As filed with the Securities and Exchange Commission on September 29, 2023

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22842

FORUM FUNDS II

Three Canal Plaza, Suite 600

Portland, Maine 04101

Zachary Tackett, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: July 31

Date of reporting period: August 1, 2022 – July 31, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

ABR

Funds

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Annual

Report

For

the

Fiscal

Year

Ended

July

31,

2023

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

DYNAMIC

BLEND

EQUITY

&

VOLATILITY

FUND

A

MESSAGE

TO

OUR

SHAREHOLDERS

(Unaudited)

July

31,

2023

1

Dear

Shareholder,

ABR

Dynamic

Funds,

LLC,

as

adviser,

is

pleased

to

review

the

performance

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

(“ABRVX”

or

the

“Fund”)

from

August

1,

2022

through

July

31,

2023.

During

this

period,

the

Institutional

Shares

of

the

Fund

returned

+0.29%.

The

investment

objective

of

the

Fund

is

to

seek

investment

results

that

correspond

generally

to

the

performance,

before

the

Fund’s

fees

and

expenses,

of

a

benchmark

index

that

measures

the

investment

returns

of

a

dynamic

ratio

of

large-capitalization

stocks

and

the

volatility

of

large-capitalization

stocks.

The

underlying

index

is

the

ABR

Dynamic

Blend

Equity

&

Volatility

Index

Powered

by

Wilshire

(“ABRVXX

Index”

or

the

“Index”).

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

the

value

of

its

net

assets

(plus

borrowing

for

investment

purposes)

in

securities

and

instruments,

including

derivatives,

that

provide

exposure

to

the

constituents

of

the

Index.

For

purposes

of

this

policy,

the

notional

value

of

the

Fund’s

investments

in

derivative

instruments

that

provide

exposure

to

the

constituents

of

the

Index

may

be

counted

toward

satisfaction

of

the

80%

policy.

The

Fund

uses

equities

(via

instruments

that

track

the

S&P

500®

Total

Return

Index),

equity

volatility

(via

instruments

that

track

the

S&P

500®

VIX

Short-Term

Futures

Total

Return

Index

–

“SPVXSTR”

Index),

and

cash

(via

cash

instruments).

The

Fund

employs

a

model-driven

approach

to

determine

an

allocation

among

equities,

equity

volatility,

and

cash.

The

approach

is

designed

to

approximately

match

the

allocations

of

the

ABRVXX

Index.

The

strategy’s

exposure

to

volatility

tends

to

increase

in

periods

of

relatively

high

volatility

and

decrease

in

periods

of

relatively

low

volatility.

Although

not

guaranteed,

these

tendencies

are

designed

to

capture

favorable

volatility

movements

in

turbulent

markets

while

preserving

positive

performance

during

extended

rising

markets.

If

successful

in

this

design,

the

strategy

may

serve

as

a

useful

source

of

diversification

to

equity

markets

over

multiple

market

cycles.

During

the

past

fiscal

year,

ABRVX

returned

+0.29%.

The

return

to

a

more

normal

volatility

environment,

which

began

in

the

second

half

of

2022,

has

continued

so

far

in

2023.

Despite

some

bank

failures

and

U.S.

debt

ceiling

negotiations,

the

past

fiscal

year

brought

a

13.02%

gain

in

the

S&P

500

Index,

accompanied

by

a

substantial

68.07%

drop

in

volatility

(VIX

futures

as

measured

by

the

SPVIXSTR

Index).

The

ABR

Dynamic

Blend

Equity

and

Volatility

Fund’s

primarily

volatility

trend-following

model

benefited

from

the

more

normal

environment

and

mitigated

much

of

the

decay

in

volatility

to

post

a

gain

for

the

fiscal

year.

For

more

information

on

ABR

Dynamic

Funds,

LLC

and

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

please

visit

our

website:

www.abrfunds.com.

The

return

on

and

value

of

an

investment

in

the

mutual

fund

will

fluctuate

in

response

to

market

movements.

Investments

are

subject

to

market

risks,

such

as

rapid

increase

or

decrease

in

an

investment

value

or

liquidity,

fluctuations

in

price

due

to

economic

conditions

and

other

factors

beyond

the

control

of

the

Adviser.

As

with

any

mutual

fund,

there

are

risks

involved

with

investing

in

the

Fund,

including

the

possible

loss

of

principal.

Other

risks

specific

to

the

Fund

are

detailed

in

the

prospectus.

The

Fund

may

invest

in

derivative

instruments,

and

a

small

investment

could

have

a

large

potential

impact

on

the

performance

of

the

Fund.

Futures

contracts

have

risks

associated

with

index

correlation,

liquidity,

default

and

margin.

The

Fund

is

not

actively

managed;

passive

management

will

not

otherwise

take

defensive

positions

in

declining

markets

unless

such

positions

are

reflected

in

the

Index.

ABR

50/50

VOLATILITY

FUND

A

MESSAGE

TO

OUR

SHAREHOLDERS

(Unaudited)

July

31,

2023

2

Dear

Shareholder,

ABR

Dynamic

Funds,

LLC,

as

adviser,

is

pleased

to

review

the

performance

of

the

ABR

50/50

Volatility

Fund

(“ABRSX”

or

the

“Fund”)

from

August

1,

2022

through

July

31,

2023.

During

this

period,

the

Institutional

Shares

of

the

Fund

returned

+29.10%.

The

investment

objective

of

the

Fund

is

to

seek

long-term

capital

appreciation.

In

managing

the

Fund,

ABR

uses

approximately

50%

of

each

of

its

long

volatility

and

short

volatility

proprietary

strategies.

However,

the

Fund

is

not

designed

to

achieve

balanced

risk

among

its

long

and

short

volatility

exposures.

Rather,

the

potential

for

long

volatility

exposure

inherent

in

the

50/50

strategy

is

intended

to

help

mitigate

the

risks

associated

with

the

Fund’s

short

volatility

exposure,

which

may

be

significant

at

times.

The

long

volatility

strategy

is

model-based.

Depending

on

the

level

of

volatility

in

the

market

environment,

the

long

volatility

model

determines

a

long

allocation

to

S&P

500

Index

futures

and

exchange-traded

products

(ETPs)

and

a

long

allocation

to

VIX

Index

futures

and

ETPs.

In

low

to

medium

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

lower

exposure

to

VIX

Index

futures

and

ETPs

and

a

higher

exposure

to

S&P

500

Index

futures

and

ETPs.

In

medium

to

high

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

higher

exposure

to

VIX

Index

futures

and

ETPs

and

a

lower

exposure

to

S&P

500

Index

futures

and

ETPs

(as

compared

to

the

exposures

in

a

low

to

medium

volatility

environment).

The

short

volatility

strategy

is

model-based.

Depending

on

the

level

of

volatility

in

the

market

environment,

the

short

volatility

model

determines

a

short

allocation

to

VIX

Index

futures

and

ETPs,

and

long

allocations

to

U.S.

Treasuries

and

cash.

In

low

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

lower

short

exposure

to

VIX

Index

futures

and

ETPs.

In

a

medium

volatility

environment,

the

strategy

typically

targets

a

higher

short

exposure

to

VIX

Index

futures

and

ETPs.

In

high

volatility

environments,

the

strategy

may

target

as

little

as

zero

short

exposure

to

VIX

Index

futures

and

ETPs.

During

the

past

fiscal

year,

ABRSX

returned

+29.10%.

The

return

to

a

more

normal

volatility

environment,

which

began

in

the

second

half

of

2022,

has

continued

so

far

in

2023.

Despite

some

bank

failures

and

U.S.

debt

ceiling

negotiations,

the

past

fiscal

year

brought

a

13.02%

gain

in

the

S&P

500

Index,

accompanied

by

a

substantial

68.07%

drop

in

volatility

(VIX

futures

as

measured

by

the

SPVIXSTR

Index).

The

ABR

50/50

Volatility

Fund

utilized

increased

short

exposures

to

volatility

instruments

at

times

and

benefitted

from

the

drop

in

volatility

during

the

fiscal

year.

For

more

information

on

ABR

Dynamic

Funds,

LLC

and

the

ABR

50/50

Volatility

Fund,

please

visit

our

website:

www.abrfunds.com.

The

return

on

and

value

of

an

investment

in

the

mutual

fund

will

fluctuate

in

response

to

market

movements.

Investments

are

subject

to

market

risks,

such

as

rapid

increase

or

decrease

in

an

investment

value

or

liquidity,

fluctuations

in

price

due

to

economic

conditions

and

other

factors

beyond

the

control

of

the

Adviser.

As

with

any

mutual

fund,

there

are

risks

involved

with

investing

in

the

Fund,

including

the

possible

loss

of

principal.

Other

risks

specific

to

the

Fund

are

detailed

in

the

prospectus.

The

Fund

may

also

invest

in

derivative

instruments,

and

a

small

investment

could

have

a

large

potential

impact

on

the

performance

of

the

Fund.

Futures

contracts

have

risks

associated

with

index

correlation,

liquidity,

default

and

margin.

The

Fund

may

take

temporary

defensive

positions

under

extraordinary

market,

political,

or

macroeconomic

conditions.

Prior

to

December

1,

2020,

the

ABR

50/50

Volatility

Fund

was

the

ABR

Dynamic

Short

Volatility

Fund.

ABR

75/25

VOLATLITY

FUND

A

MESSAGE

TO

OUR

SHAREHOLDERS

(Unaudited)

July

31,

2023

3

Dear

Shareholder,

ABR

Dynamic

Funds,

LLC,

as

adviser,

is

pleased

to

review

the

performance

of

the

ABR

75/25

Volatility

Fund

(“VOLSX”

or

the

“Fund”)

from

August

1,

2022

through

July

31,

2023.

During

this

period,

the

Institutional

Shares

of

the

Fund

returned

+14.92%.

The

investment

object

of

the

Fund

is

to

seek

long-term

capital

appreciation.

In

managing

the

Fund,

ABR

uses

approximately

75%

of

its

proprietary

long

volatility

strategy

and

25%

of

its

proprietary

short

volatility

strategy.

This

blend

of

strategies

is

designed

to

seek

to

generate

favorable

long-term

risk-adjusted

returns.

The

long

volatility

strategy

is

model-based.

Depending

on

the

level

of

volatility

in

the

market

environment,

the

long

volatility

model

determines

a

long

allocation

to

S&P

500

Index

futures

and

exchange-traded

products

(ETPs)

and

a

long

allocation

to

VIX

Index

futures

and

ETPs.

In

low

to

medium

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

lower

exposure

to

VIX

Index

futures

and

ETPs

and

a

higher

exposure

to

S&P

500

Index

futures

and

ETPs.

In

medium

to

high

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

higher

exposure

to

VIX

Index

futures

and

ETPs

and

a

lower

exposure

to

S&P

500

Index

futures

and

ETPs

(as

compared

to

the

exposures

in

a

low

to

medium

volatility

environment).

The

short

volatility

strategy

is

model-based.

Depending

on

the

level

of

volatility

in

the

market

environment,

the

short

volatility

model

determines

a

short

allocation

to

VIX

Index

futures

and

ETPs,

and

long

allocations

to

U.S.

Treasuries

and

cash.

In

low

volatility

environments,

as

measured

by

the

model,

the

strategy

typically

targets

a

lower

short

exposure

to

VIX

Index

futures

and

ETPs.

In

a

medium

volatility

environment,

the

strategy

typically

targets

a

higher

short

exposure

to

VIX

Index

futures

and

ETPs.

In

high

volatility

environments,

the

strategy

may

target

as

little

as

zero

short

exposure

to

VIX

Index

futures

and

ETPs.

During

the

past

fiscal

year,

VOLSX

returned

+14.92%.

The

return

to

a

more

normal

volatility

environment,

which

began

in

the

second

half

of

2022,

has

continued

so

far

in

2023.

Despite

some

bank

failures

and

U.S.

debt

ceiling

negotiations,

the

past

fiscal

year

brought

a

13.02%

gain

in

the

S&P

500

Index,

accompanied

by

a

substantial

68.07%

drop

in

volatility

(VIX

futures

as

measured

by

the

SPVIXSTR

Index).

The

ABR

75/25

Volatility

Fund

benefitted

from

short

exposures

to

volatility

instruments

and

long

exposures

to

equity

instruments

at

various

times

during

the

fiscal

year.

For

more

information

on

ABR

Dynamic

Funds,

LLC

and

the

ABR

75/25

Volatility

Fund,

please

visit

our

website:

www.abrfunds.com.

The

return

on

and

value

of

an

investment

in

the

mutual

fund

will

fluctuate

in

response

to

market

movements.

Investments

are

subject

to

market

risks,

such

as

rapid

increase

or

decrease

in

an

investment

value

or

liquidity,

fluctuations

in

price

due

to

economic

conditions

and

other

factors

beyond

the

control

of

the

Adviser.

As

with

any

mutual

fund,

there

are

risks

involved

with

investing

in

the

Fund,

including

the

possible

loss

of

principal.

Other

risks

specific

to

the

Fund

are

detailed

in

the

prospectus.

The

Fund

is

non-diversified,

and

fluctuations

in

individual

holdings

will

have

a

greater

impact

on

the

Fund’s

performance.

The

Fund

may

also

invest

in

derivative

instruments,

and

a

small

investment

could

have

a

large

potential

impact

on

the

performance

of

the

Fund.

Futures

contracts

have

risks

associated

with

index

correlation,

liquidity,

default

and

margin.

The

Fund

may

take

temporary

defensive

positions

under

extraordinary

market,

political,

or

macroeconomic

conditions.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

PERFORMANCE

CHART

AND

ANALYSIS

(Unaudited)

July

31,

2023

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

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

(the”Fund”)

compared

with

the

performance

of

the

benchmark,

S&P

500

Index

(the

"S&P

500"),

since

inception.

The

S&P

500

is

a

broad-based

measurement

of

the

U.S.

stock

market

based

on

the

performance

of

500

widely

held

large

capitalization

common

stocks.

The

total

return

of

the

index

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

index

does

not

include

expenses.

The

Fund

is

professionally

managed,

while

the

index

is

unmanaged

and

is

not

available

for

investment.

Comparison

of

Change

in

Value

of

a

$100,000

Investment

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

-

Institutional

Shares

vs.

S&P

500

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.

For

the

most

recent

month-end

performance

and

current

Fund

prices,

please

call

(855)

422-4518.

As

stated

in

the

Fund’s

prospectus,

the

annual

operating

expense

ratios

(gross)

for

Institutional

Shares

and

Investor

Shares

are

2.05%

and

2.40%,

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,

proxy

expenses

and

extraordinary

expenses)

to

2.00%

for

Institutional

Shares

and

2.25%

for

Investor

Shares,

through

at

least

November

30,

2024

(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

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,

or

(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.

During

the

year,

certain

fees

were

waived

and/or

expenses

reimbursed;

otherwise,

returns

would

have

been

lower.

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.

Average

Annual

Total

Returns

Periods

Ended

July

31,

2023

One

Year

Five

Years

Since

Inception

(1)

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

-

Institutional

Shares

0.29%

7.13%

5.89%

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

-

Investor

Shares

0.00%

6.84%

5.56%

S&P

500®

Index

13.02%

12.20%

12.37%

(1)

Institutional

Shares

commenced

operations

on

August

3,

2015

and

Investor

Shares

commenced

operations

on

August

14,

2015.

The

return

shown

for

the

S&P

500

Index

is

as

of

August

3,

2015.

ABR

50/50

Volatility

Fund

PERFORMANCE

CHART

AND

ANALYSIS

(Unaudited)

July

31,

2023

5

The

following

chart

reflects

the

change

in

the

value

of

a

hypothetical

$100,000

investment

in

Institutional

Shares,

including

reinvested

dividends

and

distributions,

in

the

ABR

50/50

Volatility

Fund

(the”Fund”)

compared

with

the

performance

of

the

benchmark,

FTSE

3-Month

U.S.

T-Bill

Index,

since

inception.

The

FTSE

3-Month

U.S.

T-Bill

Index

measures

return

equivalents

of

yield

averages

that

are

not

marked

to

market

and

consists

of

the

last

three

three-month

Treasury

Bill

month-end

rates.

The

total

return

of

the

index

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

index

does

not

include

expenses.

The

Fund

is

professionally

managed,

while

the

index

is

unmanaged

and

is

not

available

for

investment.

Comparison

of

Change

in

Value

of

a

$100,000

Investment

ABR

50/50

Volatility

Fund

-

Institutional

Shares

vs.

FTSE

3-Month

U.S.

T-Bill

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.

For

the

most

recent

month-end

performance

and

current

Fund

prices,

please

call

(855)

422-4518.

As

stated

in

the

Fund’s

prospectus,

the

annual

operating

expense

ratios

(gross)

for

Institutional

Shares

and

Investor

Shares

are

2.90%

and

4.41%,

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,

proxy

expenses

and

extraordinary

expenses)

to

2.50%

for

Institutional

Shares

and

2.75%

for

Investor

Shares,

through

at

least

November

30,

2024

(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

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,

or

(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.

During

the

year,

certain

fees

were

waived

and/or

expenses

reimbursed;

otherwise,

returns

would

have

been

lower.

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.

Average

Annual

Total

Returns

Periods

Ended

July

31,

2023

One

Year

Five

Years

Since

Inception

(1)

ABR

50/50

Volatility

Fund

-

Institutional

Shares

29.10%

10.35%

4.45%

ABR

50/50

Volatility

Fund

-

Investor

Shares

28.65%

10.06%

4.19%

FTSE

3-Month

U.S.

T-Bill

Index

4.11%

1.62%

1.60%

(1)

Institutional

Shares

commenced

operations

on

October

2,

2017

and

Investor

Shares

commenced

operations

on

October

11,

2017.

The

return

shown

for

the

FTSE

3-Month

U.S.

T-Bill

Index

is

as

of

October

2,

2017.

ABR

75/25

VOLATILITY

FUND

PERFORMANCE

CHART

AND

ANALYSIS

(Unaudited)

July

31,

2023

6

The

following

chart

reflects

the

change

in

the

value

of

a

hypothetical

$100,000

investment

in

Institutional

Shares,

including

reinvested

dividends

and

distributions,

in

the

ABR

75/25

Volatility

Fund

(the”Fund”)

compared

with

the

performance

of

the

benchmark,

FTSE

3-Month

U.S.

T-Bill

Index,

since

inception.

The

FTSE

3-Month

U.S.

T-Bill

Index

measures

return

equivalents

of

yield

averages

that

are

not

marked

to

market

and

consists

of

the

last

three

three-month

Treasury

Bill

month-end

rates.

The

total

return

of

the

index

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

index

does

not

include

expenses.

The

Fund

is

professionally

managed,

while

the

index

is

unmanaged

and

is

not

available

for

investment.

Comparison

of

Change

in

Value

of

a

$100,000

Investment

ABR

75/25

Volatility

Fund

-

Institutional

Shares

vs.

FTSE

3-Month

U.S.

T-Bill

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.

For

the

most

recent

month-end

performance

and

current

Fund

prices,

please

call

(855)

422-4518.

As

stated

in

the

Fund’s

prospectus,

the

annual

operating

expense

ratios

(gross)

for

Institutional

Shares

and

Investor

Shares

are

2.74%

and

3.18%,

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,

proxy

expenses

and

extraordinary

expenses)

to

1.75%

for

Institutional

Shares

and

2.00%

for

Investor

Shares,

through

at

least

November

30,

2024

(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

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,

or

(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.

During

the

year,

certain

fees

were

waived

and/or

expenses

reimbursed;

otherwise,

returns

would

have

been

lower.

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.

Average

Annual

Total

Returns

Periods

Ended

July

31,

2023

One

Year

Since

Inception

(1)

ABR

75/25

Volatility

Fund

-

Institutional

Shares

14.92%

3.63%

ABR

75/25

Volatility

Fund

-

Investor

Shares

14.66%

3.33%

FTSE

3-Month

U.S.

T-Bill

Index

4.11%

1.48%

(1)

Institutional

Shares

commenced

operations

on

August

3,

2020

and

Investor

Shares

commenced

operations

on

August

5,

2020.

The

return

shown

for

the

FTSE

3-Month

U.S.

T-Bill

Index

is

as

of

August

3,

2020.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

July

31,

2023

7

See

Notes

to

Financial

Statements.

At

July

31,

2023,

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

July

31,

2023. 

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

includes

futures.

Value

Investments,

at

value

-

0.0%

(Cost

$0)

$

0‌

Other

Assets

&

Liabilities,

Net

-

100.0%

114,350,203‌

Net

Assets

-

100.0%

$

114,350,203‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(Depreciation)

41‌

CBOE

VIX

Future

08/16/23

$

646,078‌

$

609,399‌

$

(36,679‌)

31‌

CBOE

VIX

Future

09/20/23

517,798‌

506,518‌

(11,280‌)

487‌

S&P

500

E-mini

Future

09/15/23

108,007,181‌

112,363,075‌

4,355,894‌

$

109,171,057‌

$

113,478,992‌

$

4,307,935‌

Valuation

Inputs

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

4,307,935‌

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

4,307,935‌

*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

Other

Assets

&

Liabilities,

Net

100.0%

100.0%

ABR

50/50

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

July

31,

2023

8

See

Notes

to

Financial

Statements.

At

July

31,

2023,

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

July

31,

2023. 

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

includes

futures.

The

Level

2

value

displayed

in

this

table

is

U.S.

Treasury

Securities

Principal

Security

Description

Rate

Maturity

Value

U.S.

Government

&

Agency

Obligations

-

41.9%

U.S.

Treasury

Securities

-

41.9%

4,494,000‌

U.S.

Treasury

Bond

4.00% 

11/15/42

$

4,378,139‌

4,537,000‌

U.S.

Treasury

Bond

3.88 

02/15/43

4,335,671‌

4,581,000‌

U.S.

Treasury

Bond

3.88 

05/15/43

4,379,865‌

4,383,000‌

U.S.

Treasury

Bond

4.00 

11/15/52

4,380,260‌

4,651,000‌

U.S.

Treasury

Bond

3.63 

02/15/53

4,339,238‌

4,690,000‌

U.S.

Treasury

Bond

3.63 

05/15/53

4,382,219‌

26,195,392‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$26,877,762)

26,195,392‌

Investments,

at

value

-

41.9%

(Cost

$26,877,762)

$

26,195,392‌

Other

Assets

&

Liabilities,

Net

-

58.1%

36,370,491‌

Net

Assets

-

100.0%

$

62,565,883‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(259‌)

CBOE

VIX

Future

08/16/23

$

(4,179,626‌)

$

(3,849,621‌)

$

330,005‌

(193‌)

CBOE

VIX

Future

09/20/23

(3,245,354‌)

(3,153,485‌)

91,869‌

126‌

S&P

500

E-mini

Future

09/15/23

28,091,787‌

29,071,350‌

979,563‌

$

20,666,807‌

$

22,068,244‌

$

1,401,437‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

–‌

$

1,401,437‌

Level

2

-

Other

Significant

Observable

Inputs

26,195,392‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

26,195,392‌

$

1,401,437‌

*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

U.S.

Government

&

Agency

Obligations

41.9%‌

Other

Assets

&

Liabilities,

Net

58.1%

100.0%

ABR

75/25

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

July

31,

2023

9

See

Notes

to

Financial

Statements.

At

July

31,

2023,

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

July

31,

2023. 

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

includes

futures.

The

Level

2

value

displayed

in

this

table

is

U.S.

Treasury

Securities.

Principal

Security

Description

Rate

Maturity

Value

U.S.

Government

&

Agency

Obligations

-

20.8%

U.S.

Treasury

Securities

-

20.8%

9,670,000‌

U.S.

Treasury

Bond

4.00% 

11/15/42

$

9,420,695‌

9,762,000‌

U.S.

Treasury

Bond

3.88 

02/15/43

9,328,811‌

9,856,000‌

U.S.

Treasury

Bond

3.88 

05/15/43

9,423,260‌

9,429,000‌

U.S.

Treasury

Bond

4.00 

11/15/52

9,423,107‌

10,007,000‌

U.S.

Treasury

Bond

3.63 

02/15/53

9,336,218‌

10,090,000‌

U.S.

Treasury

Bond

3.63 

05/15/53

9,427,844‌

56,359,935‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$57,480,538)

56,359,935‌

Investments,

at

value

-

20.8%

(Cost

$57,480,538)

$

56,359,935‌

Other

Assets

&

Liabilities,

Net

-

79.2%

214,986,098‌

Net

Assets

-

100.0%

$

271,346,033‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(552‌)

CBOE

VIX

Future

08/16/23

$

(8,717,383‌)

$

(8,204,597‌)

$

512,786‌

(413‌)

CBOE

VIX

Future

09/20/23

(6,921,092‌)

(6,748,131‌)

172,961‌

853‌

S&P

500

E-mini

Future

09/15/23

189,613,344‌

196,808,425‌

7,195,081‌

$

173,974,869‌

$

181,855,697‌

$

7,880,828‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

–‌

$

7,880,828‌

Level

2

-

Other

Significant

Observable

Inputs

56,359,935‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

56,359,935‌

$

7,880,828‌

*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

year

end.

PORTFOLIO

HOLDINGS

(Unaudited)

%

of

Total

Net

Assets

U.S.

Government

&

Agency

Obligations

20.8%‌

Other

Assets

&

Liabilities,

Net

79.2%

100.0%

ABR

Funds

STATEMENTS

OF

ASSETS

AND

LIABILITIES

July

31,

2023

10

See

Notes

to

Financial

Statements.

*

$12,455,991,

$7,101,176,

and

$29,579,796

was

held

at

StoneX

Financial,

Inc.

and

$17,973,658,

$10,405,563

and

$34,052,097

was

held

at

Marex

Capital

Markets,

Inc.

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

ASSETS

Investments,

at

value

(Cost

$0,

$26,877,762

and

$57,480,538,

respectively)

$

–‌

$

26,195,392‌

$

56,359,935‌

Cash

83,950,974‌

17,574,865‌

143,063,846‌

Deposits

with

broker*

30,429,649‌

17,506,739‌

63,631,893‌

Receivables:

Fund

shares

sold

162,164‌

67,329‌

1,291,858‌

Investment

securities

sold

–‌

1,450,905‌

6,857,454‌

Interest

–‌

307,806‌

662,259‌

Prepaid

expenses

34,949‌

21,302‌

38,972‌

Total

Assets

114,577,736‌

63,124,338‌

271,906,217‌

LIABILITIES

Payables:

Fund

shares

redeemed

38,055‌

393,666‌

123,828‌

Accrued

Liabilities:

Investment

adviser

fees

121,301‌

112,231‌

340,744‌

Fund

services

fees

13,566‌

9,282‌

21,217‌

Other

expenses

54,611‌

43,276‌

74,395‌

Total

Liabilities

227,533‌

558,455‌

560,184‌

NET

ASSETS

$

114,350,203‌

$

62,565,883‌

$

271,346,033‌

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

162,556,600‌

$

78,533,199‌

$

348,082,237‌

Accumulated

loss

(48,206,397‌)

(15,967,316‌)

(76,736,204‌)

NET

ASSETS

$

114,350,203‌

$

62,565,883‌

$

271,346,033‌

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

9,757,049‌

8,123,629‌

27,201,062‌

Investor

Shares

1,109,183‌

933,684‌

1,942,042‌

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Institutional

Shares

(based

on

net

assets

of

$102,999,922,

$56,231,622

and

$253,417,871,

respectively)

$

10.56‌

$

6.92‌

$

9.32‌

Investor

Shares

(based

on

net

assets

of

$11,350,281,

$6,334,261

and

$17,928,162,

respectively)

$

10.23‌

$

6.78‌

$

9.23‌

ABR

Funds

STATEMENTS

OF

OPERATIONS

YEAR

ENDED

JULY

31,

2023

11

See

Notes

to

Financial

Statements.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

INVESTMENT

INCOME

Interest

income

$

2,060,897‌

$

798,185‌

$

4,455,490‌

Total

Investment

Income

2,060,897‌

798,185‌

4,455,490‌

EXPENSES

Investment

adviser

fees

2,367,260‌

1,394,691‌

6,812,747‌

Fund

services

fees

150,497‌

82,680‌

260,883‌

Transfer

agent

fees:

Institutional

Shares

34,377‌

22,780‌

60,506‌

Investor

Shares

22,780‌

22,780‌

22,780‌

Distribution

fees:

Investor

Shares

34,095‌

11,841‌

43,545‌

Custodian

fees

9,889‌

4,881‌

18,653‌

Registration

fees:

Institutional

Shares

17,421‌

17,675‌

24,211‌

Investor

Shares

17,327‌

16,607‌

19,187‌

Professional

fees

199,541‌

34,300‌

50,491‌

Trustees'

fees

and

expenses

14,001‌

8,835‌

22,732‌

Brokerage

fees

28,863‌

19,488‌

8,945‌

Other

expenses

208,291‌

101,408‌

322,822‌

Total

Expenses

3,104,342‌

1,737,966‌

7,667,502‌

Fees

waived

(364,816‌)

(331,433‌)

(2,855,032‌)

Net

Expenses

2,739,526‌

1,406,533‌

4,812,470‌

NET

INVESTMENT

LOSS

(678,629‌)

(608,348‌)

(356,980‌)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

–‌

(492,826‌)

(1,711,576‌)

Futures

7,977,301‌

20,551,180‌

57,012,821‌

Net

realized

gain

7,977,301‌

20,058,354‌

55,301,245‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

–‌

(682,370‌)

(1,120,603‌)

Futures

(10,755,514‌)

(4,535,622‌)

(21,783,961‌)

Net

change

in

unrealized

appreciation

(depreciation)

(10,755,514‌)

(5,217,992‌)

(22,904,564‌)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

(2,778,213‌)

14,840,362‌

32,396,681‌

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

(3,456,842‌)

$

14,232,014‌

$

32,039,701‌

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

12

See

Notes

to

Financial

Statements.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

For

the

Years

Ended

July

31,

For

the

Years

Ended

July

31,

2023

2022

2023

2022

OPERATIONS

Net

investment

loss

$

(678,629‌)

$

(4,749,060‌)

$

(608,348‌)

$

(1,812,486‌)

Net

realized

gain

(loss)

7,977,301‌

(45,714,468‌)

20,058,354‌

(24,134,297‌)

Net

change

in

unrealized

appreciation

(depreciation)

(10,755,514‌)

7,454,516‌

(5,217,992‌)

3,191,528‌

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,456,842‌)

(43,009,012‌)

14,232,014‌

(22,755,255‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

–‌

(17,765,425‌)

–‌

(33,371,545‌)

Investor

Shares

–‌

(3,388,727‌)

–‌

(1,207,076‌)

Total

Distributions

Paid

–‌

(21,154,152‌)

–‌

(34,578,621‌)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

33,695,265‌

133,579,705‌

22,899,309‌

70,719,381‌

Investor

Shares

994,667‌

27,696,164‌

2,809,076‌

5,958,909‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

16,585,244‌

–‌

30,001,157‌

Investor

Shares

–‌

3,187,329‌

–‌

1,179,028‌

Redemption

of

shares:

Institutional

Shares

(88,073,596‌)

(133,171,929‌)

(34,633,279‌)

(73,174,661‌)

Investor

Shares

(12,941,234‌)

(39,093,796‌)

(2,341,096‌)

(3,180,734‌)

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

(66,324,898‌)

8,782,717‌

(11,265,990‌)

31,503,080‌

Increase

(Decrease)

in

Net

Assets

(69,781,740‌)

(55,380,447‌)

2,966,024‌

(25,830,796‌)

NET

ASSETS

Beginning

of

Year

184,131,943‌

239,512,390‌

59,599,859‌

85,430,655‌

End

of

Year

$

114,350,203‌

$

184,131,943‌

$

62,565,883‌

$

59,599,859‌

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

3,405,271‌

10,913,605‌

4,135,213‌

8,944,222‌

Investor

Shares

104,309‌

2,210,885‌

468,994‌

840,471‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

1,286,675‌

–‌

3,989,516‌

Investor

Shares

–‌

253,970‌

–‌

159,113‌

Redemption

of

shares:

Institutional

Shares

(8,888,544‌)

(11,719,391‌)

(6,271,156‌)

(10,411,367‌)

Investor

Shares

(1,305,738‌)

(3,297,653‌)

(412,846‌)

(399,756‌)

Increase

(Decrease)

in

Shares

(6,684,702‌)

(351,909‌)

(2,079,795‌)

3,122,199‌

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

13

See

Notes

to

Financial

Statements.

ABR

75/25

Volatility

Fund

For

the

Years

Ended

July

31,

2023

2022

$

(356,980‌)

$

(5,923,034‌)

55,301,245‌

(101,809,234‌)

(22,904,564‌)

18,661,091‌

32,039,701‌

(89,071,177‌)

–‌

(63,854,266‌)

–‌

(6,173,120‌)

–‌

(70,027,386‌)

75,444,546‌

243,321,377‌

5,214,226‌

35,215,017‌

–‌

57,514,074‌

–‌

6,117,863‌

(159,012,001‌)

(161,780,379‌)

(9,390,047‌)

(31,912,102‌)

(87,743,276‌)

148,475,850‌

(55,703,575‌)

(10,622,713‌)

327,049,608‌

337,672,321‌

$

271,346,033‌

$

327,049,608‌

9,235,283‌

23,551,457‌

641,749‌

3,302,812‌

–‌

5,477,531‌

–‌

585,441‌

(19,928,312‌)

(17,818,446‌)

(1,158,293‌)

(3,395,096‌)

(11,209,573‌)

11,703,699‌

ABR

DYNAMIC

BLEND

EQUITY

&

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

14

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2023

2022

2021

2020

2019

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

10.53‌

$

13.43‌

$

15.37‌

$

10.20‌

$

10.63‌

INVESTMENT

OPERATIONS

Net

investment

loss

(a)

(0.05‌)

(0.23‌)

(0.26‌)

(0.16‌)

(0.13‌)

Net

realized

and

unrealized

gain

(loss)

0.08‌(b)

(1.57‌)

1.33‌

5.41‌

0.08‌

Total

from

Investment

Operations

0.03‌

(1.80‌)

1.07‌

5.25‌

(0.05‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(1.10‌)

(3.01‌)

(0.08‌)

(0.38‌)

Total

Distributions

to

Shareholders

–‌

(1.10‌)

(3.01‌)

(0.08‌)

(0.38‌)

NET

ASSET

VALUE,

End

of

Year

$

10.56‌

$

10.53‌

$

13.43‌

$

15.37‌

$

10.20‌

TOTAL

RETURN

0.29‌%

(14.93‌)%

9.20‌%

51.91‌%

(0.31‌)%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

103,000‌

$

160,485‌

$

198,285‌

$

195,398‌

$

37,331‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.47‌)%

(1.86‌)%

(1.93‌)%

(1.28‌)%

(1.31‌)%

Net

expenses

2.00‌%

2.00‌%

2.00‌%

2.00‌%

2.00‌%

Brokerage

fees

0.02‌%

0.02‌%

0.02‌%

0.01‌%

0.02‌%

Net

expenses

without

brokerage

fees

1.98‌%

1.98‌%

1.98‌%

1.99‌%

1.98‌%

Gross

expenses

(c)

2.24‌%

2.05‌%

2.03‌%

2.20‌%

2.41‌%

PORTFOLIO

TURNOVER

RATE

0‌%

0‌%

0‌%

0‌%

0‌%

(a)

Calculated

based

on

average

shares

outstanding

during

each

year.

(b)

Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

year

ended

July

31,

2023

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(c)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

ABR

DYNAMIC

BLEND

EQUITY

&

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

15

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2023

2022

2021

2020

2019

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

10.23‌

$

13.12‌

$

15.11‌

$

10.05‌

$

10.51‌

INVESTMENT

OPERATIONS

Net

investment

loss

(a)

(0.07‌)

(0.26‌)

(0.29‌)

(0.20‌)

(0.16‌)

Net

realized

and

unrealized

gain

(loss)

0.07‌(b)

(1.53‌)

1.31‌

5.34‌

0.08‌

Total

from

Investment

Operations

0.00‌

(1.79‌)

1.02‌

5.14‌

(0.08‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(1.10‌)

(3.01‌)

(0.08‌)

(0.38‌)

Total

Distributions

to

Shareholders

–‌

(1.10‌)

(3.01‌)

(0.08‌)

(0.38‌)

NET

ASSET

VALUE,

End

of

Year

$

10.23‌

$

10.23‌

$

13.12‌

$

15.11‌

$

10.05‌

TOTAL

RETURN

0.00‌%

(15.22‌)%

8.99‌%

51.59‌%

(0.61‌)%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

11,350‌

$

23,646‌

$

41,227‌

$

40,932‌

$

3,158‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.74‌)%

(2.14‌)%

(2.18‌)%

(1.53‌)%

(1.58‌)%

Net

expenses

2.25‌%

2.25‌%

2.25‌%

2.25‌%

2.25‌%

Brokerage

fees

0.02‌%

0.02‌%

0.02‌%

0.01‌%

0.02‌%

Net

expenses

without

brokerage

fees

2.23‌%

2.23‌%

2.23‌%

2.24‌%

2.23‌%

Gross

expenses

(c)

2.80‌%

2.40‌%

2.44‌%

2.76‌%

3.81‌%

PORTFOLIO

TURNOVER

RATE

0‌%

0‌%

0‌%

0‌%

0‌%

(a)

Calculated

based

on

average

shares

outstanding

during

each

year.

(b)

Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

year

ended

July

31,

2023

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(c)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

ABR

50/50

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

16

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2023

2022

2021

2020

2019

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

5.36‌

$

10.66‌

$

7.08‌

$

7.68‌

$

7.80‌

INVESTMENT

OPERATIONS

Net

investment

loss

(a)

(0.06‌)

(0.17‌)

(0.19‌)

(0.15‌)

(0.05‌)

Net

realized

and

unrealized

gain

(loss)

1.62‌

(1.34‌)

3.77‌

0.40‌

0.57‌

Total

from

Investment

Operations

1.56‌

(1.51‌)

3.58‌

0.25‌

0.52‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(3.79‌)

(0.00‌)(b)

(0.85‌)

(0.64‌)

Total

Distributions

to

Shareholders

–‌

(3.79‌)

(0.00‌)

(0.85‌)

(0.64‌)

NET

ASSET

VALUE,

End

of

Year

$

6.92‌

$

5.36‌

$

10.66‌

$

7.08‌

$

7.68‌

TOTAL

RETURN

29.10‌%

(24.38‌)%(c)

50.57‌%

1.71‌%

9.46‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

56,232‌

$

54,979‌

$

82,498‌

$

45,863‌

$

2,824‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.07‌)%

(2.15‌)%

(2.19‌)%

(2.11‌)%

(0.74‌)%

Net

expenses

2.50‌%

2.50‌%

2.50‌%

2.50‌%

2.50‌%

Brokerage

fees

0.03‌%

0.02‌%

0.02‌%

0.05‌%

0.14‌%

Net

expenses

without

brokerage

fees

2.47‌%

2.48‌%

2.48‌%

2.45‌%

2.36‌%

Gross

expenses

(d)

3.02‌%

2.90‌%

2.91‌%

3.70‌%

6.66‌%

PORTFOLIO

TURNOVER

RATE

(e)

1,180‌%

2,774‌%

1,782‌%

875‌%

963‌%

(a)

Calculated

based

on

average

shares

outstanding

during

each

year.

(b)

Less

than

$0.01

per

share.

(c)

Total

return

includes

the

impact

of

the

net

gain

from

reimbursement

by

affiliate.

Absent

this

reimbursement,

total

return

would

have

been

(24.52)%.

(d)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(e)

Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

50/50

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

17

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2023

2022

2021

2020

2019

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

5.27‌

$

10.56‌

$

7.03‌

$

7.64‌

$

7.79‌

INVESTMENT

OPERATIONS

Net

investment

loss

(a)

(0.07‌)

(0.17‌)

(0.21‌)

(0.17‌)

(0.07‌)

Net

realized

and

unrealized

gain

(loss)

1.58‌

(1.33‌)

3.74‌

0.41‌

0.56‌

Total

from

Investment

Operations

1.51‌

(1.50‌)

3.53‌

0.24‌

0.49‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(3.79‌)

(0.00‌)(b)

(0.85‌)

(0.64‌)

Total

Distributions

to

Shareholders

–‌

(3.79‌)

(0.00‌)

(0.85‌)

(0.64‌)

NET

ASSET

VALUE,

End

of

Year

$

6.78‌

$

5.27‌

$

10.56‌

$

7.03‌

$

7.64‌

TOTAL

RETURN

28.65‌%

(24.57‌)%(c)

50.21‌%

1.58‌%

9.07‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

6,334‌

$

4,621‌

$

2,933‌

$

3,133‌

$

715‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.31‌)%

(2.40‌)%

(2.52‌)%

(2.36‌)%

(0.99‌)%

Net

expenses

2.75‌%

2.75‌%

2.75‌%

2.75‌%

2.75‌%

Brokerage

fees

0.04‌%

0.02‌%

0.02‌%

0.09‌%

0.14‌%

Net

expenses

without

brokerage

fees

2.71‌%

2.73‌%

2.73‌%

2.66‌%

2.61‌%

Gross

expenses

(d)

4.17‌%

4.41‌%

4.74‌%

6.53‌%

8.24‌%

PORTFOLIO

TURNOVER

RATE

(e)

1,180‌%

2,774‌%

1,782‌%

875‌%

963‌%

(a)

Calculated

based

on

average

shares

outstanding

during

each

year.

(b)

Less

than

$0.01

per

share.

(c)

Total

return

includes

the

impact

of

the

net

gain

from

reimbursement

by

affiliate.

Absent

this

reimbursement,

total

return

would

have

been

(24.71)%.

(d)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(e)

Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

75/25

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

18

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Years

Ended

July

31,

August

3,

2020

(a)

Through

July

31,

2021

2023

2022

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

8.11‌

$

11.79‌

$

10.00‌

INVESTMENT

OPERATIONS

Net

investment

loss

(b)

(0.01‌)

(0.15‌)

(0.16‌)

Net

realized

and

unrealized

gain

(loss)

1.22‌

(1.50‌)

1.95‌

Total

from

Investment

Operations

1.21‌

(1.65‌)

1.79‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(2.03‌)

–‌

Total

Distributions

to

Shareholders

–‌

(2.03‌)

–‌

NET

ASSET

VALUE,

End

of

Period

$

9.32‌

$

8.11‌

$

11.79‌

TOTAL

RETURN

14.92‌%

(17.88‌)%

17.90‌%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

253,418‌

$

307,247‌

$

314,576‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.11‌)%

(1.48‌)%

(1.53‌)%(d)

Net

expenses

1.75‌%

1.75‌%

1.75‌%(d)

Brokerage

fees

0.00‌%

0.00‌%

0.00‌%(d)

Net

expenses

without

brokerage

fees

1.75‌%

1.75‌%

1.75‌%(d)

Gross

expenses

(e)

2.78‌%

2.74‌%

2.78‌%(d)

PORTFOLIO

TURNOVER

RATE

(f)

1,286‌%

2,720‌%

1,622‌%(c)

(a)

Commencement

of

operations.

(b)

Calculated

based

on

average

shares

outstanding

during

each

period.

(c)

Not

annualized.

(d)

Annualized.

(e)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(f)

Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

75/25

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

19

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Years

Ended

July

31,

August

5,

2020

(a)

Through

July

31,

2021

2023

2022

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

8.05‌

$

11.75‌

$

10.00‌

INVESTMENT

OPERATIONS

Net

investment

loss

(b)

(0.03‌)

(0.18‌)

(0.19‌)

Net

realized

and

unrealized

gain

(loss)

1.21‌

(1.49‌)

1.94‌

Total

from

Investment

Operations

1.18‌

(1.67‌)

1.75‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

(2.03‌)

–‌

Total

Distributions

to

Shareholders

–‌

(2.03‌)

–‌

NET

ASSET

VALUE,

End

of

Period

$

9.23‌

$

8.05‌

$

11.75‌

TOTAL

RETURN

14.66‌%

(18.15‌)%

17.50‌%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

17,928‌

$

19,802‌

$

23,096‌

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.39‌)%

(1.75‌)%

(1.76‌)%(d)

Net

expenses

2.00‌%

2.00‌%

2.00‌%(d)

Brokerage

fees

0.00‌%

0.00‌%

0.00‌%(d)

Net

expenses

without

brokerage

fees

2.00‌%

2.00‌%

2.00‌%(d)

Gross

expenses

(e)

3.32‌%

3.18‌%

3.48‌%(d)

PORTFOLIO

TURNOVER

RATE

(f)

1,286‌%

2,720‌%

1,622‌%(c)

(a)

Commencement

of

operations.

(b)

Calculated

based

on

average

shares

outstanding

during

each

period.

(c)

Not

annualized.

(d)

Annualized.

(e)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(f)

Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

20

Note

1.

Organization

The

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

and

ABR

50/50

Volatility

Fund

are

diversified

portfolios

and

the

ABR

75/25

Volatility

Fund

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

is

a

non-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

each

Fund’s

shares

of

beneficial

interest

without

par

value.

Each

Fund

currently

offers

two

classes

of

shares:

Institutional

Shares

and

Investor

Shares.

Institutional

Shares

and

Investor

Shares

commenced

operations

on

August

3,

2015,

and

August

14,

2015,

respectively,

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund;

October

2,

2017

and

October

11,

2017,

respectively,

for

the

ABR

50/50

Volatility

Fund;

and

August

3,

2020

and

August

5,

2020,

respectively,

for

the

ABR

75/25

Volatility

Fund.

The

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

investment

objective

is

to

seek

investment

results

that

correspond

generally

to

the

performance,

before

the

Fund’s

fees

and

expenses,

of

a

benchmark

index

that

measures

the

investment

returns

of

a

dynamic

ratio

of

large-capitalization

stocks

and

the

volatility

of

large-capitalization

stocks.

The

ABR

50/50

Volatility

Fund

and

ABR

75/25

Volatility

Fund’s

investment

objective

is

to

seek

long-term

capital

appreciation.

Prior

to

December

1,

2020,

the

ABR

50/50

Volatility

Fund

was

named

ABR

Dynamic

Short

Volatility

Fund.

Note

2.

Summary

of

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946,

“Financial

Services

–

Investment

Companies.”

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

year.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

each

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.

Debt

securities

may

be

valued

at

prices

supplied

by

a

fund’s

pricing

agent

based

on

broker

or

dealer

supplied

valuations

or

matrix

pricing,

a

method

of

valuing

securities

by

reference

to

the

value

of

other

securities

with

similar

characteristics

such

as

rating,

interest

rate

and

maturity.

Futures

contracts

are

valued

at

the

day’s

settlement

price

on

the

exchange

where

the

contract

is

traded.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

(“NAV”).

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

valued

at

amortized

cost.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

4,

as

each

Fund’s

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

each

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

each

Fund’s

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

an

investment

may

differ

from

the

security’s

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

“inputs”

used

to

determine

the

value

of

each

Fund’s

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

21

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

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

each

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

July

31,

2023,

for

each

Fund’s

investments

is

included

in

each

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.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

determining

the

existence

of

a

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

taxes,

which

are

accrued

as

applicable.

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

–

Each

Fund

may

purchase

futures

contracts

to

gain

exposure

to

market

changes,

which

may

be

more

efficient

or

cost

effective

than

actually

buying

the

securities.

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

and

these

changes

in

value

are

settled

daily.

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

July

31,

2023,

for

each

Fund,

are

disclosed

in

the

Schedules

of

Investments.

Distributions

to

Shareholders

–

Each

Fund

declares

any

dividends

from

net

investment

income

and

pays

them

annually.

Any

net

capital

gains

realized

by

the

Funds

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

each

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

each

Fund.

Federal

Taxes

–

Each

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

their

net

investment

income

and

capital

gains,

if

any,

the

Funds

will

not

be

subject

to

a

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

Each

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations.

During

the

year,

each

Fund

did

not

incur

any

interest

or

penalties.

Each

Fund

will

file

a

U.S.

federal

income

and

excise

tax

return

as

required.

Each

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

July

31,

2023,

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.

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

22

The

Funds'

class-specific

expenses

are

charged

to

the

operations

of

that

class

of

shares.

Income

and

expenses

(other

than

expenses

attributable

to

a

specific

class)

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

the

class’

respective

net

assets

to

the

total

net

assets

of

each

Fund.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund’s

balance

sheet.

Note

3.

Cash

–

Concentration

in

Uninsured

Account

For

cash

management

purposes,

each

Fund

may

concentrate

cash

with

each

Fund’s

custodian.

This

typically

results

in

cash

balances

exceeding

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

insurance

limits.

As

of

July

31,

2023,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$83,700,974,

$17,324,865,

and

$142,813,846,

respectively,

at

US

Bank

that

exceeded

the

FDIC

insurance

limit.

Note

4.

Fees

and

Expenses

Investment

Adviser

–

ABR

Dynamic

Funds,

LLC

(the

“Adviser”)

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

at

an

annual

rate

of

1.75%,

2.50%,

and

2.50%

of

the

average

daily

net

assets

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(dba

ACA

Group)

(the

“Distributor”),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Funds

have

adopted

a

Distribution

Plan

(the

“Plan”)

in

accordance

with

Rule

12b-1

of

the

Act.

Under

the

Plan,

each

Fund

may

pay

the

Distributor

and/or

any

other

entity

as

authorized

by

the

Board

a

fee

of

up

to

0.25%

of

each

Fund’s

average

daily

net

assets

of

Investor

Shares

for

providing

distribution

and/or

shareholder

services

to

the

Funds.

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.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

fees

and

Transfer

agent

fees

within

the

Statements

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

each

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

each

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Each

Independent

Trustee

receives

an

annual

fee

of

$25,000

($32,500

for

the

Chairman)

for

service

to

the

Trust.

The

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

each

Fund

is

disclosed

in

the

Statements

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

each

Fund.

Note

5.

Expenses

Reimbursed

and

Fees

Waived

The

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,

proxy

expenses

and

extraordinary

expenses)

to

2.00%

for

Institutional

Shares

and

2.25%

for

Investor

Shares

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund;

2.50%

for

Institutional

Shares

and

2.75%

for

Investor

Shares

of

the

ABR

50/50

Volatility

Fund;

and

1.75%

for

Institutional

Shares

and

2.00%

for

Investor

Shares

of

the

ABR

75/25

Volatility

Fund,

through

at

least

November

30,

2024.

Other

Fund

service

providers

have

voluntarily

agreed

to

waive

and

reimburse

a

portion

of

their

fees.

These

voluntary

fee

waivers

and

reimbursements

may

be

reduced

or

eliminated

at

any

time.

For

the

year

ended

July

31,

2023,

fees

waived

and

expenses

reimbursed

were

as

follows:

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

23

The

Adviser

may

be

reimbursed

by

each

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,

or

(ii)

the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

July

31,

2023,

$501,245,

$935,605

and

$8,661,832

is

subject

to

recapture

by

the

Adviser

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

Other

Waivers

are

not

eligible

for

recoupment.

Note

6.

Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments,

during

the

year

ended

July

31,

2023,

were

as

follows:

Note

7.

Summary

of

Derivative

Activity

The

volume

of

open

derivative

positions

may

vary

on

a

daily

basis

as

each

Fund

transacts

derivative

contracts

in

order

to

achieve

the

exposure

desired

by

the

Adviser.

The

total

notional

value

of

transactions

for

the

year

ended

July

31,

2023,

for

any

derivative

type

that

was

held

is

as

follows:

Each

Fund’s

use

of

derivatives

during

the

year

ended

July

31,

2023,

was

limited

to

futures

contracts.

Following

is

a

summary

of

the

effect

of

derivatives

on

the

Statements

of

Assets

and

Liabilities

as

of

July

31,

2023.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

*

Balance

is

included

in

the

deposits

with

broker

for

futures

on

the

Statements

of

Assets

and

Liabilities.

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

335,660‌

$

29,156‌

$

364,816‌

ABR

50/50

Volatility

Fund

309,069‌

22,364‌

331,433‌

ABR

75/25

Volatility

Fund

2,767,959‌

87,073‌

2,855,032‌

U.S.

Government

Obligations

Purchases

Sales

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–‌

$

–‌

ABR

50/50

Volatility

Fund

119,422,157‌

92,052,649‌

ABR

75/25

Volatility

Fund

287,477,371‌

228,289,114‌

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Futures

Contracts

$

1,918,353,116‌

$

1,394,145‌

$

1,541,742,087‌

Location:

Equity

Contracts

Futures

contracts:

Unrealized

appreciation

on

futures*

$

4,307,935‌

Total

futures

contracts

$

4,307,935‌

Location:

Equity

Contracts

Futures

contracts:

Unrealized

appreciation

on

futures*

$

1,401,437‌

Total

futures

contracts

$

1,401,437‌

Location:

Equity

Contracts

Futures

contracts:

Unrealized

appreciation

on

futures*

$

7,880,828‌

Total

futures

contracts

$

7,880,828‌

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

24

Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

during

the

year

ended

July

31,

2023,

by

each

Fund

are

recorded

in

the

following

locations

on

the

Statements

of

Operations:

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Note

8.

Federal

Income

Tax

As

of

July

31,

2023,

the

cost

and

components

of

net

unrealized

depreciation

were

as

follows:

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

7,977,301‌

Total

net

realized

gain

(loss)

$

7,977,301‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(10,755,514‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(10,755,514‌)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

20,551,180‌

Total

net

realized

gain

(loss)

$

20,551,180‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(4,535,622‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(4,535,622‌)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

57,012,821‌

Total

net

realized

gain

(loss)

$

57,012,821‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(21,783,961‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(21,783,961‌)

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Depreciation

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–‌

$

–‌

$

–‌

$

–‌

ABR

50/50

Volatility

Fund

27,213,623‌

–‌

(1,018,231‌)

(1,018,231‌)

ABR

75/25

Volatility

Fund

58,618,253‌

25,098‌

(2,283,416‌)

(2,258,318‌)

Ordinary

Income

Long-Term

Capital

Gain

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

2023

$

–‌

$

–‌

$

–‌

2022

4,936,258‌

16,217,894‌

21,154,152‌

ABR

50/50

Volatility

Fund

2023

–‌

–‌

–‌

2022

14,089,983‌

20,488,638‌

34,578,621‌

ABR

75/25

Volatility

Fund

2023

–‌

–‌

–‌

2022

26,539,047‌

43,488,339‌

70,027,386‌

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2023

25

As

of

July

31,

2023,

distributable

earnings

(accumulated

loss)

on

a

tax

basis

for

the

Funds

were

as

follows:

For

tax

purposes,

the

current

year

late-year

ordinary

loss

was

$658,793,

$365,439

and

$652,842

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively,

(realized

during

the

period

January

1,

2023

through

July

31,

2023).

These

losses

will

be

recognized

for

tax

purposes

on

the

first

business

day

of

each

Fund’s

next

fiscal

year,

August

1,

2023.

As

of

July

31,

2023,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$28,528,563,

$8,202,139,

and

$43,277,900,

respectively,

of

available

long-term

capital

loss

carryforwards

and

$19,019,041,

$6,381,507,

and

$30,547,144,

respectively,

of

available

short-term

capital

loss

carryforwards

that

have

no

expiration

date.

On

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book

to

tax

differences,

certain

amounts

have

been

reclassified

for

the

year

ended

July

31,

2023.

The

following

reclassifications

were

the

result

of

net

operating

losses

and

have

no

impact

on

the

net

assets

of

the

Fund.

Note

9.

Recent

Accounting

Pronouncements

In

June

2022,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

2022-03,

which

amends

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

(“ASU

2022-03”).

ASU

2022-03

clarifies

guidance

for

fair

value

measurement

of

an

equity

security

subject

to

a

contractual

sale

restriction

and

establishes

new

disclosure

requirements

for

such

equity

securities.

ASU

2022-03

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

for

interim

periods

within

those

fiscal

years,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

of

these

amendments

on

the

financial

statements.

Note

10.

Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

through

the

date

these

financial

statements

were

issued

have

been

evaluated

for

potential

impact,

and

each

Fund

has

had

no

such

events.

Management

has

evaluated

the

need

for

additional

disclosures

and/or

adjustments

resulting

from

subsequent

events.

In

that

respect,

Management

notes

that,

at

the

Board’s

regularly

scheduled

meeting

held

on

September

15,

2023,

the

Board

approved

the

continuance

of

the

Expense

Cap

for

the

Funds

through

the

period

ended

November

30,

2024.

There

were

no

changes

to

the

Expense

Cap

as

compared

to

the

terms

described

above,

other

than

the

extension

of

the

duration.

Capital

and

Other

Losses

Unrealized

Depreciation

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

(48,206,397‌)

$

–‌

$

(48,206,397‌)

ABR

50/50

Volatility

Fund

(14,949,085‌)

(1,018,231‌)

(15,967,316‌)

ABR

75/25

Volatility

Fund

(74,477,886‌)

(2,258,318‌)

(76,736,204‌)

Distributable

Earnings

Paid-in-Capital

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

2,542,094‌

$

(2,542,094‌)

ABR

50/50

Volatility

Fund

1,227,501‌

(1,227,501‌)

ABR

75/25

Volatility

Fund

3,128,592‌

(3,128,592‌)

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

26

To

the

Shareholders

of

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

and

the

Board

of

Trustees

of

Forum

Funds

II

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

(the

“Funds”),

each

a

series

of

Forum

Funds

II,

as

of

July

31,

2023,

the

related

statements

of

operations

and

changes

in

net

assets,

the

related

notes,

and

the

financial

highlights

for

the

year

then

ended

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July

31,

2023,

the

results

of

their

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

financial

statements

and

financial

highlights

for

the

years

ended

July

31,

2022,

and

prior,

were

audited

by

other

auditors

whose

report

dated

September

27,

2022,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

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

Funds

in

accordance

with

the

U.S.

federal

securities

laws

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.

Our

audits

included

performing

procedures

to

assess

the

risks

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

July

31,

2023,

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.

We

have

served

as

the

Funds’

auditor

since

2023.

COHEN

&

COMPANY,

LTD.

Philadelphia,

Pennsylvania

September

28,

2023

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

27

Investment

Advisory

Agreement

Approval

At

the

June

9,

2023

Board

meeting

(the

“June

meeting”),

the

Board

of

Trustees

of

Forum

Funds

II

(the

“Board”),

including

the

Trustees

who

are

not

“interested

persons”

of

the

Trust

(“Independent

Trustees”),

met

and

considered

the

approval

of

the

continuance

of

the

investment

advisory

agreement

between

the

Adviser

and

the

Trust

pertaining

to

the

Funds

(the

“Advisory

Agreement”).

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

to

a

letter

circulated

on

the

Board's

behalf

concerning

the

Adviser’s

personnel,

operations,

financial

condition,

performance,

compensation

and

services

provided

to

the

Funds

by

the

Adviser.

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

&

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,

the

Board

considered

the

quality

of

services

provided

by

the

Adviser

under

the

Advisory

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

with

principal

responsibility

for

the

Funds,

as

well

as

the

investment

philosophy

and

decision-making

process

of

those

professionals

and

the

capability

and

integrity

of

the

Adviser’s

senior

management

and

staff.

The

Board

also

considered

the

adequacy

of

the

Adviser’s

resources

and

noted

the

Adviser’s

representations

that

the

firm

is

financially

stable,

has

the

operational

capability

and

the

necessary

staffing

and

experience

to

continue

providing

quality

investment

advisory

services

to

the

Funds,

and

continued

to

devote

resources

to

reinvestment

in

the

Adviser’s

business

operations.

Based

on

the

presentation

and

the

materials

provided

by

the

Adviser

in

connection

with

the

Board’s

consideration

of

the

renewal

of

the

Advisory

Agreement,

among

other

relevant

factors,

the

Board

concluded

that,

overall,

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

under

the

Advisory

Agreement.

Performance

In

connection

with

a

presentation

by

the

Adviser

regarding

its

approach

to

managing

the

Funds,

including

the

investment

objective

and

strategy

of

each

Fund,

the

Board

reviewed

the

performance

of

each

Fund

compared

to

their

respective

benchmarks

and

compared

to

independent

peer

groups

of

funds

identified

by

Strategic

Insight,

Inc.

(“Strategic

Insight”)

as

having

characteristics

similar

to

those

of

the

Funds.

The

Board

observed

that

the

ABR

75/25

Volatility

Fund

underperformed

the

FTSE

3-Month

U.S.

T-Bill

Index,

the

ABR

75/25

Volatility

Fund’s

primary

benchmark

index,

for

the

one-year

period

ended

March

31,

2023

and

for

the

period

since

the

ABR

75/25

Volatility

Fund’s

inception

on

August

3,

2020.

The

Board

also

observed

that

the

ABR

75/25

Volatility

Fund

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-year

period

ended

March

31,

2023.

The

Board

noted

the

Adviser’s

representation

that

the

ABR

75/25

Volatility

Fund

significantly

outperformed

the

primary

benchmark

during

the

six-month

period

ended

March

31,

2023,

and

performed

in

line

with

the

Adviser’s

expectations

during

the

recent

periods

of

market

volatility,

which

demonstrated

the

effectiveness

of

the

ABR

75/25

Volatility

Fund’s

investment

strategy.

The

Board

observed

that

the

ABR

50/50

Volatility

Fund

underperformed

the

FTSE

3-Month

U.S.

T-Bill

Index,

the

ABR

50/50

Volatility

Fund’s

primary

benchmark

index,

for

the

one-year

period

ended

March

31,

2023

and

outperformed

the

primary

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2023.

The

Board

also

observed

that

the

ABR

50/50

Volatility

Fund’s

Institutional

Shares

outperformed

the

primary

benchmark

for

the

period

since

the

ABR

50/50

Volatility

Fund’s

inception

on

October

2,

2017.

The

Board

also

observed

that

the

ABR

50/50

Volatility

Fund

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

five-year

period

ended

March

31,

2023.

The

Board

also

noted

the

Adviser’s

representation

that

the

ABR

50/50

Volatility

Fund

performed

in

line

with

the

Adviser’s

expectations

during

the

recent

periods

of

heightened

market

volatility,

which

demonstrated

the

effectiveness

of

the

ABR

50/50

Volatility

Fund’s

investment

strategy.

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

28

The

Board

observed

that

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

underperformed

its

primary

benchmark

index,

the

S&P

500

Index,

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2023,

and

for

the

period

since

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

inception

on

August

3,

2015.

The

Board

noted

the

Adviser’s

representation

that

the

S&P

500

Index

is

not

believed

to

provide

the

most

representative

comparison

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

performance

due

to

the

unique

nature

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

investment

strategy,

including

the

fact

that

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

unlike

the

S&P

500

Index,

invests

in

securities

other

than

equity

securities,

such

as

volatility

instruments,

and

that

market

environment

over

the

last

12

months

was

not

favorable

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

due

to

the

period

of

record

reversals

in

volatility

without

any

extended

trends

higher

or

lower.

The

Board

also

noted

the

Adviser’s

representation

that

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

follows

a

volatility

trend-following

model

and,

as

such,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

is

expected

to

produce

lower

returns

during

large

trend

changes

and

choppy,

trendless

markets,

such

as

the

12-month

period

ended

March

31,

2023.

The

Board

also

observed

that

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

outperformed

the

average

of

the

Strategic

Insight

peers

for

the

five-

year

period

ended

March

31,

2023.

The

Board

noted

the

Adviser’s

representation

that

the

unique

nature

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

investment

strategy

resulted

in

a

limited

universe

of

peer

funds

and

that

the

peer

funds

identified

by

Strategic

Insight

were

not

believed

to

provide

the

most

representative

comparison

due

to

the

peer

funds’

low

correlation

to

the

holdings

in

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

portfolio,

which

is

index

driven,

and

the

differences

in

the

peer

funds’

approaches

to

managing

volatility.

The

Board

also

noted

the

Adviser’s

representation

that

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

performed

in

line

with

the

Adviser’s

expectations

during

recent

periods

of

market

volatility,

which

demonstrated

the

effectiveness

of

the

Long

Volatility

Fund’s

investment

strategy.

In

consideration

of

the

Funds’

investment

strategies

and

the

foregoing

performance

information,

among

other

relevant

considerations,

the

Board

determined

that

the

Funds

could

benefit

from

the

Adviser’s

continued

management

of

each

Fund.

Compensation

The

Board

evaluated

the

Adviser’s

compensation

for

providing

advisory

services

to

the

Funds

and

analyzed

comparative

information

on

net

advisory

fee

rates

and

net

total

expense

ratios

of

the

Funds’

respective

Strategic

Insight

peer

groups.

The

Board

observed

that,

among

other

things,

the

net

advisory

fee

rates

and

net

total

expense

ratios

for

each

of

the

Funds

were

higher

than

the

median

of

their

respective

Strategic

Insight

peer

groups.

The

Board

noted

that

the

Adviser

had

imposed

contractual

expense

caps,

which

required

the

Adviser

to

waive

its

advisory

fees

as

necessary

to

ensure

that

each

Fund’s

expenses

did

not

exceed

the

contractual

cap,

and

that

the

Adviser

had

waived

a

portion

of

its

advisory

fees

for

each

Fund

during

the

period.

The

Board

also

noted

the

Adviser’s

representation

that

the

actual

advisory

fee

rates

charged

to

each

Fund

were

commensurate

with

the

services

rendered

to

each

Fund

and

that

the

advisory

fee

arrangements

were

believed

by

the

Adviser

to

be

competitive

and

consistent

with

expectations

within

the

marketplace

for

the

strategies.

Further,

with

respect

to

all

of

the

Funds,

the

Board

considered

the

structure

of

each

Fund’s

advisory

fees,

which

do

not

include

performance

fees

that

can

be

charged

by

hedge

funds

and

other

vehicles

with

which

the

Funds

may

compete

given

the

nature

of

the

Funds’

investment

strategies.

Under

these

circumstances,

the

Board

concluded

that

it

was

difficult

to

make

meaningful

comparisons

between

the

Funds’

actual

advisory

fee

rates

and

net

expense

ratios

and

those

of

the

Funds’

respective

Strategic

Insight

peers

due

to,

among

other

things,

variations

between

the

strategies

of

the

Funds

and

those

provided

to

the

Strategic

Insight

peer

funds

by

their

advisers.

Based

on

the

foregoing

and

other

applicable

considerations,

the

Board

concluded

that

the

advisory

fee

rates

to

be

charged

to

the

Funds

under

the

Advisory

Agreement

appeared

to

be

reasonable

under

all

of

the

facts

and

circumstances.

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

Funds.

In

this

regard,

the

Board

considered

the

Adviser’s

resources

devoted

to

the

Funds,

as

well

as

the

Adviser’s

discussion

of

the

aggregate

costs

and

profitability

of

its

mutual

fund

activities.

The

Board

noted

the

Adviser’s

representation

that

it

continued

to

waive

its

advisory

fee

as

necessary

to

ensure

each

Fund’s

expenses

did

not

exceed

the

contractual

expense

cap.

Based

on

these

and

other

applicable

considerations,

the

Board

concluded

that

the

Adviser’s

profits

attributable

to

management

of

the

Funds

appeared

to

be

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser.

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

29

Economies

of

Scale

The

Board

considered

whether

the

Funds

were

benefitting,

or

may

benefit

in

the

future,

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

each

Fund’s

fee

structure,

asset

size,

net

expense

ratio,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

generally

most

relevant

when

a

fund

has

achieved

a

substantial

size.

The

Board

reviewed

relevant

materials,

including

information

and

representations

from

the

Adviser,

in

considering

whether

the

use

of

breakpoints

would

be

appropriate

at

this

time,

and

the

Board

noted

the

existence

of

the

Adviser’s

ongoing

expense

limitation

agreement

obligations.

The

Board

considered

the

Adviser’s

representation

that

the

Adviser

did

not

believe

that

any

of

the

Funds

had

achieved

scale

to

a

degree

warranting

breakpoints

in

the

advisory

fees

or

reductions

in

the

expense

limitation

agreements.

Based

on

the

foregoing

and

other

relevant

considerations,

the

Board

concluded

that

the

information

presented

generally

supported

the

renewal

of

the

Advisory

Agreement

at

current

fee

levels.

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

Funds.

Based

on

the

foregoing

representation

and

other

applicable

considerations,

the

Board

concluded

that

other

benefits

received

by

the

Adviser

from

its

relationship

with

the

Funds

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.

The

Board

reviewed

a

memorandum

from

Independent

Trustee

Counsel

discussing

the

legal

standards

applicable

to

its

consideration

of

the

Advisory

Agreement.

Based

on

its

review,

including

consideration

of

each

of

the

factors

referenced

above,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

the

advisory

arrangement,

as

outlined

in

the

Advisory

Agreement,

was

fair

and

reasonable

in

light

of

the

services

performed

or

to

be

performed,

expenses

incurred

or

to

be

incurred

and

such

other

matters

as

the

Board

considered

relevant.

Change

in

Independent

Registered

Public

Accounting

Firm

On

March

9,

2023,

BBD

LLP

(“BBD”)

ceased

to

serve

as

the

independent

registered

public

accounting

firm

of

the

Funds,

each

a

series

of

Forum

Funds

II.

The

Audit

Committee

of

the

Board

of

Directors

approved

the

replacement

of

BBD

as

a

result

of

Cohen

&

Company,

Ltd.’s

(“Cohen”)

acquisition

of

BBD’s

investment

management

group.

The

reports

of

BBD

on

the

financial

statements

of

the

Funds

as

of

and

for

the

fiscal

years

ended

July

31,

2021

and

July

31,

2022

did

not

contain

an

adverse

opinion

or

a

disclaimer

of

opinion,

and

were

not

qualified

or

modified

as

to

uncertainties,

audit

scope

or

accounting

principles.

During

the

years

ended

July

31,

2021

and

July

31,

2022,

and

during

the

subsequent

interim

period

through

March

9,

2023,

(i)

there

were

no

disagreements

between

the

Trust

and

BBD

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure,

or

auditing

scope

or

procedure,

which

disagreements,

if

not

resolved

to

the

satisfaction

of

BBD,

would

have

caused

it

to

make

reference

to

the

subject

matter

of

the

disagreements

in

its

report

on

the

financial

statements

of

the

Funds

for

such

years

or

interim

period,

and

(ii)

there

were

no

“reportable

events,”

as

defined

in

Item

304(a)(1)(v)

of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934,

as

amended.

The

Trust

requested

that

BBD

furnish

it

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

stating

that

it

agrees

with

the

above

statements.

A

copy

of

this

letter

is

filed

as

an

exhibit

to

Form

N-CSR.

On

March

17,

2023,

the

Audit

Committee

of

the

Board

also

recommended

and

approved

the

appointment

of

Cohen

as

the

Funds'

independent

registered

public

accounting

firm

for

the

fiscal

year

ending

July

31,

2023.

During

the

fiscal

years

ended

July

31,

2021

and

July

31,

2022,

and

during

the

subsequent

interim

period

through

March

17,

2023,

neither

the

Trust,

nor

anyone

acting

on

its

behalf,

consulted

with

Cohen

on

behalf

of

the

Funds

regarding

the

application

of

accounting

principles

to

a

specified

transaction

(either

completed

or

proposed),

the

type

of

audit

opinion

that

might

be

rendered

on

each

Fund’s

financial

statements,

or

any

matter

that

was

either,

(i)

the

subject

of

a

“disagreement,”

as

defined

in

Item

304(a)(1)(iv)

of

Regulation

S-K

and

the

instructions

thereto;

or

(ii)

"reportable

events,"

as

defined

in

Item

304(a)(1)(v)

of

Regulation

S-K.

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

30

Proxy

Voting

Information

A

description

of

the

policies

and

procedures

that

each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

securities

held

in

each

Fund’s

portfolio

is

available,

without

charge

and

upon

request,

by

calling

(855)

422-4518

and

on

the

U.S.

Securities

and

Exchange

Commission’s

(the

“SEC”)

website

at

www.sec.gov.

Each

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June

30

is

available,

without

charge

and

upon

request,

by

calling

(855)

422-4518

and

on

the

SEC’s

website

at

www.sec.gov.

Availability

of

Quarterly

Portfolio

Schedules

Each

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Forms

N-PORT

are

available

free

of

charge

on

the

SEC’s

website

at

www.sec.gov.

Shareholder

Expense

Example

As

a

shareholder

of

the

Funds

,

you

incur

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

Funds

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

February

1,

2023

through

July

31,

2023.

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

each

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

each

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

each

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.

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.

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

31

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.

Each

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge

and

upon

request,

by

calling

(855)

422-4518.

Beginning

Account

Value

February

1,

2023

Ending

Account

Value

July

31,

2023

Expenses

Paid

During

Period*

Annualized

Expense

Ratio*

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00‌

$

1,057.06‌

$

10.20‌

2.00%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,014.88‌

$

9.99‌

2.00%‌

Investor

Shares

Actual

$

1,000.00‌

$

1,055.73‌

$

11.47‌

2.25%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,013.64‌

$

11.23‌

2.25%‌

ABR

50/50

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00‌

$

1,141.92‌

$

13.28‌

2.50%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,012.40‌

$

12.47‌

2.50%‌

Investor

Shares

Actual

$

1,000.00‌

$

1,139.49‌

$

14.59‌

2.75%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,011.16‌

$

13.71‌

2.75%‌

ABR

75/25

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00‌

$

1,102.96‌

$

9.12‌

1.75%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,016.12‌

$

8.75‌

1.75%‌

Investor

Shares

Actual

$

1,000.00‌

$

1,101.43‌

$

10.42‌

2.00%‌

Hypothetical

(5%

return

before

expenses)

$

1,000.00‌

$

1,014.88‌

$

9.99‌

2.00%‌

*

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.

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.

3

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),

2017-2021;

independent

consultant

providing

interim

CFO

services,

principally

to

non-profit

organizations,

2011-2017.

3

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.

3

Trustee,

Forum

Funds;

Trustee,

U.S.

Global

Investors

Funds.

ABR

Funds

ADDITIONAL

INFORMATION

(Unaudited)

July

31,

2023

32

(1)

Karen

Shaw

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

Treasurer

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

Interested

Trustees

(1)

Karen

Shaw

Born:

1972

Trustee

Since

2023

Senior

Vice

President,

Apex

Fund

Services

since

2019;

Senior

Vice

President,

Atlantic

Fund

Services

2008-

2019.

3

Trustee,

Forum

Funds,

Trustee,

U.S.

Global

Investors

Funds.

Name

and

Year

of

Birth

Position

with

the

Trust

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Officers

Zachary

Tackett

Born:

1988

President;

Principal

Executive

Officer;

Anti-Money

Laundering

Compliance

Officer;

Identity

Theft

Prevention

Officer

President

and

Principal

Executive

Officer

since

2023;

Anti-Money

Laundering

Compliance

Officer

and

Identity

Theft

Prevention

Officer

since

2015

Senior

Counsel,

Apex

Fund

Services

since

2019;

Counsel,

Atlantic

Fund

Services

2014-

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.

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.

Lindsey

Dorval

Born:

1981

Vice

President;

Secretary

Since

2023

Counsel,

Apex

Fund

Services

since

2020.

ABR

Funds

FOR

MORE

INFORMATION:

P.O.

Box

588

Portland,

ME

04112

(855)

422-4518

(toll

free)

INVESTMENT

ADVISER

ABR

Dynamic

Funds,

LLC

17

State

Street,

Suite

725

New

York,

NY

10004

TRANSFER

AGENT

Apex

Fund

Services

P.O.

Box

588

Portland,

ME

04112

www.apexgroup.com

DISTRIBUTOR

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

100

Portland,

Maine

04101

www.foreside.com

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds’

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

For

the

most

recent

month-end

performance

and

current

fund

prices,

please

call

(855)

422-4518.

227-ANR-0723

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 $42,000 in 2022 and $52,200 in 2023.

(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 2022 and $0 in 2023. 

(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 $9,000 in 2022 and $9,300 in 2023.  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 2022 and $0 in 2023. 

(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 2022 and $0 in 2023.  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.

TEM 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 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.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)  Not applicable.

(a)(4) Change in Independent Registered Public Accounting Firm (Exhibit filed herewith).

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant Forum Funds II

By	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer
Date	September 26, 2023

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

By	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer
Date	September 26, 2023

By	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date	September 26, 2023