# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-26-000056
**Filing Date:** 2026-3
**Character Count:** 90858
**Document Hash:** f4c9482cbb0840791129ff216acc1314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-26-000056.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001576367-26-000056

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**EFFECTIVENESS DATE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 26780004

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-347-2000

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

## Series and Classes Contracts Data

### ABR Dynamic Blend Equity & Volatility Fund (Series ID: S000050282)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000158764 | Institutional Shares | ABRVX           |
| C000158765 | Investor Shares      | ABRTX           |

### ABR 50/50 Volatility Fund (Series ID: S000059153)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000193875 | Institutional Shares | ABRSX           |
| C000193876 | Investor Shares      | ABRJX           |

### ABR 75/25 VOLATILITY FUND (Series ID: S000069138)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000220967 | Institutional Shares | VOLSX           |
| C000220968 | Investor Shares      | VOLJX           |

?xml version='1.0' encoding='ASCII'?

**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 – January 31, 2026

ITEM 1. REPORT TO SHAREHOLDERS.

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $104 | 2.00% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $82961431 |
| # of Portfolio Holdings (excluding derivatives) |  |
| Portfolio Turnover Rate | 0% |
| Investment Advisory Fees (Net of fees waived) | $626399 |

---

**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)
![Group By Asset Type Chart](i686fa4437576f8c22859d453.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 100.0% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 97.90% |

---

#### ABR Dynamic Blend Equity & Volatility Fund

#### ABRVX

#### : Institutional Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-ABRVX-26

#### ABR Dynamic Blend Equity & Volatility Fund

#### ABRTX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR Dynamic Blend Equity & Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $117 | 2.25% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $82961431 |
| # of Portfolio Holdings (excluding derivatives) |  |
| Portfolio Turnover Rate | 0% |
| Investment Advisory Fees (Net of fees waived) | $626399 |

---

**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)
![Group By Asset Type Chart](i686fa4437576f8c22859d453.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 100.0% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 97.90% |

---

#### ABR Dynamic Blend Equity & Volatility Fund

#### ABRTX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-ABRTX-26

#### ABR 50/50 Volatility Fund

#### ABRSX

#### : Institutional Class

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $134 | 2.50% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $35886334 |
| # of Portfolio Holdings (excluding derivatives) | 6 |
| Portfolio Turnover Rate | 642% |
| Investment Advisory Fees (Net of fees waived) | $320286 |

---

**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)
![Group By Asset Type Chart](i42b216022c7d3eab110b4d6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 74.1% |
| U.S. Treasury Securities | 25.9% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 48.98% |
| Short Futures Contracts | 22.47% |

---

#### ABR 50/50 Volatility Fund

#### ABRSX

#### : Institutional Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-ABRSX-26

#### ABR 50/50 Volatility Fund

#### ABRJX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR 50/50 Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $148 | 2.75% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $35886334 |
| # of Portfolio Holdings (excluding derivatives) | 6 |
| Portfolio Turnover Rate | 642% |
| Investment Advisory Fees (Net of fees waived) | $320286 |

---

**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)
![Group By Asset Type Chart](i42b216022c7d3eab110b4d6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 74.1% |
| U.S. Treasury Securities | 25.9% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 48.98% |
| Short Futures Contracts | 22.47% |

---

#### ABR 50/50 Volatility Fund

#### ABRJX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-ABRJX-26

#### ABR 75/25 Volatility Fund

#### VOLSX

#### : Institutional Class

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $93 | 1.75% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $128529721 |
| # of Portfolio Holdings (excluding derivatives) | 6 |
| Portfolio Turnover Rate | 638% |
| Investment Advisory Fees (Net of fees waived) | $954361 |

---

**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)
![Group By Asset Type Chart](i205c6c84c5af0581bd179c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 87.0% |
| U.S. Treasury Securities | 13.0% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 73.18% |
| Short Futures Contracts | 8.15% |

---

#### ABR 75/25 Volatility Fund

#### VOLSX

#### : Institutional Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-VOLSX-26

#### ABR 75/25 Volatility Fund

#### VOLJX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 31, 2026
![Image](i7d267cc38068eb69c2481646.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about the ABR 75/25 Volatility Fund for the period of August 1, 2025, to January 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 six months ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $106 | 2.00% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Total Net Assets | $128529721 |
| # of Portfolio Holdings (excluding derivatives) | 6 |
| Portfolio Turnover Rate | 638% |
| Investment Advisory Fees (Net of fees waived) | $954361 |

---

**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)
![Group By Asset Type Chart](i205c6c84c5af0581bd179c9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets & Liabilities, Net | 87.0% |
| U.S. Treasury Securities | 13.0% |

---

#### Derivative Exposure

#### (% total net assets)

---

| | |
|:---|:---|
| Long Futures Contracts | 73.18% |
| Short Futures Contracts | 8.15% |

---

#### ABR 75/25 Volatility Fund

#### VOLJX

#### : Investor Class

#### Semi-Annual Shareholder Report - January 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/.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.abrdynamicfunds.com/fund-documents](ibdf63b2cc085b7f01ab43630.jpg)

![Image](i7d267cc38068eb69c2481646.jpg)

227S-VOLJX-26

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

ABR

Funds

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Semi-Annual

Financial

Statements

and

Other

Information

For

the

Six

Months

Ended

January

31,

2026

(Unaudited)

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

January

31,

2026

See

Notes

to

Financial

Statements.

At

January

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

January

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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

includes

futures.

Value

Investments,

at

value

-

0.0%

(Cost

$0)

$

Other

Assets

&

Liabilities,

Net

-

100.0%

82,961,431

Net

Assets

-

100.0%

$

82,961,431

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

CBOE

VIX

Future

02/18/26

$

2,702,979

$

2,818,630

$

115,651

CBOE

VIX

Future

03/18/26

2,019,411

2,069,402

49,991

S&P

500

E-mini

Future

03/20/26

76,499,093

77,668,113

1,169,020

$

81,221,483

$

82,556,145

$

1,334,662

Valuation

Inputs

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

1,334,662

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

1,334,662

\*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments

,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

Other

Assets

&

Liabilities,

Net

100.0%

100.0%

ABR

50/50

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

January

31,

2026

See

Notes

to

Financial

Statements.

At

January

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

January

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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

includes

futures.

The

Level

value

displayed

in

this

table

is

U.S.

Treasury

Securities.

Principal

Security

Description

Rate

Maturity

Value

U.S.

Treasury

Securities

-

25.9%

U.S.

Treasury

Securities

-

25.9%

$

1,524,000

U.S.

Treasury

Bond

5.00%

05/15/45

$

1,557,814

1,531,000

U.S.

Treasury

Bond

4.88 08/15/45

1,540,090

1,602,000

U.S.

Treasury

Bond

4.63 11/15/45

1,558,321

1,592,000

U.S.

Treasury

Bond

4.75 05/15/55

1,556,802

1,572,000

U.S.

Treasury

Bond

4.75 08/15/55

1,537,858

1,624,000

U.S.

Treasury

Bond

4.63 11/15/55

1,556,756

Total

U.S.

Treasury

Securities

(Cost

$9,391,762)

9,307,641

Investments,

at

value

-

25.9%

(Cost

$9,391,762)

$

9,307,641

Other

Assets

&

Liabilities,

Net

-

74.1%

26,578,693

Net

Assets

-

100.0%

$

35,886,334

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(Depreciation)

(250) CBOE

VIX

Future

02/18/26

$

(4,625,096)

$

(4,761,200)

$

(136,104)

(176) CBOE

VIX

Future

03/18/26

(3,438,727)

(3,502,065)

(63,338)

S&P

500

E-mini

Future

03/20/26

17,577,259

17,762,663

185,404

$

9,513,436

$

9,499,398

$

(14,038)

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

–

$

(14,038)

Level

-

Other

Significant

Observable

Inputs

9,307,641

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

9,307,641

$

(14,038)

\*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments

,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

U.S.

Treasury

Securities

25.9%

Other

Assets

&

Liabilities,

Net

74.1%

100.0%

ABR

75/25

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

January

31,

2026

See

Notes

to

Financial

Statements.

At

January

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

January

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

of

the

accompanying

Notes

to

Financial

Statements.

The

Level

value

displayed

in

this

table

includes

futures.

The

Level

value

displayed

in

this

table

is

U.S.

Treasury

Securities.

Principal

Security

Description

Rate

Maturity

Value

U.S.

Treasury

Securities

-

13.0%

U.S.

Treasury

Securities

-

13.0%

$

2,728,000

U.S.

Treasury

Bond

5.00%

05/15/45

$

2,788,528

2,740,000

U.S.

Treasury

Bond

4.88 08/15/45

2,756,269

2,867,000

U.S.

Treasury

Bond

4.63 11/15/45

2,788,830

2,849,000

U.S.

Treasury

Bond

4.75 05/15/55

2,786,010

2,814,000

U.S.

Treasury

Bond

4.75 08/15/55

2,752,883

2,907,000

U.S.

Treasury

Bond

4.63 11/15/55

2,786,632

Total

U.S.

Treasury

Securities

(Cost

$16,802,243)

16,659,151

Investments,

at

value

-

13.0%

(Cost

$16,802,243)

$

16,659,151

Other

Assets

&

Liabilities,

Net

-

87.0%

111,870,570

Net

Assets

-

100.0%

$

128,529,721

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(Depreciation)

(326) CBOE

VIX

Future

02/18/26

$

(6,015,407)

$

(6,208,605)

$

(193,198)

(229) CBOE

VIX

Future

03/18/26

(4,462,764)

(4,556,665)

(93,901)

S&P

500

E-mini

Future

03/20/26

94,058,086

95,430,775

1,372,689

$

83,579,915

$

84,665,505

$

1,085,590

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

–

$

1,085,590

Level

-

Other

Significant

Observable

Inputs

16,659,151

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

16,659,151

$

1,085,590

\*

Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments

,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

at

period

end.

PORTFOLIO

HOLDINGS

%

of

Total

Net

Assets

U.S.

Treasury

Securities

13.0%

Other

Assets

&

Liabilities,

Net

87.0%

100.0%

ABR

Funds

STATEMENTS

OF

ASSETS

AND

LIABILITIES

January

31,

2026

See

Notes

to

Financial

Statements.

\*

$12,091,054,

$5,625,003,

and

$18,053,631

was

held

at

StoneX

Financial,

Inc.,

$3,988,092,

$3,443,509,

and

$7,838,986

was

held

at

Marex

Capital

Markets,

Inc.,

and

$1,892,857,

$932,207,

and

$2,543,143

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,

$9,391,762

and

$16,802,243,

respectively)

$

–

$

9,307,641

$

16,659,151

Cash

65,110,807

15,066,344

77,493,810

Deposits

with

brokers\*

17,972,003

10,000,719

28,435,760

Receivables:

Fund

shares

sold

113,255

59,406

3,794

Investment

securities

sold

–

1,544,798

6,265,860

Interest

189,570

193,443

548,515

Variation

margin

63,325

–

–

Prepaid

expenses

19,045

29,920

22,241

Total

Assets

83,468,005

36,202,271

129,429,131

LIABILITIES

Payables:

Fund

shares

redeemed

57,914

71,177

188,176

Variation

margin

299,700

150,648

477,857

Accrued

Liabilities:

Investment

adviser

fees

104,405

53,155

155,295

Fund

services

fees

11,376

7,982

13,214

Other

expenses

33,179

32,975

64,868

Total

Liabilities

506,574

315,937

899,410

NET

ASSETS

$

82,961,431

$

35,886,334

$

128,529,721

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

126,389,736

$

42,225,606

$

189,202,742

Accumulated

loss

(43,428,305)

(6,339,272)

(60,673,021)

NET

ASSETS

$

82,961,431

$

35,886,334

$

128,529,721

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

6,854,031

3,484,740

10,356,353

Investor

Shares

512,608

644,367

1,511,383

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Institutional

Shares

(based

on

net

assets

of

$77,299,474,

$30,345,914

and

$112,247,718,

respectively)

$

11.28 $

8.71 $

10.84 Investor

Shares

(based

on

net

assets

of

$5,661,957,

$5,540,420

and

$16,282,003,

respectively)

$

11.05 $

8.60 $

10.77 ABR

Funds

STATEMENTS

OF

OPERATIONS

SIX

MONTHS

ENDED

JANUARY

31,

2026

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

$

1,276,404

$

594,664

$

2,268,285

Total

Investment

Income

1,276,404

594,664

2,268,285

EXPENSES

Investment

adviser

fees

730,592

470,619

1,762,595

Fund

services

fees

54,901

34,486

80,475

Transfer

agent

fees:

Institutional

Shares

17,061

11,399

21,294

Investor

Shares

11,161

11,496

11,661

Distribution

fees:

Investor

Shares

7,458

7,118

20,192

Custodian

fees

3,802

2,523

6,145

Registration

fees:

Institutional

Shares

9,753

9,071

9,756

Investor

Shares

8,653

9,223

9,333

Professional

fees

25,417

20,833

30,292

Trustees'

fees

and

expenses

8,327

5,631

11,917

Brokerage

fees

12,042

9,202

4,516

Other

expenses

72,108

47,685

127,978

Total

Expenses

961,275

639,286

2,096,154

Fees

waived

(118,856)

(161,550)

(842,147)

Net

Expenses

842,419

477,736

1,254,007

NET

INVESTMENT

INCOME

433,985

116,928

1,014,278

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

–

(353,716)

(746,675)

Futures

6,658,595

5,778,711

16,938,270

Net

realized

gain

6,658,595

5,424,995

16,191,595

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

–

(48,113)

(79,773)

Futures

(2,451,218)

(899,236)

(3,682,208)

Net

change

in

unrealized

appreciation

(depreciation)

(2,451,218)

(947,349)

(3,761,981)

NET

REALIZED

AND

UNREALIZED

GAIN

4,207,377

4,477,646

12,429,614

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

4,641,362

$

4,594,574

$

13,443,892

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

For

the

Six

Months

Ended

January

31,

2026

For

the

Year

Ended

July

31,

2025

For

the

Six

Months

Ended

January

31,

2026

For

the

Year

Ended

July

31,

2025

OPERATIONS

Net

investment

income

$

433,985

$

1,321,898

$

116,928

$

245,998

Net

realized

gain

(loss)

6,658,595

(8,475,742)

5,424,995

(2,230,098)

Net

change

in

unrealized

appreciation

(depreciation)

(2,451,218)

4,271,534

(947,349)

(19,637)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

4,641,362

(2,882,310)

4,594,574

(2,003,737)

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

(974,260)

(1,841,405)

(200,994)

(316,675)

Investor

Shares

(17,273)

(109,746)

–

–

Return

of

Capital:

Institutional

Shares

–

–

–

(165,373)

Investor

Shares

–

–

–

(19,190)

Total

Distributions

Paid

(991,533)

(1,951,151)

(200,994)

(501,238)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

9,004,292

18,708,437

1,516,296

3,579,869

Investor

Shares

40,618

475,233

508,225

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

(10,833,183)

(29,941,914)

(6,789,301)

(23,737,321)

Investor

Shares

(776,306)

(3,070,327)

(1,230,876)

(2,079,904)

Decrease

in

Net

Assets

from

Capital

Share

Transactions

(1,892,103)

(12,377,785)

(5,817,497)

(19,287,482)

Increase

(Decrease)

in

Net

Assets

1,757,726

(17,211,246)

(1,423,917)

(21,792,457)

NET

ASSETS

Beginning

of

Period

81,203,705

98,414,951

37,310,251

59,102,708

End

of

Period

$

82,961,431

$

81,203,705

$

35,886,334

$

37,310,251

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

802,674

1,699,211

180,153

469,927

Investor

Shares

3,688

44,028

61,529

335,420

Reinvestment

of

distributions:

Institutional

Shares

58,323

118,433

20,245

46,141

Investor

Shares

1,429

8,960

–

2,341

Redemption

of

shares:

Institutional

Shares

(970,999)

(2,771,679)

(811,310)

(3,203,134)

Investor

Shares

(71,133)

(290,130)

(149,833)

(282,845)

Decrease

in

Shares

(176,018)

(1,191,177)

(699,216)

(2,632,150)

ABR

Funds

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

ABR

75/25

Volatility

Fund

For

the

Six

Months

Ended

January

31,

2026

For

the

Year

Ended

July

31,

2025

$

1,014,278

$

4,582,476

16,191,595

(23,809,885)

(3,761,981)

1,933,292

13,443,892

(17,294,117)

(2,595,344)

(5,982,952)

(280,101)

(502,567)

–

–

–

–

(2,875,445)

(6,485,519)

7,856,907

44,112,406

1,590,650

4,364,550

2,077,943

3,296,292

276,859

501,639

(36,179,314)

(155,658,291)

(2,135,069)

(13,925,339)

(26,512,024)

(117,308,743)

(15,943,577)

(141,088,379)

144,473,298

285,561,677

$

128,529,721

$

144,473,298

740,809

4,265,890

150,238

432,113

190,637

306,062

25,540

46,926

(3,392,561)

(16,665,946)

(202,380)

(1,533,474)

(2,487,717)

(13,148,429)

ABR

DYNAMIC

BLEND

EQUITY

&

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

10.79 $

11.30 $

10.56 $

10.53 $

13.43 $

15.37 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.06 0.16 0.16 (0.05)

(0.23)

(0.26)

Net

realized

and

unrealized

gain

(loss)

0.57 (0.43)

0.58 0.08(b)

(1.57)

1.33 Total

from

Investment

Operations

0.63 (0.27)

0.74 0.03 (1.80)

1.07 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.14)

(0.24)

–

–

–

–

Net

realized

gain

–

–

–

–

(1.10)

(3.01)

Total

Distributions

to

Shareholders

(0.14)

(0.24)

–

–

(1.10)

(3.01)

NET

ASSET

VALUE,

End

of

Period

$

11.28 $

10.79 $

11.30 $

10.56 $

10.53 $

13.43 TOTAL

RETURN

5.85%(c)

(2.53)%

7.01%

0.29%

(14.93)%

9.20%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

77,299

$

75,139

$

89,499

$

103,000

$

160,485

$

198,285

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.06%(d)

1.42%

1.55%

(0.47)%

(1.86)%

(1.93)%

Net

expenses

2.00%(d)

2.00%

2.00%

2.00%

2.00%

2.00%

Brokerage

fees

0.03%(d)

0.02%

0.03%

0.02%

0.02%

0.02%

Net

expenses

without

brokerage

fees

1.97%(d)

1.98%

1.97%

1.98%

1.98%

1.98%

Gross

expenses

(e) 2.23%(d)

2.19%

2.19%

2.24%

2.05%

2.03%

PORTFOLIO

TURNOVER

RATE

0%(c)

0%

0%

0%

0%

0%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

year

ended

July

31,

2023

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(c) Not

annualized.

(d) Annualized.

(e) 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

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

10.48 $

10.93 $

10.23 $

10.23 $

13.12 $

15.11 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.04 0.13 0.13 (0.07)

(0.26)

(0.29)

Net

realized

and

unrealized

gain

(loss)

0.56 (0.43)

0.57 0.07(b)

(1.53)

1.31 Total

from

Investment

Operations

0.60 (0.30)

0.70 0.00 (1.79)

1.02 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.03)

(0.15)

–

–

–

–

Net

realized

gain

–

–

–

–

(1.10)

(3.01)

Total

Distributions

to

Shareholders

(0.03)

(0.15)

–

–

(1.10)

(3.01)

NET

ASSET

VALUE,

End

of

Period

$

11.05 $

10.48 $

10.93 $

10.23 $

10.23 $

13.12 TOTAL

RETURN

5.76%(c)

(2.82)%

6.84%

0.00%

(15.22)%

8.99%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

5,662

$

6,064

$

8,916

$

11,350

$

23,646

$

41,227

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.81%(d)

1.18%

1.30%

(0.74)%

(2.14)%

(2.18)%

Net

expenses

2.25%(d)

2.25%

2.25%

2.25%

2.25%

2.25%

Brokerage

fees

0.03%(d)

0.02%

0.03%

0.02%

0.02%

0.02%

Net

expenses

without

brokerage

fees

2.22%(d)

2.23%

2.22%

2.23%

2.23%

2.23%

Gross

expenses

(e) 3.21%(d)

2.98%

2.86%

2.80%

2.40%

2.44%

PORTFOLIO

TURNOVER

RATE

0%(c)

0%

0%

0%

0%

0%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

year

ended

July

31,

2023

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(c) Not

annualized.

(d) Annualized.

(e) 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

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

2025

2024

2023

2022

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

7.75 $

7.94 $

6.92 $

5.36 $

10.66 $

7.08 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.03 0.04 0.06 (0.06)

(0.17)

(0.19)

Net

realized

and

unrealized

gain

(loss)

0.99 (0.14)

0.96 1.62 (1.34)

3.77 Total

from

Investment

Operations

1.02 (0.10)

1.02 1.56 (1.51)

3.58 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

(0.06)

(0.06)

–

–

–

–

Net

realized

gain

–

–

–

–

(3.79)

(0.00)(b)

Return

of

capital

–

(0.03)

–

–

–

–

Total

Distributions

to

Shareholders

(0.06)

(0.09)

–

–

(3.79)

(0.00)

NET

ASSET

VALUE,

End

of

Period

$

8.71 $

7.75 $

7.94 $

6.92 $

5.36 $

10.66 TOTAL

RETURN

13.09%(c)

(1.38)%

14.74%

29.10%

(24.38)%(d)

50.57%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

30,346

$

31,733

$

53,843

$

56,232

$

54,979

$

82,498

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.66%(e)

0.55%

0.78%

(1.07)%

(2.15)%

(2.19)%

Net

expenses

2.50%(e)

2.50%

2.50%

2.50%

2.50%

2.50%

Brokerage

fees

0.05%(e)

0.03%

0.04%

0.03%

0.02%

0.02%

Net

expenses

without

brokerage

fees

2.45%(e)

2.47%

2.46%

2.47%

2.48%

2.48%

Gross

expenses

(f) 3.25%(e)

3.14%

3.01%

3.02%

2.90%

2.91%

PORTFOLIO

TURNOVER

RATE

(g) 642%(c)

1,292%

593%

1,180%

2,774%

1,782%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Total

return

includes

the

impact

of

the

net

gain

from

reimbursement

by

affiliate.

Absent

this

reimbursement,

total

return

would

have

been

(24.52)%.

(e) Annualized.

(f) 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.

(g) 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

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

2025

2024

2023

2022

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

7.61 $

7.76 $

6.78 $

5.27 $

10.56 $

7.03 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.02 0.02 0.04 (0.07)

(0.17)

(0.21)

Net

realized

and

unrealized

gain

(loss)

0.97 (0.15)

0.94 1.58 (1.33)

3.74 Total

from

Investment

Operations

0.99 (0.13)

0.98 1.51 (1.50)

3.53 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

investment

income

–

–

–

–

–

–

Net

realized

gain

–

–

–

–

(3.79)

(0.00)(b)

Return

of

capital

–

(0.02)

–

–

–

–

Total

Distributions

to

Shareholders

–

(0.02)

–

–

(3.79)

(0.00)

NET

ASSET

VALUE,

End

of

Period

$

8.60 $

7.61 $

7.76 $

6.78 $

5.27 $

10.56 TOTAL

RETURN

13.01%(c)

(1.64)%

14.45%

28.65%

(24.57)%(d)

50.21%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

5,540

$

5,577

$

5,260

$

6,334

$

4,621

$

2,933

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.41%(e)

0.28%

0.55%

(1.31)%

(2.40)%

(2.52)%

Net

expenses

2.75%(e)

2.75%

2.75%

2.75%

2.75%

2.75%

Brokerage

fees

0.05%(e)

0.03%

0.04%

0.04%

0.02%

0.02%

Net

expenses

without

brokerage

fees

2.70%(e)

2.72%

2.71%

2.71%

2.73%

2.73%

Gross

expenses

(f) 4.22%(e)

4.11%

4.12%

4.17%

4.41%

4.74%

PORTFOLIO

TURNOVER

RATE

(g) 642%(c)

1,292%

593%

1,180%

2,774%

1,782%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Less

than

$0.01

per

share.

(c) Not

annualized.

(d) Total

return

includes

the

impact

of

the

net

gain

from

reimbursement

by

affiliate.

Absent

this

reimbursement,

total

return

would

have

been

(24.71)%

(e) Annualized.

(f) 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.

(g) 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

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

August

3,

2020

(a) Through

July

31,

2021

2025

2024

2023

2022

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

10.07 $

10.39 $

9.32 $

8.11 $

11.79 $

10.00 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b) 0.08 0.19 0.19 (0.01)

(0.15)

(0.16)

Net

realized

and

unrealized

gain

(loss)

0.93 (0.27)

0.91 1.22 (1.50)

1.95 Total

from

Investment

Operations

1.01 (0.08)

1.10 1.21 (1.65)

1.79 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

Period

$

10.84 $

10.07 $

10.39 $

9.32 $

8.11 $

11.79 TOTAL

RETURN

9.98%(c)

(0.91)%

11.80%

14.92%

(17.88)%

17.90%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

112,248

$

129,118

$

258,886

$

253,418

$

307,247

$

314,576

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.47%(d)

1.86%

1.99%

(0.11)%

(1.48)%

(1.53)%(d)

Net

expenses

1.75%(d)

1.75%

1.75%

1.75%

1.75%

1.75%(d)

Brokerage

fees

0.01%(d)

0.00%

0.00%

0.00%

0.00%

0.00%(d)

Net

expenses

without

brokerage

fees

1.74%(d)

1.75%

1.75%

1.75%

1.75%

1.75%(d)

Gross

expenses

(e) 2.92%(d)

2.81%

2.77%

2.78%

2.74%

2.78%(d)

PORTFOLIO

TURNOVER

RATE

(f) 638%(c)

1,309%

681%

1,286%

2,720%

1,622%(c)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

75/25

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

See

Notes

to

Financial

Statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

January

31,

2026

For

the

Years

Ended

July

31,

August

5,

2020

(a) Through

July

31,

2021

2025

2024

2023

2022

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

9.98 $

10.29 $

9.23 $

8.05 $

11.75 $

10.00 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b) 0.06 0.16 0.17 (0.03)

(0.18)

(0.19)

Net

realized

and

unrealized

gain

(loss)

0.92 (0.27)

0.90 1.21 (1.49)

1.94 Total

from

Investment

Operations

0.98 (0.11)

1.07 1.18 (1.67)

1.75 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

Period

$

10.77 $

9.98 $

10.29 $

9.23 $

8.05 $

11.75 TOTAL

RETURN

9.80%(c)

(1.20)%

11.62%

14.66%

(18.15)%

17.50%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

16,282

$

15,356

$

26,676

$

17,928

$

19,802

$

23,096

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

1.21%(d)

1.58%

1.84%

(0.39)%

(1.75)%

(1.76)%(d)

Net

expenses

2.00%(d)

2.00%

2.00%

2.00%

2.00%

2.00%(d)

Brokerage

fees

0.01%(d)

0.00%

0.00%

0.00%

0.00%

0.00%(d)

Net

expenses

without

brokerage

fees

1.99%(d)

2.00%

2.00%

2.00%

2.00%

2.00%(d)

Gross

expenses

(e) 3.41%(d)

3.24%

3.23%

3.32%

3.18%

3.48%(d)

PORTFOLIO

TURNOVER

RATE

(f) 638%(c)

1,309%

681%

1,286%

2,720%

1,622%(c)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

Expense

waivers

and/or

reimbursements

would

decrease

the

total

return

had

such

reductions

not

occurred.

(f) Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2026

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

period.

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

January

31,

2026

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

-

Quoted

prices

in

active

markets

for

identical

assets

and

liabilities.

Level

-

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

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

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

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

-

Significant

unobservable

inputs

(including

each

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

aggregate

value

by

input

level,

as

of

January

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

January

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

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2026

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations.

During

the

period,

each

Fund

did

not

incur

any

interest

or

penalties.

Each

Fund

will

file

a

U.S.

federal

income

and

excise

tax

return

as

required.

Each

Fund's

federal

income

tax

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

fiscal

years

after

they

are

filed.

As

of

January

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

January

31,

2026,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$64,860,807,

$14,816,344,

and

$77,243,810,

respectively,

at

US

Bank

that

exceeded

the

FDIC

insurance

limit.

Note

4. Fees

and

Expenses

Investment

Adviser

–

ABR

Dynamic

Funds,

LLC

(the

"Adviser")

is

the

investment

adviser

to

the

Funds.

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

payable

monthly,

at

an

annual

rate

of

1.75%,

2.50%,

and

2.50%

of

the

average

daily

net

assets

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

Distribution

–

Foreside

Fund

Services,

LLC,

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(d/b/a

ACA

Group)

(the

"Distributor"),

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Funds

have

adopted

a

Distribution

Plan

(the

"Plan")

in

accordance

with

Rule

12b-1

of

the

Act.

Under

the

Plan,

each

Fund

may

pay

the

Distributor

and/or

any

other

entity

as

authorized

by

the

Board

a

fee

of

up

to

0.25%

of

each

Fund's

average

daily

net

assets

of

Investor

Shares

for

providing

distribution

and/or

shareholder

services

to

the

Funds.

The

Distributor

is

not

affiliated

with

the

Adviser

or

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

or

their

affiliates.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

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

January

31,

2026

Note

5. Expenses

Reimbursed

and

Fees

Waived

The

Adviser has

contractually

agreed

to

waive

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

proxy

expenses

and

extraordinary

expenses)

to

2.00%

for

Institutional

Shares

and

2.25%

for

Investor

Shares

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund;

2.50%

for

Institutional

Shares

and

2.75%

for

Investor

Shares

of

the

ABR

50/50

Volatility

Fund;

and

1.75%

for

Institutional

Shares

and

2.00%

for

Investor

Shares

of

the

ABR

75/25

Volatility

Fund,

through

at

least

at

least

November

30,

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

period

ended

January

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.

As

of

January

31,

2026,

$712,983,

$939,670

and

$7,383,620

is

subject

to

recapture

by

the

Adviser

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

Other

Waivers

are

not

eligible

for

recoupment.

Note

6. Security

Transactions

The

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(including

maturities),

other

than

short-term

investments,

during

the

period

ended

January

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

period

ended

January

31,

2026,

for

any

derivative

type

that

was

held

is

as

follows:

Each

Fund's

use

of

derivatives

during

the

period

ended

January

31,

2026,

was

limited

to

futures

contracts.

Following

is

a

summary

of

the

effect

of

derivatives

on

the

Statements

of

Assets

and

Liabilities

as

of

January

31,

2026. ABR

Dynamic

Blend

Equity

&

Volatility

Fund

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

104,193

$

14,663

$

118,856

ABR

50/50

Volatility

Fund

150,333

11,217

161,550

ABR

75/25

Volatility

Fund

808,234

33,913

842,147

U.S.

Government

Obligations

Purchases

Sales

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–

$

–

ABR

50/50

Volatility

Fund

80,495,272

84,411,574

ABR

75/25

Volatility

Fund

151,726,756

160,485,567

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Futures

Contracts

$

383,260,365

$

928,324

$

266,890,463

Location:

Equity

Contracts

Asset

derivatives:

Unrealized

appreciation

on

futures\*

$

1,334,662

Receivable

–

variation

margin

$

63,325

Total

asset

derivatives

$

1,397,987

Liability

derivatives:

Payable

–

variation

margin

$

(299,700)

Total

liability

derivatives

$

(299,700)

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2026

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

\*

Balance

is

included

in

the

deposits

with

broker

for

futures

on

the

Statements

of

Assets

and

Liabilities.

Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

during

the

period

ended

January

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

ABR

75/25

Volatility

Fund

Location:

Equity

Contracts

Liability

derivatives:

Unrealized

depreciation

on

futures\*

$

(14,038)

Payable

–

variation

margin

$

(150,648)

Total

liability

derivatives

$

(164,686)

Location:

Equity

Contracts

Asset

derivatives:

Unrealized

appreciation

on

futures\*

$

1,085,590

Total

asset

derivatives

$

1,085,590

Liability

derivatives:

Payable

–

variation

margin

$

(477,857)

Total

liability

derivatives

$

(477,857)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

6,658,595

Total

net

realized

gain

(loss)

$

6,658,595

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(2,451,218)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(2,451,218)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

5,778,711

Total

net

realized

gain

(loss)

$

5,778,711

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(899,236)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(899,236)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

16,938,270

Total

net

realized

gain

(loss)

$

16,938,270

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(3,682,208)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(3,682,208)

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2026

Note

8. Federal

Income

Tax

As

of

January

31,

2026,

the

cost

of

investments

and

the

components

of

net

unrealized depreciation were

as

follows:

As

of

July

31,

2025,

distributable

earnings

(accumulated

loss)

on

a

tax

basis

for

the

Funds

were

as

follows:

The

difference

between

components

of

distributable

earnings/accumulated

loss

on

a

tax

basis

and

the

amounts

reflected

in

the

Statements

of

Assets

and

Liabilities

are

primarily

due

to

wash

sales.

As

of

July

31,

2025,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$28,399,605,

$3,916,127,

and

$38,352,852,

respectively,

of

available

long-term

capital

loss

carryforwards

and

$18,933,069,

$6,585,958,

and

$34,449,732,

respectively,

of

available

short-term

capital

loss

carryforwards

that

have

no

expiration

date.

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.

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Depreciation

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–

$

–

$

–

ABR

50/50

Volatility

Fund

–

(84,121)

(84,121)

ABR

75/25

Volatility

Fund

–

(143,092)

(143,092)

Undistributed

Ordinary

Income

Capital

and

Other

Losses

Net

Unrealized

Depreciation

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

254,540

$

(47,332,674)

$

–

$

(47,078,134)

ABR

50/50

Volatility

Fund

–

(10,502,085)

(230,767)

(10,732,852)

ABR

75/25

Volatility

Fund

1,990,483

(72,802,584)

(429,367)

(71,241,468)

ABR

Funds

OTHER

INFORMATION

January

31,

2026

Changes

in

and

Disagreements

with

Accountants

(Item

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

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

of

Form

N-CSR)

N/A

ABR

Funds

FOR

MORE

INFORMATION:

P.O.

Box

588

Portland,

ME

04112

(855) 422-4518

(toll

free)

INVESTMENT

ADVISER

ABR

Dynamic

Funds,

LLC

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-SAR-0126

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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.

Not applicable.

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) Not applicable.

(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).](cert302.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).](section906.htm)

# 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Forum Funds II</u>

---

| | |
|:---|:---|
| By: | /s/ Zachary Tackett |
|  | Zachary Tackett, Principal Executive Officer |
| Date: | March 18, 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: | March 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date: | March 18, 2026 |

---

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds II**

I, Zachary Tackett, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds II (ABR Dynamic Blend Equity & Volatility Fund, ABR 50/50 Volatility Fund, and ABR 75/25 Volatility Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 18, 2026 | /s/ Zachary Tackett |
|  |  | Zachary Tackett |
|  |  | Principal Executive Officer |

---

**Exhibit 1B**

**Forum Funds II**

I, Karen Shaw, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Forum Funds II (ABR Dynamic Blend Equity & Volatility Fund, ABR 50/50 Volatility Fund, and ABR 75/25 Volatility Fund);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 18, 2026 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Forum Funds II (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

* The information contained
 in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust as of, and for, the
 periods presented in the Report. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | March 18, 2026 |
|  | /s/ Zachary Tackett |
|  | Zachary Tackett |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | March 18, 2026 |
|  | /s/ Karen Shaw |
|  | Karen Shaw |
|  | Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.