Invenomic Fund

Institutional Class (BIVIX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Invenomic Fund for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.invenomic.com/. You can also request this information by contacting us at 1-855-466-3406.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$142	2.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$970,598,265
Number of Portfolio Holdings279
Advisory Fee (net of waivers)$8,765,029
Portfolio Turnover82%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	94.2%
Money Market Funds	5.8%
Warrant	0.0%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-21.5%
Energy	0.7%
Real Estate	0.8%
Financials	3.1%
Money Market	7.1%
Consumer Staples	8.9%
Communications	9.5%
Materials	9.7%
Industrials	10.7%
Consumer Discretionary	15.4%
Health Care	17.3%
Technology	38.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Government Obligations Fund, Class X	7.1%
Lyft, Inc., Class A	3.1%
Workday, Inc., Class A	3.1%
Fiserv, Inc.	3.1%
Salesforce, Inc.	3.0%
Global Payments, Inc.	2.9%
Fidelity National Information Services, Inc.	2.3%
Ingredion, Inc.	2.1%
Dentsply Sirona, Inc.	2.1%
Penn Entertainment, Inc.	2.0%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Consumer Staples	-0.6%
Energy	-0.7%
Exchange-Traded Funds	-1.0%
Utilities	-1.1%
Real Estate	-1.3%
Materials	-1.5%
Communications	-2.6%
Financials	-5.5%
Health Care	-5.8%
Consumer Discretionary	-9.1%
Industrials	-32.7%
Technology	-33.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Invenomic Fund - Institutional Class (BIVIX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.invenomic.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-BIVIX

Invenomic Fund

Super Institutional Class (BIVSX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Super Institutional Class	$129	2.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$970,598,265
Number of Portfolio Holdings279
Advisory Fee (net of waivers)$8,765,029
Portfolio Turnover82%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	94.2%
Money Market Funds	5.8%
Warrant	0.0%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-21.5%
Energy	0.7%
Real Estate	0.8%
Financials	3.1%
Money Market	7.1%
Consumer Staples	8.9%
Communications	9.5%
Materials	9.7%
Industrials	10.7%
Consumer Discretionary	15.4%
Health Care	17.3%
Technology	38.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Government Obligations Fund, Class X	7.1%
Lyft, Inc., Class A	3.1%
Workday, Inc., Class A	3.1%
Fiserv, Inc.	3.1%
Salesforce, Inc.	3.0%
Global Payments, Inc.	2.9%
Fidelity National Information Services, Inc.	2.3%
Ingredion, Inc.	2.1%
Dentsply Sirona, Inc.	2.1%
Penn Entertainment, Inc.	2.0%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Consumer Staples	-0.6%
Energy	-0.7%
Exchange-Traded Funds	-1.0%
Utilities	-1.1%
Real Estate	-1.3%
Materials	-1.5%
Communications	-2.6%
Financials	-5.5%
Health Care	-5.8%
Consumer Discretionary	-9.1%
Industrials	-32.7%
Technology	-33.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Invenomic Fund - Super Institutional Class (BIVSX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.invenomic.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-BIVSX

Invenomic Fund

Investor Class (BIVRX)

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$155	3.03%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$970,598,265
Number of Portfolio Holdings279
Advisory Fee (net of waivers)$8,765,029
Portfolio Turnover82%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	94.2%
Money Market Funds	5.8%
Warrant	0.0%

What did the Fund invest in?

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-21.5%
Energy	0.7%
Real Estate	0.8%
Financials	3.1%
Money Market	7.1%
Consumer Staples	8.9%
Communications	9.5%
Materials	9.7%
Industrials	10.7%
Consumer Discretionary	15.4%
Health Care	17.3%
Technology	38.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Government Obligations Fund, Class X	7.1%
Lyft, Inc., Class A	3.1%
Workday, Inc., Class A	3.1%
Fiserv, Inc.	3.1%
Salesforce, Inc.	3.0%
Global Payments, Inc.	2.9%
Fidelity National Information Services, Inc.	2.3%
Ingredion, Inc.	2.1%
Dentsply Sirona, Inc.	2.1%
Penn Entertainment, Inc.	2.0%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Consumer Staples	-0.6%
Energy	-0.7%
Exchange-Traded Funds	-1.0%
Utilities	-1.1%
Real Estate	-1.3%
Materials	-1.5%
Communications	-2.6%
Financials	-5.5%
Health Care	-5.8%
Consumer Discretionary	-9.1%
Industrials	-32.7%
Technology	-33.8%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Invenomic Fund - Investor Class (BIVRX)

Semi-Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.invenomic.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-BIVRX

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

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

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

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

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

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

Segment Reporting – An operating segment is defined 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 Fund’s CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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

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

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

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2026 for the Fund’s investments measured at fair value:

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

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

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

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

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

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

In conjunction with the use of written options contracts and short sales, the Fund may be required to maintain collateral in various forms. At April 30, 2026, such collateral is denoted in the Fund’s Schedule of Investments and Statements of Assets and Liabilities. Also, in conjunction with the use of written options contracts and short sales, the Fund, when appropriate, utilizes a segregated margin deposit account with the counterparty. At April 30, 2026, these segregated margin deposit accounts are denoted in the Fund’s Statements of Assets and Liabilities.

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

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

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

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

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

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

For the six months ended April 30, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments amounted to the following:

Invenomic Capital Management LP serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.74%. For the six months ended April 30, 2026, the Fund incurred advisory fees in the amount of $8,819,836.

The Fund’s Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least February 28, 2027 to ensure that Total Annual Fund Operating Expenses after fee waiver and/or reimbursement (excluding interest and tax expenses, dividends on short positions and Acquired Fund Fees and Expenses) for the Fund do not exceed 2.23%, 2.48% and 1.98% of the Fund’s average net assets, for Institutional Class, Investor Class shares and Super Institutional Class shares, respectively; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. During the six months ended April 30, 2026, the advisor waived fees in the amount of $54,807. Previously waived fees in the amount of $180,485 are subject to recapture until October 31, 2028.

Invenomic Capital Management LP serves as the Authorized Service Provider to the Fund. Pursuant to a Shareholder Services Plan with the Fund, the Advisor, under the oversight of the Board, provides customers who own shares of the fund with administrative support services. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a shareholder services fee, computed and accrued daily and paid monthly, at an annual rate of 0.25% of the Institutional Class and Investor Class Shares of the Fund. For the six months ended April 30, 2026, the Fund incurred shareholder service fees in the amount of $679,472 and $42,402 for the Institutional Class and Investor Class Shares respectively.

Distributor – The distributor of the Fund is Northern Lights Distributors, LLC (the “Distributor”). The Board of Trustees of the Northern Lights Fund Trust II has adopted, on behalf of the Fund, the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”), as amended, pursuant to Rule 12b-1 under the Investment Company Act of 1940, to pay for certain distribution activities and shareholder services. Under the Plan, the Fund may pay 0.25% per year of the average daily net assets of Investor Class shares for such distribution and shareholder service activities. For the six months ended April 30, 2026, the Fund incurred distribution fees in the amount of $42,402.

In addition, certain affiliates of the Distributor provide services to the Fund 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 GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Fund for serving in such capacities.

Northern Lights Compliance Services, LLC (“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 Fund.

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

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations for the six months ended April 30, 2026.

The amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells his shares after holding them for less than 60 days. The redemption fee is paid directly to the Fund. For the six months ended April 30, 2026 and year ended October 31, 2025 the redemption fees assessed by the Fund were as follows:

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at April 30, 2026, was as follows:

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

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

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

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

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

such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of April 30, 2026 there were no securities on loan.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2026, Charles Schwab & Co. and National Financial Services LLC held approximately 39.06% and 25.94%, respectively of the voting securities of the Fund for the benefit of others. The Fund has no knowledge as to whether all or any portion of the shares owned on record by Charles Schwab & Co. and National Financial Services LLC. are also owned beneficially by any party who would be presumed to control the Fund.

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

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

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

FACTORS CONSIDERED BY THE TRUSTEES IN THE APPROVAL OF THE RENEWAL OF AN INVESTMENT ADVISORY AGREEMENT

At a meeting (the “Meeting”) of the Board of Trustees (the “Board”) of Northern Lights Fund Trust II (the “Trust”) held on January 21, 2026, the Board, including the disinterested Trustees (the “Independent Trustees”), considered the renewal of the advisory agreement (the “Advisory Agreement”) between Invenomic Capital Management LP (“ICM”) and the Trust on behalf of the Invenomic Fund (the “Fund”).

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

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

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

During the discussions with ICM, the Board reviewed materials provided by ICM relating to the Advisory Agreement, including a description of the manner in which investment decisions are made and executed and a review of the professional personnel performing services for the Fund including the individuals that primarily monitor and execute the investment process. The Board discussed and noted they had met with ICM and were familiar with ICM’s capabilities and experience managing a mutual fund as well as its commitment to the Fund. The Board then discussed the extent of ICM’s research capabilities, the

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

The Board discussed the report prepared by Broadridge, an independent third party, and reviewed the performance of the Fund as compared to its peer group, Morningstar category and benchmark for the one-year, three-year, five-year and since inception periods ended December 31, 2025. The Board noted that the Fund outperformed its peer group median, Morningstar category median and benchmark (the S&P 500 total Return Index) for the five-year and since inception periods but underperformed its peer group median and Morningstar category median and benchmark for the one and three-year periods. The Board noted the portfolio managers’ ability to manage risk and concluded that past performance was acceptable.

As to the costs of the services provided by ICM, the Board discussed the comparison of the Fund’s advisory fee and total operating expense data as compared to its peer group and Morningstar category as presented in the Broadridge Report. The Board noted that although the advisory fee was at the high end of its peer group and Morningstar category, it was not the highest in the peer group or Morningstar category. The Board reviewed the contractual arrangements for the Fund, which stated that ICM had agreed to waive or limit its advisory fee and/or reimburse expenses at least until February 28, 2027, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 2.23%, 2.48% and 1.98% of the Fund’s average net assets for Institutional Class shares, Investor Class shares and Super Institutional Class shares, respectively. The Board found such arrangements to be beneficial to the Fund’s shareholders. After further consideration, it was the consensus of the Board that, based on ICM’s experience and expertise, and the services provided by ICM to the Fund, the advisory fee charged by ICM to the Fund was not unreasonable.

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

As to the extent to which the Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed ICM’s expectations for growth of the Fund. After consideration, the Board concluded that any material economies of scale would not be achieved in the near term.

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

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

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

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

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

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

(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.

(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.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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.

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.

225 Pictoria Dr, Ste 450 Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Date of fiscal year end:	10/31

Date of reporting period:	4/30/26

Shares			Fair Value
		COMMON STOCKS — 114.4%
		ADVERTISING & MARKETING - 1.4%
	181,039	Omnicom Group, Inc.^(a)	$	13,889,312

		APPAREL & TEXTILE PRODUCTS - 3.8%
	620,399	Canada Goose Holdings, Inc.^(b)		7,060,141
	89,477	Oxford Industries, Inc.		3,833,195
	109,747	Prada SpA		486,201
	255,776	Puma S.E.		7,800,282
	184,849	PVH Corporation^(a)		16,902,592
	164,698	Unifi, Inc.^(b)		599,501
				36,681,912
		ASSET MANAGEMENT - 0.2%
	56,862	Wealthfront Corporation^(b)		598,757
	57,449	WisdomTree, Inc.		976,633
				1,575,390
		AUTOMOTIVE - 0.5%
	219,223	Dauch Corporation^(b)		1,251,763
	43,798	Gentex Corporation		1,012,172
	46,236	Miller Industries, Inc.		2,218,866
	145,577	QuantumScape Corporation^(b)		1,061,256
				5,544,057
		BANKING - 1.4%
	69,175	Firstsun Capital Bancorp^(b)		2,446,028
	11,398	M&T Bank Corporation^(a)		2,491,945
	129,908	United Community Banks, Inc.		4,329,834
	124,793	WesBanco, Inc.		4,290,383
				13,558,190
		BIOTECH & PHARMA - 3.5%
	162,234	Hikma Pharmaceuticals PLC		3,086,525
	3,377,261	Iovance Biotherapeutics, Inc.^(a),(b)		11,347,597
	181,439	Lexaria Bioscience Corporation^(b)		119,568
	1,299,076	Viatris, Inc.^(a)		19,408,196
				33,961,886

Shares			Fair Value
		COMMON STOCKS — 114.4% (Continued)
		CABLE & SATELLITE - 0.3%
	107,905	Comcast Corporation, Class A	$	2,917,751

		CHEMICALS - 2.2%
	127,092	AdvanSix, Inc.		3,134,089
	299,960	American Vanguard Corporation^(b)		863,885
	95,475	Arkema S.A.		6,948,527
	23,312	Eastman Chemical Company		1,703,874
	920,054	Mativ Holdings, Inc.^(a)		8,538,101
	5,316	Stepan Company		265,959
				21,454,435
		COMMERCIAL SUPPORT SERVICES - 5.9%
	263,604	ABM Industries, Inc.^(a)		10,755,043
	9,688	Huron Consulting Group, Inc.^(b)		1,265,883
	2,152,318	Legalzoom.com, Inc.^(a),(b)		13,882,451
	438,845	Resources Connection, Inc.		1,860,703
	289,512	Securitas A.B., Class B		4,832,360
	298,662	Sodexo S.A.		15,187,274
	293,504	TrueBlue, Inc.^(b)		1,611,337
	818,813	Vestis Corporation^(b)		7,958,862
				57,353,913
		CONSTRUCTION MATERIALS - 1.6%
	127,815	Owens Corning^(a)		15,764,702

		CONSUMER SERVICES - 2.2%
	2,578,754	Coursera, Inc.^(a),(b)		15,343,586
	422,360	KinderCare Learning Companies, Inc.^(b)		1,659,875
	993,026	Udemy, Inc.^(b)		4,706,943
				21,710,404
		CONTAINERS & PACKAGING - 1.8%
	269,137	Clearwater Paper Corporation^(b)		3,689,868
	25,918	Silgan Holdings, Inc.		1,050,975
	261,933	Sonoco Products Company^(a)		13,086,173
				17,827,016
		ELECTRICAL EQUIPMENT - 2.0%
	45,280	Otis Worldwide Corporation		3,526,406

Shares			Fair Value
		COMMON STOCKS — 114.4% (Continued)
		ELECTRICAL EQUIPMENT - 2.0% (Continued)
	386,737	Sensata Technologies Holding PLC	$	16,103,729
				19,630,135
		ENGINEERING & CONSTRUCTION - 0.4%
	184,793	Mistras Group, Inc.^(b)		3,488,892

		ENTERTAINMENT CONTENT - 0.0%^(c)
	2,536	Versant Media Group, Inc.		101,922

		FOOD – 5.9%
	199,517	BellRing Brands, Inc.^(b)		3,551,403
	698,885	Dole PLC		10,609,074
	622,059	Flowers Foods, Inc.		5,635,855
	70,218	Fresh Del Monte Produce, Inc.		2,941,432
	65,057	Herbalife Ltd.^(b)		1,079,946
	182,417	Ingredion, Inc.^(a)		20,383,276
	30,131	John B Sanfilippo & Son, Inc.		2,464,414
	790,588	Nomad Foods Ltd.		7,684,515
	212,363	Vital Farms, Inc.^(b)		2,898,755
				57,248,670
		HEALTH CARE FACILITIES & SERVICES - 3.4%
	218,463	Acadia Healthcare Company, Inc.^(a),(b)		5,657,099
	1,366,972	Accendra Health, Inc.^(b)		5,071,466
	464,244	Fulgent Genetics, Inc.^(b)		7,051,866
	11,356	IQVIA Holdings, Inc.^(b)		1,798,450
	82,469	Universal Health Services, Inc., Class B^(a)		13,877,059
				33,455,940
		HOME & OFFICE PRODUCTS - 0.0%^(c)
	150,303	Purple Innovation, Inc.^(b)		74,400

		HOME CONSTRUCTION - 0.3%
	95,226	Forestar Group, Inc.^(b)		2,691,087

		HOUSEHOLD PRODUCTS – 2.7%
	183,450	Central Garden & Pet Company, Class A^(b)		6,156,582

Shares				Expiration Date	Exercise Price		Fair Value
			WARRANT — 0.0%^(c)
			BIOTECH & PHARMA - 0.0% ^(c)
	320,380		Lexaria Bioscience Corporation Warrants	05/12/2028	$	0.95	$	95,601
			TOTAL WARRANT (Cost $3,204)

			SHORT-TERM INVESTMENTS — 7.1%
			MONEY MARKET FUNDS - 7.1%
	68,955,133		First American Government Obligations Fund, Class X, 3.58% (Cost $68,955,133)^(e)					68,955,133

			TOTAL INVESTMENTS - 121.5% (Cost $1,177,441,588)				$	1,179,517,847
			LIABILITIES IN EXCESS OF OTHER ASSETS - (21.5)%					(208,919,582	)
			NET ASSETS - 100.0%				$	970,598,265

			COMMON STOCKS SOLD SHORT — (94.7)%
			ADVERTISING & MARKETING - (1.9)%
	(40,979	)	AppLovin Corporation, Class A					(18,290,977	)

			AEROSPACE & DEFENSE - (6.6)%
	(15,669	)	HEICO Corporation					(4,229,376	)
	(2,101,403	)	Joby Aviation, Inc.					(19,311,893	)
	(186,838	)	Karman Holdings, Inc.					(12,701,247	)
	(86,351	)	Kratos Defense & Security Solutions, Inc.					(5,444,431	)
	(70,788	)	Loar Holdings, Inc.					(3,972,623	)
	(55,241	)	Ondas, Inc.					(554,620	)
	(215,562	)	Rocket Lab Corporation					(17,786,020	)
								(64,000,210	)
			ASSET MANAGEMENT - (4.3)%
	(8,737	)	Ares Management Corporation, Class A					(1,025,724	)
	(93,313	)	Blackstone, Inc.					(11,718,246	)
	(453,080	)	Blue Owl Capital, Inc.					(4,417,530	)
	(137,715	)	Robinhood Markets, Inc., Class A					(10,038,046	)
	(202,164	)	StepStone Group, Inc., Class A					(10,694,476	)
	(93,873	)	TPG, Inc.					(4,094,740	)
								(41,988,762	)

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (94.7)% (Continued)
			ELECTRICAL EQUIPMENT - (8.7)% (Continued)
	(19,923	)	Modine Manufacturing Company	$	(5,072,993	)
	(33,523	)	nLight, Inc.		(2,341,582	)
	(23,163	)	Powell Industries, Inc.		(6,422,405	)
	(66,046	)	Veritiv Holdings Company, Class A		(21,695,451	)
					(83,214,435	)
			ENGINEERING & CONSTRUCTION - (8.9)%
	(6,475	)	Comfort Systems USA, Inc.		(11,915,619	)
	(176,985	)	Construction Partners, Inc., Class A		(21,885,964	)
	(8,350	)	Dycom Industries, Inc.		(3,457,735	)
	(32,026	)	IES Holdings, Inc.		(20,627,306	)
	(32,508	)	Installed Building Products, Inc.		(9,380,183	)
	(38,356	)	Sterling Infrastructure, Inc.		(19,777,121	)
					(87,043,928	)
			FOOD - (0.2)%
	(184	)	Lotus Bakeries N.V.		(2,216,035	)

			HEALTH CARE FACILITIES & SERVICES - (2.1)%
	(158,737	)	BrightSpring Health Services, Inc.		(7,614,614	)
	(30,409	)	Medpace Holdings, Inc.		(12,731,032	)
					(20,345,646	)
			INDUSTRIAL INTERMEDIATE PROD - (0.6)%
	(7,768	)	VAT Group AG^(d)		(5,795,605	)

			INDUSTRIAL SUPPORT SERVICES - (0.1)%
	(4,583	)	VSE Corporation		(786,809	)

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

ETF	- Exchange-Traded Fund

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.E.	- Societas Europeae

ASSETS
Investment securities:
At cost	$	1,177,441,588
At value	$	1,179,517,847
Cash collateral segregated for short sales		705,490,857
Foreign Currency (Cost $51,397,371)		54,747,581
Receivable for securities sold		23,022,012
Receivable for Fund shares sold		835,290
Dividends and interest receivable		2,236,424
Prepaid expenses and other assets		83,574
TOTAL ASSETS		1,965,933,585

LIABILITIES
Securities sold short (Proceeds - $882,764,398)		929,131,619
Payable for investments purchased		63,824,118
Payable for Fund shares redeemed		423,210
Investment advisory fees payable		1,444,923
Dividends payable on securities sold short		180,317
Shareholder servicing fees payable		115,565
Payable to related parties		70,786
Distribution (12b-1) fees payable		6,860
Accrued expenses and other liabilities		137,922
TOTAL LIABILITIES		995,335,320
NET ASSETS	$	970,598,265

NET ASSETS CONSIST OF:
Paid in capital	$	1,189,615,437
Accumulated loss		(219,017,172	)
NET ASSETS	$	970,598,265

NET ASSET VALUE PER SHARE:
Institutional Class:
Net Assets	$	498,437,511
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		30,099,228
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	16.56

Investor Class:
Net Assets	$	31,578,276
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,947,250
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	16.22

Super Institutional Class:
Net Assets	$	440,582,478
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		26,215,333
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	16.81

INVESTMENT INCOME
Dividends (net of foreign tax withheld of $49,200)	$	7,996,787
Interest		12,275,877
TOTAL INVESTMENT INCOME		20,272,664

EXPENSES
Investment advisory fees		8,819,836
Distribution (12b-1) fees:
Investor Class		42,402
Shareholder service fees - Institutional Class		679,472
Shareholder service fees - Investor Class		42,402
Dividends on securities sold short		2,784,799
Third party administrative servicing fees		579,382
Administration fees		425,246
Custodian fees		88,537
Registration fees		70,630
Compliance officer fees		28,202
Insurance expense		18,123
Printing expense		17,928
Legal fees		14,876
Trustees fees and expenses		12,367
Audit fees		9,654
Other expenses		9,017
TOTAL EXPENSES		13,642,873

Plus: Fees waived by the Advisor		(54,807	)

NET EXPENSES		13,588,066

NET INVESTMENT INCOME		6,684,598

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		86,472,352
Foreign currency transactions		1,211,978
Options purchased		1,376,475
Securities sold short		(102,143,809	)
		(13,083,004	)
Net change in unrealized appreciation (depreciation) on:
Investments		10,835,405
Foreign currency translations		2,860,540
Options purchased		(2,037,639	)
Securities sold short		47,238,845
		58,897,151

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		45,814,147

NET INCREASE IN NET ASSETS	$	52,498,745

	For the			For the
	Six Months Ended			Year Ended
	April 30, 2026			October 31, 2025
FROM OPERATIONS	(Unaudited)
Net investment income	$	6,684,598		$	20,671,853
Net realized gain(loss) from investments, foreign currency transactions, options purchased, and securities sold short		(13,083,004	)		17,469,351
Net change in unrealized appreciation(depreciation) on investments, securities sold short, options purchased and foreign currency translations		58,897,151			(89,644,571	)
Net increase(decrease) in net assets resulting from operations		52,498,745			(51,503,367	)

DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid:
Institutional Class		(12,706,541	)		(24,986,679	)
Investor Class		(684,029	)		(1,869,994	)
Super Institutional Class		(10,096,832	)		(15,571,955	)
Net decrease in net assets resulting from distributions to shareholders		(23,487,402	)		(42,428,628	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Institutional Class		46,809,196			122,459,356
Investor Class		4,327,226			11,942,102
Super Institutional Class		133,562,427			417,539,643
Net asset value of shares issued in reinvestment of distributions:
Institutional Class		11,040,932			21,164,186
Investor Class		615,126			1,727,913
Super Institutional Class		5,042,804			8,851,425
Redemption fee proceeds:
Institutional Class		11,911			183,199
Investor Class		731			13,295
Super Institutional Class		8,891			112,621
Payments for shares redeemed:
Institutional Class		(109,646,295	)		(235,433,765	)
Investor Class		(6,788,040	)		(49,207,609	)
Super Institutional Class		(77,311,351	)		(255,912,998	)
Net increase in net assets from shares of beneficial interest		7,673,558			43,439,368

TOTAL INCREASE(DECREASE) IN NET ASSETS		36,684,901			(50,492,627	)

NET ASSETS
Beginning of Period		933,913,364			984,405,991
End of Period	$	970,598,265		$	933,913,364

SHARE ACTIVITY
Institutional Class:
Shares Sold		2,692,088			7,088,505
Shares Reinvested		647,562			1,261,274
Shares Redeemed		(6,418,291	)		(13,687,843	)
Net decrease in shares of beneficial interest outstanding		(3,078,641	)		(5,338,064	)

Investor Class:
Shares Sold		255,040			709,911
Shares Reinvested		36,812			105,040
Shares Redeemed		(402,302	)		(2,913,979	)
Net decrease in shares of beneficial interest outstanding		(110,450	)		(2,099,028	)

Super Institutional Class:
Shares Sold		7,603,408			23,623,863
Shares Reinvested		291,660			520,366
Shares Redeemed		(4,447,405	)		(14,812,156	)
Net increase in shares of beneficial interest outstanding		3,447,663			9,332,073

Before fees waived/recaptured	2.24	% (8)	2.25	%	2.22	%	2.20	%	2.20	%	2.33	%
After fees waived/recaptured	2.23	% (8)	2.23	%	2.22	%	2.22	%	2.23	%	2.23	%

Before fees waived/recaptured	2.49	% (8)	2.50	%	2.47	%	2.45	%	2.45	%	2.58	%
After fees waived/recaptured	2.48	% (8)	2.48	%	2.47	%	2.47	%	2.48	%	2.48	%

1.99	% (8)	2.00	%	1.97	%	1.95	%	1.95	%	2.08	%
1.98	% (8)	1.98	%	1.97	%	1.97	%	1.98	%	1.98	%

Assets *	Level 1			Level 2		Level 3		Total
Common Stock	$	1,110,467,113		$	—	$	—	$	1,110,467,113
Warrant		—			95,601		—		95,601
Money Market Fund		68,955,133			—		—		68,955,133
Total	$	1,179,422,246		$	95,601	$	—	$	1,179,517,847
Liabilities*
Securities Sold Short	$	(929,131,619	)	$	—	$	—	$	(929,131,619	)
Total	$	(929,131,619	)	$	—	$	—	$	(929,131,619	)

Shares			Fair Value
		COMMON STOCKS — 114.4% (Continued)
		HOUSEHOLD PRODUCTS – 2.7% (Continued)
	290,810	Coty, Inc., Class A^(b)	$	715,393
	358,376	Edgewell Personal Care Company		8,081,379
	470,113	Helen of Troy Ltd.^(b)		10,883,116
				25,836,470
		INDUSTRIAL INTERMEDIATE PRODUCTS - 0.3%
	73,543	Gibraltar Industries, Inc.^(b)		2,870,383

		INSTITUTIONAL FINANCIAL SERVICES - 0.7%
	137,892	Lazard, Inc.		6,687,762

		INSURANCE - 0.5%
	47,301	Prudential Financial, Inc.		4,640,701

		INTERNET MEDIA & SERVICES - 7.8%
	334,389	Fiverr International Ltd.^(b)		3,892,288
	2,198,822	Getty Images Holdings, Inc.^(b)		1,693,093
	94,474	HealthStream, Inc.		1,961,280
	2,160,049	Lyft, Inc., Class A^(a),(b)		30,564,692
	104,311	Maplebear, Inc.^(b)		4,417,571
	388,146	Shutterstock, Inc.		6,276,321
	1,780,939	Snap, Inc., Class A^(a),(b)		10,810,300
	1,536,130	Upwork, Inc.^(a),(b)		15,898,946
				75,514,491
		LEISURE FACILITIES & SERVICES – 4.9%
	1,114,653	Penn Entertainment, Inc.^(a),(b)		19,461,842
	731,973	Six Flags Entertainment Corporation^(a),(b)		13,746,453
	212,299	United Parks & Resorts, Inc.^(b)		7,483,540
	57,066	Vail Resorts, Inc.		7,257,654
				47,949,489
		LEISURE PRODUCTS - 0.4%
	35,297	Polaris, Inc.		2,339,132
	125,921	Spin Master Corporation^(d)		1,913,315
				4,252,447

Shares			Fair Value
		COMMON STOCKS — 114.4% (Continued)
		MACHINERY – 2.2%
	40,504	GrafTech International Ltd.^(b)	$	344,284
	47,736	Hurco Companies, Inc.^(b)		800,055
	39,087	Regal Rexnord Corporation		8,404,878
	138,768	Tennant Company^(a)		11,523,295
				21,072,512
		MEDICAL EQUIPMENT & DEVICES – 10.3%
	372,728	CONMED Corporation^(a)		13,664,208
	1,728,517	Dentsply Sirona, Inc.^(a)		20,310,074
	711,388	Enovis Corporation^(a),(b)		16,674,934
	273,203	Haemonetics Corporation^(a),(b)		16,416,768
	732,728	Integra LifeSciences Holdings Corporation^(b)		7,722,953
	771,542	Quanterix Corporation^(b)		2,414,926
	55,274	QuidelOrtho Corporation^(b)		679,870
	179,560	Solventum Corporation^(a),(b)		12,095,162
	123,683	Zimmer Biomet Holdings, Inc.		10,195,190
				100,174,085
		METALS & MINING - 2.7%
	582,983	Eldorado Gold Corporation		18,124,942
	2,580,951	Osisko Development Corporation^(b)		7,717,043
				25,841,985

		OIL & GAS SERVICES & EQUIPMENT - 0.7%
	494,231	DNOW, Inc.^(b)		6,667,176

		REAL ESTATE INVESTMENT TRUSTS - 0.7%
	440,488	Allied Properties Real Estate Investment Trust		3,190,861
	11,714	AvalonBay Communities, Inc.		2,143,662
	36,584	Vornado Realty Trust		1,093,496
				6,428,019
		REAL ESTATE SERVICES - 0.2%
	141,314	REX Holdings, Inc., Class A^(b)		1,512,060

Shares			Fair Value
		COMMON STOCKS — 114.4% (Continued)
		RETAIL - CONSUMER STAPLES - 0.3%
	167,233	OptimizeRx Corporation^(b)	$	1,041,862
	27,864	Sprouts Farmers Market, Inc.^(b)		2,280,668
				3,322,530
		RETAIL - DISCRETIONARY - 3.1%
	50,957	Best Buy Company, Inc.		3,082,389
	799,902	Caleres, Inc.^(a)		10,478,716
	18,235	HUGO BOSS A.G.		772,082
	79,102	J Jill, Inc.		1,007,759
	188,886	Lovesac Company (The)^(b)		2,986,288
	488,975	Macy’s, Inc.		9,559,461
	115,412	Sally Beauty Holdings, Inc.^(b)		1,636,542
	322,753	Sleep Number Corporation^(b)		971,487
				30,494,724
		SOFTWARE - 24.6%
	1,406,958	8x8, Inc.^(b)		2,701,359
	165,880	Akamai Technologies, Inc.^(a),(b)		17,082,322
	447,716	BILL Holdings, Inc.^(a),(b)		17,013,208
	5,325,001	Clarivate PLC^(b)		15,282,753
	764,742	Five9, Inc.^(a),(b)		13,153,562
	596,550	Gen Digital, Inc.^(a)		11,507,450
	34,211	HubSpot, Inc.^(a),(b)		7,586,631
	11,393	Intuit, Inc.		4,426,181
	252,524	Lightspeed Commerce, Inc.^(b)		2,335,847
	20,241	Manhattan Associates, Inc.^(b)		2,791,031
	177,783	Monday.com Ltd.^(b)		11,710,566
	276,924	Progress Software Corporation^(a),(b)		7,712,333
	200,449	RingCentral, Inc., Class A^(a)		8,062,059
	165,138	Salesforce, Inc.^(a)		29,151,812
	854,188	Sprout Social, Inc., Class A^(b)		5,125,128
	208,420	SPS Commerce, Inc.^(a),(b)		11,696,530
	441,901	TeamViewer A.G.^(b),(d)		2,461,864
	5,901	Tyler Technologies, Inc.^(b)		2,013,067
	1,143,265	UiPath, Inc., Class A^(a),(b)		11,775,630
	203,343	Viant Technology, Inc., Class A^(b)		2,208,305

Purchases		Sales		Cover Short Sale		Securities Sold Short
$	935,103,337	$	977,071,566	$	1,245,111,537	$	1,242,849,531

			Change in Unrealized
Contract type/	Realized Gain/(Loss)		Appreciation/(Depreciation)
Primary Risk Exposure	On Options Purchased		on Options Purchased
Equity contracts/Equity Price Risk	$	1,376,475	$	(2,037,639	)

	Institutional		Investor		Super Institutional
4/30/2026	$	11,911	$	731	$	8,891
10/31/2025	$	183,199	$	13,295	$	112,621

		Gross		Gross			Net Unrealized
Tax		Unrealized		Unrealized			Appreciation
Cost		Appreciation		Depreciation			(Depreciation)
$	408,418,384	$	165,126,040	$	(323,158,196	)	$	(158,032,156	)

	Fiscal Year Ended		Fiscal Year Ended
	October 31, 2025		October 31, 2024
Ordinary Income	$	42,428,628	$	234,273,093
	$	42,428,628	$	234,273,093

Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized			Total
Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/			Distributable Earnings/
Income		Gains		Late Year Loss		Forwards			Differences		(Depreciation)			(Accumulated Deficit)
$	19,398,675	$	—	$	—	$	(53,874,752	)	$	—	$	(213,552,438	)	$	(248,028,515	)

Short-Term		Long-Term		Total		CLCF Utilized
$	53,874,752	$	—	$	53,874,752	$	9,896,125

By /s/ Kevin E. Wolf
Kevin E. Wolf
Principal Executive Officer
Date: 7/2/2026

By /s/ Erik Naviloff
Erik Naviloff
Principal Financial Officer
Date: 7/2/2026