Forum Funds Ii N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on September 2, 2021

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

Date of reporting period: July 1, 2020 – June 30, 2021

ITEM 1. REPORT TO STOCKHOLDERS.

ACUITAS

US

MICROCAP

FUND

ANNUAL

REPORT

June

30,

2021

TABLE

OF

CONTENTS

A

Message

to

Our

Shareholders

(Unaudited)

2

Performance

Chart

and

Analysis

(Unaudited)

4

Schedule

of

Investments

5

Statement

of

Assets

and

Liabilities

8

Statement

of

Operations

9

Statements

of

Changes

in

Net

Assets

10

Financial

Highlights

11

Notes

to

Financial

Statements

12

Report

of

Independent

Registered

Public

Accounting

Firm

17

Additional

Information

(Unaudited)

18

ACUITAS

US

MICROCAP

FUND

A

MESSAGE

TO

OUR

SHAREHOLDERS

(Unaudited)

June

30,

2021

2

Dear

Shareholders:

As

of

June

30,

2021,

the

Acuitas

U.S.

Microcap

Fund’s

(the

“Fund”)

net

asset

value

was

$16.75

per

share

with

total

net

assets

at

$66.4

million.

Calendar

year-to-date,

the

Fund

returned

33.25%,

compared

to

29.02%

for

the

Russell

Microcap

Index

(the

“Benchmark”).

This

represents

4.23%

of

outperformance

vs.

the

Benchmark

so

far

in

2021.

Since

the

July

18,

2014

inception,

the

Fund

has

returned

an

annualized

12.87%,

outperforming

the

Benchmark

return

of

12.63%

by

24

basis

points

over

the

same

time

period.

Performance

data

quoted

represents

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost;

and

the

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

For

the

most

recent

month-end

performance,

please

call

(844)

805-5628.

Performance

may

be

attributable

to

unusually

favorable

conditions

that

are

likely

not

sustainable;

that

the

conditions

might

not

continue

to

exist;

and,

that

this

performance

probably

will

not

be

repeated

in

the

future

.

The

Russell

Microcap

Index’s

75.77%

return

over

the

trailing

twelve

months

–

and

the

Fund’s

91.21%

return

(15.44%

of

outperformance)

–

represent

the

strongest

one-year

return

since

inception

for

a

period

ending

on

June

30th

(when

we

write

this

letter).

We

are

incredibly

pleased

with

our

outperformance

of

the

Benchmark

and

the

strong

rebound

across

microcap

stocks.

With

the

dramatic

economic

recovery

of

U.S.

equities

since

market

lows

during

2020,

valuations

within

the

broader

market

continue

to

look

expensive,

with

large

cap

stocks

looking

considerably

overvalued

relative

to

historical

levels.

The

valuations

of

these

stocks

are

supported

by

low

interest

rates,

liquidity,

and

increasingly

easy

and

cheap

ways

to

trade.

In

addition,

government

stim

ulus

has

resulted

in

higher

savings

rates

and

more

market

participants,

particularly

among

the

young.

In

contrast,

microcap

stocks

have

become

much

cheaper

recently

on

an

earnings

basis

and

look

cheap

relative

to

their

history,

especially

when

compared

with

large

cap.

The

vaccine

rollout

has

led

to

a

full-scale

reopening

in

the

U.S.

and

the

economic

recovery

has

favored

service

businesses

as

many

consumers

ventured

out

for

the

first

time

in

over

a

year.

However,

the

quick

rebound

in

activity

coupled

with

strong

monetary

and

fiscal

policy

has

fueled

worries

over

inflation.

Importantly,

inflation

typically

coincides

with

periods

of

economic

recovery

that

feature

increasing

earnings

and

a

greater

appreciation

for

fundamentals.

Despite

the

market’s

rapid

recovery,

we

believe

there

remains

ample

opportunity

and

that

we

are

in

the

early

innings

of

a

more

favorable

environment

for

smaller

stocks.

Even

with

microcap’s

recent

powerful

returns,

longer-term

(trailing

10-year)

microcap

returns

still

meaningfully

lag

large

cap,

and

the

active

opportunity

remains

intact.

From

a

sector

standpoint,

the

biggest

contributor

to

the

Fund

over

the

last

12

months

was

health

care.

Our

underweight

relative

to

the

Benchmark

was

additive,

however

the

most

notable

impact

came

from

strong

stock

selection

which

added

nearly

13%

to

excess

returns.

Financials

also

significantly

contributed

to

outperformance

as

well,

as

our

underweight

was

additive

along

with

strong

stock

selection.

The

biggest

drag

on

performance

was

stock

selection

within

consumer

discretionary.

Within

consumer

discretionary,

leading

stocks

were

concentrated

in

companies

with

negative

earnings.

The

Fund’s

significant

underweight

to

consumer

discretionary

also

detracted

from

performance

over

the

last

12

months.

Outperformance

overall

was

driven

by

stock

selection.

Of

particular

note

within

the

consumer

space

was

that

the

Fund

did

not

own

the

headline

grabbing

“meme”

stocks

such

as

GameStop.

Many

of

these

stocks

were

in

the

Benchmark

however,

which

meant

that

not

owning

these

stocks

hurt

our

Benchmark

relative

performance.

Every

June,

Russell

reconstitutes

their

indexes,

and

GameStop

was

removed

from

the

Microcap

Index

in

June

2021.

As

of

June

30,

2021,

the

Fund’s

sector

allocations

as

a

percentage

of

investments

were:

Acuitas

US

Microcap

Fund

Russell

Microcap

Index

Health

Care

21.95

28.44

Industrials

18.07

13.26

Technology

16.69

8.71

Financials

14.3

18.59

Consumer

Discretionary

11.75

13.92

Energy

5.15

4.85

Basic

Materials

4.17

3.2

Consumer

Staples

3.18

1.87

Telecommunications

1.82

2.35

ACUITAS

US

MICROCAP

FUND

A

MESSAGE

TO

OUR

SHAREHOLDERS

(Unaudited)

June

30,

2021

3

As

of

June

30,

2021,

the

10

largest

positions

as

a

percentage

of

investments

in

the

Fund

were:

While

the

market

recovery

has

been

phenomenal

thus

far,

there

remains

ample

uncertainty

and

it

is

wise

to

have

a

healthy

respect

for

the

range

of

possible

outcomes.

That

said,

the

impact

of

government

stim

ulus

may

not

be

over,

even

with

elevated

valuations.

The

Delta

variant

is

a

bit

of

a

wildcard

and

may

result

in

future

shutdowns

as

we

seek

to

approach

herd

immunity.

Additional

risks

include

inflation,

supply-chain

disruptions,

labor

shortages,

and

a

booming

housing

market.

The

Fed

could

also

surprise

the

market,

but

that

seems

to

be

a

low

probability

in

our

view

as

they

have

made

significant

efforts

to

signal

their

timeline

and

intentions

to-date.

We

expect

the

economic

recovery

to

continue

and

the

market

to

likely

continue

to

reward

company

specific

fundamentals,

although

with

some

potential

hiccups

along

the

way.

Again,

we

believe

this

improved

active

environment

has

room

to

run.

We

have

tracked

the

large/microcap

relationship

and

are

pleased

to

see

microcap

stocks

leading

so

far

in

2021.

The

growth/value

relationship

is

another

gap

that

was

at

generational

extremes

and

while

it

is

closing,

it

remains

wide.

As

predicted,

we

have

seen

microcap

lead

cap

tiers

out

of

the

bear

market,

and

while

we

are

happy

to

see

smaller

stocks

recoup

some

of

their

losses,

we

are

heartened

to

see

that

microcap

remains

undervalued

compared

to

the

broad

market

and

remain

excited

for

the

continued

opportunity

going

forward.

We

have

seen

a

recent

shift

in

characteristics

that

aligns

more

with

our

strengths

and

has

benefitted

the

strategy

thus

far.

Regardless

of

the

environment,

we

look

forward

to

a

longer

period

of

time

where

fundamentals

are

rewarded

and

there

is

greater

differentiation

between

active

investment

managers

as

we

think

this

will

help

drive

the

relative

returns

of

our

Fund.

We

thank

you

for

your

continued

support.

Best

Regards,

Chris

Tessin

Real

Estate

1.54

3.95

Utilities

1.38

0.86

Avid

Bioservices,

Inc.

2.22

Tilly’s,

Inc.

Class

A

1.60

QAD

Inc.

Class

A

1.56

Agilysys,

Inc.

1.49

IES

Holdings,

Inc.

1.39

Interface,

Inc.

1.37

Advansix,

Inc.

1.34

Customers

Bancorp,

Inc.

1.32

Meridian

Bioscience,

Inc.

1.28

UFP

Technologies,

Inc.

1.27

ACUITAS

US

MICROCAP

FUND

PERFORMANCE

CHART

AND

ANALYSIS

(Unaudited)

June

30,

2021

4

The

following

chart

reflects

the

change

in

the

value

of

a

hypothetical

$100,000

investment

in

Institutional

Shares,

including

reinvested

dividends

and

distributions,

in

Acuitas

US

Microcap

Fund

(the

“Fund”)

compared

with

the

performance

of

the

benchmark,

Russell

Microcap®

Index

(“Russell

Microcap”),

since

inception.

The

Russell

Microcap

is

an

unmanaged

index

that

measures

the

performance

of

the

microcap

segment

of

the

US

equity

market,

which

consists

of

the

smallest

1,000

securities

in

the

Russell

2000®

Index

and

the

next

1,000

smallest

eligible

securities

by

market

capitalization.

The

total

return

of

the

Russell

Microcap

includes

the

reinvestment

of

dividends

and

income.

The

total

return

of

the

Fund

includes

operating

expenses

that

reduce

returns,

while

the

total

return

of

the

Russell

Microcap

does

not

include

expenses.

The

Fund

is

professionally

managed,

while

the

Russell

Microcap

is

unmanaged

and

is

not

available

for

investment.

Comparison

of

Change

in

Value

of

a

$100,000

Investment

Acuitas

US

Microcap

Fund

vs.

Russell

Microcap®

Index

Performance

data

quoted

represents

past

performance

and

is

no

guarantee

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Investment

return

and

principal

value

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

original

cost.

As

stated

in

the

Fund’s

prospectus,

the

annual

operating

expense

ratios

(gross)

for

Institutional

and

Investor

Shares

are

1.89%

and

2.14%,

respectively.

However,

the

Fund’s

Adviser has

contractually

agreed

to

waive

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

acquired

fund

fees

and

expenses,

proxy

expenses

and

extraordinary

expenses)

to

1.50%

and

1.75%

for

Institutional

and

Investor

Shares,

respectively,

through

November

1,

2021

(the

“Expense

Cap”).

The

Expense

Cap

may

be

raised

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

approved

by

the

Board,

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i)

the

then-current

Expense

Cap

and

(ii)

the

Expense

Cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

will

increase

if

exclusions

from

the

Expense

Cap

apply.

Shares

redeemed

or

exchanged

within

60

days

of

purchase

will

be

charged

a

1.00%

redemption

fee.

The

performance

table

and

graph

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

greater

than

one

year

are

annualized.

For

the

most

recent

month-end

performance,

please

call

(844)

805-5628.

Average

Annual

Total

Returns

Periods

Ended

June

30,

2021

One

Year

Three

Year

Five

Year

Since

Inception

07/18/14

Acuitas

US

Microcap

Fund

91.21%

14.64%

16.55%

12.87%

Russell

Microcap®

Index

75.77%

14.47%

18.13%

12.63%

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2021

5

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Common

Stock

-

96.3%

Basic

Materials

-

3.7%

28,884‌

AdvanSix,

Inc. 

(a)

$

862,476‌

2,600‌

Hawkins,

Inc.

85,150‌

3,200‌

Koppers

Holdings,

Inc. 

(a)

103,520‌

23,645‌

LifeMD,

Inc. 

(a)

278,538‌

263‌

Materion

Corp.

19,817‌

22,381‌

Northern

Technologies

International

Corp.

389,430‌

16,100‌

TimkenSteel

Corp. 

(a)

227,815‌

105,810‌

Venator

Materials

PLC 

(a)

501,539‌

2,468,285‌

Consumer

Discretionary

-

11.5%

31,100‌

Akoustis

Technologies,

Inc. 

(a)

333,081‌

4,700‌

American

Outdoor

Brands,

Inc. 

(a)

165,158‌

29,251‌

Charles

&

Colvard,

Ltd. 

(a)

87,168‌

1,300‌

Citi

Trends,

Inc. 

(a)

113,100‌

22,100‌

Entravision

Communications

Corp.,

Class A

147,628‌

102,275‌

Fluent,

Inc. 

(a)

299,666‌

9,600‌

Fossil

Group,

Inc. 

(a)

137,088‌

12,700‌

Full

House

Resorts,

Inc. 

(a)

126,238‌

20,545‌

Green

Brick

Partners,

Inc. 

(a)

467,193‌

4,300‌

Haverty

Furniture

Cos.,

Inc.

183,868‌

2,100‌

Hooker

Furniture

Corp.

72,744‌

57,479‌

Interface,

Inc.

879,429‌

4,500‌

Lazydays

Holdings,

Inc. 

(a)

99,000‌

33,357‌

LiqTech

International,

Inc. 

(a)

244,173‌

5,300‌

Liquidity

Services,

Inc. 

(a)

134,885‌

1,600‌

M/I

Homes,

Inc. 

(a)

93,872‌

2,000‌

MarineMax,

Inc. 

(a)

97,480‌

23,700‌

MDC

Partners,

Inc. 

(a)

138,645‌

7,200‌

Mesa

Air

Group,

Inc. 

(a)

67,176‌

30,101‌

Motorcar

Parts

of

America,

Inc. 

(a)

675,467‌

9,065‌

Nautilus,

Inc. 

(a)

152,745‌

3,600‌

Red

Robin

Gourmet

Burgers,

Inc. 

(a)

119,196‌

3,610‌

Smith

&

Wesson

Brands,

Inc.

125,267‌

5,313‌

The

Children's

Place,

Inc. 

(a)

494,428‌

64,345‌

Tilly's,

Inc.,

Class A

1,028,233‌

16,252‌

Vera

Bradley,

Inc. 

(a)

201,362‌

3,400‌

Vista

Outdoor,

Inc. 

(a)

157,352‌

43,400‌

VistaGen

Therapeutics,

Inc. 

(a)

136,710‌

5,200‌

VOXX

International

Corp. 

(a)

72,852‌

3,142‌

Winmark

Corp.

603,515‌

7,654,719‌

Consumer

Staples

-

3.1%

3,484‌

MGP

Ingredients,

Inc.

235,658‌

11,485‌

Nature's

Sunshine

Products,

Inc.

199,494‌

47,115‌

Ocean

Bio-Chem,

Inc.

574,803‌

2,000‌

Seneca

Foods

Corp.,

Class A 

(a)

102,160‌

11,580‌

The

Chefs'

Warehouse,

Inc. 

(a)

368,591‌

23,498‌

Village

Super

Market,

Inc.,

Class A

552,438‌

2,033,144‌

Energy

-

5.0%

26,400‌

Berry

Corp.

177,408‌

11,125‌

Bonanza

Creek

Energy,

Inc.

523,654‌

33,125‌

Geospace

Technologies

Corp. 

(a)

267,981‌

77,575‌

Newpark

Resources,

Inc. 

(a)

268,409‌

15,700‌

Oil

States

International,

Inc. 

(a)

123,245‌

32,950‌

Par

Pacific

Holdings,

Inc. 

(a)

554,219‌

6,600‌

SilverBow

Resources,

Inc. 

(a)

153,252‌

11,625‌

Stabilis

Solutions,

Inc. 

(a)

115,727‌

14,900‌

SunCoke

Energy,

Inc.

106,386‌

47,238‌

Trecora

Resources 

(a)

393,020‌

Shares

Security

Description

Value

Energy

-

5.0%

(continued)

189,150‌

VAALCO

Energy,

Inc. 

(a)

$

614,738‌

3,298,039‌

Financials

-

13.8%

9,960‌

B

Riley

Financial,

Inc.

751,980‌

10,000‌

Banc

of

California,

Inc.

175,400‌

3,069‌

BM

Technologies,

Inc.

Restricted

SHS 

(a)

38,178‌

6,700‌

Capstar

Financial

Holdings,

Inc.

137,350‌

3,600‌

Central

Valley

Community

Bancorp

72,540‌

3,900‌

ConnectOne

Bancorp,

Inc.

102,063‌

21,805‌

Customers

Bancorp,

Inc. 

(a)

850,177‌

13,375‌

Enova

International,

Inc. 

(a)

457,559‌

2,800‌

Enterprise

Financial

Services

Corp.

129,892‌

4,700‌

Financial

Institutions,

Inc.

141,000‌

6,800‌

First

Foundation,

Inc.

153,068‌

6,200‌

First

Internet

Bancorp

192,076‌

8,650‌

First

Western

Financial,

Inc. 

(a)

223,948‌

14,700‌

Granite

Point

Mortgage

Trust,

Inc.

REIT

216,825‌

41,306‌

Great

Elm

Capital

Corp.

144,984‌

3,800‌

HomeStreet,

Inc.

154,812‌

6,950‌

Horizon

Bancorp,

Inc.

121,139‌

9,452‌

James

River

Group

Holdings,

Ltd.

354,639‌

7,200‌

Luther

Burbank

Corp.

85,392‌

48,400‌

Medallion

Financial

Corp. 

(a)

428,824‌

2,700‌

Metropolitan

Bank

Holding

Corp. 

(a)

162,594‌

4,200‌

Mid

Penn

Bancorp,

Inc.

115,290‌

16,090‌

NMI

Holdings,

Inc.,

Class A 

(a)

361,703‌

15,930‌

Northrim

BanCorp,

Inc.

681,008‌

12,300‌

OP

Bancorp

123,738‌

7,035‌

Premier

Financial

Corp.

199,864‌

6,000‌

RBB

Bancorp

145,320‌

9,590‌

Regional

Management

Corp.

446,319‌

6,500‌

Reliant

Bancorp,

Inc.

180,245‌

5,600‌

Sculptor

Capital

Management,

Inc.

137,704‌

6,350‌

Stewart

Information

Services

Corp.

359,982‌

3,635‌

Texas

Capital

Bancshares,

Inc. 

(a)

230,786‌

5,600‌

The

First

of

Long

Island

Corp.

118,888‌

19,190‌

TriState

Capital

Holdings,

Inc. 

(a)

391,284‌

5,405‌

Veritex

Holdings,

Inc.

191,391‌

900‌

Virtus

Investment

Partners,

Inc.

249,993‌

2,900‌

Washington

Trust

Bancorp,

Inc.

148,915‌

9,176,870‌

Health

Care

-

21.0%

5,305‌

908

Devices,

Inc. 

(a)

205,569‌

19,790‌

Aerie

Pharmaceuticals,

Inc. 

(a)

316,838‌

33,350‌

Affimed

NV 

(a)

283,475‌

10,000‌

Aldeyra

Therapeutics,

Inc. 

(a)

113,300‌

5,100‌

AngioDynamics,

Inc. 

(a)

138,363‌

55,641‌

Avid

Bioservices,

Inc. 

(a)

1,427,192‌

7,650‌

Avita

Medical,

Inc. 

(a)

156,978‌

28,500‌

BioDelivery

Sciences

International,

Inc. 

(a)

102,030‌

6,973‌

BioLife

Solutions,

Inc. 

(a)

310,368‌

18,765‌

Biomerica,

Inc. 

(a)

75,248‌

3,601‌

Castle

Biosciences,

Inc. 

(a)

264,061‌

4,900‌

Celldex

Therapeutics,

Inc. 

(a)

163,856‌

8,300‌

Champions

Oncology,

Inc. 

(a)

85,324‌

7,900‌

Chinook

Therapeutics,

Inc. 

(a)

111,548‌

15,800‌

ChromaDex

Corp. 

(a)

155,788‌

5,300‌

Collegium

Pharmaceutical,

Inc. 

(a)

125,292‌

12,600‌

Community

Health

Systems,

Inc. 

(a)

194,544‌

15,300‌

Curis,

Inc. 

(a)

123,471‌

16,800‌

Cymabay

Therapeutics,

Inc. 

(a)

73,248‌

23,950‌

CytoSorbents

Corp. 

(a)

180,822‌

5,470‌

DermTech,

Inc. 

(a)

227,388‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2021

6

See

Notes

to

Financial

Statements.

Shares

Security

Description

Value

Health

Care

-

21.0%

(continued)

11,900‌

Dynavax

Technologies

Corp. 

(a)

$

117,215‌

27,060‌

Flexion

Therapeutics,

Inc. 

(a)

222,704‌

22,355‌

Frequency

Therapeutics,

Inc. 

(a)

222,656‌

61,118‌

Harvard

Bioscience,

Inc. 

(a)

509,113‌

20,500‌

iCAD,

Inc. 

(a)

354,855‌

20,383‌

InfuSystem

Holdings,

Inc. 

(a)

423,763‌

6,842‌

Inogen,

Inc. 

(a)

445,893‌

15,520‌

Intersect

ENT,

Inc. 

(a)

265,237‌

21,484‌

IntriCon

Corp. 

(a)

482,960‌

27,600‌

MannKind

Corp. 

(a)

150,420‌

35,200‌

MEI

Pharma,

Inc. 

(a)

100,320‌

37,070‌

Meridian

Bioscience,

Inc. 

(a)

822,213‌

32,520‌

Misonix,

Inc. 

(a)

721,294‌

13,500‌

Molecular

Templates,

Inc. 

(a)

105,570‌

6,890‌

Myriad

Genetics,

Inc. 

(a)

210,696‌

28,875‌

Neuronetics,

Inc. 

(a)

462,578‌

3,100‌

OptimizeRx

Corp. 

(a)

191,890‌

13,662‌

Organogenesis

Holdings,

Inc. 

(a)

227,062‌

7,338‌

OrthoPediatrics

Corp. 

(a)

463,615‌

4,200‌

Prothena

Corp.

PLC 

(a)

215,922‌

8,085‌

Psychemedics

Corp. 

(a)

56,272‌

3,073‌

Quanterix

Corp. 

(a)

180,262‌

3,600‌

RadNet,

Inc. 

(a)

121,284‌

24,296‌

Repro-Med

Systems,

Inc. 

(a)

112,490‌

24,900‌

Selecta

Biosciences,

Inc. 

(a)

104,082‌

38,400‌

Sesen

Bio,

Inc. 

(a)

177,408‌

11,835‌

SI-BONE,

Inc. 

(a)

372,447‌

80,280‌

SIGA

Technologies,

Inc. 

(a)

504,158‌

4,274‌

The

Joint

Corp. 

(a)

358,674‌

4,600‌

Triple-S

Management

Corp.,

Class B 

(a)

102,442‌

5,000‌

Vanda

Pharmaceuticals,

Inc. 

(a)

107,550‌

30,000‌

Verastem,

Inc. 

(a)

122,100‌

4,121‌

Xenon

Pharmaceuticals,

Inc. 

(a)

76,733‌

13,946,581‌

Industrials

-

17.5%

8,718‌

Allied

Motion

Technologies,

Inc.

301,033‌

12,780‌

Argan,

Inc.

610,756‌

16,200‌

Armstrong

Flooring,

Inc. 

(a)

100,278‌

6,065‌

Atkore,

Inc. 

(a)

430,615‌

3,125‌

Barrett

Business

Services,

Inc.

226,906‌

3,620‌

BlueLinx

Holdings,

Inc. 

(a)

182,014‌

42,546‌

CECO

Environmental

Corp. 

(a)

304,629‌

5,880‌

Chase

Corp.

603,347‌

10,162‌

CIRCOR

International,

Inc. 

(a)

331,281‌

16,611‌

Columbus

McKinnon

Corp.

801,315‌

62,320‌

Concrete

Pumping

Holdings,

Inc. 

(a)

527,850‌

15,100‌

Conduent,

Inc. 

(a)

113,250‌

1,200‌

CRA

International,

Inc.

102,720‌

107,205‌

DHI

Group,

Inc. 

(a)

362,353‌

31,400‌

Diana

Shipping,

Inc. 

(a)

163,594‌

3,400‌

Douglas

Dynamics,

Inc.

138,346‌

3,250‌

Ducommun,

Inc. 

(a)

177,320‌

1,500‌

Eagle

Bulk

Shipping,

Inc. 

(a)

70,980‌

7,030‌

Echo

Global

Logistics,

Inc. 

(a)

216,102‌

8,400‌

GP

Strategies

Corp. 

(a)

132,048‌

246,048‌

Hill

International,

Inc. 

(a)

612,660‌

11,488‌

Hurco

Cos.,

Inc.

402,080‌

17,394‌

IES

Holdings,

Inc. 

(a)

893,356‌

16,843‌

Insteel

Industries,

Inc.

541,502‌

4,100‌

L

B

Foster

Co.,

Class A 

(a)

76,424‌

1,600‌

Lawson

Products,

Inc. 

(a)

85,616‌

6,400‌

Modine

Manufacturing

Co. 

(a)

106,176‌

4,300‌

Northwest

Pipe

Co. 

(a)

121,475‌

Shares

Security

Description

Value

Industrials

-

17.5%

(continued)

9,500‌

RADA

Electronic

Industries,

Ltd. 

(a)

$

115,710‌

85,033‌

Radiant

Logistics,

Inc. 

(a)

589,279‌

10,100‌

Ranpak

Holdings

Corp. 

(a)

252,803‌

8,751‌

ShotSpotter,

Inc. 

(a)

426,786‌

7,700‌

Titan

Machinery,

Inc. 

(a)

238,238‌

14,196‌

UFP

Technologies,

Inc. 

(a)

815,134‌

11,015‌

Vishay

Precision

Group,

Inc. 

(a)

374,951‌

2,000‌

VSE

Corp.

99,020‌

11,647,947‌

Real

Estate

-

1.5%

30,033‌

Armada

Hoffler

Properties,

Inc.

REIT

399,138‌

29,700‌

Braemar

Hotels

&

Resorts,

Inc.

REIT 

(a)

184,437‌

12,900‌

Farmland

Partners,

Inc.

REIT

155,445‌

5,700‌

UMH

Properties,

Inc.

REIT

124,374‌

6,200‌

Urstadt

Biddle

Properties,

Inc.

REIT

120,156‌

983,550‌

Technology

-

16.1%

16,840‌

Agilysys,

Inc. 

(a)

957,691‌

12,200‌

Amtech

Systems,

Inc. 

(a)

117,608‌

31,210‌

AXT,

Inc. 

(a)

342,686‌

8,200‌

Cantaloupe,

Inc. 

(a)

97,252‌

11,100‌

Celestica,

Inc. 

(a)

87,135‌

1,790‌

Cerence,

Inc. 

(a)

191,011‌

11,290‌

CEVA,

Inc. 

(a)

534,017‌

38,666‌

eGain

Corp. 

(a)

443,886‌

7,510‌

ePlus,

Inc. 

(a)

651,042‌

8,433‌

EverQuote,

Inc.,

Class A 

(a)

275,590‌

11,806‌

Ichor

Holdings,

Ltd. 

(a)

635,163‌

7,600‌

Identiv,

Inc. 

(a)

129,200‌

1,425‌

Insight

Enterprises,

Inc. 

(a)

142,514‌

42,000‌

Key

Tronic

Corp. 

(a)

273,840‌

6,800‌

Kimball

Electronics,

Inc. 

(a)

147,832‌

74,435‌

Limelight

Networks,

Inc. 

(a)

234,470‌

9,098‌

Magnite,

Inc. 

(a)

307,876‌

5,300‌

Mitek

Systems,

Inc. 

(a)

102,078‌

30,888‌

MiX

Telematics,

Ltd.,

ADR

512,432‌

46,100‌

NeoPhotonics

Corp. 

(a)

470,681‌

2,898‌

Perficient,

Inc. 

(a)

233,057‌

57,243‌

Photronics,

Inc. 

(a)

756,180‌

11,474‌

QAD,

Inc.,

Class A

998,468‌

10,823‌

Radware,

Ltd. 

(a)

333,132‌

9,317‌

Red

Violet,

Inc. 

(a)

219,136‌

38,120‌

The

Hackett

Group,

Inc.

686,922‌

13,065‌

TransAct

Technologies,

Inc. 

(a)

179,382‌

3,000‌

Ultra

Clean

Holdings,

Inc. 

(a)

161,160‌

5,200‌

Veeco

Instruments,

Inc. 

(a)

125,008‌

47,510‌

Zix

Corp. 

(a)

334,946‌

10,681,395‌

Telecommunications

-

1.8%

9,980‌

ADTRAN,

Inc.

206,087‌

19,534‌

Airgain,

Inc. 

(a)

402,791‌

2,800‌

Aviat

Networks,

Inc. 

(a)

91,756‌

3,500‌

Cambium

Networks

Corp. 

(a)

169,225‌

4,100‌

IDT

Corp. 

(a)

151,536‌

23,625‌

TESSCO

Technologies,

Inc. 

(a)

145,294‌

1,166,689‌

Utilities

-

1.3%

21,920‌

Harsco

Corp. 

(a)

447,607‌

42,121‌

Sharps

Compliance

Corp. 

(a)

433,846‌

881,453‌

Total

Common

Stock

(Cost

$45,396,282)

63,938,672‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

June

30,

2021

7

See

Notes

to

Financial

Statements.

At

June

30,

2021,

The

Fund

held

the

following

exchange

traded

futures

contracts:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

June

30,

2021. 

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

Investments

in

Securities.

The

Level

2

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.

* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

unrealized

appreciation

(depreciation)

at

year

end.

Shares

Security

Description

Value

Money

Market

Fund

-

3.3%

2,186,799‌

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares,

0.03% 

(b)

(Cost

$2,186,799)

$

2,186,799‌

Investments,

at

value

-

99.6%

(Cost

$47,583,081)

$

66,125,471‌

Other

Assets

&

Liabilities,

Net

-

0.4%

290,703‌

Net

Assets

-

100.0%

$

66,416,174‌

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

June

30,

2021.

Contracts

Description

Exp.Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

11‌

CME

E-mini

Russell

2000

Index

Future

09/17/21

$

1,266,778‌

$

1,269,290‌

$

2,512‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

63,938,672‌

$

2,512‌

Level

2

-

Other

Significant

Observable

Inputs

2,186,799‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

66,125,471‌

$

2,512‌

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

Basic

Materials

3.7‌%

Consumer

Discretionary

11.5‌%

Consumer

Staples

3.1‌%

Energy

5.0‌%

Financials

13.8‌%

Health

Care

21.0‌%

Industrials

17.5‌%

Real

Estate

1.5‌%

Technology

16.1‌%

Telecommunications

1.8‌%

Utilities

1.3‌%

Money

Market

Fund

3.3‌%

Other

Assets

&

Liabilities,

Net

0.4‌%

100.0‌%

ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

ASSETS

AND

LIABILITIES

June

30,

2021

8

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

$47,583,081)

$

66,125,471‌

Deposits

with

broker

for

futures

280,339‌

Receivables:

Fund

shares

sold

21,091‌

Investment

securities

sold

229,306‌

Dividends

86,960‌

Prepaid

expenses

23,366‌

Total

Assets

66,766,533‌

LIABILITIES

Payables:

Investment

securities

purchased

215,664‌

Fund

shares

redeemed

31,595‌

Accrued

Liabilities:

Investment

adviser

fees

43,144‌

Fund

services

fees

15,259‌

Other

expenses

44,697‌

Total

Liabilities

350,359‌

NET

ASSETS

$

66,416,174‌

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

48,365,340‌

Distributable

earnings

18,050,834‌

NET

ASSETS

$

66,416,174‌

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

3,965,098‌

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE*

Institutional

Shares

(based

on

net

assets

of

$66,416,174)

$

16.75‌

ACUITAS

US

MICROCAP

FUND

STATEMENT

OF

OPERATIONS

YEAR

ENDED

JUNE

30,

2021

9

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Dividend

income

(Net

of

foreign

withholding

taxes

of

$1,564)

$

588,582‌

Total

Investment

Income

588,582‌

EXPENSES

Investment

adviser

fees

642,819‌

Fund

services

fees

193,758‌

Shareholder

service

fees

50,503‌

Custodian

fees

35,031‌

Registration

fees

21,618‌

Professional

fees

55,551‌

Trustees'

fees

and

expenses

6,858‌

Other

expenses

67,287‌

Total

Expenses

1,073,425‌

Fees

waived

(302,041‌)

Net

Expenses

771,384‌

NET

INVESTMENT

LOSS

(182,802‌)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

on:

Investments

13,810,366‌

Futures

378,827‌

Net

realized

gain

14,189,193‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

18,032,710‌

Futures

2,512‌

Net

change

in

unrealized

appreciation

(depreciation)

18,035,222‌

NET

REALIZED

AND

UNREALIZED

GAIN

32,224,415‌

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

32,041,613‌

ACUITAS

US

MICROCAP

FUND

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

10

See

Notes

to

Financial

Statements.

For

the

Years

Ended

June

30,

2021

2020

OPERATIONS

Net

investment

loss

$

(182,802‌)

$

(309,189‌)

Net

realized

gain

(loss)

14,189,193‌

(11,493,277‌)

Net

change

in

unrealized

appreciation

(depreciation)

18,035,222‌

(2,702,798‌)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

32,041,613‌

(14,505,264‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

–‌

(76,614‌)

Total

Distributions

Paid

–‌

(76,614‌)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

7,417,185‌

10,600,855‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

76,603‌

Redemption

of

shares:

Institutional

Shares

(13,526,187‌)

(33,277,864‌)

Redemption

fees:

Institutional

Shares

275‌

2,453‌

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(6,108,727‌)

(22,597,953‌)

Increase

(Decrease)

in

Net

Assets

25,932,886‌

(37,179,831‌)

NET

ASSETS

Beginning

of

Year

40,483,288‌

77,663,119‌

End

of

Year

$

66,416,174‌

$

40,483,288‌

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

535,597‌

1,230,179‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

7,073‌

Redemption

of

shares:

Institutional

Shares

(1,194,038‌)

(4,343,714‌)

Decrease

in

Shares

(658,441‌)

(3,106,462‌)

ACUITAS

US

MICROCAP

FUND

FINANCIAL

HIGHLIGHTS

11

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year.

For

the

Years

Ended

June

30,

2021

2020

2019

2018

2017

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

8.76‌

$

10.05‌

$

14.17‌

$

12.57‌

$

10.38‌

INVESTMENT

OPERATIONS

Net

investment

loss

(a)

(0.05‌)

(0.05‌)

(0.09‌)

(0.12‌)

(0.09‌)

Net

realized

and

unrealized

gain

(loss)

8.04‌

(1.23‌)

(1.46‌)

2.19‌

2.39‌

Total

from

Investment

Operations

7.99‌

(1.28‌)

(1.55‌)

2.07‌

2.30‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(0.01‌)

(2.57‌)

(0.47‌)

(0.11‌)

Total

Distributions

to

Shareholders

–‌

(0.01‌)

(2.57‌)

(0.47‌)

(0.11‌)

REDEMPTION

FEES(a)

0.00‌(b)

0.00‌(b)

0.00‌(b)

0.00‌(b)

0.00‌(b)

NET

ASSET

VALUE,

End

of

Year

$

16.75‌

$

8.76‌

$

10.05‌

$

14.17‌

$

12.57‌

TOTAL

RETURN

91.21‌%

(12.75‌)%

(9.68‌)%

16.77‌%

22.21‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

66,416‌

$

40,483‌

$

77,663‌

$

108,339‌

$

87,690‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.36‌)%

(0.47‌)%

(0.78‌)%

(0.91‌)%

(0.78‌)%

Net

expenses

1.50‌%

1.70‌%

1.70‌%

1.70‌%

1.70‌%

Gross

expenses

(c)

2.08‌%

2.03‌%

1.87‌%

1.80‌%

1.86‌%

PORTFOLIO

TURNOVER

RATE

78‌%

74‌%

108‌%

48‌%

50‌%

(a)

Calculated

based

on

average

shares

outstanding

during

each

year.

(b)

Less

than

$0.01

per

share.

(c)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2021

12

Note

1.

Organization

The

Acuitas

US

Microcap

Fund

(the

“Fund”)

is

a

diversified

portfolio

of

Forum

Funds

II

(the

“Trust”).

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

the

Fund’s

shares

of

beneficial

interest

without

par

value.

The

Fund

currently

offers

two

classes

of

shares:

Institutional

Shares

and

Investor

Shares.

As

of

June

30,

2021,

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

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

“Financial

Services

–

Investment

Companies.”

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

year.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation

–

Securities

are

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.

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

(“NAV”).

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

valued

at

amortized

cost.

The

Fund

values

its

investments

at

fair

value

pursuant

to

procedures

adopted

by

the

Trust's

Board

of

Trustees

(the

"Board")

if

(1)

market

quotations

are

not

readily

available

or

(2)

the

Adviser,

as

defined

in

Note

3,

believes

that

the

values

available

are

unreliable.

The

Trust’s

Valuation

Committee,

as

defined

in

the

Fund’s

registration

statement,

performs

certain

functions

as

they

relate

to

the

administration

and

oversight

of

the

Fund’s

valuation

procedures.

Under

these

procedures,

the

Valuation

Committee

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

Valuation

Committee

may

work

with

the

Adviser

to

provide

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

Valuation

Committee

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

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

with

maturities

of

sixty

days

or

less

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

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2021

13

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

June

30,

2021,

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

–

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

June

30,

2021,

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

June

30,

2021,

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.

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2021

14

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

serves

as

the

Fund’s

distributor

(the

“Distributor”).

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,

2021.

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

year

ended

June

30,

2021,

the

fees

waived

and/or

reimbursed

expenses

were

as

follows:

The

Adviser

may

be

reimbursed

by

the

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

approved

by

the

Board,

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(

i

)

the

then-

current

expense

cap

and

(ii)

the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

June

30,

2021,

$616,973

is

subject

to

recapture

by

the

Adviser.

Other

waivers

are

not

eligible

for

recoupment.

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$

279,502‌

$

22,539‌

$

302,041‌

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2021

15

Note

5.

Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments

during

the

year

ended

June

30,

2021,

totaled

$

38,508,857

and

$

45,610,091

,

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

June

30,

2021

,

for

futures

contracts

was

$

8,330,662

.

The

Fund’s

use

of

derivatives

for

the

period

ended

June

30,

2021

,

was

limited

to

futures

contracts.

Asset

(Liability)

amounts

shown

in

the

table

below

represent

amounts

for

derivative

related

investments

at

June

30,

2021.

These

amounts

may

be

collateralized

by

cash

or

financial

instruments.

Note

7.

Federal

Income

Tax

As

of

June

30,

2021,

the

cost

for

federal

income

tax

purposes

is

$48,988,697

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,

2021,

distributable

earnings

on

a

tax

basis

were

as

follows:

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

378,827‌

Total

net

realized

gain

(loss)

$

378,827‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

2,512‌

Total

net

change

in

unrealized

appreciation

(depreciation)

$

2,512‌

Gross

Asset

(Liability)

as

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

Instruments

(Received)

Pledged*

Cash

Collateral

(Received)

Pledged*

Net

Amount

Unrealized

appreciation

on

futures**

$

2,512‌

$

‌-

$

‌-

$

2,512‌

*

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

$

18,991,277‌

Gross

Unrealized

Depreciation

(1,854,503‌)

Net

Unrealized

Appreciation

$

17,136,774‌

Long-Term

Capital

Gain

Total

Acuitas

US

Microcap

Fund

2021

$

–‌

$

–‌

2020

76,614‌

76,614‌

Undistributed

Ordinary

Income

$

251,699‌

Undistributed

Long-Term

Gain

662,361‌

Net

Unrealized

Appreciation

17,136,774‌

Total

$

18,050,834‌

ACUITAS

US

MICROCAP

FUND

NOTES

TO

FINANCIAL

STATEMENTS

June

30,

2021

16

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.

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.

Effective

July

31,

2021,

following

the

acquisition

of

MUFG

Union

Bank,

N.A.

by

US

Bank,

US

Bank

serves

as

the

Fund's

custodian.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

17

To

the

Board

of

Trustees

of

Forum

Funds

II

and

the

Shareholders

of

Acuitas

US

Microcap

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Acuitas

US

Microcap

Fund,

a

series

of

shares

of

beneficial

interest

in

Forum

Funds

II

(the

“Fund”),

including

the

schedule

of

investments,

as

of

June

30,

2021,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

June

30,

2021,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended

and

its

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

law

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risk

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2021

by

correspondence

with

the

custodian

and

brokers.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

BBD,

LLP

We

have

served

as

the

auditor

of

one

or

more

of

the

Funds

in

the

Forum

Funds

II

since

2003.

Philadelphia,

Pennsylvania

August

26,

2021

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

18

Investment

Advisory

Agreement

Approval

Acuitas

US

Microcap

Fund

(“Microcap

Fund”)

(the

“Fund”)

At

the

June

10,

2021

Board

meeting

(the

“June

meeting”),

the

Board,

including

the

Independent

Trustees,

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

to

the

Fund

(the

“Advisory

Agreement”)

and

the

subadvisory

agreements

between

the

Adviser

and

each

of

AltraVue

Capital,

LLC;

ClariVest

Asset

Management,

LLC;

Granahan

Investment

Management,

Inc.;

Meros

Investment

Management,

L.P.;

and

Tieton

Capital

Management,

LLC

(each

a

“Subadviser”)

(the

“Subadvisory

Agreements”).

In

preparation

for

the

June

meeting,

the

Board

was

presented

with

a

range

of

information

to

assist

in

its

deliberations.

The

Board

requested

and

reviewed

written

responses

from

the

Adviser

and

each

Subadviser

to

a

letter

circulated

on

the

Board’s

behalf

concerning

the

personnel,

operations,

financial

condition,

performance,

and

services

provided

to

the

Fund

by

the

Adviser

and

each

of

the

Subadvisers.

During

its

deliberations,

the

Board

received

an

oral

presentation

from

the

Adviser

and

discussed

the

materials

with

the

Adviser,

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”),

and,

as

necessary,

with

the

Trust’s

administrator.

The

Independent

Trustees

also

met

in

executive

session

with

Independent

Legal

Counsel

while

deliberating.

At

the

June

meeting,

the

Board

reviewed,

among

other

matters,

the

topics

discussed

below.

Nature,

Extent

and

Quality

of

Services

Based

on

written

materials

received

and

the

presentation

from

senior

representatives

of

the

Adviser

regarding

the

personnel,

operations,

and

financial

condition

of

the

Adviser

and

each

Subadviser,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

Agreement

and

by

each

Subadviser

under

the

respective

Subadvisory

Agreement.

In

this

regard,

the

Board

considered

information

regarding

the

experience,

qualifications

and

professional

background

of

the

portfolio

managers

and

other

personnel

at

the

Adviser

and

each

Subadviser

with

principal

responsibility

for

the

Fund’s

investments;

the

investment

philosophy

and

decision-making

process

of

the

Adviser’s

and

Subadvisers’

investment

professionals;

the

quality

of

the

Adviser’s

and

Subadvisers’

services

with

respect

to

regulatory

compliance;

and

the

Adviser’s

and

each

Subadviser’s

representations

that

each

firm

is

in

stable

financial

condition

to

allow

each

firm

to

provide

quality

advisory

services

to

the

Fund.

The

Board

also

considered

the

Adviser’s

analysis

of

and

recommendation

to

approve

the

continuance

of

the

Subadvisory

Agreements

with

the

Subadvisers.

The

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

by

the

Adviser

under

the

Advisory

Agreement

and

by

each

Subadviser

under

the

respective

Subadvisory

Agreements.

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Fund,

including

the

investment

objective

and

strategy

of

the

Fund

and

the

Adviser’s

discussion

of

the

performance

of

each

of

the

Subadvisers,

the

Board

reviewed

the

performance

of

the

Fund

compared

to

its

primary

benchmark.

The

Board

observed

that

the

Fund

outperformed

its

primary

benchmark

index,

the

Russell

Microcap

Index,

for

the

one-year

period

ended

March

31,

2021,

and

underperformed

the

Russell

Microcap

Index

for

the

three-,

and

five-year

periods

ended

March

31,

2021,

and

for

the

period

since

the

Microcap

Fund’s

inception

on

July

18,

2014.

The

Board

also

considered

the

Fund’s

performance

relative

to

an

independent

peer

group

of

funds

identified

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”)

believed

to

have

characteristics

similar

to

those

of

the

Fund.

Based

on

information

presented

by

Broadridge,

the

Board

observed

that

the

Fund

outperformed

the

median

of

the

Broadridge

peers

for

the

one-,

three-,

and

five-

year

periods

ended

March

31,

2021.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

relative

performance

could

be

attributed,

in

part,

to

the

Fund’s

stock

selection

and

sector

allocations.

The

Board

also

noted

the

Adviser’s

representation

that

the

Broadridge

peer

group

was

not

an

optimal

representation

of

the

Fund’s

investment

strategy

from

a

performance

comparison

standpoint

because

many

of

the

funds

within

the

Broadridge

peer

group

operate

within

the

small

cap

universe,

whereas

the

Fund

places

a

larger

emphasis

on

microcap

investments.

At

the

request

of

the

Adviser,

the

Board

reviewed

performance

of

the

Fund

compared

to

the

performance

of

a

peer

group

of

funds

identified

by

the

Adviser

as

being

a

more

optimal

comparison

to

the

Fund

(the

“Comparable

Funds”).

The

Board

observed

that

the

Fund

outperformed

the

average

of

the

Comparable

Funds

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2021

and

that

the

Fund’s

performance

was

more

closely

aligned

with

the

performance

of

the

Comparable

Funds

than

the

performance

of

the

Broadridge

peers.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

19

The

Board

also

evaluated

the

Adviser's

assessment

of

each

Subadviser’s

performance.

The

Board

acknowledged

the

Adviser’s

representation

that

the

different

Subadvisers

could

be

expected

to

achieve

different

performance

results

in

light

of

the

differences

in

their

strategies,

allocated

assets,

and

market

environment.

In

this

regard,

the

Board

noted

that

the

Adviser

emphasized

its

responsibility

for

allocating

the

Fund’s

assets

among

Subadvisers

on

an

ongoing

basis

in

order

to

achieve

the

Fund’s

investment

objective.

In

view

of

the

respective

roles

of

the

Adviser

and

Subadvisers,

the

Board

determined

that

it

was

appropriate

to

evaluate

the

individual

performance

achieved

by

each

Subadviser

as

it

contributed

to

the

performance

of

the

Fund

as

a

whole.

Based

on

the

foregoing,

among

other

applicable

considerations,

the

Board

concluded

that

the

Fund

and

its

shareholders

could

benefit

from

the

Adviser’s

continued

management

under

the

Advisory

Agreement

and

from

each

Subadviser’s

continued

management

under

the

respective

Subadvisory

Agreements.

Compensation

The

Board

evaluated

the

Adviser’s

compensation

for

providing

advisory

services

to

the

Fund

and

analyzed

comparative

information

on

actual

advisory

fee

rates

and

actual

total

expense

ratios

of

the

Fund’s

Broadridge

peers.

The

Board

noted

that,

based

on

the

information

provided

by

Broadridge,

the

actual

advisory

fee

rate

and

actual

total

expense

ratio

for

the

Fund

were

each

higher

than

the

median

of

its

Broadridge

peers.

The

Board

noted

the

Adviser’s

representation

that

the

Fund’s

Broadridge

peers

are

heavily

weighted

toward

small

cap

managers,

which

offer

lower

fees

than

microcap

managers,

which

could

account

for

some

of

the

variance

in

the

fee

and

expense

comparison.

The

Board

also

noted

the

Adviser’s

representation

that

many

of

the

funds

listed

in

the

respective

Broadridge

peer

groups

did

not

operate

pursuant

to

a

multi-manager

structure

and

that,

unlike

the

peers

in

the

Broadridge

peer

group,

the

Adviser

paid

each

of

the

Subadvisers

directly

from

the

advisory

fee

paid

to

the

Adviser

such

that

the

fees

and

expenses

of

the

Broadridge

peers

were

not

directly

comparable.

The

Board

noted

further

the

Adviser’s

representation

that

the

total

expense

ratio

for

the

Fund

was

slightly

less

than

the

average

expense

ratio

of

the

Comparable

Funds.

Finally,

the

Board

observed

that

the

contractual

advisory

fee

and

expense

cap

were

each

lowered

during

the

last

year.

With

regard

to

Subadviser

compensation,

the

Board

noted

the

arms-length

nature

of

the

relationship

between

the

Adviser

and

each

Subadvisers

with

respect

to

the

negotiation

of

the

subadvisory

fee

rate

on

behalf

of

the

Fund

and

that

the

Adviser,

and

not

the

Fund,

was

responsible

for

paying

the

subadvisory

fees

due

under

each

Subadvisory

Agreement.

Based

on

the

foregoing

and

other

relevant

considerations,

the

Board

concluded

that

the

Adviser’s

advisory

fee

rate

charged

to

the

Fund

appeared

to

be

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser.

Cost

of

Services

and

Profitability

The

Board

considered

information

provided

by

the

Adviser

regarding

the

costs

of

services

and

its

profitability

with

respect

to

the

Fund.

In

this

regard,

the

Board

considered

the

Adviser’s

resources

devoted

to

the

Fund,

as

well

as

the

Adviser’s

discussion

of

the

aggregate

costs

and

profitability

of

its

mutual

fund

activity,

including

the

percentage

and

amount

of

the

Adviser’s

fee

that

the

Adviser

retained

and

the

percentage

and

amount

of

the

Adviser’s

fee

that

was

paid

to

the

Subadvisers.

The

Board

noted

that

the

Adviser

does

not

maintain

separate

profit

and

loss

data

by

account,

making

it

difficult

to

assess

costs

incurred

specific

to

providing

services

to

the

Fund.

The

Board

also

noted

the

Adviser’s

representation

that

the

operation

of

the

Fund

was

more

complex

from

a

compliance

and

oversight

perspective

and

drew

more

resources

than

the

firm’s

other

business.

The

Board

noted

further

the

Adviser’s

representation

that

the

Adviser

continues

to

pay

its

subadvisers

directly

from

the

Adviser’s

advisory

fees

and

that

the

Adviser

continued

to

subsidize

the

operation

of

the

Fund

by

waiving

its

advisory

fee

and

reimbursing

expenses

to

the

extent

necessary

to

keep

the

Fund’s

total

expense

ratios

at

competitive

levels.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser’s

profits

attributable

to

management

of

the

Fund

did

not

appear

unreasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser.

The

Board

did

not

consider

information

regarding

the

costs

of

services

provided

or

profits

realized

by

the

Subadvisers

from

their

relationships

with

the

Fund,

noting

instead

the

arms-length

nature

of

the

relationship

between

the

Adviser

and

each

Subadviser

with

respect

to

the

negotiation

of

the

subadvisory

fee

rate

on

behalf

of

the

Fund

and

that

the

Adviser,

and

not

the

Fund,

was

responsible

for

paying

the

subadvisory

fee

due

under

each

Subadvisory

Agreement.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

20

Economies

of

Scale

The

Board

considered

whether

the

Fund

was

benefitting,

or

may

benefit

in

the

future,

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Fund’s

fee

structure,

asset

size,

net

expense

ratio,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund’s

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

The

Board

noted

the

assets

of

the

Fund

were

stable

but

relatively

low.

The

Board

also

noted

the

Adviser’s

representation

that

the

Fund

was

benefitting

from

expenses

subsidized

by

the

Adviser

under

the

contractual

expense

limitation

agreement.

The

Board

noted

further

the

Adviser’s

representation

that,

although

the

Fund

could

benefit

from

economies

of

scale

as

assets

grow,

the

Adviser

believed

that

economies

of

scale

had

not

been

achieved

at

current

asset

levels.

The

Board

also

considered

whether

the

Fund

would

benefit

from

any

economies

of

scale

with

respect

to

the

Subadvisory

Agreements.

In

this

respect,

the

Board

noted

that

there

were

no

breakpoints

in

the

Subadvisory

Agreements

and

that

such

breakpoints

were

likely

to

benefit

the

Adviser,

rather

than

the

Fund,

because

the

Adviser

pays

the

subadvisory

fees

directly

from

the

Adviser’s

advisory

fee.

Based

on

the

foregoing

information

and

other

applicable

factors,

and

in

light

of

the

size

of

the

Fund,

the

Board

concluded

that

the

asset

level

of

the

Fund

was

not

consistent

with

the

existence

of

economies

of

scale

and

that

economies

of

scale

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement

or

Subadvisory

Agreements.

Other

Benefits

The

Board

noted

the

Adviser’s

representation

that,

aside

from

its

contractual

advisory

fees,

it

does

not

benefit

in

a

material

way

from

its

relationship

with

the

Fund.

Based

on

the

foregoing

representation

and

other

relevant

considerations,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Fund

were

not

a

material

factor

in

approving

the

continuation

of

the

Advisory

Agreement.

Conclusion

The

Board

did

not

identify

any

single

factor

as

being

of

paramount

importance,

and

different

Trustees

may

have

given

different

weight

to

different

factors.

In

addition,

various

materials

provided

to

and

discussed

with

the

Board

throughout

the

year,

including

with

respect

to

performance

and

compliance,

also

informed

the

Board’s

decision.

In

light

of

the

fact

that

the

Fund

is

a

multi-manager

Fund,

however,

for

which

the

Adviser

identifies

Subadvisers

whose

strategies

it

seeks

to

combine

to

achieve

the

Fund’s

investment

objective,

when

considering

the

renewal

of

the

Subadvisory

Agreements,

the

Board

gave

significant

weight

to

the

Adviser’s

recommendation

that

the

Subadvisory

Agreements

be

renewed

and

to

the

Adviser’s

representation

that

the

reappointment

of

the

Subadvisers

would

positively

contribute

to

the

Adviser’s

successful

execution

of

the

Fund’s

overall

strategy.

The

Board

reviewed

a

memorandum

from

Independent

Legal

Counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement

and

each

Subadvisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board,

in

the

exercise

of

its

reasonable

business

judgment,

approved

the

continuation

of

the

Advisory

Agreement

and

each

Subadvisory

Agreement.

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

30

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.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

21

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

January

1,

2021

through

June

30,

2021.

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.

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.

Trustees

and

Officers

of

the

Trust

The

Board

is

responsible

for

oversight

of

the

management

of

the

Trust’s

business

affairs

and

of

the

exercise

of

all

the

Trust’s

powers

except

those

reserved

for

the

shareholders.

The

following

table

provides

information

about

each

Trustee

and

certain

officers

of

the

Trust.

Each

Trustee

and

officer

holds

office

until

the

person

resigns,

is

removed,

or

is

replaced.

Unless

otherwise

noted,

the

persons

have

held

their

principal

occupations

for

more

than

five

years.

The

address

for

all

Trustees

and

officers

is

Three

Canal

Plaza,

Suite

600,

Portland,

Maine

04101.

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge

and

upon

request,

by

calling

(844)

805-5628.

Beginning

Account

Value

January

1,

2021

Ending

Account

Value

June

30,

2021

Expenses

Paid

During

Period*

Annualized

Expense

Ratio*

Institutional

Shares

Actual

$

1,000.00‌

$

1,332.53‌

$

8.68‌

1.50%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,017.36‌

$

7.50‌

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

(181)

divided

by

365

to

reflect

the

half-year

period.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

22

(1)

Jessica

Chase

is

currently

an

interested

person

of

the

Trust,

as

defined

in

the

1940

Act,

due

to

her

affiliation

with

Apex

Fund

Services

and

her

role

as

President

of

the

Trust.

Apex

Fund

Services

is

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC.

Name

and

Year

of

Birth

Position

with

the

Trust

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

Number

of

Series

in

Fund

Complex

Overseen

By

Trustee

Other

Directorships

Held

By

Trustee

During

Past

Five

Years

Independent

Trustees

David

Tucker

Born:

1958

Chairman

of

the

Board;

Trustee;

Chairman,

Nominating

Committee

and

Qualified

Legal

Compliance

Committee

Since

2013

Director,

Blue

Sky

Experience

(a

charitable

endeavor),

since

2008;

Senior

Vice

President

&

General

Counsel,

American

Century

Companies

(an

investment

management

firm),

1998-

2008.

1

Trustee,

Forum

Funds;

Trustee,

U.S.

Global

Investors

Funds.

Mark

D.

Moyer

Born:

1959

Trustee;

Chairman

Audit

Committee

Since

2013

Chief

Financial

Officer,

Freedom

House

(a

NGO

advocating

political

freedom

and

democracy),

since

2017;

independent

consultant

providing

interim

CFO

services,

principally

to

non-profit

organizations,

2011-2017.

1

Trustee,

Forum

Funds;

Trustee,

U.S.

Global

Investors

Funds.

Jennifer

Brown-Strabley

Born:

1964

Trustee

Since

2013

Principal,

Portland

Global

Advisors

(a

registered

investment

adviser),

1996-

2010.

1

Trustee,

Forum

Funds;

Trustee,

U.S.

Global

Investors

Funds.

Interested

Trustees

(1)

Jessica

Chase

Born:

1970

Trustee

Since

2019

Director,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

1

Trustee,

Forum

Funds,

Trustee,

U.S.

Global

Investors

Funds.

ACUITAS

US

MICROCAP

FUND

ADDITIONAL

INFORMATION

(Unaudited)

June

30,

2021

23

Name

and

Year

of

Birth

Position

with

the

Trust

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Officers

Jessica

Chase

Born:

1970

President;

Principal

Executive

Officer

Since

2015

Director,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

Karen

Shaw

Born:

1972

Treasurer;

Principal

Financial

Officer

Since

2013

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

Zachary

Tackett

Born:

1988

Vice

President;

Secretary

and

Anti-

Money

Laundering

Compliance

Officer

Since

2014

Senior

Counsel,

Apex

Fund

Services

since

2019;

Counsel,

Atlantic

Fund

Services

2014-

2019.

Timothy

Bowden

Born:

1969

Vice

President

Since

2013

Manager,

Apex

Fund

Services

since

2019;

Manager,

Atlantic

Fund

Services

2008-2019.

Michael

J.

McKeen

Born:

1971

Vice

President

Since

2013

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

Geoffrey

Ney

Born:

1975

Vice

President

Since

2013

Manager,

Apex

Fund

Services

since

2019;

Manager,

Atlantic

Fund

Services

2013-2019.

Todd

Proulx

Born:

1978

Vice

President

Since

2013

Manager,

Apex

Fund

Services

since

2019;

Manager,

Atlantic

Fund

Services

2013-2019.

Carlyn

Edgar

Born:

1963

Chief

Compliance

Officer

Since

2013

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-2019.

220-ANR-0621

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.theapexgroup.com

Distributor

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

www.foreside.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.

ITEM 2. CODE OF ETHICS.

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

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

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

(e)        Not applicable.

(f) (1)  A copy of the Code of Ethics is being filed under Item 13(a) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that Mr. Mark Moyer is an "audit committee financial expert" as that term is defined under applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as defined in Section 2(a)(19) under the Investment Company Act of 1940, as amended (the “Act”)), and serves as Chairman of the Audit Committee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $13,400 in 2020 and $13,400 in 2021.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2020 and $0 in 2021. 

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $6,000 in 2020 and $3,000 in 2021.  These services consisted of review or preparation of U.S. federal, state, local and excise tax returns. 

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2020 and $0 in 2021. 

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

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

(f) Not applicable

(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2020 and $0 in 2021.  There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. INVESTMENTS.

(a)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 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 second fiscal quarter of 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)  Code of Ethics (Exhibit filed herewith).

(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)

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002. (Exhibit 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/ Jessica Chase
	Jessica Chase, Principal Executive Officer
Date:	August 31, 2021

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:	August 31, 2021

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	August 31, 2021