# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-007723
**Filing Date:** 2025-12
**Character Count:** 162992
**Document Hash:** 03edc7d279aca0354e4566c73218b898
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007723.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007723

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251558123

**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 |  |

### 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>

**Northern Lights Fund Trust II**

(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)

Kevin Wolf, Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100, Elkhorn, NE 68022

(Name and address of agent for service)

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

Date of fiscal year end: <u>3/31</u> <br>Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Hodges Blue Chip Equity Income Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Retail Class (HDPBX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Blue Chip Equity Income Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $73 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

# How did the Fund perform during the reporting period?
The Hodges Blue Chip Equity Income Fund was up 23.42% in the six months ending September 30, 2025, compared to 19.99% for its benchmark, the Russell 1000 Total Return Index. The Blue Chip Fund's one year return amounted to 25.36% compared to 17.75% for the Russell 1000 Total Return Index. Positive relative performance in the recent quarter was attributed to stock selection and sector allocation. 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 Blue Chip Equity Income Fund remains well-diversified in companies that we believe can generate above-average income and total returns on a risk-adjusted basis. The number of positions held in the Fund at the end of the recent quarter was 28. The top ten holdings at the end of the quarter represented 48.88% of the Fund's holdings and included Nvidia (NVDA), Broadcom Inc (AVGO), Apple Inc (AAPL), Walmart Inc (WMT), Tesla Inc (TSLA), Microsoft Corp (MSFT), Citigroup Inc (C), American Express Co (AXP), Taiwan Semiconductor (TSM), and Meta Platforms Inc (META).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i62551ac75a0b68c7950a85d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Blue Chip Equity Income Fund** | **Russell 1000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10637 | $11493 | $11543 |
| **Sep-2017** | $12938 | $13624 | $13691 |
| **Sep-2018** | $14939 | $16044 | $16143 |
| **Sep-2019** | $15475 | $16665 | $16830 |
| **Sep-2020** | $17751 | $19334 | $19380 |
| **Sep-2021** | $21259 | $25321 | $25194 |
| **Sep-2022** | $18847 | $20962 | $21296 |
| **Sep-2023** | $23438 | $25404 | $25900 |
| **Sep-2024** | $32014 | $34468 | $35315 |
| **Sep-2025** | $40134 | $40586 | $41530 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Hodges Blue Chip Equity Income Fund | 23.42% | 25.36% | 17.72% | 14.91% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 1000<sup>®</sup> Index | 19.99% | 17.75% | 15.99% | 15.04% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57414002 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee (net of waivers) | $149018 |
| Portfolio Turnover | 21% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if4caf3d6a8cf93f6a01f73ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i27a1af5ae80041e802517af3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 1.2% |
| Energy | 2.6% |
| Utilities | 3.4% |
| Communications | 3.8% |
| Industrials | 7.2% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.7% |
| Health Care | 9.2% |
| Financials | 27.7% |
| Technology | 29.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 7.3% |
| Broadcom, Inc. | 5.8% |
| Apple, Inc. | 5.3% |
| Walmart, Inc. | 4.9% |
| Tesla, Inc. | 4.7% |
| Microsoft Corporation | 4.5% |
| Citigroup, Inc. | 4.1% |
| American Express Company | 4.1% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 3.9% |
| Meta Platforms, Inc., Class A | 3.8% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDPBX

#### Hodges Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Retail Class (HDPMX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $68 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

# How did the Fund perform during the reporting period?
The Hodges Fund's six-month return amounted to a gain of 30.82% compared to a gain of 19.96% for the S&P 500 Index. The one-year return for the period ending September 30, 2025, amounted to a gain of 30.11% compared to an increase of 17.60% for the S&P 500 Index. This performance reflects strength in individual holdings within a concentrated portfolio, with several key stocks rising more than 20% during the quarter, including Terawulf (WULF), Micron Technologies (MU), Clear Secure Inc (YOU), and Genius Sports Ltd (GENI). 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 Hodges Fund's portfolio managers remain focused on investments where we have 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 41. As of September 30, 2025, the top ten holdings accounted for 43.90% of the Fund's assets. They included Uber Technologies (UBER), Palantir Technologies Inc (PLTR), Terawulf Inc (WULF), SharkNinja, Inc. (SN), DraftKings Inc. (DKNG), Texas Pacific Land Corp (TPL), Matador Resources Co. (MTDR), Clear Secure Inc (YOU), Genius Sports Ltd (GENI), and Freeport-McMoRan Inc (FCX).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95423465dd985e2fe79c1f34.jpg)

---

| | | |
|:---|:---|:---|
| | **Hodges Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $12447 | $11543 |
| **Sep-2017** | $13977 | $13691 |
| **Sep-2018** | $15188 | $16143 |
| **Sep-2019** | $12148 | $16830 |
| **Sep-2020** | $12646 | $19380 |
| **Sep-2021** | $20436 | $25194 |
| **Sep-2022** | $14675 | $21296 |
| **Sep-2023** | $19094 | $25900 |
| **Sep-2024** | $23603 | $35315 |
| **Sep-2025** | $30710 | $41530 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Hodges Fund | 30.82% | 30.11% | 19.42% | 11.87% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $229849402 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee (net of waivers) | $584798 |
| Portfolio Turnover | 39% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i76c22e9f318e24a86b6526d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.8% |
| Exchange-Traded Funds | 0.8% |
| Money Market Funds | 0.8% |
| Purchased Options | 5.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i389bb74e7e95750acbb5f7ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.8% |
| Equity | 0.8% |
| Financials | 3.6% |
| Real Estate | 3.7% |
| Purchased Options | 5.6% |
| Energy | 5.9% |
| Industrials | 6.8% |
| Communications | 9.4% |
| Materials | 12.5% |
| Consumer Discretionary | 22.7% |
| Technology | 28.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Uber Technologies, Inc. | 6.4% |
| Palantir Technologies, Inc., Class A | 5.2% |
| Terawulf, Inc. | 5.1% |
| SharkNinja, Inc. | 3.8% |
| DraftKings, Inc. | 3.7% |
| Texas Pacific Land Corporation | 3.7% |
| Matador Resources Company | 3.6% |
| Clear Secure, Inc., Class A | 3.3% |
| Genius Sports Ltd. | 3.2% |
| Freeport-McMoRan, Inc. | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

#### Hodges Fund - Retail (HDPMX)

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDPMX

#### Hodges Small Cap Growth Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Class A (HDSAX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of July 29, 2025 to September 30, 2025. 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 reporting period?
(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 | $22 | 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 amounted to a gain of 8.09% since the share class's inception on 7/29/2025, compared to an increase of 8.94% for the Russell 2000 Index during the same period. Although small-cap stocks have now 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 attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to generate above-average relative 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 Hodges Small Cap Growth 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 September 30, 2025. The top ten holdings amounted to 37.42% of the Fund's holdings and included Terawulf Inc (WULF), Matador Resources (MTDR), Eagle Materials Inc (EXP), Genius Sports Ltd (GENI), Cleveland-Cliffs Inc (CLF), Taylor Morrison Home Corp (TMHC), Academy Sports & Outdoors (ASO), Banc of California Inc (BANC), Tower Semiconductor (TSEM) and Texas Pacific Land Corp (TPL).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i21c8c078acfa8ffc871f7e77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Jul-2025** | $10000 | $10000 | $10000 |
| **Sep-2025** | $10809 | $10894 | $10524 |

---

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 (7/29/2025)** |
| Hodges Small Cap Growth Fund | 8.09% |
| S&P 500<sup>®</sup> Index | 5.24% |
| Russell 2000<sup>®</sup> Index | 8.94% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $165521991 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee (net of waivers) | $504616 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iac887b7503de43d2fb47079c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e94de0662e481c3c9e50bfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Health Care | 2.5% |
| Real Estate | 2.8% |
| Energy | 8.1% |
| Industrials | 11.0% |
| Materials | 11.3% |
| Financials | 12.7% |
| Technology | 20.4% |
| Consumer Discretionary | 30.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terawulf, Inc. | 6.4% |
| Matador Resources Company | 4.7% |
| Eagle Materials, Inc. | 3.8% |
| Genius Sports Ltd. | 3.7% |
| Cleveland-Cliffs, Inc. | 3.6% |
| Taylor Morrison Home Corporation | 3.4% |
| Academy Sports & Outdoors, Inc. | 3.0% |
| Banc of California, Inc. | 3.0% |
| Tower Semiconductor Ltd. | 2.8% |
| Texas Pacific Land Corporation | 2.8% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDSAX

#### Hodges Small Cap Growth Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Institutional Class (HDSIX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $60 | 1.09%<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 Institutional Class amounted to a gain of 18.42% in the past six months, compared to an increase of 21.95% for the Russell 2000 Index. The Small Cap Growth Fund Institutional Class's one-year performance on September 30, 2025, amounted to a gain of 7.10% compared to 10.76% for the Russell 2000 Index during the same period. Although small-cap stocks have now 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 attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to generate above-average relative 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 Hodges Small Cap Growth 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 September 30, 2025. The top ten holdings amounted to 37.42% of the Fund's holdings and included Terawulf Inc (WULF), Matador Resources (MTDR), Eagle Materials Inc (EXP), Genius Sports Ltd (GENI), Cleveland-Cliffs Inc (CLF), Taylor Morrison Home Corp (TMHC), Academy Sports & Outdoors (ASO), Banc of California Inc (BANC), Tower Semiconductor (TSEM) and Texas Pacific Land Corp (TPL).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id6a5968198cc37ca4308614b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10415 | $11547 | $11543 |
| **Sep-2017** | $11472 | $13942 | $13691 |
| **Sep-2018** | $14198 | $16066 | $16143 |
| **Sep-2019** | $11959 | $14638 | $16830 |
| **Sep-2020** | $11209 | $14695 | $19380 |
| **Sep-2021** | $19239 | $21701 | $25194 |
| **Sep-2022** | $15599 | $16602 | $21296 |
| **Sep-2023** | $18615 | $18085 | $25900 |
| **Sep-2024** | $23574 | $22925 | $35315 |
| **Sep-2025** | $25247 | $25391 | $41530 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Hodges Small Cap Growth Fund | 18.42% | 7.10% | 17.63% | 9.70% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000<sup>®</sup> Index | 21.95% | 10.76% | 11.56% | 9.77% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $165521991 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee (net of waivers) | $504616 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iac887b7503de43d2fb47079c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e94de0662e481c3c9e50bfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Health Care | 2.5% |
| Real Estate | 2.8% |
| Energy | 8.1% |
| Industrials | 11.0% |
| Materials | 11.3% |
| Financials | 12.7% |
| Technology | 20.4% |
| Consumer Discretionary | 30.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terawulf, Inc. | 6.4% |
| Matador Resources Company | 4.7% |
| Eagle Materials, Inc. | 3.8% |
| Genius Sports Ltd. | 3.7% |
| Cleveland-Cliffs, Inc. | 3.6% |
| Taylor Morrison Home Corporation | 3.4% |
| Academy Sports & Outdoors, Inc. | 3.0% |
| Banc of California, Inc. | 3.0% |
| Tower Semiconductor Ltd. | 2.8% |
| Texas Pacific Land Corporation | 2.8% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDSIX

#### Hodges Small Cap Growth Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Retail Class (HDPSX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Small Cap Growth Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $73 | 1.34%<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 Retail Class amounted to a gain of 18.31% in the past six months, compared to an increase of 21.95% for the Russell 2000 Index. The Small Cap Growth Fund's one-year performance on September 30, 2025, amounted to a gain of 6.89% compared to 10.76% for the Russell 2000 Index during the same period. Although small-cap stocks have now 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 attractive. While small-cap stocks tend to experience greater volatility during market turmoil, we expect this segment to generate above-average relative 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 Hodges Small Cap Growth 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 September 30, 2025. The top ten holdings amounted to 37.42% of the Fund's holdings and included Terawulf Inc (WULF), Matador Resources (MTDR), Eagle Materials Inc (EXP), Genius Sports Ltd (GENI), Cleveland-Cliffs Inc (CLF), Taylor Morrison Home Corp (TMHC), Academy Sports & Outdoors (ASO), Banc of California Inc (BANC), Tower Semiconductor (TSEM) and Texas Pacific Land Corp (TPL).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95ecd8e6b4b5652b2d7a101b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Growth Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10387 | $11547 | $11543 |
| **Sep-2017** | $11410 | $13942 | $13691 |
| **Sep-2018** | $14084 | $16066 | $16143 |
| **Sep-2019** | $11833 | $14638 | $16830 |
| **Sep-2020** | $11065 | $14695 | $19380 |
| **Sep-2021** | $18947 | $21701 | $25194 |
| **Sep-2022** | $15327 | $16602 | $21296 |
| **Sep-2023** | $18242 | $18085 | $25900 |
| **Sep-2024** | $23031 | $22925 | $35315 |
| **Sep-2025** | $24617 | $25391 | $41530 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Hodges Small Cap Growth Fund | 18.31% | 6.89% | 17.34% | 9.43% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000<sup>®</sup> Index | 21.95% | 10.76% | 11.56% | 9.77% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $165521991 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee (net of waivers) | $504616 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iac887b7503de43d2fb47079c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e94de0662e481c3c9e50bfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Health Care | 2.5% |
| Real Estate | 2.8% |
| Energy | 8.1% |
| Industrials | 11.0% |
| Materials | 11.3% |
| Financials | 12.7% |
| Technology | 20.4% |
| Consumer Discretionary | 30.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Terawulf, Inc. | 6.4% |
| Matador Resources Company | 4.7% |
| Eagle Materials, Inc. | 3.8% |
| Genius Sports Ltd. | 3.7% |
| Cleveland-Cliffs, Inc. | 3.6% |
| Taylor Morrison Home Corporation | 3.4% |
| Academy Sports & Outdoors, Inc. | 3.0% |
| Banc of California, Inc. | 3.0% |
| Tower Semiconductor Ltd. | 2.8% |
| Texas Pacific Land Corporation | 2.8% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDPSX

#### Hodges Small Intrinsic Value Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Institutional Class (HSVIX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $53 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

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

---

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund Institutional Class experienced a gain of 14.34% in the six months ending September 30, 2025 compared to an increase of 18.20% for its benchmark, the Russell 2000 Value Index. The Small Intrinsic Value Fund Institutional Class's one year return amounted to a loss of 1.59% compared to a gain of 7.88% for the Russell 2000 Index during the same period. The Fund's one year underperformance relative to the benchmark has been due to weakness in a handful of consumer stable and energy stocks this year.

The number of positions held in the Fund at the end of the recent quarter was 48. As of September 30, 2025, the top holdings represented 33.44% of the Fund's assets. They included Taylor Morrison Home Corp (TMHC), Texas Capital Bancshares (TCBI), Academy Sports & Outdoors (ASO), Primoris Services Corp (PRIM), Eagle Materials Inc (EXP), BancFirst Corp (BANF), Shoe Carnival Inc (SCVL), Cleveland-Cliffs Inc (CLF), Banc of California Inc (BANC), and Ethan Allen Interiors Inc (ETD).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic29d2631fbfc6ae491e5385e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Intrinsic Value Fund** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **07/30/24** | $10000 | $10000 | $10000 |
| **07/31/24** | $10089 | $10159 | $10031 |
| **08/31/24** | $9747 | $10405 | $9843 |
| **09/30/24** | $9846 | $10627 | $9849 |
| **10/31/24** | $9478 | $10531 | $9695 |
| **11/30/24** | $10383 | $11149 | $10630 |
| **12/31/24** | $9618 | $10883 | $9744 |
| **01/31/25** | $9761 | $11186 | $9944 |
| **02/28/25** | $9192 | $11040 | $9564 |
| **03/31/25** | $8474 | $10418 | $8990 |
| **04/30/25** | $7998 | $10348 | $8629 |
| **05/31/25** | $8367 | $10999 | $8991 |
| **06/30/25** | $8674 | $11558 | $9436 |
| **07/31/25** | $8982 | $11818 | $9603 |
| **08/31/25** | $9746 | $12057 | $10416 |
| **09/30/25** | $9689 | $12498 | $10626 |

---

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** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (7/30/2024)** |
| Hodges Small Intrinsic Value Fund | 14.34% | -1.59% | -2.66% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 20.99% |
| Russell 2000<sup>®</sup> Value Index | 18.20% | 7.88% | 5.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55592581 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $94116 |
| Portfolio Turnover | 33% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if4caf3d6a8cf93f6a01f73ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifcf0c070023f67722563971d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.2% |
| Health Care | 2.0% |
| Consumer Staples | 2.6% |
| Real Estate | 3.0% |
| Energy | 4.0% |
| Materials | 11.1% |
| Technology | 12.2% |
| Industrials | 19.1% |
| Consumer Discretionary | 21.3% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taylor Morrison Home Corporation | 3.6% |
| Texas Capital Bancshares, Inc. | 3.5% |
| Academy Sports & Outdoors, Inc. | 3.5% |
| Primoris Services Corporation | 3.4% |
| Eagle Materials, Inc. | 3.3% |
| BancFirst Corporation | 3.3% |
| Shoe Carnival, Inc. | 3.2% |
| Cleveland-Cliffs, Inc. | 3.2% |
| Banc of California, Inc. | 3.1% |
| Ethan Allen Interiors, Inc. | 3.1% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HSVIX

#### Hodges Small Intrinsic Value Fund
![Image](i41c84ffa6ed61b5841637ea0.jpg)

#### Retail Class (HDSVX)

#### Semi-Annual Shareholder Report - September 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of April 1, 2025 to September 30, 2025. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $69 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund Retail Class experienced a gain of 14.09% in the six months ending September 30, 2025 compared to an increase of 18.20% for its benchmark, the Russell 2000 Value Index. The Small Intrinsic Value Fund Retail Class's one year return amounted to a loss of 1.93% compared to a gain of 7.88% for the Russell 2000 Index during the same period. The Fund's one year underperformance relative to the benchmark has been due to weakness in a handful of consumer stable and energy stocks this year.

The number of positions held in the Fund at the end of the recent quarter was 48. As of September 30, 2025, the top holdings represented 33.44% of the Fund's assets. They included Taylor Morrison Home Corp (TMHC), Texas Capital Bancshares (TCBI), Academy Sports & Outdoors (ASO), Primoris Services Corp (PRIM), Eagle Materials Inc (EXP), BancFirst Corp (BANF), Shoe Carnival Inc (SCVL), Cleveland-Cliffs Inc (CLF), Banc of California Inc (BANC), and Ethan Allen Interiors Inc (ETD).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5b41b740c2d4a4f288dbb5e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Intrinsic Value Fund** | **Russell 2000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10590 | $11881 | $11543 |
| **Sep-2017** | $12633 | $14322 | $13691 |
| **Sep-2018** | $13562 | $15658 | $16143 |
| **Sep-2019** | $12047 | $14367 | $16830 |
| **Sep-2020** | $10879 | $12229 | $19380 |
| **Sep-2021** | $18105 | $20047 | $25194 |
| **Sep-2022** | $16922 | $16501 | $21296 |
| **Sep-2023** | $19193 | $17795 | $25900 |
| **Sep-2024** | $22248 | $22401 | $35315 |
| **Sep-2025** | $21818 | $24167 | $41530 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Hodges Small Intrinsic Value Fund | 14.09% | -1.93% | 14.93% | 8.11% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000<sup>®</sup> Value Index | 18.20% | 7.88% | 14.59% | 9.23% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55592581 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $94116 |
| Portfolio Turnover | 33% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if4caf3d6a8cf93f6a01f73ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.8% |
| Money Market Funds | 1.2% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifcf0c070023f67722563971d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.2% |
| Health Care | 2.0% |
| Consumer Staples | 2.6% |
| Real Estate | 3.0% |
| Energy | 4.0% |
| Materials | 11.1% |
| Technology | 12.2% |
| Industrials | 19.1% |
| Consumer Discretionary | 21.3% |
| Financials | 23.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taylor Morrison Home Corporation | 3.6% |
| Texas Capital Bancshares, Inc. | 3.5% |
| Academy Sports & Outdoors, Inc. | 3.5% |
| Primoris Services Corporation | 3.4% |
| Eagle Materials, Inc. | 3.3% |
| BancFirst Corporation | 3.3% |
| Shoe Carnival, Inc. | 3.2% |
| Cleveland-Cliffs, Inc. | 3.2% |
| Banc of California, Inc. | 3.1% |
| Ethan Allen Interiors, Inc. | 3.1% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

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

#### Semi-Annual Shareholder Report - September 30, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i41c84ffa6ed61b5841637ea0.jpg)

TSR-SAR 093025-HDSVX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable 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) ![](img_001.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)**

**Semi-Annual Financial Statements & Additional Information**

**September 30, 2025**

---

| |
|:---|
| *Advised by*: |
| Hodges Capital Management |
| 2905 Maple Avenue |
| Dallas, Texas 75201 |

---

<u>https://www.hodgesfunds.com/</u> 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 | 14 |
| Statements of Operations | 15 |
| Statements of Changes in Net Assets | 16 |
| Financial Highlights | 22 |
| Notes to Financial Statements | 29 |
| Additional Information | 39 |

---

**HODGES FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.7%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 4.0%** |  |
| 50000 | Gildan Activewear, Inc. | $2890000 |
| 150000 | On Holding A.G.<sup>(a)</sup> | 6352500 |
|  |  | 9242500 |
|  | **AUTOMOTIVE - 2.9%** |  |
| 15000 | Tesla, Inc.<sup>(a)</sup> | 6670800 |
|  | **BANKING - 3.6%** |  |
| 300000 | Banc of California, Inc. | 4965000 |
| 65000 | Bank OZK | 3313700 |
|  |  | 8278700 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.0%** |  |
| 340000 | GEO Group, Inc. (The)<sup>(a)</sup> | 6966600 |
|  | **CONSTRUCTION MATERIALS - 4.9%** |  |
| 20000 | Eagle Materials, Inc. | 4660800 |
| 40000 | Knife River Corporation<sup>(a)</sup> | 3074800 |
| 25000 | Owens Corning | 3536500 |
|  |  | 11272100 |
|  | **E-COMMERCE DISCRETIONARY - 2.4%** |  |
| 1250000 | Stitch Fix, Inc., Class A<sup>(a)</sup> | 5437500 |
|  | **ELECTRICAL EQUIPMENT - 2.7%** |  |
| 20000 | Powell Industries, Inc. | 6096200 |
|  | **HOME & OFFICE PRODUCTS - 3.8%** |  |
| 85000 | SharkNinja, Inc.<sup>(a)</sup> | 8767750 |
|  | **INTERNET MEDIA & SERVICES - 9.4%** |  |
| 10000 | Spotify Technology S.A.<sup>(a)</sup> | 6980000 |
| 150000 | Uber Technologies, Inc.<sup>(a)</sup> | 14695500 |
|  |  | 21675500 |
|  | **LEISURE FACILITIES & SERVICES - 8.3%** |  |
| 225000 | DraftKings, Inc.<sup>(a)</sup> | 8415000 |
| 600000 | Genius Sports Ltd.<sup>(a)</sup> | 7428000 |

---

See accompanying notes to financial statements.

**HODGES FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.7% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 8.3% (Continued)** |  |
| 25000 | Wynn Resorts Ltd. | $3206750 |
|  |  | 19049750 |
|  | **METALS & MINING - 5.9%** |  |
| 525000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 6405000 |
| 185000 | Freeport-McMoRan, Inc. | 7255700 |
|  |  | 13660700 |
|  | **OIL & GAS PRODUCERS - 5.9%** |  |
| 50000 | Expand Energy Corporation | 5312000 |
| 185000 | Matador Resources Company | 8312050 |
|  |  | 13624050 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 3.7%** |  |
| 9000 | Texas Pacific Land Corporation | 8402760 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 15000 | RH<sup>(a)</sup> | 3047400 |
|  | **SEMICONDUCTORS - 8.8%** |  |
| 40000 | Micron Technology, Inc. | 6692800 |
| 35000 | NVIDIA Corporation | 6530300 |
| 24800 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 6926392 |
|  |  | 20149492 |
|  | **SOFTWARE - 12.1%** |  |
| 225000 | Clear Secure, Inc., Class A | 7510500 |
| 7500 | CyberArk Software Ltd.<sup>(a)</sup> | 3623625 |
| 65000 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 11857300 |
| 220000 | SailPoint, Inc.<sup>(a)</sup> | 4857600 |
|  |  | 27849025 |
|  | **STEEL - 1.6%** |  |
| 15000 | Carpenter Technology Corporation | 3683100 |
|  | **TECHNOLOGY HARDWARE - 2.2%** |  |
| 200000 | Hewlett Packard Enterprise Company | 4912000 |

---

See accompanying notes to financial statements.

**HODGES FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 5.1%** |  |
| 1025000 | Terawulf, Inc.<sup>(a)</sup> | $11705500 |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 30000 | Kirby Corporation<sup>(a)</sup> | 2503500 |
|  | **TOTAL COMMON STOCKS (Cost $127,623,372)** | 212994927 |
|  | **EXCHANGE-TRADED FUNDS — 0.8%** |  |
|  | **EQUITY - 0.8%** |  |
| 50000 | ALPS Medical Breakthroughs ETF (Cost $1,856,359) | 1942950 |
|  | **SHORT-TERM INVESTMENTS — 0.8%** |  |
|  | **MONEY MARKET FUNDS - 0.8%** |  |
| 1769976 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $1,769,976)<sup>(b)</sup> | 1769976 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Broker/**<br> **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | |
|  | **EQUITY OPTIONS PURCHASED - 5.6%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 5.6%** |  |  |  |  |  |
| 300 | Alphabet, Inc. | WFC | 03/20/2026 | $200 | $7306500 | 1559400 |
| 650 | Boeing Company (The) | WFC | 01/16/2026 | 175 | 14028950 | 2986750 |
| 200 | Microsoft Corporation | WFC | 01/16/2026 | 425 | 10359000 | 2017000 |
| 500 | Take-Two Interactive Software, Inc. | WFC | 01/16/2026 | 200 | 12918000 | 3100000 |
| 325 | UnitedHealth Group, Inc. | WFC | 01/16/2026 | 250 | 11222250 | 3220425 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,216,992) |  |  |  |  | 12883575 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $143,466,699)** |  |  |  |  | $229591428 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  |  |  | 257974 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $229849402 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| WFC | - Wells Fargo |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025. <br> <sup>(c)</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 CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE & DEFENSE - 2.2%** |  |
| 40000 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | $3654800 |
|  | **APPAREL & TEXTILE PRODUCTS - 3.9%** |  |
| 50000 | Gildan Activewear, Inc. | 2890000 |
| 85000 | On Holding A.G.<sup>(a)</sup> | 3599750 |
|  |  | 6489750 |
|  | **BANKING – 9.9%** |  |
| 300000 | Banc of California, Inc. | 4965000 |
| 65000 | Hilltop Holdings, Inc. | 2172300 |
| 70000 | Prosperity Bancshares, Inc. | 4644500 |
| 55000 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 4649150 |
|  |  | 16430950 |
|  | **BIOTECH & PHARMA - 2.5%** |  |
| 57000 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 4180380 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.0%** |  |
| 160000 | GEO Group, Inc. (The)<sup>(a)</sup> | 3278400 |
|  | **CONSTRUCTION MATERIALS - 3.8%** |  |
| 27000 | Eagle Materials, Inc. | 6292080 |
|  | **ELECTRICAL EQUIPMENT - 1.8%** |  |
| 10000 | Powell Industries, Inc. | 3048100 |
|  | **ENGINEERING & CONSTRUCTION - 2.0%** |  |
| 50000 | Tutor Perini Corporation<sup>(a)</sup> | 3279500 |
|  | **HOME & OFFICE PRODUCTS - 2.5%** |  |
| 40000 | SharkNinja, Inc.<sup>(a)</sup> | 4126000 |
|  | **HOME CONSTRUCTION - 3.4%** |  |
| 85000 | Taylor Morrison Home Corporation<sup>(a)</sup> | 5610850 |

---

See accompanying notes to financial statements.

**HODGES SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INSURANCE - 2.7%** |  |
| 25000 | Hanover Insurance Group, Inc. (The) | $4540750 |
|  | **LEISURE FACILITIES & SERVICES - 9.6%** |  |
| 30000 | Boyd Gaming Corporation | 2593500 |
| 83000 | Cinemark Holdings, Inc. | 2325660 |
| 125000 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 1955000 |
| 500000 | Genius Sports Ltd.<sup>(a)</sup> | 6190000 |
| 17500 | Texas Roadhouse, Inc. | 2907625 |
|  |  | 15971785 |
|  | **METALS & MINING - 3.6%** |  |
| 485000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 5917000 |
|  | **OIL & GAS PRODUCERS - 8.1%** |  |
| 175000 | Matador Resources Company | 7862750 |
| 300000 | Permian Resources Corporation | 3840000 |
| 70000 | SM Energy Company | 1747900 |
|  |  | 13450650 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 2.8%** |  |
| 5000 | Texas Pacific Land Corporation | 4668200 |
|  | **RETAIL - DISCRETIONARY - 11.5%** |  |
| 100000 | Academy Sports & Outdoors, Inc. | 5002000 |
| 100000 | Ethan Allen Interiors, Inc. | 2946000 |
| 10500 | Group 1 Automotive, Inc. | 4593855 |
| 17500 | RH<sup>(a)</sup> | 3555300 |
| 140000 | Shoe Carnival, Inc. | 2910600 |
|  |  | 19007755 |
|  | **SEMICONDUCTORS - 6.6%** |  |
| 250000 | MaxLinear, Inc., Class A<sup>(a)</sup> | 4020000 |
| 30000 | Semtech Corporation<sup>(a)</sup> | 2143500 |
| 65000 | Tower Semiconductor Ltd.<sup>(a)</sup> | 4699500 |
|  |  | 10863000 |
|  | **SOFTWARE - 3.9%** |  |
| 130000 | Alkami Technology, Inc.<sup>(a)</sup> | 3229200 |

---

See accompanying notes to financial statements.

**HODGES SMALL CAP GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SOFTWARE - 3.9% (Continued)** |  |
| 55000 | Varonis Systems, Inc.<sup>(a)</sup> | $3160850 |
|  |  | 6390050 |
|  | **STEEL - 4.0%** |  |
| 8000 | Carpenter Technology Corporation | 1964320 |
| 80000 | Commercial Metals Company | 4582400 |
|  |  | 6546720 |
|  | **TECHNOLOGY HARDWARE - 3.6%** |  |
| 105000 | Aviat Networks, Inc.<sup>(a)</sup> | 2407650 |
| 75000 | Knowles Corporation<sup>(a)</sup> | 1748250 |
| 12000 | Plexus Corporation<sup>(a)</sup> | 1736280 |
|  |  | 5892180 |
|  | **TECHNOLOGY SERVICES - 6.4%** |  |
| 925000 | Terawulf, Inc.<sup>(a)</sup> | 10563500 |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |
| 27000 | Kirby Corporation<sup>(a)</sup> | 2253150 |
| 170000 | Navigator Holdings Ltd. | 2633300 |
|  |  | 4886450 |
|  | **TOTAL COMMON STOCKS (Cost $100,874,057)** | 165088850 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 478300 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $478,300)<sup>(b)</sup> | 478300 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $101,352,357)** | $165567150 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%<sup>(c)</sup>** | (45159) |
|  | **NET ASSETS - 100.0%** | $165521991 |

---

Ltd. - Limited Company <br> 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 September 30, 2025.

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

See accompanying notes to financial statements.

**HODGES SMALL INTRINSIC VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.4%** |  |
| 16800 | Kontoor Brands, Inc. | $1340136 |
|  | **ASSET MANAGEMENT - 2.5%** |  |
| 127800 | P10, Inc. | 1390464 |
|  | **BANKING - 15.6%** |  |
| 105200 | Banc of California, Inc. | 1741060 |
| 14400 | BancFirst Corporation | 1820880 |
| 13600 | Bank OZK | 693328 |
| 36800 | Hilltop Holdings, Inc. | 1229856 |
| 22900 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1935737 |
| 24600 | Triumph Financial, Inc.<sup>(a)</sup> | 1230984 |
|  |  | 8651845 |
|  | **BIOTECH & PHARMA - 2.0%** |  |
| 15100 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1107434 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 51100 | GEO Group, Inc. (The)<sup>(a)</sup> | 1047039 |
|  | **CONSTRUCTION MATERIALS - 3.3%** |  |
| 7900 | Eagle Materials, Inc. | 1841016 |
|  | **CONTAINERS & PACKAGING - 0.4%** |  |
| 13300 | Myers Industries, Inc. | 225302 |
|  | **ELECTRICAL EQUIPMENT - 2.6%** |  |
| 4700 | Powell Industries, Inc. | 1432607 |
|  | **ENGINEERING & CONSTRUCTION - 3.4%** |  |
| 13600 | Primoris Services Corporation | 1867688 |
|  | **FOOD - 2.6%** |  |
| 249000 | SunOpta, Inc.<sup>(a)</sup> | 1459140 |

---

See accompanying notes to financial statements.

**HODGES SMALL INTRINSIC VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **HOME CONSTRUCTION - 3.6%** |  |
| 30275 | Taylor Morrison Home Corporation<sup>(a)</sup> | $1998453 |
|  | **HOTEL REIT - 1.1%** |  |
| 6900 | Ryman Hospitality Properties, Inc. | 618171 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.9%** |  |
| 5500 | AZZ, Inc. | 600215 |
| 110000 | Hillman Solutions Corporation<sup>(a)</sup> | 1009800 |
|  |  | 1610015 |
|  | **INSURANCE - 5.5%** |  |
| 6425 | Hanover Insurance Group, Inc. (The) | 1166973 |
| 29200 | Horace Mann Educators Corporation | 1318964 |
| 31000 | Tiptree, Inc. | 594270 |
|  |  | 3080207 |
|  | **LEISURE FACILITIES & SERVICES - 1.4%** |  |
| 27900 | Cinemark Holdings, Inc. | 781758 |
|  | **METALS & MINING - 4.4%** |  |
| 143665 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1752713 |
| 156000 | Vox Royalty Corporation | 670800 |
|  |  | 2423513 |
|  | **OIL & GAS PRODUCERS - 4.0%** |  |
| 7900 | Gulfport Energy Corporation<sup>(a)</sup> | 1429742 |
| 17400 | Matador Resources Company | 781782 |
|  |  | 2211524 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.9%** |  |
| 51300 | Stratus Properties, Inc.<sup>(a)</sup> | 1085508 |
|  | **RETAIL - DISCRETIONARY - 13.9%** |  |
| 38500 | Academy Sports & Outdoors, Inc. | 1925770 |
| 15600 | Citi Trends, Inc.<sup>(a)</sup> | 484068 |
| 57900 | Ethan Allen Interiors, Inc. | 1705734 |
| 2725 | Group 1 Automotive, Inc. | 1192215 |
| 37500 | Lovesac Company (The)<sup>(a)</sup> | 634875 |

---

See accompanying notes to financial statements.

**HODGES SMALL INTRINSIC VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 13.9% (Continued)** |  |
| 86418 | Shoe Carnival, Inc. | $1796630 |
|  |  | 7739292 |
|  | **SEMICONDUCTORS - 5.3%** |  |
| 12800 | Diodes, Inc.<sup>(a)</sup> | 681088 |
| 66200 | MaxLinear, Inc., Class A<sup>(a)</sup> | 1064496 |
| 16300 | Tower Semiconductor Ltd.<sup>(a)</sup> | 1178490 |
|  |  | 2924074 |
|  | **SOFTWARE - 2.0%** |  |
| 45200 | Alkami Technology, Inc.<sup>(a)</sup> | 1122768 |
|  | **STEEL - 3.0%** |  |
| 29115 | Commercial Metals Company | 1667707 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 41300 | Aviat Networks, Inc.<sup>(a)</sup> | 947009 |
| 28300 | NCR Atleos Corporation<sup>(a)</sup> | 1112473 |
|  |  | 2059482 |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 178000 | Research Solutions, Inc.<sup>(a)</sup> | 663940 |
|  | **TRANSPORTATION & LOGISTICS - 5.7%** |  |
| 13850 | Kirby Corporation<sup>(a)</sup> | 1155782 |
| 74300 | Navigator Holdings Ltd. | 1150907 |
| 57400 | RXO, Inc.<sup>(a)</sup> | 882812 |
|  |  | 3189501 |
|  | **TRANSPORTATION EQUIPMENT - 2.6%** |  |
| 15700 | Blue Bird Corporation<sup>(a)</sup> | 903535 |
| 11800 | Greenbrier Companies, Inc. (The) | 544806 |
|  |  | 1448341 |
|  | **TOTAL COMMON STOCKS (Cost $47,000,130)** | 54986925 |

---

See accompanying notes to financial statements.

**HODGES SMALL INTRINSIC VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  | **MONEY MARKET FUNDS - 1.2%** |  |
| 683940 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $683,940)<sup>(b)</sup> | $683940 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $47,684,070)** | $55670865 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (78284) |
|  | **NET ASSETS - 100.0%** | $55592581 |

---

Ltd. - Limited Company <br> REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

**HODGES BLUE CHIP EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **AEROSPACE & DEFENSE - 2.3%** |  |
| 8000 | RTX Corporation | $1338640 |
|  | **AUTOMOTIVE - 4.7%** |  |
| 6000 | Tesla, Inc.<sup>(a)</sup> | 2668320 |
|  | **BANKING - 14.6%** |  |
| 40000 | Bank of America Corporation | 2063600 |
| 23000 | Citigroup, Inc. | 2334500 |
| 6000 | JPMorgan Chase & Company | 1892580 |
| 25000 | Wells Fargo & Company | 2095500 |
|  |  | 8386180 |
|  | **BIOTECH & PHARMA - 6.2%** |  |
| 8000 | AbbVie, Inc. | 1852320 |
| 2250 | Eli Lilly & Company | 1716750 |
|  |  | 3569070 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 10000 | 3M Company | 1551800 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 8000 | Amazon.com, Inc.<sup>(a)</sup> | 1756560 |
|  | **ELECTRIC UTILITIES - 3.4%** |  |
| 10000 | Vistra Corporation | 1959200 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.0%** |  |
| 5000 | UnitedHealth Group, Inc. | 1726500 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1%** |  |
| 2500 | Goldman Sachs Group, Inc. (The) | 1990875 |
| 13000 | Morgan Stanley | 2066480 |
|  |  | 4057355 |
|  | **INSURANCE - 2.0%** |  |
| 2250 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1131165 |

---

See accompanying notes to financial statements.

**HODGES BLUE CHIP EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 3.8%** |  |
| 3000 | Meta Platforms, Inc., Class A | $2203140 |
|  | **OIL & GAS PRODUCERS - 2.5%** |  |
| 20000 | ONEOK, Inc. | 1459400 |
|  | **RETAIL - CONSUMER STAPLES - 7.3%** |  |
| 1500 | Costco Wholesale Corporation | 1388445 |
| 27000 | Walmart, Inc. | 2782620 |
|  |  | 4171065 |
|  | **SEMICONDUCTORS - 16.9%** |  |
| 10000 | Broadcom, Inc. | 3299100 |
| 22500 | NVIDIA Corporation | 4198050 |
| 8000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2234320 |
|  |  | 9731470 |
|  | **SOFTWARE - 4.5%** |  |
| 5000 | Microsoft Corporation | 2589750 |
|  | **SPECIALTY FINANCE - 4.1%** |  |
| 7000 | American Express Company | 2325120 |
|  | **TECHNOLOGY HARDWARE - 5.3%** |  |
| 12000 | Apple, Inc. | 3055560 |
|  | **TECHNOLOGY SERVICES - 3.0%** |  |
| 5000 | Visa, Inc., Class A | 1706900 |
|  | **TRANSPORTATION EQUIPMENT - 2.2%** |  |
| 3000 | Cummins, Inc. | 1267110 |
|  | **TOTAL COMMON STOCKS (Cost $32,425,356)** | 56654305 |

---

See accompanying notes to financial statements.

**HODGES BLUE CHIP EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  | **MONEY MARKET FUNDS - 1.2%** |  |
| 707869 | First American Treasury Obligations Fund, Class X, 4.02% (Cost $707,869)<sup>(b)</sup> | $707869 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $33,133,225)** | $57362174 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 51828 |
|  | **NET ASSETS - 100.0%** | $57414002 |

---

ADR - American Depositary Receipt <br> Ltd. - Limited Company

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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;Investments in securities, at cost | $143466699 | $101352357 | $47684070 | $33133225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value | 229591428 | 165567150 | 55670865 | 57362174 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 12002 | 9803 | 13868 | 61967 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 123962 | 98013 | 38035 | 9755 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1452756 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 109422 | 96010 | 20871 | 37574 |
| Total Assets | **231289570** | **165770976** | **55743639** | **57471470** |
| LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 26428 | 114804 | 1434 | 60 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 1249400 |  | 111293 |  |
| &nbsp;&nbsp;&nbsp;Accrued advisory fee | 108784 | 104691 | 11922 | 30763 |
| &nbsp;&nbsp;&nbsp;Payable to related parties |  | 669 | 2013 | 3330 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 46738 | 26380 | 11338 | 11495 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 8818 | 2441 | 13058 | 11820 |
| Total Liabilities | **1440168** | **248985** | **151058** | **57468** |
| NET ASSETS | $**229849402** | $**165521991** | $**55592581** | $**57414002** |
| COMPONENTS OF NET ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $116935384 | $85042065 | $47260111 | $31072917 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 112914018 | 80479926 | 8332470 | 26341085 |
| NET ASSETS | $**229849402** | $**165521991** | $**55592581** | $**57414002** |
| NET ASSET VALUE PER SHARE |  |  |  |  |
| CLASS A SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $- | $27 | $- | $- |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding <br> ($0.01 par value, unlimited authorized shares) |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $- | $21.78 \* | $- | $- |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share <br> (maximum sales charge of 4.50%) | $- | $22.81 | $- | $- |
| RETAIL CLASS SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $229849402 | $126859735 | $54290361 | $57414002 |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding <br> ($0.01 par value, unlimited authorized shares) | 2749915 | 5826113 | 2876365 | 2041167 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $83.58 | $21.77 | $18.87 | $28.13 |
| INSISTUTIONAL CLASS SHARES |  |  |  |  |
| Net assets | $- | $38662229 | $1302220 | $- |
| Shares of Beneficial Interest Outstanding<br> ($0.01 par value, unlimited authorized shares) |  | 1629868 | 68918 |  |
| Net asset value, offering and redemption price per share | $- | $23.72 | $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 (Unaudited)**

**FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hodges Fund** | **Growth Fund** | **Small Intrinsic<br> Value Fund** | **Blue Chip Equity <br> Income Fund** |
| INVESTMENT INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest net of $7,946, $-, $-, and $2,499 foreign withholding tax, respectively | $659542 | $786013 | $315627 | $352415 |
| Total investment income | 659542 | 786013 | 315627 | 352415 |
| EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 825156 | 664684 | 223887 | 160108 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 242693 | 150019 | 64555 | 61580 |
| &nbsp;&nbsp;&nbsp;Administration fees | 59739 | 57098 | 24059 | 21043 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing fees | 87606 | 122544 | 40818 | 9218 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 41362 | 28698 | 20844 | 15469 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 43404 | 38787 | 10568 | 6771 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12865 | 13712 | 13725 | 11498 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 9893 | 9895 | 8890 | 8888 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 11844 | 12085 | 11846 | 10878 |
| &nbsp;&nbsp;&nbsp;Professional fees | 7777 | 7785 | 4789 | 3301 |
| &nbsp;&nbsp;&nbsp;Registration fees | 14862 | 21563 | 14900 | 13988 |
| &nbsp;&nbsp;&nbsp;Custody fees | 6881 | 4578 | 4192 | 2476 |
| &nbsp;&nbsp;&nbsp;Shareholder reports | 16817 | 22577 | 15533 | 2072 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 8325 | 8874 | 5022 | 4244 |
| &nbsp;&nbsp;&nbsp;Other expenses | - | 1039 | 1050 | 265 |
| Total expenses | **1389224** | **1163938** | **464678** | **331799** |
| &nbsp;&nbsp;&nbsp;Expenses waived | (240358) | (160068) | (129771) | (11090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | **1148866** | **1003870** | **334907** | **320709** |
| NET INVESTMENT INCOME/(LOSS) | **(489324)** | **(217857)** | **(19280)** | **31706** |
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 12145135 | 8123685 | 891042 | 993370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (558628) | - | - | - |
| Net realized gain | 11586507 | 8123685 | 891042 | 993370 |
| Net change in unrealized appreciation on investments | 39874673 | 18650038 | 5981296 | 9328524 |
| Net realized and unrealized gain on investments | 51461180 | 26773723 | 6872338 | 10321894 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $50971856 | $26555866 | $6853058 | $10353600 |

---

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Hodges Fund** | **Hodges Fund** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| NET ASSETS - BEGINNING OF YEAR/PERIOD | $172336206 | $186511499 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (489324) | (672239) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 11586507 | 24273975 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 39874673 | (27155769) |
| Net increase/(decrease) in net assets resulting from operations | 50971856 | (3554033) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | - | (9537381) |
| Total distributions to shareholders | - | (9537381) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Class | 19021430 | 11718650 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class |  | 9236922 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (12480090) | (22039451) |
| Net increase/(decrease) from capital share transactions | 6541340 | (1083879) |
| Total increase/(decrease) in net assets | 57513196 | (14175293) |
| NET ASSETS - END OF YEAR/PERIOD | $229849402 | $172336206 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 232626 | 157867 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  | 123011 |
| &nbsp;&nbsp;&nbsp;Redeemed | (180220) | (323687) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 52406 | (42809) |

---

\* Net of redemption fees of $1,860 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** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| NET ASSETS - BEGINNING OF YEAR/PERIOD | $152104846 | $187943561 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (217857) | (255998) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 8123685 | 20368592 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 18650038 | (27152463) |
| Net increase/(decrease) in net assets resulting from operations | 26555866 | (7039869) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class |  | (18493724) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (5207238) |
| Total distributions to shareholders | - | (23700962) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Class A<sup>#</sup> | 25 |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Class | 1314011 | 4140224 |
| &nbsp;&nbsp;&nbsp;Sale of shares - Institutional Class | 1230726 | 3678479 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class |  | 18208299 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class |  | 5088472 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (12020550) | (26940768) |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class^ | (3662933) | (9272590) |
| Net decrease from capital share transactions | (13138721) | (5097884) |
| Total increase/(decrease) in net assets | 13417145 | (35838715) |
| NET ASSETS - END OF YEAR/PERIOD | $165521991 | $152104846 |

---

---

| | |
|:---|:---|
| # | The Small Cap Growth Fund Class A shares commenced investment operations on July 29, 2025. |
| \* | Net of redemption fees of $126 and $201, respectively. |
| ^ | Net of redemption fees of $38 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** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| SHARE ACTIVITY |  |  |
| Class A<sup>#</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 1 |  |
| &nbsp;&nbsp;&nbsp;Net increase | 1 |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 68011 | 186618 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  | 816882 |
| &nbsp;&nbsp;&nbsp;Redeemed | (610762) | (1232345) |
| &nbsp;&nbsp;&nbsp;Net decrease | (542751) | (228845) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 58139 | 158626 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  | 209920 |
| &nbsp;&nbsp;&nbsp;Redeemed | (167483) | (394524) |
| &nbsp;&nbsp;&nbsp;Net decrease | (109344) | (25978) |

---

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

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Small Intrinsic Value Fund** | **Small Intrinsic Value Fund** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| NET ASSETS - BEGINNING OF YEAR/PERIOD | $54280800 | $63088775 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (19280) | 71969 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 891042 | 585267 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 5981296 | (10393178) |
| Net increase/(decrease) in net assets resulting from operations | 6853058 | (9735942) |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class |  | (1859564) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (26623) |
| Total distributions to shareholders | - | (1886187) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 5148984 | 11904422 |
| &nbsp;&nbsp;&nbsp;Sale of shares - Institutional Shares<sup>#</sup> | 342764 | 970020 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class |  | 1849069 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class<sup>#</sup> |  | 26623 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (11018341) | (11935874) |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class^<sup>#</sup> | (14684) | (106) |
| Net increase/(decrease) from capital share transactions | (5541277) | 2814154 |
| Total increase/(decrease) in net assets | 1311781 | (8807975) |
| NET ASSETS - END OF YEAR/PERIOD | $55592581 | $54280800 |

---

---

| | |
|:---|:---|
| \* | Net of redemption fees of $840 and $2,944, respectively. |
| ^ | Net of redemption fees of $17 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** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 310721 | 628774 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  | 91357 |
| &nbsp;&nbsp;&nbsp;Redeemed | (665801) | (623303) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (355080) | 96828 |
| Institutional Class<sup>#</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 19493 | 48915 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions |  | 1317 |
| &nbsp;&nbsp;&nbsp;Redeemed | (801) | (5) |
| &nbsp;&nbsp;&nbsp;Net increase | 18692 | 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** |
|  | **Six Months Ended<br> September 30, <br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| NET ASSETS - BEGINNING OF YEAR/PERIOD | $43349247 | $41341369 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 31706 | 191058 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 993370 | 6147798 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 9328524 | (1504346) |
| Net increase in net assets resulting from operations | 10353600 | 4834510 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | (39567) | (5248077) |
| Total distributions to shareholders | (39567) | (5248077) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 7137502 | 7434320 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 38392 | 5018631 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (3425172) | (10031506) |
| Net increase from capital share transactions | 3750722 | 2421445 |
| Total increase in net assets | 14064755 | 2007878 |
| NET ASSETS - END OF YEAR/PERIOD | $57414002 | $43349247 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 277542 | 302706 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 1488 | 206829 |
| &nbsp;&nbsp;&nbsp;Redeemed | (138264) | (425237) |
| &nbsp;&nbsp;&nbsp;Net increase | 140766 | 84298 |

---

\* Net of redemption fees of $1,036 and $223, respectively.

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout Each Year/Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** | **Hodges Fund - Retail Shares** |
|  | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **For the<br> Six Months Ended<br> September 30, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year/Period | $63.89 | $68.06 | $51.37 | $58.91 | $57.39 | $20.36 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>1</sup> | (0.19) | (0.25) | (0.36) | (0.14) | (0.46) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 19.88 | (0.29) | 17.49 | (7.17) | 1.98 | 37.34 |
| Total from investment operations | 19.69 | (0.54) | 17.13 | (7.31) | 1.52 | 37.03 |
| Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (3.64) | (0.44) | (0.23) | - | - |
| Total distributions to shareholders | - | (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> | 0.00<sup>2</sup> |
| Net Asset Value - End of Year/Period | $83.58 | $63.89 | $68.06 | $51.37 | $58.91 | $57.39 |
| Total return | 30.82%<sup>5</sup> | (1.58)% | 33.50%<sup>3</sup> | (12.44)% | 2.70% | 181.74% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.43%<sup>6</sup> | 1.23% | 1.32% | 1.37% | 1.35% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.18%<sup>6</sup> | 1.18% | 1.18% | 1.18% | 1.17% | 1.16% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.75)%<sup>6</sup> | (0.41)% | (0.78)% | (0.48)% | (0.93)% | (1.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.50)%<sup>6</sup> | (0.37)% | (0.64)% | (0.29)% | (0.76)% | (0.79)% |
| Portfolio turnover rate | 39%<sup>5</sup> | 94% | 103% | 74% | 96% | 220% |
| Net Assets at end of year/period (millions) | $229.8 | $172.3 | $186.5 | $150.9 | $186.4 | $210.7 |

---

---

| | |
|:---|:---|
| 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. |
| 5 | Not annualized. |
| 6 | Annualized. |

---

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout the Period.

---

| | |
|:---|:---|
|  | **Small Cap Growth <br> Fund -<br> Class A Shares** |
|  | **For the<br> Period\* Ended<br> September 30, <br> 2025 <br> (Unaudited)** |
| Net Asset Value - Beginning of Period | $20.15 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.59 |
| Total from investment operations | 1.63 |
| Net Asset Value - End of Period | $21.78 |
| Total return<sup>2</sup> | 8.09% |
| Ratios/Supplemental Data: |  |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.34% |
| Ratios of net investment loss to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | (0.54)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | (0.34)% |
| Portfolio turnover rate<sup>2</sup> | 25% |
| Net Assets at end of period | $27 |

---

---

| | |
|:---|:---|
| \* | 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**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout Each Year/Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Small Cap Growth Fund - Retail Shares** |
|  | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **For the<br> Six Months Ended<br> September 30, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year/Period | $18.41 | $22.13 | $19.15 | $21.35 | $25.28 | $10.10 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>1</sup> | (0.03) | (0.04) | (0.11) | (0.01) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.39 | (0.54) | 4.09 | (1.01) | 0.56 | 15.31 |
| Total from investment operations | 3.36 | (0.58) | 3.98 | (1.02) | 0.41 | 15.18 |
| Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (3.14) | (1.00) | (1.18) | (4.34) | - |
| Total distributions to shareholders | - | (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 | 0.00 |
| Net Asset Value - End of Year/Period | $21.77 | $18.41 | $22.13 | $19.15 | $21.35 | $25.28 |
| Total return | 18.25%<sup>3,5</sup> | (5.08)% | 21.80% | (4.68)% | 1.12% | 150.30% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.55%<sup>6</sup> | 1.29% | 1.36% | 1.40% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.34%<sup>6</sup> | 1.29% | 1.36% | 1.40% | 1.36% | 1.35% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.54)%<sup>6</sup> | (0.20)% | (0.54)% | (0.04)% | (0.62)% | (0.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.34)%<sup>6</sup> | (0.20)% | (0.54)% | (0.04)% | (0.60)% | (0.78)% |
| Portfolio turnover rate | 25%<sup>5</sup> | 60% | 62% | 69% | 67% | 124% |
| Net Assets at end of year/period (millions) | $126.9 | $117.3 | $146.0 | $139.4 | $161.1 | $183.2 |

---

---

| | |
|:---|:---|
| 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 1.37% 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. |
| 5 | Not annualized. |
| 6 | Annualized. |

---

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout Each Year/Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Small Cap Growth Fund - Institutional Shares** |
|  | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **For the<br> Six Months Ended<br> September 30, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year/Period | $20.03 | $23.77 | $20.45 | $22.66 | $26.51 | $10.56 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | (0.01) | 0.01 | (0.06) | 0.05 | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.70 | (0.61) | 4.38 | (1.08) | 0.58 | 16.04 |
| Total from investment operations | 3.69 | (0.60) | 4.32 | (1.03) | 0.49 | 15.95 |
| Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (3.14) | (1.00) | (1.18) | (4.34) | - |
| Total distributions to shareholders | - | (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 | 0.00 |
| Net Asset Value - End of Year/Period | $23.72 | $20.03 | $23.77 | $20.45 | $22.66 | $26.51 |
| Total return | 18.42%<sup>5</sup> | (4.81)%<sup>3</sup> | 22.08%<sup>3</sup> | (4.40)% | 1.34% | 151.14% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.30%<sup>6</sup> | 1.04% | 1.11% | 1.15% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.09%<sup>6</sup> | 1.04% | 1.11% | 1.15% | 1.11% | 1.10% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.29)%<sup>6</sup> | 0.05% | (0.29)% | 0.22% | (0.36)% | (0.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.09)%<sup>6</sup> | 0.05% | (0.29)% | 0.22% | (0.35)% | (0.53)% |
| Portfolio turnover rate | 25%<sup>5</sup> | 60% | 62% | 69% | 67% | 124% |
| Net Assets at end of year/period (millions) | $38.7 | $34.8 | $42 | $38.1 | $46.8 | $53.8 |

---

---

| | |
|:---|:---|
| 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. |
| 5 | Not annualized. |
| 6 | Annualized. |

---

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout Each Year/Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Small Intrinsic Value Fund - Retail Shares** |
|  | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **For the<br> Six Months Ended<br> September 30, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year/Period | $16.54 | $20.13 | $16.79 | $18.37 | $17.34 | $6.84 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | (0.01) | 0.02 | (0.04) | 0.13 | 0.02 | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.34 | (3.01) | 3.40 | (1.24) | 2.15 | 10.56 |
| Total from investment operations | 2.33 | (2.99) | 3.36 | (1.11) | 2.17 | 10.50 |
| Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.02) | (0.01) | (0.11) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (0.58) | (0.01) | (0.36) | (1.13) | - |
| Total distributions to shareholders | - | (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 | 0.00 |
| Net Asset Value - End of Year/Period | $18.87 | $16.54 | $20.13 | $16.79 | $18.37 | $17.34 |
| Total return | 14.09%<sup>3</sup> | (15.41)% | 19.97% | (5.92)% | 12.56% | 153.51% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.77%<sup>4</sup> | 1.46% | 1.62% | 1.78% | 2.05% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.28%<sup>4</sup> | 1.28% | 1.29% | 1.29% | 1.29% | 1.29% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.57)%<sup>4</sup> | (0.07)% | (0.54)% | 0.24% | (0.67)% | (1.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.08)%<sup>4</sup> | 0.12% | (0.21)% | 0.73% | 0.09% | (0.54)% |
| Portfolio turnover rate | 33%<sup>3</sup> | 49% | 44% | 56% | 62% | 136% |
| Net Assets at end of year/period (millions) | $54.3 | $53.5 | $63.1 | $38.4 | $17.6 | $16.2 |

---

---

| | |
|:---|:---|
| 1 | Calculated using the average shares method. |
| 2 | Represents less than $0.005. |
| 3 | Not annualized. |
| 4 | Annualized. |

---

See accompanying notes to financial statements.

**HODGES MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout each Period

---

| | | |
|:---|:---|:---|
|  | **Small Intrinsic<br> Value Fund -<br> Institutional Shares** | **Small Intrinsic<br> Value Fund -<br> Institutional Shares** |
|  | **For the<br> Six Months Ended<br> September 30,<br> 2025 (Unaudited)** | **For the<br> Period\* Ended<br> March 31, <br> 2025** |
| Net Asset Value - Beginning of Period | $16.53 | $20.13 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.02 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.35 | (3.00) |
| Total from investment operations | 2.37 | (2.95) |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (0.58) |
| Total distributions to shareholders | - | (0.65) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 |
| Net Asset Value - End of Period | $18.90 | $16.53 |
| Total return<sup>3</sup> | 14.34% | (15.26)% |
| Ratios/Supplemental Data: |  |  |
| Ratios of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>4</sup> | 1.51% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 0.98% | 0.98% |
| Ratios of net investment income/(loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>4</sup> | (0.31)% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 0.22% | 0.40% |
| Portfolio turnover rate<sup>3</sup> | 33% | 49% |
| Net Assets at end of period (millions) | $1.3 | $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**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Oustanding Throughout Each Year/Period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Blue Chip Equity Income Fund - Retail Shares** |
|  | | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **For the<br> Six Months Ended<br> September 30, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year/Period | $22.81 | $22.76 | $18.01 | $20.66 | $19.50 | $13.11 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.02 | 0.11 | 0.14 | 0.15 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 5.32 | 3.25 | 4.75 | (1.28) | 3.32 | 7.22 |
| Total from investment operations | 5.34 | 3.36 | 4.89 | (1.13) | 3.44 | 7.35 |
| Distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.02) | (0.13) | (0.14) | (0.15) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | - | (3.18) | - | (1.37) | (2.16) | (0.84) |
| Total distributions to shareholders | (0.02) | (3.31) | (0.14) | (1.52) | (2.28) | (0.96) |
| Paid in capital from redemption fees<sup>2</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value - End of Year/Period | $28.13 | $22.81 | $22.76 | $18.01 | $20.66 | $19.50 |
| Total return | 23.42%<sup>4</sup> | 13.95%<sup>3</sup> | 27.26%<sup>3</sup> | (4.96)% | 17.59% | 56.53% |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.34%<sup>5</sup> | 1.33% | 1.42% | 1.54% | 1.49% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.30%<sup>5</sup> | 1.31% | 1.30% | 1.30% | 1.30% | 1.30% |
| Ratios of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.08%<sup>5</sup> | 0.45% | 0.61% | 0.58% | 0.39% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.13%<sup>5</sup> | 0.47% | 0.73% | 0.82% | 0.58% | 0.71% |
| Portfolio turnover rate | 21%<sup>4</sup> | 84% | 48% | 53% | 79% | 67% |
| Net Assets at end of year/period (millions) | $57.4 | $43.3 | $41.3 | $27.9 | $30.1 | $26.1 |

---

---

| | |
|:---|:---|
| 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. |
| 4 | Not annualized. |
| 5 | Annualized. |

---

See accompanying notes to financial statements.

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)**

**September 30, 2025**

**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 (Unaudited)(Continued)**

**September 30, 2025**

**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 (Unaudited)(Continued)**

**September 30, 2025**

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 September 30, 2025 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $212994927 | $- | $- | $212994927 |
| Exchange-Traded Funds | $1942950 | - | - | 1942950 |
| Options | - | 12883575 | - | 12883575 |
| Short-Term Investment | 1769976 | - | - | 1769976 |
| Total | $216707853 | $12883575 | $- | $229591428 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small Cap Growth Fund** |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $165088850 | $- | $- | $165088850 |
| Short-Term Investment | 478300 | - | - | 478300 |
| Total | $165567150 | $- | $- | $165567150 |

---

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $54986925 | $- | $- | $54986925 |
| Short-Term Investment | 683940 | - | - | 683940 |
| Total | $55670865 | $- | $- | $55670865 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $56654305 | $- | $- | $56654305 |
| Short-Term Investment | 707869 | - | - | 707869 |
| Total | $57362174 | $- | $- | $57362174 |

---

\* 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, 2022 – March 31, 2024, or expected to be taken in the Funds' March 31, 2025 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.

**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.

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

**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.

The following is a summary of the effect of derivative instruments on the Hodges Fund's Statement of Assets and Liabilities as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** |
|  | **Asset Derivatives as of<br> September 30, 2025** | **Asset Derivatives as of<br> September 30, 2025** | **Liability Derivatives as of<br> September 30, 2025** | **Liability Derivatives as of<br> September 30, 2025** |
| **Derivative Instruments** | **Balance Sheet Location** | **Value** | **Balance Sheet Location** | **Value** |
| Equity Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | Investments in securities, at value | $12883575 |  | $- |
| Total |  | $12883575 |  | $- |

---

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

The following is a summary of the effect of derivative instruments on the Hodges Fund's Statement of Operations for the six months ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Hodges Fund** | **Hodges Fund** | **Hodges Fund** | **Hodges Fund** |
| **Derivative Instruments** | **Location of Gain (Loss) on**<br> **Derivatives Recognized in Income**  | **Realized Gain/(Loss)<br> on Derivatives<br> Recognized in Income** | **Change in Unrealized<br> Depreciation on Derivatives <br> Recognized in Income** |
| Equity Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | Net Realized and Unrealized Gain/(Loss) on Investments | $7238224 | $442687 |
| &nbsp;&nbsp;&nbsp;Call Options Written | Net Realized and Unrealized Gain/(Loss) on Investments | $(558628) | $- |

---

The notional value and contracts of the derivative instruments outstanding as of September 30, 2025 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. Effective as of September 1, 2020, the Advisor contractually agreed to lower its management fee in the Hodges Fund and Small Cap Growth Fund from 0.85% to 0.82% until August 31, 2022 (the "Management Fee Waiver"). The Advisor has waived its right to receive reimbursement of the portion of its advisory fees waived pursuant to the advisory fee waiver agreement. Effective September 1, 2022, the Management Fee Waiver was terminated. For the six months ended September 30, 2025, 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.

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

The Funds are responsible for their own operating expenses. The Advisor has contractually agreed, at least until July 31, 2026, 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%<sup>1</sup> | N/A |
| Small Cap Growth Fund | 0.99% | 0.99%<sup>1,2</sup> | 0.99%<sup>1,2</sup> |
| Small Intrinsic Value Fund | N/A | 1.01%<sup>3</sup> | 0.98% |
| Blue Chip Equity Income Fund | N/A | 1.05% | N/A |

---

<sup>1</sup> Prior to the termination of the Management Fee Waiver, these amounts were 0.90% and 1.12% for the Hodges Fund and Small Cap Growth Fund, respectively.

<sup>2</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>3</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 six months ended September 30, 2025, 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.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,<br> 2026** | **March 31,<br> 2027** | **March 31, <br> 2028** |
| Hodges Fund | $285080 | $228346 | $88341 |
| Small Cap Growth Fund |  |  |  |
| Small Intrinsic Value Fund | 120325 | 151086 | 110843 |
| Blue Chip Equity Income Fund | 65638 | 41331 | 8288 |

---

As of March 31, 2025, $378,323, $128,404, and $54,986 in waived advisory fees expired unrecouped for Hodges Fund, Small Intrinsic Value Fund, and Blue Chip Equity Income Fund, respectively.

For the six months ended September 30, 2025, First Dallas Securities, an affiliate of the Advisor, received $57,009, $4,088, $2,551, and $825 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 six months ended September 30, 2025, are disclosed in the Statements of Operations.

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

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 six months ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Hodges Fund | $81137600 | $69518691 |
| Small Cap Growth Fund | 39405815 | 52787698 |
| Small Intrinsic Value Fund | 17270515 | 22057415 |
| Blue Chip Equity Income Fund | 13257673 | 10185245 |

---

There were no purchases or sales of U.S. Government obligations for any of the Funds for the six months ended September 30, 2025.

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

The tax character of fund distributions paid for the years ended March 31, 2025 and March 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 3/31/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Hodges Fund | $- | $1229355 | $– $| 1229355 |
| Small Cap Growth Fund |  | 8339289 | – | 8339289 |
| Small Intrinsic Value Fund |  | 26803 | – | 26803 |
| Blue Chip Equity Income Fund | 257271 |  | – | 257271 |

---

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

As of March 31, 2025, 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<br> Loss and <br> Late Year Loss** | **Capital Loss <br> Carry Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total <br> Accumulated<br> Earnings/<br> (Deficits)** |
| Hodges Fund | $3973253 | $12357557 | $- | $– $| (89106) | $45700458 | $61942162 |
| Small Cap Growth Fund | 2682220 | 6173445 |  | – |  | 45068395 | 53924060 |
| Small Intrinsic Value Fund |  |  | (459668) | – |  | 1939080 | 1479412 |
| Blue Chip Equity Income Fund | 348311 | 796940 |  | – |  | 14881801 | 16027052 |

---

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 and C-Corporation return of capital distributions. In addition, the amount listed under other book/tax differences is primarily attributable to the tax deferral of losses on straddles.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Small Intrinsic Value Fund incurred and elected to defer such late year losses of $623.

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 Small Intrinsic Value Fund incurred and elected to defer such capital losses of $459,045.

During the fiscal year ended March 31, 2025, 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 book/tax treatment of distributions in excess, and the use of tax equalization credits resulted in reclassifications for the tax year ended March 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Accumulated<br> Earnings (Losses)** |
| Hodges Fund | $1142704 | $(1142704) |
| Small Cap Growth Fund | 2662405 | (2662405) |
| Small Intrinsic Value Fund | (29282) | 29282 |
| Blue Chip Equity Income Fund | 279756 | (279756) |

---

**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 September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax**<br> **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Hodges Fund | $144016297 | $88652211 | $(3077080) | $85575131 |
| Small Cap Growth Fund | 101848717 | 64560258 | (841825) | 63718433 |
| Small Intrinsic Value Fund | 47750489 | 10215973 | (2295597) | 7920376 |
| Blue Chip Equity Income Fund | 33151849 | 24232273 | (21948) | 24210325 |

---

**Hodges Mutual Funds**

**Notes to Financial Statements (Unaudited)(Continued)**

**September 30, 2025**

**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 June 30, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
|  | **Beneficial Owner** | **% of <br> Outstanding <br> Shares** |
| Hodges Fund | Wells Fargo | 34.2% |
| Small Cap Growth Fund | Charles Schwab & Co. | 38.1% |
|  | National Financial Services | 35.8% |
| Small Intrinsic Value Fund | Charles Schwab & Co. | 78.1% |
| Blue Chip Equity Income Fund | Wells Fargo | 51.3% |

---

**8.** **NEW ACCOUNTING PRONOUNCEMENTS** 

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

**9.** **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.

**Hodges Mutual Funds**

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 2025**

**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)**

**FACTORS CONSIDERED BY THE TRUSTEES IN RENEWAL OF HODGES CAPITAL MANAGEMENT, INC INVESTMENT ADVISORY AGREEMENT**

At a Meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on April 29, 2025, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the Investment Advisory Agreement (the "Hodges Investment Advisory Agreement") between Hodges Capital Management, Inc. ("Hodges") and the Trust, on behalf of the Hodges Fund, Hodges Blue Chip Equity Income Fund, Hodges Small Cap Fund and Hodges Small Intrinsic Value Fund (each a "Fund" and collectively the "Funds").

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

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

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

*Nature, Extent and Quality of Services*. The Board reviewed materials provided by Hodges related to the proposed renewal of the Hodges Advisory Agreement with respect to each of the Funds, including its Form ADV and related schedules, a description of the manner in which investment decisions were made and executed, a review of the personnel performing services for each of the Funds, including the individuals that primarily monitor and execute the investment process. The Board discussed the extent of the research capabilities, the quality of Hodges' compliance infrastructure and the experience of its investment advisory personnel. The Board noted that Hodges was an experienced investment adviser with seasoned senior management and that the performance of each of the Funds supported the quality and experience of the staff. Additionally, the Board received satisfactory responses from the representatives of Hodges with respect to a series of important questions, including: whether Hodges was involved in any lawsuits or pending regulatory actions; whether the advisory services provided to its other accounts would conflict with the advisory services provided to each of the Funds; whether there were procedures in

**Hodges Mutual Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

place to adequately allocate trades among its respective clients; and whether Hodges' Chief Compliance Officer ("CCO") had processes in place to review the portfolio managers' performance of their duties to ensure compliance under Hodges' compliance program. The Board reviewed the information provided on the practices for monitoring compliance with each of the Funds' investment limitations and discussed Hodges's compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust continued to represent, based on his review, that Hodge's policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted Hodges' representation that the prospectus and statement of additional information accurately describe the investment strategies of each of the Funds. The Board then reviewed the capitalization of Hodges based on financial information provided by and representations made by Hodges and its representatives and concluded that Hodges was sufficiently well-capitalized in order to meet its obligations to each of the Funds. The Board concluded that Hodges had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Hodges Advisory Agreement and that the nature, overall quality and extent of the advisory services to be provided by Hodges to each of the Funds were satisfactory.

*Performance.* The Board discussed the report prepared by Broadridge and reviewed the performance as compared to its peer group, Morningstar category and benchmark for the one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2025, for each of the Funds, as applicable.

With respect to the Hodges Blue Chip Equity Income Fund, the Board noted that it outperformed its peer group median, Morningstar category median and benchmark, the Russell 1000 TR USD Index, for the one-year, three-year and five-year periods, and outperformed its Morningstar category median and peer group median but underperformed its benchmark for the ten year period.

The Board reviewed the performance of the Hodges Fund noting that it underperformed its peer group median, Morningstar category median and benchmark, the S&P 500 TR USD Index, for the one-year period, outperformed the peer group median and Morningstar category median but underperformed its benchmark for the three-year and ten-year periods, and outperformed the peer group median, Morningstar category median and benchmark for the five-year period.

The Board then reviewed the performance of Hodges Small Cap Fund noting that it underperformed its peer group median, Morningstar category median and benchmark, the S&P 500 TR USD Index, for the one-year period, outperformed the peer group median and Morningstar category median but underperformed its benchmark for the three-year period, outperformed the peer group median, Morningstar category median and benchmark for the five-year period, and outperformed its peer group median but underperformed its Morningstar category and benchmark for the 10-year period.

The Board next reviewed the performance of Hodges Small Intrinsic Value Fund noting that it underperformed its peer group median, Morningstar category median and benchmark, the S&P 500 TR USD Index, for the one, three and ten-year periods, but outperformed the peer group median, Morningstar category median and benchmark for the five-year period.

After further discussion, the Board concluded that the performance of each of the Funds was acceptable.

*Fees and Expenses*. As to the costs of the services provided by Hodges, the Board reviewed and discussed each of the Funds' advisory fee and total operating expenses as compared to its peer group and its Morningstar category as presented in the Broadridge Report. The Board noted that the advisory fee for Hodges Blue Chip Equity Income Fund and Hodges Small Intrinsic Value Fund each were at the peer group median but above the Morningstar category median; and for the Hodges Fund and Hodges Small Cap Fund, the advisory fee was above the peer group median and Morningstar category median but neither was the highest in either its peer group or Morningstar category.

The Board then reviewed the contractual arrangements for each of the Funds, which stated that Hodges had agreed to waive or limit its advisory fee and/or reimburse expenses at least until July 31, 2026, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed: 0.93% of the Hodges Fund's average annual net assets for class of shares; 1.05% of Hodges Blue Chip Equity Income Fund's average annual net assets for Retail shares; 0.99% of Hodges Small Cap Fund's average annual net assets for class of shares, and 1.01% and 0.98% of Hodges Small Intrinsic Value Fund's average annual net assets for Retail Class shares and Institutional Class shares, respectively; in each case not inclusive of 12b-1 fees or shareholder servicing fees, among other excluded expenses. The Board found such arrangements

**Hodges Mutual Funds**

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**September 30, 2025**

to be beneficial to shareholders. The Board concluded that based on Hodges' experience, expertise and services to be provided to the Funds, the advisory fee charged by Hodges for each Fund, was not unreasonable.

*Profitability.* The Board also considered the level of profits that have accrued and could be expected to accrue to Hodges with respect to each of the Funds based on profitability reports and profitability analyses provided by Hodges with respect to each Fund. The Board also reviewed the selected financial information of Hodges provided by Hodges. After review and discussion, the Board concluded that the anticipated profit from Hodges' relationship with each of the Funds was not excessive.

*Economies of Scale*. As to the extent to which each of the Funds would realize economies of scale as it grew, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed the current size of each of the Funds, and considered Hodges' expectations for growth, and concluded that additional material economies of scale would likely not be achieved in the near term.

*Conclusion*. The Board relied upon the advice of counsel, and its own business judgment in determining the material factors to be considered in evaluating the Hodges Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Hodges, as the Board believed to be reasonably necessary to evaluate the terms of the Hodges Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees, determined that, with respect to each of the Funds, (a) the terms of the Hodges Advisory Agreement are reasonable; (b) the advisory fee is not unreasonable; and (c) the Hodges Advisory Agreement is in the best interests of each Fund and its respective shareholders. In considering the renewal of the Hodges Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the renewal of the Hodges Advisory Agreement was in the best interests of each of the Funds and its respective shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Hodges Advisory Agreement.

![](img_001.jpg)

**Semi-Annual Financial Statements & Additional Information**

**September 30, 2025**

---

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable

(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.](hodges_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](hodges_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) | Northern Lights Fund Trust II |
| By (Signature and Title) | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>12/5/25</u> <br>

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>12/5/25</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Erik Naviloff |
|  | Erik Naviloff, Principal Financial Officer/Treasurer |

---

Date <u>12/5/25</u>

## Ex-99.Cert

**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 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;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;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;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;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;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;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: | 12/5/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf<br> 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 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;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;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;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;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;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;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: | 12/5/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff<br> Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**EX-99.906CERT**

**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 September 30, 2025 (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<br> Northern Lights Fund Trust II | Principal Financial Officer/Treasurer<br> Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Erik Naviloff |
| Kevin E. Wolf | Erik Naviloff |

---

Date: <u>12/5/25 </u> Date: <u>12/5/25</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.