Form N-CSR FORUM FUNDS II For: Jul 31
Tweet
Share
E-mailAs filed with the
Securities and Exchange Commission on September 24, 2021
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, 2020 – July 31, 2021
ITEM 1. REPORT TO STOCKHOLDERS.
ABR
Funds
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
Annual
Report
July
31,
2021
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
DYNAMIC
BLEND
EQUITY
&
VOLATILITY
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
July
31,
2021
1
Dear
Shareholder,
ABR
Dynamic
Funds,
LLC
is
pleased
to
review
the
performance
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
(“ABRVX”
or
the
“Fund”)
from
August
1,
2020
through
July
31,
2021.
During
this
period,
the
Institutional
Shares
of
the
Fund
returned
+9.20%.
The
investment
objective
of
the
Fund
is
to
seek
investment
results
that
correspond
generally
to
the
performance,
before
the
Fund’s
fees
and
expenses,
of
a
benchmark
index
that
measures
the
investment
returns
of
a
dynamic
ratio
of
large-capitalization
stocks
and
the
volatility
of
large-capitalization
stocks.
The
underlying
index
is
the
ABR
Dynamic
Blend
Equity
&
Volatility
Index
Powered
by
Wilshire
(“ABRVXX
Index”
or
the
“Index”).
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
the
value
of
its
net
assets
(plus
borrowing
for
investment
purposes)
in
securities
and
instruments,
including
derivatives,
that
provide
exposure
to
the
constituents
of
the
Index.
For
purposes
of
this
policy,
the
notional
value
of
the
Fund’s
investments
in
derivative
instruments
that
provide
exposure
to
the
constituents
of
the
Index
may
be
counted
toward
satisfaction
of
the
80%
policy.
The
Fund
uses
equities
(via
instruments
that
track
the
S&P
500®
Total
Return
Index),
equity
volatility
(via
instruments
that
track
the
S&P
500®
VIX
Short-Term
Futures
Total
Return
Index
–
“SPVXSTR”
Index),
and
cash
(via
cash
instruments).
The
Fund
employs
a
rules-based
strategy
to
determine
an
allocation
among
equities,
equity
volatility,
and
cash.
The
approach
is
designed
to
approximately
match
the
allocations
of
the
ABRVXX
Index.
The
strategy’s
exposure
to
volatility
tends
to
increase
in
periods
of
relatively
high
volatility
and
decrease
in
periods
of
relatively
low
volatility.
Although
not
guaranteed,
these
tendencies
are
designed
to
capture
favorable
volatility
movements
in
turbulent
markets
while
preserving
positive
performance
during
extended
rising
markets.
If
successful
in
this
design,
the
strategy
may
serve
as
a
useful
source
of
diversification
to
equity
markets
over
multiple
market
cycles.
During
the
past
fiscal
year,
ABRVX
returned
+9.20%.
Overall,
the
year
brought
a
strong
bull
market.
However,
the
months
of
September
and
October,
in
the
runup
to
the
U.S.
election,
saw
modest
declines
in
equity
markets
with
frequent
reversals.
The
reversals
present
a
situation
in
which
primarily
trend-following
models,
including
the
one
used
to
manage
the
Fund,
may
be
expected
to
underperform.
This
was
indeed
the
case
with
ABRVX
experiencing
its
largest
historical
drawdown
since
inception
(11.39%,
based
on
monthly
data).
Notwithstanding
that
period,
and
as
noted
above,
the
Fund
delivered
positive
performance
over
the
one
year-period
ending
July
31,
2021.
Overall,
the
Fund’s
underlying
trend-following
strategy
performed
as
expected.
It
utilized
a
lower
allocation
to
CBOE
Volatility
Index
(“VIX
Index”)
futures
in
response
to
calmer
markets
and
then
a
higher
allocation
to
VIX
Index
futures
in
response
to
several
brief
periods
of
slightly
increased
turbulence.
As
a
result,
the
Fund
participated
in
the
equity
market
rally
for
the
fiscal
year.
For
more
information
on
ABR
Dynamic
Funds,
LLC,
please
visit
our
website:
www.abrfunds.com.
The
return
on
and
value
of
an
investment
in
the
mutual
fund
will
fluctuate
in
response
to
market
movements.
Investments
are
subject
to
market
risks,
such
as
rapid
increase
or
decrease
in
an
investment
value
or
liquidity,
fluctuations
in
price
due
to
economic
conditions
and
other
factors
beyond
the
control
of
the
Adviser.
As
with
any
mutual
fund,
there
are
risks
involved
with
investing
in
the
Fund,
including
the
possible
loss
of
principal.
Other
risks
specific
to
the
Fund
are
detailed
in
the
prospectus.
The
Fund
may
also
invest
in
derivative
instruments,
and
a
small
investment
could
have
a
large
potential
impact
on
the
performance
of
the
Fund.
Future
contracts
have
risks
associated
with
index
correlation,
liquidity,
default
and
margin.
The
Fund
in
not
“actively”
managed;
passive
management
will
not
otherwise
take
defensive
positions
in
declining
markets
unless
such
positions
are
reflected
in
the
Index.
The
ABR
Dynamic
Blend
Equity
&
Volatility
Index
is
based
on
a
methodology
designed
by
ABR
Dynamic
Funds,
LLC
and
is
Powered
by
Wilshire.
Wilshire
calculated
and
distributes
the
Index
based
on
the
third-party
supplied
methodology,
information
and
data.
The
S&P
500
VIX
Short-Term
Futures
Index
utilizes
prices
of
the
next
two
near-term
VIX
futures
contracts
to
replicate
a
position
that
rolls
the
nearest
month
VIX
futures
to
the
next
month
on
a
daily
basis
in
equal
fractional
amounts.
The
CBOE
Volatility
Index
measures
the
expected
volatility
of
the
S&P
500
Index.
ABR
50/50
VOLATILITY
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
July
31,
2021
2
Dear
Shareholder,
ABR
Dynamic
Funds,
LLC
is
pleased
to
review
the
performance
of
the
ABR
50/50
Volatility
Fund
(“ABRSX”
or
the
“Fund”)
from
August
1,
2020
through
July
31,
2021.
During
this
period,
the
Institutional
Shares
of
the
Fund
returned
+50.57%.
The
investment
object
of
the
Fund
is
to
seek
long-term
capital
appreciation.
In
managing
the
Fund,
the
Adviser
uses
approximately
50%
of
each
of
its
long
volatility
and
short
volatility
proprietary
strategies.
However,
the
Fund
is
not
designed
to
achieve
balanced
risk
among
its
long
and
short
volatility
exposures.
Rather,
the
potential
for
long
volatility
exposure
inherent
in
the
50/50
strategy
is
intended
to
help
mitigate
the
risks
associated
with
the
Fund’s
short
volatility
exposure,
which
may
be
significant
at
times.
The
long
volatility
strategy
is
model-based.
Depending
on
the
level
of
volatility
in
the
market
environment,
the
long
volatility
model
determines
a
long
allocation
to
S&P
500
Index
futures
and
exchange-traded
products
(ETPs)
and
a
long
allocation
to
CBOE
Volatility
Index
(“VIX
Index”)
futures
and
ETPs.
In
low
to
medium
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
lower
exposure
to
VIX
Index
futures
and
ETPs
and
a
higher
exposure
to
S&P
500
Index
futures
and
ETPs.
In
medium
to
high
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
higher
exposure
to
VIX
Index
futures
and
ETPs
and
a
lower
exposure
to
S&P
500
Index
futures
and
ETPs
(as
compared
to
the
exposures
in
a
low
to
medium
volatility
environment).
The
short
volatility
strategy
is
model-based.
Depending
on
the
level
of
volatility
in
the
market
environment,
the
short
volatility
model
determines
a
short
allocation
to
VIX
Index
futures
and
ETPs,
and
long
allocations
to
U.S.
Treasuries
and
cash.
In
low
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
lower
short
exposure
to
VIX
Index
futures
and
ETPs.
In
a
medium
volatility
environment,
the
strategy
typically
targets
a
higher
short
exposure
to
VIX
Index
futures
and
ETPs.
In
high
volatility
environments,
the
strategy
may
target
as
little
as
zero
short
exposure
to
VIX
Index
futures
and
ETPs.
During
the
past
fiscal
year,
ABRSX
returned
+50.57%.
This
result
is
largely
attributable
to
the
Fund’s
short
exposure
to
VIX
Index
futures
and
ETPs
and
reflects
the
higher
risk
and
potentially
higher
reward
inherent
in
short
exposure
to
VIX
Index
futures
and
ETPs.
Overall,
the
Fund’s
strategy
performed
as
expected
during
the
period,
benefitting
from
short
exposure
to
volatility
coming
out
of
a
high
volatility
crisis
period
in
early
2020.
Prior
to
December
1,
2020,
the
ABR
50/50
Volatility
Fund
was
the
ABR
Dynamic
Short
Volatility
Fund,
which
employed
the
Adviser’s
short
volatility
strategy
but
without
any
allocation
to
its
long
volatility
strategy.
For
more
information
on
ABR
Dynamic
Funds,
LLC,
please
visit
our
website:
www.abrfunds.com.
The
return
on
and
value
of
an
investment
in
the
mutual
fund
will
fluctuate
in
response
to
market
movements.
Investments
are
subject
to
market
risks,
such
as
rapid
increase
or
decrease
in
an
investment
value
or
liquidity,
fluctuations
in
price
due
to
economic
conditions
and
other
factors
beyond
the
control
of
the
Adviser.
As
with
any
mutual
fund,
there
are
risks
involved
with
investing
in
the
Fund,
including
the
possible
loss
of
principal.
Other
risks
specific
to
the
Fund
are
detailed
in
the
prospectus.
The
Fund
is
non-diversified,
and
fluctuations
in
individual
holdings
will
have
a
greater
impact
on
the
Fund’s
performance.
The
Fund
may
also
invest
in
derivative
instruments,
and
a
small
investment
could
have
a
large
potential
impact
on
the
performance
of
the
Fund.
Future
contracts
have
risks
associated
with
index
correlation,
liquidity,
default
and
margin.
The
Fund
may
take
temporary
defensive
positions
under
extraordinary
market,
political,
or
macroeconomic
conditions.
The
S&P
500
Index
is
a
market
value-weighted
index
representing
the
performance
of
500
widely
held,
publicly
traded
large
capitalization
companies.
The
CBOE
Volatility
Index
measures
the
expected
volatility
of
the
S&P
500
Index.
ABR
75/25
VOLATLITY
FUND
A
MESSAGE
TO
OUR
SHAREHOLDERS
(Unaudited)
July
31,
2021
3
Dear
Shareholder,
ABR
Dynamic
Funds,
LLC
is
pleased
to
review
the
performance
of
the
ABR
75/25
Volatility
Fund
(“VOLSX”
or
the
“Fund”)
from
inception
on
August
3,
2020
through
July
31,
2021.
During
this
period,
the
Institutional
Shares
of
the
Fund
returned
+17.90%.
The
investment
object
of
the
Fund
is
to
seek
long-term
capital
appreciation.
In
managing
the
Fund,
the
Adviser
uses
approximately
75%
of
its
proprietary
long
volatility
strategy
and
25%
of
its
proprietary
short
volatility
strategy.
This
blend
of
strategies
is
designed
to
seek
to
generate
favorable
long-term
risk-adjusted
returns.
The
long
volatility
strategy
is
model-based.
Depending
on
the
level
of
volatility
in
the
market
environment,
the
long
volatility
model
determines
a
long
allocation
to
S&P
500
Index
futures
and
exchange-traded
products
(ETPs)
and
a
long
allocation
to
CBOE
Volatility
Index
(“VIX
Index”)
futures
and
ETPs.
In
low
to
medium
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
lower
exposure
to
VIX
Index
futures
and
ETPs
and
a
higher
exposure
to
S&P
500
Index
futures
and
ETPs.
In
medium
to
high
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
higher
exposure
to
VIX
Index
futures
and
ETPs
and
a
lower
exposure
to
S&P
500
Index
futures
and
ETPs
(as
compared
to
the
exposures
in
a
low
to
medium
volatility
environment).
The
short
volatility
strategy
is
model-based.
Depending
on
the
level
of
volatility
in
the
market
environment,
the
short
volatility
model
determines
a
short
allocation
to
VIX
Index
futures
and
ETPs,
and
long
allocations
to
U.S.
Treasuries
and
cash.
In
low
volatility
environments,
as
measured
by
the
model,
the
strategy
typically
targets
a
lower
short
exposure
to
VIX
Index
futures
and
ETPs.
In
a
medium
volatility
environment,
the
strategy
typically
targets
a
higher
short
exposure
to
VIX
Index
futures
and
ETPs.
In
high
volatility
environments,
the
strategy
may
target
as
little
as
zero
short
exposure
to
VIX
Index
futures
and
ETPs.
During
the
period
August
3,
2020
(inception
date)
through
fiscal
year
end
on
July
31,
2021,
VOLSX
returned
+17.90%.
Due
to
the
use
of
a
trend-following
model,
the
Fund
got
off
to
a
slow
start
performance-wise
during
this
period
due
to
repeated
equity
market
reversals
in
September
and
October
ahead
of
the
U.S.
election.
The
Fund
then
participated
in
much
of
the
equity
market
rally
from
November
2020
through
the
end
of
the
fiscal
year.
Overall,
the
Fund’s
approach
performed
as
expected,
benefitting
from
long
equity
exposure
and
short
volatility
exposure
at
different
times
in
the
period.
For
more
information
on
ABR
Dynamic
Funds,
LLC,
please
visit
our
website:
www.abrfunds.com.
The
return
on
and
value
of
an
investment
in
the
mutual
fund
will
fluctuate
in
response
to
market
movements.
Investments
are
subject
to
market
risks,
such
as
rapid
increase
or
decrease
in
an
investment
value
or
liquidity,
fluctuations
in
price
due
to
economic
conditions
and
other
factors
beyond
the
control
of
the
Adviser.
As
with
any
mutual
fund,
there
are
risks
involved
with
investing
in
the
Fund,
including
the
possible
loss
of
principal.
Other
risks
specific
to
the
Fund
are
detailed
in
the
prospectus.
The
Fund
is
non-diversified,
and
fluctuations
in
individual
holdings
will
have
a
greater
impact
on
the
Fund’s
performance.
The
Fund
may
also
invest
in
derivative
instruments,
and
a
small
investment
could
have
a
large
potential
impact
on
the
performance
of
the
Fund.
Future
contracts
have
risks
associated
with
index
correlation,
liquidity,
default
and
margin.
The
Fund
may
take
temporary
defensive
positions
under
extraordinary
market,
political,
or
macroeconomic
conditions.
The
S&P
500
Index
is
a
market
value-weighted
index
representing
the
performance
of
500
widely
held,
publicly
traded
large
capitalization
companies.
The
CBOE
Volatility
Index
measures
the
expected
volatility
of
the
S&P
500
Index.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
PERFORMANCE
CHART
AND
ANALYSIS
(Unaudited)
July
31,
2021
4
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$100,000
investment
in
Institutional
Shares,
including
reinvested
dividends
and
distributions,
in
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
(the
“Fund”)
compared
with
the
performance
of
the
benchmark,
S&P
500
Index
(the
"S&P
500"),
since
inception.
The
S&P
500
is
a
broad-based
measurement
of
the
U.S.
stock
market
based
on
the
performance
of
500
widely
held
large
capitalization
common
stocks.
The
total
return
of
the
index
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Fund
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
index
does
not
include
expenses.
The
Fund
is
professionally
managed,
while
the
index
is
unmanaged
and
is
not
available
for
investment.
Comparison
of
Change
in
Value
of
a
$100,000
Investment
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
-
Institutional
Shares
vs.
S&P
500
Index
Performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Investment
return
and
principal
value
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
original
cost.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratios
(gross)
for
Institutional
Shares
and
Investor
Shares
are
2.20%
and
2.76%,
respectively.
However,
the
Fund’s
adviser has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
proxy
expenses
and
extraordinary
expenses)
to
2.00%
for
Institutional
Shares
and
2.25%
for
Investor
Shares,
through
at
least
November
30,
2021
(the
“Expense
Cap”).
The
Expense
Cap
may
be
raised
or
eliminated
only
with
the
consent
of
the
Board
of
Trustees.
The
adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
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
and
(ii)
the
Expense
Cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
will
increase
if
exclusions
from
the
Expense
Cap
apply.
During
the
period,
certain
fees
were
waived
and/or
expenses
reimbursed;
otherwise,
returns
would
have
been
lower.
The
performance
table
and
graph
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
greater
than
one
year
are
annualized.
For
the
most
recent
month-end
performance
and
current
Fund
prices,
please
call
(855)
422-4518.
Average
Annual
Total
Returns
Periods
Ended
July
31,
2021
One
Year
Five
Years
Since
Inception
(1)
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
-
Institutional
Shares
9.20%
13.71%
10.83%
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
-
Investor
Shares
8.99%
13.34%
10.49%
S&P
500
Index
36.45%
17.35%
15.37%
(1)
Institutional
Shares
commenced
operations
on
August
3,
2015
and
Investor
Shares
commenced
operations
on
August
14,
2015.
The
return
shown
for
the
S&P
500
Index
is
as
of
August
3,
2015.
ABR
50/50
Volatility
Fund
PERFORMANCE
CHART
AND
ANALYSIS
(Unaudited)
July
31,
2021
5
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$100,000
investment
in
Institutional
Shares,
including
reinvested
dividends
and
distributions,
in
the
ABR
50/50
Volatility
Fund
(the
“Fund”)
compared
with
the
performance
of
the
benchmark,
FTSE
3-Month
U.S.
T-Bill
Index,
since
inception.
The
FTSE
3-Month
U.S.
T-Bill
Index
measures
return
equivalents
of
yield
averages
that
are
not
marked
to
market
and
consists
of
the
last
three
three-month
Treasury
Bill
month-end
rates.
The
total
return
of
the
index
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Fund
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
index
does
not
include
expenses.
The
Fund
is
professionally
managed,
while
the
index
is
unmanaged
and
is
not
available
for
investment.
Comparison
of
Change
in
Value
of
a
$100,000
Investment
ABR
50/50
Volatility
Fund
-
Institutional
Shares
vs.
FTSE
3-Month
U.S.
T-Bill
Index
Performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Investment
return
and
principal
value
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
original
cost.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratios
(gross)
for
Institutional
Shares
and
Investor
Shares
are
3.70%
and
6.53%,
respectively.
However,
the
Fund’s
adviser has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
proxy
expenses
and
extraordinary
expenses)
to
2.50%
for
Institutional
Shares
and
2.75%
for
Investor
Shares,
through
at
least
November
30,
2021
(the
“Expense
Cap”).
The
Expense
Cap
may
be
raised
or
eliminated
only
with
the
consent
of
the
Board
of
Trustees.
The
adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
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
and
(ii)
the
Expense
Cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
will
increase
if
exclusions
from
the
Expense
Cap
apply.
During
the
period,
certain
fees
were
waived
and/or
expenses
reimbursed;
otherwise,
returns
would
have
been
lower.
The
performance
table
and
graph
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
greater
than
one
year
are
annualized.
For
the
most
recent
month-end
performance
and
current
Fund
prices,
please
call
(855)
422-4518.
Average
Annual
Total
Returns
Periods
Ended
July
31,
2021
One
Year
Since
Inception
(1)
ABR
50/50
Volatility
Fund
-
Institutional
Shares
50.57%
7.53%
ABR
50/50
Volatility
Fund
-
Investor
Shares
50.21%
7.29%
FTSE
3-Month
U.S.
T-Bill
Index
0.07%
1.30%
(1)
Institutional
Shares
commenced
operations
on
October
2,
2017
and
Investor
Shares
commenced
operations
on
October
11,
2017.
The
return
shown
for
the
FTSE
3-Month
U.S.
T-Bill
Index
is
as
of
October
2,
2017.
ABR
75/25
VOLATILITY
FUND
PERFORMANCE
CHART
AND
ANALYSIS
(Unaudited)
July
31,
2021
6
The
following
chart
reflects
the
change
in
the
value
of
a
hypothetical
$100,000
investment
in
Institutional
Shares,
including
reinvested
dividends
and
distributions,
in
the
ABR
75/25
Volatility
Fund
(the
“Fund”)
compared
with
the
performance
of
the
benchmark,
FTSE
3-Month
U.S.
T-Bill
Index,
since
inception.
The
FTSE
3-Month
U.S.
T-Bill
Index
measures
return
equivalents
of
yield
averages
that
are
not
marked
to
market
and
consists
of
the
last
three
three-month
Treasury
Bill
month-end
rates.
The
total
return
of
the
index
includes
the
reinvestment
of
dividends
and
income.
The
total
return
of
the
Fund
includes
operating
expenses
that
reduce
returns,
while
the
total
return
of
the
index
does
not
include
expenses.
The
Fund
is
professionally
managed,
while
the
index
is
unmanaged
and
is
not
available
for
investment.
Comparison
of
Change
in
Value
of
a
$100,000
Investment
ABR
75/25
Volatility
Fund
-
Institutional
Shares
vs.
FTSE
3-Month
U.S.
T-Bill
Index
Performance
data
quoted
represents
past
performance
and
is
no
guarantee
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Investment
return
and
principal
value
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
original
cost.
As
stated
in
the
Fund’s
prospectus,
the
annual
operating
expense
ratios
(gross)
for
Institutional
Shares
and
Investor
Shares
are
3.25%
and
4.12%,
respectively.
However,
the
Fund’s
adviser has
contractually
agreed
to
waive
its
fee
and/or
reimburse
Fund
expenses
to
limit
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
(excluding
all
taxes,
interest,
portfolio
transaction
expenses,
proxy
expenses
and
extraordinary
expenses)
to
1.75%
for
Institutional
Shares
and
2.00%
for
Investor
Shares,
through
at
least
November
30,
2021
(the
“Expense
Cap”).
The
Expense
Cap
may
be
raised
or
eliminated
only
with
the
consent
of
the
Board
of
Trustees.
The
adviser
may
be
reimbursed
by
the
Fund
for
fees
waived
and
expenses
reimbursed
by
the
adviser
pursuant
to
the
Expense
Cap
if
such
payment
is
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
and
(ii)
the
Expense
Cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
will
increase
if
exclusions
from
the
Expense
Cap
apply.
During
the
period,
certain
fees
were
waived
and/or
expenses
reimbursed;
otherwise,
returns
would
have
been
lower.
The
performance
table
and
graph
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
greater
than
one
year
are
annualized.
For
the
most
recent
month-end
performance
and
current
Fund
prices,
please
call
(855)
422-4518.
Average
Annual
Total
Returns
Periods
Ended
July
31,
2021
Since
Inception
(1)
ABR
75/25
Volatility
Fund
-
Institutional
Shares
17.90%
ABR
75/25
Volatility
Fund
-
Investor
Shares
17.50%
FTSE
3-Month
U.S.
T-Bill
Index
0.07%
(1)
Institutional
Shares
commenced
operations
on
August
3,
2020
and
Investor
Shares
commenced
operations
on
August
5,
2020.
The
return
shown
for
the
FTSE
3-Month
U.S.
T-Bill
Index
is
as
of
August
3,
2020.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2021
7
See
Notes
to
Financial
Statements.
At
July
31,
2021,
the
Fund
held
the
following
exchange-traded
futures
contracts.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
July
31,
2021.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
more
information
on
valuation
inputs,
and
their
aggregation
into
the
levels
used
in
the
table
below,
please
refer
to
the
Security
Valuation
section
in
Note
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
value
displayed
in
this
table
includes
futures.
Value
Investments,
at
value
-
0.0%
(Cost
$0)
$
0
Other
Assets
&
Liabilities,
Net
-
100.0%
239,512,390
Net
Assets
-
100.0%
$
239,512,390
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
352
CBOE
VIX
Future
08/18/21
$
7,102,086
$
7,136,448
$
34,362
217
CBOE
VIX
Future
09/15/21
4,712,084
4,790,254
78,170
1,032
S&P
500
E-mini
Future
09/17/21
219,001,799
226,498,200
7,496,401
$
230,815,969
$
238,424,902
$
7,608,933
Valuation
Inputs
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
7,608,933
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
7,608,933
*
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
year
end.
PORTFOLIO
HOLDINGS
(Unaudited)
%
of
Total
Net
Assets
Other
Assets
&
Liabilities,
Net
100.0%
100.0%
ABR
50/50
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2021
8
See
Notes
to
Financial
Statements.
At
July
31,
2021,
the
Fund
held
the
following
exchange-traded
futures
contracts:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
July
31,
2021.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
more
information
on
valuation
inputs,
and
their
aggregation
into
the
levels
used
in
the
table
below,
please
refer
to
the
Security
Valuation
section
in
Note
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
value
displayed
in
this
table
includes
futures.
The
Level
2
value
displayed
in
this
table
is
U.S.
Treasury
Securities.
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
22.1%
U.S.
Treasury
Securities
-
22.1%
2,626,000
U.S.
Treasury
Bond
2.88%
11/15/46
$
3,154,688
2,551,000
U.S.
Treasury
Bond
3.00
02/15/47
3,135,438
2,564,000
U.S.
Treasury
Bond
3.00
05/15/47
3,155,022
2,662,000
U.S.
Treasury
Bond
2.75
08/15/47
3,136,169
2,676,000
U.S.
Treasury
Bond
2.75
11/15/47
3,155,171
2,541,000
U.S.
Treasury
Bond
3.00
02/15/48
3,135,554
18,872,042
Total
U.S.
Government
&
Agency
Obligations
(Cost
$17,529,921)
18,872,042
Investments,
at
value
-
22.1%
(Cost
$17,529,921)
$
18,872,042
Other
Assets
&
Liabilities,
Net
-
77.9%
66,558,613
Net
Assets
-
100.0%
$
85,430,655
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
(Depreciation)
(786)
CBOE
VIX
Future
08/18/21
$
(16,230,470)
$
(15,935,364)
$
295,106
(483)
CBOE
VIX
Future
09/15/21
(10,531,447)
(10,662,177)
(130,730)
179
S&P
500
E-mini
Future
09/17/21
38,046,991
39,286,025
1,239,034
$
11,285,074
$
12,688,484
$
1,403,410
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
–
$
1,403,410
Level
2
-
Other
Significant
Observable
Inputs
18,872,042
–
Level
3
-
Significant
Unobservable
Inputs
–
–
Total
$
18,872,042
$
1,403,410
*
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
year
end.
PORTFOLIO
HOLDINGS
(Unaudited)
%
of
Total
Net
Assets
U.S.
Government
&
Agency
Obligations
22.1%
Other
Assets
&
Liabilities,
Net
77.9%
100.0%
ABR
75/25
Volatility
Fund
SCHEDULE
OF
INVESTMENTS
July
31,
2021
9
See
Notes
to
Financial
Statements.
At
July
31,
2021,
the
Fund
held
the
following
exchange-traded
futures
contracts:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
July
31,
2021.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
more
information
on
valuation
inputs,
and
their
aggregation
into
the
levels
used
in
the
table
below,
please
refer
to
the
Security
Valuation
section
in
Note
2
of
the
accompanying
Notes
to
Financial
Statements.
The
Level
1
value
displayed
in
this
table
includes
futures.
The
Level
2
value
displayed
in
this
table
is
U.S.
Treasury
Securities.
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
11.0%
U.S.
Treasury
Securities
-
11.0%
5,183,000
U.S.
Treasury
Bond
2.88%
11/15/46
$
6,226,484
5,035,000
U.S.
Treasury
Bond
3.00
02/15/47
6,188,526
5,060,000
U.S.
Treasury
Bond
3.00
05/15/47
6,226,370
5,255,000
U.S.
Treasury
Bond
2.75
08/15/47
6,191,047
5,282,000
U.S.
Treasury
Bond
2.75
11/15/47
6,227,808
5,016,000
U.S.
Treasury
Bond
3.00
02/15/48
6,189,666
37,249,901
Total
U.S.
Government
&
Agency
Obligations
(Cost
$34,573,715)
37,249,901
Investments,
at
value
-
11.0%
(Cost
$34,573,715)
$
37,249,901
Other
Assets
&
Liabilities,
Net
-
89.0%
300,422,420
Net
Assets
-
100.0%
$
337,672,321
Contracts
Description
Expiration
Date
Notional
Contract
Value
Value
Net
Unrealized
Appreciation
(Depreciation)
(1,282)
CBOE
VIX
Future
08/18/21
$
(26,322,372)
$
(25,991,268)
$
331,104
(786)
CBOE
VIX
Future
09/15/21
(17,169,180)
(17,350,871)
(181,691)
1,133
S&P
500
E-mini
Future
09/17/21
240,487,076
248,665,175
8,178,099
$
196,995,524
$
205,323,036
$
8,327,512
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
–
$
8,327,512
Level
2
-
Other
Significant
Observable
Inputs
37,249,901
–
Level
3
-
Significant
Unobservable
Inputs
–
–
Total
$
37,249,901
$
8,327,512
*
Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation
(depreciation)
at
year
end.
PORTFOLIO
HOLDINGS
(Unaudited)
%
of
Total
Net
Assets
U.S.
Government
&
Agency
Obligations
11.0%
Other
Assets
&
Liabilities,
Net
89.0%
100.0%
ABR
Funds
STATEMENTS
OF
ASSETS
AND
LIABILITIES
July
31,
2021
10
See
Notes
to
Financial
Statements.
*
$31,410,946,
$12,957,832,
and
$4,998,534
was
held
at
StoneX
Financial,
Inc.
and
$62,130,395,
$20,863,056
and
$97,316,406
was
held
at
ED&F
Man
Capital
Markets,
Inc.
for
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund,
respectively.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
ASSETS
Investments,
at
value
(Cost
$0,
$17,529,921
and
$34,573,715,
respectively)
$
–
$
18,872,042
$
37,249,901
Cash
145,232,912
27,761,010
188,135,477
Deposits
with
broker*
93,541,341
33,820,888
102,314,940
Receivables:
Fund
shares
sold
1,238,697
114,083
655,478
Investment
securities
sold
–
4,953,105
9,611,381
Interest
9,816
153,403
311,757
Prepaid
expenses
34,075
22,577
34,526
Total
Assets
240,056,841
85,697,108
338,313,460
LIABILITIES
Payables:
Fund
shares
redeemed
132,215
65,054
66,614
Accrued
Liabilities:
Investment
adviser
fees
335,472
158,820
468,188
Fund
services
fees
19,106
10,670
17,790
Other
expenses
57,658
31,909
88,547
Total
Liabilities
544,451
266,453
641,139
NET
ASSETS
$
239,512,390
$
85,430,655
$
337,672,321
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
222,930,088
$
59,687,228
$
290,478,255
Distributable
earnings
16,582,302
25,743,427
47,194,066
NET
ASSETS
$
239,512,390
$
85,430,655
$
337,672,321
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Institutional
Shares
14,759,433
7,737,201
26,683,549
Investor
Shares
3,143,410
277,708
1,965,429
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
Institutional
Shares
(based
on
net
assets
of
$198,285,378,
$82,498,130
and
$314,575,858,
respectively)
$
13.43
$
10.66
$
11.79
Investor
Shares
(based
on
net
assets
of
$41,227,012,
$2,932,525
and
$23,096,463,
respectively)
$
13.12
$
10.56
$
11.75
ABR
Funds
STATEMENTS
OF
OPERATIONS
YEAR/PERIOD
ENDED
JULY
31,
2021*
11
See
Notes
to
Financial
Statements.
*The
ABR
75/25
Volatility
Fund
commenced
operations
on
August
3,
2020.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
INVESTMENT
INCOME
Interest
income
$
133,594
$
182,456
$
439,954
Total
Investment
Income
133,594
182,456
439,954
EXPENSES
Investment
adviser
fees
3,481,586
1,520,813
5,171,231
Fund
services
fees
205,305
86,974
206,403
Transfer
agent
fees:
Institutional
Shares
33,305
23,179
31,568
Investor
Shares
26,893
23,163
23,113
Distribution
fees:
Investor
Shares
92,544
7,521
30,781
Custodian
fees
14,648
5,285
17,416
Registration
fees:
Institutional
Shares
22,512
18,573
37,184
Investor
Shares
19,638
18,027
3,223
Professional
fees
50,014
38,067
48,562
Trustees'
fees
and
expenses
15,254
7,070
13,180
Offering
costs
–
–
58,759
Brokerage
fees
34,291
11,272
3,194
Other
expenses
203,482
65,023
190,355
Total
Expenses
4,199,472
1,824,967
5,834,969
Fees
waived
and
expenses
reimbursed
(127,975)
(296,632)
(2,183,897)
Net
Expenses
4,071,497
1,528,335
3,651,072
NET
INVESTMENT
LOSS
(3,937,903)
(1,345,879)
(3,211,118)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
on:
Investments
–
859,325
1,711,534
Futures
22,470,674
27,392,985
37,689,952
Net
realized
gain
22,470,674
28,252,310
39,401,486
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(19,045)
1,342,121
2,676,186
Futures
(1,950,369)
(2,215,711)
8,327,512
Net
change
in
unrealized
appreciation
(depreciation)
(1,969,414)
(873,590)
11,003,698
NET
REALIZED
AND
UNREALIZED
GAIN
20,501,260
27,378,720
50,405,184
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
16,563,357
$
26,032,841
$
47,194,066
ABR
Funds
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
12
See
Notes
to
Financial
Statements.
*Commencement
of
operations.
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
For
the
Years
Ended
July
31,
For
the
Years
Ended
July
31,
August
3,
2020*
through
July
31,
2021
2021
2020
2021
2020
OPERATIONS
Net
investment
loss
$
(3,937,903)
$
(1,121,611)
$
(1,345,879)
$
(331,215)
$
(3,211,118)
Net
realized
gain
(loss)
22,470,674
27,621,122
28,252,310
(2,980,830)
39,401,486
Net
change
in
unrealized
appreciation
(depreciation)
(1,969,414)
8,764,217
(873,590)
3,505,291
11,003,698
Increase
in
Net
Assets
Resulting
from
Operations
16,563,357
35,263,728
26,032,841
193,246
47,194,066
DISTRIBUTIONS
TO
SHAREHOLDERS
Institutional
Shares
(28,484,217)
(297,985)
(361)
(431,179)
–
Investor
Shares
(6,484,904)
(38,720)
(18)
(152,115)
–
Total
Distributions
Paid
(34,969,121)
(336,705)
(379)
(583,294)
–
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
193,954,616
169,347,487
78,203,644
49,737,815
337,906,689
Investor
Shares
38,309,659
50,706,170
2,702,605
6,660,929
23,771,642
Reinvestment
of
distributions:
Institutional
Shares
16,253,455
234,470
94
311,458
–
Investor
Shares
5,890,453
38,720
18
152,115
–
Redemption
of
shares:
Institutional
Shares
(193,053,133)
(42,775,743)
(66,412,841)
(6,801,223)
(67,460,683)
Investor
Shares
(39,766,454)
(16,638,251)
(4,090,975)
(4,214,120)
(3,739,393)
Increase
in
Net
Assets
from
Capital
Share
Transactions
21,588,596
160,912,853
10,402,545
45,846,974
290,478,255
Increase
in
Net
Assets
3,182,832
195,839,876
36,435,007
45,456,926
337,672,321
NET
ASSETS
Beginning
of
Year/Period
236,329,558
40,489,682
48,995,648
3,538,722
–
End
of
Year/Period
$
239,512,390
$
236,329,558
$
85,430,655
$
48,995,648
$
337,672,321
SHARE
TRANSACTIONS
Sale
of
shares:
Institutional
Shares
14,139,657
12,322,273
9,302,616
7,024,796
33,189,237
Investor
Shares
2,810,690
3,531,446
322,578
870,818
2,321,006
Reinvestment
of
distributions:
Institutional
Shares
1,346,599
23,123
12
37,936
–
Investor
Shares
498,768
3,880
2
18,642
–
Redemption
of
shares:
Institutional
Shares
(13,440,262)
(3,292,294)
(8,042,226)
(953,690)
(6,505,688)
Investor
Shares
(2,874,913)
(1,140,567)
(490,398)
(537,471)
(355,577)
Increase
in
Shares
2,480,539
11,447,861
1,092,584
6,461,031
28,648,978
ABR
DYNAMIC
BLEND
EQUITY
&
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
13
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year
.
For
the
Years
Ended
July
31,
2021
2020
2019
2018
2017
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
15.37
$
10.20
$
10.63
$
10.12
$
9.67
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.26)
(0.16)
(0.13)
(0.16)
(0.02)
Net
realized
and
unrealized
gain
1.33
5.41
0.08
1.00
0.59
Total
from
Investment
Operations
1.07
5.25
(0.05)
0.84
0.57
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
(3.01)
(0.08)
(0.38)
(0.33)
(0.12)
Total
Distributions
to
Shareholders
(3.01)
(0.08)
(0.38)
(0.33)
(0.12)
NET
ASSET
VALUE,
End
of
Year
$
13.43
$
15.37
$
10.20
$
10.63
$
10.12
TOTAL
RETURN
9.20%
51.91%
(0.31)%
8.45%
5.99%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
198,285
$
195,398
$
37,331
$
23,783
$
15,335
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.93)%
(1.28)%
(1.31)%
(1.54)%
(0.21)%(b)
Net
expenses
2.00%
2.00%
2.00%
2.03%
2.00%(b)
Brokerage
fees
0.02%
0.01%
0.02%
0.03%
–%(b)
Net
expenses
without
brokerage
fees
1.98%
1.99%
1.98%
2.00%
2.00%(b)
Gross
expenses
(c)
2.03%
2.20%
2.41%
2.68%
4.63%(b)
PORTFOLIO
TURNOVER
RATE
0%
0%
0%
0%
467%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
The
ratios
of
expenses
and
net
investment
loss
to
average
net
assets
do
not
reflect
the
Fund’s
proportionate
share
of
income
and
expenses
of
underlying
investment
companies
in
which
the
Fund
invests.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
ABR
DYNAMIC
BLEND
EQUITY
&
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
14
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
year
.
For
the
Years
Ended
July
31,
2021
2020
2019
2018
2017
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Year
$
15.11
$
10.05
$
10.51
$
10.08
$
9.65
INVESTMENT
OPERATIONS
Net
investment
loss
(a)
(0.29)
(0.20)
(0.16)
(0.19)
(0.03)
Net
realized
and
unrealized
gain
1.31
5.34
0.08
0.95
0.58
Total
from
Investment
Operations
1.02
5.14
(0.08)
0.76
0.55
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
(3.01)
(0.08)
(0.38)
(0.33)
(0.12)
Total
Distributions
to
Shareholders
(3.01)
(0.08)
(0.38)
(0.33)
(0.12)
NET
ASSET
VALUE,
End
of
Year
$
13.12
$
15.11
$
10.05
$
10.51
$
10.08
TOTAL
RETURN
8.99%
51.59%
(0.61)%
7.67%
5.79%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Year
(000s
omitted)
$
41,227
$
40,932
$
3,158
$
1,491
$
1,308
Ratios
to
Average
Net
Assets:
Net
investment
loss
(2.18)%
(1.53)%
(1.58)%
(1.80)%
(0.29)%(b)
Net
expenses
2.25%
2.25%
2.25%
2.28%
2.25%(b)
Brokerage
fees
0.02%
0.01%
0.02%
0.03%
–%(b)
Net
expenses
without
brokerage
fees
2.23%
2.24%
2.23%
2.25%
2.25%(b)
Gross
expenses
(c)
2.44%
2.76%
3.81%
6.41%
13.83%(b)
PORTFOLIO
TURNOVER
RATE
0%
0%
0%
0%
467%
(a)
Calculated
based
on
average
shares
outstanding
during
each
year.
(b)
The
ratios
of
expenses
and
net
investment
loss
to
average
net
assets
do
not
reflect
the
Fund’s
proportionate
share
of
income
and
expenses
of
underlying
investment
companies
in
which
the
Fund
invests.
(c)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
ABR
50/50
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
15
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Years
Ended
July
31,
October
2,
2017
(a)
Through
July
31,
2018
2021
2020
2019
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
7.08
$
7.68
$
7.80
$
10.00
INVESTMENT
OPERATIONS
Net
investment
loss
(b)
(0.19)
(0.15)
(0.05)
(0.05)
Net
realized
and
unrealized
gain
(loss)
3.77
0.40
0.57
(2.05)(c)
Total
from
Investment
Operations
3.58
0.25
0.52
(2.10)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
(0.00)(d)
(0.85)
(0.64)
(0.10)
Total
Distributions
to
Shareholders
(0.00)
(0.85)
(0.64)
(0.10)
NET
ASSET
VALUE,
End
of
Period
$
10.66
$
7.08
$
7.68
$
7.80
TOTAL
RETURN
50.57%
1.71%
9.46%
(21.24)%(e)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
82,498
$
45,863
$
2,824
$
2,909
Ratios
to
Average
Net
Assets:
Net
investment
loss
(2.19)%
(2.11)%
(0.74)%
(0.73)%(f)
Net
expenses
2.50%
2.50%
2.50%
2.66%(f)
Brokerage
fees
0.02%
0.05%
0.14%
0.16%(f)
Net
expenses
without
brokerage
fees
2.48%
2.45%
2.36%
2.50%(f)
Gross
expenses
(g)
2.91%
3.70%
6.66%
10.28%(f)
PORTFOLIO
TURNOVER
RATE
1782%
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.
ABR
50/50
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
16
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Years
Ended
July
31,
October
11,
2017
(a)
Through
July
31,
2018
2021
2020
2019
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
7.03
$
7.64
$
7.79
$
10.06
INVESTMENT
OPERATIONS
Net
investment
loss
(b)
(0.21)
(0.17)
(0.07)
(0.06)
Net
realized
and
unrealized
gain
(loss)
3.74
0.41
0.56
(2.11)(c)
Total
from
Investment
Operations
3.53
0.24
0.49
(2.17)
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
realized
gain
(0.00)(d)
(0.85)
(0.64)
(0.10)
Total
Distributions
to
Shareholders
(0.00)
(0.85)
(0.64)
(0.10)
NET
ASSET
VALUE,
End
of
Period
$
10.56
$
7.03
$
7.64
$
7.79
TOTAL
RETURN
50.21%
1.58%
9.07%
(21.81)%(e)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
2,933
$
3,133
$
715
$
1,758
Ratios
to
Average
Net
Assets:
Net
investment
loss
(2.52)%
(2.36)%
(0.99)%
(0.95)%(f)
Net
expenses
2.75%
2.75%
2.75%
2.91%(f)
Brokerage
fees
0.02%
0.09%
0.14%
0.16%(f)
Net
expenses
without
brokerage
fees
2.73%
2.66%
2.61%
2.75%(f)
Gross
expenses
(g)
4.74%
6.53%
8.24%
9.55%(f)
PORTFOLIO
TURNOVER
RATE
1782%
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.
ABR
75/25
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
17
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period
.
August
3,
2020
(a)
Through
July
31,
2021
INSTITUTIONAL
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
10.00
INVESTMENT
OPERATIONS
Net
investment
loss
(b)
(0.16)
Net
realized
and
unrealized
gain
1.95
Total
from
Investment
Operations
1.79
NET
ASSET
VALUE,
End
of
Period
$
11.79
TOTAL
RETURN
17.90%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
314,576
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.53)%(d)
Net
expenses
1.75%(d)
Brokerage
fees
0.00%(d)
Net
expenses
without
brokerage
fees
1.75%(d)
Gross
expenses
(e)
2.78%(d)
PORTFOLIO
TURNOVER
RATE
1622%(c)
(a)
Commencement
of
operations.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized.
(d)
Annualized.
(e)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
ABR
75/25
VOLATILITY
FUND
FINANCIAL
HIGHLIGHTS
18
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period
.
August
5,
2020
(a)
Through
July
31,
2021
INVESTOR
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
10.00
INVESTMENT
OPERATIONS
Net
investment
loss
(b)
(0.19)
Net
realized
and
unrealized
gain
1.94
Total
from
Investment
Operations
1.75
NET
ASSET
VALUE,
End
of
Period
$
11.75
TOTAL
RETURN
17.50%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
23,096
Ratios
to
Average
Net
Assets:
Net
investment
loss
(1.76)%(d)
Net
expenses
2.00%(d)
Brokerage
fees
0.00%(d)
Net
expenses
without
brokerage
fees
2.00%(d)
Gross
expenses
(e)
3.48%(d)
PORTFOLIO
TURNOVER
RATE
1622%(c)
(a)
Commencement
of
operations.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized.
(d)
Annualized.
(e)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2021
19
Note
1.
Organization
The
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
is
a
diversified
portfolio
and
the
ABR
50/50
Volatility
Fund
and
ABR
75/25
Volatility
Fund
(individually,
a
“Fund”
and
collectively,
the
“Funds”)
are
non-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.
Note
2.
Summary
of
Significant
Accounting
Policies
The
Funds
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
–
Investment
Companies.”
These
financial
statements
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
fiscal
year.
Actual
amounts
could
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
each
Fund:
Security
Valuation
–
Securities
are
valued
at
market
prices
using
the
last
quoted
trade
or
official
closing
price
from
the
principal
exchange
where
the
security
is
traded,
as
provided
by
independent
pricing
services
on
each
Fund
business
day.
In
the
absence
of
a
last
trade,
securities
are
valued
at
the
mean
of
the
last
bid
and
ask
price
provided
by
the
pricing
service.
Debt
securities
may
be
valued
at
prices
supplied
by
a
fund’s
pricing
agent
based
on
broker
or
dealer
supplied
valuations
or
matrix
pricing,
a
method
of
valuing
securities
by
reference
to
the
value
of
other
securities
with
similar
characteristics
such
as
rating,
interest
rate
and
maturity.
Futures
contracts
are
valued
at
the
day’s
settlement
price
on
the
exchange
where
the
contract
is
traded.
Shares
of
non-exchange
traded
open-end
mutual
funds
are
valued
at
net
asset
value
(“NAV”).
Short-term
investments
that
mature
in
sixty
days
or
less
may
be
valued
at
amortized
cost.
Each
Fund
values
its
investments
at
fair
value
pursuant
to
procedures
adopted
by
the
Trust’s
Board
of
Trustees
(the
“Board”)
if
(1)
market
quotations
are
not
readily
available
or
(2)
the
Adviser,
as
defined
in
Note
4,
believes
that
the
values
available
are
unreliable.
The
Trust’s
Valuation
Committee,
as
defined
in
each
Fund’s
registration
statement,
performs
certain
functions
as
they
relate
to
the
administration
and
oversight
of
each
Fund’s
valuation
procedures.
Under
these
procedures,
the
Valuation
Committee
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
Valuation
Committee
may
work
with
the
Adviser
to
provide
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
Valuation
Committee
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:
Level
1
-
Quoted
prices
in
active
markets
for
identical
assets
and
liabilities.
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2021
20
Level
2
-
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
a
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities’
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
-
Significant
unobservable
inputs
(including
each
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
aggregate
value
by
input
level,
as
of
July
31,
2021,
for
each
Fund’s
investments
is
included
in
each
Fund’s
Schedule
of
Investments.
Security
Transactions,
Investment
Income
and
Realized
Gain
and
Loss
–
Investment
transactions
are
accounted
for
on
the
trade
date.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividend
income
is
recorded
on
the
ex-dividend
date
or
as
soon
as
possible
after
determining
the
existence
of
a
dividend
declaration
after
exercising
reasonable
due
diligence.
Income
and
capital
gains
on
some
foreign
securities
may
be
subject
to
foreign
withholding
taxes,
which
are
accrued
as
applicable.
Interest
income
is
recorded
on
an
accrual
basis.
Premium
is
amortized
to
the
next
call
date
above
par
and
discount
is
accreted
to
maturity
using
the
effective
interest
method.
Identified
cost
of
investments
sold
is
used
to
determine
the
gain
and
loss
for
both
financial
statement
and
federal
income
tax
purposes.
Futures
Contracts
–
Each
Fund
may
purchase
futures
contracts
to
gain
exposure
to
market
changes,
which
may
be
more
efficient
or
cost
effective
than
actually
buying
the
securities.
A
futures
contract
is
an
agreement
between
parties
to
buy
or
sell
a
security
at
a
set
price
on
a
future
date.
Upon
entering
into
such
a
contract,
a
fund
is
required
to
pledge
to
the
broker
an
amount
of
cash,
U.S.
Government
obligations
or
other
high-quality
debt
securities
equal
to
the
minimum
“initial
margin”
requirements
of
the
exchange
on
which
the
futures
contract
is
traded.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
the
value
of
the
contract.
Such
receipts
or
payments
are
known
as
“variation
margin”
and
are
recorded
by
the
Fund
as
unrealized
gains
or
losses.
When
the
contract
is
closed,
the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
at
the
time
it
was
opened
and
value
at
the
time
it
was
closed.
Risks
of
entering
into
futures
contracts
include
the
possibility
that
there
may
be
an
illiquid
market
and
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
changes
in
the
value
of
the
underlying
securities.
Notional
amounts
of
each
individual
futures
contract
outstanding
as
of
July
31,
2021,
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
their
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
July
31,
2021,
there
are
no
uncertain
tax
positions
that
would
require
financial
statement
recognition,
de-recognition
or
disclosure.
Income
and
Expense
Allocation
–
The
Trust
accounts
separately
for
the
assets,
liabilities
and
operations
of
each
of
its
investment
portfolios.
Expenses
that
are
directly
attributable
to
more
than
one
investment
portfolio
are
allocated
among
the
respective
investment
portfolios
in
an
equitable
manner.
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2021
21
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.
Offering
Costs
–
Offering
costs
for
the
ABR
75/25
Volatility
Fund
of
$69,503
consisted
of
fees
related
to
the
mailing
and
printing
of
the
initial
prospectus,
certain
startup
legal
costs,
and
initial
registration
filings.
Such
costs
are
amortized
over
a
twelve-month
period
beginning
with
the
commencement
of
operations
of
the
ABR
75/25
Volatility
Fund.
Note
3.
Cash
–
Concentration
in
Uninsured
Account
For
cash
management
purposes,
each
Fund
may
concentrate
cash
with
each
Fund’s
custodian.
This
typically
results
in
cash
balances
exceeding
the
Federal
Deposit
Insurance
Corporation
(“FDIC”)
insurance
limits.
As
of
July
31,
2021,
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
had
$144,982,912,
$27,511,010
and
$187,885,477,
respectively,
at
MUFG
Union
Bank,
N.A.
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
serves
as
each
Fund’s
distributor
(the
“Distributor”).
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
–
The
Trust
pays
each
Independent
Trustee
an
annual
fee
of
$16,000
($21,000
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,
2021.
Other
Fund
service
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2021
22
providers
have
voluntarily
agreed
to
waive
and
reimburse
a
portion
of
their
fees.
These
voluntary
fee
waivers
and
reimbursements
may
be
reduced
or
eliminated
at
any
time.
For
the
year
ended
July
31,
2021,
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
approved
by
the
Board,
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement,
and
does
not
cause
the
Total
Annual
Fund
Operating
Expenses
After
Fee
Waiver
and/or
Expense
Reimbursement
to
exceed
the
lesser
of
(i)
the
then-current
expense
cap,
or
(ii)
the
expense
cap
in
place
at
the
time
the
fees/expenses
were
waived/reimbursed.
As
of
July
31,
2021,
$393,063,
$645,955
and
$2,071,320
is
subject
to
recapture
by
the
Adviser
for
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund,
respectively.
Other
Waivers
are
not
eligible
for
recoupment.
Note
6.
Security
Transactions
The
cost
of
purchases
and
proceeds
from
sales
of
investment
securities
(including
maturities),
other
than
short-term
investments,
during
the
year
ended
July
31,
2021,
were
as
follows:
Note
7.
Summary
of
Derivative
Activity
The
volume
of
open
derivative
positions
may
vary
on
a
daily
basis
as
each
Fund
transacts
derivative
contracts
in
order
to
achieve
the
exposure
desired
by
the
Adviser.
The
total
notional
value
of
transactions
for
the
year
ended
July
31,
2021,
for
any
derivative
type
that
was
held
is
as
follows:
Each
Fund’s
use
of
derivatives
during
the
year
ended
July
31,
2021,
was
limited
to
futures
contracts.
Realized
and
unrealized
gains
and
losses
on
derivatives
contracts
during
the
year
ended
July
31,
2021,
by
each
Fund
are
recorded
in
the
following
locations
on
the
Statements
of
Operations:
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
-
$
72,576
$
55,399
$
127,975
ABR
50/50
Volatility
Fund
-
272,723
23,909
296,632
ABR
75/25
Volatility
Fund
213,407
1,857,913
112,577
2,183,897
U.S.
Government
Obligations
Purchases
Sales
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
–
$
–
ABR
50/50
Volatility
Fund
161,999,882
145,307,207
ABR
75/25
Volatility
Fund
312,116,915
279,211,371
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
Futures
Contracts
$
2,108,257,440
$
309,739,265
$
555,273,385
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
22,470,674
Total
net
realized
gain
(loss)
$
22,470,674
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(1,950,369)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(1,950,369)
ABR
Funds
NOTES
TO
FINANCIAL
STATEMENTS
July
31,
2021
23
ABR
50/50
Volatility
Fund
ABR
75/25
Volatility
Fund
Note
8.
Federal
Income
Tax
As
of
July
31,
2021,
the
cost
and
components
of
net
unrealized
appreciation
were
as
follows:
Distributions
paid
during
the
fiscal
years
ended
as
noted
were
characterized
for
tax
purposes
as
follows:
As
of
July
31,
2021,
distributable
earnings
(accumulated
loss)
on
a
tax
basis
for
the
Funds
were
as
follows:
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.
Effective
July
31,
2021,
following
the
acquisition
of
MUFG
Union
Bank,
N.A.
by
US
Bank,
US
Bank
serves
as
the
Fund's
custodian.
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
27,392,985
Total
net
realized
gain
(loss)
$
27,392,985
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
(2,215,711)
Total
net
change
in
unrealized
appreciation
(depreciation)
$
(2,215,711)
Location:
Equity
Contracts
Net
realized
gain
(loss)
on:
Futures
$
37,689,952
Total
net
realized
gain
(loss)
$
37,689,952
Net
change
in
unrealized
appreciation
(depreciation)
on:
Futures
$
8,327,512
Total
net
change
in
unrealized
appreciation
(depreciation)
$
8,327,512
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
–
$
–
$
–
$
–
ABR
50/50
Volatility
Fund
17,694,849
1,177,383
(190)
1,177,193
ABR
75/25
Volatility
Fund
34,926,932
2,322,978
(9)
2,322,969
Ordinary
Income
Long-Term
Capital
Gain
Total
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
2021
$
13,165,610
$
21,803,511
$
34,969,121
2020
–
336,705
336,705
ABR
50/50
Volatility
Fund
2021
379
–
379
2020
289,117
294,177
583,294
ABR
75/25
Volatility
Fund
2021
–
–
–
Undistributed
Ordinary
Income
Undistributed
Long-Term
Gain
Unrealized
Appreciation
Total
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
$
4,270,180
$
12,312,122
$
–
$
16,582,302
ABR
50/50
Volatility
Fund
9,713,224
14,853,010
1,177,193
25,743,427
ABR
75/25
Volatility
Fund
17,260,619
27,610,478
2,322,969
47,194,066
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
24
To
the
Board
of
Trustees
of
Forum
Funds
II
and
the
Shareholders
of
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund,
and
ABR
75/25
Volatility
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
ABR
50/50
Volatility
Fund
(formerly,
ABR
Dynamic
Short
Volatility
Fund)
and
ABR
75/25
Volatility
Fund,
each
a
series
of
shares
of
beneficial
interest
in
Forum
Funds
II
(the
“Funds”),
including
the
schedules
of
investments,
as
of
July
31,
2021,
and
the
related
statements
of
operations,
changes
in
net
assets
and
the
financial
highlights
as
noted
in
the
table
below,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
July
31,
2021,
and
the
results
of
their
operations,
the
changes
in
their
net
assets
and
their
financial
highlights
as
noted
in
the
table
below,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
law
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risk
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2021
by
correspondence
with
the
custodian,
brokers,
or
by
other
appropriate
auditing
procedures
where
replies
from
brokers
were
not
received.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
BBD,
LLP
We
have
served
as
the
auditor
of
one
or
more
of
the
Funds
in
the
Forum
Funds
II
since
2013.
Philadelphia,
Pennsylvania
September
21,
2021
Fund
Statement
of
Operations,
Changes
in
Net
Assets,
and
Financial
Highlights
Presented
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
Institutional
and
Investor
Shares:
The
statements
of
operations
for
the
year
ended
July
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
years
in
the
two-year
period
ended
July
31,
2021,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
ended
July
31,
2021
ABR
50/50
Volatility
Fund
Institutional
Shares:
The
statements
of
operations
for
the
year
ended
July
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
years
in
the
two-year
period
ended
July
31,
2021,
and
the
financial
highlights
for
each
of
the
years
in
the
three-year
period
ended
July
31,
2021
and
for
the
period
October
2,
2017
(commencement
of
operations)
through
July
31,
2018
Investor
Shares:
The
statements
of
operations
for
the
year
ended
July
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
years
in
the
two-year
period
ended
July
31,
2021,
and
the
financial
highlights
for
each
of
the
years
in
the
three-year
period
ended
July
31,
2021
and
for
the
period
October
11,
2017
(commencement
of
operations)
through
July
31,
2018
ABR
75/25
Volatility
Fund
Institutional
Shares:
The
statements
of
operations,
changes
in
net
assets
and
financial
highlights
for
the
period
August
3,
2020
(commencement
of
operations)
through
July
31,
2021
Investor
Shares:
The
statements
of
operations,
changes
in
net
assets
and
financial
highlights
for
the
period
August
5,
2020
(commencement
of
operations)
through
July
31,
2021
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
25
Investment
Advisory
Agreement
Approval
At
the
June
10,
2021
Board
meeting
(the
“June
meeting”),
the
Board,
including
the
Independent
Trustees,
met
and
considered
the
approval
of
the
continuance
of
the
investment
advisory
agreement
between
the
Adviser
and
the
Trust
pertaining
to
the
Funds
(the
“Advisory
Agreement”).
In
preparation
for
the
June
meeting,
the
Board
was
presented
with
a
range
of
information
to
assist
in
its
deliberations.
The
Board
requested
and
reviewed
written
responses
from
the
Adviser
to
a
letter
circulated
on
the
Board's
behalf
concerning
the
Adviser’s
personnel,
operations,
financial
condition,
performance,
compensation
and
services
provided
to
the
Funds
by
the
Adviser.
During
its
deliberations,
the
Board
received
an
oral
presentation
from
the
Adviser
and
discussed
the
materials
with
the
Adviser,
independent
legal
counsel
to
the
Independent
Trustees
(“Independent
Legal
Counsel”),
and,
as
necessary,
with
the
Trust's
administrator.
The
Independent
Trustees
also
met
in
executive
session
with
Independent
Legal
Counsel
while
deliberating.
At
the
June
meeting,
the
Board
reviewed,
among
other
matters,
the
topics
discussed
below.
Nature,
Extent
&
Quality
of
Services
Based
on
written
materials
received
and
the
presentation
from
senior
representatives
of
the
Adviser
regarding
the
personnel,
operations,
and
financial
condition
of
the
Adviser,
the
Board
considered
the
quality
of
services
provided
by
the
Adviser
under
the
Advisory
Agreement.
In
this
regard,
the
Board
considered
information
regarding
the
experience,
qualifications
and
professional
background
of
the
portfolio
managers
and
other
personnel
at
the
Adviser
with
principal
responsibility
for
the
Funds,
as
well
as
the
investment
philosophy
and
decision-making
process
of
those
professionals
and
the
capability
and
integrity
of
the
Adviser’s
senior
management
and
staff.
The
Board
considered
also
the
adequacy
of
the
Adviser’s
resources
and
noted
the
Adviser’s
representations
that
the
firm
is
financially
stable
and
has
the
operational
capability
and
the
necessary
staffing
and
experience
to
continue
providing
quality
investment
advisory
services
to
the
Funds.
Based
on
the
presentation
and
the
materials
provided
by
the
Adviser
in
connection
with
the
Board’s
consideration
of
the
renewal
of
the
Advisory
Agreement,
among
other
relevant
factors,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
Funds
under
the
Advisory
Agreement.
Performance
In
connection
with
a
presentation
by
the
Adviser
regarding
its
approach
to
managing
the
Funds,
including
the
investment
objective
and
strategy
of
each
Fund,
the
Board
reviewed
the
performance
of
the
each
Fund
compared
to
their
respective
benchmarks
and
compared
to
independent
peer
groups
of
funds
identified
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
believed
to
have
characteristics
similar
to
those
of
the
Funds.
The
Board
observed
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
underperformed
its
primary
benchmark
index,
the
S&P
500
Index,
for
the
one-,
three-,
and
five-year
periods
ended
March
31,
2021,
and
for
the
period
since
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
inception
on
August
3,
2015.
The
Board
noted
the
Adviser’s
representation
that
the
S&P
500
Index
is
not
believed
to
provide
the
most
representative
comparison
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
performance
due
to
the
unique
nature
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
investment
strategy,
including
the
fact
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund,
unlike
the
S&P
500
Index,
utilizes
instruments
other
than
equity
securities,
such
as
volatility
instruments.
At
the
Adviser’s
request,
the
Board
considered
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
performance
against
that
of
the
CBOE
Eurekahedge
Long
Volatility
Hedge
Fund
Index
(the
“Comparable
Index”),
which
was
believed
by
the
Adviser
to
serve
as
a
more
representative
comparative
benchmark
for
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
because
the
constituents
of
the
Comparable
Index
employ
investment
strategies
that
take
a
net
long
view
on
implied
volatility
with
a
goal
of
positive
absolute
return,
similar
to
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund.
The
Board
observed
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
outperformed
the
Comparable
Index
for
the
one-,
three-,
and
five-year
periods
ended
March
31,
2021.
The
Board
also
observed
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
underperformed
the
median
of
its
Broadridge
peers
for
the
one-year
period
ended
March
31,
2021
and
outperformed
the
median
of
its
Broadridge
peers
for
the
three-
and
five-year
periods
ended
March
31,
2021.
The
Board
noted
the
Adviser’s
representation
that
the
unique
nature
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
investment
strategy
resulted
in
a
limited
universe
of
peer
funds
and
that
the
peer
funds
identified
by
Broadridge
were
not
believed
to
provide
the
most
representative
comparison
due
to
the
peer
funds’
low
correlation
to
the
holdings
in
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
portfolio
and
the
differences
in
the
peer
funds’
approaches
to
managing
volatility
in
the
investment
strategies
employed.
At
the
request
of
the
Adviser,
the
Board
compared
the
performance
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
to
a
group
of
funds
identified
by
the
Adviser
as
having
characteristics
more
closely
aligned
to
those
of
the
ABR
Dynamic
Blend
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
26
Equity
&
Volatility
Fund
(the
“Long
Volatility
Comparable
Peers”).
The
Board
observed
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
outperformed
the
median
of
the
Long
Volatility
Comparable
Peers
for
the
one-,
three,
and
five-year
periods
ended
March
31,
2021.
The
Board
observed
that
the
performance
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
more
closely
aligned
with
the
performance
of
the
Long
Volatility
Comparable
Peers
than
the
performance
of
the
Broadridge
peers.
The
Board
also
noted
the
Adviser’s
representation
that
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
performed
in
line
with
the
Adviser’s
expectations
during
recent
periods
of
heightened
market
volatility,
which
demonstrated
the
effectiveness
of
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
investment
strategy.
The
Board
observed
that
the
ABR
50/50
Volatility
Fund
outperformed
the
Citigroup
3-Month
U.S.
T-Bill
Index,
the
ABR
50/50
Volatility
Fund’s
primary
benchmark
index,
for
the
one-
and
three-year
periods
ended
March
31,
2021
and
for
the
period
since
the
ABR
50/50
Volatility
Fund’s
inception
on
October
2,
2017.
The
Board
noted
the
Adviser’s
representation
that
the
primary
benchmark
index
was
not
believed
to
provide
the
most
representative
comparison
to
evaluate
the
ABR
50/50
Volatility
Fund’s
performance
and,
at
the
Adviser’s
request,
the
Board
considered
the
ABR
50/50
Volatility
Fund’s
performance
against
that
of
the
CBOE
Eurekahedge
Short
Volatility
Index
(“Comparable
Index”),
which
was
believed
by
the
Adviser
to
serve
as
a
more
representative
comparison
for
the
ABR
50/50
Volatility
Fund
because
the
constituents
of
the
Comparable
Index
employ
investment
strategies
that
take
a
net
short
view
on
implied
volatility
with
a
goal
of
positive
absolute
return,
similar
to
the
ABR
50/50
Volatility
Fund.
The
Board
observed
that
the
ABR
50/50
Volatility
Fund
underperformed
the
Comparable
Index
for
the
one-year
period
ended
March
31,
2021
and
outperformed
the
Comparable
Index
for
the
three-year
period
ended
March
31,
2021.
The
Board
also
observed
that
the
ABR
50/50
Volatility
Fund
outperformed
the
median
of
its
Broadridge
peers
for
the
one-
and
three-
year
periods
ended
March
31,
2021;
however,
the
Board
noted
that
the
unique
nature
of
the
investment
strategy
employed
for
the
ABR
50/50
Volatility
Fund
resulted
in
a
very
limited
universe
of
peer
funds
such
that
the
Broadridge
peers
did
not
provide
the
most
representative
comparison.
At
the
request
of
the
Adviser,
the
Board
compared
the
performance
of
the
ABR
50/50
Volatility
Fund
to
a
group
of
funds
identified
by
the
Adviser
as
having
characteristics
more
closely
aligned
to
those
of
the
ABR
50/50
Volatility
Fund
(the
“50/50
Volatility
Comparable
Peers”).
The
Board
observed
that
the
ABR
50/50
Volatility
Fund
performed
favorably
relative
to
the
50/50
Volatility
Comparable
Peers,
noting
that
many
of
the
funds
that
the
Adviser
believed
to
be
comparable
to
the
ABR
50/50
Volatility
Fund
had
recently
been
liquidated
or
delisted
due
to
large
losses
stemming
from
recent
market
volatility,
whereas
the
ABR
50/50
Volatility
Fund
was
able
to
mitigate
such
losses,
in
part,
due
to
the
dynamic
rebalancing
component
in
the
ABR
50/50
Volatility
Fund’s
investment
strategy.
The
Board
also
noted
the
Adviser’s
representation
that
the
ABR
50/50
Volatility
Fund
performed
in
line
with
the
Adviser’s
expectations
during
the
recent
periods
of
heightened
market
volatility,
which
demonstrated
the
effectiveness
of
the
ABR
50/50
Volatility
Fund’s
investment
strategy.
Recognizing
that
the
ABR
75/25
Volatility
Fund
was
established
on
August
3,
2020
and
has
limited
performance
history,
the
Board
did
not
specifically
consider
the
performance
history
of
the
ABR
75/25
Volatility
Fund.
However,
the
Board
noted
the
Adviser’s
representation
that
the
ABR
75/25
Volatility
Fund
had
performed
in
line
with
the
Adviser’s
expectations
for
the
period
since
the
ABR
75/25
Volatility
Fund’s
inception.
In
consideration
of
the
Funds’
investment
strategies
and
the
foregoing
performance
information,
among
other
considerations,
the
Board
determined
that
the
Funds
could
benefit
from
the
Adviser’s
continued
management
of
each
Fund.
Compensation
The
Board
evaluated
the
Adviser’s
compensation
for
providing
advisory
services
to
the
Funds
and
analyzed
comparative
information
on
actual
advisory
fee
rates
and
actual
total
expense
ratios
of
the
Funds’
respective
Broadridge
peer
groups
and
Comparable
Peers.
The
Board
observed
that
the
actual
advisory
fee
rate
and
total
expense
ratio
for
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
were
each
higher
than
the
median
of
its
Broadridge
peer
group.
The
Board
noted
that,
although
the
actual
advisory
fee
rate
was
higher
than
the
average
of
the
Long
Volatility
Comparable
Peers,
the
ABR
Dynamic
Blend
Equity
&
Volatility
Fund’s
total
expense
ratio
was
in
line
with
the
Long
Volatility
Comparable
Peers.
The
Board
observed
that
the
actual
advisory
fee
rate
for
the
ABR
50/50
Volatility
Fund
was
less
than
the
median
of
its
Broadridge
peers
and
the
total
expense
ratio
for
the
ABR
50/50
Volatility
Fund
was
higher
than
the
median
of
its
Broadridge
peers.
The
Board
noted
that,
although
the
actual
advisory
fee
rate
and
total
expense
ratio
for
the
ABR
50/50
Volatility
Fund
were
each
higher
than
the
average
of
the
50/50
Volatility
Comparable
Peers,
the
ABR
50/50
Volatility
Fund’s
actual
advisory
fee
and
total
expense
ratio
were
each
within
a
reasonable
range
of
the
50/50
Volatility
Comparable
Peers.
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
27
The
Board
observed
that
the
actual
advisory
fee
rate
for
the
ABR
75/25
Volatility
Fund
was
less
than
the
median
of
its
Broadridge
peers
and
the
total
expense
ratio
for
the
ABR
75/25
Volatility
Fund
was
higher
than
the
median
of
its
Broadridge
peers.
The
Board
noted
that
the
actual
advisory
fee
rate
was
higher
than
the
average
of
the
75/25
Volatility
Comparable
Peers
and
the
total
expense
ratio
was
in
line
with
the
average
of
the
75/25
Volatility
Comparable
Peers.
The
Board
noted
that
the
Adviser
had
imposed
contractual
expense
caps,
which
required
the
Adviser
to
waive
its
advisory
fees
as
necessary
to
ensure
that
each
Fund’s
expenses
did
not
exceed
the
contractual
cap,
and
that
the
Adviser
had
waived
all
or
a
substantial
portion
of
its
advisory
fees
for
each
Fund.
Finally,
the
Board
noted
the
Adviser’s
representation
that
the
actual
advisory
fee
rates
charged
to
each
Fund
were
commensurate
with
the
work
required
to
manage
each
Fund,
including
daily
portfolio
rebalancing
and
monitoring
of
margin
requirements,
among
other
daily
functions.
Based
on
the
foregoing,
and
other
relevant
considerations,
the
Board
concluded
that
the
Adviser’s
advisory
fee
rate
charged
to
each
Fund
were
reasonable
in
light
of
the
nature,
extent,
and
quality
of
services
provided
by
the
Adviser.
Cost
of
Services
and
Profitability
The
Board
considered
information
provided
by
the
Adviser
regarding
the
costs
of
services
and
its
profitability
with
respect
to
the
Funds.
In
this
regard,
the
Board
considered
the
Adviser’s
resources
devoted
to
the
Funds,
as
well
as
the
Adviser’s
discussion
of
the
aggregate
costs
and
profitability
of
its
mutual
fund
activities.
The
Board
noted
the
Adviser’s
representation
that
it
continued
to
waive
its
advisory
fee
as
necessary
to
ensure
each
Fund’s
expenses
did
not
exceed
the
contractual
expense
cap.
Based
on
these
and
other
applicable
considerations,
the
Board
concluded
that
the
Adviser’s
profits
attributable
to
management
of
the
Funds
appeared
to
be
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
provided
by
the
Adviser.
Economies
of
Scale
The
Board
considered
whether
the
Fund
was
benefitting,
or
may
benefit
in
the
future,
from
any
economies
of
scale.
In
this
regard,
the
Board
considered
the
Fund’s
fee
structure,
asset
size,
net
expense
ratio,
and
the
fees
of
comparable
advisers,
recognizing
that
an
analysis
of
economies
of
scale
is
generally
most
relevant
when
a
fund
has
achieved
a
substantial
size.
The
Board
reviewed
relevant
materials,
including
information
and
representations
from
the
Adviser,
in
considering
whether
the
use
of
breakpoints
would
be
appropriate
at
this
time,
and
the
Board
noted
the
existence
of
the
Adviser’s
ongoing
expense
limitation
agreement
obligations.
Based
on
the
foregoing
and
other
relevant
considerations,
the
Board
concluded
that
the
information
presented
generally
supported
the
renewal
of
the
Advisory
Agreement.
Other
Benefits
The
Board
noted
the
Adviser’s
representation
that,
aside
from
its
contractual
advisory
fees,
it
does
not
benefit
in
a
material
way
from
its
relationship
with
the
Funds.
Based
on
the
foregoing
representation
and
other
applicable
considerations,
the
Board
concluded
that
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Funds
were
not
a
material
factor
in
approving
the
continuation
of
the
Advisory
Agreement.
Conclusion
The
Board
did
not
identify
any
single
factor
as
being
of
paramount
importance,
and
different
Trustees
may
have
given
different
weight
to
different
factors.
The
Board
reviewed
a
memorandum
from
Fund/Trustee
Counsel
discussing
the
legal
standards
applicable
to
its
consideration
of
the
Advisory
Agreement.
Based
on
its
review,
including
consideration
of
each
of
the
factors
referenced
above,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
the
advisory
arrangement,
as
outlined
in
the
Advisory
Agreement,
was
fair
and
reasonable
in
light
of
the
services
performed
or
to
be
performed,
expenses
incurred
or
to
be
incurred
and
such
other
matters
as
the
Board
considered
relevant.
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
28
Proxy
Voting
Information
A
description
of
the
policies
and
procedures
that
each
Fund
uses
to
determine
how
to
vote
proxies
relating
to
securities
held
in
each
Fund’s
portfolio
is
available,
without
charge
and
upon
request,
by
calling
(855)
422-4518
and
on
the
U.S.
Securities
and
Exchange
Commission’s
(the
“SEC”)
website
at
www.sec.gov.
Each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June
30
is
available,
without
charge
and
upon
request,
by
calling
(855)
422-4518
and
on
the
SEC’s
website
at
www.sec.gov.
Availability
of
Quarterly
Portfolio
Schedules
Each
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
Forms
N-PORT
are
available
free
of
charge
on
the
SEC’s
website
at
www.sec.gov.
Shareholder
Expense
Example
As
a
shareholder
of
the
Funds
,
you
incur
ongoing
costs,
including
management
fees,
distribution
and/or
service
(12b-1)
fees
(for
Investor
Shares
only)
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
February
1,
2021
through
July
31,
2021.
Actual
Expenses
–
The
first
line
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
–
The
second
line
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
each
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
each
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
29
Federal
Tax
Status
of
Dividends
Declared
during
the
Fiscal
Year
For
federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
and
ABR
50/50
Volatility
Fund
designate
100.00%
of
the
income
dividends
as
short-term
capital
gain
dividends
exempt
from
U.S.
tax
for
foreign
shareholders
(QSD).
Pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code,
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
designated
$21,803,511
as
long-term
capital
gain
dividends.
Trustees
and
Officers
of
the
Trust
The
Board
is
responsible
for
oversight
of
the
management
of
the
Trust’s
business
affairs
and
of
the
exercise
of
all
the
Trust’s
powers
except
those
reserved
for
the
shareholders.
The
following
table
provides
information
about
each
Trustee
and
certain
officers
of
the
Trust.
Each
Trustee
and
officer
holds
office
until
the
person
resigns,
is
removed,
or
is
replaced.
Unless
otherwise
noted,
the
persons
have
held
their
principal
occupations
for
more
than
five
years.
The
address
for
all
Trustees
and
officers
is
Three
Canal
Plaza,
Suite
600,
Portland,
Maine
04101.
Each
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge
and
upon
request,
by
calling
(855)
422-4518.
Beginning
Account
Value
February
1,
2021
Ending
Account
Value
July
31,
2021
Expenses
Paid
During
Period*
Annualized
Expense
Ratio*
ABR
Dynamic
Blend
Equity
&
Volatility
Fund
Institutional
Shares
Actual
$
1,000.00
$
1,101.72
$
10.42
2.00%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,014.88
$
9.99
2.00%
Investor
Shares
Actual
$
1,000.00
$
1,100.68
$
11.72
2.25%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,013.64
$
11.23
2.25%
ABR
50/50
Volatility
Fund
Institutional
Shares
Actual
$
1,000.00
$
1,406.33
$
14.92
2.50%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,012.40
$
12.47
2.50%
Investor
Shares
Actual
$
1,000.00
$
1,406.13
$
16.41
2.75%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,011.16
$
13.71
2.75%
ABR
75/25
Volatility
Fund
Institutional
Shares
Actual
$
1,000.00
$
1,235.85
$
9.70
1.75%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,016.12
$
8.75
1.75%
Investor
Shares
Actual
$
1,000.00
$
1,234.24
$
11.08
2.00%
Hypothetical
(5%
return
before
expenses)
$
1,000.00
$
1,014.88
$
9.99
2.00%
*
Expenses
are
equal
to
the
Fund’s
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half-year
(181)
divided
by
365
to
reflect
the
half-year
period.
ABR
Funds
ADDITIONAL
INFORMATION
(Unaudited)
July
31,
2021
30
(1)
Jessica
Chase
is
currently
an
interested
person
of
the
Trust,
as
defined
in
the
1940
Act,
due
to
her
affiliation
with
Apex
Fund
Services
and
her
role
as
President
of
the
Trust.
Apex
Fund
Services
is
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC.
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
Five
Years
Number
of
Series
in
Fund
Complex
Overseen
By
Trustee
Other
Directorships
Held
By
Trustee
During
Past
Five
Years
Independent
Trustees
David
Tucker
Born:
1958
Chairman
of
the
Board;
Trustee;
Chairman,
Nominating
Committee
and
Qualified
Legal
Compliance
Committee
Since
2013
Director,
Blue
Sky
Experience
(a
charitable
endeavor),
since
2008;
Senior
Vice
President
&
General
Counsel,
American
Century
Companies
(an
investment
management
firm),
1998-
2008.
3
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Mark
D.
Moyer
Born:
1959
Trustee;
Chairman
Audit
Committee
Since
2013
Chief
Financial
Officer,
Freedom
House
(a
NGO
advocating
political
freedom
and
democracy),
since
2017;
independent
consultant
providing
interim
CFO
services,
principally
to
non-profit
organizations,
2011-2017.
3
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Jennifer
Brown-Strabley
Born:
1964
Trustee
Since
2013
Principal,
Portland
Global
Advisors
(a
registered
investment
adviser),
1996-
2010.
3
Trustee,
Forum
Funds;
Trustee,
U.S.
Global
Investors
Funds.
Interested
Trustees
(1)
Jessica
Chase
Born:
1970
Trustee
Since
2019
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
3
Trustee,
Forum
Funds,
Trustee,
U.S.
Global
Investors
Funds.
Name
and
Year
of
Birth
Position
with
the
Trust
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Officers
Jessica
Chase
Born:
1970
President;
Principal
Executive
Officer
Since
2015
Director,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Karen
Shaw
Born:
1972
Treasurer;
Principal
Financial
Officer
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Zachary
Tackett
Born:
1988
Vice
President;
Secretary
and
Anti-
Money
Laundering
Compliance
Officer
Since
2014
Senior
Counsel,
Apex
Fund
Services
since
2019;
Counsel,
Atlantic
Fund
Services
2014-
2019.
Timothy
Bowden
Born:
1969
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2008-2019.
Michael
J.
McKeen
Born:
1971
Vice
President
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
Geoffrey
Ney
Born:
1975
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-2019.
Todd
Proulx
Born:
1978
Vice
President
Since
2013
Manager,
Apex
Fund
Services
since
2019;
Manager,
Atlantic
Fund
Services
2013-2019.
Carlyn
Edgar
Born:
1963
Chief
Compliance
Officer
Since
2013
Senior
Vice
President,
Apex
Fund
Services
since
2019;
Senior
Vice
President,
Atlantic
Fund
Services
2008-2019.
ABR
Funds
FOR
MORE
INFORMATION:
P.O.
Box
588
Portland,
ME
04112
(855)
422-4518
(toll
free)
INVESTMENT
ADVISER
ABR
Dynamic
Funds,
LLC
17
State
Street,
Suite
725
New
York,
NY
10004
TRANSFER
AGENT
Apex
Fund
Services
P.O.
Box
588
Portland,
ME
04112
www.theapexgroup.com
DISTRIBUTOR
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
Maine
04101
www.foreside.com
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Funds.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Funds’
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
For
the
most
recent
month-end
performance
and
current
fund
prices,
please
call
(855)
422-4518.
227-ANR-0721
ITEM 2. CODE OF ETHICS.
(a)
As of the end of the period covered by this report, Forum Funds II (the
“Registrant”) has adopted a code of ethics, which applies to its Principal
Executive Officer and Principal Financial Officer (the “Code of Ethics”).
(b)
There have been no amendments to the Registrant’s Code of Ethics during
the period covered by this report.
(c)
There have been no waivers to the Registrant’s Code of Ethics during the
period covered by this report.
(d)
Not applicable.
(f) (1) A copy of the Code of Ethics is being filed under
Item 13(a) hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Mr. Mark Moyer is
an "audit committee financial expert" as that term is defined under
applicable regulatory guidelines. Mr. Moyer is a non- “interested” Trustee (as
defined in Section 2(a)(19) under the Investment Company Act of 1940, as
amended (the “Act”)), and serves as Chairman of the Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the
last two fiscal years (the “Reporting Periods”) for professional services
rendered by the Registrant’s principal accountant for the audit of the Registrant’s
annual financial statements, or services that are normally provided by the
principal accountant in connection with the statutory and regulatory filings or
engagements for the Reporting Periods, were $28,000 in 2020 and $42,000 in 2021.
(b) Audit-Related Fees – The aggregate fees billed in the
Reporting Periods for assurance and related services rendered by the principal
accountant that were reasonably related to the performance of the audit of the
Registrant’s financial statements and are not reported under paragraph (a) of
this Item 4 were $0 in 2020 and $0 in 2021.
(c) Tax Fees - The aggregate fees billed in the Reporting
Periods for professional services rendered by the principal accountant to the
Registrant for tax compliance, tax advice and tax planning were $6,000 in 2020
and $9,000 in 2021. These services consisted of review or preparation of U.S.
federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the
Reporting Periods for products and services provided by the principal
accountant to the Registrant, other than the services reported in paragraphs
(a) through (c) of this Item, were $0 in 2020 and $0 in 2021.
(e) (1) The Audit Committee reviews and approves in advance
all audit and “permissible non-audit services” (as that term is defined by the
rules and regulations of the Securities and Exchange Commission) to be rendered
to a series of the Registrant (each, a “Series”). In addition, the Audit
Committee reviews and approves in advance all “permissible non-audit services”
to be provided to an investment adviser (not including any sub-adviser) of a
Series, or an affiliate of such investment adviser, that is controlling,
controlled by or under common control with the investment adviser and provides
on-going services to the Registrant (“Affiliate”), by the Series’ principal
accountant if the engagement relates directly to the operations and financial
reporting of the Series. The Audit Committee considers whether fees paid by a
Series’ investment adviser or an Affiliate to the Series’ principal accountant
for audit and permissible non-audit services are consistent with the principal
accountant’s independence.
(e) (2) No services included in (b) - (d) above were
approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the principal
accountant for services rendered to the Registrant for the Reporting Periods
were $0 in 2020 and $0 in 2021. There were no fees billed in either of the
Reporting Periods for non-audit services rendered by the principal accountant
to the Registrant’s investment adviser or any Affiliate.
(h) During the Reporting Period, the Registrant's principal
accountant provided no non-audit services to the investment advisers or any
entity controlling, controlled by or under common control with the investment
advisers to the series of the Registrant to which this report relates.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
ITEM 6. INVESTMENTS.
(a) Included
as part of report to shareholders under Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END
MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 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 Investment Company Act of 1940 (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 second fiscal quarter of the period covered by this
report that have materially affected, or are reasonably likely to materially
affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Code of Ethics.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Forum Funds II
|
By:
|
/s/ Jessica Chase
|
|
|
|
Jessica Chase, Principal
Executive Officer
|
|
|
|
|
|
|
Date:
|
September 21, 2021
|
|
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:
|
September 21, 2021
|
|
|
By:
|
/s/ Karen Shaw
|
|
|
|
Karen Shaw, Principal Financial
Officer
|
|
|
|
|
|
|
Date:
|
September 21, 2021
|
|
Code of Ethics
SECTION 1. BACKGROUND
This Code of Ethics (“Code”) applies to all Funds
and has been adopted in order to establish standards and procedures for the
detection and prevention of activities by which persons having knowledge of the
investments and investment intentions of a Fund may abuse their fiduciary
duties to the Trust and to deal with other types of conflict of interest
situations. Upon discovering a violation of the Code, the Board may impose
such sanctions as it deems appropriate.
A specific purpose of the Code is to promote honest
and ethical conduct, compliance with applicable laws and accountability for
adherence to the Code. All Access Persons should adhere to a high standard of
business ethics and should be sensitive to situations that may give rise to
conflicts of interest.
SECTION 2. DEFINITIONS
(A)
Access Person means:
(1)
Each Trustee and Officer;
(2)
(i) Any officer, director or general partner of the Adviser; and (ii)
any officer, director or general partner of the Distributor, where the
Distributor in the ordinary course of business either (a) makes, participates
in or obtains information regarding the Fund’s purchase or sale of Covered
Investments or (b) fills a function related to the making of any recommendation
regarding the Fund’s purchase or sale of Covered Investments;
(3)
Any employee of the Fund or Adviser, or of any company in a control
relationship with the Fund or Adviser, whose regular functions (i) relate to
the making of any recommendation regarding the Fund’s purchase or sale of
Covered Investments or (ii) include making, participating in or obtaining
information regarding the purchase or sale of Covered Investments by a Fund;
and
(4)
Any natural person in a control relationship with a Fund or Adviser who
obtains information concerning recommendations made to a Fund about the
purchase or sale of a Covered Investment.
(B)
Beneficial Owner means “beneficial owner” as defined in Rule
16a-1(a)(2) under the 1934 Act except that the determination of direct or
indirect beneficial ownership shall apply to all Covered Investments which an
Access Person owns or acquires. A Beneficial Owner of an investment is any
person who, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares a direct or indirect
pecuniary interest (the opportunity, directly or indirectly, to profit or share
in any profit derived from a transaction in the subject securities) in a
security. Indirect pecuniary interest in an investment includes securities
held by a person’s immediate family And immediate family means any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law (including adoptive relationships).
(C)
Control means the power to exercise a controlling influence over
the management or policies of a company, unless the power is solely the result
of an official position with the company.
(D)
Covered Officer means the PEO, PFO and PAO as those terms are
used in Section 406 of the Sarbanes-Oxley Act of 2002.
(E)
Covered Investment means any investment except:
(1)
Direct obligations of the United States Government;
(2)
Bankers’ acceptances and bank certificates of deposit;
(3)
Commercial paper and debt instruments with a maturity at issuance of
less than 366 days and that are rated in one of the two highest rating
categories by a nationally recognized statistical rating organization;
(4)
Repurchase agreements covering any of the foregoing; and
(5)
Shares of registered open-end investment companies other than Funds.
(F)
Investment Personnel, means any employee of the Fund or Adviser
who makes or participates in making recommendations to the Fund regarding the
purchase or sale of investments by the Fund. No Fund or the Trust shall employ
such a person without prior approval of the Board and the Review Officer.
(G)
Security Held or to be Acquired means
(1)
Any Covered Investment which, within the most recent 15 days (a) is or
has been held by the Trust or (b) is being or has been considered by the Trust
or an Adviser for purchase by a Fund; and
(2)
Any option to purchase or sell, and any investment convertible into or
exchangeable for, a Covered Investment.
(H)
Purchase or sale includes the writing of an option to purchase or
sell.
(I)
Material non-public information means information (i) that there
is a substantial likelihood a reasonable investor would consider important in
making an investment decision, or that is reasonably certain to have a
substantial effect on the price of Shares and (ii) that has not been
effectively communicated to the market place. Examples include: (a) valuation
issues; (b) liquidity issues; (c) significant increase in expenses; (d)
proposal for liquidation or reorganization; (e) regulatory developments that
affect a Fund; and (f) extraordinary developments at the Adviser. Public
information includes information found in a report filed with the SEC or
appearing in a news service.
SECTION 3. PROHIBITED
TRANSACTIONS
(A)
Prohibition Against Fraudulent Conduct. No Access Person shall
use any information concerning the operating activities, investments or
investment intentions of a Fund, or the Access Person’s ability to influence
such operating activities or investment intentions, for personal gain or in a
manner detrimental to the interests of a Fund. In addition, no Affiliated
Person of a Fund shall, directly or indirectly in connection with the operating
activities of the Fund or the purchase or sale of a security held or to be
acquired by a Fund:
(1)
Employ any device, scheme or artifice to defraud a Fund;
(2)
Make to a Fund or to the Adviser or Distributor any untrue statement of
a material fact or omit to state to any of the foregoing a material fact
necessary in order to make the statements made, in light of the circumstances
under which they are made, not misleading;
(3)
Engage in any act, practice, or course of business that operates or
would operate as a fraud or deceit upon a Fund; or
(4)
Engage in any manipulative practice with respect to a Fund.
(B)
Other Prohibited Transactions. Access Persons are prohibited
from:
(1)
Inducing or causing a Fund to take action, or to fail to take action,
for the benefit of a person either in addition to or other than the Fund;
(2)
Accepting anything other than of de minimus value or any other preferential
treatment from any entity with which a Fund does business;
(3)
Using knowledge of the operating activities or portfolio transactions of
a Fund for their benefit or the benefit of any person other than the Fund;
(4)
Violating the anti-fraud provisions of the securities laws; or
(5)
Except for the Independent Trustees, serving on the boards of directors
of publicly traded companies, absent prior authorization based upon a
determination by the Review Officer that the board service would be consistent
with the interests of the Fund and its shareholders.
(C)
Undue Influence; Disclosure of Personal Interest. No Access
Person shall cause or attempt to cause a Fund to purchase, sell or hold any
investment in a manner or engage in operating activity calculated to create any
benefit to the Access Person. No Access Person shall recommend any operating
activity or investment transactions for a Fund without having disclosed to the
Review Officer the Access Person’s interest, if any, in Shares or such
investment or the issuer thereof, including, without limitation:
(1)
The Access Person’s direct or indirect beneficial ownership of any
securities of the subject issuer or in the investment;
(2)
Any position with such issuer or its Affiliated Persons; and
(3)
Any present or proposed business relationship between such issuer or its
Affiliated Persons, on the one hand, and such person or any party in which such
person has a significant interest, on the other hand.
(D)
Corporate Opportunities. Access Persons are prohibited from
taking advantage of any opportunity properly belonging to a Fund.
(E)
Confidentiality. Except as required in the normal course of
carrying out an Access Person’s business responsibilities, Access Persons are
prohibited from revealing information relating to the investment intentions or
activities of any Fund, or investment that are being considered for purchase or
sale on behalf of any Fund.
(F)
Prohibited Transactions in Fund Shares. Access Persons are
prohibited from trading in Shares while in possession of material non-public
information regarding the operating activities of the Fund.
SECTION 4. REPORTING REQUIREMENTS
(A)
Access Person Reporting. Access Persons must report the
information described in this Section 4 with respect to transactions in any
Covered Investment in which the Access Person has, or by reason of such
transaction acquires, any direct or indirect beneficial ownership. Access
Persons must report to the Review Officer, unless they are required to report
to an Adviser or the Distributor pursuant to a code of ethics adopted by those
persons; and, in the case of (i) the Adviser or (ii) the Distributor if the
Distributor is (a) an Affiliated Person of the Trust or (b) has any officer,
director or general partner that serves the Trust or the Adviser in the same capacity
(“Affiliated Distributor”), has been approved by the Board. The Board shall
not approve such code of ethics unless it is maintained and enforced as if it
were subject to the same rules as provided in Rule 17j-1 under the 1940 Act. Access
Persons will promptly:
(1)
Provide full access to the Trust to any and all records and documents
which the Trust considers relevant to any investment transactions or other
matters subject to the Code;
(2)
Cooperate with the Trust in investigating any investment transactions or
other matter subject to the Code;
(3)
Provide the Trust with an explanation (in writing if requested) of the
facts and circumstances surrounding any investment transaction or other matter
subject to the Code; and
(4)
Notify the Review Officer in writing, from time to time, of any incident
of noncompliance with the Code by any Access Person.
(B)
Independent Trustee Reporting. An Independent Trustee need not
provide the account opening, holdings or transaction reports required by this
Section 4, except that an Independent Trustee must report a transaction if the
Independent Trustee knew at the time of the transaction, or in the ordinary
course of fulfilling the official duties as an Independent Trustee should have
known:
(1)
That during the 15-day period immediately preceding or immediately
following the transaction in a Covered Investment by the Independent Trustee,
the Covered Investment is or was purchased or sold or was being considered for
purchase or sale by a Fund or that Fund’s Adviser, or
(2)
The Independent Trustee possessed material non-public information about
the operating activities of a Fund or the Trust preceding a transaction in
Shares of the Fund.
(C)
Exclusions from Reporting. Purchases or sales of Covered
Investments in an account over which an Access Person has no direct or indirect
influence or control are not subject to the reporting requirements of this
Section.
(D)
Initial Holding Reports. No later than ten (10) days after the
person becomes an Access Person, an Access Person must report the following
information:
(1)
The title, number of shares and principal amount of each Covered
Investment in which the Access Person had any direct or indirect beneficial
ownership when the person became an Access Person;
(2)
The name of any broker, dealer or bank with whom the Access Person
maintained an account in which any securities were held for the direct or
indirect benefit of the Access Person as of the date the person became an
Access Person; and
(3)
The date that the report is submitted by the Access Person.
(E)
Quarterly Transaction Reports. No later than ten (10) days after
the end of a calendar quarter, an Access Person must report the following
information:
(1)
With respect to any transaction during the quarter in a Covered
Investment in which the Access Person had, or by reason of such transaction
acquired, any direct or indirect beneficial ownership:
(a)
The date of the transaction, the title, the interest rate and maturity
date (if applicable), the number of shares and the principal amount of each
Covered Investment involved;
(b)
The nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);
(c)
The price of the Covered Investment at which the transaction was
effected; the name of the broker, dealer or bank with or through which the
transaction was effected; and
(d)
The date that the report is submitted by the Access Person.
(2)
With respect to any account established by the Access Person in which
any investment were held during the quarter for the direct or indirect benefit
of the Access Person:
(a)
The name of the broker, dealer or bank with whom the Access Person
established the account;
(b)
The date the account was established; and
(c)
The date that the report is submitted by the Access Person.
(F)
Annual Holdings Reports. Annually, an Access Person must report
the following information (which information must be current as of a date no
more than thirty (30) days before the report is submitted):
(1)
The title, number of shares and principal amount of each Covered
Investment in which the Access Person had any direct or indirect beneficial
ownership;
(2)
The name of any broker, dealer or bank with whom the Access Person
maintains an account in which any securities are held for the direct or
indirect benefit of the Access Person; and
(3)
The date that the report is submitted by the Access Person.
(G)
Certification of Compliance. Upon becoming an Access Person, the
person shall certify (in the form of Appendix A) that the Access Person has
read and understood this Code and recognizes that the Access Person is subject
to this Code. Further, each Access Person is required to certify annually that
the Access Person has complied with all the requirements of this Code and that
the Access Person has disclosed or reported all personal investment
transactions pursuant to the requirements of this Code.
(H)
Alternative Reporting. The submission to the Review Officer of
duplicate broker trade confirmations and statements on all Covered Investments
transactions shall be deemed to satisfy these reporting requirements. The
annual holdings report may be satisfied by confirming annually, in writing, the
accuracy of the records maintained by the Review Officer and recording the date
of the confirmation.
(I)
Report Qualification. Any report may contain a statement that
the report shall not be construed as an admission by the person making the
report that the person has any direct or indirect beneficial ownership in the
Covered Investments to which the report relates.
SECTION 5. COVERED OFFICERS
(A)
Conflicts of Interest. A “conflict of interest” occurs when a
Covered Officer’s employment or personal interest interferes with the interests
of, or service to, the Trust. For example, a conflict of interest would arise
if a Covered Officer receives improper personal benefits as a result of the
Covered Officer’s position with the Trust. A Covered Officer may be an officer
or employee of a Service Provider, another investment company or another
company. Conflicts may arise from, or as a result of, the contractual
relationship between the Trust and its Service Providers or otherwise due to
the Covered Officers’ positions, but such other positions of a Covered Officer
do not by itself give rise to a conflict of interest. As applicable to a
Covered Officer, the following must be approved by the Audit Committee:
(1)
Service on the board of directors or governing board of a publicly
traded entity;
(2)
The receipt of any non-nominal gifts from persons or entities who have
or are seeking business relationships with the Trust or a Fund;
(3)
The receipt of any entertainment from any company with which the Trust
has current or prospective business dealings unless such entertainment is
business-related, reasonable in cost, appropriate as to time and place, and not
so frequent as to raise any question of impropriety;
(4)
Any ownership interest (material to the officer) in, or any consulting
or employment relationship with, any entities doing business with the Trust,
other than its service providers and their respective Affiliated Persons; and
(5)
Any direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Trust for effecting portfolio transactions or
for selling or redeeming shares other than an interest arising from the Covered
Officer’s employment with the Trust’s service providers or their respective
Affiliated Persons.
(B)
Duties. A Covered Officer shall:
(1)
Become familiar with the disclosure requirements generally applicable to
the Trust;
(2)
Not knowingly misrepresent, or cause others to misrepresent, facts about
the Trust to others;
(3)
To the extent appropriate, consult with other Officers and employees of
the Trust and its service providers;
(4)
Promote compliance with the standards and restrictions imposed by
applicable laws; and
(5)
Not retaliate against any other Covered Officer or any employee of the
Fund or its Service Providers for reporting potential violations of by the
Fund, its Service Providers, or another Covered Officer that are made in good
faith.
(C)
A Covered Officer shall notify the Chairman of the Audit Committee
promptly if the officer knows of any violation of this Code.
SECTION 6. REVIEW OFFICER
(A)
Appointment. A Review Officer shall be appointed by the PEO.
(B)
Duties of Review Officer. The Review Officer shall :
(1)
Review all investment transaction and holdings reports or shall maintain
the names of persons responsible for reviewing these reports;
(2)
Identify all Access Persons who are required to make these reports,
maintain and periodically update a list of such Access Persons, and promptly
inform each Access Person of the requirements of this Code;
(3)
Compare, on a quarterly basis, all Access Persons’ transactions in
Covered Investments with each Fund’s completed portfolio transactions and in
the case of transactions in Shares, with operating activities of the Fund, to
determine whether a Code violation may have occurred;
(4)
Maintain a signed acknowledgment by each person who is then an Access
Person;
(5)
Identify persons who are Investment Personnel, maintain and periodically
update a list of such Investment Personnel, and inform those persons of their
requirements to obtain prior written approval from the Review Officer prior to
directly or indirectly acquiring ownership of a security in any private
placement or initial public offering; and
(6)
Annually prepare a written report to the Trustees that
(a)
Describes any issues under this Code since the last report to the
Trustees, including information about material violations of the Code and
sanctions imposed in response to the material violations; and
(b)
Confirm that the Trust has adopted procedures reasonably necessary to
prevent Access Persons from violating this Code.
(C)
Potential Trade Conflict. When there appears to be a transaction
that conflicts with this Code, the Review Officer shall request a written
explanation of the Access Person’s transaction. If after the review it is
determined that there has been a violation of this Code, the Review Officer
shall make a recommendation of appropriate action to the Board.
(D)
Required Records. The Review Officer shall maintain:
(1)
A copy of this and any other code of ethics adopted by the Trust,
Adviser or Affiliated Distributor, which has been in effect at any time during
the previous five (5) years, in an easily accessible place;
(2)
A record of any violation of this Code, and of any action taken as a
result of such violation, in an easily accessible place for at least five (5)
years after the end of the fiscal year in which the violation occurs;
(3)
A copy of each report made by an Access Person as required by this Code
for at least five (5) years after the end of the fiscal year in which the
report is made, the first two (2) years in an easily accessible place;
(4)
A list of all persons who are, or at any time within the past five years
have been, required to make reports or who were responsible for reviewing these
reports pursuant to any code of ethics, in an easily accessible place;
(5)
A copy of each written report and certification required pursuant to
Section 7(E) of this Code for at least five (5) years after the end of the
fiscal year in which it is made, the first two (2) years in an easily
accessible place; and
(6)
A record of any decision, and the reasons supporting the decision,
approving the acquisition by Investment Personnel of securities under Section
6(B)(5) of this Code, for at least five (5) years after the end of the fiscal
year in which the approval is granted.
SECTION 7. BOARD
REVIEW
The Boards, including a majority of the Independent
Trustees, shall:
(A)
Approve the (i) Code and any material changes to the Code and (ii)
before initially retaining their services, the code of ethics of each Adviser
and Affiliated Distributor, and any material changes to these codes within six
months of the change;
(B)
Base its approval of a code of ethics, and any material changes thereto,
on a determination that the code contains provisions reasonably necessary to
prevent Access Persons (or the equivalent persons) from engaging in prohibited
conduct;
(C)
Receive, prior to approving a code or any amendment to a code, a
certification from the Trusts, Adviser or Affiliated Distributor that it has
adopted procedures reasonably necessary to prevent Access Persons (or the
equivalent persons) from violating the Code; and
Receive and consider, no less frequently than annually: (i)
a written report from the Trusts, Adviser and Affiliated Distributor, as
applicable, describing any issues, material violations or sanctions arising
under the respective codes; and (ii) a written certification from the Trusts,
Adviser and Affiliated Distributor, as applicable, that it has adopted procedures
reasonably necessary to prevent Access Persons (or the equivalent persons) from
violating its code.
APPENDIX A
Code of Ethics Certification
I understand that I am an Access Person as defined
in the Forum ETF Trust and Forum Funds II Code of Ethics.
I have read and I understand the Code of Ethics and
that I am subject to it. In addition, I will comply with the requirements of
the Code of Ethics applicable to my position and will disclose or report all
personal investment transactions that are required to be disclosed or reported
pursuant to the requirements of the Code.
If I am also a Covered Officer, I understand that I
am a Covered Officer as defined in the Forum ETF Trust and Forum Funds II Code
of Ethics and will request from the Forum ETF Trust’ Audit Committee Chairman
all approvals that are required under Section 5(A) of the Code.
[NAME] Date
This Certification must be
completed and returned to the Trust’s Review Officer.
Exhibit 1A
Forum Funds II
I, Jessica Chase, certify that:
1. 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. 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. 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 second fiscal quarter of 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. 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:
|
September 21, 2021
|
|
/s/ Jessica Chase
|
|
|
|
|
|
Jessica Chase
|
|
|
|
|
|
Principal Executive Officer
|
|
Exhibit 1B
Forum Funds II
I, Karen Shaw, certify that:
1. 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. 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. 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 second fiscal quarter of 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. 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:
|
September 21, 2021
|
|
/s/ Karen Shaw
|
|
|
|
|
|
Karen Shaw
|
|
|
|
|
|
Principal Financial Officer
|
|
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 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.
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.
|
Dated: |
September 21, 2021 |
|
|
|
|
|
|
|
/s/ Jessica Chase |
|
|
|
Jessica Chase |
|
|
|
Principal Executive Officer |
|
|
|
|
|
|
Dated: |
September 21, 2021 |
|
|
|
|
|
|
|
/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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PCI Biotech Holding ASA - Annual Report 2023
- Internationally Renowned Botulinum Toxin Experts Join WizMedi Bio's New Botulinum Toxin Development Project
- Kitron: Ex dividend NOK 0.75 today
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
