agreement.

The

Board

noted

further

the

Adviser's

representation

that,

although

the

Fund

could

benefit

from

economies

of

scale

as

assets

grow,

the

Adviser

believed

that

economies

of

scale

had

not

been

achieved

at

current

asset

levels.

The

Board

also

considered

whether

the

Fund

would

benefit

from

any

economies

of

scale

with

respect

to

the

Subadvisory

Agreements.

In

this

respect,

the

Board

noted

that

there

were

no

breakpoints

in

the

Subadvisory

Agreements

and

that

such

breakpoints

were

likely

to

benefit

the

Adviser,

rather

than

the

Fund,

because

the

Adviser

pays

the

subadvisory

fees

directly

from

the

Adviser's

advisory

fee.

The

Board

considered

that

the

subadvisory

fee

rates

were

negotiated

at

arm's

length

between

the

Adviser

and

each

Subadviser

and

that,

for

the

reasons

cited

above,

among

other

relevant

considerations,

breakpoints

in

the

subadvisory

fee

rates

were

unlikely

to

result

in

the

Fund's

realization

of

economies

of

scale.

Based

on

the

foregoing

information

and

other

applicable

factors,

and

in

light

of

the

size

of

the

Fund,

the

Board

concluded

that

the

asset

level

of

the

Fund

was

not

consistent

with

the

existence

of

economies

of

scale

and

that

economies

of

scale

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement

or

Subadvisory

Agreements.

Other

Benefits

The

Board

noted

the

Adviser's

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Fund.

Based

on

the

foregoing

representation

and

other

relevant

considerations,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

In

addition,

various

materials

provided

to

and

discussed

with

the

Board

throughout

the

year,

including

with

respect

to

performance

and

compliance,

also

informed

the

Board's

decision.

In

light

of

the

fact

that

the

Fund

is

a

multi-manager

Fund,

however,

for

which

the

Adviser

identifies

Subadvisers

whose

strategies

it

seeks

to

combine

to

achieve

the

Fund's

investment

objective,

when

considering

the

renewal

of

the

Subadvisory

Agreements,

the

Board

gave

significant

weight

to

the

Adviser's

ACUITAS

US

MICROCAP

FUND

OTHER

INFORMATION

June

30,

2025

recommendation

that

the

Subadvisory

Agreements

be

renewed

and

to

the

Adviser's

representation

that

the

reappointment

of

the

Subadvisers

would

positively

contribute

to

the

Adviser's

successful

execution

of

the

Fund's

overall

strategy.

The

Board

reviewed

a

memorandum

from

Independent

Legal

Counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement

and

each

Subadvisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board,

in

the

exercise

of

its

reasonable

business

judgment,

approved

the

continuation

of

the

Advisory

Agreement

and

each

Subadvisory

Agreement.

220-ANR-0625

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.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

# SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | August 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Code

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**APPENDIX A**

**Code of Ethics Certification**

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

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

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

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

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

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

## 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: | August 26, 2025 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds II**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds II (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: | August 26, 2025 | /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;

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| | |
|:---|:---|
| Dated: | August 26, 2025 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

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| | |
|:---|:---|
| Dated: | August 26, 2025 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

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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.