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, 2023 – July 31, 2024

ITEM 1. REPORT TO SHAREHOLDERS.

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

ABR Dynamic Blend Equity & Volatility Fund

ABRVX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$207	2.00%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund gained 7.01%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the Fund’s volatility trend-following model utilized a modestly larger allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared to capture possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher exposure to volatility assets rather quickly. The Fund enjoyed gains for the year, preserving positive performance during what was generally a bull market with low volatility.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	S&P 500® Index
8/3/15	$10,000	$10,000
10/31/15	$10,100	$9,965
1/31/16	$9,311	$9,349
4/30/16	$9,744	$10,008
7/31/16	$9,744	$10,591
10/31/16	$9,432	$10,414
1/31/17	$9,940	$11,222
4/30/17	$10,175	$11,801
7/31/17	$10,328	$12,290
10/31/17	$10,461	$12,875
1/31/18	$11,391	$14,186
4/30/18	$10,980	$13,367
7/31/18	$11,201	$14,285
10/31/18	$11,149	$13,821
1/31/19	$10,444	$13,857
4/30/19	$11,167	$15,170
7/31/19	$11,167	$15,426
10/31/19	$10,773	$15,801
1/31/20	$11,368	$16,862
4/30/20	$15,849	$15,301
7/31/20	$16,964	$17,271
10/31/20	$16,136	$17,335
1/31/21	$16,814	$19,771
4/30/21	$18,056	$22,337
7/31/21	$18,525	$23,565
10/31/21	$18,911	$24,774
1/31/22	$18,962	$24,375
4/30/22	$17,166	$22,385
7/31/22	$15,759	$22,472
10/31/22	$15,071	$21,155
1/31/23	$14,951	$22,373
4/30/23	$14,846	$22,981
7/31/23	$15,804	$25,397
10/31/23	$14,083	$23,300
1/31/24	$15,699	$27,030
4/30/24	$15,849	$28,189
7/31/24	$16,912	$31,022

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The Fund does not seek to replicate the performance of any specific index. The index included in this report is not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of the index.  

Average Annual Total Returns 

	One Year	Five Year	Since Inception 08/3/15
Institutional Class	7.01%	8.66%	6.02%
S&P 500® Index	22.15%	15.00%	13.41%

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

Fund Statistics

Total Net Assets	$98,414,951
# of Portfolio Holdings	-
Portfolio Turnover Rate	0%
Investment Advisory Fees (Net of fees waived)	$1,557,386

Fund Investment Approach

The Fund is model driven, utilizing a primarily volatility trend-following model. In periods of relatively low equity market volatility, the model’s exposure to volatility has tended to decrease (with a corresponding increase in the model’s exposure to stocks). In periods of relatively high equity market volatility, the model’s exposure to volatility has tended to increase. This approach is intended to capture large uptrends in volatility assets while preserving positive performance during extended bull markets with low volatility. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
Other Assets & Liabilities, Net	100.0%

ABR Dynamic Blend Equity & Volatility Fund

ABRVX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/. 

227A-ABRVX-24

ABR Dynamic Blend Equity & Volatility Fund

ABRTX

:  Investor Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$233	2.25%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund gained 6.84%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the Fund’s volatility trend-following model utilized a modestly larger allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared to capture possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher exposure to volatility assets rather quickly. The Fund enjoyed gains for the year, preserving positive performance during what was generally a bull market with low volatility.

Total Return Based on a $10,000 Investment 

Date	Investor Class Footnote Reference1	S&P 500® Index
8/3/15	$10,000	$10,000
10/31/15	$10,100	$9,965
1/31/16	$9,298	$9,349
4/30/16	$9,731	$10,008
7/31/16	$9,721	$10,591
10/31/16	$9,398	$10,414
1/31/17	$9,896	$11,222
4/30/17	$10,131	$11,801
7/31/17	$10,284	$12,290
10/31/17	$10,406	$12,875
1/31/18	$11,316	$14,186
4/30/18	$10,863	$13,367
7/31/18	$11,073	$14,285
10/31/18	$11,010	$13,821
1/31/19	$10,305	$13,857
4/30/19	$11,017	$15,170
7/31/19	$11,006	$15,426
10/31/19	$10,623	$15,801
1/31/20	$11,197	$16,862
4/30/20	$15,602	$15,301
7/31/20	$16,685	$17,271
10/31/20	$15,867	$17,335
1/31/21	$16,522	$19,771
4/30/21	$17,727	$22,337
7/31/21	$18,171	$23,565
10/31/21	$18,545	$24,774
1/31/22	$18,582	$24,375
4/30/22	$16,804	$22,385
7/31/22	$15,417	$22,472
10/31/22	$14,739	$21,155
1/31/23	$14,603	$22,373
4/30/23	$14,498	$22,981
7/31/23	$15,417	$25,397
10/31/23	$13,729	$23,300
1/31/24	$15,312	$27,030
4/30/24	$15,447	$28,189
7/31/24	$16,472	$31,022

Footnote	Description
Footnote1	Investor Class commenced operations on August 14, 2015. Performance for the periods prior to August 14, 2015 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

The above chart represents historical performance of a hypothetical $10,000 investment since inception. The Fund does not seek to replicate the performance of any specific index. The index included in this report is not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of the index.  

Average Annual Total Returns 

	One Year	Five Year	Since Inception 08/3/15
Investor Class Footnote Reference1	6.84%	8.40%	5.71%
S&P 500® Index	22.15%	15.00%	13.41%

Footnote	Description
Footnote1	Investor Class commenced operations on August 14, 2015. Performance for the periods prior to August 14, 2015 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

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

Fund Statistics

Total Net Assets	$98,414,951
# of Portfolio Holdings	-
Portfolio Turnover Rate	0%
Investment Advisory Fees (Net of fees waived)	$1,557,386

Fund Investment Approach

The Fund is model driven, utilizing a primarily volatility trend-following model. In periods of relatively low equity market volatility, the model’s exposure to volatility has tended to decrease (with a corresponding increase in the model’s exposure to stocks). In periods of relatively high equity market volatility, the model’s exposure to volatility has tended to increase. This approach is intended to capture large uptrends in volatility assets while preserving positive performance during extended bull markets with low volatility. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
Other Assets & Liabilities, Net	100.0%

ABR Dynamic Blend Equity & Volatility Fund

ABRTX

:  Investor Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/. 

227A-ABRTX-24

ABR 50/50 Volatility Fund

ABRSX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$269	2.50%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures), and long-dated US Treasuries were down 1.41% (measured by the LT11TRUU Index, an index which measures the result of exposure to 20+ year US Treasuries). For the year, the Fund gained 14.74%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the trend-following aspects of the Fund’s models utilized a modestly larger long allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared for possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher long exposure to volatility assets rather quickly. Furthermore, the mean reversion aspects of the Adviser’s short volatility model mitigated some of the effect of these turning points and contributed to increased Fund returns, as compared to a portfolio managed entirely according to the long volatility model. As a result, the Fund enjoyed gains for the year, delivering on the objective of long-term capital appreciation.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	S&P 500® Index	FTSE 3-Month U.S. T-Bill Index
10/2/17	$10,000	$10,000	$10,000
10/31/17	$10,190	$10,194	$10,008
1/31/18	$10,239	$11,232	$10,038
4/30/18	$7,412	$10,583	$10,076
7/31/18	$7,876	$11,310	$10,123
10/31/18	$6,856	$10,943	$10,175
1/31/19	$6,735	$10,972	$10,235
4/30/19	$7,611	$12,011	$10,296
7/31/19	$8,621	$12,214	$10,359
10/31/19	$9,867	$12,510	$10,414
1/31/20	$10,243	$13,351	$10,458
4/30/20	$8,980	$12,115	$10,493
7/31/20	$8,769	$13,674	$10,500
10/31/20	$7,828	$13,725	$10,503
1/31/21	$9,389	$15,653	$10,506
4/30/21	$12,089	$17,686	$10,507
7/31/21	$13,203	$18,658	$10,508
10/31/21	$14,566	$19,615	$10,509
1/31/22	$13,337	$19,299	$10,510
4/30/22	$10,376	$17,723	$10,516
7/31/22	$9,984	$17,792	$10,539
10/31/22	$9,258	$16,749	$10,601
1/31/23	$11,288	$17,714	$10,707
4/30/23	$11,735	$18,195	$10,830
7/31/23	$12,890	$20,108	$10,972
10/31/23	$11,549	$18,448	$11,125
1/31/24	$13,636	$21,401	$11,281
4/30/24	$13,654	$22,319	$11,434
7/31/24	$14,790	$24,561	$11,592

The above chart represents historical performance of a hypothetical $10,000 investment since inception. Effective July 30, 2024, the Fund changed its primary benchmark index from the FTSE 3-Month U.S. T-Bill Index to the S&P 500^® Index due to regulatory requirements. The Fund retained the FTSE 3-Month U.S. T-Bill Index as a secondary benchmark because the FTSE 3-Month U.S. T-Bill Index more closely aligns with typical points of comparison for alternative investments. The Fund does not seek to replicate the performance of any specific index. The indices included in this report are not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of indices used for comparison. 

Average Annual Total Returns 

	One Year	Five Year	Since Inception 10/2/17
Institutional Class	14.74%	11.40%	5.90%
S&P 500® Index	22.15%	15.00%	14.07%
FTSE 3-Month U.S. T-Bill Index	5.65%	2.28%	2.19%

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

Fund Statistics

Total Net Assets	$59,102,708
# of Portfolio Holdings	6
Portfolio Turnover Rate	593%
Investment Advisory Fees (Net of fees waived)	$1,110,818

Fund Investment Approach

The Fund is model driven, utilizing the Adviser’s “long” volatility model for 50% of the net assets and the Adviser’s “short” volatility model for 50% of the net assets.

• The Adviser’s long volatility model is primarily a volatility trend-following model, typically seeking larger exposures to volatility assets when equity market volatility is increasing and smaller exposures to volatility assets when equity market volatility is decreasing.

• The Adviser’s short volatility model utilizes both mean reversion and trend-following aspects, seeking to increase short exposure to volatility assets after increases in equity market volatility, when it may be trending back downward. It also generally maintains some short exposure to volatility assets at most times, in order to profit from the “decay,” or long-term downward trend in volatility assets, with the remaining assets in long-dated US Treasuries and/or cash and equivalents.

The blend of 50% and 50% to each model is not intended to seek a balance in volatility exposures, and the Fund may have significant short exposure to volatility at times, with an objective of long-term capital appreciation. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
U.S. Treasury Securities	31.4%
Other Assets & Liabilities, Net	68.6%

ABR 50/50 Volatility Fund

ABRSX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/.

227A-ABRSX-24

ABR 50/50 Volatility Fund

ABRJX

:  Investor Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$295	2.75%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures), and long-dated US Treasuries were down 1.41% (measured by the LT11TRUU Index, an index which measures the result of exposure to 20+ year US Treasuries). For the year, the Fund gained 14.45%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the trend-following aspects of the Fund’s models utilized a modestly larger long allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared for possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher long exposure to volatility assets rather quickly. Furthermore, the mean reversion aspects of the Adviser’s short volatility model mitigated some of the effect of these turning points and contributed to increased Fund returns, as compared to a portfolio managed entirely according to the long volatility model. As a result, the Fund enjoyed gains for the year, delivering on the objective of long-term capital appreciation.

Total Return Based on a $10,000 Investment 

Date	Investor Class Footnote Reference1	S&P 500® Index	FTSE 3-Month U.S. T-Bill Index
10/2/17	$10,000	$10,000	$10,000
10/31/17	$10,190	$10,194	$10,008
1/31/18	$10,229	$11,232	$10,038
4/30/18	$7,402	$10,583	$10,076
7/31/18	$7,866	$11,310	$10,123
10/31/18	$6,836	$10,943	$10,175
1/31/19	$6,715	$10,972	$10,235
4/30/19	$7,591	$12,011	$10,296
7/31/19	$8,580	$12,214	$10,359
10/31/19	$9,826	$12,510	$10,414
1/31/20	$10,191	$13,351	$10,458
4/30/20	$8,939	$12,115	$10,493
7/31/20	$8,715	$13,674	$10,500
10/31/20	$7,773	$13,725	$10,503
1/31/21	$9,311	$15,653	$10,506
4/30/21	$12,001	$17,686	$10,507
7/31/21	$13,092	$18,658	$10,508
10/31/21	$14,431	$19,615	$10,509
1/31/22	$13,210	$19,299	$10,510
4/30/22	$10,250	$17,723	$10,516
7/31/22	$9,875	$17,792	$10,539
10/31/22	$9,144	$16,749	$10,601
1/31/23	$11,149	$17,714	$10,707
4/30/23	$11,580	$18,195	$10,830
7/31/23	$12,704	$20,108	$10,972
10/31/23	$11,374	$18,448	$11,125
1/31/24	$13,416	$21,401	$11,281
4/30/24	$13,435	$22,319	$11,434
7/31/24	$14,541	$24,561	$11,592

Footnote	Description
Footnote1	Investor Class commenced operations on October 11, 2017. Performance for the periods prior to October 11, 2017 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

The above chart represents historical performance of a hypothetical $10,000 investment since inception. Effective July 30, 2024, the Fund changed its primary benchmark index from the FTSE 3-Month U.S. T-Bill Index to the S&P 500^® Index due to regulatory requirements. The Fund retained the FTSE 3-Month U.S. T-Bill Index as a secondary benchmark because the FTSE 3-Month U.S. T-Bill Index more closely aligns with typical points of comparison for alternative investments. The Fund does not seek to replicate the performance of any specific index. The indices included in this report are not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of indices used for comparison. 

Average Annual Total Returns 

	One Year	Five Year	Since Inception 10/2/17
Investor Class Footnote Reference1	14.45%	11.13%	5.64%
S&P 500® Index	22.15%	15.00%	14.07%
FTSE 3-Month U.S. T-Bill Index	5.65%	2.28%	2.19%

Footnote	Description
Footnote1	Investor Class commenced operations on October 11, 2017. Performance for the periods prior to October 11, 2017 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

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

Fund Statistics

Total Net Assets	$59,102,708
# of Portfolio Holdings	6
Portfolio Turnover Rate	593%
Investment Advisory Fees (Net of fees waived)	$1,110,818

Fund Investment Approach

The Fund is model driven, utilizing the Adviser’s “long” volatility model for 50% of the net assets and the Adviser’s “short” volatility model for 50% of the net assets.

• The Adviser’s long volatility model is primarily a volatility trend-following model, typically seeking larger exposures to volatility assets when equity market volatility is increasing and smaller exposures to volatility assets when equity market volatility is decreasing.

• The Adviser’s short volatility model utilizes both mean reversion and trend-following aspects, seeking to increase short exposure to volatility assets after increases in equity market volatility, when it may be trending back downward. It also generally maintains some short exposure to volatility assets at most times, in order to profit from the “decay,” or long-term downward trend in volatility assets, with the remaining assets in long-dated US Treasuries and/or cash and equivalents.

The blend of 50% and 50% to each model is not intended to seek a balance in volatility exposures, and the Fund may have significant short exposure to volatility at times, with an objective of long-term capital appreciation. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
U.S. Treasury Securities	31.4%
Other Assets & Liabilities, Net	68.6%

ABR 50/50 Volatility Fund

ABRJX

:  Investor Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/.

227A-ABRJX-24

ABR 75/25 Volatility Fund

VOLSX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$186	1.75%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures), and long-dated US Treasuries were down 1.41% (measured by the LT11TRUU Index, an index which measures the result of exposure to 20+ year US Treasuries). For the year, the Fund gained 11.80%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the trend-following aspects of the Fund’s models utilized a modestly larger long allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared for possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher long exposure to volatility assets rather quickly. Furthermore, the mean reversion aspects of the Adviser’s short volatility model mitigated some of the effect of these turning points and contributed to increased Fund returns, as compared to a portfolio managed entirely according to the long volatility model. As a result, the Fund enjoyed gains for the year, delivering on the objective of long-term capital appreciation.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	S&P 500® Index	FTSE 3-Month U.S. T-Bill Index
8/03/20	$10,000	$10,000	$10,000
10/31/20	$9,010	$9,965	$10,003
1/31/21	$9,540	$11,365	$10,005
4/30/21	$11,260	$12,841	$10,007
7/31/21	$11,790	$13,547	$10,007
10/31/21	$12,600	$14,242	$10,008
1/31/22	$12,117	$14,012	$10,010
4/30/22	$10,231	$12,868	$10,015
7/31/22	$9,682	$12,918	$10,037
10/31/22	$9,097	$12,161	$10,096
1/31/23	$10,088	$12,861	$10,197
4/30/23	$10,219	$13,211	$10,314
7/31/23	$11,126	$14,600	$10,449
10/31/23	$9,920	$13,395	$10,595
1/31/24	$11,457	$15,539	$10,744
4/30/24	$11,541	$16,205	$10,889
7/31/24	$12,439	$17,833	$11,040

The above chart represents historical performance of a hypothetical $10,000 investment since inception. Effective July 30, 2024, the Fund changed its primary benchmark index from the FTSE 3-Month U.S. T-Bill Index to the S&P 500^® Index due to regulatory requirements. The Fund retained the FTSE 3-Month U.S. T-Bill Index as a secondary benchmark because the FTSE 3-Month U.S. T-Bill Index more closely aligns with typical points of comparison for alternative investments. The Fund does not seek to replicate the performance of any specific index. The indices included in this report are not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of indices used for comparison. 

Average Annual Total Returns 

	One Year	Since Inception 08/3/20
Institutional Class	11.80%	5.62%
S&P 500® Index	22.15%	15.59%
FTSE 3-Month U.S. T-Bill Index	5.65%	2.51%

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

Fund Statistics

Total Net Assets	$285,561,677
# of Portfolio Holdings	6
Portfolio Turnover Rate	681%
Investment Advisory Fees (Net of fees waived)	$3,953,221

Fund Investment Approach

The Fund is model driven, utilizing the Adviser’s “long” volatility model for 75% of the net assets and the Adviser’s “short” volatility model for 25% of the net assets.

• The Adviser’s long volatility model is primarily a volatility trend-following model, typically seeking larger exposures to volatility assets when equity market volatility is increasing and smaller exposures to volatility assets when equity market volatility is decreasing.

• The Adviser’s short volatility model utilizes both mean reversion and trend-following aspects, seeking to increase short exposure to volatility assets after increases in equity market volatility, when it may be trending back downward. It also generally maintains some short exposure to volatility assets at most times, in order to profit from the “decay,” or long-term downward trend in volatility assets, with the remaining assets in long-dated US Treasuries and/or cash and equivalents.

The blend of 75% and 25% is intended to seek favorable long-term risk-adjusted returns, with an objective of long-term capital appreciation. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
U.S. Treasury Securities	15.6%
Other Assets & Liabilities, Net	84.4%

ABR 75/25 Volatility Fund

VOLSX

:  Institutional Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/.

227A-VOLSX-24

ABR 75/25 Volatility Fund

VOLJX

:  Investor Class

Annual Shareholder Report - July 31, 2024

Fund Overview

This annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2023, to July 31, 2024. You can find additional information about the Fund at www.abrdynamicfunds.com/fund-documents/. You can also request this information by contacting us at (855) 422-4518.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$212	2.00%

How did the Fund perform in the last year? 

During the Fund’s fiscal year that ended July 31, 2024, the S&P 500 increased 22.15% while volatility dropped 48.33% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures), and long-dated US Treasuries were down 1.41% (measured by the LT11TRUU Index, an index which measures the result of exposure to 20+ year US Treasuries). For the year, the Fund gained 11.62%.

There were several interruptions in the trend toward higher equity prices during the year, notably around October and November of 2023 and again in April and July of 2024. In response to these initial moves lower in equities, which were accompanied by jumps in volatility, the trend-following aspects of the Fund’s models utilized a modestly larger long allocation to volatility, in preparation for the possibility of a large upward trend. However, markets quickly turned around – lower in volatility and higher in equities – without ever realizing a large trend higher in volatility.

Turning points are generally unfavorable market conditions for a trend-following model, as the model prepared for possible large uptrends in volatility assets that did not materialize. The model did, however, shift its allocations back out of the modestly higher long exposure to volatility assets rather quickly. Furthermore, the mean reversion aspects of the Adviser’s short volatility model mitigated some of the effect of these turning points and contributed to increased Fund returns, as compared to a portfolio managed entirely according to the long volatility model. As a result, the Fund enjoyed gains for the year, delivering on the objective of long-term capital appreciation.

Total Return Based on a $10,000 Investment 

Date	Investor Class Footnote Reference1	S&P 500® Index	FTSE 3-Month U.S. T-Bill Index
8/03/20	$10,000	$10,000	$10,000
10/31/20	$9,000	$9,965	$10,003
1/31/21	$9,520	$11,365	$10,005
4/30/21	$11,230	$12,841	$10,007
7/31/21	$11,750	$13,547	$10,007
10/31/21	$12,560	$14,242	$10,008
1/31/22	$12,067	$14,012	$10,010
4/30/22	$10,179	$12,868	$10,015
7/31/22	$9,618	$12,918	$10,037
10/31/22	$9,032	$12,161	$10,096
1/31/23	$10,012	$12,861	$10,197
4/30/23	$10,143	$13,211	$10,314
7/31/23	$11,027	$14,600	$10,449
10/31/23	$9,833	$13,395	$10,595
1/31/24	$11,340	$15,539	$10,744
4/30/24	$11,424	$16,205	$10,889
7/31/24	$12,309	$17,833	$11,040

Footnote	Description
Footnote1	Investor Class commenced operations on August 5, 2020. Performance for the periods prior to August 5, 2020 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

The above chart represents historical performance of a hypothetical $10,000 investment since inception. Effective July 30, 2024, the Fund changed its primary benchmark index from the FTSE 3-Month U.S. T-Bill Index to the S&P 500^® Index due to regulatory requirements. The Fund retained the FTSE 3-Month U.S. T-Bill Index as a secondary benchmark because the FTSE 3-Month U.S. T-Bill Index more closely aligns with typical points of comparison for alternative investments. The Fund does not seek to replicate the performance of any specific index. The indices included in this report are not necessarily representative of the Fund’s investment strategy or objectives. The Fund’s investment decisions are based on its unique investment approach and goals, which may differ significantly from those of indices used for comparison. 

Average Annual Total Returns 

	One Year	Since Inception 08/3/20
Investor Class Footnote Reference1	11.62%	5.34%
S&P 500® Index	22.15%	15.59%
FTSE 3-Month U.S. T-Bill Index	5.65%	2.51%

Footnote	Description
Footnote1	Investor Class commenced operations on August 5, 2020. Performance for the periods prior to August 5, 2020 are a blended average annual return which includes the returns of Institutional Class prior to the commencement of operations of Investor Class.

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

Fund Statistics

Total Net Assets	$285,561,677
# of Portfolio Holdings	6
Portfolio Turnover Rate	681%
Investment Advisory Fees (Net of fees waived)	$3,953,221

Fund Investment Approach

The Fund is model driven, utilizing the Adviser’s “long” volatility model for 75% of the net assets and the Adviser’s “short” volatility model for 25% of the net assets.

• The Adviser’s long volatility model is primarily a volatility trend-following model, typically seeking larger exposures to volatility assets when equity market volatility is increasing and smaller exposures to volatility assets when equity market volatility is decreasing.

• The Adviser’s short volatility model utilizes both mean reversion and trend-following aspects, seeking to increase short exposure to volatility assets after increases in equity market volatility, when it may be trending back downward. It also generally maintains some short exposure to volatility assets at most times, in order to profit from the “decay,” or long-term downward trend in volatility assets, with the remaining assets in long-dated US Treasuries and/or cash and equivalents.

The blend of 75% and 25% is intended to seek favorable long-term risk-adjusted returns, with an objective of long-term capital appreciation. In order to meet its investment objective, the Fund may invest in derivative instruments, such as futures contracts, that provide exposure to equity securities, including volatility in the equity markets.

Asset Class Weightings 

(% total net investments)

Value	Value
U.S. Treasury Securities	15.6%
Other Assets & Liabilities, Net	84.4%

ABR 75/25 Volatility Fund

VOLJX

:  Investor Class

Annual Shareholder Report - July 31, 2024

The Fund is distributed by Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit www.abrdynamicfunds.com/fund-documents/.

227A-VOLJX-24

(b)          Not applicable.

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 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1)  The Board of Trustees has determined that the Registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.

(a)(2)  The audit committee financial expert, Mr. Mark Moyer, is a non-“interested” Trustee (as defined in Item 3(a)(2) of Form N-CSR.

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 $52,200 in 2023 and $53,700 in 2024.

(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 2023 and $0 in 2024. 

(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 $9,300 in 2023 and $9,600 in 2024. 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 2023 and $0 in 2024.

(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 U.S. 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 2023 and $0 in 2024. 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.

(i)        Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j)        Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)           Included as part of financial statements filed under Item 7(a).

(b)          Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)      

ABR

Funds

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Annual

Report

Financial

Statements

and

Other

Information

For

the

Year

Ended

July

31,

2024

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

July

31,

2024

1

See

Notes

to

Financial

Statements.

At

July

31,

2024,

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,

2024. 

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%

98,414,951‌

Net

Assets

-

100.0%

$

98,414,951‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(Depreciation)

661‌

CBOE

VIX

Future

08/21/24

$

11,106,705‌

$

10,575,604‌

$

(531,101‌)

504‌

CBOE

VIX

Future

09/18/24

8,545,382‌

8,312,674‌

(232,708‌)

284‌

S&P

500

E-mini

Future

09/20/24

78,645,445‌

78,923,600‌

278,155‌

$

98,297,532‌

$

97,811,878‌

$

(485,654‌)

Valuation

Inputs

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

(485,654‌)

Level

2

-

Other

Significant

Observable

Inputs

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

Total

$

(485,654‌)

*

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,

2024

2

See

Notes

to

Financial

Statements.

At

July

31,

2024,

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,

2024. 

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.

Treasury

Securities

-

31.4%

U.S.

Treasury

Securities

-

31.4%

$

2,973,000‌

U.S.

Treasury

Bond

4.75% 

11/15/43

$

3,105,856‌

3,042,000‌

U.S.

Treasury

Bond

4.50 

02/15/44

3,073,370‌

3,026,000‌

U.S.

Treasury

Bond

4.63 

05/15/44

3,108,033‌

2,907,000‌

U.S.

Treasury

Bond

4.75 

11/15/53

3,103,677‌

3,123,000‌

U.S.

Treasury

Bond

4.25 

02/15/54

3,072,007‌

2,964,000‌

U.S.

Treasury

Bond

4.63 

05/15/54

3,104,327‌

18,567,270‌

Total

U.S.

Treasury

Securities

(Cost

$17,842,529)

18,567,270‌

Investments,

at

value

-

31.4%

(Cost

$17,842,529)

$

18,567,270‌

Other

Assets

&

Liabilities,

Net

-

68.6%

40,535,438‌

Net

Assets

-

100.0%

$

59,102,708‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(235‌)

CBOE

VIX

Future

08/21/24

$

(3,801,068‌)

$

(3,759,859‌)

$

41,209‌

(179‌)

CBOE

VIX

Future

09/18/24

(2,998,416‌)

(2,952,319‌)

46,097‌

91‌

S&P

500

E-mini

Future

09/20/24

25,232,120‌

25,288,900‌

56,780‌

$

18,432,636‌

$

18,576,722‌

$

144,086‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

–‌

$

144,086‌

Level

2

-

Other

Significant

Observable

Inputs

18,567,270‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

18,567,270‌

$

144,086‌

*

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.

Treasury

Securities

31.4%‌

Other

Assets

&

Liabilities,

Net

68.6%

100.0%

ABR

75/25

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

July

31,

2024

3

See

Notes

to

Financial

Statements.

At

July

31,

2024,

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,

2024. 

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.

Treasury

Securities

-

15.6%

U.S.

Treasury

Securities

-

15.6%

$

7,151,000‌

U.S.

Treasury

Bond

4.75% 

11/15/43

$

7,470,560‌

7,317,000‌

U.S.

Treasury

Bond

4.50 

02/15/44

7,392,457‌

7,277,000‌

U.S.

Treasury

Bond

4.63 

05/15/44

7,474,275‌

6,992,000‌

U.S.

Treasury

Bond

4.75 

11/15/53

7,465,052‌

7,510,000‌

U.S.

Treasury

Bond

4.25 

02/15/54

7,387,376‌

7,129,000‌

U.S.

Treasury

Bond

4.63 

05/15/54

7,466,514‌

44,656,234‌

Total

U.S.

Treasury

Securities

(Cost

$42,530,545)

44,656,234‌

Investments,

at

value

-

15.6%

(Cost

$42,530,545)

$

44,656,234‌

Other

Assets

&

Liabilities,

Net

-

84.4%

240,905,443‌

Net

Assets

-

100.0%

$

285,561,677‌

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

454‌

CBOE

VIX

Future

08/21/24

$

7,202,817‌

$

7,263,728‌

$

60,911‌

346‌

CBOE

VIX

Future

09/18/24

5,660,965‌

5,706,716‌

45,751‌

656‌

S&P

500

E-mini

Future

09/20/24

181,763,564‌

182,302,400‌

538,836‌

$

194,627,346‌

$

195,272,844‌

$

645,498‌

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments*

Level

1

-

Quoted

Prices

$

–‌

$

645,498‌

Level

2

-

Other

Significant

Observable

Inputs

44,656,234‌

–‌

Level

3

-

Significant

Unobservable

Inputs

–‌

–‌

Total

$

44,656,234‌

$

645,498‌

*

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.

Treasury

Securities

15.6%‌

Other

Assets

&

Liabilities,

Net

84.4%

100.0%

ABR

Funds

STATEMENTS

OF

ASSETS

AND

LIABILITIES

July

31,

2024

4

See

Notes

to

Financial

Statements.

*

$7,537,799,

$5,514,189,

and

$17,101,599

was

held

at

StoneX

Financial,

Inc.

and

$11,414,922,

$7,006,279

and

$19,322,152

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,

$17,842,529

and

$42,530,545,

respectively)

$

–‌

$

18,567,270‌

$

44,656,234‌

Cash

78,338,218‌

26,404,593‌

196,662,743‌

Deposits

with

broker

for

futures*

18,952,721‌

12,520,468‌

36,423,751‌

Receivables:

Fund

shares

sold

301,130‌

701‌

563,357‌

Investment

securities

sold

–‌

913,566‌

3,472,008‌

Interest

346,415‌

338,662‌

1,373,003‌

Variation

margin

1,214,100‌

544,664‌

2,907,372‌

Prepaid

expenses

30,271‌

21,940‌

39,168‌

Total

Assets

99,182,855‌

59,311,864‌

286,097,636‌

LIABILITIES

Payables:

Fund

shares

redeemed

232,347‌

57,154‌

69,194‌

Variation

margin

341,103‌

–‌

–‌

Accrued

Liabilities:

Investment

adviser

fees

128,368‌

94,248‌

372,395‌

Fund

services

fees

12,361‌

9,073‌

20,702‌

Other

expenses

53,725‌

48,681‌

73,668‌

Total

Liabilities

767,904‌

209,156‌

535,959‌

NET

ASSETS

$

98,414,951‌

$

59,102,708‌

$

285,561,677‌

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

140,659,624‌

$

67,515,148‌

$

333,023,509‌

Accumulated

loss

(42,244,673‌)

(8,412,440‌)

(47,461,832‌)

NET

ASSETS

$

98,414,951‌

$

59,102,708‌

$

285,561,677‌

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

7,918,068‌

6,782,718‌

24,911,462‌

Investor

Shares

815,766‌

677,755‌

2,592,420‌

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Institutional

Shares

(based

on

net

assets

of

$89,499,195,

$53,842,879

and

$258,886,073,

respectively)

$

11.30‌

$

7.94‌

$

10.39‌

Investor

Shares

(based

on

net

assets

of

$8,915,756,

$5,259,829

and

$26,675,604,

respectively)

$

10.93‌

$

7.76‌

$

10.29‌

ABR

Funds

STATEMENTS

OF

OPERATIONS

YEAR

ENDED

JULY

31,

2024

5

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

$

3,581,904‌

$

1,876,623‌

$

9,952,360‌

Total

Investment

Income

3,581,904‌

1,876,623‌

9,952,360‌

EXPENSES

Investment

adviser

fees

1,763,166‌

1,428,014‌

6,632,455‌

Fund

services

fees

121,535‌

84,047‌

258,268‌

Transfer

agent

fees:

Institutional

Shares

33,882‌

22,780‌

50,449‌

Investor

Shares

22,780‌

22,780‌

22,780‌

Distribution

fees:

Investor

Shares

24,271‌

12,494‌

60,327‌

Custodian

fees

8,995‌

5,205‌

23,316‌

Registration

fees:

Institutional

Shares

19,124‌

16,553‌

19,428‌

Investor

Shares

17,644‌

16,520‌

17,866‌

Professional

fees

59,898‌

37,522‌

56,962‌

Trustees'

fees

and

expenses

15,158‌

11,421‌

28,783‌

Brokerage

fees

24,960‌

20,869‌

11,197‌

Other

expenses

161,775‌

101,999‌

289,014‌

Total

Expenses

2,273,188‌

1,780,204‌

7,470,845‌

Fees

waived

(233,870‌)

(339,697‌)

(2,767,804‌)

Net

Expenses

2,039,318‌

1,440,507‌

4,703,041‌

NET

INVESTMENT

INCOME

1,542,586‌

436,116‌

5,249,319‌

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

–‌

(2,863,869‌)

(6,227,090‌)

Futures

9,212,727‌

9,832,869‌

34,944,132‌

Net

realized

gain

9,212,727‌

6,969,000‌

28,717,042‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

–‌

1,407,111‌

3,246,292‌

Futures

(4,793,589‌)

(1,257,351‌)

(7,235,330‌)

Net

change

in

unrealized

appreciation

(depreciation)

(4,793,589‌)

149,760‌

(3,989,038‌)

NET

REALIZED

AND

UNREALIZED

GAIN

4,419,138‌

7,118,760‌

24,728,004‌

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

5,961,724‌

$

7,554,876‌

$

29,977,323‌

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

6

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,

2024

2023

2024

2023

OPERATIONS

Net

investment

income

(loss)

$

1,542,586‌

$

(678,629‌)

$

436,116‌

$

(608,348‌)

Net

realized

gain

9,212,727‌

7,977,301‌

6,969,000‌

20,058,354‌

Net

change

in

unrealized

appreciation

(depreciation)

(4,793,589‌)

(10,755,514‌)

149,760‌

(5,217,992‌)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,961,724‌

(3,456,842‌)

7,554,876‌

14,232,014‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

–‌

–‌

–‌

–‌

Investor

Shares

–‌

–‌

–‌

–‌

Total

Distributions

Paid

–‌

–‌

–‌

–‌

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

17,674,979‌

33,695,265‌

10,058,810‌

22,899,309‌

Investor

Shares

693,421‌

994,667‌

2,192,292‌

2,809,076‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

–‌

–‌

–‌

Investor

Shares

–‌

–‌

–‌

–‌

Redemption

of

shares:

Institutional

Shares

(36,572,653‌)

(88,073,596‌)

(19,364,140‌)

(34,633,279‌)

Investor

Shares

(3,692,723‌)

(12,941,234‌)

(3,905,013‌)

(2,341,096‌)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(21,896,976‌)

(66,324,898‌)

(11,018,051‌)

(11,265,990‌)

Increase

(Decrease)

in

Net

Assets

(15,935,252‌)

(69,781,740‌)

(3,463,175‌)

2,966,024‌

NET

ASSETS

Beginning

of

Year

114,350,203‌

184,131,943‌

62,565,883‌

59,599,859‌

End

of

Year

$

98,414,951‌

$

114,350,203‌

$

59,102,708‌

$

62,565,883‌

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

1,676,254‌

3,405,271‌

1,396,326‌

4,135,213‌

Investor

Shares

70,331‌

104,309‌

308,134‌

468,994‌

Reinvestment

of

distributions:

Institutional

Shares

–‌

–‌

–‌

–‌

Investor

Shares

–‌

–‌

–‌

–‌

Redemption

of

shares:

Institutional

Shares

(3,515,235‌)

(8,888,544‌)

(2,737,237‌)

(6,271,156‌)

Investor

Shares

(363,748‌)

(1,305,738‌)

(564,063‌)

(412,846‌)

Decrease

in

Shares

(2,132,398‌)

(6,684,702‌)

(1,596,840‌)

(2,079,795‌)

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

7

See

Notes

to

Financial

Statements.

ABR

75/25

Volatility

Fund

For

the

Years

Ended

July

31,

2024

2023

$

5,249,319‌

$

(356,980‌)

28,717,042‌

55,301,245‌

(3,989,038‌)

(22,904,564‌)

29,977,323‌

32,039,701‌

(670,378‌)

–‌

(32,573‌)

–‌

(702,951‌)

–‌

45,959,716‌

75,444,546‌

13,463,631‌

5,214,226‌

375,526‌

–‌

32,523‌

–‌

(66,888,680‌)

(159,012,001‌)

(8,001,444‌)

(9,390,047‌)

(15,058,728‌)

(87,743,276‌)

14,215,644‌

(55,703,575‌)

271,346,033‌

327,049,608‌

$

285,561,677‌

$

271,346,033‌

4,816,939‌

9,235,283‌

1,517,394‌

641,749‌

39,240‌

–‌

3,427‌

–‌

(7,145,779‌)

(19,928,312‌)

(870,443‌)

(1,158,293‌)

(1,639,222‌)

(11,209,573‌)

ABR

DYNAMIC

BLEND

EQUITY

&

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

8

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2024

2023

2022

2021

2020

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

10.56‌

$

10.53‌

$

13.43‌

$

15.37‌

$

10.20‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a)

0.16‌

(0.05‌)

(0.23‌)

(0.26‌)

(0.16‌)

Net

realized

and

unrealized

gain

(loss)

0.58‌

0.08‌(b)

(1.57‌)

1.33‌

5.41‌

Total

from

Investment

Operations

0.74‌

0.03‌

(1.80‌)

1.07‌

5.25‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

–‌

(1.10‌)

(3.01‌)

(0.08‌)

Total

Distributions

to

Shareholders

–‌

–‌

(1.10‌)

(3.01‌)

(0.08‌)

NET

ASSET

VALUE,

End

of

Year

$

11.30‌

$

10.56‌

$

10.53‌

$

13.43‌

$

15.37‌

TOTAL

RETURN

7.01‌%

0.29‌%

(14.93‌)%

9.20‌%

51.91‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

89,499‌

$

103,000‌

$

160,485‌

$

198,285‌

$

195,398‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.55‌%

(0.47‌)%

(1.86‌)%

(1.93‌)%

(1.28‌)%

Net

expenses

2.00‌%

2.00‌%

2.00‌%

2.00‌%

2.00‌%

Brokerage

fees

0.03‌%

0.02‌%

0.02‌%

0.02‌%

0.01‌%

Net

expenses

without

brokerage

fees

1.97‌%

1.98‌%

1.98‌%

1.98‌%

1.99‌%

Gross

expenses

(c)

2.19‌%

2.24‌%

2.05‌%

2.03‌%

2.20‌%

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

9

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2024

2023

2022

2021

2020

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

10.23‌

$

10.23‌

$

13.12‌

$

15.11‌

$

10.05‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a)

0.13‌

(0.07‌)

(0.26‌)

(0.29‌)

(0.20‌)

Net

realized

and

unrealized

gain

(loss)

0.57‌

0.07‌(b)

(1.53‌)

1.31‌

5.34‌

Total

from

Investment

Operations

0.70‌

0.00‌

(1.79‌)

1.02‌

5.14‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

–‌

(1.10‌)

(3.01‌)

(0.08‌)

Total

Distributions

to

Shareholders

–‌

–‌

(1.10‌)

(3.01‌)

(0.08‌)

NET

ASSET

VALUE,

End

of

Year

$

10.93‌

$

10.23‌

$

10.23‌

$

13.12‌

$

15.11‌

TOTAL

RETURN

6.84‌%

0.00‌%

(15.22‌)%

8.99‌%

51.59‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

8,916‌

$

11,350‌

$

23,646‌

$

41,227‌

$

40,932‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.30‌%

(0.74‌)%

(2.14‌)%

(2.18‌)%

(1.53‌)%

Net

expenses

2.25‌%

2.25‌%

2.25‌%

2.25‌%

2.25‌%

Brokerage

fees

0.03‌%

0.02‌%

0.02‌%

0.02‌%

0.01‌%

Net

expenses

without

brokerage

fees

2.22‌%

2.23‌%

2.23‌%

2.23‌%

2.24‌%

Gross

expenses

(c)

2.86‌%

2.80‌%

2.40‌%

2.44‌%

2.76‌%

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

10

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2024

2023

2022

2021

2020

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

6.92‌

$

5.36‌

$

10.66‌

$

7.08‌

$

7.68‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a)

0.06‌

(0.06‌)

(0.17‌)

(0.19‌)

(0.15‌)

Net

realized

and

unrealized

gain

(loss)

0.96‌

1.62‌

(1.34‌)

3.77‌

0.40‌

Total

from

Investment

Operations

1.02‌

1.56‌

(1.51‌)

3.58‌

0.25‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

–‌

(3.79‌)

(0.00‌)(b)

(0.85‌)

Total

Distributions

to

Shareholders

–‌

–‌

(3.79‌)

(0.00‌)

(0.85‌)

NET

ASSET

VALUE,

End

of

Year

$

7.94‌

$

6.92‌

$

5.36‌

$

10.66‌

$

7.08‌

TOTAL

RETURN

14.74‌%

29.10‌%

(24.38‌)%

(c)

50.57‌%

1.71‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

53,843‌

$

56,232‌

$

54,979‌

$

82,498‌

$

45,863‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.78‌%

(1.07‌)%

(2.15‌)%

(2.19‌)%

(2.11‌)%

Net

expenses

2.50‌%

2.50‌%

2.50‌%

2.50‌%

2.50‌%

Brokerage

fees

0.04‌%

0.03‌%

0.02‌%

0.02‌%

0.05‌%

Net

expenses

without

brokerage

fees

2.46‌%

2.47‌%

2.48‌%

2.48‌%

2.45‌%

Gross

expenses

(d)

3.01‌%

3.02‌%

2.90‌%

2.91‌%

3.70‌%

PORTFOLIO

TURNOVER

RATE

(e)

593‌%

1,180‌%

2,774‌%

1,782‌%

875‌%

(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

11

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

July

31,

2024

2023

2022

2021

2020

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Year

$

6.78‌

$

5.27‌

$

10.56‌

$

7.03‌

$

7.64‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a)

0.04‌

(0.07‌)

(0.17‌)

(0.21‌)

(0.17‌)

Net

realized

and

unrealized

gain

(loss)

0.94‌

1.58‌

(1.33‌)

3.74‌

0.41‌

Total

from

Investment

Operations

0.98‌

1.51‌

(1.50‌)

3.53‌

0.24‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–‌

–‌

(3.79‌)

(0.00‌)(b)

(0.85‌)

Total

Distributions

to

Shareholders

–‌

–‌

(3.79‌)

(0.00‌)

(0.85‌)

NET

ASSET

VALUE,

End

of

Year

$

7.76‌

$

6.78‌

$

5.27‌

$

10.56‌

$

7.03‌

TOTAL

RETURN

14.45‌%

28.65‌%

(24.57‌)%

(c)

50.21‌%

1.58‌%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Year

(000s

omitted)

$

5,260‌

$

6,334‌

$

4,621‌

$

2,933‌

$

3,133‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.55‌%

(1.31‌)%

(2.40‌)%

(2.52‌)%

(2.36‌)%

Net

expenses

2.75‌%

2.75‌%

2.75‌%

2.75‌%

2.75‌%

Brokerage

fees

0.04‌%

0.04‌%

0.02‌%

0.02‌%

0.09‌%

Net

expenses

without

brokerage

fees

2.71‌%

2.71‌%

2.73‌%

2.73‌%

2.66‌%

Gross

expenses

(d)

4.12‌%

4.17‌%

4.41‌%

4.74‌%

6.53‌%

PORTFOLIO

TURNOVER

RATE

(e)

593‌%

1,180‌%

2,774‌%

1,782‌%

875‌%

(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

12

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

2024

2023

2022

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

9.32‌

$

8.11‌

$

11.79‌

$

10.00‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b)

0.19‌

(0.01‌)

(0.15‌)

(0.16‌)

Net

realized

and

unrealized

gain

(loss)

0.91‌

1.22‌

(1.50‌)

1.95‌

Total

from

Investment

Operations

1.10‌

1.21‌

(1.65‌)

1.79‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.03‌)

–‌

–‌

–‌

Net

realized

gain

–‌

–‌

(2.03‌)

–‌

Total

Distributions

to

Shareholders

(0.03‌)

–‌

(2.03‌)

–‌

NET

ASSET

VALUE,

End

of

Period

$

10.39‌

$

9.32‌

$

8.11‌

$

11.79‌

TOTAL

RETURN

11.80‌%

14.92‌%

(17.88‌)%

17.90‌%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

258,886‌

$

253,418‌

$

307,247‌

$

314,576‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.99‌%

(0.11‌)%

(1.48‌)%

(1.53‌)%(d)

Net

expenses

1.75‌%

1.75‌%

1.75‌%

1.75‌%(d)

Brokerage

fees

0.00‌%

0.00‌%

0.00‌%

0.00‌%(d)

Net

expenses

without

brokerage

fees

1.75‌%

1.75‌%

1.75‌%

1.75‌%(d)

Gross

expenses

(e)

2.77‌%

2.78‌%

2.74‌%

2.78‌%(d)

PORTFOLIO

TURNOVER

RATE

(f)

681‌%

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

13

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

2024

2023

2022

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

9.23‌

$

8.05‌

$

11.75‌

$

10.00‌

INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b)

0.17‌

(0.03‌)

(0.18‌)

(0.19‌)

Net

realized

and

unrealized

gain

(loss)

0.90‌

1.21‌

(1.49‌)

1.94‌

Total

from

Investment

Operations

1.07‌

1.18‌

(1.67‌)

1.75‌

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.01‌)

–‌

–‌

–‌

Net

realized

gain

–‌

–‌

(2.03‌)

–‌

Total

Distributions

to

Shareholders

(0.01‌)

–‌

(2.03‌)

–‌

NET

ASSET

VALUE,

End

of

Period

$

10.29‌

$

9.23‌

$

8.05‌

$

11.75‌

TOTAL

RETURN

11.62‌%

14.66‌%

(18.15‌)%

17.50‌%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

26,676‌

$

17,928‌

$

19,802‌

$

23,096‌

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.84‌%

(0.39‌)%

(1.75‌)%

(1.76‌)%(d)

Net

expenses

2.00‌%

2.00‌%

2.00‌%

2.00‌%(d)

Brokerage

fees

0.00‌%

0.00‌%

0.00‌%

0.00‌%(d)

Net

expenses

without

brokerage

fees

2.00‌%

2.00‌%

2.00‌%

2.00‌%(d)

Gross

expenses

(e)

3.23‌%

3.32‌%

3.18‌%

3.48‌%(d)

PORTFOLIO

TURNOVER

RATE

(f)

681‌%

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,

2024

14

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

per

share

(“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,

2024

15

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,

2024,

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.

Such

receipts

or

payments

are

known

as

“variation

margin”

and

are

recorded

by

the

Fund

as

unrealized

gains

or

losses.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

value

at

the

time

it

was

closed.

Risks

of

entering

into

futures

contracts

include

the

possibility

that

there

may

be

an

illiquid

market

and

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

changes

in

the

value

of

the

underlying

securities.

Notional

amounts

of

each

individual

futures

contract

outstanding

as

of

July

31,

2024,

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,

2024,

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,

2024

16

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

statement

of

assets

and

liabilities.

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,

2024,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$78,088,218,

$26,154,593,

and

$196,412,743,

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

(d/b/a

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

at

least

November

30,

2025

(“Expense

Cap”).

The

Expense

Cap

may

only

be

raised

or

eliminated

with

the

consent

of

the

Board

of

Trustees.

Other

fund

service

providers

have

agreed

to

waive

a

portion

of

their

fees

and

such

waivers

may

be

changed

or

eliminated

with

the

approval

of

the

Board

of

Trustees

of

the

Trust.

For

the

year

ended

July

31,

2024,

fees

waived

and

expenses

reimbursed

were

as

follows:

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2024

17

The

Adviser

may

recoup

from

each

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

recoupment

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

of

the

Fund

(after

the

recoupment

has

been

taken

into

account)

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,

2024,

$634,448,

$980,078

and

$9,269,745

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,

2024,

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,

2024,

for

any

derivative

type

that

was

held

is

as

follows:

Each

Fund’s

use

of

derivatives

during

the

year

ended

July

31,

2024,

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,

2024.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

205,780‌

$

28,090‌

$

233,870‌

ABR

50/50

Volatility

Fund

317,196‌

22,501‌

339,697‌

ABR

75/25

Volatility

Fund

2,679,234‌

88,570‌

2,767,804‌

U.S.

Government

Obligations

Purchases

Sales

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–‌

$

–‌

ABR

50/50

Volatility

Fund

132,025,797‌

138,215,455‌

ABR

75/25

Volatility

Fund

361,058,608‌

369,832,522‌

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Futures

Contracts

$

946,633,820‌

$

85,080,608‌

$

1,288,557,389‌

Location:

Equity

Contracts

Asset

derivatives:

Unrealized

depreciation

on

futures*

$

(485,654‌)

Receivable

–

variation

margin

1,214,100‌

Total

asset

derivatives

$

728,446‌

Liability

derivatives:

Payable

–

variation

margin

$

(341,103‌)

Total

liability

derivatives

$

(341,103‌)

Location:

Equity

Contracts

Futures

contracts:

Unrealized

appreciation

on

futures*

$

144,086‌

Receivable

–

variation

margin

544,664‌

Total

futures

contracts

$

688,750‌

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2024

18

ABR

75/25

Volatility

Fund

*

Balance

is

included

in

the

deposits

with

broker

for

futures

on

the

Statements

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

during

the

year

ended

July

31,

2024,

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,

2024,

the

cost

and

components

of

net

unrealized

appreciation

on

a

tax

basis

were

as

follows:

Location:

Equity

Contracts

Futures

contracts:

Unrealized

appreciation

on

futures*

$

645,498‌

Receivable

–

variation

margin

2,907,372‌

Total

futures

contracts

$

3,552,870‌

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

9,212,727‌

Total

net

realized

gain

(loss)

$

9,212,727‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(4,793,589‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(4,793,589‌)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

9,832,869‌

Total

net

realized

gain

(loss)

$

9,832,869‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(1,257,351‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(1,257,351‌)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

34,944,132‌

Total

net

realized

gain

(loss)

$

34,944,132‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(7,235,330‌)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(7,235,330‌)

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–‌

$

–‌

$

–‌

$

–‌

ABR

50/50

Volatility

Fund

18,260,315‌

306,955‌

–‌

306,955‌

ABR

75/25

Volatility

Fund

43,676,209‌

980,025‌

–‌

980,025‌

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

July

31,

2024

19

Distributions

paid

during

the

fiscal

years

ended

as

noted

were

characterized

for

tax

purposes

as

follows:

As

of

July

31,

2024,

distributable

earnings

(accumulated

loss)

on

a

tax

basis

for

the

Funds

were

as

follows:

As

of

July

31,

2024,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$25,877,080,

$3,056,828,

and

$26,652,618,

respectively,

of

available

long-term

capital

loss

carryforwards

and

$17,251,386,

$5,733,244,

and

$25,682,765,

respectively,

of

available

short-term

capital

loss

carryforwards

that

have

no

expiration

date.

During

the

year

ended

July

31,

2024,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

utilized

$4,419,138,

$5,793,574,

and

$21,489,661,

respectively,

of

capital

loss

carryforwards

to

offset

capital

gains.

Note

9.

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.

Ordinary

Income

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

2024

$

–‌

$

–‌

2023

–‌

–‌

ABR

50/50

Volatility

Fund

2024

–‌

–‌

2023

–‌

–‌

ABR

75/25

Volatility

Fund

2024

702,951‌

702,951‌

2023

–‌

–‌

Undistributed

Ordinary

Income

Capital

and

Other

Losses

Net

Unrealized

Appreciation

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

883,793‌

$

(43,128,466‌)

$

–‌

$

(42,244,673‌)

ABR

50/50

Volatility

Fund

70,677‌

(8,790,072‌)

306,955‌

(8,412,440‌)

ABR

75/25

Volatility

Fund

3,893,526‌

(52,335,383‌)

980,025‌

(47,461,832‌)

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

20

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,

2024,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July

31,

2024,

the

results

of

their

operations

for

the

year

then

ended,

and

the

changes

in

net

assets

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds’

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

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

audit

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

31,2024,

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

20,

2024

ABR

Funds

IMPORTANT

TAX

INFORMATION

(Unaudited)

July

31,

2024

21

Federal

Tax

Status

of

Dividends

Declared

during

the

Fiscal

Year

For

federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

ABR

75/25

Volatility

Fund

designates

100.00%

as

qualified

interest

income

exempt

from

U.S.

tax

for

foreign

shareholders

(QII).

ABR

Funds

OTHER

INFORMATION

(Unaudited)

July

31,

2024

22

Changes

in

and

Disagreements

with

Accountants

(Item

8

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

9

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

10

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7.

Statement

Regarding

the

Basis

for

the

Board’s

Approval

of

Investment

Advisory

Contract

(Item

11

of

Form

N-CSR)

At

the

June

13,

2024

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

outperformed

the

FTSE

3-Month

U.S.

T-Bill

Index,

the

ABR

75/25

Volatility

Fund’s

primary

benchmark

index,

for

the

one-,

and

three-year

periods

ended

March

31,

2024

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

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-year

period

ended

March

31,

2024

and

underperformed

the

average

of

its

Strategic

Insight

peers

for

the

three-year

period

ended

March

31,

2024.

The

Board

also

noted

the

Adviser’s

representation

that

the

ABR

75/25

Volatility

Fund

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.

ABR

Funds

OTHER

INFORMATION

(Unaudited)

July

31,

2024

23

The

Board

observed

that

the

ABR

50/50

Volatility

Fund

outperformed

the

FTSE

3-Month

U.S.

T-Bill

Index,

the

ABR

50/50

Volatility

Fund’s

primary

benchmark

index,

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2024

and

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

outperformed

the

average

of

its

Strategic

Insight

peers

for

the

one-,

three-,

and

five-year

periods

ended

March

31,

2024.

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.

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,

2024,

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.

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,

2024

and

outperformed

the

average

of

the

Strategic

Insight

peers

for

the

five-

year

period

ended

March

31,

2024.

The

Board

noted,

however,

the

Adviser’s

representation

that

the

Long

Volatility

Fund

performed

in

line

with

the

Adviser’s

expectations

during

recent

periods

of

market

volatility,

which

demonstrated

the

effectiveness

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund’s

investment

strategy.

The

Board

noted

the

Adviser’s

representation

that

the

unique

nature

of

each

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

comparisons

for

the

Funds

due

to

the

peer

funds’

low

correlation

to

the

holdings

in

the

respective

Fund

portfolios

and

the

differences

in

the

peer

funds’

approaches

to

managing

volatility

relative

to

the

Funds’

own

investment

strategies,

including

the

Adviser’s

active

and

systematic

approach

to

implementing

the

strategies.

The

Board

also

noted

the

Adviser’s

representations

that

there

were

more

peers

in

the

hedge

fund

space

due

to

the

hedge

fund-like

nature

of

the

Funds’

investment

strategies.

In

that

regard,

the

Board

considered

the

Adviser’s

assessment

of

the

Funds’

performance

relative

to

certain

hedge

fund

index

performance.

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.

ABR

Funds

OTHER

INFORMATION

(Unaudited)

July

31,

2024

24

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.

Economies

of

Scale

The

Board

considered

whether

the

Funds

were

benefiting,

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

assets

are

increasing

or

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.

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

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-0724

(b)       Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Included as part of other information filed under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Trustees from shareholders.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics (filed herewith).

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

Registrant              Forum Funds II

By:	/s/ Zachary Tackett
	Zachary Tackett, Principal Executive Officer
Date:	September 20, 2024

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 20, 2024

By:	/s/ Karen Shaw
	Karen Shaw, Principal Financial Officer
Date:	September 20, 2024