# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001435109-23-000020
**Filing Date:** 2023-2
**Character Count:** 62537
**Document Hash:** 230e040c0384164e6e4aea17f41f2bf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-23-000020.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001435109-23-000020

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 23609847

**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           |

As filed with the Securities and Exchange Commission on February 10, 2023

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

# INVESTMENT COMPANIES
Investment Company Act file number 811-22842

**FORUM FUNDS II**

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: June 30, 2023

Date of reporting period: July 1, 2022– December 31, 2022

ITEM 1. REPORT TO STOCKHOLDERS.

ACUITAS

US

MICROCAP

FUND

SEMI-ANNUAL

REPORT

December

31,

2022

(Unaudited)

TABLE

OF

CONTENTS

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Additional

Information

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2022

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

98.1%

Basic

Materials

-

2.4%

12,306

AdvanSix,

Inc.

$

467,874

67,803

LifeMD,

Inc.

(a) 131,538

11,816

Northern

Technologies

International

Corp.

157,271

14,306

Orion

Engineered

Carbons

SA

254,790

2,700

Ryerson

Holding

Corp.

81,702

1,093,175

Consumer

Discretionary

-

11.2%

18,020

Alta

Equipment

Group,

Inc.

237,684

2,800

BJ's

Restaurants,

Inc.

(a) 73,864

56,975

Charles

&

Colvard,

Ltd.

(a) 46,435

18,745

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a) 95,974

17,700

Chico's

FAS,

Inc.

(a) 87,084

8,300

Denny's

Corp.

(a) 76,443

24,205

Duluth

Holdings,

Inc.,

Class B

(a) 149,587

19,400

Entravision

Communications

Corp.,

Class A

93,120

258,675

Fluent,

Inc.

(a) 281,956

11,730

Green

Brick

Partners,

Inc.

(a) 284,218

13,245

Guess?,

Inc.

274,039

1,700

Hibbett,

Inc.

115,974

12,300

Hudson

Technologies,

Inc.

(a) 124,476

46,422

Interface,

Inc.

458,185

8,100

Lindblad

Expeditions

Holdings,

Inc.

(a) 62,370

22,805

Motorcar

Parts

of

America,

Inc.

(a) 270,467

14,800

Purple

Innovation,

Inc.

(a) 70,892

4,600

Shoe

Carnival,

Inc.

109,986

15,142

Stoneridge,

Inc.

(a) 326,462

21,040

The

Beauty

Health

Co.

(a) 191,464

8,791

The

Children's

Place,

Inc.

(a) 320,168

10,360

The

Lovesac

Co.

(a) 228,024

18,978

The

ONE

Group

Hospitality,

Inc.

(a) 119,561

32,943

Tilly's,

Inc.,

Class A

(a) 298,134

2,512

Winmark

Corp.

592,405

9,360

Zumiez,

Inc.

(a) 203,486

5,192,458

Consumer

Staples

-

1.5%

26,700

Cronos

Group,

Inc.

(a) 67,818

MGP

Ingredients,

Inc.

29,361

4,100

The

Chefs'

Warehouse,

Inc.

(a) 136,448

19,978

Village

Super

Market,

Inc.,

Class A

465,288

698,915

Energy

-

5.0%

51,380

Berry

Corp.

411,040

8,875

Civitas

Resources,

Inc.

514,129

43,610

Geospace

Technologies

Corp.

(a) 184,034

900

Nabors

Industries,

Ltd.

(a) 139,383

52,105

Newpark

Resources,

Inc.

(a) 216,236

10,400

NOW,

Inc.

(a) 132,080

13,900

Oil

States

International,

Inc.

(a) 103,694

2,900

Ranger

Oil

Corp.

117,247

5,600

SandRidge

Energy,

Inc.

(a) 95,368

9,180

Stabilis

Solutions,

Inc.

(a) 47,552

83,495

VAALCO

Energy,

Inc.

380,737

2,341,500

Financials

-

11.1%

7,150

B

Riley

Financial,

Inc.

244,530

6,100

Central

Valley

Community

Bancorp

129,198

11,600

Customers

Bancorp,

Inc.

(a) 328,744

11,900

eHealth,

Inc.

(a) 57,596

10,500

Enova

International,

Inc.

(a) 402,885

2,900

First

Internet

Bancorp

70,412

Shares

Security

Description

Value

Financials

-

11.1%

(continued)

8,430

First

Western

Financial,

Inc.

(a) $

237,304

5,800

Hanmi

Financial

Corp.

143,550

10,000

Heritage

Commerce

Corp.

130,000

4,628

Hippo

Holdings,

Inc.

(a) 62,941

4,650

Horizon

Bancorp,

Inc.

70,122

2,900

International

Money

Express,

Inc.

(a) 70,673

9,307

James

River

Group

Holdings,

Ltd.

194,609

44,925

Medallion

Financial

Corp.

320,764

2,400

Metropolitan

Bank

Holding

Corp.

(a) 140,808

4,500

Mid

Penn

Bancorp,

Inc.

134,865

12,200

NMI

Holdings,

Inc.,

Class A

(a) 254,980

11,580

Northrim

BanCorp,

Inc.

631,921

10,700

OP

Bancorp

119,412

2,700

Peapack-Gladstone

Financial

Corp.

100,494

1,700

Preferred

Bank/Los

Angeles

CA

126,854

7,515

QCR

Holdings,

Inc.

373,045

6,235

Regional

Management

Corp.

175,079

5,235

Texas

Capital

Bancshares,

Inc.

(a) 315,723

4,900

The

First

of

Long

Island

Corp.

88,200

94,825

United

Insurance

Holdings

Corp.

(a) 100,515

4,180

Veritex

Holdings,

Inc.

117,374

5,142,598

Health

Care

-

21.5%

15,691

908

Devices,

Inc.

(a) 119,565

38,600

Agenus,

Inc.

(a) 92,640

13,805

Akoya

Biosciences,

Inc.

(a) 132,114

16,200

Aldeyra

Therapeutics,

Inc.

(a) 112,752

5,600

Altimmune,

Inc.

(a) 92,120

6,200

AngioDynamics,

Inc.

(a) 85,374

39,900

Assertio

Holdings,

Inc.

(a) 171,570

2,700

Avanos

Medical,

Inc.

(a) 73,062

42,320

Avid

Bioservices,

Inc.

(a) 582,746

26,802

BioLife

Solutions,

Inc.

(a) 487,796

18,060

Bluebird

Bio,

Inc.

(a) 124,975

15,700

Butterfly

Network,

Inc.

(a) 38,622

10,265

Caribou

Biosciences,

Inc.

(a) 64,464

13,051

Castle

Biosciences,

Inc.

(a) 307,220

10,900

Catalyst

Pharmaceuticals,

Inc.

(a) 202,740

3,100

Celldex

Therapeutics,

Inc.

(a) 138,167

4,800

Chinook

Therapeutics,

Inc.

(a) 125,760

140,245

ChromaDex

Corp.

(a) 235,612

15,800

Concert

Pharmaceuticals,

Inc.

(a) 92,272

20,200

Cymabay

Therapeutics,

Inc.

(a) 126,654

16,105

CytoSorbents

Corp.

(a) 24,963

9,100

Dynavax

Technologies

Corp.

(a) 96,824

2,200

Eagle

Pharmaceuticals,

Inc.

(a) 64,306

28,100

Geron

Corp.

(a) 68,002

158,531

Harvard

Bioscience,

Inc.

(a) 439,131

28,274

Health

Catalyst,

Inc.

(a) 300,553

2,780

Heska

Corp.

(a) 172,805

33,960

iCAD,

Inc.

(a) 62,147

38,910

ImmunoGen,

Inc.

(a) 192,994

49,002

InfuSystem

Holdings,

Inc.

(a) 425,337

16,491

Inogen,

Inc.

(a) 325,038

2,100

iRadimed

Corp.

59,409

2,900

iTeos

Therapeutics,

Inc.

(a) 56,637

17,605

Kezar

Life

Sciences,

Inc.

(a) 123,939

8,875

Kiniksa

Pharmaceuticals,

Ltd.,

Class A

(a) 132,947

25,824

KORU

Medical

Systems,

Inc.

(a) 92,192

28,100

Lexicon

Pharmaceuticals,

Inc.

(a) 53,671

24,100

MannKind

Corp.

(a) 127,007

18,184

MaxCyte,

Inc.

(a) 99,285

6,000

Myers

Industries,

Inc.

133,380

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2022

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Health

Care

-

21.5%

(continued)

5,860

Nature's

Sunshine

Products,

Inc.

(a) $

48,755

7,600

Nurix

Therapeutics,

Inc.

(a) 83,448

9,385

OrthoPediatrics

Corp.

(a) 372,866

6,335

Pliant

Therapeutics,

Inc.

(a) 122,456

3,588

Prothena

Corp.

PLC

(a) 216,177

5,700

Provention

Bio,

Inc.

(a) 60,249

2,500

Rhythm

Pharmaceuticals,

Inc.

(a) 72,800

4,200

Rocket

Pharmaceuticals,

Inc.

(a) 82,194

17,000

scPharmaceuticals,

Inc.

(a) 121,890

17,750

Semler

Scientific,

Inc.

(a) 585,750

24,241

SI-BONE,

Inc.

(a) 329,678

62,750

SIGA

Technologies,

Inc.

461,840

3,720

Silk

Road

Medical,

Inc.

(a) 196,602

9,544

Stoke

Therapeutics,

Inc.

(a) 88,091

3,000

TransMedics

Group,

Inc.

(a) 185,160

6,500

Vanda

Pharmaceuticals,

Inc.

(a) 48,035

24,100

ViewRay,

Inc.

(a) 107,968

7,272

Xenon

Pharmaceuticals,

Inc.

(a) 286,735

12,255

Zymeworks,

Inc.

(a) 96,324

10,023,810

Industrials

-

25.3%

37,737

AerSale

Corp.

(a) 612,094

9,503

Allied

Motion

Technologies,

Inc.

330,800

9,350

Argan,

Inc.

344,828

3,655

Barrett

Business

Services,

Inc.

340,938

1,700

BlueLinx

Holdings,

Inc.

(a) 120,887

35,830

CECO

Environmental

Corp.

(a) 418,494

7,332

Chase

Corp.

632,458

14,854

CIRCOR

International,

Inc.

(a) 355,902

18,513

Columbus

McKinnon

Corp.

601,117

37,463

Computer

Task

Group,

Inc.

(a) 283,220

90,520

Concrete

Pumping

Holdings,

Inc.

(a) 529,542

23,300

Conduent,

Inc.

(a) 94,365

900

CRA

International,

Inc.

110,187

3,200

Cross

Country

Healthcare,

Inc.

(a) 85,024

9,360

Cryoport,

Inc.

(a) 162,396

71,770

DHI

Group,

Inc.

(a) 379,663

1,500

Distribution

Solutions,

Inc.

(a) 55,290

10,410

Ducommun,

Inc.

(a) 520,084

2,400

Franklin

Covey

Co.

(a) 112,248

2,200

Heidrick

&

Struggles

International,

Inc.

61,534

9,834

I3

Verticals,

Inc.,

Class A

(a) 239,360

16,754

IES

Holdings,

Inc.

(a) 595,940

19,100

Information

Services

Group,

Inc.

87,860

3,700

Insteel

Industries,

Inc.

101,824

34,220

Luxfer

Holdings

PLC

469,498

4,400

Napco

Security

Technologies,

Inc.

(a) 120,912

29,200

Nordic

American

Tankers,

Ltd.

89,352

106,186

Orion

Energy

Systems,

Inc.

(a) 193,259

13,100

Primoris

Services

Corp.

287,414

69,545

Radiant

Logistics,

Inc.

(a) 353,984

22,932

Ranpak

Holdings

Corp.

(a) 132,318

13,820

Research

Solutions,

Inc./CA

(a) 26,673

10,746

ShotSpotter,

Inc.

(a) 363,537

20,758

Stagwell,

Inc.

(a) 128,907

5,000

Sterling

Infrastructure,

Inc.

(a) 164,000

1,600

Teekay

Tankers,

Ltd.,

Class A

(a) 49,296

8,300

Titan

International,

Inc.

(a) 127,156

5,000

Titan

Machinery,

Inc.

(a) 198,650

5,300

Triumph

Group,

Inc.

(a) 55,756

7,026

UFP

Technologies,

Inc.

(a) 828,295

2,900

V2X,

Inc.

(a) 119,741

8,320

Vishay

Precision

Group,

Inc.

(a) 321,568

Shares

Security

Description

Value

Industrials

-

25.3%

(continued)

1,700

VSE

Corp.

$

79,696

22,653

Wabash

National

Corp.

511,958

11,798,025

Real

Estate

-

1.7%

6,500

Alpine

Income

Property

Trust,

Inc.

REIT

124,020

25,900

Braemar

Hotels

&

Resorts,

Inc.

REIT

106,449

5,400

BRT

Apartments

Corp.

REIT

106,056

14,030

Plymouth

Industrial

REIT,

Inc.

269,095

7,100

The

GEO

Group,

Inc.

(a) 77,745

20,600

The

Necessity

Retail

REIT,

Inc.

122,158

805,523

Technology

-

15.8%

8,300

ADTRAN

Holdings,

Inc.

155,957

10,740

Agilysys,

Inc.

(a) 849,964

36,485

American

Well

Corp.,

Class A

(a) 103,253

10,500

Amtech

Systems,

Inc.

(a) 79,800

49,220

AXT,

Inc.

(a) 215,584

3,900

Bandwidth,

Inc.,

Class A

(a) 89,505

4,600

Benchmark

Electronics,

Inc.

122,774

27,300

BM

Technologies,

Inc.

(a) 142,233

13,500

Cantaloupe,

Inc.

(a) 58,725

9,800

Celestica,

Inc.

(a) 110,446

9,660

Cerence,

Inc.

(a) 179,000

11,380

CEVA,

Inc.

(a) 291,100

3,800

CTS

Corp.

149,796

120,000

Edgio,

Inc.

(a) 135,600

31,226

eGain

Corp.

(a) 281,971

12,700

ePlus,

Inc.

(a) 562,356

25,279

EverQuote,

Inc.,

Class A

(a) 372,612

18,015

Grid

Dynamics

Holdings,

Inc.

(a) 202,128

10,972

Hurco

Cos.,

Inc.

286,698

11,979

Ichor

Holdings,

Ltd.

(a) 321,277

6,600

indie

Semiconductor,

Inc.,

Class A

(a) 38,478

36,295

Key

Tronic

Corp.

(a) 157,157

33,913

Magnite,

Inc.

(a) 359,139

24,944

MiX

Telematics,

Ltd.,

ADR

175,356

40,599

Outbrain,

Inc.

(a) 146,968

35,028

Photronics,

Inc.

(a) 589,521

1,970

PROS

Holdings,

Inc.

(a) 47,792

14,073

Radware,

Ltd.

(a) 277,942

9,295

Red

Violet,

Inc.

(a) 213,971

14,119

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

140,202

14,800

Tactile

Systems

Technology,

Inc.

(a) 169,904

25,000

TrueCar,

Inc.

(a) 62,750

13,850

Veeco

Instruments,

Inc.

(a) 257,333

7,347,292

Telecommunications

-

2.0%

24,814

Airgain,

Inc.

(a) 161,539

1,100

Clearfield,

Inc.

(a) 103,554

2,400

Digi

International,

Inc.

(a) 87,720

21,500

Harmonic,

Inc.

(a) 281,650

3,500

IDT

Corp.,

Class A

(a) 98,595

4,700

NETGEAR,

Inc.

(a) 85,117

25,510

TESSCO

Technologies,

Inc.

(a) 122,958

941,133

Utilities

-

0.6%

3,900

Heritage-Crystal

Clean,

Inc.

(a) 126,672

16,571

Select

Energy

Services,

Inc.,

Class A

153,116

279,788

Total

Common

Stock

(Cost

$44,933,049)

45,664,217

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

December

31,

2022

See

Notes

to

Financial

Statements.

At

December

31,

,

the

Fund

held

the

following

exchange

traded

futures

contract:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

December

31,

2022. 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.

\* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

unrealized

appreciation

(depreciation)

at

period

end.

The

Level

value

displayed

in

this

table

is

Common

Stock.

The

Level

value

displayed

in

this

table

is

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

Shares

Security

Description

Value

Money

Market

Fund

-

1.6%

732,047

First

American

Government

Obligations

Fund,

Class X,

4.10%

(b) (Cost

$732,047)

$

732,047

Investments,

at

value

-

99.7%

(Cost

$45,665,096)

$

46,396,264

Other

Assets

&

Liabilities,

Net

-

0.3%

161,311

Net

Assets

-

100.0%

$

46,557,575

ADR

American

Depositary

Receipt

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022. Contracts

Description

Exp.Date

Notional

Contract

Value

Value

Net

Unrealized

Depreciation

CME

E-mini

Russell

2000

Index

Future

03/17/23

$

450,987

$

442,725

$(8,262)

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

45,664,217

$

(8,262)

Level

-

Other

Significant

Observable

Inputs

732,047

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

46,396,264

$

(8,262)

PORTFOLIO

HOLDINGS

%

of

Total

Investments

Basic

Materials

2.4%

Consumer

Discretionary

11.2%

Consumer

Staples

1.5%

Energy

5.1%

Financials

11.1%

Health

Care

21.6%

Industrials

25.4%

Real

Estate

1.7%

Technology

15.8%

Telecommunications

2.0%

Utilities

0.6%

Money

Market

Fund

1.6%

100.0%

ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2022

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

$45,665,096)

$

46,396,264

Deposits

with

broker

for

futures

213,637

Receivables:

Fund

shares

sold

52,002

Dividends

17,065

Trustees'

fees

and

expenses

Prepaid

expenses

12,798

Total

Assets

46,692,071

LIABILITIES

Payables:

Investment

securities

purchased

21,507

Fund

shares

redeemed

47,366

Accrued

Liabilities:

Investment

adviser

fees

31,062

Fund

services

fees

13,010

Other

expenses

21,551

Total

Liabilities

134,496

NET

ASSETS

$

46,557,575

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

49,510,778

Accumulated

loss

(2,953,203)

NET

ASSETS

$

46,557,575

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

4,093,998

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE\*

Institutional

Shares

(based

on

net

assets

of

$46,557,575)

$

11.37 ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

OPERATIONS

FOR

THE

SIX

MONTHS

ENDED

DECEMBER

31,

2022

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$680)

$

314,879

Total

Investment

Income

314,879

EXPENSES

Investment

adviser

fees

316,994

Fund

services

fees

94,438

Custodian

fees

13,975

Registration

fees

11,732

Professional

fees

22,426

Trustees'

fees

and

expenses

3,219

Other

expenses

53,836

Total

Expenses

516,620

Fees

waived

(136,228)

Net

Expenses

380,392

NET

INVESTMENT

LOSS

(65,513)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

loss

on:

Investments

(467,703)

Futures

(21,837)

Net

realized

loss

(489,540)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

2,914,077

Futures

28,986

Net

change

in

unrealized

appreciation

(depreciation)

2,943,063

NET

REALIZED

AND

UNREALIZED

GAIN

2,453,523

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

2,388,010

ACUITAS

US

MICROCAP

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Six

Months

Ended

December

31,

2022

For

the

Year

Ended

June

30,

2022

OPERATIONS

Net

investment

loss

$

(65,513)

$

(232,535)

Net

realized

gain

(loss)

(489,540)

5,063,864

Net

change

in

unrealized

appreciation

(depreciation)

2,943,063

(20,765,059)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,388,010

(15,933,730)

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

(2,851,832)

(4,606,485)

Total

Distributions

Paid

(2,851,832)

(4,606,485)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

3,594,987

11,116,557

Reinvestment

of

distributions:

Institutional

Shares

2,826,612

4,580,234

Redemption

of

shares:

Institutional

Shares

(6,479,455)

(14,495,313)

Redemption

fees:

Institutional

Shares

1,259

557

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

(56,597)

1,202,035

Decrease

in

Net

Assets

(520,419)

(19,338,180)

NET

ASSETS

Beginning

of

Period

47,077,994

66,416,174

End

of

Period

$

46,557,575

$

47,077,994

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

301,954

779,405

Reinvestment

of

distributions:

Institutional

Shares

244,517

320,072

Redemption

of

shares:

Institutional

Shares

(536,222)

(980,826)

Increase

in

Shares

10,249

118,651

ACUITAS

US

MICROCAP

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

December

31,

2022

For

the

Years

Ended

June

30,

2022

2021

2020

2019

2018

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

11.53 $

16.75 $

8.76 $

10.05 $

14.17 $

12.57 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.02)

(0.06)

(0.05)

(0.05)

(0.09)

(0.12)

Net

realized

and

unrealized

gain

(loss)

0.59 (3.91)

8.04 (1.23)

(1.46)

2.19 Total

from

Investment

Operations

0.57 (3.97)

7.99 (1.28)

(1.55)

2.07 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

(0.73)

(1.25)

–

(0.01)

(2.57)

(0.47)

Total

Distributions

to

Shareholders

(0.73)

(1.25)

–

(0.01)

(2.57)

(0.47)

REDEMPTION

FEES(a)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

0.00(b)

NET

ASSET

VALUE,

End

of

Period

$

11.37 $

11.53 $

16.75 $

8.76 $

10.05 $

14.17 TOTAL

RETURN

4.82%(c)

(25.17)%

91.21%

(12.75)%

(9.68)%

16.77%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

46,558

$

47,078

$

66,416

$

40,483

$

77,663

$

108,339

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.26)%(d)

(0.41)%

(0.36)%

(0.47)%

(0.78)%

(0.91)%

Net

expenses

1.50%(d)

1.50%

1.50%

1.70%

1.70%

1.70%

Gross

expenses

(e) 2.04%(d)

2.00%

2.08%

2.03%

1.87%

1.80%

PORTFOLIO

TURNOVER

RATE

28%(c)

61%

78%

74%

108%

48%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

Note

1. Organization

The

Acuitas

US

Microcap

Fund

(the

"Fund")

is

a

diversified

portfolio

of

Forum

Funds

II

(the

"Trust").

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Act").

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

the

Fund's

shares

of

beneficial

interest

without

par

value.

The

Fund

currently

offers

two

classes

of

shares:

Institutional

Shares

and

Investor

Shares.

As

of

December

31,

2022,

Investor

Shares

had

not

commenced

operations.

The

Fund

seeks

capital

appreciation.

The

Fund

commenced

operations

on

July

18,

2014. Note

2. Summary

of

Significant

Accounting

Policies

The

Fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946,

"Financial

Services

–

Investment

Companies."

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation

–

Securities

are

valued

at

market

prices

using

the

last

quoted

trade

or

official

closing

price

from

the

principal

exchange

where

the

security

is

traded,

as

provided

by

independent

pricing

services

on

each

Fund

business

day.

In

the

absence

of

a

last

trade,

securities

are

valued

at

the

mean

of

the

last

bid

and

ask

price

provided

by

the

pricing

service.

Futures

contracts

are

valued

at

the

day's

settlement

price

on

the

exchange

where

the

contract

is

traded.

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

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

valued

at

amortized

cost.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser,

as

defined

in

Note

3,

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.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

Level

-

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

a

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities'

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

-

Significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

December

31,

2022,

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.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Futures

Contracts

–

The

Fund

may

purchase

index

futures

contracts

to

equitize

the

Fund's

cash

position.

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.

Such

receipts

or

payments

are

known

as

"variation

margin"

and

are

recorded

by

the

Fund

as

unrealized

gains

or

losses.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

value

at

the

time

it

was

closed.

Risks

of

entering

into

futures

contracts

include

the

possibility

that

there

may

be

an

illiquid

market

and

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

changes

in

the

value

of

the

underlying

securities.

Notional

amounts

of

each

individual

futures

contract

outstanding

as

of

December

31,

2022,

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

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

fiscal

years

after

they

are

filed.

As

of

December

31,

2022,

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

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

the

imposition

of

the

redemption

fee.

Redemption

fees

incurred

for

the

Fund,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

by

the

Fund

to

the

counterparty

to

the

contract.

The

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

the

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

The

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

the

Fund's

balance

sheet.

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

fee,

calculated

as

a

percentage

of

the

Fund's

average

daily

net

assets

managed

by

the

subadviser,

is

paid

by

the

Adviser.

Distribution

–

Foreside

Fund

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(doing

business

as

ACA

Group),

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

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

the

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

an

Anti-Money

Laundering

Officer

to

the

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

The

Trust

pays

each

Independent

Trustee

an

annual

fee

of

$16,000

($21,000

for

the

Chairman)

for

service

to

the

Trust.

The

Independent

Trustees

and

Chairman

may

receive

additional

fees

for

special

Board

meetings.

The

Independent

Trustees

are

also

reimbursed

for

all

reasonable

out-of-pocket

expenses

incurred

in

connection

with

their

duties

as

Trustees,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Independent

Trustees'

fees

attributable

to

the

Fund

is

disclosed

in

the

Statement

of

Operations.

Certain

officers

of

the

Trust

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Fund.

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,

2023. Other

fund

service

providers

have

voluntarily

agreed

to

waive

a

portion

of

their

fees.

Voluntary

fee

waivers

may

be

reduced

or

eliminated

at

any

time.

For

the

period

ended

December

31,

2022,

the

fees

waived

and/or

reimbursed

expenses

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i)

the

then-current

expense

cap

and

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

125,054

$

11,174

$

136,228

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

December

31,

2022,

$779,152

is

subject

to

recapture

by

the

adviser.

Other

waivers

are

not

eligible

for

recoupment.

Note

5. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

period

ended

December

31,

2022,

totaled

$

13,316,435

and

$

15,146,439

,

respectively.

Note

6. Summary

of

Derivative

Activity

The

volume

of

open

derivative

positions

may

vary

on

a

daily

basis

as

the

Fund

transacts

derivative

contracts

in

order

to

achieve

the

exposure

desired

by

the

Adviser.

The

notional

value

of

activity

for

the

period

ended

December

31,

2022

,

for

futures

contracts

was

$

,

567

,

.

The

Fund's

use

of

derivatives

for

the

period

ended

December

31,

2022

,

was

limited

to

futures

contracts.

Following

is

a

summary

of

the

effect

of

derivatives

on

the

Statement

of

Assets

and

Liabilities

as

of

December

31,

2022. Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

for

the

period

ended

December

31,

2022

,

are

recorded

by

the

Fund

in

the

following

locations

on

the

Statement

of

Operations:

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

investments

at

December

31,

2022. These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

Note

7. Federal

Income

Tax

As

of

December

31,

2022,

the

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

the

components

of

net

unrealized

appreciation

consists

of:

Location:

Equity

Contracts

Liability

derivatives:

Unrealized

depreciation

on

futures\*

$

(8,262)

\*

Balance

is

included

in

the

deposits

with

broker

for

futures

on

the

Statement

of

Assets

and

Liabilities.

Location:

Equity

Contracts

Net

realized

loss

on:

Futures

$

(21,837)

Total

net

realized

loss

$

(21,837)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

28,986

Total

net

change

in

unrealized

appreciation

(depreciation)

$

28,986

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged\*

Cash

Collateral

(Received)

Pledged\*

Net

Amount

Unrealized

Depreciation

on

Futures\*\*

$

(8,262)

$

-

$

8,262

$

-

\*

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

on

the

Statement

of

Assets

and

Liabilities.

Gross

Unrealized

Appreciation

$

8,257,277

Gross

Unrealized

Depreciation

(7,526,109)

Net

Unrealized

Appreciation

$

731,168

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

As

of

June

30,

2022,

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,

equity

return

of

capital,

and

wash

sales.

For

tax

purposes,

the

prior

year

post-October

loss

was

$1,709,606

for

the

Fund

(realized

during

the

period

November

1,

2021

through

June

30,

2022).

This

loss

was

recognized

for

tax

purposes

on

the

first

business

day

of

the

Fund's

fiscal

year,

July

1,

2022. 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.

Management

has

evaluated

the

need

for

additional

disclosures

and/or

adjustments

resulting

from

subsequent

events.

Based

on

this

evaluation,

no

additional

disclosures

or

adjustments

were

required.

Other

Temporary

Differences

$

(721) Undistributed

Long-Term

Gain

2,852,012

Capital

and

Other

Losses

(1,709,606)

Unrealized

Depreciation

(3,631,066)

Total

$

(2,489,381)

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

December

31,

2022

Liquidity

Risk

Management

Program

The

Fund

has

adopted

and

implemented

a

written

liquidity

risk

management

program,

as

required

by

Rule

22e-4

(the

"Liquidity

Rule")

under

the

Investment

Company

Act

of

1940,

as

amended.

The

liquidity

risk

management

program

is

reasonably

designed

to

assess

and

manage

the

Fund's

liquidity

risk,

taking

into

consideration,

among

other

factors,

the

Fund's

investment

strategy

and

the

liquidity

of

the

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

its

short

and

long-term

cash

flow

projections

and

its

cash

holdings

and

access

to

other

funding

sources.

The

Board

approved

the

designation

of

the

Trust's

Valuation

Committee

as

the

administrator

of

the

liquidity

risk

management

program

(the

"Program

Administrator").

The

Program

Administrator

is

responsible

for

the

administration

and

oversight

of

the

program

and

for

reporting

to

the

Board

on

at

least

an

annual

basis

regarding,

among

other

things,

the

program's

operation,

adequacy,

and

effectiveness.

The

Program

Administrator

assessed

the

Fund's

liquidity

risk

profile

based

on

information

gathered

for

the

period

July

1,

2021

through

June

30,

2022

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

September

16,

2022. The

Program

Administrator's

written

report

stated

that:

(i) the

Fund

is

able

to

meet

redemptions

in

normal

and

reasonably

foreseeable

stressed

conditions

and

without

significant

dilution

of

remaining

shareholders'

interests

in

the

Fund;

(ii) the

Fund's

strategy

is

appropriate

for

an

open-end

mutual

fund;

(iii) the

liquidity

classification

determinations

regarding

the

Fund's

portfolio

investments,

which

take

into

account

a

variety

of

factors

and

may

incorporate

analysis

from

one

or

more

third-party

data

vendors,

remained

appropriate;

(iv) the

Fund

did

not

approach

the

internal

triggers

set

forth

in

the

liquidity

risk

management

program

or

the

regulatory

percentage

limitation

(15%)

on

holdings

in

illiquid

investments;

(v) it

continues

to

be

appropriate

to

not

set

a

"highly

liquid

investment

minimum"

for

the

Fund

because

the

Fund

primarily

holds

"highly

liquid

investments";

and

(vi) the

liquidity

risk

management

program

remains

reasonably

designed

and

adequately

implemented

to

prevent

violations

of

the

Liquidity

Rule.

No

significant

liquidity

events

impacting

the

Fund

or

proposed

changes

to

the

Program

were

noted

in

the

report.

Proxy

Voting

Information

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

securities

held

in

the

Fund's

portfolio

is

available,

without

charge

and

upon

request,

by

calling

(844) 805-5628

and

on

the

U.S.

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

The

Fund's

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June

is

available,

without

charge

and

upon

request,

by

calling

(844) 805-5628

and

on

the

SEC's

website

at

www.sec.gov.

Availability

of

Quarterly

Portfolio

Schedules

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Forms

N-PORT

are

available

free

of

charge

on

the

SEC's

website

at

www.sec.gov.

Shareholder

Expense

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1) transaction

costs,

including

redemption

fees,

and

(2) ongoing

costs,

including

management

fees,

distribution

and/or

service

(12b-1)

fees

(for

Investor

Shares

only)

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund,

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

July

1,

2022

through

December

31,

2022. Actual

Expenses

–

The

first

line

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

December

31,

2022

Hypothetical

Example

for

Comparison

Purposes

–

The

second

line

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

redemption

fees.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Beginning

Account

Value

July

1,

2022

Ending

Account

Value

December

31,

2022

Expenses

Paid

During

Period\*

Annualized

Expense

Ratio\*

Institutional

Shares

Actual

$

1,000.00

$

1,048.23

$

7.74 1.50%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,017.64

$

7.63 1.50%

\*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half-year

(184) divided

by

to

reflect

the

half-year

period.

220-SAR-1222

FOR

MORE

INFORMATION

Investment

Adviser

Acuitas

Investments,

LLC

520

Pike

Street,

Suite

1221

Seattle,

WA

98101

www.acuitasinvestments.com

Transfer

Agent

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

www.apexgroup.com

Distributor

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

Portland,

ME

04101

www.foreside.com

Acuitas

US

Microcap

Fund

P.O.

Box

588

Portland,

ME

04112

(844) 805-5628

www.acuitasfunds.com

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. INVESTMENTS.

(a) &nbsp;&nbsp;&nbsp;&nbsp; Included as part of report to shareholders under Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the board of trustees from shareholders.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) 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. (Exhibit filed herewith)](cert906.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/ Jessica Chase |
|  | Jessica Chase, Principal Executive Officer |
| Date: | 2/10/2023 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Jessica Chase |
|  | Jessica Chase, Principal Executive Officer |
| Date: | 2/10/2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | 2/10/2023 |

---

## Ex-99.Cert

**Exhibit 1A**

# Forum Funds II
I, Jessica Chase, 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.&nbsp;&nbsp;&nbsp;&nbsp; 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: | 2/10/2023 | /s/ Jessica Chase |
|  |  | Jessica Chase |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

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.&nbsp;&nbsp;&nbsp;&nbsp; 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: | 2/10/2023 | /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 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;

---

| | |
|:---|:---|
| Dated: | 2/10/2023 |
|  | /s/ Jessica Chase |
|  | Jessica Chase |
|  | Principal Executive Officer |
| Dated: | 2/10/2023 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

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