Forum Funds II
09/24/2026 | Press release | Distributed by Public on 09/24/2026 07:51
Annual Report by Investment Company (Form N-CSR)
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
190 Middle Street, Suite 101
Portland, Maine 04101
Zachary Tackett, Principal Executive Officer
190 Middle Street, Suite 101
Portland, Maine 04101
207-347-2000
Date of fiscal year end: July 31
Date of reporting period: August 1, 2025 - July 31, 2026
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, 2026
Fund Overview
This annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$210
|
2.00%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 10.08%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR Dynamic Blend Equity and Volatility Fund utilizes a primarily volatility trend-following model. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to employ only modestly increased exposures to volatility instruments. Put another way, the model was prepared to shift into meaningful volatility exposures had the situation worsened, but it had not yet overreacted to the modest moves in March.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a trend-following model. However, due to its only modestly increased exposures to volatility instruments, the model was able to navigate the trend change and participate in the equity market recovery. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 10.08% , achieving the model's goal of preserving positive performance in bull markets while potentially capturing favorable volatility movements in major equity market crises.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Institutional Class
|
S&P 500® Index
|
|
7/31/16
|
$10,000
|
$10,000
|
|
10/31/16
|
$9,679
|
$9,833
|
|
1/31/17
|
$10,201
|
$10,596
|
|
4/30/17
|
$10,442
|
$11,143
|
|
7/31/17
|
$10,599
|
$11,604
|
|
10/31/17
|
$10,735
|
$12,157
|
|
1/31/18
|
$11,690
|
$13,395
|
|
4/30/18
|
$11,268
|
$12,621
|
|
7/31/18
|
$11,495
|
$13,489
|
|
10/31/18
|
$11,441
|
$13,050
|
|
1/31/19
|
$10,718
|
$13,085
|
|
4/30/19
|
$11,460
|
$14,324
|
|
7/31/19
|
$11,460
|
$14,566
|
|
10/31/19
|
$11,055
|
$14,920
|
|
1/31/20
|
$11,666
|
$15,922
|
|
4/30/20
|
$16,265
|
$14,448
|
|
7/31/20
|
$17,409
|
$16,308
|
|
10/31/20
|
$16,559
|
$16,369
|
|
1/31/21
|
$17,255
|
$18,668
|
|
4/30/21
|
$18,529
|
$21,092
|
|
7/31/21
|
$19,010
|
$22,251
|
|
10/31/21
|
$19,407
|
$23,393
|
|
1/31/22
|
$19,459
|
$23,016
|
|
4/30/22
|
$17,616
|
$21,137
|
|
7/31/22
|
$16,172
|
$21,219
|
|
10/31/22
|
$15,466
|
$19,975
|
|
1/31/23
|
$15,343
|
$21,125
|
|
4/30/23
|
$15,236
|
$21,700
|
|
7/31/23
|
$16,219
|
$23,980
|
|
10/31/23
|
$14,452
|
$22,001
|
|
1/31/24
|
$16,111
|
$25,523
|
|
4/30/24
|
$16,265
|
$26,617
|
|
7/31/24
|
$17,355
|
$29,292
|
|
10/31/24
|
$17,754
|
$30,365
|
|
1/31/25
|
$18,138
|
$32,255
|
|
4/30/25
|
$15,175
|
$29,837
|
|
7/31/25
|
$16,915
|
$34,076
|
|
10/31/25
|
$18,107
|
$36,879
|
|
1/31/26
|
$17,905
|
$37,529
|
|
4/30/26
|
$18,667
|
$39,102
|
|
7/31/26
|
$18,620
|
$40,742
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. 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
Table Summary
|
One Year
|
Five Year
|
Ten Year
|
|
|
Institutional Class
|
10.08%
|
-0.41%
|
6.41%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
15.08%
|
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
Table Summary
|
Total Net Assets
|
$89,930,856
|
|
# of Portfolio Holdings (excluding derivatives)
|
-
|
|
Portfolio Turnover Rate
|
0%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,280,237
|
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)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
100.0%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
100.0%
|
ABR Dynamic Blend Equity & Volatility Fund
ABRVX
: Institutional Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-ABRVX-26
ABR Dynamic Blend Equity & Volatility Fund
ABRTX
: Investor Class
Annual Shareholder Report - July 31, 2026
Fund Overview
This annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$236
|
2.25%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 9.87%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR Dynamic Blend Equity and Volatility Fund utilizes a primarily volatility trend-following model. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to employ only modestly increased exposures to volatility instruments. Put another way, the model was prepared to shift into meaningful volatility exposures had the situation worsened, but it had not yet overreacted to the modest moves in March.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a trend-following model. However, due to its only modestly increased exposures to volatility instruments, the model was able to navigate the trend change and participate in the equity market recovery. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 9.87% , achieving the model's goal of preserving positive performance in bull markets while potentially capturing favorable volatility movements in major equity market crises.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Investor Class
|
S&P 500® Index
|
|
7/31/16
|
$10,000
|
$10,000
|
|
10/31/16
|
$9,668
|
$9,833
|
|
1/31/17
|
$10,181
|
$10,596
|
|
4/30/17
|
$10,422
|
$11,143
|
|
7/31/17
|
$10,579
|
$11,604
|
|
10/31/17
|
$10,705
|
$12,157
|
|
1/31/18
|
$11,641
|
$13,395
|
|
4/30/18
|
$11,175
|
$12,621
|
|
7/31/18
|
$11,392
|
$13,489
|
|
10/31/18
|
$11,326
|
$13,050
|
|
1/31/19
|
$10,601
|
$13,085
|
|
4/30/19
|
$11,334
|
$14,324
|
|
7/31/19
|
$11,322
|
$14,566
|
|
10/31/19
|
$10,928
|
$14,920
|
|
1/31/20
|
$11,518
|
$15,922
|
|
4/30/20
|
$16,051
|
$14,448
|
|
7/31/20
|
$17,164
|
$16,308
|
|
10/31/20
|
$16,323
|
$16,369
|
|
1/31/21
|
$16,996
|
$18,668
|
|
4/30/21
|
$18,237
|
$21,092
|
|
7/31/21
|
$18,693
|
$22,251
|
|
10/31/21
|
$19,078
|
$23,393
|
|
1/31/22
|
$19,116
|
$23,016
|
|
4/30/22
|
$17,286
|
$21,137
|
|
7/31/22
|
$15,860
|
$21,219
|
|
10/31/22
|
$15,162
|
$19,975
|
|
1/31/23
|
$15,023
|
$21,125
|
|
4/30/23
|
$14,914
|
$21,700
|
|
7/31/23
|
$15,860
|
$23,980
|
|
10/31/23
|
$14,124
|
$22,001
|
|
1/31/24
|
$15,752
|
$25,523
|
|
4/30/24
|
$15,891
|
$26,617
|
|
7/31/24
|
$16,945
|
$29,292
|
|
10/31/24
|
$17,333
|
$30,365
|
|
1/31/25
|
$17,693
|
$32,255
|
|
4/30/25
|
$14,786
|
$29,837
|
|
7/31/25
|
$16,467
|
$34,076
|
|
10/31/25
|
$17,630
|
$36,879
|
|
1/31/26
|
$17,415
|
$37,529
|
|
4/30/26
|
$18,140
|
$39,102
|
|
7/31/26
|
$18,093
|
$40,742
|
The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. 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
Table Summary
|
One Year
|
Five Year
|
Ten Year
|
|
|
Investor Class
|
9.87%
|
-0.65%
|
6.11%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
15.08%
|
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
Table Summary
|
Total Net Assets
|
$89,930,856
|
|
# of Portfolio Holdings (excluding derivatives)
|
-
|
|
Portfolio Turnover Rate
|
0%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,280,237
|
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)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
100.0%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
100.0%
|
ABR Dynamic Blend Equity & Volatility Fund
ABRTX
: Investor Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-ABRTX-26
ABR 50/50 Volatility Fund
ABRSX
: Institutional Class
Annual Shareholder Report - July 31, 2026
Fund Overview
This annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$276
|
2.50%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 20.75%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR 50/50 Volatility Fund utilizes a partially volatility trend-following model, with elements of mean reversion. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to utilize what may generally be described as risk-on exposures.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a partially trend-following model. However, due to its generally risk-on exposures, the model was able to navigate the end-of-March trend change and participate rather well in the strong equity and volatility trends of April and May. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 20.75%.
Total Return Based on a $10,000 Investment
Table Summary
|
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
|
|
10/31/24
|
$14,138
|
$25,461
|
$11,747
|
|
1/31/25
|
$15,998
|
$27,046
|
$11,886
|
|
4/30/25
|
$11,820
|
$25,019
|
$12,013
|
|
7/31/25
|
$14,587
|
$28,573
|
$12,146
|
|
10/31/25
|
$15,885
|
$30,924
|
$12,279
|
|
1/31/26
|
$16,496
|
$31,468
|
$12,401
|
|
4/30/26
|
$16,118
|
$32,788
|
$12,514
|
|
7/31/26
|
$17,614
|
$34,163
|
$12,632
|
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
Table Summary
|
One Year
|
Five Year
|
Since Inception 10/2/17
|
|
|
Institutional Class
|
20.75%
|
5.93%
|
6.62%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
14.93%
|
|
FTSE 3-Month U.S. T-Bill Index
|
4.00%
|
3.75%
|
2.68%
|
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
Table Summary
|
Total Net Assets
|
$28,246,060
|
|
# of Portfolio Holdings (excluding derivatives)
|
6
|
|
Portfolio Turnover Rate
|
1330%
|
|
Investment Advisory Fees (Net of fees waived)
|
$590,016
|
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)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
84.5%
|
|
U.S. Treasury Securities
|
15.5%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
45.2%
|
|
Short Futures Contracts
|
31.3%
|
ABR 50/50 Volatility Fund
ABRSX
: Institutional Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-ABRSX-26
ABR 50/50 Volatility Fund
ABRJX
: Investor Class
Annual Shareholder Report - July 31, 2026
Fund Overview
This annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$303
|
2.75%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 20.50%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR 50/50 Volatility Fund utilizes a partially volatility trend-following model, with elements of mean reversion. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to utilize what may generally be described as risk-on exposures.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a partially trend-following model. However, due to its generally risk-on exposures, the model was able to navigate the end-of-March trend change and participate rather well in the strong equity and volatility trends of April and May. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 20.50%.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Investor ClassFootnote 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
|
|
10/31/24
|
$13,885
|
$25,461
|
$11,747
|
|
1/31/25
|
$15,711
|
$27,046
|
$11,886
|
|
4/30/25
|
$11,595
|
$25,019
|
$12,013
|
|
7/31/25
|
$14,302
|
$28,573
|
$12,146
|
|
10/31/25
|
$15,561
|
$30,924
|
$12,279
|
|
1/31/26
|
$16,162
|
$31,468
|
$12,401
|
|
4/30/26
|
$15,786
|
$32,788
|
$12,514
|
|
7/31/26
|
$17,233
|
$34,163
|
$12,632
|
| 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
Table Summary
|
One Year
|
Five Year
|
Since Inception 10/2/17
|
|
|
Investor ClassFootnote Reference1
|
20.50%
|
5.65%
|
6.36%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
14.93%
|
|
FTSE 3-Month U.S. T-Bill Index
|
4.00%
|
3.75%
|
2.68%
|
| 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
Table Summary
|
Total Net Assets
|
$28,246,060
|
|
# of Portfolio Holdings (excluding derivatives)
|
6
|
|
Portfolio Turnover Rate
|
1330%
|
|
Investment Advisory Fees (Net of fees waived)
|
$590,016
|
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)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
84.5%
|
|
U.S. Treasury Securities
|
15.5%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
45.2%
|
|
Short Futures Contracts
|
31.3%
|
ABR 50/50 Volatility Fund
ABRJX
: Investor Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-ABRJX-26
ABR 75/25 Volatility Fund
VOLSX
: Institutional Class
Annual Shareholder Report - July 31, 2026
Fund Overview
This annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$190
|
1.75%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 16.88%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR 75/25 Volatility Fund utilizes a generally volatility trend-following model, with some usually smaller elements of mean reversion. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to remain in what may generally be described as risk-on exposures.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a trend-following model. However, due to its generally risk-on exposures, the model was able to navigate the trend change and participate in the equity market recovery. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 16.88%.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Institutional Class
|
S&P 500® Index
|
FTSE 3-Month U.S. T-Bill Index
|
|
8/3/20
|
$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
|
|
10/31/24
|
$12,439
|
$18,487
|
$11,187
|
|
1/31/25
|
$13,452
|
$19,637
|
$11,319
|
|
4/30/25
|
$10,478
|
$18,165
|
$11,441
|
|
7/31/25
|
$12,326
|
$20,746
|
$11,568
|
|
10/31/25
|
$13,391
|
$22,453
|
$11,694
|
|
1/31/26
|
$13,556
|
$22,848
|
$11,810
|
|
4/30/26
|
$13,794
|
$23,806
|
$11,918
|
|
7/31/26
|
$14,406
|
$24,805
|
$12,031
|
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
Table Summary
|
One Year
|
Five Year
|
Since Inception 08/3/20
|
|
|
Institutional Class
|
16.88%
|
4.09%
|
6.28%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
16.37%
|
|
FTSE 3-Month U.S. T-Bill Index
|
4.00%
|
3.75%
|
3.13%
|
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
Table Summary
|
Total Net Assets
|
$119,789,764
|
|
# of Portfolio Holdings (excluding derivatives)
|
6
|
|
Portfolio Turnover Rate
|
1366%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,805,538
|
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 assets)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
92.2%
|
|
U.S. Treasury Securities
|
7.8%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
69.4%
|
|
Short Futures Contracts
|
9.2%
|
ABR 75/25 Volatility Fund
VOLSX
: Institutional Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-VOLSX-26
ABR 75/25 Volatility Fund
VOLJX
: Investor Class
Annual Shareholder Report - July 31, 2026
Fund Overview
This annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2025, to July 31, 2026. 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)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Class
|
$217
|
2.00%
|
How did the Fund perform in the last year?
During the Fund's fiscal year that ended July 31, 2026, the S&P 500 Index increased 19.56% while volatility dropped 49.51% (measured by the SPVIXSTR Index, an index that measures the result of long exposure to VIX Index futures). For the year, the Fund increased 16.63%.
For the most part, the trend higher in U.S. equities continued throughout the fiscal year. However, there was a notable interruption in March 2026, as a result of the war in the Middle East. The S&P 500 Index was down 5% for the full month of March and had a peak-to-trough drawdown of 9%. In other words, it was a modest pullback in equities, not a large crash. For context, the S&P 500's average intra-year maximum drawdown has been 16% since 1928.
The VIX Index is a measure of the implied volatility of the S&P 500 Index. S&P 500 implied volatility is a measure of market participants' collective pricing of the future swings of the S&P 500 (plus a risk premium). The VIX Index closed at 31.05 on March 27, 2026, its highest close of the year (so far, at least).
S&P 500 realized volatility is a measure of the actual historical swings in the daily returns of the S&P 500 Index. It was 19 in March, and it was only 15 before the 3% rally on the last day of the month. In other words, realized volatility stayed quite low compared to implied volatility in March 2026.
The ABR 75/25 Volatility Fund utilizes a generally volatility trend-following model, with some usually smaller elements of mean reversion. In March there were conflicting trend signals: the previously mentioned increase in implied volatility paired with stubbornly low realized volatility. The conflicting signals drove the model to remain in what may generally be described as risk-on exposures.
We believe that turned out reasonably well. April and May 2026 brought a sharp reversal higher in equities and lower in volatility. In many instances, a sharp reversal is an unfavorable environment for a trend-following model. However, due to its generally risk-on exposures, the model was able to navigate the trend change and participate in the equity market recovery. For the full fiscal year August 1, 2025, through July 31, 2026, the Fund gained 16.63%.
Total Return Based on a $10,000 Investment
Table Summary
|
Date
|
Investor ClassFootnote Reference1
|
S&P 500® Index
|
FTSE 3-Month U.S. T-Bill Index
|
|
8/3/20
|
$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
|
|
10/31/24
|
$12,309
|
$18,487
|
$11,187
|
|
1/31/25
|
$13,295
|
$19,637
|
$11,319
|
|
4/30/25
|
$10,346
|
$18,165
|
$11,441
|
|
7/31/25
|
$12,161
|
$20,746
|
$11,568
|
|
10/31/25
|
$13,197
|
$22,453
|
$11,694
|
|
1/31/26
|
$13,353
|
$22,848
|
$11,810
|
|
4/30/26
|
$13,576
|
$23,806
|
$11,918
|
|
7/31/26
|
$14,184
|
$24,805
|
$12,031
|
| 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
Table Summary
|
One Year
|
Five Year
|
Since Inception 08/3/20
|
|
|
Investor ClassFootnote Reference1
|
16.63%
|
3.84%
|
6.01%
|
|
S&P 500® Index
|
19.56%
|
12.86%
|
16.37%
|
|
FTSE 3-Month U.S. T-Bill Index
|
4.00%
|
3.75%
|
3.13%
|
| 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
Table Summary
|
Total Net Assets
|
$119,789,764
|
|
# of Portfolio Holdings (excluding derivatives)
|
6
|
|
Portfolio Turnover Rate
|
1366%
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,805,538
|
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 assets)
Table Summary
|
Value
|
Value
|
|
Other Assets & Liabilities, Net
|
92.2%
|
|
U.S. Treasury Securities
|
7.8%
|
Derivative Exposure
(% total net assets)
Table Summary
|
Long Futures Contracts
|
69.4%
|
|
Short Futures Contracts
|
9.2%
|
ABR 75/25 Volatility Fund
VOLJX
: Investor Class
Annual Shareholder Report - July 31, 2026
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy voting information, please visit www.abrdynamicfunds.com/fund-documents/.
227A-VOLJX-26
(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 $56,400 in 2025 and $57,900 in 2026.
(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 2025 and $0 in 2026.
(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 $9,600 in 2025 and $9,900 in 2026. 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 2025 and $0 in 2026.
(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 2024 and $0 in 2025. 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
Financial
Statements
and
Other
Information
For
the
Fiscal
Year
Ended
July
31,
2026
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2026
1
See
Notes
to
Financial
Statements.
At
July
31,
2026,
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,
2026.
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%
89,930,856
Net
Assets
-
100.0%
$
89,930,856
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Depreciation
351
CBOE
VIX
Future
08/19/26
$
6,810,934
$
6,354,715
$
(456,219)
220
CBOE
VIX
Future
09/21/26
4,364,022
4,234,978
(129,044)
209
S&P500
E-mini
Future
09/18/26
78,768,360
78,576,163
(192,197)
$
89,943,316
$
89,165,856
$
(777,460)
Valuation
Inputs
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
(777,460)
Level
2
-
Other
Significant
Observable
Inputs
-
Level
3
-
Significant
Unobservable
Inputs
-
Total
$
(777,460)
*
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
%
of
Total
Net
Assets
Other
Assets
&
Liabilities,
Net
100.0%
100.0%
ABR
50/50
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2026
2
See
Notes
to
Financial
Statements.
At
July
31,
2026,
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,
2026.
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
-
15.5%
U.S.
Treasury
Securities
-
15.5%
794,000
U.S.
Treasury
Bond
4.63%
11/15/45
$
732,155
785,000
U.S.
Treasury
Bond
4.63
02/15/46
723,365
756,000
U.S.
Treasury
Bond
5.00
05/15/46
731,371
808,000
U.S.
Treasury
Bond
4.63
11/15/55
731,303
781,000
U.S.
Treasury
Bond
4.75
02/15/56
721,876
760,000
U.S.
Treasury
Bond
5.00
05/15/56
731,084
Total
U.S.
Treasury
Securities
(Cost
$4,409,681)
4,371,154
Investments,
at
value
-
15.5%
(Cost
$4,409,681)
$
4,371,154
Other
Assets
&
Liabilities,
Net
-
84.5%
23,874,906
Net
Assets
-
100.0%
$
28,246,060
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
(281)
CBOE
VIX
Future
08/19/26
$
(5,341,015)
$
(5,087,393)
$
253,622
(177)
CBOE
VIX
Future
09/21/26
(3,513,555)
(3,407,232)
106,323
34
S&P500
E-mini
Future
09/18/26
12,777,332
12,782,725
5,393
$
3,922,762
$
4,288,100
$
365,338
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
-
$
365,338
Level
2
-
Other
Significant
Observable
Inputs
4,371,154
-
Level
3
-
Significant
Unobservable
Inputs
-
-
Total
$
4,371,154
$
365,338
*
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
%
of
Total
Net
Assets
U.S.
Treasury
Securities
15.5%
Other
Assets
&
Liabilities,
Net
84.5%
100.0%
ABR
75/25
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2026
3
See
Notes
to
Financial
Statements.
At
July
31,
2026,
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,
2026.
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
-
7.8%
U.S.
Treasury
Securities
-
7.8%
1,688,000
U.S.
Treasury
Bond
4.63%
11/15/45
$
1,556,521
1,669,000
U.S.
Treasury
Bond
4.63
02/15/46
1,537,957
1,609,000
U.S.
Treasury
Bond
5.00
05/15/46
1,556,582
1,718,000
U.S.
Treasury
Bond
4.63
11/15/55
1,554,924
1,661,000
U.S.
Treasury
Bond
4.75
02/15/56
1,535,257
1,616,000
U.S.
Treasury
Bond
5.00
05/15/56
1,554,516
Total
U.S.
Treasury
Securities
(Cost
$9,364,441)
9,295,757
Investments,
at
value
-
7.8%
(Cost
$9,364,441)
$
9,295,757
Other
Assets
&
Liabilities,
Net
-
92.2%
110,494,007
Net
Assets
-
100.0%
$
119,789,764
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
(Depreciation)
(351)
CBOE
VIX
Future
08/19/26
$
(6,660,259)
$
(6,354,715)
$
305,544
(221)
CBOE
VIX
Future
09/21/26
(4,361,370)
(4,254,228)
107,142
221
S&P500
E-mini
Future
09/18/26
83,107,812
83,087,713
(20,099)
$
72,086,183
$
72,478,770
$
392,587
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
-
$
392,587
Level
2
-
Other
Significant
Observable
Inputs
9,295,757
-
Level
3
-
Significant
Unobservable
Inputs
-
-
Total
$
9,295,757
$
392,587
*
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
%
of
Total
Net
Assets
U.S.
Treasury
Securities
7.8%
Other
Assets
&
Liabilities,
Net
92.2%
100.0%
ABR
Funds
STATEMENTS
OF
ASSETS
AND
LIABILITIES
July
31,
2026
4
See
Notes
to
Financial
Statements.
*
$10,003,272,
$4,468,890,
and
$12,767,795
was
held
at
StoneX
Financial,
Inc.,
$9,046,210,
$6,219,183,
and
$14,159,422
was
held
at
Marex
Capital
Markets,
Inc.,
and
$7,766,961,
$4,112,222,
and
$9,788,336
was
held
at
Clear
Street
LLC,
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,
$4,409,681
and
$9,364,441,
respectively)
$
-
$
4,371,154
$
9,295,757
Cash
62,828,211
9,794,430
75,143,699
Deposits
with
brokers
for
futures*
26,816,443
14,800,295
36,715,553
Receivables:
Fund
shares
sold
82,715
6,087
160,527
Interest
178,573
90,202
327,414
Variation
margin
488,537
340,792
835,194
Prepaid
expenses
31,826
21,801
34,968
Total
Assets
90,426,305
29,424,761
122,513,112
LIABILITIES
Payables:
Investment
securities
purchased
-
1,078,858
2,381,314
Fund
shares
redeemed
22,164
5,393
122,363
Variation
margin
287,544
-
-
Accrued
Liabilities:
Investment
adviser
fees
120,299
44,611
150,059
Fund
services
fees
12,065
7,265
12,199
Other
expenses
53,377
42,574
57,413
Total
Liabilities
495,449
1,178,701
2,723,348
NET
ASSETS
$
89,930,856
$
28,246,060
$
119,789,764
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
129,762,335
$
32,452,786
$
173,056,584
Accumulated
loss
(39,831,479)
(4,206,726)
(53,266,820)
NET
ASSETS
$
89,930,856
$
28,246,060
$
119,789,764
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Institutional
Shares
7,199,555
2,923,280
9,216,314
Investor
Shares
475,676
116,693
1,186,427
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
Institutional
Shares
(based
on
net
assets
of
$84,471,648,
$27,176,476
and
$106,215,884,
respectively)
$
11.73
$
9.30
$
11.52
Investor
Shares
(based
on
net
assets
of
$5,459,208,
$1,069,584
and
$13,573,880,
respectively)
$
11.48
$
9.17
$
11.44
ABR
Funds
STATEMENTS
OF
OPERATIONS
YEAR
ENDED
JULY
31,
2026
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
$
2,299,274
$
963,630
$
3,833,065
Total
Investment
Income
2,299,274
963,630
3,833,065
EXPENSES
Investment
adviser
fees
1,492,105
884,554
3,288,537
Fund
services
fees
111,680
66,811
153,258
Transfer
agent
fees:
Institutional
Shares
34,920
22,647
41,163
Investor
Shares
22,647
22,647
22,647
Distribution
fees:
Investor
Shares
14,373
12,237
39,888
Custodian
fees
7,512
5,000
11,325
Registration
fees:
Institutional
Shares
19,295
17,911
19,122
Investor
Shares
17,734
17,878
18,114
Professional
fees
53,076
44,487
59,824
Trustees'
fees
and
expenses
16,473
11,027
21,917
Brokerage
fees
23,881
17,610
8,226
Transfer
agent
out
of
pocket
expenses
105,665
48,861
143,658
Other
expenses
42,161
41,692
62,262
Total
Expenses
1,961,522
1,213,362
3,889,941
Fees
waived
(241,888)
(316,572)
(1,548,078)
Net
Expenses
1,719,634
896,790
2,341,863
NET
INVESTMENT
INCOME
579,640
66,840
1,491,202
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
on:
Investments
-
(717,172)
(1,489,083)
Futures
12,064,535
7,799,932
25,228,550
Net
realized
gain
12,064,535
7,082,760
23,739,467
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
(2,519)
(5,365)
Futures
(4,563,340)
(519,860)
(4,375,211)
Net
change
in
unrealized
appreciation
(depreciation)
(4,563,340)
(522,379)
(4,380,576)
NET
REALIZED
AND
UNREALIZED
GAIN
7,501,195
6,560,381
19,358,891
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
8,080,835
$
6,627,221
$
20,850,093
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,
2026
2025
2026
2025
OPERATIONS
Net
investment
income
$
579,640
$
1,321,898
$
66,840
$
245,998
Net
realized
gain
(loss)
12,064,535
(8,475,742)
7,082,760
(2,230,098)
Net
change
in
unrealized
appreciation
(depreciation)
(4,563,340)
4,271,534
(522,379)
(19,637)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
8,080,835
(2,882,310)
6,627,221
(2,003,737)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Earnings:
Institutional
Shares
(819,648)
(1,841,405)
(101,095)
(316,675)
Investor
Shares
(14,532)
(109,746)
-
-
Return
of
Capital:
Institutional
Shares
(154,612)
-
(99,899)
(165,373)
Investor
Shares
(2,741)
-
-
(19,190)
Total
Distributions
Paid
(991,533)
(1,951,151)
(200,994)
(501,238)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
18,794,386
18,708,437
4,620,436
3,579,869
Investor
Shares
91,671
475,233
669,562
2,547,800
Reinvestment
of
distributions:
Institutional
Shares
656,720
1,351,325
178,159
382,971
Investor
Shares
15,756
99,461
-
19,103
Redemption
of
shares:
Institutional
Shares
(16,676,929)
(29,941,914)
(14,902,630)
(23,737,321)
Investor
Shares
(1,243,755)
(3,070,327)
(6,055,945)
(2,079,904)
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
1,637,849
(12,377,785)
(15,490,418)
(19,287,482)
Increase
(Decrease)
in
Net
Assets
8,727,151
(17,211,246)
(9,064,191)
(21,792,457)
NET
ASSETS
Beginning
of
Year
81,203,705
98,414,951
37,310,251
59,102,708
End
of
Year
$
89,930,856
$
81,203,705
$
28,246,060
$
37,310,251
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
1,657,919
1,699,211
545,795
469,927
Investor
Shares
8,218
44,028
80,753
335,420
Reinvestment
of
distributions:
Institutional
Shares
58,323
118,433
20,245
46,141
Investor
Shares
1,428
8,960
-
2,341
Redemption
of
shares:
Institutional
Shares
(1,480,720)
(2,771,679)
(1,738,412)
(3,203,134)
Investor
Shares
(112,594)
(290,130)
(696,731)
(282,845)
Increase
(Decrease)
in
Shares
132,574
(1,191,177)
(1,788,350)
(2,632,150)
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,
2026
2025
$
1,491,202
$
4,582,476
23,739,467
(23,809,885)
(4,380,576)
1,933,292
20,850,093
(17,294,117)
(2,595,344)
(5,982,952)
(280,101)
(502,567)
-
-
-
-
(2,875,445)
(6,485,519)
14,891,798
44,112,406
3,455,841
4,364,550
2,077,943
3,296,292
276,859
501,639
(55,649,455)
(155,658,291)
(7,711,168)
(13,925,339)
(42,658,182)
(117,308,743)
(24,683,534)
(141,088,379)
144,473,298
285,561,677
$
119,789,764
$
144,473,298
1,393,362
4,265,890
320,972
432,113
190,637
306,062
25,540
46,926
(5,185,153)
(16,665,946)
(698,070)
(1,533,474)
(3,952,712)
(13,148,429)
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,
2026
2025
2024
2023
2022
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
10.79
$
11.30
$
10.56
$
10.53
$
13.43
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.08
0.16
0.16
(0.05)
(0.23)
Net
realized
and
unrealized
gain
(loss)
1.00
(0.43)
0.58
0.08(b)
(1.57)
Total
from
Investment
Operations
1.08
(0.27)
0.74
0.03
(1.80)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.12)
(0.24)
-
-
-
Net
realized
gain
-
-
-
-
(1.10)
Return
of
capital
(0.02)
-
-
-
-
Total
Distributions
to
Shareholders
(0.14)
(0.24)
-
-
(1.10)
NET
ASSET
VALUE,
End
of
Year
$
11.73
$
10.79
$
11.30
$
10.56
$
10.53
TOTAL
RETURN
10.08%
(2.53)%
7.01%
0.29%
(14.93)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
84,472
$
75,139
$
89,499
$
103,000
$
160,485
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.69%
1.42%
1.55%
(0.47)%
(1.86)%
Net
expenses
2.00%
2.00%
2.00%
2.00%
2.00%
Brokerage
fees
0.03%
0.02%
0.03%
0.02%
0.02%
Net
expenses
without
brokerage
fees
1.97%
1.98%
1.97%
1.98%
1.98%
Gross
expenses
(c)
2.23%
2.19%
2.19%
2.24%
2.05%
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
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.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
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,
2026
2025
2024
2023
2022
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
10.48
$
10.93
$
10.23
$
10.23
$
13.12
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.05
0.13
0.13
(0.07)
(0.26)
Net
realized
and
unrealized
gain
(loss)
0.98
(0.43)
0.57
0.07(b)
(1.53)
Total
from
Investment
Operations
1.03
(0.30)
0.70
0.00
(1.79)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.02)
(0.15)
-
-
-
Net
realized
gain
-
-
-
-
(1.10)
Return
of
capital
(0.01)
-
-
-
-
Total
Distributions
to
Shareholders
(0.03)
(0.15)
-
-
(1.10)
NET
ASSET
VALUE,
End
of
Year
$
11.48
$
10.48
$
10.93
$
10.23
$
10.23
TOTAL
RETURN
9.87%
(2.82)%
6.84%
-%
(15.22)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
5,459
$
6,064
$
8,916
$
11,350
$
23,646
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.47%
1.18%
1.30%
(0.74)%
(2.14)%
Net
expenses
2.25%
2.25%
2.25%
2.25%
2.25%
Brokerage
fees
0.03%
0.02%
0.03%
0.02%
0.02%
Net
expenses
without
brokerage
fees
2.22%
2.23%
2.22%
2.23%
2.23%
Gross
expenses
(c)
3.24%
2.98%
2.86%
2.80%
2.40%
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
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.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
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,
2026
2025
2024
2023
2022
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
7.75
$
7.94
$
6.92
$
5.36
$
10.66
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.02
0.04
0.06
(0.06)
(0.17)
Net
realized
and
unrealized
gain
(loss)
1.59
(0.14)
0.96
1.62
(1.34)
Total
from
Investment
Operations
1.61
(0.10)
1.02
1.56
(1.51)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.03)
(0.06)
-
-
-
Net
realized
gain
-
-
-
-
(3.79)
Return
of
capital
(0.03)
(0.03)
-
-
-
Total
Distributions
to
Shareholders
(0.06)
(0.09)
-
-
(3.79)
NET
ASSET
VALUE,
End
of
Year
$
9.30
$
7.75
$
7.94
$
6.92
$
5.36
TOTAL
RETURN
20.75%
(1.38)%
14.74%
29.10%
(24.38)%(b)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
27,176
$
31,733
$
53,843
$
56,232
$
54,979
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.22%
0.55%
0.78%
(1.07)%
(2.15)%
Net
expenses
2.50%
2.50%
2.50%
2.50%
2.50%
Brokerage
fees
0.05%
0.03%
0.04%
0.03%
0.02%
Net
expenses
without
brokerage
fees
2.45%
2.47%
2.46%
2.47%
2.48%
Gross
expenses
(c)
3.27%
3.14%
3.01%
3.02%
2.90%
PORTFOLIO
TURNOVER
RATE
(d)
1,330%
1,292%
593%
1,180%
2,774%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Total
return
includes
the
impact
of
the
net
gain
from
reimbursement
by
affiliate.
Absent
this
reimbursement,
total
return
would
have
been
(24.52)%.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
(d)
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,
2026
2025
2024
2023
2022
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
7.61
$
7.76
$
6.78
$
5.27
$
10.56
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.00(b)
0.02
0.04
(0.07)
(0.17)
Net
realized
and
unrealized
gain
(loss)
1.56
(0.15)
0.94
1.58
(1.33)
Total
from
Investment
Operations
1.56
(0.13)
0.98
1.51
(1.50)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
-
-
-
-
(3.79)
Return
of
capital
-
(0.02)
-
-
-
Total
Distributions
to
Shareholders
-
(0.02)
-
-
(3.79)
NET
ASSET
VALUE,
End
of
Year
$
9.17
$
7.61
$
7.76
$
6.78
$
5.27
TOTAL
RETURN
20.50%
(1.64)%
14.45%
28.65%
(24.57)%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
1,070
$
5,577
$
5,260
$
6,334
$
4,621
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.01%
0.28%
0.55%
(1.31)%
(2.40)%
Net
expenses
2.75%
2.75%
2.75%
2.75%
2.75%
Brokerage
fees
0.05%
0.03%
0.04%
0.04%
0.02%
Net
expenses
without
brokerage
fees
2.70%
2.72%
2.71%
2.71%
2.73%
Gross
expenses
(d)
4.40%
4.11%
4.12%
4.17%
4.41%
PORTFOLIO
TURNOVER
RATE
(e)
1,330%
1,292%
593%
1,180%
2,774%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Less
than
0.005
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.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
(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
year.
For
the
Years
Ended
July
31,
2026
2025
2024
2023
2022
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
10.07
$
10.39
$
9.32
$
8.11
$
11.79
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.13
0.19
0.19
(0.01)
(0.15)
Net
realized
and
unrealized
gain
(loss)
1.56
(0.27)
0.91
1.22
(1.50)
Total
from
Investment
Operations
1.69
(0.08)
1.10
1.21
(1.65)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.24)
(0.24)
(0.03)
-
-
Net
realized
gain
-
-
-
-
(2.03)
Total
Distributions
to
Shareholders
(0.24)
(0.24)
(0.03)
-
(2.03)
NET
ASSET
VALUE,
End
of
Year
$
11.52
$
10.07
$
10.39
$
9.32
$
8.11
TOTAL
RETURN
16.88%
(0.91)%
11.80%
14.92%
(17.88)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
106,216
$
129,118
$
258,886
$
253,418
$
307,247
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
1.17%
1.86%
1.99%
(0.11)%
(1.48)%
Net
expenses
1.75%
1.75%
1.75%
1.75%
1.75%
Brokerage
fees
0.01%
0.00%
0.00%
0.00%
0.00%
Net
expenses
without
brokerage
fees
1.74%
1.75%
1.75%
1.75%
1.75%
Gross
expenses
(b)
2.90%
2.81%
2.77%
2.78%
2.74%
PORTFOLIO
TURNOVER
RATE
(c)
1,366%
1,309%
681%
1,286%
2,720%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
(c)
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
year.
For
the
Years
Ended
July
31,
2026
2025
2024
2023
2022
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
9.98
$
10.29
$
9.23
$
8.05
$
11.75
INVESTMENT
OPERATIONS
Net
investment
income
(loss)
(a)
0.10
0.16
0.17
(0.03)
(0.18)
Net
realized
and
unrealized
gain
(loss)
1.55
(0.27)
0.90
1.21
(1.49)
Total
from
Investment
Operations
1.65
(0.11)
1.07
1.18
(1.67)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.19)
(0.20)
(0.01)
-
-
Net
realized
gain
-
-
-
-
(2.03)
Total
Distributions
to
Shareholders
(0.19)
(0.20)
(0.01)
-
(2.03)
NET
ASSET
VALUE,
End
of
Year
$
11.44
$
9.98
$
10.29
$
9.23
$
8.05
TOTAL
RETURN
16.63%
(1.20)%
11.62%
14.66%
(18.15)%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
13,574
$
15,356
$
26,676
$
17,928
$
19,802
Ratios
to
Average
Net
Assets:
Net
investment
income
(loss)
0.89%
1.58%
1.84%
(0.39)%
(1.75)%
Net
expenses
2.00%
2.00%
2.00%
2.00%
2.00%
Brokerage
fees
0.01%
0.00%
0.00%
0.00%
0.00%
Net
expenses
without
brokerage
fees
1.99%
2.00%
2.00%
2.00%
2.00%
Gross
expenses
(b)
3.40%
3.24%
3.23%
3.32%
3.18%
PORTFOLIO
TURNOVER
RATE
(c)
1,366%
1,309%
681%
1,286%
2,720%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Expense
waivers
and/or
reimbursements
would
decrease
the
total
return
had
such
reductions
not
occurred.
(c)
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,
2026
14
Note
1.
Organization
The
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
(individually,
a
"Fund"
and
collectively,
the
"Funds")
are
diversified
portfolios
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.
Each
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
is
not
part
of
a
consolidated
reporting
entity.
The
objective
and
strategy
of
each
Fund
is
used
by
the
Adviser,
as
defined
in
Note
4,
to
make
investment
decisions,
and
the
results
of
the
operations,
as
shown
on
the
Statements
of
Operations
and
the
financial
highlights
for
each
Fund
is
the
information
utilized
for
the
day-
to-day
management
of
the
Funds.
Each
Fund
is
party
to
the
expense
agreements
as
disclosed
in
the
Notes
to
the
Financial
Statements
and
there
are
no
resources
allocated
to
the
Funds
based
on
performance
measurements.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
ABR
Dynamic
Funds,
LLC,
the
Funds'
Adviser,
is
deemed
to
be
the
Chief
Operating
Decision
Maker.
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
recorded
at
fair
value
using
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
recorded
at
amortized
cost,
which
approximates
fair
value.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Trust's
Board
of
Trustees
(the
"Board")
has
designated
the
Adviser
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.
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2026
15
Fair
valuation
is
based
on
subjective
factors
and,
as
a
result,
the
fair
value
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
level
of
various
"inputs"
used
to
determine
the
value
of
each
Fund's
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
Level
2
-
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
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,
2026,
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
and
included
in
interest
income.
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,
2026,
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
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2026
16
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,
2026,
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.
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,
2026,
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
had
$62,578,211,
$9,544,430
and
$74,893,699,
respectively,
at
US
Bank
that
exceeded
the
FDIC
insurance
limit.
Cash
held
at
broker-dealers
may
be
protected
under
Securities
Investor
Protection
Corporation
(SIPC)
coverage
up
to
applicable
limits,
including
a
cash
sublimit.
Amounts
in
excess
of
SIPC
coverage
may
be
exposed
to
loss
in
the
event
of
broker
insolvency.
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
and
administration
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
Audit
Committee
Chairman
receives
an
additional
$2,000
annually.
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.
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2026
17
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,
acquired
fund
fees
and
expenses,
proxy
expenses
and
extraordinary
expenses)
to
2.00%
for
Institutional
Shares
and
2.25%
for
Investor
Shares
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund;
2.50%
for
Institutional
Shares
and
2.75%
for
Investor
Shares
of
the
ABR
50/50
Volatility
Fund;
and
1.75%
for
Institutional
Shares
and
2.00%
for
Investor
Shares
of
the
ABR
75/25
Volatility
Fund,
through
at
least
November
30,
2026.
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,
2026,
fees
waived
and
expenses
reimbursed
were
as
follows:
The
Adviser
may
be
reimbursed
by
each
Fund
for
fees
waived
and
expenses
reimbursed
by
the
Adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
expense
cap,
or
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
Other
Waivers
are
not
eligible
for
recoupment.
As
of
July
31,
2026,
fees
waived
and/or
expenses
reimbursed
that
are
subject
to
recoupment
by
the
Adviser
were
as
follows:
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,
2026,
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,
2026,
for
any
derivative
type
that
was
held
is
as
follows:
Each
Fund's
use
of
derivatives
during
the
year
ended
July
31,
2026,
was
limited
to
futures
contracts.
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
211,868
$
30,020
$
241,888
ABR
50/50
Volatility
Fund
294,538
22,034
316,572
ABR
75/25
Volatility
Fund
1,482,999
65,079
1,548,078
Fees
Waived
and/or
Expenses
Reimbursed
Subject
to
Recoupment
During
the
Fiscal
Year
Ending
July
31,
Total
Fees
Waived
and/or
Expenses
Reimbursed
Subject
to
Recoupment
2027
2028
2029
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
205,779
$
192,813
$
211,868
$
610,460
ABR
50/50
Volatility
Fund
317,196
319,837
294,538
931,571
ABR
75/25
Volatility
Fund
2,679,234
2,603,905
1,482,999
6,766,138
U.S.
Government
Obligations
Purchases
Sales
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
-
$
-
ABR
50/50
Volatility
Fund
152,706,660
161,241,773
ABR
75/25
Volatility
Fund
300,384,669
315,838,377
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
Futures
Contracts
$
807,708,190
$
33,489,713
$
466,344,371
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2026
18
Following
is
a
summary
of
the
effect
of
derivatives
on
the
Statements
of
Assets
and
Liabilities
as
of
July
31,
2026.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
*
Net
unrealized
appreciation
on
futures
contracts
is
included
in
deposits
with
broker
on
the
Statement
of
Assets
and
Liabilities.
Realized
and
unrealized
gains
and
losses
on
derivatives
contracts
during
the
year
ended
July
31,
2026,
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
Location:
Equity
Contracts
Assets:
Receivable
-
variation
margin
$
488,537
Deposits
with
broker*
$
(978,453)
Total
assets
$
(489,916)
Liabilities:
Payable
-
variation
margin
$
(287,544)
Total
liabilities
$
(287,544)
Location:
Equity
Contracts
Assets:
Deposits
with
broker*
$
24,546
Receivable
-
variation
margin
$
340,792
Total
assets
$
365,338
Location:
Equity
Contracts
Assets:
Unrealized
appreciation
on
futures*
$
(442,607)
Receivable
-
variation
margin
$
835,194
Total
assets
$
392,587
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
12,064,535
Total
net
realized
gain
(loss)
$
12,064,535
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(4,563,340)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(4,563,340)
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
7,799,932
Total
net
realized
gain
(loss)
$
7,799,932
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(519,860)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(519,860)
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2026
19
ABR
75/25
Volatility
Fund
Note
8.
Federal
Income
Tax
As
of
July
31,
2026,
the
cost
of
investments
and
the
components
of
net
unrealized depreciation were
as
follows:
Distributions
paid
during
the
fiscal
years
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
July
31,
2026,
distributable
earnings
(accumulated
loss)
on
a
tax
basis
for
the
Funds
were
as
follows:
The
difference
between
book-basis
and
tax-basis
unrealized
appreciation/depreciation
is
attributable
primarily
to
wash
sales.
As
of
July
31,
2026,
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
had
$23,898,888,
$0,
and
$25,840,849,
respectively,
of
available
long-term
capital
loss
carryforwards
and
$15,932,591,
$3,750,413,
and
$27,350,867,
respectively,
of
available
short-term
capital
loss
carryforwards
that
have
no
expiration
date.
As
of
July
31,
2026,
the
ABR
50/50
Volatility
Fund
had
a
late-year
ordinary
loss
deferral
of
$34,255
(realized
during
the
period
January
1,
2026
through
July
31,
2026).
This
loss
will
be
recognized
for
tax
purposes
on
the
first
day
of
the
Fund's
next
fiscal
year,
August
1,
2026.
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.
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
25,228,550
Total
net
realized
gain
(loss)
$
25,228,550
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(4,375,211)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(4,375,211)
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Depreciation
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
-
$
-
$
-
$
-
ABR
50/50
Volatility
Fund
4,793,212
1,266
(423,324)
(422,058)
ABR
75/25
Volatility
Fund
9,977,101
2,582
(683,926)
(681,344)
Ordinary
Income
Return
of
Capital
Total
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
2026
$
834,180
$
157,353
$
991,533
2025
1,951,151
-
1,951,151
ABR
50/50
Volatility
Fund
2026
101,095
99,899
200,994
2025
316,675
184,563
501,238
ABR
75/25
Volatility
Fund
2026
2,875,445
-
2,875,445
2025
6,485,519
-
6,485,519
Undistributed
Ordinary
Income
Capital
and
Other
Losses
Net
Unrealized
Depreciation
Total
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
-
$
(39,831,479)
$
-
$
(39,831,479)
ABR
50/50
Volatility
Fund
-
(3,784,668)
(422,058)
(4,206,726)
ABR
75/25
Volatility
Fund
606,240
(53,191,716)
(681,344)
(53,266,820)
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,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
four
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
each
of
the
Funds
as
of
July
31,
2026,
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
four
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
year
ended
July
31,
2022
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,
2026,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
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
22,
2026
ABR
Funds
IMPORTANT
TAX
INFORMATION
(Unaudited)
July
31,
2026
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
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
designates
100.00%
,
100.00%,
and
99.95
%
as
qualified
interest
income
exempt
from
U.S.
tax
for
foreign
shareholders
(QII),
respectively.
ABR
Funds
OTHER
INFORMATION
(Unaudited)
July
31,
2026
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
25,
2026
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.
The
Board
also
considered
each
Fund's
performance
relative
to
a
group
of
comparable
funds
identified
by
an
independent,
third-party
data
provider
-
ISS
Corporate
Solutions,
Inc.
("ISS")
-
engaged
by
the
Board
for
this
purpose.
The
Board
observed
that
the
75/25
Volatility
Fund
underperformed
the
FTSE
3-Month
U.S.
T-Bill
Index
for
the
one-
and
five-year
periods
ended
March
31,
2026,
and
outperformed
the
FTSE
3-Month
U.S.
T-Bill
Index
for
the
three-year
period
ended
March
31,
2026,
and
for
the
period
since
the
75/25
Volatility
Fund's
inception
on
August
3,
2020.
The
Board
also
observed
that
the
75/25
Volatility
Fund
underperformed
the
S&P
500
Index,
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2026,
and
for
the
period
since
the
75/25
Volatility
Fund's
inception.
The
Board
also
observed
that
the
75/25
Volatility
Fund
underperformed
the
average
of
its
ISS
peers
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2026.
The
Board
also
noted
the
Adviser's
representation
that
the
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
75/25
Volatility
Fund's
investment
strategy.
ABR
Funds
OTHER
INFORMATION
(Unaudited)
July
31,
2026
23
The
Board
observed
that
the
50/50
Volatility
Fund
underperformed
the
FTSE
3-Month
U.S.
T-Bill
Index
for
the
one-year
period
ended
March
31,
2026,
and
outperformed
the
FTSE
3-Month
U.S.
T-Bill
Index
for
the
three-
and
five-year
periods
ended
March
31,
2026,
and
for
the
period
since
the
50/50
Volatility
Fund's
inception
on
October
2,
2017.
The
Board
also
observed
that
the
50/50
Volatility
Fund
underperformed
the
S&P
500
Index,
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2026,
and
for
the
period
since
the
50/50
Volatility
Fund's
inception.
The
Board
further
observed
that
the
50/50
Volatility
Fund
underperformed
the
average
of
its
ISS
peers
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2026.
The
Board
also
noted
the
Adviser's
representation
that
the
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
50/50
Volatility
Fund's
investment
strategy.
The
Board
observed
that
the
Long
Volatility
Fund
underperformed
its
primary
benchmark
index,
the
S&P
500
Index,
for
the
one-,
three-,
five-
and
ten-year
periods
ended
March
31,
2026,
and
for
the
period
since
the
Long
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
Long
Volatility
Fund's
performance
due
to
the
unique
nature
of
the
Long
Volatility
Fund's
investment
strategy,
including
the
fact
that
the
Long
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
Long
Volatility
Fund
underperformed
the
average
of
its
ISS
peers
for
the
one-,
three-,
five-
and
ten-year
periods
ended
March
31,
2026.
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
Long
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
ISS
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
ISS
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
ISS
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
ISS
peers
due
to,
among
other
things,
variations
between
the
strategies
of
the
Funds
and
those
provided
to
the
ISS
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,
2026
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-0726
(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 23, 2026
|
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 23, 2026
|
|
By:
|
/s/ Karen Shaw
|
|
|
Karen Shaw, Principal Financial Officer
|
||
|
Date:
|
September 23, 2026
|
Forum Funds II published this content on September 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 24, 2026 at 13:52 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]