# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001435109-23-000056
**Filing Date:** 2023-3
**Character Count:** 71965
**Document Hash:** 73fa8df73e04304e93f5386f93608510
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-23-000056.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001435109-23-000056

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367
- **IRS NUMBER:** 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:** 23780904

**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           |

As filed with the Securities and Exchange Commission on March 30, 2023

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number 811-22842

**FORUM FUNDS II**

Three Canal Plaza, Suite 600

Portland, Maine 04101

Jessica Chase, Principal Executive Officer

Three Canal Plaza, Suite 600

Portland, Maine 04101

207-347-2000

Date of fiscal year end: July 31

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

ITEM 1. REPORT TO STOCKHOLDERS.

ABR

Funds

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Semi-Annual

Report

January

31,

2023

(Unaudited)

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

January

31,

2023

See

Notes

to

Financial

Statements.

At

January

31,

2023,

the

Fund

held

the

following

exchange-traded

futures

contracts.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

January

31,

2023. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

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%

132,443,078

Net

Assets

-

100.0%

$

132,443,078

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(Depreciation)

CBOE

VIX

Future

02/15/23

$

2,060,459

$

1,972,096

$

(88,363)

CBOE

VIX

Future

03/22/23

2,032,771

1,966,138

(66,633)

627

S&P

500

E-mini

Future

03/17/23

122,375,858

128,221,500

5,845,642

$

126,469,088

$

132,159,734

$

5,690,646

Valuation

Inputs

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

5,690,646

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

5,690,646

\*

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,

2023

See

Notes

to

Financial

Statements.

At

January

31,

2023,

the

Fund

held

the

following

exchange-traded

futures

contracts:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

January

31,

2023. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

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%

57,247,570

Net

Assets

-

100.0%

$

57,247,570

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(838) CBOE

VIX

Future

02/15/23

$

(18,692,507)

$

(16,362,537)

$

2,329,970

(799) CBOE

VIX

Future

03/22/23

(16,922,900)

(16,363,999)

558,901

S&P

500

E-mini

Future

03/17/23

23,508,880

24,540,000

1,031,120

$

(12,106,527)

$

(8,186,536)

$

3,919,991

Valuation

Inputs

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

3,919,991

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

3,919,991

\*

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

75/25

Volatility

Fund

SCHEDULE

OF

INVESTMENTS

January

31,

2023

See

Notes

to

Financial

Statements.

At

January

31,

2023,

the

Fund

held

the

following

exchange-traded

futures

contracts:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

January

31,

2023. The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

more

information

on

valuation

inputs,

and

their

aggregation

into

the

levels

used

in

the

table

below,

please

refer

to

the

Security

Valuation

section

in

Note

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%

255,663,177

Net

Assets

-

100.0%

$

255,663,177

Contracts

Description

Expiration

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

(1,613)

CBOE

VIX

Future

02/15/23

$

(35,017,386)

$

(31,494,954)

$

3,522,432

(1,538)

CBOE

VIX

Future

03/22/23

(32,708,850)

(31,499,163)

1,209,687

930

S&P

500

E-mini

Future

03/17/23

182,677,616

190,185,000

7,507,384

$

114,951,380

$

127,190,883

$

12,239,503

Valuation

Inputs

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

12,239,503

Level

-

Other

Significant

Observable

Inputs

–

Level

-

Significant

Unobservable

Inputs

–

Total

$

12,239,503

\*

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

Funds

STATEMENTS

OF

ASSETS

AND

LIABILITIES

January

31,

2023

See

Notes

to

Financial

Statements.

\*

$17,433,067,

$10,397,792,

and

$36,898,437

was

held

at

StoneX

Financial,

Inc.

and

$21,283,659,

$21,031,033

and

$54,113,420

was

held

at

Marex

Capital

Markets,

Inc.

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively.

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

ASSETS

Cash

$

93,677,284

$

25,698,573

$

163,132,111

Deposits

with

broker\*

38,716,726

31,428,825

91,011,857

Receivables:

Fund

shares

sold

168,124

208,392

1,565,571

Interest

304,560

76,124

541,666

Prepaid

expenses

81,064

20,208

24,506

Total

Assets

132,947,758

57,432,122

256,275,711

LIABILITIES

Payables:

Fund

shares

redeemed

281,322

56,458

219,540

Accrued

Liabilities:

Investment

adviser

fees

165,260

88,013

314,861

Fund

services

fees

11,787

9,606

19,979

Other

expenses

46,311

30,475

58,154

Total

Liabilities

504,680

184,552

612,534

NET

ASSETS

$

132,443,078

$

57,247,570

$

255,663,177

COMPONENTS

OF

NET

ASSETS

Paid-in

capital

$

189,172,828

$

82,184,560

$

361,024,895

Accumulated

loss

(56,729,750)

(24,936,990)

(105,361,718)

NET

ASSETS

$

132,443,078

$

57,247,570

$

255,663,177

SHARES

OF

BENEFICIAL

INTEREST

AT

NO

PAR

VALUE

(UNLIMITED

SHARES

AUTHORIZED)

Institutional

Shares

11,991,467

8,698,534

28,148,129

Investor

Shares

1,312,129

758,148

2,137,220

NET

ASSET

VALUE,

OFFERING

AND

REDEMPTION

PRICE

PER

SHARE

Institutional

Shares

(based

on

net

assets

of

$119,727,591,

$52,737,067

and

$237,752,896,

respectively)

$

9.98 $

6.06 $

8.45 Investor

Shares

(based

on

net

assets

of

$12,715,487,

$4,510,503

and

$17,910,281,

respectively)

$

9.69 $

5.95 $

8.38 ABR

Funds

STATEMENTS

OF

OPERATIONS

SIX

MONTHS

ENDED

JANUARY

31,

2023

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

$

1,615,678

$

406,803

$

3,038,993

Total

Investment

Income

1,615,678

406,803

3,038,993

EXPENSES

Investment

adviser

fees

1,339,309

679,524

3,628,521

Fund

services

fees

81,365

41,023

133,711

Transfer

agent

fees:

Institutional

Shares

16,989

11,685

32,263

Investor

Shares

10,090

11,627

11,440

Distribution

fees:

Investor

Shares

19,476

5,418

21,756

Custodian

fees

6,848

2,590

11,964

Registration

fees:

Institutional

Shares

8,772

10,443

14,486

Investor

Shares

7,725

8,939

10,126

Professional

fees

55,239

19,005

26,460

Trustees'

fees

and

expenses

5,200

3,335

8,270

Brokerage

fees

18,643

7,762

3,959

Other

expenses

121,316

51,676

179,325

Total

Expenses

1,690,972

853,027

4,082,281

Fees

waived

(140,863)

(168,086)

(1,520,558)

Net

Expenses

1,550,109

684,941

2,561,723

NET

INVESTMENT

INCOME

(LOSS)

65,569

(278,138)

477,270

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

on:

Investments

(13,873)

(158,624)

(538,900)

Futures

(116,994)

8,943,671

24,029,695

Net

realized

gain

(loss)

(130,867)

8,785,047

23,490,795

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

(9,372,803)

(2,017,068)

(17,425,286)

Net

change

in

unrealized

appreciation

(depreciation)

(9,372,803)

(2,017,068)

(17,425,286)

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

(9,503,670)

6,767,979

6,065,509

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

(9,438,101)

$

6,489,841

$

6,542,779

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,

2023

For

the

Year

Ended

July

31,

2022

For

the

Six

Months

Ended

January

31,

2023

For

the

Year

Ended

July

31,

2022

OPERATIONS

Net

investment

income

(loss)

$

65,569

$

(4,749,060)

$

(278,138)

$

(1,812,486)

Net

realized

gain

(loss)

(130,867)

(45,714,468)

8,785,047

(24,134,297)

Net

change

in

unrealized

appreciation

(depreciation)

(9,372,803)

7,454,516

(2,017,068)

3,191,528

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(9,438,101)

(43,009,012)

6,489,841

(22,755,255)

DISTRIBUTIONS

TO

SHAREHOLDERS

Institutional

Shares

–

(17,765,425)

–

(33,371,545)

Investor

Shares

–

(3,388,727)

–

(1,207,076)

Total

Distributions

Paid

–

(21,154,152)

–

(34,578,621)

CAPITAL

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

21,046,301

133,579,705

14,317,101

70,719,381

Investor

Shares

656,792

27,696,164

633,075

5,958,909

Reinvestment

of

distributions:

Institutional

Shares

–

16,585,244

–

30,001,157

Investor

Shares

–

3,187,329

–

1,179,028

Redemption

of

shares:

Institutional

Shares

(53,316,759)

(133,171,929)

(22,534,258)

(73,174,661)

Investor

Shares

(10,637,098)

(39,093,796)

(1,258,048)

(3,180,734)

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

(42,250,764)

8,782,717

(8,842,130)

31,503,080

Decrease

in

Net

Assets

(51,688,865)

(55,380,447)

(2,352,289)

(25,830,796)

NET

ASSETS

Beginning

of

Period

184,131,943

239,512,390

59,599,859

85,430,655

End

of

Period

$

132,443,078

$

184,131,943

$

57,247,570

$

59,599,859

SHARE

TRANSACTIONS

Sale

of

shares:

Institutional

Shares

2,125,217

10,913,605

2,755,634

8,944,222

Investor

Shares

69,326

2,210,885

124,380

840,471

Reinvestment

of

distributions:

Institutional

Shares

–

1,286,675

–

3,989,516

Investor

Shares

–

253,970

–

159,113

Redemption

of

shares:

Institutional

Shares

(5,374,072)

(11,719,391)

(4,316,672)

(10,411,367)

Investor

Shares

(1,067,809)

(3,297,653)

(243,768)

(399,756)

Increase

(Decrease)

in

Shares

(4,247,338)

(351,909)

(1,680,426)

3,122,199

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,

2023

For

the

Year

Ended

July

31,

2022

$

477,270

$

(5,923,034)

23,490,795

(101,809,234)

(17,425,286)

18,661,091

6,542,779

(89,071,177)

–

(63,854,266)

–

(6,173,120)

–

(70,027,386)

31,830,047

243,321,377

2,423,744

35,215,017

–

57,514,074

–

6,117,863

(107,260,045)

(161,780,379)

(4,922,956)

(31,912,102)

(77,929,210)

148,475,850

(71,386,431)

(10,622,713)

327,049,608

337,672,321

$

255,663,177

$

327,049,608

4,078,125

23,551,457

307,766

3,302,812

–

5,477,531

–

585,441

(13,824,087)

(17,818,446)

(629,132)

(3,395,096)

(10,067,328)

11,703,699

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,

2023

For

the

Years

Ended

July

31,

2022

2021

2020

2019

2018

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

10.53 $

13.43 $

15.37 $

10.20 $

10.63 $

10.12 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(a) 0.01 (0.23)

(0.26)

(0.16)

(0.13)

(0.16)

Net

realized

and

unrealized

gain

(loss)

(0.56)

(1.57)

1.33 5.41 0.08 1.00 Total

from

Investment

Operations

(0.55)

(1.80)

1.07 5.25 (0.05)

0.84 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(1.10)

(3.01)

(0.08)

(0.38)

(0.33)

Total

Distributions

to

Shareholders

–

(1.10)

(3.01)

(0.08)

(0.38)

(0.33)

NET

ASSET

VALUE,

End

of

Period

$

9.98 $

10.53 $

13.43 $

15.37 $

10.20 $

10.63 TOTAL

RETURN

(5.22)%(b)

(14.93)%

9.20%

51.91%

(0.31)%

8.45%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

119,728

$

160,485

$

198,285

$

195,398

$

37,331

$

23,783

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.11%(c)

(1.86)%

(1.93)%

(1.28)%

(1.31)%

(1.54)%

Net

expenses

2.00%(c)

2.00%

2.00%

2.00%

2.00%

2.03%

Brokerage

fees

0.02%(c)

0.02%

0.02%

0.01%

0.02%

0.03%

Net

expenses

without

brokerage

fees

1.98%(c)

1.98%

1.98%

1.99%

1.98%

2.00%

Gross

expenses

(d) 2.16%(c)

2.05%

2.03%

2.20%

2.41%

2.68%

PORTFOLIO

TURNOVER

RATE

0%(b)

0%

0%

0%

0%

0%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Not

annualized.

(c) Annualized.

(d) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

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,

2023

For

the

Years

Ended

July

31,

2022

2021

2020

2019

2018

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

10.23 $

13.12 $

15.11 $

10.05 $

10.51 $

10.08 INVESTMENT

OPERATIONS

Net

investment

loss

(a) (0.01)

(0.26)

(0.29)

(0.20)

(0.16)

(0.19)

Net

realized

and

unrealized

gain

(loss)

(0.53)

(1.53)

1.31 5.34 0.08 0.95 Total

from

Investment

Operations

(0.54)

(1.79)

1.02 5.14 (0.08)

0.76 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(1.10)

(3.01)

(0.08)

(0.38)

(0.33)

Total

Distributions

to

Shareholders

–

(1.10)

(3.01)

(0.08)

(0.38)

(0.33)

NET

ASSET

VALUE,

End

of

Period

$

9.69 $

10.23 $

13.12 $

15.11 $

10.05 $

10.51 TOTAL

RETURN

(5.28)%(b)

(15.22)%

8.99%

51.59%

(0.61)%

7.67%

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

12,715

$

23,646

$

41,227

$

40,932

$

3,158

$

1,491

Ratios

to

Average

Net

Assets:

Net

investment

loss

(0.17)%(c)

(2.14)%

(2.18)%

(1.53)%

(1.58)%

(1.80)%

Net

expenses

2.25%(c)

2.25%

2.25%

2.25%

2.25%

2.28%

Brokerage

fees

0.02%(c)

0.02%

0.02%

0.01%

0.02%

0.03%

Net

expenses

without

brokerage

fees

2.23%(c)

2.23%

2.23%

2.24%

2.23%

2.25%

Gross

expenses

(d) 2.68%(c)

2.40%

2.44%

2.76%

3.81%

6.41%

PORTFOLIO

TURNOVER

RATE

0%(b)

0%

0%

0%

0%

0%

(a) Calculated

based

on

average

shares

outstanding

during

each

period.

(b) Not

annualized.

(c) Annualized.

(d) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

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,

2023

For

the

Years

Ended

July

31,

October

2,

2017

(a) Through

July

31,

2018

2022

2021

2020

2019

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

5.36 $

10.66 $

7.08 $

7.68 $

7.80 $

10.00 INVESTMENT

OPERATIONS

Net

investment

loss

(b) (0.03)

(0.17)

(0.19)

(0.15)

(0.05)

(0.05)

Net

realized

and

unrealized

gain

(loss)

0.73 (1.34)

3.77 0.40 0.57 (2.05)(c)

Total

from

Investment

Operations

0.70 (1.51)

3.58 0.25 0.52 (2.10)

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(3.79)

(0.00)(d)

(0.85)

(0.64)

(0.10)

Total

Distributions

to

Shareholders

–

(3.79)

(0.00)

(0.85)

(0.64)

(0.10)

NET

ASSET

VALUE,

End

of

Period

$

6.06 $

5.36 $

10.66 $

7.08 $

7.68 $

7.80 TOTAL

RETURN

13.06%(e)

(24.38)%

50.57%

1.71%

9.46%

(21.24)%(e)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

52,737

$

54,979

$

82,498

$

45,863

$

2,824

$

2,909

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.00)%(f)

(2.15)%

(2.19)%

(2.11)%

(0.74)%

(0.73)%(f)

Net

expenses

2.50%(f)

2.50%

2.50%

2.50%

2.50%

2.66%(f)

Brokerage

fees

0.03%(f)

0.02%

0.02%

0.05%

0.14%

0.16%(f)

Net

expenses

without

brokerage

fees

2.47%(f)

2.48%

2.48%

2.45%

2.36%

2.50%(f)

Gross

expenses

(g) 3.04%(f)

2.90%

2.91%

3.70%

6.66%

10.28%(f)

PORTFOLIO

TURNOVER

RATE

(h) 5,678%(e)

2,774%

1,782%

875%

963%

748%(e)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

period

ended

July

31,

2018

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(d) Less

than

$0.01

per

share.

(e) Not

annualized.

(f) Annualized.

(g) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(h) 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,

2023

For

the

Years

Ended

July

31,

October

11,

2017

(a) Through

July

31,

2018

2022

2021

2020

2019

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

5.27 $

10.56 $

7.03 $

7.64 $

7.79 $

10.06 INVESTMENT

OPERATIONS

Net

investment

loss

(b) (0.03)

(0.17)

(0.21)

(0.17)

(0.07)

(0.06)

Net

realized

and

unrealized

gain

(loss)

0.71 (1.33)

3.74 0.41 0.56 (2.11)(c)

Total

from

Investment

Operations

0.68 (1.50)

3.53 0.24 0.49 (2.17)

DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(3.79)

(0.00)(d)

(0.85)

(0.64)

(0.10)

Total

Distributions

to

Shareholders

–

(3.79)

(0.00)

(0.85)

(0.64)

(0.10)

NET

ASSET

VALUE,

End

of

Period

$

5.95 $

5.27 $

10.56 $

7.03 $

7.64 $

7.79 TOTAL

RETURN

12.90%(e)

(24.57)%

50.21%

1.58%

9.07%

(21.81)%(e)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

4,511

$

4,621

$

2,933

$

3,133

$

715

$

1,758

Ratios

to

Average

Net

Assets:

Net

investment

loss

(1.25)%(f)

(2.40)%

(2.52)%

(2.36)%

(0.99)%

(0.95)%(f)

Net

expenses

2.75%(f)

2.75%

2.75%

2.75%

2.75%

2.91%(f)

Brokerage

fees

0.03%(f)

0.02%

0.02%

0.09%

0.14%

0.16%(f)

Net

expenses

without

brokerage

fees

2.72%(f)

2.73%

2.73%

2.66%

2.61%

2.75%(f)

Gross

expenses

(g) 4.29%(f)

4.41%

4.74%

6.53%

8.24%

9.55%(f)

PORTFOLIO

TURNOVER

RATE

(h) 5,678%(e)

2,774%

1,782%

875%

963%

748%(e)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Per

share

amount

does

not

accord

with

the

amount

reported

in

the

Statement

of

Operations

for

the

period

ended

July

31,

2018

due

to

the

timing

of

Fund

share

sales

and

the

amount

per

share

of

realized

and

unrealized

gains

and

losses

at

such

time.

(d) Less

than

$0.01

per

share.

(e) Not

annualized.

(f) Annualized.

(g) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(h) 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,

2023

For

the

Year

Ended

July

31,

2022

August

3,

2020

(a) Through

July

31,

2021

INSTITUTIONAL

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

8.11 $

11.79 $

10.00 INVESTMENT

OPERATIONS

Net

investment

income

(loss)

(b) 0.01 (0.15)

(0.16)

Net

realized

and

unrealized

gain

(loss)

0.33 (1.50)

1.95 Total

from

Investment

Operations

0.34 (1.65)

1.79 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(2.03)

–

Total

Distributions

to

Shareholders

–

(2.03)

–

NET

ASSET

VALUE,

End

of

Period

$

8.45 $

8.11 $

11.79 TOTAL

RETURN

4.19%(c)

(17.88)%

17.90%(c)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

237,753

$

307,247

$

314,576

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.34%(d)

(1.48)%

(1.53)%(d)

Net

expenses

1.75%(d)

1.75%

1.75%(d)

Brokerage

fees

0.00%(d)

0.00%

0.00%(d)

Net

expenses

without

brokerage

fees

1.75%(d)

1.75%

1.75%(d)

Gross

expenses

(e) 2.78%(d)

2.74%

2.78%(d)

PORTFOLIO

TURNOVER

RATE

(f) 5,446%(c)

2,720%

1,622%(c)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Not

annualized.

(d) Annualized.

(e) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(f) Short

term

cash

instruments

and

derivative

instruments

such

as

futures

contracts

are

excluded

from

the

portfolio

turnover

rate

calculation.

ABR

75/25

VOLATILITY

FUND

FINANCIAL

HIGHLIGHTS

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,

2023

For

the

Year

Ended

July

31,

2022

August

5,

2020

(a) Through

July

31,

2021

INVESTOR

SHARES

NET

ASSET

VALUE,

Beginning

of

Period

$

8.05 $

11.75 $

10.00 INVESTMENT

OPERATIONS

Net

investment

loss

(b) 0.00(c)

(0.18)

(0.19)

Net

realized

and

unrealized

gain

(loss)

0.33 (1.49)

1.94 Total

from

Investment

Operations

0.33 (1.67)

1.75 DISTRIBUTIONS

TO

SHAREHOLDERS

FROM

Net

realized

gain

–

(2.03)

–

Total

Distributions

to

Shareholders

–

(2.03)

–

NET

ASSET

VALUE,

End

of

Period

$

8.38 $

8.05 $

11.75 TOTAL

RETURN

4.10%(d)

(18.15)%

17.50%(d)

RATIOS/SUPPLEMENTARY

DATA

Net

Assets

at

End

of

Period

(000s

omitted)

$

17,910

$

19,802

$

23,096

Ratios

to

Average

Net

Assets:

Net

investment

income

(loss)

0.11%(e)

(1.75)%

(1.76)%(e)

Net

expenses

2.00%(e)

2.00%

2.00%(e)

Brokerage

fees

0.00%(e)

0.00%

0.00%(e)

Net

expenses

without

brokerage

fees

2.00%(e)

2.00%

2.00%(e)

Gross

expenses

(f) 3.35%(e)

3.18%

3.48%(e)

PORTFOLIO

TURNOVER

RATE

(g) 5,446%(d)

2,720%

1,622%(d)

(a) Commencement

of

operations.

(b) Calculated

based

on

average

shares

outstanding

during

each

period.

(c) Less

than

$0.01

per

share.

(d) Not

annualized.

(e) Annualized.

(f) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(g) 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,

2023

Note

1. Organization

The

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

and

ABR

50/50

Volatility

Fund

are

diversified

portfolios

and

the

ABR

75/25

Volatility

Fund

(individually,

a

"Fund"

and

collectively,

the

"Funds")

is

a

non-diversified

portfolio

of

Forum

Funds

II

(the

"Trust").

The

Trust

is

a

Delaware

statutory

trust

that

is

registered

as

an

open-end,

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Act").

Under

its

Trust

Instrument,

the

Trust

is

authorized

to

issue

an

unlimited

number

of

each

Fund's

shares

of

beneficial

interest

without

par

value.

Each

Fund

currently

offers

two

classes

of

shares:

Institutional

Shares

and

Investor

Shares.

Institutional

Shares

and

Investor

Shares

commenced

operations

on

August

3,

2015,

and

August

14,

2015,

respectively,

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund;

October

2,

2017

and

October

11,

2017,

respectively,

for

the

ABR

50/50

Volatility

Fund;

and

August

3,

2020

and

August

5,

2020,

respectively,

for

the

ABR

75/25

Volatility

Fund.

The

ABR

Dynamic

Blend

Equity

&

Volatility

Fund's

investment

objective

is

to

seek

investment

results

that

correspond

generally

to

the

performance,

before

the

Fund's

fees

and

expenses,

of

a

benchmark

index

that

measures

the

investment

returns

of

a

dynamic

ratio

of

large-capitalization

stocks

and

the

volatility

of

large-capitalization

stocks.

The

ABR

50/50

Volatility

Fund

and

ABR

75/25

Volatility

Fund's

investment

objective

is

to

seek

long-term

capital

appreciation.

Prior

to

December

1,

2020,

the

ABR

50/50

Volatility

Fund

was

named

ABR

Dynamic

Short

Volatility

Fund.

Note

2. Summary

of

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946,

"Financial

Services

–

Investment

Companies."

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

fiscal

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

each

Fund:

Security

Valuation

–

Securities

are

valued

at

market

prices

using

the

last

quoted

trade

or

official

closing

price

from

the

principal

exchange

where

the

security

is

traded,

as

provided

by

independent

pricing

services

on

each

Fund

business

day.

In

the

absence

of

a

last

trade,

securities

are

valued

at

the

mean

of

the

last

bid

and

ask

price

provided

by

the

pricing

service.

Debt

securities

may

be

valued

at

prices

supplied

by

a

fund's

pricing

agent

based

on

broker

or

dealer

supplied

valuations

or

matrix

pricing,

a

method

of

valuing

securities

by

reference

to

the

value

of

other

securities

with

similar

characteristics

such

as

rating,

interest

rate

and

maturity.

Futures

contracts

are

valued

at

the

day's

settlement

price

on

the

exchange

where

the

contract

is

traded.

Shares

of

non-exchange

traded

open-end

mutual

funds

are

valued

at

net

asset

value

("NAV").

Short-term

investments

that

mature

in

sixty

days

or

less

may

be

valued

at

amortized

cost.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Trust's

Board

of

Trustees

(the

"Board")

has

designated

the

Adviser,

as

defined

in

Note

4,

as

each

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

each

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser's

fair

valuation

procedures

as

a

part

of

each

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs.

In

determining

fair

valuations,

inputs

may

include

market-based

analytics

that

may

consider

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values

and

other

relevant

investment

information.

Adviser

inputs

may

include

an

income-based

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

in

determining

fair

value.

Discounts

may

also

be

applied

based

on

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

The

Adviser

performs

regular

reviews

of

valuation

methodologies,

key

inputs

and

assumptions,

disposition

analysis

and

market

activity.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

an

investment

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

asset

may

be

sold.

Fair

valuation

could

result

in

a

different

NAV

than

a

NAV

determined

by

using

market

quotes.

GAAP

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

each

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2023

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

with

maturities

of

sixty

days

or

less

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,

2023,

for

each

Fund's

investments

is

included

in

each

Fund's

Schedule

of

Investments.

Security

Transactions,

Investment

Income

and

Realized

Gain

and

Loss

–

Investment

transactions

are

accounted

for

on

the

trade

date.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

determining

the

existence

of

a

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

taxes,

which

are

accrued

as

applicable.

Interest

income

is

recorded

on

an

accrual

basis.

Premium

is

amortized

to

the

next

call

date

above

par

and

discount

is

accreted

to

maturity

using

the

effective

interest

method.

Identified

cost

of

investments

sold

is

used

to

determine

the

gain

and

loss

for

both

financial

statement

and

federal

income

tax

purposes.

Futures

Contracts

–

Each

Fund

may

purchase

futures

contracts

to

gain

exposure

to

market

changes,

which

may

be

more

efficient

or

cost

effective

than

actually

buying

the

securities.

A

futures

contract

is

an

agreement

between

parties

to

buy

or

sell

a

security

at

a

set

price

on

a

future

date.

Upon

entering

into

such

a

contract,

a

fund

is

required

to

pledge

to

the

broker

an

amount

of

cash,

U.S.

Government

obligations

or

other

high-quality

debt

securities

equal

to

the

minimum

"initial

margin"

requirements

of

the

exchange

on

which

the

futures

contract

is

traded.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

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,

2023,

for

each

Fund,

are

disclosed

in

the

Notes

to

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

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,

2023,

there

are

no

uncertain

tax

positions

that

would

require

financial

statement

recognition,

de-recognition

or

disclosure.

Income

and

Expense

Allocation

–

The

Trust

accounts

separately

for

the

assets,

liabilities

and

operations

of

each

of

its

investment

portfolios.

Expenses

that

are

directly

attributable

to

more

than

one

investment

portfolio

are

allocated

among

the

respective

investment

portfolios

in

an

equitable

manner.

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2023

The

Funds'

class-specific

expenses

are

charged

to

the

operations

of

that

class

of

shares.

Income

and

expenses

(other

than

expenses

attributable

to

a

specific

class)

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

the

class'

respective

net

assets

to

the

total

net

assets

of

each

Fund.

Commitments

and

Contingencies

–

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

provide

general

indemnifications

by

each

Fund

to

the

counterparty

to

the

contract.

Each

Fund's

maximum

exposure

under

these

arrangements

is

dependent

on

future

claims

that

may

be

made

against

each

Fund

and,

therefore,

cannot

be

estimated;

however,

based

on

experience,

the

risk

of

loss

from

such

claims

is

considered

remote.

Each

Fund

has

determined

that

none

of

these

arrangements

requires

disclosure

on

each

Fund's

balance

sheet.

Note

3. Cash

–

Concentration

in

Uninsured

Account

For

cash

management

purposes,

each

Fund

may

concentrate

cash

with

each

Fund's

custodian.

This

typically

results

in

cash

balances

exceeding

the

Federal

Deposit

Insurance

Corporation

("FDIC")

insurance

limits.

As

of

January

31,

2023,

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund

had

$93,427,284,

$25,448,573

and

$162,882,111,

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

(the

"Distributor")

acts

as

the

agent

of

the

Trust

in

connection

with

the

continuous

offering

of

shares

of

the

Funds.

The

Funds

have

adopted

a

Distribution

Plan

(the

"Plan")

in

accordance

with

Rule

12b-1

of

the

Act.

Under

the

Plan,

each

Fund

may

pay

the

Distributor

and/or

any

other

entity

as

authorized

by

the

Board

a

fee

of

up

to

0.25%

of

each

Fund's

average

daily

net

assets

of

Investor

Shares

for

providing

distribution

and/or

shareholder

services

to

the

Funds.

The

Distributor

is

not

affiliated

with

the

Adviser

or

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex")

or

their

affiliates.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

to

each

Fund.

The

fees

related

to

these

services

are

included

in

Fund

services

fees

and

Transfer

agent

fees

within

the

Statements

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Apex

Services

Agreement,

each

Fund

pays

Apex

customary

fees

for

its

services.

Apex

provides

a

Principal

Executive

Officer,

a

Principal

Financial

Officer,

a

Chief

Compliance

Officer

and

an

Anti-Money

Laundering

Officer

to

each

Fund,

as

well

as

certain

additional

compliance

support

functions.

Trustees

and

Officers

–

Through

the

period

ended

December

31,

2022,

the

Trust

paid

each

Independent

Trustee

an

annual

fee

of

$16,000

($21,000

for

the

Chairman)

for

service

to

the

Trust.

Effective

January

1,

2023,

each

Independent

Trustee

receives

an

annual

fee

of

$25,000

($32,500

for

the

Chairman)

for

service

to

the

Trust.

The

Independent

Trustees

and

Chairman

may

receive

additional

fees

for

special

Board

meetings.

The

Independent

Trustees

are

also

reimbursed

for

all

reasonable

out-of-pocket

expenses

incurred

in

connection

with

their

duties

as

Trustees,

including

travel

and

related

expenses

incurred

in

attending

Board

meetings.

The

amount

of

Independent

Trustees'

fees

attributable

to

each

Fund

is

disclosed

in

the

Statements

of

Operations.

Certain

officers

of

the

Trust

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

each

Fund.

Note

5. Expenses

Reimbursed

and

Fees

Waived

The

Adviser has

contractually

agreed

to

waive

its

fee

and/or

reimburse

Fund

expenses

to

limit

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

(excluding

all

taxes,

interest,

portfolio

transaction

expenses,

proxy

expenses

and

extraordinary

expenses)

to

2.00%

for

Institutional

Shares

and

2.25%

for

Investor

Shares

of

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund;

2.50%

for

Institutional

Shares

and

2.75%

for

Investor

Shares

of

the

ABR

50/50

Volatility

Fund;

and

1.75%

for

Institutional

Shares

and

2.00%

for

Investor

Shares

of

the

ABR

75/25

Volatility

Fund,

through

at

least

at

least

November

30,

2023. Other

Fund

service

providers

have

voluntarily

agreed

to

waive

and

reimburse

a

portion

of

their

fees.

These

voluntary

fee

waivers

and

reimbursements

may

be

reduced

or

eliminated

at

any

time.

For

the

period

ended

January

31,

2023,

fees

waived

and

expenses

reimbursed

were

as

follows:

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2023

The

Adviser

may

be

reimbursed

by

each

Fund

for

fees

waived

and

expenses

reimbursed

by

the

Adviser

pursuant

to

the

Expense

Cap

if

such

payment

is

approved

by

the

Board,

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement,

and

does

not

cause

the

Total

Annual

Fund

Operating

Expenses

After

Fee

Waiver

and/or

Expense

Reimbursement

to

exceed

the

lesser

of

(i) the

then-current

expense

cap,

or

(ii) the

expense

cap

in

place

at

the

time

the

fees/expenses

were

waived/reimbursed.

As

of

January

31,

2023,

$363,081,

$885,765

and

$7,369,585

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,

2023,

were

as

follows:

Note

7. Summary

of

Derivative

Activity

The

volume

of

open

derivative

positions

may

vary

on

a

daily

basis

as

each

Fund

transacts

derivative

contracts

in

order

to

achieve

the

exposure

desired

by

the

Adviser.

The

total

notional

value

of

transactions

for

the

period

ended

January

31,

2023,

for

any

derivative

type

that

was

held

is

as

follows:

Each

Fund's

use

of

derivatives

during

the

period

ended

January

31,

2023,

was

limited

to

futures

contracts.

Realized

and

unrealized

gains

and

losses

on

derivatives

contracts

during

the

period

ended

January

31,

2023,

by

each

Fund

are

recorded

in

the

following

locations

on

the

Statements

of

Operations:

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

125,461

$

15,402

$

140,863

ABR

50/50

Volatility

Fund

156,766

11,320

168,086

ABR

75/25

Volatility

Fund

1,475,713

44,845

1,520,558

U.S.

Government

Obligations

Purchases

Sales

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–

$

–

ABR

50/50

Volatility

Fund

22,056,113

21,897,914

ABR

75/25

Volatility

Fund

54,068,354

53,530,769

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

ABR

50/50

Volatility

Fund

ABR

75/25

Volatility

Fund

Futures

Contracts

$

1,425,806,640

$

4,219,484

$

1,165,193,880

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

(116,994)

Total

net

realized

gain

(loss)

$

(116,994)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(9,372,803)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(9,372,803)

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

8,943,671

Total

net

realized

gain

(loss)

$

8,943,671

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(2,017,068)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(2,017,068)

ABR

Funds

NOTES

TO

FINANCIAL

STATEMENTS

January

31,

2023

ABR

75/25

Volatility

Fund

Note

8. Federal

Income

Tax

As

of

January

31,

2023,

the

cost

for

federal

income

tax

purposes

is

substantially

the

same

as

for

financial

statement

purposes

and

the

components

of

net

unrealized

depreciation

were

as

follows:

As

of

July

31,

2022,

distributable

earnings

(accumulated

loss)

on

a

tax

basis

for

the

Funds

were

as

follows:

For

tax

purposes,

the

prior

year

late-year

ordinary

loss

was

$2,522,258,

$984,592

and

$3,424,454

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively,

(realized

during

the

period

January

1,

2022

through

July

31,

2022).

The

prior

year

post-October

capital

loss

was

$44,769,391,

$30,442,239,

and

$108,480,043

for

the

ABR

Dynamic

Blend

Equity

&

Volatility

Fund,

ABR

50/50

Volatility

Fund,

and

ABR

75/25

Volatility

Fund,

respectively,

(realized

during

the

period

November

1,

2021

through

July

31,

2022).

These

losses

were

recognized

for

tax

purposes

on

the

first

business

day

of

each

Fund's

current

fiscal

year,

August

1,

2022. 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.

Management

has

evaluated

the

need

for

additional

disclosures

and/or

adjustments

resulting

from

subsequent

events.

Based

on

this

evaluation,

no

additional

disclosures

or

adjustments

were

required.

Location:

Equity

Contracts

Net

realized

gain

(loss)

on:

Futures

$

24,029,695

Total

net

realized

gain

(loss)

$

24,029,695

Net

change

in

unrealized

appreciation

(depreciation)

on:

Futures

$

(17,425,286)

Total

net

change

in

unrealized

appreciation

(depreciation)

$

(17,425,286)

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

–

$

–

$

–

ABR

50/50

Volatility

Fund

–

–

–

ABR

75/25

Volatility

Fund

–

–

–

Capital

and

Other

Losses

Total

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

$

(47,291,649)

$

(47,291,649)

ABR

50/50

Volatility

Fund

(31,426,831)

(31,426,831)

ABR

75/25

Volatility

Fund

(111,904,497)

(111,904,497)

ABR

Funds

ADDITIONAL

INFORMATION

January

31,

2023

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program,

as

required

by

Rule

22e-4

(the

"Liquidity

Rule")

under

the

Investment

Company

Act

of

1940,

as

amended.

The

liquidity

risk

management

program

is

reasonably

designed

to

assess

and

manage

the

Fund's

liquidity

risk,

taking

into

consideration,

among

other

factors,

the

Funds'

investment

strategy

and

the

liquidity

of

the

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

its

short

and

long-term

cash

flow

projections

and

its

cash

holdings

and

access

to

other

funding

sources.

The

Board

approved

the

designation

of

a

Liquidity

Committee

as

the

administrator

of

the

liquidity

risk

management

program

(the

"Program

Administrator").

The

Program

Administrator

is

responsible

for

the

administration

and

oversight

of

the

program

and

for

reporting

to

the

Board

on

at

least

an

annual

basis

regarding,

among

other

things,

the

program's

operation,

adequacy,

and

effectiveness.

The

Program

Administrator

assessed

the

Fund's

liquidity

risk

profile

based

on

information

gathered

for

the

period

July

1,

2021

through

June

30,

2022

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

September

16,

2022. The

Program

Administrator's

written

report

stated

that:

(i) the

Funds

are

able

to

meet

redemptions

in

normal

and

reasonably

foreseeable

stressed

conditions

and

without

significant

dilution

of

remaining

shareholders'

interests

in

the

Funds;

(ii) the

Funds'

strategy

is

appropriate

for

an

open-end

mutual

fund;

(iii) the

liquidity

classification

determinations

regarding

the

Funds'

portfolio

investments,

which

take

into

account

a

variety

of

factors

and

may

incorporate

analysis

from

one

or

more

third-party

data

vendors,

remained

appropriate;

(iv) the

Funds

did

not

approach

the

internal

triggers

set

forth

in

the

liquidity

risk

management

program

or

the

regulatory

percentage

limitation

(15%)

on

holdings

in

illiquid

investments;

(v) it

continues

to

be

appropriate

to

not

set

a

"highly

liquid

investment

minimum"

for

the

Funds

because

the

Funds

primarily

hold

"highly

liquid

investments";

and

(vi) the

liquidity

risk

management

program

remains

reasonably

designed

and

adequately

implemented

to

prevent

violations

of

the

Liquidity

Rule.

No

significant

liquidity

events

impacting

the

Funds

or

proposed

changes

to

the

Program

were

noted

in

the

report.

Proxy

Voting

Information

A

description

of

the

policies

and

procedures

that

each

Fund

uses

to

determine

how

to

vote

proxies

relating

to

securities

held

in

each

Fund's

portfolio

is

available,

without

charge

and

upon

request,

by

calling

(855) 422-4518

and

on

the

U.S.

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

Each

Fund's

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June

is

available,

without

charge

and

upon

request,

by

calling

(855) 422-4518

and

on

the

SEC's

website

at

www.sec.gov.

Availability

of

Quarterly

Portfolio

Schedules

Each

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Forms

N-PORT

are

available

free

of

charge

on

the

SEC's

website

at

www.sec.gov.

Shareholder

Expense

Example

As

a

shareholder

of

the

Funds

,

you

incur

ongoing

costs,

including

management

fees,

distribution

and/or

service

(12b-1)

fees

(for

Investor

Shares

only)

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

August

1,

2022

through

January

31,

2023. Actual

Expenses

–

The

first

line

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes

–

The

second

line

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

each

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

ABR

Funds

ADDITIONAL

INFORMATION

January

31,

2023

in

each

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Beginning

Account

Value

August

1,

2022

Ending

Account

Value

January

31,

2023

Expenses

Paid

During

Period\*

Annualized

Expense

Ratio\*

ABR

Dynamic

Blend

Equity

&

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00

$

947.77 $

9.82 2.00%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,015.12

$

10.16 2.00%

Investor

Shares

Actual

$

1,000.00

$

947.22 $

11.04 2.25%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,013.86

$

11.42 2.25%

ABR

50/50

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00

$

1,130.60

$

13.43 2.50%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,012.60

$

12.68 2.50%

Investor

Shares

Actual

$

1,000.00

$

1,129.03

$

14.76 2.75%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,011.34

$

13.94 2.75%

ABR

75/25

Volatility

Fund

Institutional

Shares

Actual

$

1,000.00

$

1,041.93

$

9.01 1.75%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,016.38

$

8.89 1.75%

Investor

Shares

Actual

$

1,000.00

$

1,041.00

$

10.29 2.00%

Hypothetical

(5%

return

before

expenses)

$

1,000.00

$

1,015.12

$

10.16 2.00%

\*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half-year

(184) divided

by

to

reflect

the

half-year

period.

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

DISTRIBUTOR

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

Portland,

Maine

04101

www.foreside.com

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds'

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

For

the

most

recent

month-end

performance

and

current

fund

prices,

please

call

(855) 422-4518.

227-SAR-0123

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; Included as part of report to shareholders under Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

TEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the board of trustees from shareholders.

ITEM 11. CONTROLS AND PROCEDURES

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

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2) [Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002.](cert302.htm)

(a)(3) 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.](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 <u>Forum Funds II</u>

---

| | |
|:---|:---|
| By | /s/ Jessica Chase |
|  | Jessica Chase, Principal Executive Officer |
| Date | March 29, 2023 |

---

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

---

| | |
|:---|:---|
| By | /s/ Jessica Chase |
|  | Jessica Chase, Principal Executive Officer |
| Date | March 29, 2023 |

---

---

| | |
|:---|:---|
| By | /s/ Karen Shaw |
|  | Karen Shaw, Principal Financial Officer |
| Date | March 29, 2023 |

---

## Ex-99.Cert

**Exhibit 1A**

**Forum Funds II**

I, Jessica Chase, 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 29, 2023 | /s/ Jessica Chase |
|  |  | Jessica Chase |
|  |  | 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.

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| | | |
|:---|:---|:---|
| Date: | March 29, 2023 | /s/ Karen Shaw |
|  |  | Karen Shaw |
|  |  | Principal Financial Officer |

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## 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;

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| | |
|:---|:---|
| Dated: | March 29, 2023 |
|  | /s/ Jessica Chase |
|  | Jessica Chase |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Dated: | March 29, 2023 |
|  | /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.