Forum Funds II

02/25/2026 | Press release | Distributed by Public on 02/25/2026 10:54

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22842
FORUM FUNDS II
190 Middle Street, Suite 101
Portland, Maine 04101
Zachary Tackett, Principal Executive Officer
190 Middle Street, Suite 101
Portland, Maine 04101
207-347-2000
Date of fiscal year end June 30
Date of reporting period: July 1, 2025- December 31, 2025

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

Acuitas US Microcap Fund

AFMCX

: Institutional Shares

Semi-Annual Shareholder Report - December 31, 2025

Fund Overview

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

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$82
1.50%

How did the Fund perform in the last six months?

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

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

Total Return Based on a $10,000 Investment

Date
Acuitas US Microcap Fund
Russell 3000 Index
Russell Microcap® Index
12/31/15
$10,000
$10,000
$10,000
03/31/16
$9,612
$10,097
$9,457
06/30/16
$10,058
$10,362
$9,832
09/30/16
$10,901
$10,818
$10,938
12/31/16
$12,155
$11,274
$12,037
03/31/17
$11,940
$11,921
$12,083
06/30/17
$12,292
$12,280
$12,546
09/30/17
$13,202
$12,842
$13,380
12/31/17
$13,402
$13,656
$13,622
03/31/18
$13,260
$13,568
$13,714
06/30/18
$14,354
$14,095
$15,081
09/30/18
$14,790
$15,099
$15,207
12/31/18
$11,675
$12,940
$11,840
03/31/19
$13,210
$14,757
$13,391
06/30/19
$12,965
$15,361
$13,515
09/30/19
$12,668
$15,540
$12,777
12/31/19
$14,230
$16,954
$14,496
03/31/20
$8,961
$13,410
$9,859
06/30/20
$11,312
$16,364
$12,870
09/30/20
$12,061
$17,871
$13,345
12/31/20
$16,231
$20,495
$17,534
03/31/21
$20,273
$21,796
$21,722
06/30/21
$21,629
$23,592
$22,622
09/30/21
$20,518
$23,568
$21,495
12/31/21
$20,986
$25,754
$20,924
03/31/22
$19,217
$24,395
$19,335
06/30/22
$16,185
$20,321
$15,669
09/30/22
$16,003
$19,413
$15,594
12/31/22
$16,966
$20,808
$16,330
03/31/23
$17,593
$22,302
$15,869
06/30/23
$18,458
$24,172
$16,709
09/30/23
$17,712
$23,386
$15,383
12/31/23
$19,920
$26,209
$17,854
03/31/24
$21,114
$28,835
$18,690
06/30/24
$19,682
$29,762
$17,704
09/30/24
$20,980
$31,616
$19,172
12/31/24
$21,572
$32,448
$20,301
03/31/25
$18,346
$30,916
$17,380
06/30/25
$21,050
$34,314
$20,077
09/30/25
$23,462
$37,120
$23,497
12/31/25
$24,470
$38,012
$24,966

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® Index to the Russell 3000® Index due to regulatory requirements. The Fund retained the Russell Microcap® Index as a secondary benchmark because the Russell Microcap® Index more closely aligns with the Fund's investment strategies and investment restrictions.

Average Annual Total Returns

One Year
Five Year
Ten Year
Acuitas US Microcap Fund
13.43%
8.56%
9.36%
Russell 3000 Index
17.15%
13.15%
14.29%
Russell Microcap®Index
22.98%
7.32%
9.58%

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

Fund Statistics

Total Net Assets
$102,811,036
# of Portfolio Holdings
264
Portfolio Turnover Rate
40%
Investment Advisory Fees (Net of fees waived)
$472,009

Asset Class Weightings

(% total investments)

Value
Value
Common Stock
98.4%
Money Market Fund
1.6%

Sector Weightings

(% total investments)*

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

* excluding cash equivalents

Top Ten Holdings

(% of total investments)*

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

* excluding cash equivalents

Where can I find additional information about the fund?

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

Acuitas US Microcap Fund

220S-AFMCX-25

AFMCX

Semi-Annual Shareholder Report - December 31, 2025

(b) Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Included as part of financial statements filed under Item 7(a).
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
ACUITAS
US
MICROCAP
FUND
SEMI-ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
December
31,
2025
(Unaudited)
TABLE
OF
CONTENTS
Schedule
of
Investments
3
Statement
of
Assets
and
Liabilities
6
Statement
of
Operations
7
Statements
of
Changes
in
Net
Assets
8
Financial
Highlights
9
Notes
to
Financial
Statements
10
Other
Information
15
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
December
31,
2025
3
See
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Common
Stock
-
98.4%
Basic
Materials
-
1.4%
36,969‌
Dakota
Gold
Corp.
(a)
$
209,984‌
8,463‌
Energy
Fuels,
Inc./Canada
(a)
123,052‌
2,113‌
Kaiser
Aluminum
Corp.
242,699‌
39,795‌
Northern
Technologies
International
Corp.
311,595‌
4,595‌
Perpetua
Resources
Corp.
(a)
111,245‌
75,122‌
Taseko
Mines,
Ltd.
(a)
425,190‌
7,083‌
U.S.
Antimony
Corp.
(a)
35,557‌
1,459,322‌
Consumer
Discretionary
-
10.1%
7,335‌
Acme
United
Corp.
295,674‌
3,700‌
Allegiant
Travel
Co.
(a)
315,499‌
59,196‌
Arhaus,
Inc.
(a)
663,587‌
10,566‌
Build-A-Bear
Workshop,
Inc.,
Class A
647,379‌
8,499‌
Climb
Global
Solutions,
Inc.
873,612‌
35,812‌
Crown
Crafts,
Inc.
99,199‌
84,176‌
Digital
Turbine,
Inc.
(a)
420,880‌
48,165‌
Duluth
Holdings,
Inc.,
Class B
(a)
100,183‌
54,800‌
El
Pollo
Loco
Holdings,
Inc.
(a)
573,208‌
21,000‌
First
Watch
Restaurant
Group,
Inc.
(a)
316,680‌
74,910‌
Fluent,
Inc.
(a)
179,784‌
189,272‌
FTAI
Infrastructure,
Inc.
872,544‌
8,734‌
Gentherm,
Inc.
(a)
317,656‌
20,395‌
Interface,
Inc.
569,428‌
17,675‌
Kura
Sushi
USA,
Inc.,
Class A
(a)
924,933‌
15,219‌
Lands'
End,
Inc.
(a)
220,980‌
8,600‌
Liquidity
Services,
Inc.
(a)
260,666‌
11,371‌
Malibu
Boats,
Inc.,
Class A
(a)
320,776‌
26,579‌
Owlet,
Inc.
(a)
430,314‌
3,265‌
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
109,965‌
29,844‌
Shoe
Carnival,
Inc.
503,767‌
62,475‌
Sportsman's
Warehouse
Holdings,
Inc.
(a)
91,214‌
3,391‌
Standard
Motor
Products,
Inc.
124,958‌
5,747‌
Sun
Country
Airlines
Holdings,
Inc.
(a)
82,699‌
22,540‌
Universal
Technical
Institute,
Inc.
(a)
588,970‌
657‌
Victoria's
Secret
&
Co.
(a)
35,590‌
15,635‌
Zumiez,
Inc.
(a)
407,292‌
10,347,437‌
Consumer
Staples
-
1.6%
39,458‌
Cronos
Group,
Inc.
(a)
103,775‌
51,380‌
Mama's
Creations,
Inc.
(a)
693,116‌
17,400‌
MGP
Ingredients,
Inc.
422,820‌
7,505‌
Oil-Dri
Corp.
of
America
367,295‌
21,388‌
SunOpta,
Inc.
(a)
81,274‌
1,668,280‌
Energy
-
4.3%
7,482‌
American
Superconductor
Corp.
(a)
215,332‌
2,310‌
Centrus
Energy
Corp.,
Class A
(a)
560,776‌
12,100‌
Civitas
Resources,
Inc.
327,789‌
8,416‌
Flotek
Industries,
Inc.
(a)
145,008‌
55,250‌
Geospace
Technologies
Corp.
(a)
934,277‌
21,835‌
Innovex
International,
Inc.
(a)
477,531‌
20,500‌
Matrix
Service
Co.
(a)
239,850‌
73,520‌
NPK
International,
Inc.
(a)
876,358‌
24,252‌
Oil
States
International,
Inc.
(a)
164,186‌
12,090‌
Stabilis
Solutions,
Inc.
(a)
55,010‌
111,050‌
VAALCO
Energy,
Inc.
404,222‌
4,400,339‌
Financials
-
14.7%
6,752‌
Alpine
Banks
of
Colorado,
Class B
268,730‌
76,400‌
American
Coastal
Insurance
Corp.
(a)
964,932‌
5,614‌
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class E
250,384‌
Shares
Security
Description
Value
Financials
-
14.7%
(continued)
1,568‌
Bank
First
Corp.
$
191,014‌
15,320‌
Bank
of
Marin
Bancorp
398,473‌
9,871‌
Bankwell
Financial
Group,
Inc.
452,289‌
6,058‌
Business
First
Bancshares,
Inc.
158,356‌
27,796‌
Capitol
Federal
Financial,
Inc.
189,291‌
6,827‌
Central
Pacific
Financial
Corp.
212,729‌
4,650‌
Community
Trust
Bancorp,
Inc.
262,725‌
8,053‌
ConnectOne
Bancorp,
Inc.
211,150‌
18,150‌
Customers
Bancorp,
Inc.
(a)
1,327,128‌
2,178‌
Dave,
Inc.
(a)
482,231‌
6,400‌
Enova
International,
Inc.
(a)
1,006,080‌
4,453‌
First
Financial
Corp.
269,050‌
37,231‌
First
Western
Financial,
Inc.
(a)
998,163‌
4,967‌
Five
Star
Bancorp
177,719‌
6,251‌
Hanmi
Financial
Corp.
168,965‌
25,923‌
Heritage
Commerce
Corp.
311,335‌
6,398‌
Heritage
Financial
Corp./WA
151,313‌
12,572‌
Heritage
Insurance
Holdings,
Inc.
(a)
367,857‌
24,861‌
International
General
Insurance
Holdings,
Ltd.
623,762‌
1,444‌
Investors
Title
Co.
360,480‌
4,445‌
LendingTree,
Inc.
(a)
235,985‌
60,575‌
Medallion
Financial
Corp.
623,317‌
4,196‌
Mercantile
Bank
Corp.
201,828‌
29,914‌
Metalla
Royalty
&
Streaming,
Ltd.
(a)
232,731‌
8,100‌
MVB
Financial
Corp.
209,223‌
33,765‌
NB
Bancorp,
Inc.
669,222‌
11,436‌
Northrim
BanCorp,
Inc.
304,312‌
13,096‌
OP
Bancorp
184,916‌
19,000‌
Porch
Group,
Inc.
(a)
173,470‌
10,670‌
PRA
Group,
Inc.
(a)
188,752‌
19,115‌
Regional
Management
Corp.
740,706‌
20,927‌
Silvercrest
Asset
Management
Group,
Inc.
317,881‌
21,549‌
SuRo
Capital
Corp.
203,423‌
7,120‌
Texas
Capital
Bancshares,
Inc.
(a)
644,645‌
3,849‌
Unity
Bancorp,
Inc.
199,070‌
6,478‌
Univest
Financial
Corp.
212,090‌
15,145,727‌
Health
Care
-
22.0%
129,225‌
908
Devices,
Inc.
(a)
678,431‌
35,654‌
Aclaris
Therapeutics,
Inc.
(a)
107,319‌
15,543‌
Adaptive
Biotechnologies
Corp.
(a)
252,418‌
3,409‌
Addus
HomeCare
Corp.
(a)
366,092‌
5,931‌
ADMA
Biologics,
Inc.
(a)
108,181‌
18,635‌
Agenus,
Inc.
(a)
58,514‌
4,300‌
AnaptysBio,
Inc.
(a)
208,464‌
8,303‌
ARS
Pharmaceuticals,
Inc.
(a)
96,730‌
44,059‌
Avanos
Medical,
Inc.
(a)
494,783‌
26,796‌
Azenta,
Inc.
(a)
891,235‌
10,000‌
Beta
Bionics,
Inc.
(a)
304,700‌
22,593‌
BioLife
Solutions,
Inc.
(a)
546,299‌
22,665‌
Bioventus,
Inc.
(a)
168,628‌
9,245‌
CareDx,
Inc.
(a)
174,176‌
2,300‌
Celcuity,
Inc.
(a)
229,402‌
10,574‌
Cogent
Biosciences,
Inc.
(a)
375,588‌
13,231‌
Cormedix,
Inc.
(a)
153,877‌
15,965‌
Corvus
Pharmaceuticals,
Inc.
(a)
122,930‌
36,472‌
CytomX
Therapeutics,
Inc.
(a)
155,371‌
14,478‌
Design
Therapeutics,
Inc.
(a)
135,804‌
4,138‌
Edgewise
Therapeutics,
Inc.
(a)
102,684‌
18,506‌
Electromed,
Inc.
(a)
538,895‌
16,618‌
Embecta
Corp.
197,422‌
17,350‌
Eton
Pharmaceuticals,
Inc.
(a)
293,388‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
December
31,
2025
4
See
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Health
Care
-
22.0%
(continued)
9,200‌
EyePoint,
Inc.
(a)
$
168,084‌
18,750‌
Harmony
Biosciences
Holdings,
Inc.
(a)
701,625‌
87,726‌
Harvard
Bioscience,
Inc.
(a)
58,671‌
10,155‌
Healthcare
Services
Group,
Inc.
(a)
194,164‌
9,481‌
HealthStream,
Inc.
218,727‌
15,913‌
Immunome,
Inc.
(a)
341,811‌
35,353‌
InfuSystem
Holdings,
Inc.
(a)
317,116‌
29,077‌
Inmode,
Ltd.
(a)
427,141‌
17,306‌
iRadimed
Corp.
1,683,528‌
43,319‌
Ironwood
Pharmaceuticals,
Inc.
(a)
145,985‌
8,500‌
Kiniksa
Pharmaceuticals
International
PLC
(a)
350,625‌
56,926‌
KORU
Medical
Systems,
Inc.
(a)
330,740‌
4,226‌
LeMaitre
Vascular,
Inc.
342,729‌
4,400‌
LENZ
Therapeutics,
Inc.
(a)
70,400‌
4,858‌
Liquidia
Corp.
(a)
167,552‌
95,451‌
MiMedx
Group,
Inc.
(a)
646,203‌
3,287‌
Mineralys
Therapeutics,
Inc.
(a)
119,285‌
121,578‌
Niagen
Bioscience,
Inc.
(a)
773,236‌
2,733‌
Olema
Pharmaceuticals,
Inc.
(a)
68,325‌
10,663‌
OptimizeRx
Corp.
(a)
130,728‌
20,555‌
Organogenesis
Holdings,
Inc.
(a)
106,475‌
16,976‌
OrthoPediatrics
Corp.
(a)
301,494‌
25,320‌
Pacira
BioSciences,
Inc.
(a)
655,282‌
20,134‌
Pediatrix
Medical
Group,
Inc.
(a)
430,666‌
8,051‌
Phibro
Animal
Health
Corp.,
Class A
300,785‌
14,076‌
Photronics,
Inc.
(a)
450,432‌
34,381‌
Phreesia,
Inc.
(a)
581,727‌
685‌
Praxis
Precision
Medicines,
Inc.
(a)
201,897‌
4,930‌
Rigel
Pharmaceuticals,
Inc.
(a)
211,152‌
11,242‌
Sensus
Healthcare,
Inc.
(a)
44,743‌
24,132‌
SI-BONE,
Inc.
(a)
475,883‌
9,897‌
Stoke
Therapeutics,
Inc.
(a)
314,131‌
8,060‌
Supernus
Pharmaceuticals,
Inc.
(a)
400,582‌
9,500‌
Syndax
Pharmaceuticals,
Inc.
(a)
199,595‌
6,977‌
Tactile
Systems
Technology,
Inc.
(a)
202,333‌
33,225‌
Taysha
Gene
Therapies,
Inc.
(a)
182,737‌
4,118‌
Terns
Pharmaceuticals,
Inc.
(a)
166,367‌
24,230‌
The
Joint
Corp.
(a)
211,286‌
17,867‌
The
Pennant
Group,
Inc.
(a)
502,956‌
10,625‌
Theravance
Biopharma,
Inc.
(a)
198,794‌
14,495‌
Trevi
Therapeutics,
Inc.
(a)
181,477‌
8,142‌
Tyra
Biosciences,
Inc.
(a)
214,053‌
5,577‌
US
Physical
Therapy,
Inc.
435,508‌
6,420‌
Utah
Medical
Products,
Inc.
359,263‌
5,592‌
WaVe
Life
Sciences,
Ltd.
(a)
95,064‌
4,729‌
Xenon
Pharmaceuticals,
Inc.
(a)
211,954‌
67,895‌
Xeris
Biopharma
Holdings,
Inc.
(a)
532,976‌
14,561‌
Zymeworks,
Inc.
(a)
383,391‌
22,571,009‌
Industrials
-
25.1%
10,164‌
Aebi
Schmidt
Holding
AG
128,575‌
16,759‌
Allient,
Inc.
900,796‌
20,642‌
Amprius
Technologies,
Inc.
(a)
162,865‌
7,855‌
Applied
Digital
Corp.
(a)
192,605‌
49,260‌
Archer
Aviation,
Inc.,
Class A
(a)
370,435‌
4,279‌
Astronics
Corp.
(a)
232,093‌
2,241‌
Atlanticus
Holdings
Corp.
(a)
150,035‌
25,366‌
Barrett
Business
Services,
Inc.
918,503‌
1,750‌
Bel
Fuse,
Inc.,
Class B
296,853‌
42,915‌
BGSF,
Inc.
(a)
198,696‌
5,917‌
BlueLinx
Holdings,
Inc.
(a)
363,481‌
6,532‌
CECO
Environmental
Corp.
(a)
390,940‌
Shares
Security
Description
Value
Industrials
-
25.1%
(continued)
6,653‌
Cipher
Mining,
Inc.
(a)
$
98,198‌
65,128‌
Concrete
Pumping
Holdings,
Inc.
(a)
437,009‌
60,529‌
Core
Molding
Technologies,
Inc.
(a)
1,213,606‌
3,832‌
CRA
International,
Inc.
769,063‌
98,070‌
Cryoport,
Inc.
(a)
941,472‌
189,600‌
DHI
Group,
Inc.
(a)
293,880‌
25,024‌
Ducommun,
Inc.
(a)
2,380,533‌
27,654‌
eHealth,
Inc.
(a)
127,208‌
17,778‌
Energy
Recovery,
Inc.
(a)
239,825‌
22,106‌
Enovix
Corp.
(a)
161,595‌
14,061‌
Franklin
Covey
Co.
(a)
235,944‌
28,401‌
Freightcar
America,
Inc.
(a)
314,399‌
16,623‌
Graham
Corp.
(a)
1,067,695‌
23,979‌
Great
Lakes
Dredge
&
Dock
Corp.
(a)
314,604‌
30,595‌
Information
Services
Group,
Inc.
176,839‌
14,202‌
Insteel
Industries,
Inc.
449,777‌
23,172‌
Janus
International
Group,
Inc.
(a)
151,545‌
15,500‌
LightPath
Technologies,
Inc.
(a)
167,400‌
18,906‌
Mayville
Engineering
Co.,
Inc.
(a)
353,920‌
14,243‌
Mesa
Laboratories,
Inc.
1,118,076‌
13,229‌
Montrose
Environmental
Group,
Inc.
(a)
328,476‌
29,460‌
Myers
Industries,
Inc.
551,491‌
7,635‌
Napco
Security
Technologies,
Inc.
318,380‌
4,525‌
Natural
Gas
Services
Group,
Inc.
152,266‌
15,225‌
Orion
Energy
Systems,
Inc.
(a)
234,161‌
34,240‌
Park
Aerospace
Corp.
730,682‌
95,036‌
Proficient
Auto
Logistics,
Inc.
(a)
916,147‌
79,956‌
Ranpak
Holdings
Corp.
(a)
432,562‌
4,741‌
RCM
Technologies,
Inc.
(a)
96,930‌
143,450‌
Resources
Connection,
Inc.
722,988‌
28,649‌
Soldi
Power,
Inc.
(a)
121,758‌
6,503‌
Tectonic
Therapeutic,
Inc.
(a)
135,653‌
2,737‌
The
Gorman-Rupp
Co.
130,692‌
2,052‌
The
Monarch
Cement
Co.
482,220‌
38,227‌
Thermon
Group
Holdings,
Inc.
(a)
1,420,515‌
12,759‌
Titan
Machinery,
Inc.
(a)
191,895‌
13,150‌
Transcat,
Inc.
(a)
746,000‌
2,629‌
Tutor
Perini
Corp.
176,196‌
3,926‌
Twin
Disc,
Inc.
65,486‌
17,474‌
Ultra
Clean
Holdings,
Inc.
(a)
442,616‌
14,362‌
Ultralife
Corp.
(a)
82,151‌
39,268‌
Vishay
Precision
Group,
Inc.
(a)
1,511,818‌
40,575‌
Wabash
National
Corp.
350,974‌
5,291‌
Werner
Enterprises,
Inc.
158,783‌
25,819,305‌
Real
Estate
-
0.6%
71,680‌
Apartment
Investment
and
Management
Co.
REIT
(a)
425,779‌
15,065‌
Whitestone
REIT
209,253‌
635,032‌
Technology
-
14.0%
29,217‌
A10
Networks,
Inc.
516,849‌
145,002‌
ADTRAN
Holdings,
Inc.
(a)
1,260,067‌
72,997‌
Amplitude,
Inc.,
Class A
(a)
845,305‌
30,500‌
Arlo
Technologies,
Inc.
(a)
426,695‌
24,217‌
Arteris,
Inc.
(a)
375,364‌
45,185‌
AstroNova,
Inc.
(a)
390,850‌
32,237‌
Asure
Software,
Inc.
(a)
303,673‌
16,194‌
AXT,
Inc.
(a)
264,772‌
14,025‌
Backblaze,
Inc.,
Class A
(a)
65,357‌
29,287‌
Blaze
Holdings,
Inc.
(a)
57,110‌
10,325‌
Cerence,
Inc.
(a)
110,374‌
19,235‌
CEVA,
Inc.
(a)
413,937‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
December
31,
2025
5
See
Notes
to
Financial
Statements.
At
December
31,
2025,
The
Fund
held
the
following
exchange
traded
futures
contracts:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
December
31,
2025.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
more
information
on
valuation
inputs,
and
their
aggregation
into
the
levels
used
in
the
table
below,
please
refer
to
the
Security
Valuation
section
in
Note
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
value
displayed
in
this
table
consists
of
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
* Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures at
period
end.
Shares
Security
Description
Value
Technology
-
14.0%
(continued)
32,779‌
Cohu,
Inc.
(a)
$
762,767‌
17,143‌
Consensus
Cloud
Solutions,
Inc.
(a)
374,060‌
10,264‌
Donnelley
Financial
Solutions,
Inc.
(a)
479,226‌
29,921‌
Evolv
Technologies
Holdings,
Inc.
(a)
214,234‌
34,670‌
Forrester
Research,
Inc.
(a)
281,520‌
15,945‌
Hurco
Cos.,
Inc.
(a)
246,350‌
5,454‌
Ichor
Holdings,
Ltd.
(a)
100,517‌
152,124‌
indie
Semiconductor,
Inc.,
Class A
(a)
536,998‌
55,298‌
inTEST
Corp.
(a)
413,076‌
52,100‌
Key
Tronic
Corp.
(a)
145,359‌
59,429‌
Magnite,
Inc.
(a)
964,533‌
4,751‌
Materion
Corp.
590,644‌
13,302‌
Mitek
Systems,
Inc.
(a)
140,336‌
11,270‌
nLight,
Inc.
(a)
422,738‌
7,217‌
NVE
Corp.
428,185‌
26,656‌
OneSpan,
Inc.
342,263‌
7,674‌
Ouster,
Inc.
(a)
166,065‌
12,605‌
PDF
Solutions,
Inc.
(a)
359,621‌
7,925‌
Penguin
Solutions,
Inc.
(a)
155,013‌
19,260‌
Shutterstock,
Inc.
367,866‌
24,385‌
Simulations
Plus,
Inc.
(a)
444,539‌
11,847‌
Solaris
Energy
Infrastructure,
Inc.,
Class A
544,607‌
13,618‌
Veeco
Instruments,
Inc.
(a)
389,202‌
11,339‌
Viant
Technology,
Inc.,
Class A
(a)
136,522‌
41,102‌
Weave
Communications,
Inc.
(a)
311,964‌
14,348,558‌
Telecommunications
-
1.7%
42,275‌
Aviat
Networks,
Inc.
(a)
903,840‌
19,002‌
Cogent
Communications
Holdings,
Inc.
409,683‌
44,074‌
Ondas
Holdings,
Inc.
(a)
430,162‌
1,743,685‌
Utilities
-
2.9%
46,323‌
Enviri
Corp.
(a)
830,108‌
54,358‌
Perma-Fix
Environmental
Services,
Inc.
(a)
684,367‌
25,470‌
Pure
Cycle
Corp.
(a)
279,915‌
115,557‌
Select
Water
Solutions,
Inc.,
Class A
1,215,660‌
3,010,050‌
Total
Common
Stock
(Cost
$81,962,754)
101,148,744‌
Shares
Security
Description
Value
Money
Market
Fund
-
1.6%
1,648,208‌
First
American
Government
Obligations
Fund,
Class X,
3.68%
(b)
(Cost
$1,648,208)
1,648,208‌
Investments,
at
value
-
100.0%
(Cost
$83,610,962)
$
102,796,952‌
Other
Assets
&
Liabilities,
Net
-
0.0%
14,084‌
Net
Assets
-
100.0%
$
102,811,036‌
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2025.
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Depreciation
9‌
CME
E-Mini
Russell
2000
Index
Future
03/20/26
$
1,161,140‌
$
1,124,100‌
$(
37,040)‌
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
102,796,952‌
$
(37,040‌)
Level
2
-
Other
Significant
Observable
Inputs
-‌
-‌
Level
3
-
Significant
Unobservable
Inputs
-‌
-‌
Total
$
102,796,952‌
$
(37,040‌)
ACUITAS
US
MICROCAP
FUND
STATEMENT
OF
ASSETS
AND
LIABILITIES
December
31,
2025
6
See
Notes
to
Financial
Statements.
*
Shares
redeemed
or
exchanged
within
60
days
of
purchase
are
charged
a
1.00%
redemption
fee.
ASSETS
Investments,
at
value
(Cost
$83,610,962)
$
102,796,952‌
Deposits
with
broker
268,328‌
Receivables:
Fund
shares
sold
176,270‌
Dividends
19,691‌
Prepaid
expenses
13,967‌
Total
Assets
103,275,208‌
LIABILITIES
Payables:
Investment
securities
purchased
40,737‌
Fund
shares
redeemed
268,121‌
Variation
margin
8,865‌
Accrued
Liabilities:
Investment
adviser
fees
84,778‌
Trustees'
fees
and
expenses
1,585‌
Fund
services
fees
22,301‌
Other
expenses
37,785‌
Total
Liabilities
464,172‌
NET
ASSETS
$
102,811,036‌
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
83,427,199‌
Distributable
Earnings
19,383,837‌
NET
ASSETS
$
102,811,036‌
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Institutional
Shares
6,754,297‌
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE*
Institutional
Shares
(based
on
net
assets
of
$102,811,036)
$
15.22‌
ACUITAS
US
MICROCAP
FUND
STATEMENT
OF
OPERATIONS
FOR
THE
SIX
MONTHS
ENDED
DECEMBER
31,
2025
7
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Dividend
income
$
719,746‌
Total
Investment
Income
719,746‌
EXPENSES
Investment
adviser
fees
634,915‌
Fund
services
fees
131,545‌
Custodian
fees
19,095‌
Registration
fees
12,886‌
Professional
fees
32,520‌
Trustees'
fees
and
expenses
9,648‌
Interest
expense
24‌
Other
expenses
100,684‌
Total
Expenses
941,317‌
Fees
waived
(179,398‌)
Net
Expenses
761,919‌
NET
INVESTMENT
LOSS
(42,173‌)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on:
Investments
7,105,688‌
Futures
207,454‌
Net
realized
gain
7,313,142‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
7,948,682‌
Futures
(73,545‌)
Net
change
in
unrealized
appreciation
(depreciation)
7,875,137‌
NET
REALIZED
AND
UNREALIZED
GAIN
15,188,279‌
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
15,146,106‌
ACUITAS
US
MICROCAP
FUND
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
8
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
December
31,
2025
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
loss
$
(42,173‌)
$
(177,390‌)
Net
realized
gain
7,313,142‌
94,861‌
Net
change
in
unrealized
appreciation
(depreciation)
7,875,137‌
6,090,755‌
Increase
in
Net
Assets
Resulting
from
Operations
15,146,106‌
6,008,226‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Institutional
Shares
(4,841,295‌)
(2,668,331‌)
Return
of
Capital
-‌
(275,602‌)
Total
Distributions
Paid
(4,841,295‌)
(2,943,933‌)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
7,815,236‌
20,334,376‌
Reinvestment
of
distributions:
Institutional
Shares
4,840,406‌
2,943,383‌
Redemption
of
shares:
Institutional
Shares
(11,810,305‌)
(17,255,274‌)
Redemption
fees:
Institutional
Shares
1,893‌
4,685‌
Increase
in
Net
Assets
from
Capital
Share
Transactions
847,230‌
6,027,170‌
Increase
in
Net
Assets
11,152,041‌
9,091,463‌
NET
ASSETS
Beginning
of
Period
91,658,995‌
82,567,532‌
End
of
Period
$
102,811,036‌
$
91,658,995‌
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
528,598‌
1,546,045‌
Reinvestment
of
distributions:
Institutional
Shares
311,080‌
195,924‌
Redemption
of
shares:
Institutional
Shares
(778,057‌)
(1,308,588‌)
Increase
in
Shares
61,621‌
433,381‌
ACUITAS
US
MICROCAP
FUND
FINANCIAL
HIGHLIGHTS
9
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period.
For
the
Six
Months
Ended
December
31,
2025
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
13.70‌
$
13.19‌
$
12.37‌
$
11.53‌
$
16.75‌
$
8.76‌
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.01‌)
(0.03‌)
(0.02‌)
(0.03‌)
(0.06‌)
(0.05‌)
Net
realized
and
unrealized
gain
(loss)
2.25‌
0.98‌
0.84‌
1.60‌
(3.91‌)
8.04‌
Total
from
Investment
Operations
2.24‌
0.95‌
0.82‌
1.57‌
(3.97‌)
7.99‌
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
-‌
(0.00‌)(b)
-‌
-‌
-‌
-‌
Net
realized
gain
(0.72‌)
(0.40‌)
-‌
(0.73‌)
(1.25‌)
-‌
Return
of
Capital
-‌
(0.04‌)
-‌
-‌
-‌
-‌
Total
Distributions
to
Shareholders
(0.72‌)
(0.44‌)
-‌
(0.73‌)
(1.25‌)
-‌
REDEMPTION
FEES(a)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
0.00‌(b)
NET
ASSET
VALUE,
End
of
Period
$
15.22‌
$
13.70‌
$
13.19‌
$
12.37‌
$
11.53‌
$
16.75‌
TOTAL
RETURN
16.25‌%(c)
6.95‌%
6.63‌%
14.04‌%
(25.17‌)%
91.21‌%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
102,811‌
$
91,659‌
$
82,568‌
$
62,883‌
$
47,078‌
$
66,416‌
Ratios
to
Average
Net
Assets:
Net
investment
loss
(0.08‌)%(d)
(0.20‌)%
(0.14‌)%
(0.23‌)%
(0.41‌)%
(0.36‌)%
Net
expenses
1.50‌%(d)
1.50‌%
1.50‌%
1.50‌%
1.50‌%
1.50‌%
Dividend
and
interest
expenses
0.00‌%(d)
0.00‌%
0.00‌%
0.00‌%
0.00‌%
-‌%
Gross
expenses
(e)
1.86‌%(d)
1.85‌%
1.96‌%
2.05‌%
2.00‌%
2.08‌%
PORTFOLIO
TURNOVER
RATE
40‌%(c)
63‌%
64‌%
56‌%
61‌%
78‌%
(a)
Calculated
based
on
average
shares
outstanding
during
each
period.
(b)
Less
than
$0.01
per
share.
(c)
Not
annualized.
(d)
Annualized.
(e)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
ACUITAS
US
MICROCAP
FUND
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
10
Note
1.
Organization
The
Acuitas
US
Microcap
Fund
(the
"Fund")
is
a
diversified
portfolio
of
Forum
Funds
II
(the
"Trust").
The
Trust
is
a
Delaware
statutory
trust
that
is
registered
as
an
open-end,
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"Act").
Under
its
Trust
Instrument,
the
Trust
is
authorized
to
issue
an
unlimited
number
of
the
Fund's
shares
of
beneficial
interest
without
par
value.
The
Fund
currently
offers
two
classes
of
shares:
Institutional
Shares
and
Investor
Shares.
As
of
December
31,
2025,
Investor
Shares
had
not
commenced
operations.
The
Fund
seeks
capital
appreciation.
The
Fund
commenced
operations
on
July
18,
2014.
The
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
the
Fund
is
used
by
the
Adviser,
as
defined
in
Note
3,
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statement
of
Operations
and
the
financial
highlights
for
the
Fund
is
the
information
utilized
for
the
day-
to-day
management
of
the
Fund.
The
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Fund
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
Acuitas
Investments,
LLC,
the
Fund's
Adviser,
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
Note
2.
Summary
of
Significant
Accounting
Policies
The
Fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946,
"Financial
Services
-
Investment
Companies."
These
financial
statements
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
fiscal
period.
Actual
amounts
could
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Fund:
Security
Valuation
-
Securities
are
recorded
at
fair
value
using
last
quoted
trade
or
official
closing
price
from
the
principal
exchange
where
the
security
is
traded,
as
provided
by
independent
pricing
services
on
each
Fund
business
day.
In
the
absence
of
a
last
trade,
securities
are
valued
at
the
mean
of
the
last
bid
and
ask
price
provided
by
the
pricing
service.
Futures
contracts
are
valued
at
the
day's
settlement
price
on
the
exchange
where
the
contract
is
traded.
Forward
currency
contracts
are
generally
valued
based
on
interpolation
of
forward
curve
data
points
obtained
from
major
banking
institutions
that
deal
in
foreign
currencies
and
currency
dealers.
Exchange-traded
options
for
which
the
last
quoted
sale
price
is
outside
the
closing
bid
and
ask
price
will
be
valued
at
the
mean
of
the
closing
bid
and
ask
price.
Shares
of
non-exchange
traded
open-end
mutual
funds
are
valued
at
net
asset
value
per
share
("NAV").
Short-term
investments
that
mature
in
sixty
days
or
less
may
be
recorded
at
amortized
cost,
which
approximates
fair
value.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust's
Board
of
Trustees
(the
"Board")
has
designated
the
Adviser
as
the
Fund's
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Fund.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser's
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser's
fair
valuation
procedures
as
a
part
of
the
Fund's
compliance
program
and
will
review
any
changes
made
to
the
procedures.
The
Adviser
provides
fair
valuation
inputs.
In
determining
fair
valuations,
inputs
may
include
market-based
analytics
that
may
consider
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values
and
other
relevant
investment
information.
Adviser
inputs
may
include
an
income-based
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
in
determining
fair
value.
Discounts
may
also
be
applied
based
on
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
The
Adviser
performs
regular
reviews
of
valuation
methodologies,
key
inputs
and
assumptions,
disposition
analysis
and
market
activity.
ACUITAS
US
MICROCAP
FUND
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
11
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
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
Level
2
-
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
2
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
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
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
3
-
Significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
aggregate
value
by
input
level,
as
of
December
31,
2025,
for
the
Fund's
investments
is
included
at
the
end
of
the
Fund's
Schedule
of
Investments.
Security
Transactions,
Investment
Income
and
Realized
Gain
and
Loss
-
Investment
transactions
are
accounted
for
on
the
trade
date.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Interest
income
is
recorded
on
an
accrual
basis.
Premium
is
amortized
to
the
next
call
date
above
par,
and
discount
is
accreted
to
maturity
using
the
effective
interest
method
and
included
in
interest
income.
Identified
cost
of
investments
sold
is
used
to
determine
the
gain
and
loss
for
both
financial
statement
and
federal
income
tax
purposes.
Futures
Contracts
-
A
futures
contract
is
an
agreement
between
parties
to
buy
or
sell
a
security
at
a
set
price
on
a
future
date.
Upon
entering
into
such
a
contract,
a
fund
is
required
to
pledge
to
the
broker
an
amount
of
cash,
U.S.
Government
obligations
or
other
high-quality
debt
securities
equal
to
the
minimum
"initial
margin"
requirements
of
the
exchange
on
which
the
futures
contract
is
traded.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
the
value
of
the
contract.
When
the
contract
is
closed,
the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
at
the
time
it
was
opened
and
value
at
the
time
it
was
closed.
Risks
of
entering
into
futures
contracts
include
the
possibility
that
there
may
be
an
illiquid
market
and
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
changes
in
the
value
of
the
underlying
securities.
Notional
amounts
of
each
individual
futures
contract
outstanding
as
of
December
31,
2025,
for
the
Fund,
are
disclosed
in
the
Schedule
of
Investments.
Distributions
to
Shareholders
-
The
Fund
declares
any
dividends
from
net
investment
income
and
pays
them
annually.
Any
net
capital
gains
realized
by
the
Fund
are
distributed
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
due
primarily
to
differing
treatments
of
income
and
gain
on
various
investment
securities
held
by
the
Fund,
timing
differences
and
differing
characterizations
of
distributions
made
by
the
Fund.
Federal
Taxes
-
The
Fund
intends
to
continue
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
Chapter
1,
Subtitle
A,
of
the
Internal
Revenue
Code
of
1986,
as
amended
("Code"),
and
to
distribute
all
of
its
taxable
income
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
required.
The
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
period,
the
Fund
did
not
incur
any
interest
or
penalties.
The
Fund
files
a
U.S.
federal
income
and
excise
tax
return
as
required.
The
Fund's
federal
income
tax
returns
are
subject
to
examination
by
the
Internal
Revenue
Service
for
a
period
of
three
ACUITAS
US
MICROCAP
FUND
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
12
fiscal
years
after
they
are
filed.
As
of
December
31,
2025,
there
are
no
uncertain
tax
positions
that
would
require
financial
statement
recognition,
de-recognition
or
disclosure.
Income
and
Expense
Allocation
-
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
of
its
investment
portfolios.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
investment
portfolios
in
an
equitable
manner.
Redemption
Fees
-
A
shareholder
who
redeems
or
exchanges
shares
within
60
days
of
purchase
will
incur
a
redemption
fee
of
1.00%
of
the
current
NAV
of
shares
redeemed
or
exchanged,
subject
to
certain
limitations.
The
fee
is
charged
for
the
benefit
of
the
remaining
shareholders
and
will
be
paid
to
the
Fund
to
help
offset
transaction
costs.
The
fee
is
accounted
for
as
an
addition
to
paid-in
capital.
The
Fund
reserves
the
right
to
modify
the
terms
of
or
terminate
the
fee
at
any
time.
There
are
limited
exceptions
to
the
imposition
of
the
redemption
fee.
Redemption
fees
incurred
for
the
Fund,
if
any,
are
reflected
on
the
Statements
of
Changes
in
Net
Assets.
Commitments
and
Contingencies
-
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund's
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
The
Fund
has
determined
that
none
of
these
arrangements
requires
disclosure
on
the
Fund's
Statement
of
Assets
and
Liabilities.
Note
3.
Fees
and
Expenses
Investment
Adviser
-
Acuitas
Investments,
LLC
(the
"Adviser")
is
the
investment
Adviser
to
the
Fund.
Pursuant
to
an
investment
advisory
agreement,
the
Adviser
receives
an
advisory
fee,
payable
monthly,
from
the
Fund
at
an
annual
rate
of
1.25%
of
the
Fund's
average
daily
net
assets.
The
sub-advisory
fees,
calculated
as
a
percentage
of
the
Fund's
average
daily
net
assets
managed
by
the
subadvisers,
are
paid
by
the
Adviser.
Distribution
-
Foreside
Fund
Services,
LLC,
a
wholly
owned
subsidiary
of
Foreside
Financial
Group,
LLC
(d/b/a
ACA
Group)
(the
"Distributor"),
acts
as
the
agent
of
the
Trust
in
connection
with
the
continuous
offering
of
shares
of
the
Fund.
The
Fund
has
adopted
a
Distribution
Plan
(the
"Plan")
for
Investor
Shares
in
accordance
with
Rule
12b-1
of
the
Act.
Under
the
Plan,
the
Fund
pays
the
Distributor
and/or
any
other
entity
as
authorized
by
the
Board
a
fee
of
up
to
0.25%
of
the
average
daily
net
assets
of
Investor
Shares.
The
Distributor
is
not
affiliated
with
the
Adviser
or
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC
(d/b/a
Apex
Fund
Services)
("Apex")
or
their
affiliates.
Currently,
Investor
Shares
are
not
offered
for
sale,
therefore
the
Fund
is
not
currently
paying
12b-1
fees.
Other
Service
Providers
-
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
and
administration
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
Services
Agreement,
the
Fund
pays
Apex
customary
fees
for
its
services.
Apex
provides
a
Principal
Executive
Officer,
a
Principal
Financial
Officer,
a
Chief
Compliance
Officer
and
an
Anti-Money
Laundering
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions.
Trustees
and
Officers
-
Each
Independent
Trustee
receives
an
annual
fee
of
$25,000
($32,500
for
the
Chairman)
for
service
to
the
Trust.
The
Audit
Committee
Chairman
receives
an
additional
$2,000
annually.
The
Independent
Trustees
and
Chairman
may
receive
additional
fees
for
special
Board
meetings.
The
Independent
Trustees
are
also
reimbursed
for
all
reasonable
out-of-pocket
expenses
incurred
in
connection
with
their
duties
as
Trustees,
including
travel
and
related
expenses
incurred
in
attending
Board
meetings.
The
amount
of
Independent
Trustees'
fees
attributable
to
the
Fund
is
disclosed
in
the
Statement
of
Operations.
Certain
officers
of
the
Trust
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Fund.
ACUITAS
US
MICROCAP
FUND
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
13
Note
4.
Expense
Reimbursement
and
Fees
Waived
The
Adviser
has
contractually
agreed
to
waive
its
fees
and/or
reimburse
expenses
to
limit
total
annual
operating
expenses
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
of
Institutional
Shares
to
1.50%
and
Investor
Shares
to
1.75%
through
November
1,
2026.
Other
fund
service
providers
have
agreed
to
waive
a
portion
of
their
fees
and
such
waivers
may
be
changed
or
eliminated
with
the
approval
of
the
Board
of
Trustees
of
the
Trust.
For
the
period
ended
December
31,
2025,
the
fees
waived
and/or
reimbursed
expenses
were
as
follows:
The
Adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
Adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
expense
cap
and
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
As
of
December
31,
2025,
$864,412
is
subject
to
recapture
by
the
Adviser.
Other
waivers
are
not
eligible
for
recoupment.
Note
5.
Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments
during
the
period
ended
December
31,
2025,
totaled
$
39,088,726
and
$
41,730,145
,
respectively.
Note
6.
Summary
of
Derivative
Activity
The
volume
of
open
derivative
positions
may
vary
on
a
daily
basis
as
the
Fund
transacts
derivative
contracts
in
order
to
achieve
the
exposure
desired
by
the
Adviser.
The
notional
value
of
activity
for
the
period
ended
December
31,
2025
,
for
futures
contracts
was
$
2,923,672
.
The
Fund's
use
of
derivatives
for
the
period
ended
December
31,
2025,
was
limited
to
futures
contracts.
Following
is
a
summary
of
the
effect
of
derivatives
on
the
Statement
of
Assets
and
Liabilities
as
of
December
31,
2025.
Realized
and
unrealized
gains
and
losses
on
derivatives
contracts
for
the
period
ended
December
31,
2025,
are
recorded
by
the
Fund
in
the
following
locations
on
the
Statement
of
Operations:
Asset
(Liability)
amounts
shown
in
the
table
below
represent
amounts
for
derivative
related
investments
at
December
31,
2025.
These
amounts
may
be
collateralized
by
cash
or
financial
instruments.
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$
162,906‌
$
16,492‌
$
179,398‌
Location:
Equity
Contracts
Asset
derivatives:
Unrealized
depreciation
on
futures*
$
(37,040‌)
*
Balance
is
included
in
the
deposits
with
broker
for
futures
contracts
on
the
Statement
of
Assets
and
Liabilities.
Location:
Equity
Contracts
Net
realized
gain
on:
Futures
$
207,454‌
Total
net
realized
gain
$
207,454‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(73,545‌)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(73,545‌)
Gross
Asset
(Liability)
as
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
(Received)
Pledged*
Cash
Collateral
(Received)
Pledged*
Net
Amount
Unrealized
Depreciation
on
Futures**
$
(37,040)
$
-
$
(37,040)
$
-
ACUITAS
US
MICROCAP
FUND
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
14
Note
7.
Federal
Income
Tax
As
of
December
31,
2025,
the
cost
for
federal
income
tax
purposes
is
substantially
the
same
as
for
financial
statement
purposes
and
the
components
of
net
unrealized
appreciation
consists
of:
Distributions
paid
during
the
fiscal
years
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
June
30,
2025,
distributable
earnings
(accumulated
losses)
on
a
tax
basis
were
as
follows:
The
difference
between
components
of
distributable
earnings
on
a
tax
basis
and
the
amounts
reflected
in
the
Statement
of
Assets
and
Liabilities
are
primarily
due
to
investments
in
real
estate
investment
trusts,
futures,
PFICs,
return
of
capital
on
equity
securities
and
wash
sales.
For
tax
purposes,
the
prior
year
post-October
capital
loss
was
$377,973
for
the
Fund
(realized
during
the
period
November
1,
2024
through
June
30,
2025).
This
loss
was
recognized
for
tax
purposes
on
the
first
business
day
of
the
Fund's
current
fiscal
year,
July
1,
2025.
For
tax
purposes,
the
prior
deferred
late
year
ordinary
loss
was
$111,582
for
the
Fund
(realized
during
the
period
January
1,
2025
through
June
30,
2025).
This
loss
was
recognized
for
tax
purposes
on
the
first
business
day
of
the
Fund's
current
fiscal
year,
July
1,
2025.
Note
8.
Subsequent
Events
Subsequent
events
occurring
after
the
date
of
this
report
through
the
date
these
financial
statements
were
issued
have
been
evaluated
for
potential
impact,
and
the
Fund
has
had
no
such
events.
*
The
actual
financial
instruments
and
cash
collateral
(received)
pledged
may
be
in
excess
of
the
amounts
shown
in
the
table.
The
table
only
reflects
collateral
amounts
up
to
the
amount
of
the
financial
instrument
disclosed
on
the
Statement
of
Assets
and
Liabilities.
**
Balance
is
included
in
the
deposits
with
broker
for
futures
contracts
on
the
Statement
of
Assets
and
Liabilities.
Gross
Unrealized
Appreciation
$
25,735,565‌
Gross
Unrealized
Depreciation
(6,549,575‌)
Net
Unrealized
Appreciation
$
19,185,990‌
2025
2024
Ordinary
Income
$
671,585‌
$
-‌
Long-Term
Capital
Gain
1,996,746‌
-‌
Return
of
Capital
275,602‌
-‌
$
2,943,933‌
$
-‌
Capital
and
Other
Losses
$
(489,555‌)
Net
Unrealized
Appreciation
9,568,581‌
Total
$
9,079,026‌
ACUITAS
US
MICROCAP
FUND
OTHER
INFORMATION
December
31,
2025
15
Changes
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
N/A
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
N/A
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
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
11
of
Form
N-CSR)
N/A
220-SAR-1225
FOR
MORE
INFORMATION
Investment
Adviser
Acuitas
Investments,
LLC
520
Pike
Street,
Suite
1221
Seattle,
WA
98101
https://acuitasinvestments.com
Transfer
Agent
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
www.apexgroup.com
Acuitas
US
Microcap
Fund
P.O.
Box
588
Portland,
ME
04112
(844)
805-5628
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund's
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
(b) Included as part of financial statements filed under Item 7(a).
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Included as part of financial statements filed under Item 7(a).
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept nominees to the Board of Trustees from shareholders.
ITEM 16. CONTROLS AND PROCEDURES
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

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 Forum Funds II
By:
/s/ Zachary Tackett
Zachary Tackett, Principal Executive Officer
Date:
February 18,2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
/s/ Zachary Tackett
Zachary Tackett, Principal Executive Officer
Date:
February 18, 2026
By:
/s/ Karen Shaw
Karen Shaw, Principal Financial Officer
Date:
February 17, 2026
Forum Funds II published this content on February 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 25, 2026 at 16:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]