Forum Funds Ii NPORT-P Acuitas Us Microcap Fund (Sep 2020 report)

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2020

1

Shares

Security

Description

Value

Common

Stock

-

98.7%

Communications

-

0.2%

1,300‌

ATN

International,

Inc.

$

65,182‌

Consumer

Discretionary

-

10.5%

4,600‌

At

Home

Group,

Inc. 

(a)

68,356‌

5,779‌

CarParts.com,

Inc. 

(a)

62,471‌

25,200‌

Clean

Energy

Fuels

Corp. 

(a)

62,496‌

3,800‌

elf

Beauty,

Inc. 

(a)

69,806‌

98,020‌

Fluent,

Inc. 

(a)

243,090‌

18,800‌

Green

Brick

Partners,

Inc. 

(a)

302,680‌

1,900‌

Hooker

Furniture

Corp.

49,077‌

3,800‌

Huami

Corp.,

ADR 

(a)

48,830‌

56,951‌

Interface,

Inc.

348,540‌

8,500‌

Liquidity

Services,

Inc. 

(a)

63,410‌

1,600‌

M/I

Homes,

Inc. 

(a)

73,680‌

1,200‌

Malibu

Boats,

Inc.,

Class A 

(a)

59,472‌

2,200‌

MarineMax,

Inc. 

(a)

56,474‌

23,466‌

Motorcar

Parts

of

America,

Inc. 

(a)

365,131‌

700‌

Overstock.com,

Inc. 

(a)

50,855‌

7,721‌

Purple

Innovation,

Inc. 

(a)

191,944‌

3,130‌

Sonic

Automotive,

Inc.

125,701‌

10,802‌

Sportsman's

Warehouse

Holdings,

Inc. 

(a)

154,577‌

11,250‌

The

Children's

Place,

Inc.

318,937‌

58,992‌

Tilly's,

Inc.,

Class A

355,722‌

6,900‌

Universal

Technical

Institute,

Inc. 

(a)

35,052‌

3,800‌

Vista

Outdoor,

Inc. 

(a)

76,684‌

12,530‌

WillScot

Mobile

Mini

Holdings

Corp. 

(a)

209,000‌

3,372‌

Winmark

Corp.

580,591‌

40,900‌

ZAGG,

Inc. 

(a)

114,520‌

4,087,096‌

Consumer

Staples

-

1.4%

1,200‌

Ingles

Markets,

Inc.,

Class A

45,648‌

2,200‌

Seneca

Foods

Corp.,

Class A 

(a)

78,606‌

3,900‌

SpartanNash

Co.

63,765‌

14,138‌

Village

Super

Market,

Inc.

347,936‌

535,955‌

Energy

-

3.3%

9,590‌

Bonanza

Creek

Energy,

Inc. 

(a)

180,292‌

2,550‌

DMC

Global,

Inc.

83,997‌

20,300‌

Geospace

Technologies

Corp. 

(a)

125,454‌

31,129‌

Natural

Gas

Services

Group,

Inc. 

(a)

263,040‌

33,450‌

Newpark

Resources,

Inc. 

(a)

35,122‌

9,500‌

Oil

States

International,

Inc. 

(a)

25,935‌

35,050‌

Par

Pacific

Holdings,

Inc. 

(a)

237,289‌

4,703‌

Stabilis

Energy,

Inc. 

(a)

12,040‌

16,200‌

SunCoke

Energy,

Inc.

55,404‌

18,020‌

Trecora

Resources 

(a)

110,643‌

163,960‌

VAALCO

Energy,

Inc. 

(a)

163,960‌

1,293,176‌

Financial

Services

-

14.1%

11,300‌

B

Riley

Financial,

Inc.

283,178‌

18,560‌

Bryn

Mawr

Bank

Corp.

461,587‌

3,900‌

Central

Valley

Community

Bancorp

48,165‌

4,100‌

ConnectOne

Bancorp,

Inc.

57,687‌

20,540‌

Customers

Bancorp,

Inc. 

(a)

230,048‌

4,248‌

Encore

Capital

Group,

Inc. 

(a)

163,930‌

8,400‌

Enova

International,

Inc. 

(a)

137,676‌

3,800‌

Enterprise

Financial

Services

Corp.

103,626‌

5,000‌

Financial

Institutions,

Inc.

77,000‌

7,200‌

First

Foundation,

Inc.

94,104‌

6,500‌

First

Internet

Bancorp

95,745‌

6,300‌

Forterra,

Inc. 

(a)

74,466‌

12,100‌

Global

Medical

REIT,

Inc.

163,350‌

37,769‌

Great

Elm

Capital

Corp.

126,904‌

Shares

Security

Description

Value

Financial

Services

-

14.1%

(continued)

3,400‌

HomeStreet,

Inc.

$

87,584‌

7,450‌

Horizon

Bancorp,

Inc.

75,170‌

2,300‌

I3

Verticals,

Inc.,

Class A 

(a)

58,075‌

4,142‌

James

River

Group

Holdings,

Ltd.

184,443‌

5,800‌

Kearny

Financial

Corp.

41,818‌

8,500‌

Lakeland

Bancorp,

Inc.

84,575‌

7,800‌

Luther

Burbank

Corp.

65,130‌

3,640‌

Marlin

Business

Services

Corp.

25,662‌

42,180‌

Medallion

Financial

Corp. 

(a)

105,450‌

35,003‌

NMI

Holdings,

Inc.,

Class A 

(a)

623,053‌

17,050‌

Northrim

BanCorp,

Inc.

434,604‌

9,700‌

OP

Bancorp

55,484‌

5,287‌

Premier

Financial

Bancorp,

Inc.

57,100‌

7,547‌

Premier

Financial

Corp.

117,545‌

6,600‌

RBB

Bancorp

74,844‌

10,280‌

Regional

Management

Corp. 

(a)

171,265‌

5,620‌

Stewart

Information

Services

Corp.

245,763‌

1,762‌

Stock

Yards

Bancorp,

Inc.

59,978‌

4,600‌

The

Bancorp,

Inc. 

(a)

39,744‌

6,000‌

The

First

of

Long

Island

Corp.

88,860‌

12,470‌

TriState

Capital

Holdings,

Inc. 

(a)

165,103‌

8,820‌

Veritex

Holdings,

Inc.

150,205‌

1,400‌

Virtus

Investment

Partners,

Inc.

194,110‌

3,200‌

Washington

Trust

Bancorp,

Inc.

98,112‌

3,900‌

West

BanCorp,

Inc.

61,776‌

5,482,919‌

Health

Care

-

24.3%

6,072‌

Aerie

Pharmaceuticals,

Inc. 

(a)

71,467‌

5,500‌

AngioDynamics,

Inc. 

(a)

66,330‌

1,900‌

Anika

Therapeutics,

Inc. 

(a)

67,241‌

5,177‌

AtriCure,

Inc. 

(a)

206,562‌

6,507‌

Autolus

Therapeutics

PLC,

ADR 

(a)

75,741‌

100,517‌

Avid

Bioservices,

Inc. 

(a)

765,940‌

3,700‌

Avrobio,

Inc. 

(a)

48,174‌

3,320‌

Beam

Therapeutics,

Inc. 

(a)

81,738‌

12,500‌

BioCryst

Pharmaceuticals,

Inc. 

(a)

42,938‌

30,500‌

BioDelivery

Sciences

International,

Inc. 

(a)

113,765‌

21,184‌

BioLife

Solutions,

Inc. 

(a)

613,065‌

8,985‌

Biomerica,

Inc. 

(a)

62,266‌

1,400‌

BioSpecifics

Technologies

Corp. 

(a)

73,962‌

2,505‌

Cardiovascular

Systems,

Inc. 

(a)

98,572‌

5,036‌

Castle

Biosciences,

Inc. 

(a)

259,102‌

21,800‌

Catalyst

Pharmaceuticals,

Inc. 

(a)

64,746‌

5,885‌

Centogene

NV 

(a)

55,672‌

8,900‌

Champions

Oncology,

Inc. 

(a)

82,325‌

51,414‌

ChromaDex

Corp. 

(a)

206,170‌

5,600‌

Collegium

Pharmaceutical,

Inc. 

(a)

116,592‌

13,600‌

Community

Health

Systems,

Inc. 

(a)

57,392‌

2,000‌

Computer

Programs

and

Systems,

Inc.

55,220‌

3,100‌

Cue

Biopharma,

Inc. 

(a)

46,655‌

17,500‌

Cymabay

Therapeutics,

Inc. 

(a)

126,700‌

17,735‌

CytoSorbents

Corp. 

(a)

141,437‌

6,910‌

DermTech,

Inc. 

(a)

82,575‌

10,500‌

Dynavax

Technologies

Corp. 

(a)

45,360‌

7,520‌

Epizyme,

Inc. 

(a)

89,714‌

4,178‌

Esperion

Therapeutics,

Inc. 

(a)

155,296‌

13,972‌

Evolent

Health,

Inc.,

Class A 

(a)

173,393‌

10,019‌

Flexion

Therapeutics,

Inc. 

(a)

104,298‌

4,415‌

Frequency

Therapeutics,

Inc. 

(a)

84,812‌

2,500‌

Fulgent

Genetics,

Inc. 

(a)

100,100‌

3,400‌

GenMark

Diagnostics,

Inc. 

(a)

48,280‌

21,800‌

GlycoMimetics,

Inc. 

(a)

66,926‌

19,900‌

Harvard

Bioscience,

Inc. 

(a)

59,899‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2020

2

Shares

Security

Description

Value

Health

Care

-

24.3%

(continued)

5,035‌

Health

Catalyst,

Inc. 

(a)

$

184,281‌

2,775‌

Inmode,

Ltd. 

(a)

100,400‌

2,865‌

Intellia

Therapeutics,

Inc. 

(a)

56,956‌

15,647‌

IntriCon

Corp. 

(a)

190,580‌

15,800‌

Kadmon

Holdings,

Inc. 

(a)

61,936‌

5,500‌

Kala

Pharmaceuticals,

Inc. 

(a)

41,250‌

2,700‌

Kura

Oncology,

Inc. 

(a)

82,728‌

22,900‌

MEI

Pharma,

Inc. 

(a)

71,448‌

2,600‌

Meridian

Bioscience,

Inc. 

(a)

44,148‌

48,096‌

MiMedx

Group,

Inc. 

(a)

305,650‌

25,489‌

Misonix,

Inc. 

(a)

298,986‌

5,100‌

Molecular

Templates,

Inc. 

(a)

55,692‌

8,170‌

Myriad

Genetics,

Inc. 

(a)

106,537‌

4,900‌

OraSure

Technologies,

Inc. 

(a)

59,633‌

43,947‌

Organogenesis

Holdings,

Inc. 

(a)

168,756‌

5,748‌

OrthoPediatrics

Corp. 

(a)

263,948‌

6,500‌

Owens

&

Minor,

Inc.

163,215‌

4,400‌

Provention

Bio,

Inc. 

(a)

56,452‌

6,310‌

Psychemedics

Corp.

27,827‌

6,318‌

Quanterix

Corp. 

(a)

213,169‌

31,514‌

Quotient,

Ltd. 

(a)

161,982‌

3,900‌

RadNet,

Inc. 

(a)

59,865‌

12,876‌

Repro-Med

Systems,

Inc. 

(a)

92,965‌

86,690‌

SIGA

Technologies,

Inc. 

(a)

595,560‌

3,100‌

Sorrento

Therapeutics,

Inc. 

(a)

34,565‌

7,382‌

STAAR

Surgical

Co. 

(a)

417,526‌

5,100‌

Triple-S

Management

Corp.,

Class B 

(a)

91,137‌

5,500‌

Vanda

Pharmaceuticals,

Inc. 

(a)

53,130‌

8,029‌

Veracyte,

Inc. 

(a)

260,862‌

13,905‌

Vericel

Corp. 

(a)

257,660‌

7,600‌

X4

Pharmaceuticals,

Inc. 

(a)

51,452‌

12,741‌

Xenon

Pharmaceuticals,

Inc. 

(a)

141,043‌

26,100‌

ZIOPHARM

Oncology,

Inc. 

(a)

65,772‌

9,447,536‌

Industrial

-

0.3%

4,440‌

Atkore

International

Group,

Inc. 

(a)

100,921‌

Materials

&

Processing

-

9.6%

12,810‌

AdvanSix,

Inc. 

(a)

164,993‌

6,560‌

Apogee

Enterprises,

Inc.

140,187‌

17,400‌

Armstrong

Flooring,

Inc. 

(a)

60,030‌

15,087‌

BlueLinx

Holdings,

Inc. 

(a)

324,823‌

4,690‌

Chase

Corp.

447,426‌

1,800‌

Clearwater

Paper

Corp. 

(a)

68,292‌

5,300‌

Eldorado

Gold

Corp. 

(a)

55,915‌

4,200‌

Griffon

Corp.

82,068‌

1,500‌

Hawkins,

Inc.

69,150‌

21,242‌

Insteel

Industries,

Inc.

397,225‌

3,400‌

Koppers

Holdings,

Inc. 

(a)

71,094‌

3,500‌

L

B

Foster

Co.,

Class A 

(a)

46,970‌

26,889‌

Landec

Corp. 

(a)

261,361‌

1,900‌

Lawson

Products,

Inc. 

(a)

77,957‌

22,147‌

Northern

Technologies

International

Corp.

183,820‌

4,600‌

Northwest

Pipe

Co. 

(a)

121,716‌

12,500‌

Orion

Energy

Systems,

Inc. 

(a)

94,625‌

7,403‌

Orion

Engineered

Carbons

SA

92,612‌

18,100‌

Rayonier

Advanced

Materials,

Inc. 

(a)

57,920‌

16,000‌

TimkenSteel

Corp. 

(a)

56,800‌

14,536‌

UFP

Technologies,

Inc. 

(a)

602,081‌

15,800‌

US

Silica

Holdings,

Inc.

47,400‌

111,078‌

Venator

Materials

PLC 

(a)

214,381‌

3,738,846‌

Shares

Security

Description

Value

Producer

Durables

-

13.5%

3,903‌

Allied

Motion

Technologies,

Inc.

$

161,116‌

13,060‌

Argan,

Inc.

547,345‌

2,830‌

Barrett

Business

Services,

Inc.

148,405‌

7,921‌

CIRCOR

International,

Inc. 

(a)

216,639‌

15,615‌

Columbus

McKinnon

Corp.

516,856‌

17,622‌

Covenant

Logistics

Group,

Inc.,

Class A 

(a)

308,209‌

1,200‌

CRA

International,

Inc.

44,964‌

6,326‌

Cryoport,

Inc. 

(a)

299,852‌

3,541‌

Ducommun,

Inc. 

(a)

116,570‌

12,100‌

Great

Lakes

Dredge

&

Dock

Corp. 

(a)

115,071‌

13,104‌

Harsco

Corp. 

(a)

182,277‌

93,929‌

Hill

International,

Inc. 

(a)

123,986‌

21,754‌

IES

Holdings,

Inc. 

(a)

691,125‌

6,060‌

Patriot

Transportation

Holding,

Inc.

53,207‌

36,561‌

Perceptron,

Inc. 

(a)

248,615‌

3,300‌

Powell

Industries,

Inc.

79,629‌

88,067‌

Radiant

Logistics,

Inc. 

(a)

452,664‌

10,100‌

Sharps

Compliance

Corp. 

(a)

63,327‌

33,550‌

The

Hackett

Group,

Inc.

375,089‌

8,900‌

Titan

Machinery,

Inc. 

(a)

117,747‌

14,283‌

TransAct

Technologies,

Inc.

71,415‌

2,500‌

Vectrus,

Inc. 

(a)

95,000‌

6,700‌

Vishay

Precision

Group,

Inc. 

(a)

169,644‌

1,800‌

VSE

Corp.

55,152‌

5,253,904‌

Real

Estate

-

0.2%

6,200‌

UMH

Properties,

Inc.

REIT

83,948‌

Technology

-

21.2%

11,980‌

ADTRAN,

Inc.

122,855‌

20,780‌

Agilysys,

Inc. 

(a)

502,045‌

15,444‌

Airgain,

Inc. 

(a)

206,023‌

19,440‌

Akoustis

Technologies,

Inc. 

(a)

158,630‌

25,890‌

AXT,

Inc. 

(a)

158,447‌

5,700‌

Calix,

Inc. 

(a)

101,346‌

12,000‌

Celestica,

Inc. 

(a)

82,800‌

4,344‌

Cerence,

Inc. 

(a)

212,291‌

2,300‌

CEVA,

Inc. 

(a)

90,551‌

4,800‌

ChannelAdvisor

Corp. 

(a)

69,456‌

4,100‌

Cohu,

Inc.

70,438‌

16,200‌

Conduent,

Inc. 

(a)

51,516‌

13,535‌

Digital

Turbine,

Inc. 

(a)

443,136‌

2,200‌

Domo,

Inc. 

(a)

84,326‌

31,935‌

eGain

Corp. 

(a)

452,519‌

4,770‌

ePlus,

Inc. 

(a)

349,164‌

4,343‌

EverQuote,

Inc. 

(a)

167,813‌

8,912‌

GAN,

Ltd. 

(a)

150,613‌

21,685‌

Ichor

Holdings,

Ltd. 

(a)

467,745‌

1,700‌

Insight

Enterprises,

Inc. 

(a)

96,186‌

43,400‌

Key

Tronic

Corp. 

(a)

427,490‌

7,300‌

Kimball

Electronics,

Inc. 

(a)

84,388‌

40,265‌

Limelight

Networks,

Inc. 

(a)

231,926‌

8,300‌

MagnaChip

Semiconductor

Corp. 

(a)

113,710‌

73,544‌

Magnite,

Inc. 

(a)

510,763‌

5,700‌

Mitek

Systems,

Inc. 

(a)

72,618‌

33,422‌

MiX

Telematics,

Ltd.,

ADR

298,793‌

28,470‌

NeoPhotonics

Corp. 

(a)

173,382‌

4,683‌

Onto

Innovation,

Inc. 

(a)

139,460‌

3,358‌

Perficient,

Inc. 

(a)

143,521‌

48,875‌

Photronics,

Inc. 

(a)

486,795‌

12,514‌

QAD,

Inc.,

Class A

528,091‌

7,273‌

Radware,

Ltd. 

(a)

176,298‌

8,998‌

Red

Violet,

Inc. 

(a)

166,103‌

6,631‌

ShotSpotter,

Inc. 

(a)

205,826‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2020

3

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

September

30,

2020.

The

Fund

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

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

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

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

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

Level

1

value

displayed

in

this

table

is

Common

Stock.

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.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND’S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND’S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND. 

Shares

Security

Description

Value

Technology

-

21.2%

(continued)

2,000‌

SMART

Global

Holdings,

Inc. 

(a)

$

54,680‌

3,969‌

Smith

&

Wesson

Brands,

Inc.

61,599‌

19,080‌

TESSCO

Technologies,

Inc.

102,460‌

9,500‌

TrueCar,

Inc. 

(a)

47,500‌

3,600‌

Ultra

Clean

Holdings,

Inc. 

(a)

77,256‌

5,800‌

Veeco

Instruments,

Inc. 

(a)

67,686‌

8,208,245‌

Utilities

-

0.1%

600‌

Middlesex

Water

Co.

37,290‌

Total

Common

Stock

(Cost

$36,370,302)

38,335,018‌

Shares

Security

Description

Value

Money

Market

Fund

-

1.5%

582,995‌

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares,

0.05% 

(b)

(Cost

$582,995)

582,995‌

Investments,

at

value

-

100.2%

(Cost

$36,953,297)

$

38,918,013‌

Other

Assets

&

Liabilities,

Net

-

(0.2)%

(85,299‌)

Net

Assets

-

100.0%

$

38,832,714‌

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

September

30,

2020.

Valuation

Inputs

Investments

in

Securities

Level

1

-

Quoted

Prices

$

38,335,018‌

Level

2

-

Other

Significant

Observable

Inputs

582,995‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

38,918,013‌