# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-000154
**Filing Date:** 2026-1
**Character Count:** 152918
**Document Hash:** 88bf25f0fbd91da4865d09876b16ec87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000154.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001580642-26-000154

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26519280

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Invenomic Fund (Series ID: S000057713)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000186112 | Invenomic Fund Institutional Class shares       | BIVIX           |
| C000186113 | Invenomic Fund Investor Class shares            | BIVRX           |
| C000211283 | Invenomic Fund Super Institutional Class shares | BIVSX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22549</u>

<u>Northern Lights Fund Trust II</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Dr, Ste 450 Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Kevin E. Wolf, Ultimus Fund Solutions, LLC.</u> <br> <u>80 Arkay Drive, Suite 110., Hauppauge, NY 11788</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>10/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Invenomic Fund

# Institutional Class (BIVIX)

#### Annual Shareholder Report - October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Invenomic Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.invenomic.com/. You can also request this information by contacting us at 1-855-466-3406.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $296 | 3.04% |

---

## How did the Fund perform during the reporting period?
The long portfolio contributed 12.67% while the short portfolio detracted approximately -16.68%, both on a gross basis. During this period, we averaged 110.95% long and -90.77% short resulting in average net exposure of 20.18% and average gross exposure 201.72%.

From a sector perspective, our biggest contributors on the long side were Information Industrials (+4.91%), Materials (+4.48%) and Information Technology (+3.71%). On the short side the sectors that detracted the most were Information Technology (-9.07%), Industrials (-5.95%) and Consumer Discretionary (-2.54%). From a total portfolio perspective, the top ten contributed 9.95% and the top ten detractors cost -12.49% both on a gross basis.

Our strategy continued to face two substantial market headwinds during the year which negatively impacted performance. The first was continued underperformance of value stocks relative to growth stocks. The Russell 1000 Value/Growth Index returned -17.17% during the period, which is the third worst year in the last 25 years. The second, and most substantial, headwind was the strong performance of the momentum factor. As of October 31, 2025, the momentum factor had its strongest year in the last 25 years, as measured by the Bloomberg US Pure Momentum Factor Index. Given the magnitude of these headwinds, we are pleased with how we managed risk during the period.

We believe market volatility will remain volatile for the foreseeable future. Market valuations across most metrics are at all time highs. As euphoria around AI continues to build, we see significantly more downside risk than upside opportunity. As a result, our portfolio remains defensively positioned with net exposure around 20%, which is on the low side of the fund's historical average.

## How has the Fund performed since inception?

### Total Return Based on $50,000 Investment
![Chart showing performance over last 10 years or since inception](ic4815936e6bc9a00445b6b50.jpg)

---

| | | |
|:---|:---|:---|
| | **Invenomic Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jun-2017** | $50000 | $50000 |
| **Oct-2017** | $51100 | $52807 |
| **Oct-2018** | $56023 | $56429 |
| **Oct-2019** | $60883 | $64136 |
| **Oct-2020** | $58412 | $69628 |
| **Oct-2021** | $98253 | $100022 |
| **Oct-2022** | $155477 | $85648 |
| **Oct-2023** | $195635 | $93367 |
| **Oct-2024** | $175177 | $128421 |
| **Oct-2025** | $166704 | $154373 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (June 19, 2017)** |
| Invenomic Fund | -4.84% | 23.34% | 15.48% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.42% |

---

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

## **Fund Statistics** 
* Net Assets$933,913,364

* Number of Portfolio Holdings286

* Advisory Fee (net of waivers)$18,028,641

* Portfolio Turnover197%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i440d3cf1a21233b58155b98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.8% |
| Money Market Funds | 4.9% |
| Purchased Options | 0.3% |
| Warrant | 0.0% |

---

#### What did the Fund invest in?

## **Long Sector Weighting (% of net assets)**![Group By Sector Chart](ie91887992d3755734943df32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.1% |
| Real Estate | 0.1% |
| Equity Option | 0.3% |
| Utilities | 1.6% |
| Energy | 2.0% |
| Financials | 4.2% |
| Consumer Staples | 5.8% |
| Money Market | 5.8% |
| Communications | 9.4% |
| Industrials | 12.6% |
| Consumer Discretionary | 14.2% |
| Health Care | 18.5% |
| Materials | 18.9% |
| Technology | 25.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Sonoco Products Company | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;RingCentral, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Penn Entertainment, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Six Flags Entertainment Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;PVH Corporation | &nbsp;&nbsp;2.0% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](iff75b878d6887565a607f899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | -0.2% |
| Energy | -0.3% |
| Real Estate | -0.3% |
| Materials | -0.9% |
| Consumer Staples | -0.9% |
| Health Care | -4.9% |
| Communications | -5.8% |
| Financials | -11.0% |
| Consumer Discretionary | -14.8% |
| Industrials | -21.9% |
| Technology | -32.8% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Invenomic Fund - Institutional Class (BIVIX)

#### Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.invenomic.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BIVIX

# Invenomic Fund

# Super Institutional Class (BIVSX)

#### Annual Shareholder Report - October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Invenomic Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.invenomic.com/. You can also request this information by contacting us at 1-855-466-3406.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Super Institutional Class | $273 | 2.79% |

---

## How did the Fund perform during the reporting period?
The long portfolio contributed 12.67% while the short portfolio detracted approximately -16.68%, both on a gross basis. During this period, we averaged 110.95% long and -90.77% short resulting in average net exposure of 20.18% and average gross exposure 201.72%.

From a sector perspective, our biggest contributors on the long side were Information Industrials (+4.91%), Materials (+4.48%) and Information Technology (+3.71%). On the short side the sectors that detracted the most were Information Technology (-9.07%), Industrials (-5.95%) and Consumer Discretionary (-2.54%). From a total portfolio perspective, the top ten contributed 9.95% and the top ten detractors cost -12.49% both on a gross basis.

Our strategy continued to face two substantial market headwinds during the year which negatively impacted performance. The first was continued underperformance of value stocks relative to growth stocks. The Russell 1000 Value/Growth Index returned -17.17% during the period, which is the third worst year in the last 25 years. The second, and most substantial, headwind was the strong performance of the momentum factor. As of October 31, 2025, the momentum factor had its strongest year in the last 25 years, as measured by the Bloomberg US Pure Momentum Factor Index. Given the magnitude of these headwinds, we are pleased with how we managed risk during the period.

We believe market volatility will remain volatile for the foreseeable future. Market valuations across most metrics are at all time highs. As euphoria around AI continues to build, we see significantly more downside risk than upside opportunity. As a result, our portfolio remains defensively positioned with net exposure around 20%, which is on the low side of the fund's historical average.

## How has the Fund performed since inception?

### Total Return Based on a $50,000,000 Investment
![Chart showing performance over last 10 years or since inception](i32c5dead2b60cf248aecdc32.jpg)

---

| | | |
|:---|:---|:---|
| | **Invenomic Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **May-2019** | $50000000 | $50000000 |
| **Oct-2019** | $50262467 | $52971862 |
| **Oct-2020** | $48313675 | $57507229 |
| **Oct-2021** | $81449464 | $82610742 |
| **Oct-2022** | $129194943 | $70739147 |
| **Oct-2023** | $163022640 | $77114215 |
| **Oct-2024** | $146339650 | $106065730 |
| **Oct-2025** | $139636561 | $127500408 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 10, 2019)** |
| Invenomic Fund | -4.58% | 23.65% | 17.18% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 15.55% |

---

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

## **Fund Statistics** 
* Net Assets$933,913,364

* Number of Portfolio Holdings286

* Advisory Fee (net of waivers)$18,028,641

* Portfolio Turnover197%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i440d3cf1a21233b58155b98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.8% |
| Money Market Funds | 4.9% |
| Purchased Options | 0.3% |
| Warrant | 0.0% |

---

#### What did the Fund invest in?

## **Long Sector Weighting (% of net assets)**![Group By Sector Chart](ie91887992d3755734943df32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.1% |
| Real Estate | 0.1% |
| Equity Option | 0.3% |
| Utilities | 1.6% |
| Energy | 2.0% |
| Financials | 4.2% |
| Consumer Staples | 5.8% |
| Money Market | 5.8% |
| Communications | 9.4% |
| Industrials | 12.6% |
| Consumer Discretionary | 14.2% |
| Health Care | 18.5% |
| Materials | 18.9% |
| Technology | 25.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Sonoco Products Company | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;RingCentral, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Penn Entertainment, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Six Flags Entertainment Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;PVH Corporation | &nbsp;&nbsp;2.0% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](iff75b878d6887565a607f899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | -0.2% |
| Energy | -0.3% |
| Real Estate | -0.3% |
| Materials | -0.9% |
| Consumer Staples | -0.9% |
| Health Care | -4.9% |
| Communications | -5.8% |
| Financials | -11.0% |
| Consumer Discretionary | -14.8% |
| Industrials | -21.9% |
| Technology | -32.8% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Invenomic Fund - Super Institutional Class (BIVSX)

#### Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.invenomic.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BIVSX

# Invenomic Fund

# Investor Class (BIVRX)

#### Annual Shareholder Report - October 31, 2025

## Fund Overview
This annual shareholder report contains important information about Invenomic Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.invenomic.com/. You can also request this information by contacting us at 1-855-466-3406.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $321 | 3.29% |

---

## How did the Fund perform during the reporting period?
The long portfolio contributed 12.67% while the short portfolio detracted approximately -16.68%, both on a gross basis. During this period, we averaged 110.95% long and -90.77% short resulting in average net exposure of 20.18% and average gross exposure 201.72%.

From a sector perspective, our biggest contributors on the long side were Information Industrials (+4.91%), Materials (+4.48%) and Information Technology (+3.71%). On the short side the sectors that detracted the most were Information Technology (-9.07%), Industrials (-5.95%) and Consumer Discretionary (-2.54%). From a total portfolio perspective, the top ten contributed 9.95% and the top ten detractors cost -12.49% both on a gross basis.

Our strategy continued to face two substantial market headwinds during the year which negatively impacted performance. The first was continued underperformance of value stocks relative to growth stocks. The Russell 1000 Value/Growth Index returned -17.17% during the period, which is the third worst year in the last 25 years. The second, and most substantial, headwind was the strong performance of the momentum factor. As of October 31, 2025, the momentum factor had its strongest year in the last 25 years, as measured by the Bloomberg US Pure Momentum Factor Index. Given the magnitude of these headwinds, we are pleased with how we managed risk during the period.

We believe market volatility will remain volatile for the foreseeable future. Market valuations across most metrics are at all time highs. As euphoria around AI continues to build, we see significantly more downside risk than upside opportunity. As a result, our portfolio remains defensively positioned with net exposure around 20%, which is on the low side of the fund's historical average.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib4bf8416f02cb458d94a8296.jpg)

---

| | | |
|:---|:---|:---|
| | **Invenomic Fund** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jun-2017** | $10000 | $10000 |
| **Oct-2017** | $10210 | $10561 |
| **Oct-2018** | $11154 | $11286 |
| **Oct-2019** | $12095 | $12827 |
| **Oct-2020** | $11578 | $13926 |
| **Oct-2021** | $19461 | $20004 |
| **Oct-2022** | $30719 | $17130 |
| **Oct-2023** | $38552 | $18673 |
| **Oct-2024** | $34442 | $25684 |
| **Oct-2025** | $32696 | $30875 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (June 19, 2017)** |
| Invenomic Fund | -5.07% | 23.07% | 15.21% |
| S&P Composite 1500<sup>®</sup> Index | 20.21% | 17.26% | 14.42% |

---

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

## **Fund Statistics** 
* Net Assets$933,913,364

* Number of Portfolio Holdings286

* Advisory Fee (net of waivers)$18,028,641

* Portfolio Turnover197%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i440d3cf1a21233b58155b98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.8% |
| Money Market Funds | 4.9% |
| Purchased Options | 0.3% |
| Warrant | 0.0% |

---

#### What did the Fund invest in?

## **Long Sector Weighting (% of net assets)**![Group By Sector Chart](ie91887992d3755734943df32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.1% |
| Real Estate | 0.1% |
| Equity Option | 0.3% |
| Utilities | 1.6% |
| Energy | 2.0% |
| Financials | 4.2% |
| Consumer Staples | 5.8% |
| Money Market | 5.8% |
| Communications | 9.4% |
| Industrials | 12.6% |
| Consumer Discretionary | 14.2% |
| Health Care | 18.5% |
| Materials | 18.9% |
| Technology | 25.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Sonoco Products Company | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;RingCentral, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Penn Entertainment, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Six Flags Entertainment Corporation | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;PVH Corporation | &nbsp;&nbsp;2.0% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](iff75b878d6887565a607f899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | -0.2% |
| Energy | -0.3% |
| Real Estate | -0.3% |
| Materials | -0.9% |
| Consumer Staples | -0.9% |
| Health Care | -4.9% |
| Communications | -5.8% |
| Financials | -11.0% |
| Consumer Discretionary | -14.8% |
| Industrials | -21.9% |
| Technology | -32.8% |

---

## Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Invenomic Fund - Investor Class (BIVRX)

#### Annual Shareholder Report - October 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.invenomic.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-BIVRX

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Keith Rhoades is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhoades is independent for purposes of this Item. (a)(2) Not applicable. (a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years 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 accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16,500

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16,000

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3,000

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended October 31, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(IVENOMIC CAPITAL MANAGEMENT LOGO)](in001_v1.jpg) |
| **Invenomic Fund** |
| Institutional Class |
| BIVIX |
| Investor Class |
| BIVRX |
| Super Institutional Class |
| BIVSX |
| Annual Financial Statements and Additional Information<br> October 31, 2025 |
| 1-855-466-3406 |
| www.Invenomic.com |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0%** |  |
|  | **ADVERTISING & MARKETING - 0.7%** |  |
| 93329 | Omnicom Group, Inc. | $7001542 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.8%** |  |
| 42010 | Oxford Industries, Inc. | 1548069 |
| 239741 | Puma S.E. | 5090524 |
| 234627 | PVH Corporation<sup>(a)</sup> | 18378332 |
| 201675 | Unifi, Inc.<sup>(b)</sup> | 899471 |
|  |  | 25916396 |
|  | **AUTOMOTIVE - 1.4%** |  |
| 483563 | American Axle & Manufacturing Holdings, Inc.<sup>(b)</sup> | 2998091 |
| 857588 | Goodyear Tire & Rubber Company (The)<sup>(b)</sup> | 5908781 |
| 45515 | Linamar Corporation | 2464699 |
| 51154 | Miller Industries, Inc. | 2053322 |
|  |  | 13424893 |
|  | **BANKING – 3.0%** |  |
| 516439 | First Foundation, Inc.<sup>(b)</sup> | 2809428 |
| 79572 | M&T Bank Corporation<sup>(a)</sup> | 14630904 |
| 92789 | Popular, Inc. | 10343190 |
|  |  | 27783522 |
|  | **BIOTECH & PHARMA - 4.9%** |  |
| 188926 | Hikma Pharmaceuticals PLC | 4564125 |
| 5014348 | Iovance Biotherapeutics, Inc.<sup>(a),(b)</sup> | 9878266 |
| 222763 | Lexaria Bioscience Corporation<sup>(b)</sup> | 227218 |
| 342385 | REGENXBIO, Inc.<sup>(b)</sup> | 4372256 |
| 2565651 | Viatris, Inc.<sup>(a)</sup> | 26580145 |
|  |  | 45622010 |
|  | **CHEMICALS - 5.6%** |  |
| 148371 | AdvanSix, Inc. | 2758217 |
| 357061 | American Vanguard Corporation<sup>(b)</sup> | 1596063 |
| 49454 | Arkema S.A. | 2935886 |
| 70105 | Ashland, Inc. | 3428135 |
| 166193 | Dow, Inc. | 3963703 |
| 68412 | Eastman Chemical Company | 4071882 |
| 890065 | Ecovyst, Inc.<sup>(b)</sup> | 7289632 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **CHEMICALS - 5.6% (Continued)** |  |
| 38343 | International Flavors & Fragrances, Inc. | $2414459 |
| 788406 | Mativ Holdings, Inc.<sup>(a)</sup> | 8420175 |
| 312427 | Olin Corporation | 6467239 |
| 296522 | Orion S.A. | 1571567 |
| 84055 | Stepan Company | 3643784 |
| 1029252 | Tronox Holdings PLC, Class A | 3602382 |
|  |  | 52163124 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.1%** |  |
| 288064 | ABM Industries, Inc.<sup>(a)</sup> | 12386752 |
| 1004041 | Alight, Inc., Class A | 2891638 |
| 198648 | CoreCivic, Inc.<sup>(b)</sup> | 3680947 |
| 208401 | Forrester Research, Inc.<sup>(b)</sup> | 1485899 |
| 1028581 | Legalzoom.com, Inc.<sup>(a),(b)</sup> | 10254953 |
| 470778 | Prosegur Cia de Seguridad S.A. | 1535795 |
| 514526 | Resources Connection, Inc. | 2263914 |
| 220995 | TrueBlue, Inc.<sup>(b)</sup> | 1047516 |
| 598539 | Vestis Corporation | 3142330 |
|  |  | 38689744 |
|  | **CONSTRUCTION MATERIALS - 1.3%** |  |
| 113874 | James Hardie Industries PLC<sup>(b)</sup> | 2383383 |
| 76458 | Owens Corning | 9733867 |
|  |  | 12117250 |
|  | **CONSUMER SERVICES - 0.2%** |  |
| 232254 | Coursera, Inc.<sup>(a),(b)</sup> | 1955579 |
|  | **CONTAINERS & PACKAGING - 4.6%** |  |
| 70588 | Gerresheimer A.G. | 2245797 |
| 221367 | Myers Industries, Inc. | 3836290 |
| 270610 | Sealed Air Corporation<sup>(a)</sup> | 9068141 |
| 676845 | Sonoco Products Company<sup>(a)</sup> | 27459602 |
|  |  | 42609830 |
|  | **ELECTRIC UTILITIES - 1.7%** |  |
| 146245 | Avista Corporation | 5564622 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 1.7% (Continued)** |  |
| 151330 | Black Hills Corporation | $9598862 |
|  |  | 15163484 |
|  | **ELECTRICAL EQUIPMENT - 2.3%** |  |
| 21895 | Generac Holdings, Inc.<sup>(b)</sup> | 3678798 |
| 557257 | Sensata Technologies Holding PLC | 17737491 |
|  |  | 21416289 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 220597 | Mistras Group, Inc.<sup>(b)</sup> | 2104495 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 322541 | Warner Bros Discovery, Inc.<sup>(a),(b)</sup> | 7241045 |
|  | **FOOD - 3.1%** |  |
| 733097 | Dole PLC | 9339657 |
| 152555 | Fresh Del Monte Produce, Inc. | 5392819 |
| 337544 | Herbalife Ltd.<sup>(b)</sup> | 2700352 |
| 35786 | John B Sanfilippo & Son, Inc. | 2246645 |
| 767331 | Nomad Foods Ltd. | 8670840 |
|  |  | 28350313 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.5%** |  |
| 810945 | Acadia Healthcare Company, Inc.<sup>(a),(b)</sup> | 17435318 |
| 1293892 | Owens & Minor, Inc.<sup>(b)</sup> | 5136751 |
| 345521 | Select Medical Holdings Corporation | 4778555 |
| 22551 | Universal Health Services, Inc., Class B<sup>(a)</sup> | 4893793 |
|  |  | 32244417 |
|  | **HOME & OFFICE PRODUCTS - 1.2%** |  |
| 1114421 | Leggett & Platt, Inc.<sup>(a)</sup> | 10408692 |
| 503938 | Purple Innovation, Inc.<sup>(b)</sup> | 399018 |
|  |  | 10807710 |
|  | **HOUSEHOLD PRODUCTS - 2.7%** |  |
| 178701 | Central Garden & Pet Company, Class A<sup>(b)</sup> | 4969675 |
| 258216 | Clearwater Paper Corporation<sup>(b)</sup> | 4557512 |
| 397215 | Edgewell Personal Care Company | 7701999 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 2.7% (Continued)** |  |
| 478725 | Helen of Troy Ltd.<sup>(b)</sup> | $8918646 |
|  |  | 26147832 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 78286 | Titan Machinery, Inc.<sup>(b)</sup> | 1283890 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 77722 | State Street Corporation<sup>(a)</sup> | 8989327 |
|  | **INTERNET MEDIA & SERVICES - 7.1%** |  |
| 385591 | Fiverr International Ltd.<sup>(b)</sup> | 8729780 |
| 2639311 | Getty Images Holdings, Inc.<sup>(a),(b)</sup> | 4961905 |
| 834099 | Lyft, Inc., Class A<sup>(a),(b)</sup> | 17065665 |
| 125823 | Maplebear, Inc.<sup>(a),(b)</sup> | 4637836 |
| 350337 | Shutterstock, Inc. | 8768935 |
| 735176 | Snap, Inc., Class A<sup>(b)</sup> | 5734373 |
| 1072357 | Upwork, Inc.<sup>(a),(b)</sup> | 17093370 |
|  |  | 66991864 |
|  | **LEISURE FACILITIES & SERVICES - 5.0%** |  |
| 337638 | Jack in the Box, Inc.<sup>(a)</sup> | 5415714 |
| 1236436 | Penn Entertainment, Inc.<sup>(a),(b)</sup> | 20351736 |
| 814921 | Six Flags Entertainment Corporation<sup>(a),(b)</sup> | 18726885 |
| 19859 | United Parks & Resorts, Inc.<sup>(b)</sup> | 961176 |
| 5551 | Vail Resorts, Inc. | 823380 |
|  |  | 46278891 |
|  | **LEISURE PRODUCTS - 0.3%** |  |
| 8112 | Shimano, Inc. | 853011 |
| 148137 | Spin Master Corporation<sup>(c)</sup> | 2200060 |
|  |  | 3053071 |
|  | **MACHINERY - 4.4%** |  |
| 156476 | Albany International Corporation, Class A | 8853412 |
| 571784 | Enovis Corporation<sup>(a),(b)</sup> | 17862532 |
| 49691 | GrafTech International Ltd.<sup>(b)</sup> | 670829 |
| 58924 | Hurco Companies, Inc.<sup>(b)</sup> | 1057686 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **MACHINERY - 4.4% (Continued)** |  |
| 154013 | Tennant Company<sup>(a)</sup> | $12321040 |
|  |  | 40765499 |
|  | **MEDICAL EQUIPMENT & DEVICES - 10.0%** |  |
| 31783 | Align Technology, Inc.<sup>(b)</sup> | 4382240 |
| 345792 | Baxter International, Inc. | 6386778 |
| 199634 | CONMED Corporation<sup>(a)</sup> | 8783896 |
| 2068444 | Dentsply Sirona, Inc.<sup>(a)</sup> | 26083079 |
| 236768 | Haemonetics Corporation<sup>(a),(b)</sup> | 11840768 |
| 675961 | Integra LifeSciences Holdings Corporation<sup>(b)</sup> | 8118292 |
| 679360 | Quanterix Corporation<sup>(b)</sup> | 3627782 |
| 156968 | Tactile Systems Technology, Inc.<sup>(b)</sup> | 2365508 |
| 183339 | Teleflex, Inc.<sup>(a)</sup> | 22820205 |
|  |  | 94408548 |
|  | **METALS & MINING - 6.0%** |  |
| 242698 | A-Mark Precious Metals, Inc. | 6450913 |
| 90732 | Barrick Mining Corporation | 2976010 |
| 685085 | Eldorado Gold Corporation<sup>(b)</sup> | 17565578 |
| 1411108 | Equinox Gold Corporation<sup>(b)</sup> | 15479854 |
| 1279879 | Osisko Development Corporation<sup>(b)</sup> | 3954826 |
| 242078 | Torex Gold Resources, Inc.<sup>(b)</sup> | 10000356 |
|  |  | 56427537 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 92104 | Chord Energy Corporation<sup>(a)</sup> | 8355675 |
| 71957 | ConocoPhillips | 6394099 |
| 75308 | Ovintiv, Inc. | 2824803 |
|  |  | 17574577 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 166710 | REX Holdings, Inc., Class A<sup>(b)</sup> | 1322010 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 184746 | Ceres Power Holdings PLC<sup>(b)</sup> | 650905 |
|  | **RETAIL - DISCRETIONARY - 3.2%** |  |
| 4561 | BlueLinx Holdings, Inc.<sup>(b)</sup> | 298472 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.2% (Continued)** |  |
| 740295 | Caleres, Inc.<sup>(a)</sup> | $8172857 |
| 21446 | HUGO BOSS A.G. | 950546 |
| 93415 | J Jill, Inc. | 1407764 |
| 33378 | Lovesac Company (The)<sup>(b)</sup> | 462953 |
| 5619 | Lululemon Athletica, Inc.<sup>(b)</sup> | 958264 |
| 304324 | Macy's, Inc.<sup>(a)</sup> | 5931275 |
| 383445 | Monro, Inc.<sup>(a)</sup> | 5617469 |
| 321648 | Sally Beauty Holdings, Inc.<sup>(a),(b)</sup> | 4860101 |
| 389731 | Sleep Number Corporation<sup>(b)</sup> | 2143521 |
|  |  | 30803222 |
|  | **SEMICONDUCTORS - 1.0%** |  |
| 560175 | Vishay Intertechnology, Inc.<sup>(a)</sup> | 9511772 |
|  | **SOFTWARE - 17.1%** |  |
| 2489282 | 8x8, Inc.<sup>(a),(b)</sup> | 4580279 |
| 208117 | ACV Auctions, Inc.<sup>(b)</sup> | 1887621 |
| 237261 | Akamai Technologies, Inc.<sup>(a),(b)</sup> | 17818301 |
| 303750 | BILL Holdings, Inc.<sup>(a),(b)</sup> | 15084225 |
| 4136904 | Clarivate PLC<sup>(b)</sup> | 14065474 |
| 389551 | Concentrix Corporation<sup>(a)</sup> | 15702801 |
| 855148 | DoubleVerify Holdings, Inc.<sup>(b)</sup> | 9731584 |
| 433864 | Ingram Micro Holding Corporation | 9961517 |
| 304206 | Lightspeed Commerce, Inc.<sup>(b)</sup> | 3650472 |
| 287864 | Rapid7, Inc.<sup>(a),(b)</sup> | 5328363 |
| 704705 | RingCentral, Inc., Class A<sup>(a),(b)</sup> | 21225714 |
| 105433 | Riskified Ltd.<sup>(b)</sup> | 498698 |
| 36013 | Salesforce, Inc.<sup>(a)</sup> | 9378145 |
| 195818 | Sprout Social, Inc., Class A<sup>(b)</sup> | 2011051 |
| 863998 | UiPath, Inc., Class A<sup>(b)</sup> | 13703008 |
| 417695 | Ziff Davis, Inc.<sup>(a),(b)</sup> | 14159861 |
|  |  | 158787114 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 197512 | PRA Group, Inc.<sup>(b)</sup> | 2707890 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 113.0% (Continued)** |  |
|  | **STEEL - 1.5%** |  |
| 97024 | Olympic Steel, Inc. | $3589888 |
| 453050 | Ryerson Holding Corporation | 9994283 |
|  |  | 13584171 |
|  | **TECHNOLOGY HARDWARE - 1.4%** |  |
| 339477 | Kornit Digital Ltd.<sup>(b)</sup> | 4582940 |
| 818327 | Stratasys Ltd.<sup>(b)</sup> | 8690633 |
|  |  | 13273573 |
|  | **TECHNOLOGY SERVICES - 6.4%** |  |
| 335775 | Endava PLC, ADR - ADR<sup>(b)</sup> | 3112634 |
| 115571 | EVERTEC, Inc. | 3290306 |
| 63220 | Fidelity National Information Services, Inc.<sup>(a)</sup> | 3952514 |
| 322818 | Global Payments, Inc.<sup>(a)</sup> | 25102327 |
| 13186 | John Wiley & Sons, Inc., Class A | 486168 |
| 223331 | LiveRamp Holdings, Inc.<sup>(b)</sup> | 6105870 |
| 156538 | PayPal Holdings, Inc.<sup>(a)</sup> | 10843387 |
| 264530 | Priority Technology Holdings, Inc.<sup>(b)</sup> | 1841129 |
| 387733 | Softwareone Holding A.G. | 3982618 |
|  |  | 58716953 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 85665 | ATN International, Inc. | 1244712 |
| 122759 | Verizon Communications, Inc. | 4878443 |
|  |  | 6123155 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 104428 | Bristow Group, Inc.<sup>(b)</sup> | 4250220 |
| 623657 | Deutsche Lufthansa A.G. | 5459425 |
| 35386 | United Parcel Service, Inc., Class B | 3411918 |
|  |  | 13121563 |
|  | **TOTAL COMMON STOCKS (Cost $1,064,078,179)** | 1055135007 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Fair Value** |
|  | **WARRANT — 0.0%<sup>(d)</sup>** |  |  |  |  |
|  | **BIOTECH & PHARMA - 0.0% <sup>(d)</sup>** | **BIOTECH & PHARMA - 0.0% <sup>(d)</sup>** |  |  |  |
| 320380 | Lexaria Bioscience Corporation Warrants | 05/12/2028 | $| 0.95 | $187230 |
|  | **TOTAL WARRANT (Cost $3,204)** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.8%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 5.8%** |  |  |  |  |
| 54309224 | First American Government Obligations Fund, Class X, 4.06% (Cost $54,309,224)<sup>(e)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $54,309,224)<sup>(e)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $54,309,224)<sup>(e)</sup> | First American Government Obligations Fund, Class X, 4.06% (Cost $54,309,224)<sup>(e)</sup> | 54309224 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(f)</sup>** |  | **Expiration <br> Date** | **Exercise <br> Price** | **Exercise <br> Price** | **Notional <br> Value** | **Notional <br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 0.3%** | **EQUITY OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.3%** | **PUT OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
| 89 | AutoZone, Inc. | 03/20/2026 | $| 3500 | $| 32702427 | $1529020 |
| 40 | AutoZone, Inc. | 03/20/2026 |  | 3800 |  | 14697720 | 1230600 |
| 406 | O'Reilly Automotive, Inc. | 02/20/2026 |  | 95 |  | 3834264 | 215180 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $937,161) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $937,161) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $937,161) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $937,161) |  |  | 2974800 |
|  | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | **TOTAL INVESTMENTS – 119.1% (Cost $1,119,327,768)** | $1112606261 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (19.1)%** |  |  | (178692897) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  |  |  | $933913364 |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)%** |  |
|  | **AEROSPACE & DEFENSE - (7.5)%** |  |
| (27889) | AeroVironment, Inc. | $(10316420) |
| (103042) | Archer Aviation, Inc., Class A | (1156131) |
| (6591) | HEICO Corporation | (2094422) |
| (1158486) | Joby Aviation, Inc. | (20088147) |
| (36745) | Karman Holdings, Inc. | (3095399) |
| (176815) | Kratos Defense & Security Solutions, Inc. | (16019439) |
| (174376) | Loar Holdings, Inc. | (13798373) |
| (66317) | Ondas Holdings, Inc. | (427081) |
| (55011) | Rocket Lab Corporation | (3464593) |
|  |  | (70460005) |
|  | **APPAREL & TEXTILE PRODUCTS - (0.1)%** |  |
| (34897) | On Holding A.G. | (1296424) |
|  | **ASSET MANAGEMENT - (7.6)%** |  |
| (96520) | Ares Management Corporation, Class A | (14353489) |
| (99619) | Blackstone, Inc. | (14608130) |
| (574125) | Blue Owl Capital, Inc. | (9053951) |
| (138896) | Robinhood Markets, Inc., Class A | (20387155) |
| (121685) | StepStone Group, Inc., Class A | (7408183) |
| (86431) | TPG, Inc. | (4757162) |
|  |  | (70568070) |
|  | **AUTOMOTIVE - (4.0)%** |  |
| (3127373) | Aurora Innovation, Inc. | (16387435) |
| (1879) | Ferrari N.V. | (759022) |
| (60028) | QuantumScape Corporation | (1106916) |
| (42948) | Tesla, Inc. | (19608339) |
|  |  | (37861712) |
|  | **BANKING - (0.8)%** |  |
| (36486) | Coastal Financial Corporation | (3885759) |
| (82219) | ConnectOne Bancorp, Inc. | (1978189) |
| (27408) | ServisFirst Bancshares, Inc. | (1925960) |
|  |  | (7789908) |
|  | **BEVERAGES - (0.5)%** |  |
| (74080) | Monster Beverage Corporation | (4950766) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)% (Continued)** |  |
|  | **BIOTECH & PHARMA - (1.3)%** |  |
| (92811) | TransMedics Group, Inc. | $(12208359) |
|  | **CHEMICALS - (0.2)%** |  |
| (2507) | NewMarket Corporation | (1925125) |
|  | **COMMERCIAL SUPPORT SERVICES - (2.0)%** |  |
| (78701) | Innodata, Inc. | (5871882) |
| (230169) | Rollins, Inc. | (13260036) |
|  |  | (19131918) |
|  | **CONSTRUCTION MATERIALS - (0.5)%** |  |
| (35689) | Advanced Drainage Systems, Inc. | (4998244) |
|  | **ELECTRIC UTILITIES - (0.2)%** |  |
| (1554) | Constellation Energy Corporation | (585858) |
| (6261) | Oklo, Inc. | (831273) |
|  |  | (1417131) |
|  | **ELECTRICAL EQUIPMENT - (1.0)%** |  |
| (28992) | Bloom Energy Corporation, Class A | (3831583) |
| (8063) | GE Vernova, LLC | (4717984) |
| (22770) | NuScale Power Corporation | (1021690) |
|  |  | (9571257) |
|  | **ENGINEERING & CONSTRUCTION - (8.6)%** |  |
| (18506) | Comfort Systems USA, Inc. | (17869022) |
| (156156) | Construction Partners, Inc., Class A | (17856439) |
| (57811) | Dycom Industries, Inc. | (16637428) |
| (14654) | IES Holdings, Inc. | (5742610) |
| (70423) | Installed Building Products, Inc. | (17481101) |
| (8461) | Sterling Infrastructure, Inc. | (3197412) |
| (4516) | TopBuild Corporation | (1907920) |
|  |  | (80691932) |
|  | **ENTERTAINMENT CONTENT - (1.9)%** |  |
| (27033) | AppLovin Corporation, Class A | (17228942) |
| (3689) | ROBLOX Corporation, Class A | (419513) |
|  |  | (17648455) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)% (Continued)** |  |
|  | **FOOD - (0.4)%** |  |
| (31773) | Tootsie Roll Industries, Inc. | $(1121269) |
| (74222) | Vital Farms, Inc. | (2438193) |
|  |  | (3559462) |
|  | **HEALTH CARE FACILITIES & SERVICES - (1.1)%** |  |
| (17412) | Medpace Holdings, Inc. | (10184453) |
|  | **HOME & OFFICE PRODUCTS - (1.0)%** |  |
| (120357) | Somnigroup International, Inc. | (9549124) |
|  | **HOME CONSTRUCTION - (0.9)%** |  |
| (76075) | Patrick Industries, Inc. | (7939948) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (0.2)%** |  |
| (44258) | Galaxy Digital, Inc. | (1548738) |
|  | **INSURANCE - (0.1)%** |  |
| (56923) | Genworth Financial, Inc., Class A | (480430) |
|  | **INTERNET MEDIA & SERVICES - (2.4)%** |  |
| (473687) | Opendoor Technologies, Inc. | (3680548) |
| (32058) | Reddit, Inc., Class A | (6698519) |
| (19035) | Spotify Technology S.A. | (12474016) |
|  |  | (22853083) |
|  | **LEISURE FACILITIES & SERVICES - (1.4)%** |  |
| (20862) | Planet Fitness, Inc., Class A | (1891975) |
| (83538) | Red Rock Resorts, Inc., Class A | (4453411) |
| (72371) | Shake Shack, Inc., Class A | (6984525) |
|  |  | (13329911) |
|  | **LEISURE PRODUCTS - (0.9)%** |  |
| (269690) | Amer Sports, Inc. | (8422419) |
|  | **MACHINERY - (2.7)%** |  |
| (10407) | CECO Environmental Corporation | (508798) |
| (39245) | Kadant, Inc. | (10857522) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)% (Continued)** |  |
|  | **MACHINERY - (2.7)% (Continued)** |  |
| (5168) | Power Solutions International, Inc. | $(442484) |
| (157484) | Symbotic, Inc. | (12748330) |
|  |  | (24557134) |
|  | **MEDICAL EQUIPMENT & DEVICES - (2.5)%** |  |
| (29837) | Intuitive Surgical, Inc. | (15941312) |
| (44205) | LeMaitre Vascular, Inc. | (3828595) |
| (5303) | Natera, Inc. | (1054926) |
| (23344) | Sectra A.B. | (741545) |
| (80154) | Stevanato Group SpA | (2021484) |
|  |  | (23587862) |
|  | **METALS & MINING - (0.2)%** |  |
| (10569) | Cameco Corporation | (1080258) |
| (37384) | Uranium Energy Corporation | (565620) |
|  |  | (1645878) |
|  | **REAL ESTATE INVESTMENT TRUSTS - (0.3)%** |  |
| (29831) | Iron Mountain, Inc. | (3071101) |
|  | **RENEWABLE ENERGY - (0.3)%** |  |
| (154861) | Cleanspark, Inc. | (2756525) |
|  | **RETAIL - DISCRETIONARY - (6.2)%** |  |
| (25126) | Boot Barn Holdings, Inc. | (4765146) |
| (9240) | Brunello Cucinelli SpA | (934545) |
| (50494) | Carvana Company | (15478431) |
| (4596) | Dillard's, Inc., Class A | (2757968) |
| (19717) | GameStop Corporation, Class A | (439492) |
| (99337) | JB Hi-Fi Ltd. | (6807074) |
| (349556) | National Vision Holdings, Inc. | (9001067) |
| (89957) | Williams-Sonoma, Inc. | (17482243) |
|  |  | (57665966) |
|  | **SEMICONDUCTORS - (9.9)%** |  |
| (172062) | Allegro MicroSystems, Inc. | (5148095) |
| (54283) | Analog Devices, Inc. | (12709279) |
| (109747) | ARM Holdings PLC - ADR | (18637235) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)% (Continued)** |  |
|  | **SEMICONDUCTORS - (9.9)% (Continued)** |  |
| (14586) | Astera Labs, Inc. | $(2722914) |
| (45742) | Broadcom, Inc. | (16907615) |
| (54973) | Impinj, Inc. | (11113342) |
| (26615) | Lattice Semiconductor Corporation | (1941830) |
| (6046) | Nova Ltd. | (2083693) |
| (96530) | NVIDIA Corporation | (19546360) |
| (5221) | Rambus, Inc. | (536928) |
| (1789) | SiTime Corporation | (518166) |
|  |  | (91865457) |
|  | **SOFTWARE - (12.0)%** |  |
| (29725) | Appfolio, Inc., Class A | (7562932) |
| (18805) | Bentley Systems, Inc., Class B | (955858) |
| (32478) | Circle Internet Group, Inc. | (4124056) |
| (58309) | Cloudflare, Inc., Class A | (14769670) |
| (1872) | Constellation Software, Inc. | (4926528) |
| (45000) | Coreweave, Inc., Class A | (6016950) |
| (9513) | Crowdstrike Holdings, Inc., Class A | (5165654) |
| (5233) | Descartes Systems Group, Inc. (The) | (461603) |
| (109708) | Doximity, Inc., Class A | (7240728) |
| (7594) | HUB24 Ltd. | (567289) |
| (72337) | IonQ, Inc. | (4512382) |
| (93429) | Palantir Technologies, Inc., Class A | (18729712) |
| (16626) | Palo Alto Networks, Inc. | (3661710) |
| (100352) | Pro Medicus Ltd. | (17310425) |
| (24178) | Samsara, Inc., Class A | (971230) |
| (30518) | Shopify, Inc., Class A | (5305859) |
| (292208) | Technology One Ltd. | (7055670) |
| (38314) | WiseTech Global Ltd. | (1732930) |
|  |  | (111071186) |
|  | **SPECIALTY FINANCE - (2.4)%** |  |
| (2911) | American Express Company | (1050085) |
| (30441) | Credit Acceptance Corporation | (13617478) |
| (7895) | Dave, Inc. | (1889431) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (93.8)% (Continued)** |  |
|  | **SPECIALTY FINANCE - (2.4)% (Continued)** |  |
| (186410) | SoFi Technologies, Inc. | $(5532649) |
|  |  | (22089643) |
|  | **TECHNOLOGY HARDWARE - (8.0)%** |  |
| (10207) | Arista Networks, Inc. | (1609542) |
| (50219) | Celestica, Inc. | (17299442) |
| (20992) | Credo Technology Group Holding Ltd. | (3938519) |
| (87058) | D-Wave Quantum, Inc. | (3226369) |
| (28023) | Fabrinet | (12346093) |
| (44000) | InterDigital, Inc. | (15926240) |
| (3319) | Lumentum Holdings, Inc. | (668978) |
| (111550) | Rigetti Computing, Inc. | (4938319) |
| (13765) | Seagate Technology Holdings PLC | (3522188) |
| (15094) | Ubiquiti, Inc. | (11881695) |
|  |  | (75357385) |
|  | **TECHNOLOGY SERVICES - (3.1)%** |  |
| (31596) | Coinbase Global, Inc., Class A | (10862073) |
| (7539) | Fair Isaac Corporation | (12511197) |
| (12892) | Figure Technology Solutions, Inc. | (510523) |
| (71344) | Iris Energy Ltd. | (4334148) |
|  |  | (28217941) |
|  | **TELECOMMUNICATIONS - (1.4)%** |  |
| (175077) | AST SpaceMobile, Inc. | (14049929) |
|  | **WHOLESALE - DISCRETIONARY - (0.2)%** |  |
| (235915) | ThredUp, Inc. | (2073693) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $782,790,508)** | $(876396574) |

---

---

| |
|:---|
| **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |
| SpA | - Società per Azioni |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is segregated as collateral for short sales.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is 2,200,060 or 0.2% of net assets.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>(f)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

---

| |
|:---|
| **Invenomic Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $1119327768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $1112606261 |
| &nbsp;&nbsp;&nbsp;Cash collateral segregated for short sales | 675928383 |
| &nbsp;&nbsp;&nbsp;Foreign Currency (Cost $38,191,207) | 38687964 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 4150074 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1282213 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2496460 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 95554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 1835246909 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short (Proceeds - $782,790,508) | 876396574 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 16668948 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 6509263 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 1276610 |
| &nbsp;&nbsp;&nbsp;Dividends payable on securities sold short | 78835 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 127631 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 105389 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 7685 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 162610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 901333545 |
| **NET ASSETS** | $**933913364** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $1181941879 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (248028515) |
| **NET ASSETS** | $**933913364** |
| **NET ASSET VALUE PER SHARE:** |  |
| Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**531280821** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **33177869** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**16.01** |
| Investor Class: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**32221112** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2057700** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**15.66** |
| Super Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**370411431** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **22767670** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**16.27** |

---

(a) Redemptions made within 60 days of
 purchases may be assessed a redemption fee of 1.00%.

See accompanying notes to financial statements.

---

| |
|:---|
| **Invenomic Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended October 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign tax withheld of $451,103) | $21761651 |
| &nbsp;&nbsp;&nbsp;Interest | 29884010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 51645661 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 18209126 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 113756 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Institutional Class | 1556292 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees - Investor Class | 113756 |
| &nbsp;&nbsp;&nbsp;Dividends on securities sold short | 8455382 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 1169393 |
| &nbsp;&nbsp;&nbsp;Administration fees | 955218 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 200423 |
| &nbsp;&nbsp;&nbsp;Registration fees | 143000 |
| &nbsp;&nbsp;&nbsp;Printing expense | 62250 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 53501 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 37501 |
| &nbsp;&nbsp;&nbsp;Legal fees | 36499 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 24499 |
| &nbsp;&nbsp;&nbsp;Audit fees | 18698 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 31154293 |
| &nbsp;&nbsp;&nbsp;Plus: Fees waived by the Advisor | (180485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 30973808 |
| **NET INVESTMENT INCOME** | 20671853 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 155703811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1155276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | (2265448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (137124288) |
|  | 17469351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (85487435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 648259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | 1664579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (6469974) |
|  | (89644571) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (72175220) |
| **NET DECREASE IN NET ASSETS** | $**(51503367)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Invenomic Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $20671853 | $42829067 |
| &nbsp;&nbsp;&nbsp;Net realized gain(loss) from investments, foreign currency transactions, options purchased, and securities sold short | 17469351 | (141556886) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments, securities sold short, options purchased and foreign currency translations | (89644571) | (55293811) |
| Net decrease in net assets resulting from operations | (51503367) | (154021630) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (24986679) | (158947676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1869994) | (19856687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (15571955) | (55468730) |
| Net decrease in net assets resulting from distributions to shareholders | (42428628) | (234273093) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 122459356 | 258493247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 11942102 | 34495104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 417539643 | 279860491 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 21164186 | 139769810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1727913 | 18387517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 8851425 | 54990787 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 183199 | 80058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 13295 | 9636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 112621 | 32736 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (235433765) | (436371519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (49207609) | (72013847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (255912998) | (444984082) |
| Net increase(decrease) in net assets from shares of beneficial interest | 43439368 | (167250062) |
| **TOTAL INCREASE(DECREASE) IN NET ASSETS** | (50492627) | (555544785) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 984405991 | 1539950776 |
| &nbsp;&nbsp;&nbsp;End of Year | $**933913364** | $**984405991** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 7088505 | 13663208 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1261274 | 7120214 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (13687843) | (23361050) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (5338064) | (2577628) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 709911 | 1821274 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 105040 | 957185 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2913979) | (3905989) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2099028) | (1127530) |
| Super Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 23623863 | 14486460 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 520366 | 2764745 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (14812156) | (22765877) |
| &nbsp;&nbsp;&nbsp;Net increase(decrease) in shares of beneficial interest outstanding | 9332073 | (5514672) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Invenomic Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| Net asset value, beginning of year | $17.51 | $23.52 | $23.99 | $17.40 | $10.67 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.33 | 0.61 | 0.49 | (0.27) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.16) | (2.64 | 4.73 | 9.35 | 7.32 |
| Total from investment operations | (0.83) | (2.03 | 5.22 | 9.08 | 7.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.68) | (0.57) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (3.41 | (5.69 | (2.50) | (0.38) |
| Total distributions | (0.68) | (3.98 | (5.69 | (2.50) | (0.39) |
| Paid-in-Capital From Redemption Fees | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 |
| Net asset value, end of year | $16.01 | $17.51 | $23.52 | $23.99 | $17.40 |
| Total return (3) | (4.84)% | (10.46 | 25.83 | 58.24% | 68.21% |
| Net assets, at end of year (000's) | $531281 | $674365 | $966505 | $620954 | $265308 |
| Ratio of gross expenses to average net assets (45) | 3.06% | 3.16 | 3.05 | 2.89% | 3.25% |
| Ratio of net expenses to average net assets (5) | 3.04% | 3.16 | 3.07 | 2.92% | 3.15% |
| Ratio of net investment income (loss) to average net assets | 1.88% | 3.22 | 2.15 | (1.19)% | (1.31)% |
| Portfolio Turnover Rate | 197% | 170 | 140 | 149% | 179% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Represents less than $0.01 per share.

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes the reinvestment of distributions.

(4) Represents the ratio of expenses to
 average net assets absent advisory fees waived or recaptured by the Advisor.

(5) Excluding dividends from securities
 sold short and interest expense, the ratio of expenses to average net assets would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Before fees waived/recaptured | 2.25% | 2.22% | 2.2% | 2.2% | 2.33% |
| After fees waived/recaptured | 2.23% | 2.22% | 2.22% | 2.23% | 2.23% |

---

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes to financial statements.

---

| |
|:---|
| **Invenomic Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| Net asset value, beginning of year | $17.10 | $23.04 | $23.66 | $17.23 | $10.57 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.28 | 0.55 | 0.41 | (0.32) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.13) | (2.57 | 4.66 | 9.24 | 7.24 |
| Total from investment operations | (0.85) | (2.02 | 5.07 | 8.92 | 6.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) | (0.51) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (3.41 | (5.69 | (2.50) | (0.38) |
| Total distributions | (0.60) | (3.92 | (5.69 | (2.50) | (0.38) |
| Paid-in-Capital From Redemption Fees | 0.01 | 0.00 | 0.00 | 0.01 | 0.06 |
| Net asset value, end of year | $15.66 | $17.10 | $23.04 | $23.66 | $17.23 |
| Total return (3) | (5.07)% (6) | (10.66 | 25.50 | 57.85% | 68.09% |
| Net assets, at end of year (000's) | $32221 | $71062 | $121751 | $112627 | $27457 |
| Ratio of gross expenses to average net assets (45) | 3.31% | 3.41 | 3.30 | 3.14% | 3.50% |
| Ratio of net expenses to average net assets (5) | 3.29% | 3.41 | 3.32 | 3.17% | 3.40% |
| Ratio of net investment income (loss) to average net assets | 1.68% | 2.97 | 1.85 | (1.41)% | (1.56)% |
| Portfolio Turnover Rate | 197% | 170 | 140 | 149% | 179% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Represents less than $0.01 per share.

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes the reinvestment of distributions.

(4) Represents the ratio of expenses to
 average net assets absent advisory fees waived or recaptured by the Advisor.

(5) Excluding dividends from securities
 sold short and interest expense, the ratio of expenses to average net assets would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Before fees waived/recaptured | 2.5% | 2.47% | 2.45% | 2.45% | 2.58% |
| After fees waived/recaptured | 2.48% | 2.47% | 2.47% | 2.48% | 2.48% |

---

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes to financial statements.

---

| |
|:---|
| **Invenomic Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| Net asset value, beginning of year | $17.79 | $23.84 | $24.19 | $17.49 | $10.70 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.38 | 0.67 | 0.57 | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.17) | (2.68 | 4.77 | 9.38 | 7.33 |
| Total from investment operations | (0.79) | (2.01 | 5.34 | 9.19 | 7.17 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.74) | (0.63) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (3.41 | (5.69 | (2.50) | (0.38) |
| Total distributions | (0.74) | (4.04 | (5.69 | (2.50) | (0.39) |
| Paid-in-Capital From Redemption Fees | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 |
| Net asset value, end of year | $16.27 | $17.79 | $23.84 | $24.19 | $17.49 |
| Total return (3) | (4.58)% | (10.23 | 26.18 | 58.62% | 68.58% |
| Net assets, at end of year (000's) | $370411 | $238979 | $451696 | $256997 | $60 |
| Ratio of gross expenses to average net assets (45) | 2.81% | 2.91 | 2.80 | 2.64% | 3.00% |
| Ratio of net expenses to average net assets (5) | 2.79% | 2.91 | 2.82 | 2.67% | 2.90% |
| Ratio of net investment income (loss) to average net assets | 2.15% | 3.53 | 2.45 | (0.77)% | (1.04)% |
| Portfolio Turnover Rate | 197% | 170 | 140 | 149% | 179% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Represents less than $0.01 per share.

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes the reinvestment of distributions.

(4) Represents the ratio of expenses to
 average net assets absent advisory fees waived or recaptured by the Advisor.

(5) Excluding dividends from securities
 sold short and interest expense, the ratio of expenses to average net assets would have been:

2.00 % 1.97 % 1.95 % 1.95 % 2.08 %

1.98 % 1.97 % 1.97 % 1.98 % 1.98 %

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes to financial statements.

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS October 31, 2025**

**1.** **ORGANIZATION** 

The Invenomic Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund's investment objective is to seek to achieve long-term capital appreciation. The Fund offers three classes of shares: Institutional Class shares, Investor Class shares and Super Institutional Class shares. The Institutional Class Shares and Investor Class shares commenced operations on June 19, 2017. The Super Institutional Class shares commenced operations on May 10, 2019. Each class of shares is offered at their net asset value. Each class of shares has identical rights and privileges with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The share classes differ in the fees and expenses charged to shareholders. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

**Operating Segments** – The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Securities valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over -the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

**Valuation of Fund of Funds –** The Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the Boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $1055135007 | $— | $— | $1055135007 |
| Warrant |  | 187230 |  | 187230 |
| Money Market Fund | 54309224 |  |  | 54309224 |
| Put Options Purchased | 2974800 |  |  | 2974800 |
| Total | $1112419031 | $187230 | $— | $1112606261 |
| **Liabilities\*** |  |  |  |  |
| Securities Sold Short | $(876396574) | $— | $— | $(876396574) |
| Total | $(876396574) | $— | $— | $(876396574) |

---

The fund did not hold any level 3 securities during the period.

\* Refer to the Schedule of Investments for industry classification.

**Security transactions and related income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and distributions to shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on ex dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Fund.

**Exchange Traded Funds** – The Fund may invest in exchange traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

**Foreign Currency Translations –** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

**Option Transactions** – When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

In conjunction with the use of written options contracts and short sales, the Fund may be required to maintain collateral in various forms. At October 31, 2025, such collateral is denoted in the Fund's Schedule of Investments and Statements of Assets and Liabilities. Also, in conjunction with the use of written options contracts and short sales, the Fund, when appropriate, utilize a segregated margin deposit account with the counterparty. At October 31, 2025, these segregated margin deposit accounts are denoted in the Fund's Statements of Assets and Liabilities.

**Short Sales** – A "short sale" is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss, unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which the Fund sold the security short. Certain cash and securities are held as collateral.

**Securities Lending Risk** – The Fund may lend portfolio securities to institutions, such as banks and certain broker-dealers. A Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.

**Federal income tax –** The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended October 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments amounted to the following:

---

| | | | |
|:---|:---|:---|:---|
| Purchases | Sales | Cover Short Sale | Securities Sold Short |
| $2250094917 | $2310014431 | $2173906208 | $2032349043 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Invenomic Capital Management LP serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.74%. For the year ended October 31, 2025, the Fund incurred advisory fees in the amount of $18,209,126.

The Fund's Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least February 28, 2026 to ensure that Total Annual Fund Operating Expenses after fee waiver and/or reimbursement (excluding interest and tax expenses, dividends on short positions and Acquired Fund Fees and Expenses) for the Fund do not exceed 2.23%, 2.48% and 1.98% of the Fund's average net assets, for Institutional Class, Investor Class shares and Super Institutional Class shares, respectively; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. During the year ended October 31, 2025 the advisor waived fees in the amount of $180,485 which are subject to recapture until October 31, 2028.

Invenomic Capital Management LP serves as the Authorized Service Provider to the Fund. Pursuant to a Shareholder Services Plan with the Fund, the Advisor, under the oversight of the Board, provides customers who own shares of the fund with administrative support services. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a shareholder services fee, computed and accrued daily and paid monthly, at an annual rate of 0.25% of the Institutional Class and Investor Class Shares of the Fund. For the year ended October 31, 2025, the Fund incurred shareholder service fees in the amount of $1,556,292 and $113,756 for the Institutional Class and Investor Class Shares respectively.

Distributor – The distributor of the Fund is Northern Lights Distributors, LLC (the "Distributor"). The Board of Trustees of the Northern Lights Fund Trust II has adopted, on behalf of the Fund, the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan"), as amended, pursuant to Rule 12b-1 under the Investment Company Act of 1940, to pay for certain distribution activities and shareholder services. Under the Plan, the Fund may pay 0.25% per year of the average daily net assets of Investor Class shares for such distribution and shareholder service activities. For the year ended October 31, 2025, the Fund incurred distribution fees in the amount of $113,756.

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC ("Blu Giant")</u>*, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

**5.** **DERIVATIVE TRANSACTIONS** 

The following is a summary of the effect of derivative instruments on the Fund's Statement of Assets and Liabilities as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| Contract Type/Primary Risk Exposure | Statements of Assets and Liabilities | Value |
| Equity Contracts/Equity price risk | Investment securities at value | $2974800 |

---

The following is a summary of the effect of derivative instruments on the Fund's Statement of Operations for the year ended October 31, 2025.

---

| | | |
|:---|:---|:---|
|  | | Change in Unrealized |
| Contract type/ | Realized Gain/(Loss) | Appreciation/(Depreciation) |
| Primary Risk Exposure | On Options Purchased | on Options Purchased |
| Equity contracts/Equity Price Risk | $(2265448) | $1664579 |

---

The notional value and contracts of the derivative instruments outstanding as of October 31, 2025 as disclosed in the Portfolio of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

**6.** **REDEMPTION FEES** 

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells his shares after holding them for less than 60 days. The redemption fee is paid directly to the Fund. For the year ended October 31, 2025 and year ended October 31, 2024 the redemption fees assessed by the Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Institutional | Investor | Super Institutional |
| 10/31/2025 | $183199 | $13295 | $112621 |
| 10/31/2024 | $80058 | $9636 | $32736 |

---

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at October 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $450278454 | $137378419 | $(351447186) | $(214068767) |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the period ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>October 31, 2025 | Fiscal Year Ended<br>October 31, 2024 |
| Ordinary Income | $42428628 | $234273093 |
|  | $42428628 | $234273093 |

---

As of October 31, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $19398675 | $— | $— | $(53874752) | $— | $(213552438) | $(248028515) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for partnerships. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $516,329.

At October 31, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $53874752 | $– $| 53874752 | $9896125 |

---

**9.** **SECURITIES LENDING** 

Under an agreement with U.S. Bank National Association (The "Bank") the Invenomic Fund (the "Fund") can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board of Trustees to earn additional income. Loans are collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued interest, which is invested in highly liquid, short-term instruments such as repurchase agreements collateralized by money market funds in accordance with the Fund's security lending procedures. A portion of the income generated by the investment in the collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent, and the remainder is paid to the Fund. The Fund continues to receive interest or dividends on the securities loaned. The Fund has the right under the Master Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Fund could experience delays or losses on recovery. Additionally, the Fund is subject to the risk of loss from investments made with the cash received as collateral. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under

**Invenomic Fund NOTES TO FINANCIAL STATEMENTS (Continued) October 31, 2025**

such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of October 31, 2025 there were no securities on loan.

**10.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, Charles Schwab & Co. and National Financial Services LLC held approximately 38.76% and 25.97%, respectively of the voting securities of the Fund for the benefit of others. The Fund has no knowledge as to whether all or any portion of the shares owned on record by Charles Schwab & Co. and National Financial Services LLC. are also owned beneficially by any party who would be presumed to control the Fund.

**11.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| | |
|:---|:---|
| ![()](in002_v1.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Northern Lights Fund Trust II and Shareholders of Invenomic Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Invenomic Fund (the "Fund"), a series of Northern Lights Fund Trust II (the "Trust"), including the schedule of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our 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. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania December 29, 2025**

**Invenomic Fund ADDITIONAL INFORMATION (Unaudited) October 31, 2025**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Factors Considered by the Trustees in the Approval of The Renewal of an Investment Advisory Agreement**

At a meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on January 21, 2025, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the approval of the renewal of the advisory agreement (the "Advisory Agreement") between Invenomic Capital Management LP ("ICM") and the Trust on behalf of the Invenomic Fund (the "Fund").

Based on their evaluation of the information provided by ICM, in conjunction with the Fund's other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Advisory Agreement with respect to the Fund.

In advance of the Meeting, the Board requested and received materials to assist them in considering renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the I Advisory Agreement, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the continuation of the Advisory Agreement and comparative information relating to the advisory fee and other expenses of the Fund. The materials also included due diligence materials relating to ICM (including due diligence questionnaires completed by ICM, select financial information of ICM, bibliographic information regarding ICM's key management and investment advisory personnel, and comparative fee information relating to the Fund) and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from fund management.

The Board then reviewed and discussed the written materials that were provided in advance of the Meeting and deliberated on the approval of the renewal of the Advisory Agreement with respect to the Fund. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement. In considering the renewal of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

*Nature, Extent and Quality of Services*. During the discussions with ICM, the Board reviewed materials provided by ICM relating to the Advisory Agreement, including a description of the manner in which investment decisions are made and executed and a review of the professional personnel performing services for the Fund including the individuals that primarily monitor and execute the investment process. The Board discussed and noted they had met with ICM and were familiar with ICM's capabilities and experience managing a mutual fund as well as its commitment to the Fund. The Board then discussed the extent of ICM's research capabilities, the quality of its compliance infrastructure and the experience of its fund management personnel. The Board considered ICM's specific responsibilities in all aspects of the day-to-day management of the Fund and concluded that ICM's personnel have the qualifications and expertise to manage the Fund. The Board also noted that ICM remained committed to the Fund's investment strategy. Additionally, the Board received responses from the

**Invenomic Fund ADDITIONAL INFORMATION (Unaudited) (Continued) October 31, 2025**

representatives of ICM with respect to a series of important questions, including: whether ICM is involved in any lawsuits or pending regulatory actions; whether the management of other accounts conflicts with its management of the Fund; and whether ICM has procedures in place to adequately allocate trades among its respective clients. The Board also reviewed the descriptions provided by ICM of its practices for monitoring compliance with the Fund's investment limitations, noting that ICM's chief compliance officer would continually review the portfolio managers' performance of their duties with respect to the Fund to ensure compliance under ICM's compliance program. The Board then reviewed the capitalization of ICM based on financial information and other materials provided by and discussed with ICM and concluded that ICM was sufficiently well-capitalized to meet its obligations to the Fund. The Board discussed ICM's compliance structure and broker selection process and engaged in a discussion with the Trust's chief compliance officer regarding ICM's business practices. The Board noted that the CCO of the Trust continued to represent that ICM's compliance policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board also noted ICM's representation that the prospectus and statement of additional information for the Fund accurately describe the investment strategies of the Fund. The Board concluded that ICM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures necessary to perform its duties under the Advisory Agreement with respect to the Fund and that the nature, overall quality and extent of the management services to be provided by ICM were satisfactory.

*Performance* . The Board discussed the reports prepared by Broadridge and reviewed the performance of the Fund as compared to its peer group, Morningstar category and benchmark for the one-year, three-year, five-year and since inception periods ended December 31, 2024. The Board noted that the Fund outperformed its peer group median, Morningstar category median and benchmark (the S&P 500 total Return Index) for the three-year, five-year and since inception periods but underperformed its peer group median, Morningstar category median and benchmark for the one-year period. The Board noted the portfolio managers' ability to manage risk and concluded that past performance was acceptable.

*Fees and Expenses*. As to the costs of the services provided by ICM, the Board discussed the comparison of the Fund's advisory fee and total operating expense data as compared to its peer group and Morningstar category as presented in the Broadridge Report. The Board noted that although the advisory fee was at the high end of its peer group and Morningstar category, it was not the highest in its peer group or Morningstar category. The Board reviewed the contractual arrangements for the Fund, which stated that ICM had agreed to waive or limit its advisory fee and/or reimburse expenses at least until February 28, 2026, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 2.23%, 2.48% and 1.98% of the Fund's average net assets for Institutional Class shares, Investor Class shares and Super Institutional Class shares, respectively. The Board found such arrangements to be beneficial to shareholders. After further consideration, it was the consensus of the Board that, based on ICM's experience and expertise, and the services provided by ICM to the Fund, the advisory fee charged by ICM to the Fund was not unreasonable.

*Profitability*. The Board also considered the level of profits that accrued to ICM with respect to the Fund based on breakeven and profitability reports and analyses prepared by ICM and reviewed by the Board and the selected financial information provided by ICM. After review and discussion, the Board concluded that profits from ICM's relationship with the Fund were not excessive.

*Economies of Scale*. As to the extent to which the Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed ICM's expectations for growth of the Fund. The Board noted ICM's intentions to continue with the soft close of the Fund to new investors which will eliminate its ability to grow. After consideration, the Board concluded that the ability of the Fund to achieve economies of scale would be limited.

*Conclusion.* The Board relied upon the advice of counsel, and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from ICM as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees voting separately, determined that (a) the terms of the Advisory Agreement are not unreasonable; (b) the investment advisory fee payable pursuant to the Advisory Agreement is not unreasonable; and (c) the Advisory Agreement is in the best interests of the Fund and its shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](nlftiicoe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

Northern Lights Fund Trust III

---

| |
|:---|
| By <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 1/5/2026 |

---

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

---

| |
|:---|
| By <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 1/5/2026 |

---

---

| |
|:---|
| By <u>/s/ Erik Naviloff</u> |
| Erik Naviloff |
| Principal Financial Officer |
| Date: 1/5/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust II ("registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;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,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) 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) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 1/5/2026 | <u>/s/ Kevin E. Wolf</u> |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust II("registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;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,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) 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) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 1/5/2026 | <u>/s/ Erik Naviloff</u> |
|  | Erik Naviloff |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

Kvein E. Wolf , Principal Executive Officer, and Erik Naviloff, Principal Financial Officer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 1/5/2026 | Date: | 1/5/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust II</u>**

 **CODE OF ETHICS**

May 17, 2011

Northern Lights Fund Trust II (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of the Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by the Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trust"** means Northern Lights Fund Trust II.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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