# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-003539
**Filing Date:** 2025-6
**Character Count:** 143771
**Document Hash:** 8ddf1b0f738b46d86f0bb7d2e970d021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003539.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001580642-25-003539

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251031295

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

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

## Series and Classes Contracts Data

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

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

### Hodges Fund (Series ID: S000081358)

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

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

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

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

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

<u>Kevin Wolf, Ultimus Fund Solutions, LLC</u> <br> <u>4221 North 203rd Street, Suite 100, Elkhorn, NE 68022</u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/25</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tailored
 Shareholder Report

#### Hodges Blue Chip Equity Income Fund
![Image](i19efeb993ba69cc7533d8df6.jpg)

#### Retail (HDPBX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Blue Chip Equity Income Fund for the period of April 1, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $140 | 1.31% |

---

# How did the Fund perform during the reporting period?
The Hodges Blue Chip Equity Income Fund's six-month return amounted to a gain of 1.57% in the past six months, compared to a loss of 1.86% for its benchmark, the Russell 1000 Total Return Index. The Hodges Blue Chip Equity Income Fund's one-year return amounted to a gain of 13.95% compared to 7.82% for the Russell 1000 Total Return Index. Positive relative performance during the past year 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 corporate profits across most blue-chip stocks to support stable dividends 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 fund had a total of 28 positions on March 31, 2025. The top ten holdings represented 46.00% of the Fund's holdings and included Apple Inc (AAPL), Nvidia (NVDA), Walmart Inc (WMT), American Express Co (AXP), Eli Lilly & Co (LLY), Microsoft Corp (MSFT), Wells Fargo & Company (WFC), Abbvie Inc (ABBV), Broadcom Inc (AVGO), and Oneok Inc (OKE).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i91c50cb33829d69e3398c02c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Blue Chip Equity Income Fund** | **Russell 1000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $9780 | $10050 | $10178 |
| **Mar-2017** | $11137 | $11802 | $11926 |
| **Mar-2018** | $12661 | $13452 | $13595 |
| **Mar-2019** | $13360 | $14703 | $14886 |
| **Mar-2020** | $11937 | $13523 | $13847 |
| **Mar-2021** | $18685 | $21716 | $21650 |
| **Mar-2022** | $21972 | $24597 | $25038 |
| **Mar-2023** | $20882 | $22533 | $23103 |
| **Mar-2024** | $26575 | $29263 | $30006 |
| **Mar-2025** | $30281 | $31551 | $32482 |

---

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

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Blue Chip Equity Income Fund | 13.95% | 20.46% | 11.72% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| Russell 1000<sup>®</sup> Index | 7.82% | 18.47% | 12.18% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43349247 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee | $256663 |
| Portfolio Turnover | 84% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i74bbf309bcfa82a072aef41a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.5% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i353b9e3520c08b9f72fbc59f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.5% |
| Utilities | 3.2% |
| Communications | 3.3% |
| Consumer Discretionary | 3.5% |
| Industrials | 6.3% |
| Energy | 10.4% |
| Consumer Staples | 11.5% |
| Health Care | 11.7% |
| Technology | 23.0% |
| Financials | 26.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.2% |
| NVIDIA Corporation | 5.6% |
| Walmart, Inc. | 5.5% |
| American Express Company | 4.3% |
| Microsoft Corporation | 4.3% |
| Eli Lilly & Company | 4.3% |
| Wells Fargo & Company | 4.1% |
| ONEOK, Inc. | 3.9% |
| AbbVie, Inc. | 3.9% |
| Broadcom, Inc. | 3.9% |

---

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

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

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i19efeb993ba69cc7533d8df6.jpg)

TSR-AR 033125-HDPBX

#### Hodges Fund
![Image](iffe2787cb6ea89dab0dd0db7.jpg)

#### Retail (HDPMX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Fund for the period of April 1, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $117 | 1.18% |

---

# How did the Fund perform during the reporting period?
The Hodges Fund's six-month return amounted to a loss of 0.54% compared to a 1.97% loss for the S&P 500 Index. The Hodges Fund's one-year performance on March 31, 2025, amounted to a loss of 1.58% compared to a gain of 8.25% for the S&P 500 Index. Underperformance during the past year was attributed to the portfolio's exposure to a handful of industrial and consumer stocks that have seen increased volatility this year in response to fear of an economic slowdown. The Hodges Fund's turnover was elevated this past year, as we have carefully updated the portfolio holdings, moving into stocks that offer above-average returns relative to their downside risks over the next twelve to eighteen months.

The Hodges Fund's portfolio managers remain focused on investments where we have the highest conviction based on fundamentals and relative valuations. The fund had a total of 39 positions on March 31, 2025. The top ten holdings represented 45.50% of the Fund's holdings and included Texas Pacific Land Corp (TPL), Uber Technologies (UBER), Matador Resources Co (MTDR), DraftKings Inc (DKNG), Expand Energy Corporation (EXE), Freeport-Mcmoran Inc (FCX), SharkNinja, Inc. (SN), On Holding (ONON), Palantir Technologies Inc (PLTR), and Micron Technology Inc (MU).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i19a6d2920bdc7918b4c63a89.jpg)

---

| | | |
|:---|:---|:---|
| | **Hodges Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Mar-2016** | $9242 | $10178 |
| **Mar-2017** | $12074 | $11926 |
| **Mar-2018** | $13508 | $13595 |
| **Mar-2019** | $11556 | $14886 |
| **Mar-2020** | $6234 | $13847 |
| **Mar-2021** | $17564 | $21650 |
| **Mar-2022** | $18038 | $25038 |
| **Mar-2023** | $15795 | $23103 |
| **Mar-2024** | $21086 | $30006 |
| **Mar-2025** | $20753 | $32482 |

---

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

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Fund | -1.58% | 27.19% | 7.57% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $172336206 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee | $1469872 |
| Portfolio Turnover | 94% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7c165e1f38833d6046637a1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.4% |
| Purchased Options | 7.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9f58e84e71edb8eaed94119d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Financials | 2.5% |
| Industrials | 4.9% |
| Purchased Options | 7.6% |
| Real Estate | 7.7% |
| Communications | 8.4% |
| Energy | 11.4% |
| Materials | 13.6% |
| Technology | 21.8% |
| Consumer Discretionary | 22.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Pacific Land Corporation | 7.7% |
| Uber Technologies, Inc. | 6.3% |
| Matador Resources Company | 5.9% |
| DraftKings, Inc., Class A | 4.1% |
| Expand Energy Corporation | 3.9% |
| SharkNinja, Inc. | 3.9% |
| Freeport-McMoRan, Inc. | 3.8% |
| On Holding A.G. | 3.6% |
| Palantir Technologies, Inc., Class A | 3.2% |
| Micron Technology, Inc. | 3.0% |

---

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

#### Hodges Fund - Retail (HDPMX)

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](iffe2787cb6ea89dab0dd0db7.jpg)

TSR-AR 033125-HDPMX

#### Hodges Small Cap Fund
![Image](ib9509b31a0da588528a9ae37.jpg)

#### Institutional (HDSIX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Small Cap Fund for the period of April 1, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $102 | 1.04% |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Small Cap Fund amounted to a loss of 9.56% in the past six months, compared to a 9.18% decrease for the Russell 2000 Index. The Small Cap Fund's one-year performance on March 31, 2025, amounted to a loss of 4.81% compared to a loss of 4.01% for the Russell 2000 Index. 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 as 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 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 had a total of 47 positions on March 31, 2025. The top ten holdings amounted to 37.7% of the Fund's holdings and included Matador Resources (MTDR), Texas Pacific Land Corp (TPL), Taylor Morrison Home Corp (TMHC), Halozyme Therapeutics Inc (HALO), Eagle Materials Inc (EXP), Prosperity Bancshares (PB), Academy Sports & Outdoors (ASO), Hanover Insurance Group Inc (THG), On Holding Ltd (ONON), and Group 1 Automotive Inc (GPI).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1015c55fcf404ba8ee4e58fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $8504 | $9024 | $10178 |
| **Mar-2017** | $9967 | $11390 | $11926 |
| **Mar-2018** | $11242 | $12733 | $13595 |
| **Mar-2019** | $10932 | $12994 | $14886 |
| **Mar-2020** | $6618 | $9877 | $13847 |
| **Mar-2021** | $16619 | $19245 | $21650 |
| **Mar-2022** | $16843 | $18131 | $25038 |
| **Mar-2023** | $16101 | $16027 | $23103 |
| **Mar-2024** | $19646 | $19186 | $30006 |
| **Mar-2025** | $18701 | $18417 | $32482 |

---

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

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Cap Fund | -4.81% | 23.09% | 6.46% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | -4.01% | 13.27% | 6.30% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $152104846 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $1524128 |
| Portfolio Turnover | 60% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i97eae2f560d4fb4423bd72bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i367c75e842bad51b44185ace.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.1% |
| Communications | 1.0% |
| Consumer Staples | 2.2% |
| Health Care | 3.8% |
| Real Estate | 5.6% |
| Industrials | 8.7% |
| Energy | 10.0% |
| Materials | 12.4% |
| Technology | 12.6% |
| Financials | 13.7% |
| Consumer Discretionary | 29.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Matador Resources Company | 5.9% |
| Texas Pacific Land Corporation | 5.6% |
| Taylor Morrison Home Corporation | 3.9% |
| Halozyme Therapeutics, Inc. | 3.8% |
| Eagle Materials, Inc. | 3.6% |
| Prosperity Bancshares, Inc. | 3.3% |
| Academy Sports & Outdoors, Inc. | 3.0% |
| On Holding A.G. | 2.9% |
| Hanover Insurance Group, Inc. (The) | 2.9% |
| Group 1 Automotive, Inc. | 2.8% |

---

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

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

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib9509b31a0da588528a9ae37.jpg)

TSR-AR 033125-HDSIX

#### Hodges Small Cap Fund
![Image](ib4971c1e59ef81a6397ea628.jpg)

#### Retail Class (HDPSX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Small Cap Fund for the period of April 1, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $126 | 1.29% |

---

# How did the Fund perform during the reporting period?
The return for the Hodges Small Cap Fund amounted to a loss of 9.65% in the past six months, compared to a 9.18% decrease for the Russell 2000 Index. The Small Cap Fund's one-year performance on March 31, 2025, amounted to a loss of 5.08% compared to a loss of 4.01% for the Russell 2000 Index. 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 as 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 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 had a total of 47 positions on March 31, 2025. The top ten holdings amounted to 37.7% of the Fund's holdings and included Matador Resources (MTDR), Texas Pacific Land Corp (TPL), Taylor Morrison Home Corp (TMHC), Halozyme Therapeutics Inc (HALO), Eagle Materials Inc (EXP), Prosperity Bancshares (PB), Academy Sports & Outdoors (ASO), Hanover Insurance Group Inc (THG), On Holding Ltd (ONON), and Group 1 Automotive Inc (GPI).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i27f29d5b03a8d22f167072a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Cap Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $8482 | $9024 | $10178 |
| **Mar-2017** | $9907 | $11390 | $11926 |
| **Mar-2018** | $11145 | $12733 | $13595 |
| **Mar-2019** | $10815 | $12994 | $14886 |
| **Mar-2020** | $6533 | $9877 | $13847 |
| **Mar-2021** | $16352 | $19245 | $21650 |
| **Mar-2022** | $16535 | $18131 | $25038 |
| **Mar-2023** | $15760 | $16027 | $23103 |
| **Mar-2024** | $19196 | $19186 | $30006 |
| **Mar-2025** | $18221 | $18417 | $32482 |

---

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

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Cap Fund | -5.08% | 22.77% | 6.18% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Index | -4.01% | 13.27% | 6.30% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $152104846 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $1524128 |
| Portfolio Turnover | 60% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i04a3a85d42713732c1c12c78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.9% |
| Money Market Funds | 0.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iff37f21ed534538d0c9ee4b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.1% |
| Communications | 1.0% |
| Consumer Staples | 2.2% |
| Health Care | 3.8% |
| Real Estate | 5.6% |
| Industrials | 8.7% |
| Energy | 10.0% |
| Materials | 12.4% |
| Technology | 12.6% |
| Financials | 13.7% |
| Consumer Discretionary | 29.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Matador Resources Company | 5.9% |
| Texas Pacific Land Corporation | 5.6% |
| Taylor Morrison Home Corporation | 3.9% |
| Halozyme Therapeutics, Inc. | 3.8% |
| Eagle Materials, Inc. | 3.6% |
| Prosperity Bancshares, Inc. | 3.3% |
| Academy Sports & Outdoors, Inc. | 3.0% |
| On Holding A.G. | 2.9% |
| Hanover Insurance Group, Inc. (The) | 2.9% |
| Group 1 Automotive, Inc. | 2.8% |

---

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

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

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ib4971c1e59ef81a6397ea628.jpg)

TSR-AR 033125-HDPSX

#### Hodges Small Intrinsic Value Fund
![Image](id72057dc7d2da584275b17b9.jpg)

#### Institutional (HSVIX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of July 30, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Hodges Small Intrinsic Value Fund | $61 | 0.98%<sup>Footnote Reference\*</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* annualized

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund experienced a loss of 13.93% in the past 6 months compared to a loss of 8.72% for its benchmark, the Russell 2000 Value Index. The Small Intrinsic Value Fund's performance on March 31, 2025, since its inception on July 30, 2024, amounted to a loss of 15.26% compared to a loss of 10.10% for the Russell 2000 Value Index. The Fund's recent underperformance relative to the benchmark was impacted by weakness in several consumer discretionary and industrial stocks during the past 12 months. The fund had a total of 44 positions on March 31, 2025. The top ten holdings represented 35.50% of the Fund's holdings and included Texas Capital Bancshares (TCBI), Home Bancshares (HOMB), Gulfport Energy Corporation (GPOR), Shoe Carnival Inc (SCVL), Eagle Materials Inc (EXP), Halozyme Therapeutics Inc (HALO), Academy Sports & Outdoors (ASO), Banc of California (BANC), Ethan Allen Interiors Inc (ETD), and Sun Opta Inc (STKL).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5529214e8d8f656c9c2d8408.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 |

---

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

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (July 30, 2024)** |
| Hodges Small Intrinsic Value Fund | -15.26% |
| S&P 500<sup>®</sup> Index | 4.18% |
| Russell 2000<sup>®</sup> Value Index | -10.10% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54280800 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $409549 |
| Portfolio Turnover | 49% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iec4435bd4a41fd868be0b0b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6e6c60c6c0af60577ca81dd4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Real Estate | 1.8% |
| Money Market Funds | 2.4% |
| Consumer Staples | 3.1% |
| Health Care | 3.4% |
| Energy | 6.5% |
| Technology | 7.0% |
| Materials | 8.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 22.9% |
| Financials | 28.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Capital Bancshares, Inc. | 4.2% |
| Home BancShares, Inc. | 4.0% |
| Shoe Carnival, Inc. | 3.6% |
| Gulfport Energy Corporation | 3.6% |
| Eagle Materials, Inc. | 3.5% |
| Halozyme Therapeutics, Inc. | 3.4% |
| Academy Sports & Outdoors, Inc. | 3.4% |
| Banc of California, Inc. | 3.4% |
| Ethan Allen Interiors, Inc. | 3.3% |
| SunOpta, Inc. | 3.1% |

---

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

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

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](id72057dc7d2da584275b17b9.jpg)

TSR-AR 033125-HSVIX

#### Hodges Small Intrinsic Value Fund
![Image](ie908ec0f85e58cfdb1f52d43.jpg)

#### Retail (HDSVX)

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

# Fund Overview
This annual shareholder report contains important information about Hodges Small Intrinsic Value Fund for the period of April 1, 2024 to March 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail | $118 | 1.28% |

---

# How did the Fund perform during the reporting period?
The Hodges Small Intrinsic Value Fund experienced a loss of 14.04% in the past 6 months compared to a loss of 8.72% for its benchmark, the Russell 2000 Value Index. The Small Intrinsic Value Fund's one-year performance on March 31, 2025, amounted to a loss of 15.41% compared to a loss of 3.12% for the Russell 2000 Value Index. The Fund's recent underperformance relative to the benchmark was impacted by weakness in several consumer discretionary and industrial stocks during the past 12 months. The fund had a total of 44 positions on March 31, 2025. The top ten holdings represented 35.50% of the Fund's holdings and included Texas Capital Bancshares (TCBI), Home Bancshares (HOMB), Gulfport Energy Corporation (GPOR), Shoe Carnival Inc (SCVL), Eagle Materials Inc (EXP), Halozyme Therapeutics Inc (HALO), Academy Sports & Outdoors (ASO), Banc of California (BANC), Ethan Allen Interiors Inc (ETD), and SunOpta Inc (STKL).

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1ac0f4a733bc1db8841f2027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Hodges Small Intrinsic Value Fund** | **Russell 2000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $8942 | $9228 | $10178 |
| **Mar-2017** | $10421 | $11938 | $11926 |
| **Mar-2018** | $11415 | $12550 | $13595 |
| **Mar-2019** | $10169 | $12572 | $14886 |
| **Mar-2020** | $6251 | $8845 | $13847 |
| **Mar-2021** | $15846 | $17429 | $21650 |
| **Mar-2022** | $17836 | $18008 | $25038 |
| **Mar-2023** | $16780 | $15675 | $23103 |
| **Mar-2024** | $20130 | $18615 | $30006 |
| **Mar-2025** | $17028 | $18033 | $32482 |

---

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

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Hodges Small Intrinsic Value Fund | -15.41% | 22.19% | 5.47% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |
| Russell 2000<sup>®</sup> Value Index | -3.12% | 15.31% | 6.07% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54280800 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $409549 |
| Portfolio Turnover | 49% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i68e8e91c50ecaba00cdf4961.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.6% |
| Money Market Funds | 2.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i10659c55fe80549d9470977f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Real Estate | 1.8% |
| Money Market Funds | 2.4% |
| Consumer Staples | 3.1% |
| Health Care | 3.4% |
| Energy | 6.5% |
| Technology | 7.0% |
| Materials | 8.4% |
| Industrials | 16.0% |
| Consumer Discretionary | 22.9% |
| Financials | 28.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Texas Capital Bancshares, Inc. | 4.2% |
| Home BancShares, Inc. | 4.0% |
| Shoe Carnival, Inc. | 3.6% |
| Gulfport Energy Corporation | 3.6% |
| Eagle Materials, Inc. | 3.5% |
| Halozyme Therapeutics, Inc. | 3.4% |
| Academy Sports & Outdoors, Inc. | 3.4% |
| Banc of California, Inc. | 3.4% |
| Ethan Allen Interiors, Inc. | 3.3% |
| SunOpta, Inc. | 3.1% |

---

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

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

#### Annual Shareholder Report - March 31, 2025
* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](ie908ec0f85e58cfdb1f52d43.jpg)

TSR-AR 033125-HDSVX

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

**Item 2. Code of Ethics.**

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

(b) Not
 applicable

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

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

(e) Not
 applicable

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

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

(a)(1) The Registrant's board of trustees has determined that Keith Rhoades is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhoades is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| |
|:---|
| 2025 – $64000 |
| 2024 – $64000 |

---

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

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

---

| |
|:---|
| 2025 – $11000 |
| 2024 – $11000 |

---

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

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 for the fiscal years ended March
 31, 2024 and 2025.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 March 31, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](ho001_v1.jpg)

**Hodges Fund**

**Retail Class (Symbol: HDPMX)**

**Small Cap Fund**

**Retail Class (Symbol: HDPSX)**

**Institutional Class (Symbol: HDSIX)**

**Small Intrinsic Value Fund**

**Retail Class (Symbol: HDSVX)**

**Institutional Class (Symbol: HSVIX)**

**Blue Chip Equity Income Fund**

**Retail Class (Symbol: HDPBX)**

**Annual Financial Statements & Additional Information**

**March 31, 2025**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Advised b*y: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hodges Capital Management |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 Maple Avenue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas, Texas 75201 |

---

https://www.hodgesfunds.com/ 1-866-811-0224

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

---

| | |
|:---|:---|
| **Table of Contents** | **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 | 28 |
| Report of Independent Registered Public Accounting Firm | 37 |
| Additional Information | 38 |

---

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 3.6%** |  |
| 140000 | On Holding A.G.<sup>(a)</sup> | $6148800 |
|  | **BANKING - 2.5%** |  |
| 300000 | Banc of California, Inc. | 4257000 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.5%** |  |
| 150000 | GEO Group, Inc. (The)<sup>(a)</sup> | 4381500 |
|  | **CONSTRUCTION MATERIALS - 6.3%** |  |
| 40000 | CRH PLC | 3518800 |
| 20000 | Eagle Materials, Inc. | 4438600 |
| 20000 | Owens Corning | 2856400 |
|  |  | 10813800 |
|  | **E-COMMERCE DISCRETIONARY - 3.3%** |  |
| 35000 | eBay, Inc. | 2370550 |
| 1000000 | Stitch Fix, Inc., Class A<sup>(a)</sup> | 3250000 |
|  |  | 5620550 |
|  | **HOME & OFFICE PRODUCTS - 3.9%** |  |
| 80000 | SharkNinja, Inc.<sup>(a)</sup> | 6672800 |
|  | **INTERNET MEDIA & SERVICES - 8.4%** |  |
| 30000 | Airbnb, Inc., Class A<sup>(a)</sup> | 3583800 |
| 150000 | Uber Technologies, Inc.<sup>(a)</sup> | 10929000 |
|  |  | 14512800 |
|  | **LEISURE FACILITIES & SERVICES - 10.7%** |  |
| 215000 | DraftKings, Inc., Class A<sup>(a)</sup> | 7140150 |
| 200000 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 3792000 |
| 350000 | Portillo's, Inc.<sup>(a)</sup> | 4161500 |
| 40000 | Wynn Resorts Ltd. | 3340000 |
|  |  | 18433650 |
|  | **METALS & MINING - 4.9%** |  |
| 225000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1849500 |
| 175000 | Freeport-McMoRan, Inc. | 6625500 |
|  |  | 8475000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.3% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 11.4%** |  |
| 60000 | Expand Energy Corporation | $6679200 |
| 200000 | Matador Resources Company | 10218000 |
| 500000 | Prairie Operating Company<sup>(a)</sup> | 2675000 |
|  |  | 19572200 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 7.7%** |  |
| 10000 | Texas Pacific Land Corporation | 13249900 |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |
| 175000 | Sleep Number Corporation<sup>(a)</sup> | 1109500 |
|  | **SEMICONDUCTORS - 7.6%** |  |
| 60000 | Micron Technology, Inc. | 5213400 |
| 35000 | NVIDIA Corporation | 3793300 |
| 25000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4150000 |
|  |  | 13156700 |
|  | **SOFTWARE - 8.4%** |  |
| 150000 | Clear Secure, Inc., Class A | 3886500 |
| 15000 | CyberArk Software Ltd.<sup>(a)</sup> | 5070000 |
| 65000 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 5486000 |
|  |  | 14442500 |
|  | **STEEL - 2.4%** |  |
| 100000 | United States Steel Corporation | 4226000 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 200000 | Hewlett Packard Enterprise Company | 3086000 |
| 600000 | Powerfleet, Inc.<sup>(a)</sup> | 3294000 |
|  |  | 6380000 |
|  | **TECHNOLOGY SERVICES - 2.1%** |  |
| 1350000 | Terawulf, Inc.<sup>(a)</sup> | 3685500 |
|  | **TRANSPORTATION & LOGISTICS - 2.3%** |  |
| 40000 | Kirby Corporation<sup>(a)</sup> | 4040400 |
|  | **TOTAL COMMON STOCKS (Cost $113,152,440)** | 159178600 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **EQUITY OPTIONS PURCHASED - 7.6%** |  |  | | | |
|  | **CALL OPTIONS PURCHASED - 7.6%** |  |  |  |  |  |
| 650 | Boeing Company (The) | WFC | 06/20/2025 | $125 | $11085750 | $3094000 |
| 800 | Carpenter Technology Corporation | WFC | 05/16/2025 | 175 | 14494400 | 1416000 |
| 850 | Gilead Sciences, Inc. | WFC | 05/16/2025 | 90 | 9524250 | 1955000 |
| 325 | RH | WFC | 05/16/2025 | 175 | 7618325 | 1936675 |
| 175 | Spotify Technology S.A. | WFC | 09/19/2025 | 480 | 9625525 | 2074188 |
| 200 | UnitedHealth Group, Inc. | WFC | 05/16/2025 | 400 | 10475000 | 2578000 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,829,967) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,829,967) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,829,967) |  |  | 13053863 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $125,982,407)** | **TOTAL INVESTMENTS - 99.9% (Cost $125,982,407)** | **TOTAL INVESTMENTS - 99.9% (Cost $125,982,407)** |  |  | $172232463 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  | 103743 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $172336206 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Societe Anonyme |
| WFC | - Wells Fargo |

---

<sup>(a)</sup> Non-income producing security. <br><sup>(b)</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 FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 65000 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | $1929850 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.9%** |  |
| 100000 | On Holding A.G.<sup>(a)</sup> | 4392000 |
|  | **BANKING - 10.8%** |  |
| 280000 | Banc of California, Inc. | 3973200 |
| 125000 | Hilltop Holdings, Inc. | 3806250 |
| 70000 | Prosperity Bancshares, Inc. | 4995900 |
| 50000 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 3735000 |
|  |  | 16510350 |
|  | **BIOTECH & PHARMA - 3.8%** |  |
| 90000 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5742900 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 100000 | GEO Group, Inc. (The)<sup>(a)</sup> | 2921000 |
|  | **CONSTRUCTION MATERIALS - 4.8%** |  |
| 25000 | Eagle Materials, Inc. | 5548250 |
| 19000 | Knife River Corporation<sup>(a)</sup> | 1713990 |
|  |  | 7262240 |
|  | **CONTAINERS & PACKAGING - 1.4%** |  |
| 85000 | Graphic Packaging Holding Company | 2206600 |
|  | **FOOD - 2.2%** |  |
| 45000 | BellRing Brands, Inc.<sup>(a)</sup> | 3350700 |
|  | **HOME & OFFICE PRODUCTS - 2.2%** |  |
| 40000 | SharkNinja, Inc.<sup>(a)</sup> | 3336400 |
|  | **HOME CONSTRUCTION - 3.9%** |  |
| 100000 | Taylor Morrison Home Corporation<sup>(a)</sup> | 6004000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **INSURANCE - 2.8%** |  |
| 25000 | Hanover Insurance Group, Inc. (The) | $4348750 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 70000 | Nebius Group N.V., Class A<sup>(a)</sup> | 1477700 |
|  | **LEISURE FACILITIES & SERVICES - 10.2%** |  |
| 45000 | Boyd Gaming Corporation | 2962350 |
| 110000 | Cinemark Holdings, Inc. | 2737900 |
| 200000 | Genius Sports Ltd.<sup>(a)</sup> | 2002000 |
| 165000 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 3128400 |
| 150000 | Portillo's, Inc.<sup>(a)</sup> | 1783500 |
| 17500 | Texas Roadhouse, Inc. | 2916025 |
|  |  | 15530175 |
|  | **METALS & MINING - 2.7%** |  |
| 495000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 4068900 |
|  | **OIL & GAS PRODUCERS - 10.0%** |  |
| 175000 | Matador Resources Company | 8940750 |
| 300000 | Permian Resources Corporation | 4155000 |
| 70000 | SM Energy Company | 2096500 |
|  |  | 15192250 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 5.6%** |  |
| 6400 | Texas Pacific Land Corporation | 8479936 |
|  | **RETAIL - DISCRETIONARY - 10.5%** |  |
| 100000 | Academy Sports & Outdoors, Inc. | 4561000 |
| 98600 | Ethan Allen Interiors, Inc. | 2731220 |
| 11000 | Group 1 Automotive, Inc. | 4201450 |
| 7500 | RH<sup>(a)</sup> | 1758075 |
| 125000 | Shoe Carnival, Inc. | 2748750 |
|  |  | 16000495 |
|  | **SEMICONDUCTORS - 2.9%** |  |
| 140000 | MaxLinear, Inc., Class A<sup>(a)</sup> | 1520400 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.9% (Continued)** |  |
| 80000 | Tower Semiconductor Ltd.<sup>(a)</sup> | $2852800 |
|  |  | 4373200 |
|  | **SOFTWARE - 2.7%** |  |
| 70000 | Alkami Technology, Inc.<sup>(a)</sup> | 1837500 |
| 55000 | Varonis Systems, Inc.<sup>(a)</sup> | 2224750 |
|  |  | 4062250 |
|  | **STEEL - 3.5%** |  |
| 12000 | Carpenter Technology Corporation | 2174160 |
| 70000 | Commercial Metals Company | 3220700 |
|  |  | 5394860 |
|  | **TECHNOLOGY HARDWARE – 5.0%** |  |
| 150000 | Aviat Networks, Inc.<sup>(a)</sup> | 2875500 |
| 8000 | InterDigital, Inc. | 1654000 |
| 25000 | PAR Technology Corporation<sup>(a)</sup> | 1533500 |
| 275000 | Powerfleet, Inc.<sup>(a)</sup> | 1509750 |
|  |  | 7572750 |
|  | **TECHNOLOGY SERVICES - 2.1%** |  |
| 1150000 | Terawulf, Inc.<sup>(a)</sup> | 3139500 |
|  | **TRANSPORTATION & LOGISTICS - 3.5%** |  |
| 33000 | Kirby Corporation<sup>(a)</sup> | 3333330 |
| 150000 | Navigator Holdings Ltd. | 1996500 |
|  |  | 5329830 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 60000 | Greenbrier Companies, Inc. (The) | 3073200 |
|  | **TOTAL COMMON STOCKS (Cost $106,135,081)** | 151699836 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.1%** |  |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 116358 | First American Treasury Obligations Fund, Class X, 4.26% (Cost $116,358)<sup>(b)</sup> | $116358 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $106,251,439)** | $151816194 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 288652 |
|  | **NET ASSETS - 100.0%** | $152104846 |

---

Ltd. - Limited Company

NV - Naamioze Vennootschap

REIT - Real Estate Investment Trust

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.2%** |  |
| 18600 | Kontoor Brands, Inc. | $1192818 |
|  | **ASSET MANAGEMENT - 3.0%** |  |
| 141000 | P10, Inc. | 1656750 |
|  | **BANKING - 19.8%** |  |
| 131000 | Banc of California, Inc. | 1858890 |
| 14100 | BancFirst Corporation | 1549167 |
| 45600 | Hilltop Holdings, Inc. | 1388520 |
| 77700 | Home BancShares, Inc. | 2196579 |
| 30300 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 2263410 |
| 26000 | Triumph Financial, Inc.<sup>(a)</sup> | 1502800 |
|  |  | 10759366 |
|  | **BIOTECH & PHARMA - 3.4%** |  |
| 29400 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1876014 |
|  | **CONSTRUCTION MATERIALS - 3.5%** |  |
| 8470 | Eagle Materials, Inc. | 1879747 |
|  | **ELECTRICAL EQUIPMENT - 2.0%** |  |
| 14370 | Bel Fuse, Inc., Class B | 1075738 |
|  | **FOOD - 3.1%** |  |
| 347000 | SunOpta, Inc.<sup>(a)</sup> | 1686420 |
|  | **HOME CONSTRUCTION - 3.0%** |  |
| 27500 | Taylor Morrison Home Corporation<sup>(a)</sup> | 1651100 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.0%** |  |
| 6450 | AZZ, Inc. | 539285 |
|  | **INSURANCE - 5.5%** |  |
| 6305 | Hanover Insurance Group, Inc. (The) | 1096755 |
| 26250 | Horace Mann Educators Corporation | 1121662 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **INSURANCE - 5.5% (Continued)** |  |
| 31450 | Tiptree, Inc. | $757631 |
|  |  | 2976048 |
|  | **LEISURE FACILITIES & SERVICES - 3.4%** |  |
| 41265 | Cinemark Holdings, Inc. | 1027086 |
| 85100 | Potbelly Corporation<sup>(a)</sup> | 809301 |
|  |  | 1836387 |
|  | **MACHINERY - 1.8%** |  |
| 35015 | Ichor Holdings Ltd.<sup>(a)</sup> | 791689 |
| 23960 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 205816 |
|  |  | 997505 |
|  | **METALS & MINING - 2.6%** |  |
| 171400 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1408908 |
|  | **OIL & GAS PRODUCERS - 5.5%** |  |
| 9200 | Chord Energy Corporation | 1037024 |
| 10600 | Gulfport Energy Corporation<sup>(a)</sup> | 1951884 |
|  |  | 2988908 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.0%** |  |
| 31800 | Atlas Energy Solutions, Inc. | 567312 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.8%** |  |
| 53800 | Stratus Properties, Inc.<sup>(a)</sup> | 954950 |
|  | **RETAIL - DISCRETIONARY - 14.2%** |  |
| 40900 | Academy Sports & Outdoors, Inc. | 1865449 |
| 8200 | Builders FirstSource, Inc.<sup>(a)</sup> | 1024508 |
| 63700 | Ethan Allen Interiors, Inc. | 1764490 |
| 2905 | Group 1 Automotive, Inc. | 1109565 |
| 89600 | Shoe Carnival, Inc. | 1970304 |
|  |  | 7734316 |
|  | **SEMICONDUCTORS - 2.5%** |  |
| 26145 | Photronics, Inc.<sup>(a)</sup> | 542770 |
| 22290 | Tower Semiconductor Ltd.<sup>(a)</sup> | 794861 |
|  |  | 1337631 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES SMALL INTRINSIC VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **STEEL - 2.4%** |  |
| 27800 | Commercial Metals Company | $1279078 |
|  | **TECHNOLOGY HARDWARE - 3.3%** |  |
| 51730 | Aviat Networks, Inc.<sup>(a)</sup> | 991664 |
| 30500 | NCR Atleos Corporation<sup>(a)</sup> | 804590 |
|  |  | 1796254 |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 250000 | Research Solutions, Inc.<sup>(a)</sup> | 650000 |
|  | **TRANSPORTATION & LOGISTICS - 7.4%** |  |
| 10975 | Kirby Corporation<sup>(a)</sup> | 1108585 |
| 62800 | Marten Transport Ltd. | 861616 |
| 73600 | Navigator Holdings Ltd. | 979616 |
| 55000 | RXO, Inc.<sup>(a)</sup> | 1050500 |
|  |  | 4000317 |
|  | **TRANSPORTATION EQUIPMENT - 3.8%** |  |
| 23800 | Blue Bird Corporation<sup>(a)</sup> | 770406 |
| 25115 | Greenbrier Companies, Inc. (The) | 1286390 |
|  |  | 2056796 |
|  | **TOTAL COMMON STOCKS (Cost $50,896,149)** | 52901648 |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
|  | **MONEY MARKET FUNDS - 2.4%** |  |
| 1295729 | First American Treasury Obligations Fund, Class X, 4.26% (Cost $1,295,729)<sup>(b)</sup> | 1295729 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $52,191,878)** | $54197377 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 83423 |
|  | **NET ASSETS - 100.0%** | $54280800 |

---

Ltd. - Limited Company

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **BANKING – 13.1%** |  |
| 30000 | Bank of America Corporation | $1251900 |
| 20000 | Citigroup, Inc. | 1419800 |
| 5000 | JPMorgan Chase & Company | 1226500 |
| 25000 | Wells Fargo & Company | 1794750 |
|  |  | 5692950 |
|  | **BIOTECH & PHARMA - 11.7%** |  |
| 8000 | AbbVie, Inc. | 1676160 |
| 2250 | Eli Lilly & Company | 1858298 |
| 17000 | Merck & Company, Inc. | 1525920 |
|  |  | 5060378 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 8000 | 3M Company | 1174880 |
|  | **E-COMMERCE DISCRETIONARY - 3.5%** |  |
| 8000 | Amazon.com, Inc.<sup>(a)</sup> | 1522080 |
|  | **ELECTRIC UTILITIES - 3.3%** |  |
| 12000 | Vistra Corporation | 1409280 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 6.6%** |  |
| 2500 | Goldman Sachs Group, Inc. (The) | 1365725 |
| 13000 | Morgan Stanley | 1516710 |
|  |  | 2882435 |
|  | **INSURANCE - 2.8%** |  |
| 2250 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1198305 |
|  | **INTERNET MEDIA & SERVICES - 3.3%** |  |
| 2500 | Meta Platforms, Inc., Class A | 1440900 |
|  | **OIL & GAS PRODUCERS - 10.4%** |  |
| 13000 | Exxon Mobil Corporation | 1546090 |
| 17000 | ONEOK, Inc. | 1686740 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 10.4% (Continued)** |  |
| 28000 | Viper Energy, Inc. | $1264200 |
|  |  | 4497030 |
|  | **RETAIL - CONSUMER STAPLES - 8.7%** |  |
| 1500 | Costco Wholesale Corporation | 1418670 |
| 27000 | Walmart, Inc. | 2370330 |
|  |  | 3789000 |
|  | **SEMICONDUCTORS - 12.6%** |  |
| 10000 | Broadcom, Inc. | 1674300 |
| 22500 | NVIDIA Corporation | 2438550 |
| 8000 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1328000 |
|  |  | 5440850 |
|  | **SOFTWARE - 4.3%** |  |
| 5000 | Microsoft Corporation | 1876950 |
|  | **SPECIALTY FINANCE - 4.3%** |  |
| 7000 | American Express Company | 1883350 |
|  | **TECHNOLOGY HARDWARE - 6.2%** |  |
| 12000 | Apple, Inc. | 2665560 |
|  | **TOBACCO & CANNABIS - 2.8%** |  |
| 7500 | Philip Morris International, Inc. | 1190475 |
|  | **TRANSPORTATION & LOGISTICS - 3.5%** |  |
| 6500 | Union Pacific Corporation | 1535560 |
|  | **TOTAL COMMON STOCKS (Cost $28,359,558)** | 43259983 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES BLUE CHIP EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 218365 | First American Treasury Obligations Fund, Class X, 4.26% (Cost $218,365)<sup>(b)</sup> | $218365 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $28,577,923)** | $43478348 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (129101) |
|  | **NET ASSETS - 100.0%** | $43349247 |

---

ADR - American Depositary Receipt

Ltd. - Limited Company

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

 

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Hodges Fund | <br>Small Cap Fund | Small Intrinsic<br>Value Fund | Blue Chip Equity<br>Income Fund |
| ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at cost | $125982407 | $106251439 | $52191878 | $28577923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value | 172232463 | 151816194 | 54197377 | 43478348 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 14606 | 156365 | 87326 | 1094 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 149606 | 138330 | 42644 | 40734 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 4293488 | 1152770 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 188099 | 185412 | 46356 | 28712 |
| Total Assets | **176878262** | **153449071** | **54373703** | **43548888** |
| LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 95411 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 86550 | 68849 | 67869 | 5996 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 4217440 | 1101040 |  | 135420 |
| &nbsp;&nbsp;&nbsp;Accrued advisory fee | 94651 | 147232 | 6561 | 22059 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 38616 | 25874 | 11633 | 9373 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 9388 | 1230 | 6840 | 26793 |
| Total Liabilities | **4542056** | **1344225** | **92903** | **199641** |
| NET ASSETS | $**172336206** | $**152104846** | $**54280800** | $**43349247** |
| COMPONENTS OF NET ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $110394044 | $98180786 | $52801388 | $27322195 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 61942162 | 53924060 | 1479412 | 16027052 |
| NET ASSETS | $**172336206** | $**152104846** | $**54280800** | $**43349247** |
| NET ASSET VALUE PER SHARE |  |  |  |  |
| RETAIL CLASS SHARES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $172336206 | $117263156 | $53450351 | $43349247 |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares) | 2697509 | 6368864 | 3231445 | 1900401 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $63.89 | $18.41 | $16.54 | $22.81 |
| INSISTUTIONAL CLASS SHARES |  |  |  |  |
| Net assets | $— | $34841690 | $830449 | $— |
| Shares of Beneficial Interest Outstanding ($0.01 par value, unlimited authorized shares) |  | 1739212 | 50227 |  |
| Net asset value, offering and redemption price per share | $— | $20.03 | $16.53 | $— |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **STATEMENTS OF OPERATIONS** |
| **FOR THE YEAR ENDED MARCH 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Hodges Fund | <br>Small Cap Fund | Small Intrinsic<br>Value Fund | Blue Chip Equity<br>Income Fund |
| INVESTMENT INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest net of $9,005, $-, $-, and $4,887 foreign withholding tax, respectively | $1490640 | $1961517 | $855759 | $724128 |
| Total investment income | 1490640 | 1961517 | 855759 | 724128 |
| EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1558213 | 1524128 | 520392 | 264951 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 458298 | 346126 | 151890 | 101904 |
| &nbsp;&nbsp;&nbsp;Administration fees | 38664 | 46616 | 34901 | 25523 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing fees | 37708 | 87538 | 34389 | 20067 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 25464 | 42519 | 22239 | 23888 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 23988 | 36095 | 18503 | 8076 |
| &nbsp;&nbsp;&nbsp;Legal fees | 22992 | 24678 | 23595 | 23882 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 20164 | 20163 | 18150 | 18158 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 19427 | 19440 | 19527 | 21872 |
| &nbsp;&nbsp;&nbsp;Professional fees | 17316 | 17143 | 11030 | 9593 |
| &nbsp;&nbsp;&nbsp;Registration fees | 13792 | 28231 | 22559 | 7961 |
| &nbsp;&nbsp;&nbsp;Custody fees | 8774 | 10596 | 7408 | 8960 |
| &nbsp;&nbsp;&nbsp;Shareholder reports | 5920 | 10299 | 5264 | 5006 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 500 | 533 | 302 | 255 |
| &nbsp;&nbsp;&nbsp;Other expenses |  | 3410 | 4484 | 1262 |
| Total expenses | **2251220** | **2217515** | **894633** | **541358** |
| &nbsp;&nbsp;&nbsp;Expenses waived | (88341) |  | (110843) | (8288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | **2162879** | **2217515** | **783790** | **533070** |
| NET INVESTMENT INCOME/(LOSS) | **(672239)** | **(255998)** | **71969** | **191058** |
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS |  |  |  |  |
| Net realized gain from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 24042931 | 20368592 | 585267 | 6147798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 231044 |  |  |  |
| Net realized gain | 24273975 | 20368592 | 585267 | 6147798 |
| Net change in unrealized depreciation on investments | (27155769) | (27152463) | (10393178) | (1504346) |
| Net realized and unrealized gain/(loss) on investments | (2881794) | (6783871) | (9807911) | 4643452 |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(3554033) | $(7039869) | $(9735942) | $4834510 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Hodges Fund | Hodges Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| NET ASSETS - BEGINNING OF YEAR | $186511499 | $150935481 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (672239) | (1023241) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 24273975 | 5354445 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (27155769) | 42839828 |
| Net increase/(decrease) in net assets resulting from operations | (3554033) | 47171032 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | (9537381) | (1229355) |
| Total distributions to shareholders | (9537381) | (1229355) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 11718650 | 9585251 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 9236922 | 1193387 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (22039451) | (21144297) |
| Net decrease from capital share transactions | (1083879) | (10365659) |
| Total increase/(decrease) in net assets | (14175293) | 35576018 |
| NET ASSETS - END OF YEAR | $172336206 | $186511499 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 157867 | 165916 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 123011 | 20508 |
| &nbsp;&nbsp;&nbsp;Redeemed | (323687) | (384056) |
| &nbsp;&nbsp;&nbsp;Net decrease | (42809) | (197632) |

---

\* Net of redemption fees of $16,454 and $7,192, respectively.

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Small Cap Fund | Small Cap Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| NET ASSETS - BEGINNING OF YEAR | $187943561 | $177544856 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (255998) | (843249) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 20368592 | 18633049 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (27152463) | 16655533 |
| Net decrease/increase in net assets resulting from operations | (7039869) | 34445333 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | (18493724) | (6568359) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (5207238) | (1770930) |
| Total distributions to shareholders | (23700962) | (8339289) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 4140224 | 3594547 |
| &nbsp;&nbsp;&nbsp;Sale of shares - Institutional Shares | 3678479 | 6978959 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 18208299 | 6466865 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class | 5088472 | 1722703 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (26940768) | (23671458) |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class^ | (9272590) | (10798955) |
| Net decrease from capital share transactions | (5097884) | (15707339) |
| Total increase/(decrease) in net assets | (35838715) | 10398705 |
| NET ASSETS - END OF YEAR | $152104846 | $187943561 |

---

\* Net of redemption fees of $201 and $5,885, respectively.

---

| | |
|:---|:---|
| ^ | Net of redemption fees of $59 and $1,623, respectively. |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Small Cap Fund | Small Cap Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 186618 | 181529 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 816882 | 349560 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1232345) | (1213486) |
| &nbsp;&nbsp;&nbsp;Net decrease | (228845) | (682397) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 158626 | 331447 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 209920 | 86742 |
| &nbsp;&nbsp;&nbsp;Redeemed | (394524) | (516473) |
| &nbsp;&nbsp;&nbsp;Net decrease | (25978) | (98284) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Small Intrinsic Value Fund | Small Intrinsic Value Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| NET ASSETS - BEGINNING OF YEAR | $63088775 | $38374072 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 71969 | (94684) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 585267 | 906338 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (10393178) | 8455776 |
| Net increase/(decrease) in net assets resulting from operations | (9735942) | 9267430 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | (1859564) | (26803) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26623) |  |
| Total distributions to shareholders | (1886187) | (26803) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 11904422 | 21179948 |
| &nbsp;&nbsp;&nbsp;Sale of shares - Institutional Shares<sup>#</sup> | 970020 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 1849069 | 26546 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Institutional Class<sup>#</sup> | 26623 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (11935874) | (5732418) |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Institutional Class<sup>#</sup> | (106) |  |
| Net increase from capital share transactions | 2814154 | 15474076 |
| Total increase/(decrease) in net assets | (8807975) | 24714703 |
| NET ASSETS - END OF YEAR | $54280800 | $63088775 |

---

\* Net of redemption fees of $2,944 and $4,782, respectively.

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Small Intrinsic Value Fund | Small Intrinsic Value Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 628774 | 1164839 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 91357 | 1520 |
| &nbsp;&nbsp;&nbsp;Redeemed | (623303) | (317209) |
| &nbsp;&nbsp;&nbsp;Net increase | 96828 | 849150 |
| Institutional Class<sup>#</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 48915 |  |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 1317 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (5) |  |
| &nbsp;&nbsp;&nbsp;Net increase | 50227 |  |

---

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | Blue Chip Equity Income Fund | Blue Chip Equity Income Fund |
|  | Year Ended<br>March 31,<br>2025 | Year Ended<br>March 31,<br>2024 |
| NET ASSETS - BEGINNING OF YEAR | $41341369 | $27929273 |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 191058 | 256359 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 6147798 | 1108590 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (1504346) | 7230017 |
| Net increase in net assets resulting from operations | 4834510 | 8594966 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class | (5248077) | (257271) |
| Total distributions to shareholders | (5248077) | (257271) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Sale of shares - Retail Shares | 7434320 | 10239945 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions - Retail Class | 5018631 | 246346 |
| &nbsp;&nbsp;&nbsp;Redemption of shares - Retail Class\* | (10031506) | (5411890) |
| Net increase from capital share transactions | 2421445 | 5074401 |
| Total increase in net assets | 2007878 | 13412096 |
| NET ASSETS - END OF YEAR | $43349247 | $41341369 |
| SHARE ACTIVITY |  |  |
| Retail Class: |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 302706 | 526091 |
| &nbsp;&nbsp;&nbsp;Issued on reinvestment of distributions | 206829 | 12089 |
| &nbsp;&nbsp;&nbsp;Redeemed | (425237) | (272598) |
| &nbsp;&nbsp;&nbsp;Net increase | 84298 | 265582 |

---

\* Net of redemption fees of $223 and $22, 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year | $68.06 | $51.37 | $58.91 | $57.39 | $20.36 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss1 | (0.25) | (0.36) | (0.14) | (0.46) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.29) | 17.49 | (7.17) | 1.98 | 37.34 |
| Total from investment operations | (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<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 | $63.89 | $68.06 | $51.37 | $58.91 | $57.39 |
| Total return | (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;Before fees waived and expenses absorbed | 1.23% | 1.32% | 1.37% | 1.35% | 1.40% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.18% | 1.18% | 1.18% | 1.17% | 1.16% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.41)% | (0.78)% | (0.48)% | (0.93)% | (1.03)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | (0.37)% | (0.64)% | (0.29)% | (0.76)% | (0.79)% |
| Portfolio turnover rate | 94% | 103% | 74% | 96% | 220% |
| Net Assets at end of year (millions) | $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. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Fund - Retail Shares** | **Small Cap Fund - Retail Shares** | **Small Cap Fund - Retail Shares** | **Small Cap Fund - Retail Shares** | **Small Cap 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year | $22.13 | $19.15 | $21.35 | $25.28 | $10.10 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>1</sup> | (0.04) | (0.11) | (0.01) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.54) | 4.09 | (1.01) | 0.56 | 15.31 |
| Total from investment operations | (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 |
| Net Asset Value - End of Year | $18.41 | $22.13 | $19.15 | $21.35 | $25.28 |
| Total return | (5.08)% | 21.80% | (4.68)% | 1.12% | 150.30% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.29% | 1.36% | 1.40% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.29% | 1.36% | 1.40% | 1.36% | 1.35% |
| Ratios of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.20)% | (0.54)% | (0.04)% | (0.62)% | (0.83)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | (0.20)% | (0.54)% | (0.04)% | (0.60)% | (0.78)% |
| Portfolio turnover rate | 60% | 62% | 69% | 67% | 124% |
| Net Assets at end of year (millions) | $117.3 | $146.0 | $139.4 | $161.1 | $183.2 |

---

1 Calculated using the average shares method.

---

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

---

---

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

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HODGES MUTUAL FUNDS** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Fund - Institutional Shares** | **Small Cap Fund - Institutional Shares** | **Small Cap Fund - Institutional Shares** | **Small Cap Fund - Institutional Shares** | **Small Cap 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year | $23.77 | $20.45 | $22.66 | $26.51 | $10.56 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | 0.01 | (0.06) | 0.05 | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.61) | 4.38 | (1.08) | 0.58 | 16.04 |
| Total from investment operations | (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 |
| Net Asset Value - End of Year | $20.03 | $23.77 | $20.45 | $22.66 | $26.51 |
| Total return | (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;Before fees waived and expenses absorbed | 1.04% | 1.11% | 1.15% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.04% | 1.11% | 1.15% | 1.11% | 1.10% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.05% | (0.29)% | 0.22% | (0.36)% | (0.58)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 0.05% | (0.29)% | 0.22% | (0.35)% | (0.53)% |
| Portfolio turnover rate | 60% | 62% | 69% | 67% | 124% |
| Net Assets at end of year (millions) | $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. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year | $20.13 | $16.79 | $18.37 | $17.34 | $6.84 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>1</sup> | 0.02 | (0.04) | 0.13 | 0.02 | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (3.01) | 3.40 | (1.24) | 2.15 | 10.56 |
| Total from investment operations | (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 |
| Net Asset Value - End of Year | $16.54 | $20.13 | $16.79 | $18.37 | $17.34 |
| Total return | (15.41)% | 19.97% | (5.92)% | 12.56% | 153.51% |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.46% | 1.62% | 1.78% | 2.05% | 2.48% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.28% | 1.29% | 1.29% | 1.29% | 1.29% |
| Ratios of net investment income/(loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.07)% | (0.54)% | 0.24% | (0.67)% | (1.73)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.12% | (0.21)% | 0.73% | 0.09% | (0.54)% |
| Portfolio turnover rate | 49% | 44% | 56% | 62% | 136% |
| Net Assets at end of year (millions) | $53.5 | $63.1 | $38.4 | $17.6 | $16.2 |

---

1 Calculated using the average shares method.

---

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

---

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 Intrinsic Value Fund -**<br>**Institutional Shares** |
|  | **For the**<br>**Period Ended**<br>**March 31, 2025<sup>1</sup>** |
| Net Asset Value - Beginning of Period | $20.13 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>2</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (3.00) |
| Total from investment operations | (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>3</sup> | 0.00 |
| Net Asset Value - End of Period | $16.53 |
| Total return<sup>4</sup> | (15.26)% |
| Ratios/Supplemental Data: |  |
| Ratios of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>5</sup> | 1.24% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>5</sup> | 0.98% |
| Ratios of net investment income to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>5</sup> | 0.13% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>5</sup> | 0.40% |
| Portfolio turnover rate<sup>4</sup> | 49% |
| Net Assets at end of period (000's omitted) | $830 |

---

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

(2) Calculated using the average shares
 method.

(3) Represents less than $0.005.

(4) Not annualized.

(5) 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value - Beginning of Year | $22.76 | $18.01 | $20.66 | $19.50 | $13.11 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.11 | 0.14 | 0.15 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.25 | 4.75 | (1.28) | 3.32 | 7.22 |
| Total from investment operations | 3.36 | 4.89 | (1.13) | 3.44 | 7.35 |
| Distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (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 | (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 |
| Net Asset Value - End of Year | $22.81 | $22.76 | $18.01 | $20.66 | $19.50 |
| Total return | 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;Before fees waived and expenses absorbed | 1.33% | 1.42% | 1.54% | 1.49% | 1.64% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.31% | 1.30% | 1.30% | 1.30% | 1.30% |
| Ratios of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.45% | 0.61% | 0.58% | 0.39% | 0.37% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.47% | 0.73% | 0.82% | 0.58% | 0.71% |
| Portfolio turnover rate | 84% | 48% | 53% | 79% | 67% |
| Net Assets at end of year (millions) | $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. |

---

See accompanying notes to financial statements.

**Hodges Mutual Funds Notes to Financial Statements March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

Effective September 25, 2023, the Hodges Fund, 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 Fund commenced operations on December 18, 2007. The Small Cap Fund currently offers two classes of shares: Retail Class and Institutional Class. The Retail Class commenced operations on December 18, 2007 and the Institutional Class commenced operations on December 12, 2008. 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 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 Fund | Retail | 129886052 | 6819707 |
| Small Cap Fund | Institutional | 35890447 | 1762300 |
| Small Intrinsic Value Fund | Retail | 41442184 | 2454959 |
| Blue Chip Equity Income Fund | Retail | 36725694 | 1937822 |

---

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

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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

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

**Security Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

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

**Fair Valuation Process** – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 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 March 31, 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 | $159178600 | $— | $— | $159178600 |
| Options |  | 13053863 |  | 13053863 |
| Total | $159178600 | $13053863 | $— | $172232463 |

---

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** | **Small Cap Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $151699836 | $— | $— | $151699836 |
| Short-Term Investment | 116358 |  |  | 116358 |
| Total | $151816194 | $— | $— | $151816194 |
| **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 | $52901648 | $— | $— | $52901648 |
| Short-Term Investment | 1295729 |  |  | 1295729 |
| Total | $54197377 | $— | $— | $54197377 |
| **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 | $43259983 | $— | $— | $43259983 |
| Short-Term Investment | 218365 |  |  | 218365 |
| Total | $43478348 | $— | $— | $43478348 |

---

\* 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 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.

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hodges Fund** |  | |  | |
|  | **Asset Derivatives as of** | **Asset Derivatives as of** | **Liability Derivatives as of** | **Liability Derivatives as of** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **Derivative Instruments** | Balance Sheet Location | Value | Balance Sheet Location | Value |
| Equity Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | Investments in securities, at value | $13053863 |  | $— |
| Total |  | $13053863 |  | $— |

---

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| **Hodges Fund**<br>**Derivative Instruments** | <br>**Location of Gain<br> (Loss) on Derivatives<br> Recognized in<br> Income** |<br>**Realized Gain/(Loss)<br> on Derivatives<br> Recognized in<br> Income** |<br>**Change in Unrealized<br> Depreciation on Derivatives<br> Recognized in Income** |
| Equity Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | Net Realized and Unrealized Gain/(Loss) on Investments | $9564240 | $(5553006) |
| &nbsp;&nbsp;&nbsp;Call Options Written | Net Realized and Unrealized Gain/(Loss) on Investments | $231044 | $— |

---

The notional value and contracts of the derivative instruments outstanding as of March 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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 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 year ended March 31, 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.

The Funds are responsible for their own operating expenses. The Advisor has contractually agreed, at least until September 30, 2025, 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:

---

| | | |
|:---|:---|:---|
|  | Retail Shares | Institutional Shares |
| Hodges Fund | 0.93%<sup>1</sup> | N/A |
| Small Cap Fund | 1.15%<sup>1</sup> | 1.15%<sup>1</sup> |
| Small Intrinsic Value Fund | 1.03%<sup>2</sup> | 0.98%<sup>2</sup> |
| Blue Chip Equity Income Fund | 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 Fund, respectively.

<sup>2</sup> Effective July 29, 2024, the Management Fee Waiver is 0.98% and 1.03% for Institutional Shares and Retail Shares, respectively. Prior to July 29, 2024, the Management Fee Waiver was 1.04% 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

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

relates, provided the aggregate amount of the respective Fund's current operating expenses for such period does not exceed the lesser expense cap in place at the time of waiver or at the time of reimbursement. Each Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursements of fees and/or expenses. Any such reimbursement is also contingent upon Board's review and approval. For the year ended March 31, 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, 2026 | March 31, 2027 | March 31, 2028 |
| Hodges Fund | $285080 | $228346 | $88341 |
| Small Cap 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 year ended March 31, 2025, First Dallas Securities, an affiliate of the Advisor, received $110,055, $24,193, $7,151, and $5,773 in brokerage commissions with respect to the Hodges Fund, Small Cap Fund, Small Intrinsic Value Fund, and Blue Chip Equity Income Fund for portfolio transactions, respectively.

Effective September 25, 2023, Northern Lights Distributors, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Prior to September 25, 2023, Quasar Distributors, LLC was the Funds' distributor. The Board has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Retail Class shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act to pay for ongoing distribution-related activities or shareholder services. Under the Plan, each Fund is permitted to pay a fee at an annual rate of 0.25% of the average daily net assets of Retail Class shares. Fees paid by the Funds to the Distributor for services for the year ended March 31, 2025, are disclosed in the Statements of Operations.

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

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

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

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

**Hodges Mutual Funds Notes to Financial Statements (Continued) March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT TRANSACTIONS** 

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Hodges Fund | $157621160 | $162567345 |
| Small Cap Fund | 107022081 | 136700357 |
| Small Intrinsic Value Fund | 31689132 | 28423799 |
| Blue Chip Equity Income Fund | 33483465 | 35497337 |

---

There were no purchases or sales of U.S. Government obligations for any of the Funds for the year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**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 Fluid | 2165670 | 21535292 |  | 23700962 |
| Small Intrinsic Value Fluid | 340830 | 1545357 |  | 1886187 |
| Blue Chip Equity Income Fluid | 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 Fluid | $— | $1229355 | $— | $1229355 |
| Small Cap Fluid |  | 8339289 |  | 8339289 |
| Small Intrinsic Value Fluid |  | 26803 |  | 26803 |
| Blue Chip Equity Income Fluid | 257271 |  |  | 257271 |

---

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 Loss<br> 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/(Deficits)** |
| Hodges Fund | $3973253 | $12357557 | $— | $– $| (89106) | $45700458 | $61942162 |
| Small Cap 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.

**Hodges Mutual Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2025**

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 Fluid | 2662405 | (2662405) |
| Small Intrinsic Value Fluid | (29282) | 29282 |
| Blue Chip Equity Income Fluid | 279756 | (279756) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Hodges Fund | $126532005 | $53093734 | $(7393276) | $45700458 |
| Small Cap Fund | 106747799 | 51482568 | (6414173) | 45068395 |
| Small Intrinsic Value Fund | 52258297 | 7134754 | (5195674) | 1939080 |
| Blue Chip Equity Income Fund | 28596547 | 15102220 | (220419) | 14881801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SUBSEQUENT EVENTS** 

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Opinion on the Financial Statements**

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

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**May 29, 2025**

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

Not applicable

![(HODGES LOGO)](ho002_v1.jpg)

**Annual Financial Statements & Additional Information**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fund* | *Retail Class Shares* | *Institutional Class Shares* |
| **Hodges Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **HDPMX** | **N/A** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **664925104** | **N/A** |
| **Small Cap Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **HDPSX** | **HDSIX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **664925203** | **664925302** |
| **Small Intrinsic Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **HDSVX** | **HSVIX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **664925500** | **664925609** |
| **Blue Chip Equity Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Ticker Symbol* | **HDPBX** | **N/A** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CUSIP* | **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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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.](ex99-cert.htm)

(a)(4) Not applicable

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

**SIGNATURES**

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

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

By (Signature and Title)

---

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

---

Date <u>6/6/25</u>

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

By (Signature and Title)

---

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

---

Date <u>6/6/25</u>

By (Signature and Title)

---

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

---

Date <u>6/6/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/6/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

CERTIFICATIONS

I, Erik Naviloff, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/6/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

CERTIFICATION

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 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 | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Erik Naviloff |
| Kevin E. Wolf | Erik Naviloff |

---

Date: <u>6/6/25</u> Date: <u>6/6/25</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.