# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-003569
**Filing Date:** 2026-6
**Character Count:** 182802
**Document Hash:** eac9ca003d7041a7142c1b86b67ad05d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003569.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003569

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** 261067511

**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

### Hodges Blue Chip Equity Income Fund (Series ID: S000081357)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000244082 | Retail Class Shares |  |

### Hodges Fund (Series ID: S000081358)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000244083 | Retail Class |  |

### Hodges Small Cap Growth Fund (Series ID: S000081359)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000244084 | Retail Class Shares        |  |
| C000244085 | Institutional Class Shares |  |
| C000263105 | Class A Shares             |  |

### Hodges Small Intrinsic Value Fund (Series ID: S000081360)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000244086 | Retail Class Shares        |  |
| C000252100 | Institutional Class Shares |  |

?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 Drive, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Kevin Wolf, Ultimus Fund Solutions, LLC</u> <br> <u>4221 North 203rd Street, Suite 100, Elkhorn, NE 68022</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>3/31</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

(a) #### Hodges Blue Chip Equity Income Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Retail Class (HDPBX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Blue Chip Equity Income Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224.

# 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** |
| Retail | $144 | 1.30% |

---

# How did the Fund perform during the reporting period?
The Hodges Blue Chip Equity Income Fund Retail Class (the "Fund") experienced a loss of 1.80% in the past six months, compared to a loss of 1.87% for the Russell 1000 Total Return Index (the "Russell 1000"). The Fund's 1-year performance as of March 31, 2026, amounted to a gain of 21.20%, compared to an increase of 17.74% for the Russell 1000 during the same period. We believe the current investment landscape offers ample opportunities among high-quality, dividend-paying stocks with solid upside potential. We expect underleveraged balance sheets and robust corporate profits across most blue-chip stocks to support stable dividend yields over the next several years.

The Fund remains well-diversified in companies that we believe can generate above-average income and total returns on a risk-adjusted basis. The Fund held 31 positions at the end of the recent quarter. The top ten holdings at the end of the quarter represented 47.01% of the Fund's holdings and included Nvidia (NVDA), Walmart Inc (WMT), Broadcom Inc (AVGO), Apple Inc (AAPL), Citigroup Inc (C), Costco Wholesale Corp (COST), Boeing Co (BA), Goldman Sachs Group Inc (GS), Union Pacific Corp (UNP) and Morgan Stanley (MS).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09071390d9657e7a4314fed7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Blue Chip Equity Income Fund** | **Russell 1000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11388 | $11743 | $11717 |
| **Mar-2018** | $12946 | $13384 | $13357 |
| **Mar-2019** | $13662 | $14629 | $14625 |
| **Mar-2020** | $12206 | $13455 | $13605 |
| **Mar-2021** | $19106 | $21607 | $21271 |
| **Mar-2022** | $22467 | $24474 | $24599 |
| **Mar-2023** | $21353 | $22420 | $22698 |
| **Mar-2024** | $27174 | $29116 | $29480 |
| **Mar-2025** | $30964 | $31394 | $31913 |
| **Mar-2026** | $37527 | $36964 | $37594 |

---

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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Blue Chip Equity Income Fund | 21.20% | 14.45% | 14.14% |
| Russell 1000<sup>®</sup> Index | 17.74% | 11.34% | 13.97% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59550683 |
| Number of Portfolio Holdings | 31 |
| Advisory Fee (net of waivers) | $338013 |
| Portfolio Turnover | 55% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4219e28f85231b444bc91665.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.2% |
| Money Market Funds | 0.8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i77611b360814f25027645687.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Money Market Funds | 0.8% |
| Communications | 2.9% |
| Health Care | 6.5% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 16.5% |
| Industrials | 18.3% |
| Financials | 18.6% |
| Technology | 26.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 6.6% |
| Walmart, Inc. | 5.6% |
| Broadcom, Inc. | 5.2% |
| Apple, Inc. | 5.1% |
| Citigroup, Inc. | 4.4% |
| Costco Wholesale Corporation | 4.2% |
| Boeing Company (The) | 4.0% |
| Goldman Sachs Group, Inc. (The) | 3.9% |
| Union Pacific Corporation | 3.7% |
| Morgan Stanley | 3.6% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

#### Hodges Blue Chip Equity Income Fund - Retail (HDPBX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDPBX

#### Hodges Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Retail Class (HDPMX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224.

# 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** |
| Retail | $136 | 1.18% |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Fund Retail Class (the "Fund") amounted to a gain of 0.29% in the past six months, compared to a loss of 1.79% for the S&P 500 Index (the "S&P 500"). The Fund's 1-year performance generated a return of 31.19%, outperforming the S&P 500's 17.80%. This performance reflects strength in individual holdings within a concentrated portfolio, with several top holdings more than doubling over the past twelve months, including Terawulf (WULF), Carpenter Technologies (CRS), and Micron Technologies (MU). Elevated portfolio turnover enabled timely updates to holdings, targeting companies with above-average return potential relative to downside risks over the next 12 to 18 months.

The Fund's portfolio managers remain focused on investments with the highest conviction, based on fundamentals and relative valuations. The number of positions held in the Fund at the end of the recent quarter was 36. As of March 31, 2026, the top ten holdings accounted for 46.31% of the Fund's assets. They included Texas Pacific Land Corporation (TPL), Terawulf Inc (WULF), Uber Technologies (UBER), SharkNinja, Inc. (SN), Matador Resources Co. (MTDR), Freeport-McMoRan (FCX), DraftKings, Inc. (DKNG), Micron Technology Inc (MU), Viking Holdings Ltd (VIK) and First Watch Restaurant Group (FWRG).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie6aead84e1b96ebedc48e2eb.jpg)

---

| | | |
|:---|:---|:---|
| | **Hodges Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $13064 | $11717 |
| **Mar-2018** | $14616 | $13357 |
| **Mar-2019** | $12505 | $14625 |
| **Mar-2020** | $6746 | $13605 |
| **Mar-2021** | $19005 | $21271 |
| **Mar-2022** | $19519 | $24599 |
| **Mar-2023** | $17091 | $22698 |
| **Mar-2024** | $22816 | $29480 |
| **Mar-2025** | $22456 | $31913 |
| **Mar-2026** | $29461 | $37594 |

---

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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Fund | 31.19% | 9.16% | 11.41% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $212348382 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $1274889 |
| Portfolio Turnover | 89% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i215b6497d5d5cd5811b3af10.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.3% |
| Money Market Funds | 1.3% |
| Purchased Options | 0.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib6eaf792eec3883c14bdbc42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Purchased Options | 0.4% |
| Money Market Funds | 1.3% |
| Financials | 4.3% |
| Communications | 5.1% |
| Materials | 11.9% |
| Energy | 12.9% |
| Industrials | 13.9% |
| Technology | 24.5% |
| Consumer Discretionary | 26.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 5.6% |
| Terawulf, Inc. | 5.4% |
| Uber Technologies, Inc. | 5.1% |
| SharkNinja, Inc. | 5.0% |
| Matador Resources Company | 4.8% |
| Freeport-McMoRan, Inc. | 4.7% |
| DraftKings, Inc. | 4.2% |
| Micron Technology, Inc. | 4.0% |
| Viking Holdings Ltd. | 3.5% |
| First Watch Restaurant Group, Inc. | 3.5% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

#### Hodges Fund - Retail (HDPMX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDPMX

#### Hodges Small Cap Growth Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Class A (HDSAX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of July 29, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Class A | $88 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Small Cap Growth Fund Class A (the "Fund) amounted to a gain of 4.53% in the past six months, compared to a gain of 3.10% for the Russell 2000 Index (the "Russell 2000"). The Fund's return from inception date through March 31, 2026, amounted to a gain of 12.99% compared to a gain of 12.32% for the Russell 2000 during the same period. Performance in the past six months benefited from the Fund's exposure to energy, infrastructure, and semiconductor stocks, which were the strongest contributors to the Russell 2000's performance in the first quarter of 2026. Although small-cap stocks have underperformed large-cap stocks for the better part of the past decade, we still consider the current risk-reward for holding quality small-cap stocks to be attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to deliver above-average, risk-adjusted returns over the long term. Furthermore, many small-cap companies are uniquely positioned to benefit from deregulation, a pick-up in M&A activity, AI productivity enhancements, and the reshoring of manufacturing activity in the year ahead.

The Fund remains well diversified across industrials, transportation, technology, and consumer-related names, which we expect to contribute to the Fund's long-term performance. The Fund recently took profits in several stocks that appeared overvalued relative to their underlying fundamentals and established new positions with an attractive risk/reward profile. The Fund held a total of 47 positions as of March 31, 2026. The top ten holdings amounted to 38.54% of the Fund's holdings and included Matador Resources (MTDR), TeraWulf Inc (WULF), DigitalOcean Holdings Inc (DOCN), Texas Pacific Land Corporation (TPL), Eagle Materials Inc (EXP), Banc of California Inc (BANC), Texas Cap Bancshares Inc (TCBI), Academy Sports & Outdoors Inc (ASO), GATX Corp (GATX), and Gildan Activewear Inc (GIL).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i65f55a42f7f2ff4909b03106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **07/29/25** | $10000 | $10000 | $10000 |
| **07/31/25** | $10000 | $9951 | $9861 |
| **08/31/25** | $10784 | $10153 | $10566 |
| **09/30/25** | $10809 | $10524 | $10894 |
| **10/31/25** | $10586 | $10770 | $11091 |
| **11/30/25** | $10888 | $10797 | $11198 |
| **12/31/25** | $10719 | $10803 | $11133 |
| **01/31/26** | $11400 | $10960 | $11729 |
| **02/28/26** | $11831 | $10877 | $11823 |
| **03/31/26** | $11299 | $10335 | $11232 |

---

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.

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (July 29, 2025)** |
| Hodges Small Cap Growth Fund | 12.99% |
| S&P 500<sup>®</sup> Index | 3.35% |
| Russell 2000<sup>®</sup> Index | 12.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $161473603 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $940255 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0c834febb1d4dcbadfb9f257.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i925fa872bf3c7bd26ff756fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Options | -0.1% |
| Money Market Funds | 0.7% |
| Consumer Staples | 1.8% |
| Health Care | 3.2% |
| Materials | 9.2% |
| Energy | 10.8% |
| Industrials | 11.3% |
| Financials | 13.8% |
| Consumer Discretionary | 23.9% |
| Technology | 25.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Matador Resources Company | 6.8% |
| Terawulf, Inc. | 4.5% |
| DigitalOcean Holdings, Inc. | 4.3% |
| Texas Pacific Land Corporation | 4.0% |
| Eagle Materials, Inc. | 3.5% |
| Banc of California, Inc. | 3.3% |
| Texas Capital Bancshares, Inc. | 3.2% |
| Academy Sports & Outdoors, Inc. | 3.1% |
| GATX Corporation | 2.9% |
| Gildan Activewear, Inc. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

#### Hodges Small Cap Growth Fund - Class A (HDSAX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDSAX

#### Hodges Small Cap Growth Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Institutional Class (HDSIX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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 | $116 | 1.04% |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Small Cap Growth Fund Institutional Class (the "Fund") amounted to a gain of 4.53% in the past six months, compared to a gain of 3.10% for the Russell 2000 Index (the "Russell 2000"). The Fund's 1-year return as of March 31, 2026, amounted to a gain of 23.95% compared to a gain of 25.72% for the Russell 2000 during the same period. Performance in the past six months benefited from the Fund's exposure to energy, infrastructure, and semiconductor stocks, which were the strongest contributors to the Russell 2000's performance in the first quarter of 2026. Although small-cap stocks have underperformed large-cap stocks for the better part of the past decade, we still consider the current risk-reward for holding quality small-cap stocks to be attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to deliver above-average, risk-adjusted returns over the long term. Furthermore, many small-cap companies are uniquely positioned to benefit from deregulation, a pick-up in M&A activity, AI productivity enhancements, and the reshoring of manufacturing activity in the year ahead.

The Fund remains well diversified across industrials, transportation, technology, and consumer-related names, which we expect to contribute to the Fund's long-term performance. The Fund recently took profits in several stocks that appeared overvalued relative to their underlying fundamentals and established new positions with an attractive risk/reward profile. The Fund held a total of 44 positions as of March 31, 2026. The top ten holdings amounted to 38.54% of the Fund's holdings and included Matador Resources (MTDR), TeraWulf Inc (WULF), DigitalOcean Holdings Inc (DOCN), Texas Pacific Land Corporation (TPL), Eagle Materials Inc (EXP), Banc of California Inc (BANC), Texas Cap Bancshares Inc (TCBI), Academy Sports & Outdoors Inc (ASO), GATX Corp (GATX), and Gildan Activewear Inc (GIL).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1f1fda45a46ca6e8cacfb282.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11721 | $11717 | $12622 |
| **Mar-2018** | $13220 | $13357 | $14110 |
| **Mar-2019** | $12855 | $14625 | $14399 |
| **Mar-2020** | $7782 | $13605 | $10945 |
| **Mar-2021** | $19544 | $21271 | $21326 |
| **Mar-2022** | $19806 | $24599 | $20092 |
| **Mar-2023** | $18934 | $22698 | $17760 |
| **Mar-2024** | $23103 | $29480 | $21260 |
| **Mar-2025** | $21992 | $31913 | $20409 |
| **Mar-2026** | $27260 | $37594 | $25659 |

---

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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Cap Growth Fund | 23.95% | 6.88% | 10.55% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 9.88% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $161473603 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $940255 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0c834febb1d4dcbadfb9f257.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i925fa872bf3c7bd26ff756fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Options | -0.1% |
| Money Market Funds | 0.7% |
| Consumer Staples | 1.8% |
| Health Care | 3.2% |
| Materials | 9.2% |
| Energy | 10.8% |
| Industrials | 11.3% |
| Financials | 13.8% |
| Consumer Discretionary | 23.9% |
| Technology | 25.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Matador Resources Company | 6.8% |
| Terawulf, Inc. | 4.5% |
| DigitalOcean Holdings, Inc. | 4.3% |
| Texas Pacific Land Corporation | 4.0% |
| Eagle Materials, Inc. | 3.5% |
| Banc of California, Inc. | 3.3% |
| Texas Capital Bancshares, Inc. | 3.2% |
| Academy Sports & Outdoors, Inc. | 3.1% |
| GATX Corporation | 2.9% |
| Gildan Activewear, Inc. | 2.8% |

---

# Material Fund Changes
Effective July 29, 2025, the Adviser contractually agreed to reduce its fees and pay the Small Cap Growth Fund's expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Cap Growth Fund to 0.99% of the Small Cap Growth Fund's average net assets for Institutional Class shares, lowering the expense cap from the previous level of 1.15%.

#### Hodges Small Cap Growth Fund - Institutional (HDSIX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDSIX

#### Hodges Small Cap Growth Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Retail Class (HDPSX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Retail | $144 | 1.29% |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Small Cap Growth Fund Retail Class (the "Fund") amounted to a gain of 4.53% in the past six months, compared to a gain of 3.10% for the Russell 2000 Index (the "Russell 2000"). The Fund's 1-year return as of March 31, 2026, amounted to a gain of 23.67% compared to a gain of 25.72% for the Russell 2000 during the same period. Performance in the past six months benefited from the Fund's exposure to energy, infrastructure, and semiconductor stocks, which were the strongest contributors to the Russell 2000's performance in the first quarter of 2026. Although small-cap stocks have underperformed large-cap stocks for the better part of the past decade, we still consider the current risk-reward for holding quality small-cap stocks to be attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to deliver above-average, risk-adjusted returns over the long term. Furthermore, many small-cap companies are uniquely positioned to benefit from deregulation, a pick-up in M&A activity, AI productivity enhancements, and the reshoring of manufacturing activity in the year ahead.

The Fund remains well diversified across industrials, transportation, technology, and consumer-related names, which we expect to contribute to the Fund's long-term performance. The Fund recently took profits in several stocks that appeared overvalued relative to their underlying fundamentals and established new positions with an attractive risk/reward profile. The Fund held a total of 47 positions as of March 31, 2026. The top ten holdings amounted to 38.54% of the Fund's holdings and included Matador Resources (MTDR), TeraWulf Inc (WULF), DigitalOcean Holdings Inc (DOCN), Texas Pacific Land Corporation (TPL), Eagle Materials Inc (EXP), Banc of California Inc (BANC), Texas Cap Bancshares Inc (TCBI), Academy Sports & Outdoors Inc (ASO), GATX Corp (GATX), and Gildan Activewear Inc (GIL).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i82bf9af6dd824bd55e09924a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11681 | $11717 | $12622 |
| **Mar-2018** | $13140 | $13357 | $14110 |
| **Mar-2019** | $12751 | $14625 | $14399 |
| **Mar-2020** | $7703 | $13605 | $10945 |
| **Mar-2021** | $19279 | $21271 | $21326 |
| **Mar-2022** | $19495 | $24599 | $20092 |
| **Mar-2023** | $18582 | $22698 | $17760 |
| **Mar-2024** | $22632 | $29480 | $21260 |
| **Mar-2025** | $21483 | $31913 | $20409 |
| **Mar-2026** | $26567 | $37594 | $25659 |

---

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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Cap Growth Fund | 23.67% | 6.62% | 10.26% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 9.88% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $161473603 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee (net of waivers) | $940255 |
| Portfolio Turnover | 67% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0c834febb1d4dcbadfb9f257.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Money Market Funds | 0.7% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i925fa872bf3c7bd26ff756fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Written Options | -0.1% |
| Money Market Funds | 0.7% |
| Consumer Staples | 1.8% |
| Health Care | 3.2% |
| Materials | 9.2% |
| Energy | 10.8% |
| Industrials | 11.3% |
| Financials | 13.8% |
| Consumer Discretionary | 23.9% |
| Technology | 25.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Matador Resources Company | 6.8% |
| Terawulf, Inc. | 4.5% |
| DigitalOcean Holdings, Inc. | 4.3% |
| Texas Pacific Land Corporation | 4.0% |
| Eagle Materials, Inc. | 3.5% |
| Banc of California, Inc. | 3.3% |
| Texas Capital Bancshares, Inc. | 3.2% |
| Academy Sports & Outdoors, Inc. | 3.1% |
| GATX Corporation | 2.9% |
| Gildan Activewear, Inc. | 2.8% |

---

# Material Fund Changes
Effective July 29, 2025, the Adviser contractually agreed to reduce its fees and pay the Small Cap Growth Fund's expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Cap Growth Fund to 0.99% of the Small Cap Growth Fund's average net assets for Retail Class shares, lowering the expense cap from the previous level of 1.15%.

#### Hodges Small Cap Growth Fund - Retail (HDPSX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDPSX

#### Hodges Small Intrinsic Value Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Institutional Class (HSVIX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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 | $106 | 0.98% |

---

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund Institutional Class (the "Fund") experienced a gain of 1.20% in the past six months, compared to an increase of 8.37% for the Russell 2000 Value Index (the "Russell 2000"). The Fund's 1-year performance as of March 31, 2026, amounted to a gain of 15.46% compared to an increase of 28.09% for the Russell 2000 during the same period. The Fund's underperformance, relative to the Russell 2000, has been due to weakness in consumer discretionary stocks and a lack of exposure to healthcare and biotech stocks.

The number of positions held in the Fund at the end of the recent quarter was 45. As of March 31, 2026, the top holdings represented 35.84% of the Fund's assets. They included Academy Sports & Outdoors (ASO), Banc of California Inc (BANC), Bank Ozk (OZK), Texas Capital Bancshares (TCBI), Eagle Materials Inc (EXP), Gulfport Energy Operating Corp (GPOR), Citi Trends Inc (CTRN), Primoris Services Corp (PRIM), Matador Resources (MTDR) and Powell Industries Inc (POWL).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i128fe69ee9a842dba93ea768.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Intrinsic Value Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Jul-2024** | $10000 | $10000 | $10000 |
| **Mar-2025** | $8474 | $10418 | $8990 |
| **Mar-2026** | $9815 | $12273 | $11515 |

---

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.

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (July 30, 2024)** |
| Hodges Small Intrinsic Value Fund | 15.82% | -1.11% |
| S&P 500<sup>®</sup> Index | 17.80% | 13.06% |
| Russell 2000<sup>®</sup> Value Index | 28.09% | 8.82% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51003435 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $183718 |
| Portfolio Turnover | 69% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i72d6d152897d704f51a4a927.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i440fd466ec3163c60d322707.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Health Care | 1.8% |
| Real Estate | 3.7% |
| Energy | 6.1% |
| Technology | 8.5% |
| Materials | 13.1% |
| Industrials | 19.0% |
| Financials | 19.8% |
| Consumer Discretionary | 27.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Academy Sports & Outdoors, Inc. | 5.9% |
| Banc of California, Inc. | 4.6% |
| Bank OZK | 3.5% |
| Texas Capital Bancshares, Inc. | 3.3% |
| Eagle Materials, Inc. | 3.3% |
| Gulfport Energy Corporation | 3.2% |
| Citi Trends, Inc. | 3.1% |
| Primoris Services Corporation | 2.9% |
| Matador Resources Company | 2.9% |
| Powell Industries, Inc. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

#### Hodges Small Intrinsic Value Fund - Institutional (HSVIX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HSVIX

#### Hodges Small Intrinsic Value Fund
![Image](i58d613ab2219ad95e0a87e30.jpg)

#### Retail Class (HDSVX)

#### Annual Shareholder Report - March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.hodgescapital.com/mutual-funds/resources-applications**. You can also request this information by contacting us at 1-866-811-0224. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Retail | $137 | 1.27% |

---

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund Retail Class (the "Fund") experienced a gain of 1.20% in the past six months, compared to an increase of 8.37% for the Russell 2000 Value Index (the "Russell 2000"). The Fund's 1-year performance as of March 31, 2026, amounted to a gain of 15.46% compared to an increase of 28.09% for the Russell 2000 during the same period. The Fund's underperformance, relative to the Russell 2000, has been due to weakness in consumer discretionary stocks and a lack of exposure to healthcare and biotech stocks.

The number of positions held in the Fund at the end of the recent quarter was 45. As of March 31, 2026, the top holdings represented 35.84% of the Fund's assets. They included Academy Sports & Outdoors (ASO), Banc of California Inc (BANC), Bank Ozk (OZK), Texas Capital Bancshares (TCBI), Eagle Materials Inc (EXP), Gulfport Energy Operating Corp (GPOR), Citi Trends Inc (CTRN), Primoris Services Corp (PRIM), Matador Resources (MTDR) and Powell Industries Inc (POWL).

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i22dd8a2993b8cde79672f95c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Intrinsic Value Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11653 | $11717 | $12937 |
| **Mar-2018** | $12765 | $13357 | $13600 |
| **Mar-2019** | $11372 | $14625 | $13624 |
| **Mar-2020** | $6990 | $13605 | $9585 |
| **Mar-2021** | $17721 | $21271 | $18888 |
| **Mar-2022** | $19946 | $24599 | $19515 |
| **Mar-2023** | $18764 | $22698 | $16987 |
| **Mar-2024** | $22511 | $29480 | $20172 |
| **Mar-2025** | $19042 | $31913 | $19542 |
| **Mar-2026** | $21986 | $37594 | $25032 |

---

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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Intrinsic Value Fund | 15.46% | 4.41% | 8.20% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |
| Russell 2000<sup>®</sup> Value Index | 28.09% | 5.79% | 9.61% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51003435 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $183718 |
| Portfolio Turnover | 69% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i72d6d152897d704f51a4a927.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i440fd466ec3163c60d322707.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Health Care | 1.8% |
| Real Estate | 3.7% |
| Energy | 6.1% |
| Technology | 8.5% |
| Materials | 13.1% |
| Industrials | 19.0% |
| Financials | 19.8% |
| Consumer Discretionary | 27.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Academy Sports & Outdoors, Inc. | 5.9% |
| Banc of California, Inc. | 4.6% |
| Bank OZK | 3.5% |
| Texas Capital Bancshares, Inc. | 3.3% |
| Eagle Materials, Inc. | 3.3% |
| Gulfport Energy Corporation | 3.2% |
| Citi Trends, Inc. | 3.1% |
| Primoris Services Corporation | 2.9% |
| Matador Resources Company | 2.9% |
| Powell Industries, Inc. | 2.8% |

---

# Material Fund Changes
Effective July 29, 2025, the Adviser contractually agreed to reduce its fees and pay the Small Intrinsic Value Fund's expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) in order to limit Net Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Small Intrinsic Value Fund to 1.01% of the Small Intrinsic Value Fund's average net assets for Retail Class shares, lowering the expense cap from the previous level of 1.03%.

#### Hodges Small Intrinsic Value Fund - Retail (HDSVX)

#### Annual Shareholder Report - March 31, 2026
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i58d613ab2219ad95e0a87e30.jpg)

TSR-AR 033126-HDSVX

&nbsp;&nbsp;&nbsp;&nbsp;(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) Not
 applicable

(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) Not
 applicable

(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 3.

(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:

---

| |
|:---|
| 2026 – $64000 |
| 2025 – $64000 |

---

(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:

---

| |
|:---|
| 2026 – $11000 |
| 2025 – $11000 |

---

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 for the fiscal years ended March
 31, 2025 and 2026.

---

| | |
|:---|:---|
| (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
 March 31, 2025 and 2026, 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 to open-end investment companies.

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| ![(HODGES LOGO)](ho001_v1.jpg) |
| **Hodges Fund** |
| **Retail Class (Symbol: HDPMX)** |
| **Small Cap Growth Fund** |
| **Class A (Symbol: HDSAX)** |
| **Retail Class (Symbol: HDPSX)** |
| **Institutional Class (Symbol: HDSIX)** |
| **Small Intrinsic Value Fund** |
| **Retail Class (Symbol: HDSVX)** |
| **Institutional Class (Symbol: HSVIX)** |
| **Blue Chip Equity Income Fund** |
| **Retail Class (Symbol: HDPBX)** |
| **Annual Financial Statements & Additional Information** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
|  | *Advised b*y: |
|  | Hodges Capital Management |
|  | 2905 Maple Avenue |
|  | Dallas, Texas 75201 |
| https://www.hodgesfunds.com/ | 1-866-811-0224 |

---

The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 15 |
| Statements of Operations | 16 |
| Statements of Changes in Net Assets | 17 |
| Financial Highlights | 23 |
| Notes to Financial Statements | 30 |
| Report of Independent Registered Public Accounting Firm | 40 |
| Additional Information | 41 |

---

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 4.7%** |  |
| 80000 | Gildan Activewear, Inc. | $4452000 |
| 165000 | On Holding A.G.<sup>(a)</sup> | 5613300 |
|  |  | 10065300 |
|  | **AUTOMOTIVE - 2.6%** |  |
| 15000 | Tesla, Inc.<sup>(a)</sup> | 5576250 |
|  | **BANKING - 2.5%** |  |
| 300000 | Banc of California, Inc. | 5274000 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.6%** |  |
| 200000 | CoreCivic, Inc.<sup>(a)</sup> | 3782000 |
| 360000 | GEO Group, Inc. (The)<sup>(a)</sup> | 6051600 |
|  |  | 9833600 |
|  | **CONSTRUCTION MATERIALS - 2.7%** |  |
| 30000 | Eagle Materials, Inc. | 5683500 |
|  | **E-COMMERCE DISCRETIONARY - 1.9%** |  |
| 1250000 | Stitch Fix, Inc., Class A<sup>(a)</sup> | 4137500 |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 12000 | Powell Industries, Inc. | 6492960 |
|  | **HOME & OFFICE PRODUCTS - 5.0%** |  |
| 100000 | SharkNinja, Inc.<sup>(a)</sup> | 10590000 |
|  | **INTERNET MEDIA & SERVICES - 5.1%** |  |
| 150000 | Uber Technologies, Inc.<sup>(a)</sup> | 10789500 |
|  | **LEISURE FACILITIES & SERVICES - 11.1%** |  |
| 415000 | DraftKings, Inc.<sup>(a)</sup> | 8972300 |
| 700000 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 7336000 |
| 100000 | Viking Holdings Ltd.<sup>(a)</sup> | 7348000 |
|  |  | 23656300 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **METALS & MINING - 4.7%** |  |
| 170000 | Freeport-McMoRan, Inc. | $9992600 |
|  | **OIL & GAS PRODUCERS - 12.9%** |  |
| 50000 | Expand Energy Corporation | 5489000 |
| 160000 | Matador Resources Company | 10108800 |
| 25000 | Texas Pacific Land Corporation | 11864000 |
|  |  | 27461800 |
|  | **RETAIL - DISCRETIONARY - 0.7%** |  |
| 10000 | RH<sup>(a)</sup> | 1398200 |
|  | **SEMICONDUCTORS - 12.1%** |  |
| 17500 | Applied Materials, Inc. | 5981325 |
| 25000 | Micron Technology, Inc. | 8446000 |
| 35000 | NVIDIA Corporation | 6104000 |
| 15000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 5069250 |
|  |  | 25600575 |
|  | **SOFTWARE - 7.0%** |  |
| 150000 | Clear Secure, Inc., Class A | 7261500 |
| 35000 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 5119800 |
| 20000 | Twilio, Inc., Class A<sup>(a)</sup> | 2516400 |
|  |  | 14897700 |
|  | **SPECIALTY FINANCE - 1.8%** |  |
| 40000 | Circle Internet Group, Inc.<sup>(a)</sup> | 3816400 |
|  | **STEEL - 4.5%** |  |
| 13500 | Carpenter Technology Corporation | 5321025 |
| 500000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 4225000 |
|  |  | 9546025 |
|  | **TECHNOLOGY SERVICES - 5.4%** |  |
| 800000 | Terawulf, Inc.<sup>(a)</sup> | 11544000 |
|  | **TRANSPORTATION & LOGISTICS - 6.2%** |  |
| 250000 | American Airlines Group, Inc.<sup>(a)</sup> | 2685000 |
| 20000 | FedEx Corporation | 7123600 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 6.2% (Continued)** |  |
| 20000 | Matson, Inc. | $3278800 |
|  |  | 13087400 |
|  | **TOTAL COMMON STOCKS (Cost $132,228,300)** | 209443610 |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
|  | **MONEY MARKET FUND - 1.3%** |  |
| 2731444 | First American Treasury Obligations Fund, Class X, 3.59% (Cost $2,731,444)<sup>(b)</sup> | 2731444 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Notional<br> Value** | |
|  | **EQUITY OPTIONS PURCHASED - 0.4%** |  |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.4%** |  |  |  |  |  |  |
| 500 | Amazon.com, Inc. (Cost - $1,713,371) | WFC | 05/15/2026 | 200.00 |  | 10413500 | 871500 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $136,673,115)** | **TOTAL INVESTMENTS - 100.3% (Cost $136,673,115)** | **TOTAL INVESTMENTS - 100.3% (Cost $136,673,115)** | **TOTAL INVESTMENTS - 100.3% (Cost $136,673,115)** | **TOTAL INVESTMENTS - 100.3% (Cost $136,673,115)** |  | $213046554 |
|  | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> **(Premiums received - $70,192)** | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> **(Premiums received - $70,192)** | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> **(Premiums received - $70,192)** | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> **(Premiums received - $70,192)** | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> **(Premiums received - $70,192)** |  | (64500) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** |  | (633672) |
|  | **NET ASSETS - 100.0%** |  |  |  |  |  | $212348382 |
|  | **WRITTEN EQUITY OPTIONS - 0.0%**<sup>(d)</sup> |  |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - 0.0%**<sup>(d)</sup> |  |  |  |  |  |  |
| 300 | Matador Resources Company (Cost – 70,192) | WFC | 05/15/2026 | 67.50 |  | 1895400 | 64500 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| WFC | - Wells Fargo |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 4.2%** |  |
| 80000 | Gildan Activewear, Inc. | $4452000 |
| 67600 | On Holding A.G.<sup>(a)</sup> | 2299752 |
|  |  | 6751752 |
|  | **BANKING - 8.8%** |  |
| 300000 | Banc of California, Inc. | 5274000 |
| 80000 | Bank OZK | 3671200 |
| 55000 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 5218400 |
|  |  | 14163600 |
|  | **BIOTECH & PHARMA - 2.1%** |  |
| 52000 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 3360760 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 185000 | GEO Group, Inc. (The)<sup>(a)</sup> | 3109850 |
|  | **CONSTRUCTION MATERIALS - 3.5%** |  |
| 30000 | Eagle Materials, Inc. | 5683500 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 4500 | Powell Industries, Inc. | 2434860 |
|  | **ENGINEERING & CONSTRUCTION - 3.7%** |  |
| 20000 | Arcosa, Inc. | 2122800 |
| 50000 | Tutor Perini Corporation | 3859500 |
|  |  | 5982300 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.2%** |  |
| 25000 | US Physical Therapy, Inc. | 1874000 |
|  | **HOME & OFFICE PRODUCTS - 3.0%** |  |
| 30000 | SharkNinja, Inc.<sup>(a)</sup> | 3177000 |
| 30000 | Whirlpool Corporation | 1617600 |
|  |  | 4794600 |
|  | **HOME CONSTRUCTION - 2.5%** |  |
| 70000 | Taylor Morrison Home Corporation<sup>(a)</sup> | 4076800 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **INSURANCE - 2.1%** |  |
| 20000 | Hanover Insurance Group, Inc. (The) | $3467000 |
|  | **LEISURE FACILITIES & SERVICES - 7.0%** |  |
| 90000 | Cinemark Holdings, Inc. | 2566800 |
| 210000 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 2200800 |
| 17500 | Texas Roadhouse, Inc. | 2889950 |
| 29000 | Vail Resorts, Inc. | 3721280 |
|  |  | 11378830 |
|  | **OIL & GAS PRODUCERS - 10.8%** |  |
| 175000 | Matador Resources Company | 11056500 |
| 13500 | Texas Pacific Land Corporation | 6406560 |
|  |  | 17463060 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 80000 | BBB Foods, Inc.<sup>(a)</sup> | 2829600 |
|  | **RETAIL - DISCRETIONARY - 7.1%** |  |
| 90000 | Academy Sports & Outdoors, Inc. | 5080500 |
| 100000 | Ethan Allen Interiors, Inc. | 2226000 |
| 15000 | RH<sup>(a)</sup> | 2097300 |
| 135000 | Shoe Carnival, Inc. | 2104650 |
|  |  | 11508450 |
|  | **SEMICONDUCTORS - 8.2%** |  |
| 22000 | IPG Photonics Corporation<sup>(a)</sup> | 2520980 |
| 230000 | MaxLinear, Inc., Class A<sup>(a)</sup> | 3999700 |
| 31000 | Semtech Corporation<sup>(a)</sup> | 2383590 |
| 25000 | Tower Semiconductor Ltd.<sup>(a)</sup> | 4387000 |
|  |  | 13291270 |
|  | **SOFTWARE - 8.0%** |  |
| 160000 | Alkami Technology, Inc.<sup>(a)</sup> | 2507200 |
| 75000 | Clear Secure, Inc., Class A | 3630750 |
| 80000 | DigitalOcean Holdings, Inc.<sup>(a)</sup> | 6862400 |
|  |  | 13000350 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 2.9%** |  |
| 27000 | GATX Corporation | $4609980 |
|  | **STEEL - 5.7%** |  |
| 7000 | Carpenter Technology Corporation | 2759050 |
| 250000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 2112500 |
| 70000 | Commercial Metals Company | 4300100 |
|  |  | 9171650 |
|  | **TECHNOLOGY HARDWARE - 4.7%** |  |
| 85000 | Aviat Networks, Inc.<sup>(a)</sup> | 1921850 |
| 140000 | Knowles Corporation<sup>(a)</sup> | 3595200 |
| 10000 | Plexus Corporation<sup>(a)</sup> | 2025400 |
|  |  | 7542450 |
|  | **TECHNOLOGY SERVICES - 4.5%** |  |
| 500000 | Terawulf, Inc.<sup>(a)</sup> | 7215000 |
|  | **TRANSPORTATION & LOGISTICS - 4.2%** |  |
| 22000 | Kirby Corporation<sup>(a)</sup> | 2923360 |
| 200000 | Navigator Holdings Ltd. | 3866000 |
|  |  | 6789360 |
|  | **TOTAL COMMON STOCKS (Cost $102,273,423)** | 160499022 |
|  | **SHORT-TERM INVESTMENT — 0.7%** |  |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 1157751 | First American Treasury Obligations Fund, Class X, 3.59% (Cost $1,157,751)<sup>(b)</sup> | 1157751 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $103,431,174)** | $161656773 |
|  | **CALL OPTIONS WRITTEN - (0.1)% (Premiums received - $94,371)** | (149500) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%**<sup>(c)</sup>** | (33670) |
|  | **NET ASSETS - 100.0%** | $161473603 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.1)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.1)%** |  |  |  |  |  |
| 100 | DigitalOcean Holdings, Inc. | WFC | 04/10/2026 | $74.00 | $857800 | $125500 |
| 100 | DigitalOcean Holdings, Inc. | WFC | 04/10/2026 | 90.00 | 857800 | 24000 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $94,371) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $94,371) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $94,371) |  |  | $149500 |

---

Ltd. - Limited Company <br>WFC - Wells Fargo

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(c)</sup> Amount represents less than 0.05%.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 3.9%** |  |
| 16800 | Kontoor Brands, Inc. | $1180872 |
| 24000 | Steven Madden Ltd. | 814080 |
|  |  | 1994952 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 24700 | Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 688389 |
| 65300 | Garrett Motion, Inc. | 1186501 |
|  |  | 1874890 |
|  | **BANKING - 16.5%** |  |
| 132740 | Banc of California, Inc. | 2333568 |
| 39340 | Bank OZK | 1805313 |
| 75025 | Bridgewater Bancshares, Inc.<sup>(a)</sup> | 1327943 |
| 17850 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1693608 |
| 21360 | Triumph Financial, Inc.<sup>(a)</sup> | 1274338 |
|  |  | 8434770 |
|  | **BIOTECH & PHARMA - 1.7%** |  |
| 13700 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 885431 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.5%** |  |
| 75700 | GEO Group, Inc. (The)<sup>(a)</sup> | 1272517 |
|  | **CONSTRUCTION MATERIALS - 3.3%** |  |
| 8850 | Eagle Materials, Inc. | 1676633 |
|  | **CONTAINERS & PACKAGING - 1.6%** |  |
| 37700 | Myers Industries, Inc. | 798486 |
|  | **ELECTRICAL EQUIPMENT - 2.8%** |  |
| 2670 | Powell Industries, Inc. | 1444684 |
|  | **ENGINEERING & CONSTRUCTION - 2.9%** |  |
| 10500 | Primoris Services Corporation | 1501920 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 1.2%** |  |
| 11600 | Whirlpool Corporation | $625472 |
|  | **HOME CONSTRUCTION - 2.2%** |  |
| 19475 | Taylor Morrison Home Corporation<sup>(a)</sup> | 1134224 |
|  | **HOTEL REIT - 1.2%** |  |
| 6400 | Ryman Hospitality Properties, Inc. | 590528 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS – 2.7%** |  |
| 4550 | AZZ, Inc. | 569342 |
| 98300 | Hillman Solutions Corporation<sup>(a)</sup> | 817856 |
|  |  | 1387198 |
|  | **INSURANCE - 3.3%** |  |
| 5700 | Hanover Insurance Group, Inc. (The) | 988095 |
| 15800 | Horace Mann Educators Corporation | 674344 |
|  |  | 1662439 |
|  | **LEISURE FACILITIES & SERVICES - 1.8%** |  |
| 31500 | Cinemark Holdings, Inc. | 898380 |
|  | **METALS & MINING - 3.4%** |  |
| 7400 | Core Natural Resources, Inc. | 775002 |
| 184400 | Vox Royalty Corporation | 966256 |
|  |  | 1741258 |
|  | **OIL & GAS PRODUCERS - 6.1%** |  |
| 7665 | Gulfport Energy Corporation<sup>(a)</sup> | 1621684 |
| 23600 | Matador Resources Company | 1491048 |
|  |  | 3112732 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.5%** |  |
| 41700 | Stratus Properties, Inc.<sup>(a)</sup> | 1272684 |
|  | **RETAIL - DISCRETIONARY - 14.6%** |  |
| 53100 | Academy Sports & Outdoors, Inc. | 2997494 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 14.6% (Continued)** |  |
| 36700 | Citi Trends, Inc.<sup>(a)</sup> | $1589844 |
| 67000 | Haverty Furniture Companies, Inc. | 1419060 |
| 5600 | Patrick Industries, Inc. | 621992 |
| 53318 | Shoe Carnival, Inc. | 831228 |
|  |  | 7459618 |
|  | **SEMICONDUCTORS - 4.4%** |  |
| 57700 | MaxLinear, Inc., Class A<sup>(a)</sup> | 1003403 |
| 7000 | Tower Semiconductor Ltd.<sup>(a)</sup> | 1228360 |
|  |  | 2231763 |
|  | **SOFTWARE - 1.0%** |  |
| 32600 | Alkami Technology, Inc.<sup>(a)</sup> | 510842 |
|  | **STEEL - 4.9%** |  |
| 126570 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1069517 |
| 22850 | Commercial Metals Company | 1403675 |
|  |  | 2473192 |
|  | **TECHNOLOGY HARDWARE - 3.2%** |  |
| 26100 | Aviat Networks, Inc.<sup>(a)</sup> | 590121 |
| 23400 | NCR Atleos Corporation<sup>(a)</sup> | 1019772 |
|  |  | 1609893 |
|  | **TRANSPORTATION & LOGISTICS - 4.4%** |  |
| 7200 | Kirby Corporation<sup>(a)</sup> | 956736 |
| 67660 | Navigator Holdings Ltd. | 1307867 |
|  |  | 2264603 |
|  | **TRANSPORTATION EQUIPMENT - 3.5%** |  |
| 16900 | Blue Bird Corporation<sup>(a)</sup> | 959751 |
| 16000 | Greenbrier Companies, Inc. (The) | 842400 |
|  |  | 1802151 |
|  | **TOTAL COMMON STOCKS (Cost $41,630,447)** | 50661260 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.7%** |  |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 321002 | First American Treasury Obligations Fund, Class X, 3.59% (Cost $321,002)<sup>(b)</sup> | $321002 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $41,951,449)** | $50982262 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup>** | 21173 |
|  | **NET ASSETS - 100.0%** | $51003435 |

---

---

| | |
|:---|:---|
| Ltd. | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(c)</sup> Amount represents less than 0.05%.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **AEROSPACE & DEFENSE - 9.0%** |  |
| 12000 | Boeing Company (The)<sup>(a)</sup> | $2388360 |
| 5000 | General Electric Company | 1418850 |
| 8000 | RTX Corporation | 1543200 |
|  |  | 5350410 |
|  | **BANKING - 7.6%** |  |
| 23000 | Citigroup, Inc. | 2608430 |
| 6500 | JPMorgan Chase & Company | 1912040 |
|  |  | 4520470 |
|  | **BIOTECH & PHARMA - 6.5%** |  |
| 8000 | AbbVie, Inc. | 1739920 |
| 1250 | Eli Lilly & Company | 1149712 |
| 8000 | Merck & Company, Inc. | 962320 |
|  |  | 3851952 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 9000 | Amazon.com, Inc.<sup>(a)</sup> | 1874430 |
|  | **FOOD - 1.9%** |  |
| 18000 | Tyson Foods, Inc., Class A | 1153260 |
|  | **HOME & OFFICE PRODUCTS - 2.2%** |  |
| 24000 | Whirlpool Corporation | 1294080 |
|  | **HOUSEHOLD PRODUCTS - 1.9%** |  |
| 8000 | Procter & Gamble Company (The) | 1155520 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.5%** |  |
| 2750 | Goldman Sachs Group, Inc. (The) | 2326473 |
| 13000 | Morgan Stanley | 2139410 |
|  |  | 4465883 |
|  | **INTERNET MEDIA & SERVICES - 2.9%** |  |
| 3000 | Meta Platforms, Inc., Class A | 1716390 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.8%** |  |
| 4000 | Royal Caribbean Cruises Ltd. | $1100720 |
|  | **RETAIL - CONSUMER STAPLES - 9.8%** |  |
| 2500 | Costco Wholesale Corporation | 2491075 |
| 27000 | Walmart, Inc. | 3355560 |
|  |  | 5846635 |
|  | **RETAIL - DISCRETIONARY - 2.2%** |  |
| 4000 | Home Depot, Inc. (The) | 1315560 |
|  | **SEMICONDUCTORS - 15.2%** |  |
| 10000 | Broadcom, Inc. | 3095100 |
| 22500 | NVIDIA Corporation | 3924000 |
| 6000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2027700 |
|  |  | 9046800 |
|  | **SOFTWARE - 3.1%** |  |
| 5000 | Microsoft Corporation | 1850850 |
|  | **SPECIALTY FINANCE - 3.6%** |  |
| 7000 | American Express Company | 2117360 |
|  | **TECHNOLOGY HARDWARE - 5.1%** |  |
| 12000 | Apple, Inc. | 3045480 |
|  | **TECHNOLOGY SERVICES - 2.8%** |  |
| 7000 | International Business Machines Corporation | 1696730 |
|  | **TOBACCO & CANNABIS - 2.8%** |  |
| 10000 | Philip Morris International, Inc. | 1653400 |
|  | **TRANSPORTATION & LOGISTICS - 6.2%** |  |
| 40000 | Southwest Airlines Company | 1502800 |
| 9000 | Union Pacific Corporation | 2183580 |
|  |  | 3686380 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 3.2%** |  |
| 3500 | Cummins, Inc. | $1883070 |
|  | **TOTAL COMMON STOCKS (Cost $39,669,056)** | 58625380 |
|  | **SHORT-TERM INVESTMENT — 0.8%** |  |
|  | **MONEY MARKET FUND - 0.8%** |  |
| 448431 | First American Treasury Obligations Fund, Class X, 3.59% (Cost $448,431)<sup>(b)</sup> | 448431 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $40,117,487)** | $59073811 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 476872 |
|  | **NET ASSETS - 100.0%** | $59550683 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Hodges Fund | Small Cap<br>Growth Fund | Small Intrinsic<br>Value Fund | Blue Chip Equity<br>Income Fund |
| ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at cost | $136673115 | $103431174 | $41951449 | $40117487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value | 213046554 | 161656773 | 50982262 | 59073811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | 3574842 | 1135206 | 397965 | 1824228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 219379 | 39771 | 17855 | 266093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 120352 | 159876 | 43768 | 36198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 22152 | 32846 | 7889 | 21935 |
| Total Assets | **216983279** | **163024472** | **51449739** | **61222265** |
| LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written, at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums received: $70,192, $94,371, $-, and $-, respectively) | 64500 | 149500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 4392510 | 1240849 | 399414 | 1589105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued advisory fee | 92552 | 84092 | 5922 | 22684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 46697 | 26643 | 10551 | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 16427 | 4307 |  | 27586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 6420 | 14512 | 9890 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 15791 | 30966 | 20527 | 19389 |
| Total Liabilities | **4634897** | **1550869** | **446304** | **1671582** |
| NET ASSETS | $**212348382** | $**161473603** | $**51003435** | $**59550683** |
| COMPONENTS OF NET ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $120459917 | $87051063 | $42725963 | $37568778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 91888465 | 74422540 | 8277472 | 21981905 |
| NET ASSETS | $**212348382** | $**161473603** | $**51003435** | $**59550683** |
| NET ASSET VALUE PER SHARE |  |  |  |  |
| CLASS A SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $28 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares) |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $— | $21.24 \* | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 4.50%) | $— | $22.24 | $— | $— |
| RETAIL CLASS SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $212348382 | $124987259 | $49923502 | $59550683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares) | 2765333 | 5885367 | 2640824 | 2259159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $76.79 | $21.24 | $18.90 | $26.36 |
| INSISTUTIONAL CLASS SHARES |  |  |  |  |
| Net assets | $— | $36486316 | $1079933 | $— |
| Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares) |  | 1565825 | 57130 |  |
| Net asset value, offering and redemption price per share | $— | $23.30 | $18.90 | $— |

---

\* Net asset value may not recalculate due to the rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF OPERATIONS** |
| **FOR THE YEAR ENDED MARCH 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Hodges Fund | Small Cap<br>Growth Fund | Small Intrinsic<br>Value Fund | Blue Chip Equity<br>Income Fund |
| INVESTMENT INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest, net of $22,710, $6,599, $-, and $5,050 foreign withholding tax, respectively | $1327834 | $1639006 | $632520 | $839669 |
| Total investment income | 1327834 | 1639006 | 632520 | 839669 |
| EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1783115 | 1360706 | 448433 | 358757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 524446 | 307870 | 129076 | 137984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing fees | 179841 | 257231 | 63835 | 21828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 122008 | 106678 | 50211 | 36384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 93347 | 76745 | 60575 | 35330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 88389 | 73687 | 19292 | 17513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reports | 43231 | 45947 | 26364 | 9701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 30665 | 30734 | 28445 | 23934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 29132 | 43822 | 29232 | 28161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 27701 | 28802 | 28692 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 19732 | 19786 | 17729 | 17726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 16694 | 14246 | 9207 | 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 14824 | 14895 | 8594 | 7627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 12986 | 8069 | 8471 | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  | 3283 | 2801 | 3168 |
| Total expenses | **2986111** | **2392501** | **930957** | **738846** |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived | (508226) | (420451) | (264715) | (20744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | **2477885** | **1972050** | **666242** | **718102** |
| NET INVESTMENT INCOME/(LOSS) | **(1150051)** | **(333044)** | **(33722)** | **121567** |
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 24002157 | 21732885 | 368165 | 5054225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (837647) | (46741) |  |  |
| Net realized gain | 23164510 | 21686144 | 368165 | 5054225 |
| Net change in unrealized appreciation on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 30123383 | 12660844 | 7025314 | 4055899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 5692 | (55129) |  |  |
|  | 30129075 | 12605715 | 7025314 | 4055899 |
| Net realized and unrealized gain on investments | 53293585 | 34291859 | 7393479 | 9110124 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $52143534 | $33958815 | $7359757 | $9231691 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | Hodges Fund | Hodges Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| NET ASSETS - BEGINNING OF YEAR | $172336206 | $186511499 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1150051) | (672239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 23164510 | 24273975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 30129075 | (27155769) |
| Net increase/(decrease) in net assets resulting from operations | 52143534 | (3554033) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (19580970) | (9537381) |
| Total distributions to shareholders | (19580970) | (9537381) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Retail Class | 30365929 | 11718650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 19120999 | 9236922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (42037316) | (22039451) |
| Net increase/(decrease) from capital share transactions | 7449612 | (1083879) |
| Total increase/(decrease) in net assets | 40012176 | (14175293) |
| NET ASSETS - END OF YEAR | $212348382 | $172336206 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 370540 | 157867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 236764 | 123011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (539480) | (323687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | 67824 | (42809) |

---

\* Net of redemption fees of $8,036 and $16,454 respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| NET ASSETS - BEGINNING OF YEAR | $152104846 | $187943561 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (333044) | (255998) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 21686144 | 20368592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 12605715 | (27152463) |
| Net increase/(decrease) in net assets resulting from operations | 33958815 | (7039869) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (8740659) | (18493724) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2409076) | (5207238) |
| Total distributions to shareholders | (11149737) | (23700962) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Class A<sup>#</sup> | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Retail Class | 3851767 | 4140224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Institutional Class | 2155220 | 3678479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Class A<sup>#</sup> | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 8606209 | 18208299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class | 2357838 | 5088472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (21950941) | (26940768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class^ | (8460441) | (9272590) |
| Net decrease from capital share transactions | (13440321) | (5097884) |
| Total increase/(decrease) in net assets | 9368757 | (35838715) |
| NET ASSETS - END OF YEAR | $161473603 | $152104846 |

---

# The Small Cap Growth Fund Class A shares commenced investment operations on July 29, 2025.

\* Net of redemption fees of $1,712 and $201, respectively.

---

| | |
|:---|:---|
| ^ | Net of redemption fees of $517 and $59, respectively. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| SHARE ACTIVITY |  |  |
| Class A<sup>#</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase | 1 |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 187413 | 186618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 401975 | 816882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1072885 | (1232345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (483497 | (228845) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 97188 | 158626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 100462 | 209920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (371037 | (394524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (173387 | (25978) |

---

# The Small Cap Growth Fund Class A shares commenced investment operations on July 29, 2025.

\*\* Amount represents less than 0.05 shares.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | Small Intrinsic Value Fund | Small Intrinsic Value Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| NET ASSETS - BEGINNING OF YEAR | $54280800 | $63088775 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | (33722) | 71969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 368165 | 585267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 7025314 | (10393178) |
| Net increase/(decrease) in net assets resulting from operations | 7359757 | (9735942) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (544435) | (1859564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (17262) | (26623) |
| Total distributions to shareholders | (561697) | (1886187) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 8929351 | 11904422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Institutional Shares<sup>#</sup> | 386230 | 970020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 542447 | 1849069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class<sup>#</sup> | 17262 | 26623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (19642623) | (11935874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class^<sup>#</sup> | (308092) | (106) |
| Net increase/(decrease) from capital share transactions | (10075425) | 2814154 |
| Total decrease in net assets | (3277365) | (8807975) |
| NET ASSETS - END OF YEAR | $51003435 | $54280800 |

---

\* Net of redemption fees of $2,351 and $2,944, respectively

---

| | |
|:---|:---|
| ^ | Net of redemption fees of $54 and $0, respectively. |

---

# The Small Intrinsic Value Fund Institutional Class commenced investment operations on July 30, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | Small Intrinsic Value Fund | Small Intrinsic Value Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 510130 | 628774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 27932 | 91357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1128683) | (623303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | (590621) | 96828 |
| Institutional Class<sup>#</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 21808 | 48915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 890 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (15795) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase | 6903 | 50227 |

---

# The Small Intrinsic Value Fund Institutional Class commenced investment operations on July 30, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | Blue Chip Equity Income Fund | Blue Chip Equity Income Fund |
|  | Year Ended<br>March 31,<br>2026 | Year Ended<br>March 31,<br>2025 |
| NET ASSETS - BEGINNING OF YEAR | $43349247 | $41341369 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 121567 | 191058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 5054225 | 6147798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 4055899 | (1504346) |
| Net increase in net assets resulting from operations | 9231691 | 4834510 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (2927151) | (5248077) |
| Total distributions to shareholders | (2927151) | (5248077) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 15999335 | 7434320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 2815540 | 5018631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (8917979) | (10031506) |
| Net increase from capital share transactions | 9896896 | 2421445 |
| Total increase in net assets | 16201436 | 2007878 |
| NET ASSETS - END OF YEAR | $59550683 | $43349247 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sold | 592864 | 302706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 99618 | 206829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (333724) | (425237) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase | 358758 | 84298 |

---

\* Net of redemption fees of $4,433 and $223, respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Year Ended**<br>**March 31,**<br>**2025** | **For the Year Ended**<br>**March 31,**<br>**2024** | **For the Year Ended**<br>**March 31,**<br>**2023** | **For the Year Ended**<br>**March 31,**<br>**2022** |
| Net Asset Value - Beginning of Year | $63.89 | $68.06 | $51.37 | $58.91 | $57.39 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>1</sup> | (0.43) | (0.25) | (0.36) | (0.14) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 20.72 | (0.29) | 17.49 | (7.17) | 1.98 |
| Total from investment operations | 20.29 | (0.54) | 17.13 | (7.31) | 1.52 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (7.39) | (3.64) | (0.44) | (0.23) |  |
| Total distributions to shareholders | (7.39) | (3.64) | (0.44) | (0.23) |  |
| Paid in capital from redemption fees | 0.00 <sup>2</sup> | 0.01 | 0.00 <sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
| Net Asset Value - End of Year | $76.79 | $63.89 | $68.06 | $51.37 | $58.91 |
| Total return | 31.19% | (1.58)% | 33.50% <sup>3</sup> | (12.44)% | 2.70% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.42% | 1.23% | 1.32% | 1.37% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.18% | 1.18% | 1.18% | 1.18% | 1.17% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.79)% | (0.41)% | (0.78)% | (0.48)% | (0.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.55)% | (0.37)% | (0.64)% | (0.29)% | (0.76)% |
| Portfolio turnover rate | 89% | 94% | 103% | 74% | 96% |
| Net Assets at end of year/period (millions) | $212.3 | $172.3 | $186.5 | $150.9 | $186.4 |

---

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

---

| | |
|:---|:---|
| 3 | Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. |

---

---

| | |
|:---|:---|
| 4 | Effective September 1, 2020, the Advisor contractually agreed to limit the Retail Class shares' annual ratio of expenses to 1.15% of the Retail Class' daily net assets. Effective September 1, 2021, the annual ratio of expenses returned to 1.18% of the Retail Class' daily net assets. See Note 3. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period. |

---

---

| | |
|:---|:---|
|  | **Small Cap Growth Fund -**<br>**Class A Shares** |
|  | **For the Period\* Ended**<br>**March 31,**<br>**2026** |
| Net Asset Value - Beginning of Period | $20.15 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | 2.47 |
| Total from investment operations | 2.63 |
| Distributions to shareholders: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (1.54) |
| Total distributions to shareholders | (1.54) |
| Net Asset Value - End of Period | $21.24 |
| Total return<sup>2</sup> | 12.99% |
| Ratios/Supplemental Data: |  |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>3</sup> | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>3</sup> | 1.29% |
| Ratios of net investment loss to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed <sup>3</sup> | (0.53)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed <sup>3</sup> | (0.27)% |
| Portfolio turnover rate<sup>2</sup> | 67% |
| Net Assets at end of period | $28 |

---

\* The Small Cap Growth Fund Class A shares commenced investment operations on July 29, 2025.

1 Calculated using the average shares method.

2 Not annualized.

3 Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund - Retail Shares** | **Small Cap Growth Fund - Retail Shares** | **Small Cap Growth Fund - Retail Shares** | **Small Cap Growth Fund - Retail Shares** | **Small Cap Growth Fund - Retail Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Year Ended**<br>**March 31,**<br>**2025** | **For the Year Ended**<br>**March 31,**<br>**2024** | **For the Year Ended**<br>**March 31,**<br>**2023** | **For the Year Ended**<br>**March 31,**<br>**2022** |
| Net Asset Value - Beginning of Year | $18.41 | $22.13 | $19.15 | $21.35 | $25.28 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>1</sup> | (0.05) | (0.04) | (0.11) | (0.01) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.42 | (0.54) | 4.09 | (1.01) | 0.56 |
| Total from investment operations | 4.37 | (0.58) | 3.98 | (1.02) | 0.41 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (1.54) | (3.14) | (1.00) | (1.18) | (4.34) |
| Total distributions to shareholders | (1.54) | (3.14) | (1.00) | (1.18) | (4.34) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value - End of Year | $21.24 | $18.41 | $22.13 | $19.15 | $21.35 |
| Total return | 23.67% | (5.08)% | 21.80% | (4.68)% | 1.12% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.55% | 1.29% | 1.36% | 1.40% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.29% | 1.29% | 1.36% | 1.40% | 1.36% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.53)% | (0.20)% | (0.54)% | (0.04)% | (0.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | (0.27)% | (0.20)% | (0.54)% | (0.04)% | (0.60)% |
| Portfolio turnover rate | 67% | 60% | 62% | 69% | 67% |
| Net Assets at end of year/period (millions) | $125.0 | $117.3 | $146.0 | $139.4 | $161.1 |

---

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

---

| | |
|:---|:---|
| 3 | Effective September 1, 2020, the Advisor contractually agreed to limit the Retail Class shares' annual ratio of expenses to 1.37% of the Retail Class' daily net assets. Effective September 1, 2021, the annual ratio of expenses returned to 1.40% of the Retail Class' daily net assets. See Note 3. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund - Institutional Shares** | **Small Cap Growth Fund - Institutional Shares** | **Small Cap Growth Fund - Institutional Shares** | **Small Cap Growth Fund - Institutional Shares** | **Small Cap Growth Fund - Institutional Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Year Ended**<br>**March 31,**<br>**2025** | **For the Year Ended**<br>**March 31,**<br>**2024** | **For the Year Ended**<br>**March 31,**<br>**2023** | **For the Year Ended**<br>**March 31,**<br>**2022** |
| Net Asset Value - Beginning of Year | $20.03 | $23.77 | $20.45 | $22.66 | $26.51 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | —<sup>2</sup> | 0.01 | (0.06) | 0.05 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.81 | (0.61) | 4.38 | (1.08) | 0.58 |
| Total from investment operations | 4.81 | (0.60) | 4.32 | (1.03) | 0.49 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (1.54) | (3.14) | (1.00) | (1.18) | (4.34) |
| Total distributions to shareholders | (1.54) | (3.14) | (1.00) | (1.18) | (4.34) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value - End of Year | $23.30 | $20.03 | $23.77 | $20.45 | $22.66 |
| Total return | 23.95% | (4.81)% <sup>3</sup> | 22.08% <sup>3</sup> | (4.40)% | 1.34% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.30% | 1.04% | 1.11% | 1.15% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.04% | 1.04% | 1.11% | 1.15% | 1.11% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.28)% | 0.05% | (0.29)% | 0.22% | (0.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.02)% | 0.05% | (0.29)% | 0.22% | (0.35)% |
| Portfolio turnover rate | 67% | 60% | 62% | 69% | 67% |
| Net Assets at end of year/period (millions) | $36.5 | $34.8 | $42 | $38.1 | $46.8 |

---

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

---

| | |
|:---|:---|
| 3 | Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. |

---

---

| | |
|:---|:---|
| 4 | Effective September 1, 2020, the Advisor contractually agreed to limit the Retail Class shares' annual ratio of expenses to 1.12% of the Retail Class' daily net assets. Effective September 1, 2021, the annual ratio of expenses returned to 1.15% of the Retail Class' daily net assets. See Note 3. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Intrinsic Value Fund - Retail Shares** | **Small Intrinsic Value Fund - Retail Shares** | **Small Intrinsic Value Fund - Retail Shares** | **Small Intrinsic Value Fund - Retail Shares** | **Small Intrinsic Value Fund - Retail Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Year Ended**<br>**March 31,**<br>**2025** | **For the Year Ended**<br>**March 31,**<br>**2024** | **For the Year Ended**<br>**March 31,**<br>**2023** | **For the Year Ended**<br>**March 31,**<br>**2022** |
| Net Asset Value - Beginning of Year | $16.54 | $20.13 | $16.79 | $18.37 | $17.34 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | (0.01) | 0.02 | (0.04) | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.57 | (3.01) | 3.40 | (1.24) | 2.15 |
| Total from investment operations | 2.56 | (2.99) | 3.36 | (1.11) | 2.17 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.01) | (0.02) | (0.01) | (0.11) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.19) | (0.58) | (0.01) | (0.36) | (1.13) |
| Total distributions to shareholders | (0.20) | (0.60) | (0.02) | (0.47) | (1.14) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value - End of Year | $18.90 | $16.54 | $20.13 | $16.79 | $18.37 |
| Total return | 15.46% | (15.41)% | 19.97% | (5.92)% | 12.56% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.77% | 1.46% | 1.62% | 1.78% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.27% | 1.28% | 1.29% | 1.29% | 1.29% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.57)% | (0.07)% | (0.54)% | 0.24% | (0.67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.07)% | 0.12% | (0.21)% | 0.73% | 0.09% |
| Portfolio turnover rate | 69% | 49% | 44% | 56% | 62% |
| Net Assets at end of year/period (millions) | $49.9 | $53.5 | $63.1 | $38.4 | $17.6 |

---

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period. |

---

---

| | | |
|:---|:---|:---|
|  | **Small Intrinsic Value Fund - Institutional Shares** | **Small Intrinsic Value Fund - Institutional Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Period\* Ended**<br>**March 31,**<br>**2025** |
| Net Asset Value - Beginning of Year/Period | $16.53 | $20.13 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.58 | (3.00) |
| Total from investment operations | 2.62 | (2.95) |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.19) | (0.58) |
| Total distributions to shareholders | (0.25) | (0.65) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 |
| Net Asset Value - End of Year/Period | $18.90 | $16.53 |
| Total return | 15.82% | (15.26)% <sup>3</sup> |
| Ratios/Supplemental Data: |  |  |
| Ratios of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.52% | 1.24% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.98% | 0.98% <sup>4</sup> |
| Ratios of net investment income/(loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.31)% | 0.13% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.22% | 0.40% <sup>4</sup> |
| Portfolio turnover rate | 69% | 49% <sup>3</sup> |
| Net Assets at end of period (millions) | $1.1 | $830 <sup>5</sup> |

---

\* The Small Intrinsic Value Fund Institutional Class commenced investment operations on July 30, 2024.

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

3 Not annualized.

4 Annualized.

5 Net Assets at end of period (000's omitted).

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Blue Chip Equity Income Fund - Retail Shares** | **Blue Chip Equity Income Fund - Retail Shares** | **Blue Chip Equity Income Fund - Retail Shares** | **Blue Chip Equity Income Fund - Retail Shares** | **Blue Chip Equity Income Fund - Retail Shares** |
|  | **For the Year Ended**<br>**March 31,**<br>**2026** | **For the Year Ended**<br>**March 31,**<br>**2025** | **For the Year Ended**<br>**March 31,**<br>**2024** | **For the Year Ended**<br>**March 31,**<br>**2023** | **For the Year Ended**<br>**March 31,**<br>**2022** |
| Net Asset Value - Beginning of Year | $22.81 | $22.76 | $18.01 | $20.66 | $19.50 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.06 | 0.11 | 0.14 | 0.15 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.86 | 3.25 | 4.75 | (1.28) | 3.32 |
| Total from investment operations | 4.92 | 3.36 | 4.89 | (1.13) | 3.44 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.06) | (0.13) | (0.14) | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (1.31) | (3.18) |  | (1.37) | (2.16) |
| Total distributions to shareholders | (1.37) | (3.31) | (0.14) | (1.52) | (2.28) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value - End of Year | $26.36 | $22.81 | $22.76 | $18.01 | $20.66 |
| Total return | 21.20% | 13.95% <sup>3</sup> | 27.26% <sup>3</sup> | (4.96)% | 17.59% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.34% | 1.33% | 1.42% | 1.54% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.30% | 1.31% | 1.30% | 1.30% | 1.30% |
| Ratios of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.18% | 0.45% | 0.61% | 0.58% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.22% | 0.47% | 0.73% | 0.82% | 0.58% |
| Portfolio turnover rate | 55% | 84% | 48% | 53% | 79% |
| Net Assets at end of year/period (millions) | $59.6 | $43.3 | $41.3 | $27.9 | $30.1 |

---

1 Calculated using the average shares method.

---

| | |
|:---|:---|
| 2 | Represents less than $0.005. |

---

---

| | |
|:---|:---|
| 3 | Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. |

---

See accompanying notes to financial statements.

**Hodges Mutual Funds Notes to Financial Statements March 31, 2026**

**1.** **ORGANIZATION** 

Effective September 25, 2023, the Hodges Fund, Small Cap Growth Fund (formerly Small Cap Fund), Small Intrinsic Value Fund, and Blue Chip Equity Income Fund (each a "Fund" and collectively the "Funds") are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as open-end management investment companies. Prior to September 25, 2023, each Fund was a series of Professionally Managed Portfolios (the "Predecessor Funds"). The Hodges Fund commenced operations on October 9, 1992. The Hodges Fund currently offers a Retail Class of shares only. The Small Cap Growth Fund commenced operations on December 18, 2007. The Small Cap Growth Fund currently offers three classes of shares: Class A, Retail Class and Institutional Class. The Retail Class commenced operations on December 18, 2007, the Institutional Class commenced operations on December 12, 2008, and Class A commenced operations on July 29, 2025. The Small Intrinsic Value Fund commenced operations on December 26, 2013. The Small Intrinsic Value Fund currently offers two classes of shares: Retail Class and Institutional Class. The Retail Class commenced operations on December 26, 2013 and the Institutional Class commenced operations on July 30, 2024. The Blue Chip Equity Income Fund commenced operations on September 10, 2009 and offers a Retail Class of shares only.

Each class of shares has equal rights as to earnings and assets except that each class bears its own distribution expenses. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The investment objective of the Hodges Fund, Small Cap Growth Fund, and Small Intrinsic Value Fund is long-term capital appreciation. The investment objective of the Blue Chip Equity Income Fund is to seek income and long-term capital appreciation.

The Predecessor Funds were reorganized on September 25, 2023, from a series of Professionally Managed Portfolios, a Delaware statutory trust, to a series of Northern Lights Fund Trust II (the "Survivor Funds"), also a Delaware statutory trust. As a series of Northern Lights Fund Trust II, the Funds are a continuation of the identically-named predecessor fund managed by Hodges Capital Management, Inc. (the "Advisor") that was a series of Professionally Managed Portfolios. The Funds and the Predecessor Funds have the same investment objective, principal investment strategies and portfolio manager. On the date of the reorganization, shareholders who owned shares of the predecessor funds received shares and net assets of the corresponding survivor fund as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **Share Class** | **Net Assets** | **Shares Received** |
| Hodges Fund | Retail | $153222030 | 2866298 |
| Small Cap Growth Fund | Retail | 129886052 | 6819707 |
| Small Cap Growth Fund | Institutional | 35890447 | 1762300 |
| Small Intrinsic Value Fund | Retail | 41442184 | 2454959 |
| Blue Chip Equity Income Fund | Retail | 36725694 | 1937822 |

---

For financial reporting purposes, assets received, and shares issued by the Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Funds was carried forward to align ongoing reporting of each Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Funds have succeeded to the accounting and performance history of the Predecessor Funds. For financial reporting purposes, the Predecessor Funds' financial and performance history prior to the reorganization is carried forward and reflected in the Funds' financial statements and financial highlights. Fees and expenses associated with the reorganization were borne by Hodges Capital Management, Inc. and are not subject to recoupment.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements 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 income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update "ASU" 2013-08.

**Operating Segments -** The Funds have 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 each 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 Funds. Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

**Security 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. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Funds 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 are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as 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, approval of which 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 affects 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

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

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.

Each Fund utilizes various methods to measure fair value of all of its investments on a recurring basis. GAAP establishes the 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 each 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 in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a 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 March 31, 2026 for each Fund's assets measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $209443610 | $— | $— | $209443610 |
| Short-Term Investment | 2731444 |  |  | 2731444 |
| Options |  | 871500 |  | 871500 |
| Total | $212175054 | $871500 | $— | $213046554 |
| Liabilities\* | Level 1 | Level 2 | Level 3 | Total |
| Options | $— | $64500 | $— | $64500 |
| Total | $— | $64500 | $— | $64500 |

---

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $160499022 | $— | $— | $160499022 |
| Short-Term Investment | 1157751 |  |  | 1157751 |
| Total | $161656773 | $— | $— | $161656773 |
| Liabilities\* | Level 1 | Level 2 | Level 3 | Total |
| Options | $— | $149500 | $— | $149500 |
| Total | $— | $149500 | $— | $149500 |
| **Small Intrinsic Value Fund** | **Small Intrinsic Value Fund** | **Small Intrinsic Value Fund** | **Small Intrinsic Value Fund** | **Small Intrinsic Value Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $50661260 | $— | $— | $50661260 |
| Short-Term Investment | 321002 |  |  | 321002 |
| Total | $50982262 | $— | $— | $50982262 |
| **Blue Chip Equity Income Fund** | **Blue Chip Equity Income Fund** | **Blue Chip Equity Income Fund** | **Blue Chip Equity Income Fund** | **Blue Chip Equity Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $58625380 | $— | $— | $58625380 |
| Short-Term Investment | 448431 |  |  | 448431 |
| Total | $59073811 | $— | $— | $59073811 |

---

\* See each Fund's Schedule of Investments for classification.

The were no transfers into or out of Level 2 or Level 3 during the period.

**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. Each 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.

**Dividends and Distributions to Shareholders** – Dividends from net investment income, if any, are declared and paid annually for the Hodges Fund, Small Cap Growth Fund and Small Intrinsic Value Fund. Dividends from net investment income, if any, are declared and paid quarterly for the Blue Chip Equity Income Fund. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains 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) 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. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Federal Income Taxes** – Each Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, 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 analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for March 31, 2023 – March 31, 2025, or expected to be taken in the Funds' March 31, 2026 tax returns. Each Fund has identified its major tax jurisdictions as U.S. Federal, Ohio, and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**Foreign Currency Translations** – The accounting records of the Funds 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 a 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, a 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 Funds 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.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

The following is a summary of the effect of derivative instruments on the Hodges Fund's Statement of Assets and Liabilities as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hodges Fund** |  | |  | |
|  | **Asset Derivatives as of** | **Asset Derivatives as of** | **Liability Derivatives as of** | **Liability Derivatives as of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Instruments** | Balance Sheet Location | Value | Balance Sheet Location | Value |
| Equity Contracts: | Investments in securities, at value |  |  |  |
| Call Options Purchased |  | $871500 |  | $— |
| Call Options Written |  |  | Options Written, at Fair Value | 64500 |
| Total |  | $871500 |  | $64500 |

---

**Small Cap Growth Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives as of** | **Asset Derivatives as of** | **Liability Derivatives as of** | **Liability Derivatives as of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Instruments** | Balance Sheet Location | Value | Balance Sheet Location | Value |
| Equity Contracts: | Investments in securities, at value |  |  |  |
| Call Options Written |  | $— | Options Written, at Fair Value | $149500 |
| Total |  | $— |  | $149500 |

---

The following is a summary of the effect of derivative instruments on the Funds' Statement of Operations for the year ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Hodges Fund**<br>**Derivative Instruments** | <br>**Location of Gain**<br>**(Loss) on Derivatives**<br>**Recognized in**<br>**Income** |<br>**Realized Gain/(Loss)**<br>**on Derivatives**<br>**Recognized in**<br>**Income** |<br>**Change in Unrealized**<br>**Depreciation on Derivatives**<br>**Recognized in Income** |
| Equity Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Call Options Purchased | Net Realized and Unrealized Gain/(Loss) on Investments | $9028746 | $(1065767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Call Options Written | Net Realized and Unrealized Gain/(Loss) on Investments | $(837647) | $5692 |

---

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Growth Fund**<br>**Derivative Instruments** | <br>**Location of Gain**<br>**(Loss) on Derivatives**<br>**Recognized in**<br>**Income** |<br>**Realized Gain/(Loss)**<br>**on Derivatives**<br>**Recognized in**<br>**Income** |<br>**Change in Unrealized**<br>**Depreciation on Derivatives**<br>**Recognized in Income** |
| Equity Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Call Options Written | Net Realized and Unrealized Gain/(Loss) on Investments | $(46741) | $(55129) |

---

The notional value and contracts of the derivative instruments outstanding as of March 31, 2026 as disclosed in the Schedule 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 Hodges Fund.

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

The Advisor provides the Funds with investment management services under an Investment Advisory Agreement (the "Advisory Agreement") . Under the Advisory Agreement, the Advisor furnishes all investment advice, office space, certain administrative services, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.85% for the Hodges Fund, Small Cap Growth Fund, Small Intrinsic Value Fund, and 0.65% for the Blue Chip Equity Income Fund, based upon the average daily net assets of each Fund. For the year ended March 31, 2026, the advisory fees incurred by the Funds are disclosed in the Statements of Operations. The investment advisory fees incurred are paid monthly to the Advisor, net of any monthly waiver or reimbursement discussed below.

The Funds are responsible for their own operating expenses. The Advisor has contractually agreed, at least until July 31, 2027, to reduce its fees and pay Fund expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, Acquired Fund Fees and Expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) so that the ratio of expenses to average net assets will not exceed:

---

| | | | |
|:---|:---|:---|:---|
|  | Class A Shares | Retail Shares | Institutional Shares |
| Hodges Fund | N/A | 0.93% | N/A |
| Small Cap Growth Fund | 0.99% | 0.99%<sup>1</sup> | 0.99%<sup>1</sup> |
| Small Intrinsic Value Fund | N/A | 1.01%<sup>2</sup> | 0.98% |
| Blue Chip Equity Income Fund | N/A | 1.05% | N/A |

---

<sup>1</sup> Effective July 29, 2025, the Management Fee Waiver is 0.99% for Institutional Shares and Retail Shares, respectively. Prior to July 29, 2025, the Management Fee Waiver was 1.15% for Institutional Shares and Retail Shares.

<sup>2</sup> Effective July 29, 2025, the Management Fee Waiver is 1.01% for Retail Shares. Prior to July 29, 2025, the Management Fee Waiver was 1.03% for Retail Shares.

Any fees waived and/or any Fund expenses absorbed (excluding any fees waived under the Management Fee Waiver) by the Advisor pursuant to an agreed upon expense cap shall be reimbursed by the respective Fund to the Advisor, if so requested by the Advisor, any time before the end of the third year following the period to which the fee waiver and/or expense absorption relates, provided the aggregate amount of the respective Fund's current operating expenses for such period does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. Each Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursements of fees and/or expenses. Any such reimbursement is also contingent upon Board's review and approval. For the year ended March 31, 2026, the amount of fees waived and expenses reimbursed by the Advisor are disclosed in the Statements of Operations. Amounts due from the Advisor are paid monthly to the Funds, if applicable.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

The Advisor may recapture portions of the above amounts no later than the dates stated below:

---

| | | | |
|:---|:---|:---|:---|
|  | March 31, 2027 | March 31, 2028 | March 31, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hodges Fund | $228346 | $88341 | $508226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Growth Fund |  |  | 420451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Intrinsic Value Fund | 151086 | 110843 | 264715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Chip Equity Income Fund | 41331 | 8288 | 20744 |

---

As of March 31, 2026, $285,080, $120,325, and $65,638 in waived advisory fees expired unrecouped for Hodges Fund, Small Intrinsic Value Fund, and Blue Chip Equity Income Fund, respectively.

For the year ended March 31, 2026, First Dallas Securities, an affiliate of the Advisor, received $111,172, $20,270, $4,128, and $2,400 in brokerage commissions with respect to the Hodges Fund, Small Cap Growth Fund, Small Intrinsic Value Fund, and Blue Chip Equity Income Fund for portfolio transactions, respectively.

Effective September 25, 2023, Northern Lights Distributors, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Prior to September 25, 2023, Quasar Distributors, LLC was the Funds' distributor. The Board has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Retail Class shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act to pay for ongoing distribution-related activities or shareholder services. Under the Plan, each Fund is permitted to pay a fee at an annual rate of 0.25% of the average daily net assets of Retail Class shares. Fees paid by the Funds to the Distributor for services for the year ended March 31, 2026, are disclosed in the Statements of Operations.

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

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

Northern Lights Compliance Services, LLC ("NLCS") – NLCS, 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 Funds.

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

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Hodges Fund | $177274749 | $172951637 |
| Small Cap Growth Fund | 105806134 | 131392028 |
| Small Intrinsic Value Fund | 35836164 | 45465304 |
| Blue Chip Equity Income Fund | 36422554 | 30167282 |

---

There were no purchases or sales of U.S. Government obligations for any of the Funds for the year ended March 31, 2026.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

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

The tax character of fund distributions paid for the years ended March 31, 2026 and March 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 3/31/2026** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Hodges Fund | $4160962 | $15420008 | $– $| 19580970 |
| Small Cap Growth Fund | 3501456 | 7648281 | – | 11149737 |
| Small Intrinsic Value Fund | 312707 | 248990 | – | 561697 |
| Blue Chip Equity Income Fund | 484585 | 2442566 | – | 2927151 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 3/31/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Hodges Fund | $44031 | $9493350 | $– $| 9537381 |
| Small Cap Growth Fund | 2165670 | 21535292 | – | 23700962 |
| Small Intrinsic Value Fund | 340830 | 1545357 | – | 1886187 |
| Blue Chip Equity Income Fund | 952825 | 4295252 | – | 5248077 |

---

As of March 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Hodges Fund | $6453926 | $10451583 | $— | $— | $(718326) | $75701282 | $91888465 |
| Small Cap Growth Fund |  | 17003602 |  |  | (46741) | 57465679 | 74422540 |
| Small Intrinsic Value Fund |  |  | (180309) |  |  | 8457781 | 8277472 |
| Blue Chip Equity Income Fund |  | 3025581 |  |  |  | 18956324 | 21981905 |

---

The difference between book basis and tax basis undistributed net investment income (losses), accumulated net realized gains (losses), and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for C-Corporation return of capital distributions, and mark-to-market on passive foreign investment companies. In addition, the amount listed under other book/tax differences is primarily attributable to the tax deferral of losses on straddles.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Hodges Small Intrinsic Value Fund incurred and elected to defer such capital losses of $180,309.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2026**

During the fiscal year ended March 31, 2026, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits resulted in reclassifications for the tax year ended March 31, 2026, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Hodges Fund | $2616261 | $(2616261) |
| Small Cap Growth Fund | 2310598 | (2310598) |
| Small Intrinsic Value Fund |  |  |
| Blue Chip Equity Income Fund | 349687 | (349687) |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Hodges Fund | $137280772 | $82479484 | $(6778202) | $75701282 |
| Small Cap Growth Fund | 104041594 | 61285218 | (3819539) | 57465679 |
| Small Intrinsic Value Fund | 42524481 | 11158122 | (2700341) | 8457781 |
| Blue Chip Equity Income Fund | 40117487 | 20107185 | (1150861) | 18956324 |

---

**7.** **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 March 31, 2026, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
|  | **Beneficial Owner** | % **of Outstanding Shares** |
| Hodges Fund | Wells Fargo | 35.8% |
| Small Cap Growth Fund | Charles Schwab & Co. | 44.6% |
|  | National Financial Services | 30.2% |
| Small Intrinsic Value Fund | Charles Schwab & Co. | 76.7% |
| Blue Chip Equity Income Fund | Wells Fargo | 47.6% |

---

**8.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements 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.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Northern Lights Fund Trust II**

**and Shareholders of the Hodges Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Hodges Fund, Hodges Small Cap Growth Fund, Hodges Small Intrinsic Value Fund, and Hodges Blue Chip Equity Income Fund (the "Funds"), each a series of Northern Lights Fund Trust II (the "Trust"), including the schedule of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the 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 Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their 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 Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the 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 March 31, 2026 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**

**May 28, 2026**

**Hodges Mutual Funds ADDITIONAL INFORMATION (Unaudited) March 31, 2026**

**Changes in and Disagreements with Accountants**

Not applicable

**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 (Unaudited)**

Not applicable

![(HODGES LOGO)](ho003_v1.jpg)

**Annual Financial Statements & Additional Information**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| *Fund* | *Class A Shares* | *Retail Class<br> Shares* | *Institutional Class Shares* |
| **Hodges Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **N/A** | **HDPMX** | **N/A** |
| &nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **N/A** | **664925104** | **N/A** |
| **Small Cap Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **HDSAX** | **HDPSX** | **HDSIX** |
| &nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **664925872** | **664925203** | **664925302** |
| **Small Intrinsic Value Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **N/A** | **HDSVX** | **HSVIX** |
| &nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **N/A** | **664925500** | **664925609** |
| **Blue Chip Equity Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **N/A** | **HDPBX** | **N/A** |
| &nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **N/A** | **664925401** | **N/A** |

---

**HODGES MUTUAL FUNDS**

www.hodgesfunds.com \| (866) 811-0224

**INVESTMENT ADVISOR**

Hodges Capital Management, Inc.

2905 Maple Avenue, Dallas, Texas 75201 \| (888) 878-4426 \| www.hodgescapital.com

**CUSTODIAN**

U.S Bank N.A.

1555 N. RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212

**TRANSFER AGENT, FUND ACCOUNTANT, AND FUND ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**DISTRIBUTOR**

Northern Lights Distributors, LLC

17605 Wright Street, Omaha, Nebraska 68130

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller, & Baker LLP

50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia, Pennsylvania 19102

**LEGAL COUNSEL**

Alston & Bird LLP

950 F Street NW, Washington DC 20004

**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.**

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.**

(a)(1) [Code of Ethics herewith.](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.

(Registrant) <u>Northern Lights Fund Trust II</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/5/26</u>

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 (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/5/26</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Erik Naviloff |
| Erik Naviloff, Principal Financial Officer/Treasurer |

---

Date <u>6/5/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of Hodges Blue Chip Equity Income Fund, Hodges Fund, Hodges Small Cap Growth Fund, and Hodges Small Intrinsic Value Fund (each a series of Northern Lights Fund Trust II);

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, 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;

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

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: | 6/5/26 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

CERTIFICATIONS

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of Hodges Blue Chip Equity Income Fund, Hodges Fund, Hodges Small Cap Growth Fund, and Hodges Small Intrinsic Value Fund (each a series of Northern Lights Fund Trust II);

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, 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;

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

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: | 6/5/26 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

CERTIFICATION

Kevin E. Wolf, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his 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 March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; 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/President | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Erik Naviloff |
| Kevin E. Wolf | Erik Naviloff |

---

Date: <u>6/5/26</u> Date: <u>6/5/26</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Northern Lights Fund Trust II and will be retained by the Northern Lights Fund Trust II and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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.

<br>