Forum Funds Ii NPORT-P Acuitas Us Microcap Fund (Sep 2021 report)

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2021

1

Shares

Security

Description

Value

Common

Stock

-

96.4%

Basic

Materials

-

3.5%

27,920‌

AdvanSix,

Inc. 

(a)

$

1,109,820‌

2,600‌

Hawkins,

Inc.

90,688‌

29,283‌

LifeMD,

Inc. 

(a)

181,847‌

18,951‌

Northern

Technologies

International

Corp.

289,003‌

8,700‌

TimkenSteel

Corp. 

(a)

113,796‌

99,186‌

Venator

Materials

PLC 

(a)

282,680‌

2,067,834‌

Consumer

Discretionary

-

10.4%

33,715‌

Akoustis

Technologies,

Inc. 

(a)

327,036‌

8,165‌

Alta

Equipment

Group,

Inc. 

(a)

112,105‌

4,700‌

American

Outdoor

Brands,

Inc. 

(a)

115,432‌

5,800‌

Caleres,

Inc.

128,876‌

37,342‌

Charles

&

Colvard,

Ltd. 

(a)

111,279‌

12,200‌

Destination

XL

Group,

Inc. 

(a)

74,664‌

21,200‌

Entravision

Communications

Corp.,

Class A

150,520‌

142,840‌

Fluent,

Inc. 

(a)

324,247‌

9,100‌

Fossil

Group,

Inc. 

(a)

107,835‌

12,200‌

Full

House

Resorts,

Inc. 

(a)

129,442‌

18,175‌

Green

Brick

Partners,

Inc. 

(a)

372,951‌

5,740‌

Guess?,

Inc.

120,597‌

48,671‌

Interface,

Inc.

737,366‌

29,255‌

LiqTech

International,

Inc. 

(a)

160,317‌

1,400‌

M/I

Homes,

Inc. 

(a)

80,920‌

2,000‌

MarineMax,

Inc. 

(a)

97,040‌

31,454‌

Motorcar

Parts

of

America,

Inc. 

(a)

613,353‌

5,000‌

Shoe

Carnival,

Inc.

162,100‌

3,610‌

Smith

&

Wesson

Brands,

Inc.

74,944‌

4,498‌

The

Children's

Place,

Inc. 

(a)

338,520‌

55,479‌

Tilly's,

Inc.,

Class A

777,261‌

18,656‌

Vera

Bradley,

Inc. 

(a)

175,553‌

3,400‌

Vista

Outdoor,

Inc. 

(a)

137,054‌

5,100‌

VOXX

International

Corp. 

(a)

58,395‌

2,872‌

Winmark

Corp.

617,566‌

6,105,373‌

Consumer

Staples

-

3.2%

2,950‌

MGP

Ingredients,

Inc.

192,045‌

10,360‌

Nature's

Sunshine

Products,

Inc.

151,774‌

61,095‌

Ocean

Bio-Chem,

Inc.

568,794‌

2,000‌

Seneca

Foods

Corp.,

Class A 

(a)

96,440‌

12,575‌

The

Chefs'

Warehouse,

Inc. 

(a)

409,568‌

21,478‌

Village

Super

Market,

Inc.,

Class A

465,643‌

1,884,264‌

Energy

-

5.3%

49,836‌

Amplify

Energy

Corp. 

(a)

265,128‌

25,300‌

Berry

Corp.

182,413‌

10,350‌

Bonanza

Creek

Energy,

Inc.

495,765‌

29,000‌

Geospace

Technologies

Corp. 

(a)

276,950‌

70,675‌

Newpark

Resources,

Inc. 

(a)

233,228‌

15,000‌

Oil

States

International,

Inc. 

(a)

95,850‌

25,410‌

Par

Pacific

Holdings,

Inc. 

(a)

399,445‌

9,400‌

SandRidge

Energy,

Inc. 

(a)

122,294‌

6,300‌

SilverBow

Resources,

Inc. 

(a)

154,350‌

10,970‌

Stabilis

Solutions,

Inc. 

(a)

78,984‌

14,500‌

SunCoke

Energy,

Inc.

91,060‌

25,013‌

Trecora

Resources 

(a)

204,606‌

175,730‌

VAALCO

Energy,

Inc. 

(a)

516,646‌

3,116,719‌

Financials

-

15.1%

9,110‌

B

Riley

Financial,

Inc.

537,854‌

8,200‌

Banc

of

California,

Inc.

151,618‌

2,223‌

BM

Technologies,

Inc. 

(a)

19,785‌

Shares

Security

Description

Value

Financials

-

15.1%

(continued)

6,400‌

Capstar

Financial

Holdings,

Inc.

$

135,936‌

6,600‌

Central

Valley

Community

Bancorp

141,900‌

3,600‌

ConnectOne

Bancorp,

Inc.

108,036‌

5,245‌

CorePoint

Lodging,

Inc.

REIT 

(a)

81,298‌

17,970‌

Customers

Bancorp,

Inc. 

(a)

773,069‌

6,700‌

Ellington

Financial,

Inc.

REIT

122,543‌

12,260‌

Enova

International,

Inc. 

(a)

423,583‌

2,800‌

Enterprise

Financial

Services

Corp.

126,784‌

4,500‌

Financial

Institutions,

Inc.

137,925‌

6,400‌

First

Foundation,

Inc.

168,320‌

5,800‌

First

Internet

Bancorp

180,844‌

9,625‌

First

Western

Financial,

Inc. 

(a)

279,029‌

14,100‌

Granite

Point

Mortgage

Trust,

Inc.

REIT

185,697‌

34,976‌

Great

Elm

Capital

Corp.

122,066‌

3,600‌

HomeStreet,

Inc.

148,140‌

6,650‌

Horizon

Bancorp,

Inc.

120,831‌

11,137‌

James

River

Group

Holdings,

Ltd.

420,199‌

7,000‌

Luther

Burbank

Corp.

93,870‌

45,560‌

Medallion

Financial

Corp. 

(a)

357,190‌

2,700‌

Metropolitan

Bank

Holding

Corp. 

(a)

227,610‌

4,000‌

Mid

Penn

Bancorp,

Inc.

110,200‌

14,280‌

NMI

Holdings,

Inc.,

Class A 

(a)

322,871‌

14,590‌

Northrim

BanCorp,

Inc.

620,221‌

11,800‌

OP

Bancorp

121,068‌

6,635‌

Premier

Financial

Corp.

211,258‌

5,900‌

RBB

Bancorp

148,739‌

8,740‌

Regional

Management

Corp.

508,493‌

5,400‌

Sculptor

Capital

Management,

Inc.

150,606‌

5,810‌

Stewart

Information

Services

Corp.

367,541‌

3,355‌

Texas

Capital

Bancshares,

Inc. 

(a)

201,367‌

5,400‌

The

First

of

Long

Island

Corp.

111,240‌

17,020‌

TriState

Capital

Holdings,

Inc. 

(a)

359,973‌

4,795‌

Veritex

Holdings,

Inc.

188,731‌

900‌

Virtus

Investment

Partners,

Inc.

279,288‌

2,900‌

Washington

Trust

Bancorp,

Inc.

153,642‌

8,919,365‌

Health

Care

-

20.1%

7,755‌

908

Devices,

Inc. 

(a)

252,193‌

26,180‌

Aerie

Pharmaceuticals,

Inc. 

(a)

298,452‌

36,130‌

Affimed

NV 

(a)

223,283‌

9,400‌

Aldeyra

Therapeutics,

Inc. 

(a)

82,532‌

4,800‌

AngioDynamics,

Inc. 

(a)

124,512‌

46,224‌

Avid

Bioservices,

Inc. 

(a)

997,052‌

9,800‌

Avita

Medical,

Inc. 

(a)

173,656‌

27,200‌

BioDelivery

Sciences

International,

Inc. 

(a)

98,192‌

5,923‌

BioLife

Solutions,

Inc. 

(a)

250,661‌

20,325‌

Biomerica,

Inc. 

(a)

91,462‌

3,911‌

Castle

Biosciences,

Inc. 

(a)

260,082‌

4,700‌

Celldex

Therapeutics,

Inc. 

(a)

253,753‌

8,000‌

Champions

Oncology,

Inc. 

(a)

81,680‌

7,600‌

Chinook

Therapeutics,

Inc. 

(a)

96,976‌

14,300‌

ChromaDex

Corp. 

(a)

89,661‌

5,000‌

Collegium

Pharmaceutical,

Inc. 

(a)

98,700‌

12,100‌

Community

Health

Systems,

Inc. 

(a)

141,570‌

14,600‌

Curis,

Inc. 

(a)

114,318‌

16,100‌

Cymabay

Therapeutics,

Inc. 

(a)

58,765‌

40,430‌

CytoSorbents

Corp. 

(a)

328,292‌

8,295‌

DermTech,

Inc. 

(a)

266,352‌

11,500‌

Dynavax

Technologies

Corp. 

(a)

220,915‌

2,200‌

Eagle

Pharmaceuticals,

Inc. 

(a)

122,716‌

26,525‌

Frequency

Therapeutics,

Inc. 

(a)

187,267‌

2,800‌

Fulcrum

Therapeutics,

Inc. 

(a)

78,988‌

68,204‌

Harvard

Bioscience,

Inc. 

(a)

476,064‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2021

2

Shares

Security

Description

Value

Health

Care

-

20.1%

(continued)

37,525‌

iCAD,

Inc. 

(a)

$

403,394‌

31,852‌

InfuSystem

Holdings,

Inc. 

(a)

415,032‌

6,298‌

Inogen,

Inc. 

(a)

271,381‌

23,829‌

IntriCon

Corp. 

(a)

432,735‌

26,500‌

MannKind

Corp. 

(a)

115,275‌

33,700‌

MEI

Pharma,

Inc. 

(a)

93,012‌

31,389‌

Meridian

Bioscience,

Inc. 

(a)

603,924‌

15,883‌

Misonix,

Inc. 

(a)

401,840‌

12,900‌

Molecular

Templates,

Inc. 

(a)

86,559‌

6,280‌

Myriad

Genetics,

Inc. 

(a)

202,781‌

48,620‌

Neuronetics,

Inc. 

(a)

318,947‌

3,100‌

OptimizeRx

Corp. 

(a)

265,205‌

13,662‌

Organogenesis

Holdings,

Inc. 

(a)

194,547‌

6,644‌

OrthoPediatrics

Corp. 

(a)

435,248‌

4,000‌

Prothena

Corp.

PLC 

(a)

284,920‌

3,400‌

RadNet,

Inc. 

(a)

99,654‌

24,604‌

Repro-Med

Systems,

Inc. 

(a)

70,121‌

24,000‌

Selecta

Biosciences,

Inc. 

(a)

99,840‌

17,895‌

SI-BONE,

Inc. 

(a)

383,311‌

73,650‌

SIGA

Technologies,

Inc. 

(a)

544,274‌

1,471‌

The

Joint

Corp. 

(a)

144,187‌

4,900‌

Vanda

Pharmaceuticals,

Inc. 

(a)

83,986‌

28,900‌

Verastem,

Inc. 

(a)

89,012‌

18,800‌

ViewRay,

Inc. 

(a)

135,548‌

41,800‌

VistaGen

Therapeutics,

Inc. 

(a)

114,532‌

4,726‌

Xenon

Pharmaceuticals,

Inc. 

(a)

72,213‌

11,829,572‌

Industrials

-

18.8%

8,178‌

Allied

Motion

Technologies,

Inc.

255,808‌

11,610‌

Argan,

Inc.

507,009‌

2,790‌

Barrett

Business

Services,

Inc.

212,765‌

4,745‌

BlueLinx

Holdings,

Inc. 

(a)

231,936‌

44,770‌

CECO

Environmental

Corp. 

(a)

315,181‌

5,310‌

Chase

Corp.

542,416‌

9,672‌

CIRCOR

International,

Inc. 

(a)

319,273‌

17,702‌

Columbus

McKinnon

Corp.

855,892‌

79,910‌

Concrete

Pumping

Holdings,

Inc. 

(a)

682,431‌

14,400‌

Conduent,

Inc. 

(a)

94,896‌

1,000‌

CRA

International,

Inc.

99,340‌

13,600‌

Daseke,

Inc. 

(a)

125,256‌

98,580‌

DHI

Group,

Inc. 

(a)

469,241‌

36,600‌

Diana

Shipping,

Inc. 

(a)

209,352‌

7,755‌

Douglas

Dynamics,

Inc.

281,506‌

7,761‌

Ducommun,

Inc. 

(a)

390,766‌

1,500‌

Eagle

Bulk

Shipping,

Inc. 

(a)

75,630‌

6,400‌

Global

Ship

Lease,

Inc.,

Class

A

151,744‌

232,184‌

Hill

International,

Inc. 

(a)

480,621‌

10,810‌

Hurco

Cos.,

Inc.

348,731‌

15,854‌

IES

Holdings,

Inc. 

(a)

724,369‌

21,000‌

Information

Services

Group,

Inc.

150,780‌

14,659‌

Insteel

Industries,

Inc.

557,775‌

1,600‌

Lawson

Products,

Inc. 

(a)

80,016‌

6,000‌

Modine

Manufacturing

Co. 

(a)

67,980‌

9,100‌

RADA

Electronic

Industries,

Ltd. 

(a)

96,824‌

72,001‌

Radiant

Logistics,

Inc. 

(a)

460,086‌

3,800‌

Ranpak

Holdings

Corp. 

(a)

101,916‌

8,061‌

ShotSpotter,

Inc. 

(a)

293,179‌

22,804‌

Stagwell,

Inc. 

(a)

174,907‌

7,500‌

Titan

Machinery,

Inc. 

(a)

194,325‌

9,300‌

TrueBlue,

Inc. 

(a)

251,844‌

13,056‌

UFP

Technologies,

Inc. 

(a)

804,119‌

9,620‌

Vishay

Precision

Group,

Inc. 

(a)

334,487‌

Shares

Security

Description

Value

Industrials

-

18.8%

(continued)

2,000‌

VSE

Corp.

$

96,340‌

11,038,741‌

Real

Estate

-

1.4%

14,500‌

American

Finance

Trust,

Inc.

REIT

116,580‌

28,500‌

Braemar

Hotels

&

Resorts,

Inc.

REIT 

(a)

138,225‌

12,300‌

Farmland

Partners,

Inc.

REIT

147,477‌

13,300‌

Preferred

Apartment

Communities,

Inc.,

Class A

REIT

162,659‌

5,600‌

UMH

Properties,

Inc.

REIT

128,240‌

6,000‌

Urstadt

Biddle

Properties,

Inc.,

Class

A

REIT

113,580‌

806,761‌

Technology

-

15.4%

15,340‌

Agilysys,

Inc. 

(a)

803,202‌

11,700‌

Amtech

Systems,

Inc. 

(a)

133,731‌

38,980‌

AXT,

Inc. 

(a)

324,703‌

3,800‌

Benchmark

Electronics,

Inc.

101,498‌

7,900‌

Cantaloupe,

Inc. 

(a)

85,162‌

10,700‌

Celestica,

Inc. 

(a)

95,016‌

1,515‌

Cerence,

Inc. 

(a)

145,607‌

12,175‌

CEVA,

Inc. 

(a)

519,507‌

32,740‌

eGain

Corp. 

(a)

333,948‌

6,890‌

ePlus,

Inc. 

(a)

706,983‌

9,868‌

EverQuote,

Inc.,

Class A 

(a)

183,841‌

12,287‌

Ichor

Holdings,

Ltd. 

(a)

504,873‌

7,300‌

Identiv,

Inc. 

(a)

137,532‌

42,000‌

Key

Tronic

Corp. 

(a)

273,000‌

6,500‌

Kimball

Electronics,

Inc. 

(a)

167,505‌

91,410‌

Limelight

Networks,

Inc. 

(a)

217,556‌

9,977‌

Magnite,

Inc. 

(a)

279,356‌

17,165‌

Mitek

Systems,

Inc. 

(a)

317,552‌

26,154‌

MiX

Telematics,

Ltd.,

ADR

321,956‌

49,850‌

NeoPhotonics

Corp. 

(a)

434,194‌

48,470‌

Photronics,

Inc. 

(a)

660,646‌

6,724‌

QAD,

Inc.,

Class A

587,610‌

11,768‌

Radware,

Ltd. 

(a)

396,817‌

7,889‌

Red

Violet,

Inc. 

(a)

203,615‌

34,850‌

The

Hackett

Group,

Inc.

683,757‌

3,000‌

Ultra

Clean

Holdings,

Inc. 

(a)

127,800‌

41,741‌

Zix

Corp. 

(a)

295,109‌

9,042,076‌

Telecommunications

-

1.6%

9,040‌

ADTRAN,

Inc.

169,590‌

22,549‌

Airgain,

Inc. 

(a)

284,343‌

3,200‌

Cambium

Networks

Corp. 

(a)

115,808‌

3,900‌

IDT

Corp.,

Class

A 

(a)

163,605‌

17,000‌

Lantronix,

Inc. 

(a)

98,940‌

20,560‌

TESSCO

Technologies,

Inc. 

(a)

114,725‌

947,011‌

Utilities

-

1.6%

32,605‌

Harsco

Corp. 

(a)

552,655‌

48,056‌

Sharps

Compliance

Corp. 

(a)

397,423‌

950,078‌

Total

Common

Stock

(Cost

$44,181,624)

56,707,794‌

Shares

Security

Description

Value

Money

Market

Fund

-

3.3%

1,955,269‌

First

American

Government

Obligations

Fund,

Class X,

0.04% 

(b)

(Cost

$1,955,269)

1,955,269‌

Investments,

at

value

-

99.7%

(Cost

$46,136,893)

$

58,663,063‌

Other

Assets

&

Liabilities,

Net

-

0.3%

188,870‌

Net

Assets

-

100.0%

$

58,851,933‌

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2021

3

At

September

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

September

30,

2021.

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.

* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

schedule

of

investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end. 

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. 

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,

2021.

Contracts

Description

Exp.Date

Notional

Contract

Value

Value

Net

Unrealized

Depreciation

10‌

CME

E-mini

Russell

2000

Index

Future

12/17/21

$

1,110,916‌

$

1,100,400‌

$

(10,516)‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

56,707,794‌

$

(10,516‌)

Level

2

-

Other

Significant

Observable

Inputs

1,955,269‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

58,663,063‌

$

(10,516‌)