ThZeal - The Zeal

Distributable

(28,379,786

N-CSRS 1 invenomic_sa.htm N-CSRS

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 811-22549

Northern Lights Fund Trust II

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 45246

(Address of principal executive offices) (Zip code)

Kevin Wolf, Ultimus Fund Solutions, LLC

80 Arkay Drive, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-490-4300

Date of fiscal year end: 10/31

Date of reporting period: 4/30/24

Item 1. Reports to Stockholders.

(LOGO)

Invenomic Fund

Institutional Class

BIVIX

Investor Class

BIVRX

Super Institutional Class

BIVSX

Semi-Annual Report

April 30, 2024

1-855-466-3406

www.Invenomic.com

Distributed by Northern Lights Distributors, LLC

Member FINRA

Invenomic Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

The fund’s performance figures* for the periods ended April 30, 2024, compared to its benchmark:

			Annualized	Annualized	Annualized
	Six Months	One Year	Five Year	Since Inception (a)	Since Inception (b)
Invenomic Fund Institutional Class	(5.04)%	(4.06)%	25.04%	N/A	21.08%
Invenomic Fund Investor Class	(5.18)%	(4.30)%	24.76%	N/A	20.79%
Invenomic Fund Super Institutional Class	(4.90)%	(3.81)%	N/A	25.53%	N/A
S&P Composite 1500 Total Return Index (c)	20.96%	22.07%	12.81%	13.35%	12.61%

Total returns are calculated using the traded net asset value (“NAV”). The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Returns greater than 1 year are annualized. The total operating expenses as stated in the fee table to the Fund’s prospectus dated March 1, 2024 are 3.08%, 3.33% and 2.83% for the Institutional Class, Investor Class and Super Institutional Class, respectively. For performance information current to the most recent month-end, please call 1-855-466-3406.

(a)

Inception date is May 10, 2019.

(b)

Inception date is June 19, 2017.

(c)

The S&P Composite 1500 Total Return Index combines three leading indices, the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, to cover approximately 90% of U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.

Holdings By Industry (1)	% of Net Assets
Software		10.8	%
Oil & Gas Producers		9.9	%
Internet & Media Services		6.9	%
Technology Services		6.6	%
Metals & Mining		6.2	%
Telecommunications		5.3	%
Electric Utilities		5.2	%
Commercial Support Services		5.0	%
Medical Equipment & Devices		3.8	%
Chemicals		3.6	%
Other Assets Less Liabilities		36.7	%
		100.0	%

(1)

Does not include securities sold short in which the fund invests.

Please refer to the Schedule of Investments in this semi-annual report for a detailed analysis of the Fund’s holdings.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3%
		ADVERTISING & MARKETING - 0.0%^(a)^(c)
	4,406	Tenerity, Inc.^(b)(c)	$	—

		AEROSPACE & DEFENSE - 1.1%
	321,279	Bombardier, Inc.^(b)		14,636,367

		APPAREL & TEXTILE PRODUCTS - 0.4%
	69,033	Capri Holdings Ltd.^(b)		2,449,291
	58,941	Salvatore Ferragamo SpA		587,019
	354,786	Unifi, Inc.^(b)		2,118,072
				5,154,382
		ASSET MANAGEMENT - 0.0%^(a)
	22,327	Silvercrest Asset Management Group, Inc., Class A		327,091

		AUTOMOTIVE - 1.5%
	207,877	Aptiv PLC^(b)		14,759,266
	247,582	Methode Electronics, Inc.		3,018,025
	141,509	Rivian Automotive, Inc.^(b)		1,259,430
	45,271	Standard Motor Products, Inc.		1,453,199
				20,489,920
		BANKING - 0.8%
	70,597	M&T Bank Corporation		10,193,500

		BEVERAGES - 0.2%
	264,040	Duckhorn Portfolio, Inc. (The)^(b)		2,236,419

		BIOTECH & PHARMA - 2.8%
	131,900	Incyte Corporation^(b)		6,865,395
	254,250	Lexaria Bioscience Corporation^(b)(d)		785,632
	774,894	Lyell Immunopharma, Inc.^(b)		1,681,520
	42,307	Perrigo Company PLC		1,381,747
	2,226,313	Viatris, Inc.^(d)		25,758,441
	546,205	Xeris Biopharma Holdings, Inc.^(b)		955,859
				37,428,594

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		CHEMICALS - 3.6%
	711,339	American Vanguard Corporation^(d)	$	8,102,151
	169,030	Eastman Chemical Company^(d)		15,963,194
	103,764	Evonik Industries A.G.		2,164,888
	61,475	Ingevity Corporation^(b)		3,143,831
	237,641	Kuraray Company Ltd.		2,630,879
	255,844	Mativ Holdings, Inc.^(d)		4,671,711
	161,508	Neo Performance Materials, Inc.		669,846
	178,939	Nutrien Ltd.		9,442,611
	22,939	Rogers Corporation^(b)		2,731,806
				49,520,917
		COMMERCIAL SUPPORT SERVICES - 5.0%
	200,671	ABM Industries, Inc.		8,769,323
	233,269	ADT, Inc.		1,516,248
	1,030,426	Alight, Inc., Class A^(b)(d)		9,294,443
	168,534	AMN Healthcare Services, Inc.^(b)		10,108,669
	18,190	Civeo Corporation		422,372
	786,826	CoreCivic, Inc.^(b)(d)		11,723,707
	173,323	First Advantage Corporation		2,825,165
	462,178	GEO Group, Inc. (The)^(b)		6,867,965
	354,882	Healthcare Services Group, Inc.^(b)		3,768,847
	220,260	Heidrick & Struggles International, Inc.^(d)		6,493,265
	420,329	Resources Connection, Inc.		4,644,635
	258,252	TrueBlue, Inc.^(b)		2,690,986
				69,125,625
		CONSUMER SERVICES - 2.1%
	688,770	Coursera, Inc.^(b)		7,039,229
	60,196	Stride, Inc.^(b)(d)		4,018,083
	1,727,638	Udemy, Inc.^(b)(d)		17,310,933
				28,368,245
		CONTAINERS & PACKAGING - 1.7%
	273,620	Sealed Air Corporation^(d)		8,613,558
	238,993	Sonoco Products Company		13,395,558
				22,009,116

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.2%
	168,466	3M Company^(d)	$	16,258,654

		E-COMMERCE DISCRETIONARY - 3.3%
	97,805	Alibaba Group Holding Ltd. - ADR^(d)		7,320,704
	369,905	eBay, Inc.		19,064,903
	272,631	Etsy, Inc.^(b)(d)		18,721,571
	190,021	PetMed Express, Inc.		750,583
				45,857,761
		ELECTRIC UTILITIES - 5.2%
	223,071	ALLETE, Inc.^(d)		13,210,265
	172,668	Ameren Corporation^(d)		12,754,985
	128,712	Avista Corporation		4,631,058
	571,563	Eversource Energy^(d)		34,648,148
	89,808	Ormat Technologies, Inc.		5,732,445
				70,976,901
		ELECTRICAL EQUIPMENT - 1.8%
	187,666	FARO Technologies, Inc.^(b)		3,518,737
	50,355	nLight, Inc.^(b)		573,543
	535,219	Sensata Technologies Holding PLC^(d)		20,504,240
				24,596,520
		ENGINEERING & CONSTRUCTION - 1.9%
	687,469	Frontdoor, Inc.^(b)(d)		21,098,424
	436,920	Mistras Group, Inc.^(b)(d)		3,823,050
				24,921,474
		ENTERTAINMENT CONTENT - 1.0%
	1,890,823	Warner Bros Discovery, Inc.^(b)(d)		13,916,457

		FOOD - 3.6%
	470,288	Conagra Brands, Inc.^(d)		14,475,466
	213,355	Fresh Del Monte Produce, Inc.		5,455,487
	1,256,192	Hain Celestial Group, Inc. (The)^(b)		7,713,019
	186,553	Kraft Heinz Company (The)		7,202,811
	769,406	Nomad Foods Ltd. ^(d)		13,895,472
				48,742,255

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.9%
	199,520	CVS Health Corporation^(d)	$	13,509,499
	542,383	Pediatrix Medical Group, Inc.^(b)(d)		4,810,937
	928,746	Premier, Inc., Class A^(d)		19,392,217
	168,670	Teladoc Health, Inc.^(b)		2,150,542
				39,863,195
		HOME & OFFICE PRODUCTS - 0.6%
	82,878	Whirlpool Corporation^(d)		7,861,807

		INDUSTRIAL SUPPORT SERVICES - 0.1%
	13,014	WESCO International, Inc.		1,987,889

		INSTITUTIONAL FINANCIAL SERVICES - 2.0%
	161,484	Euronext N.V.		14,591,824
	164,718	State Street Corporation		11,940,408
				26,532,232
		INTERNET MEDIA & SERVICES - 6.9%
	822,745	Deliveroo PLC^(b)		1,375,645
	160,131	Expedia Group, Inc.^(b)(d)		21,558,438
	447,340	Fiverr International Ltd.^(b)		9,174,943
	838,293	Lyft, Inc.^(b)(d)		13,110,903
	66,437	Maplebear, Inc.^(b)		2,267,495
	86,518	Match Group, Inc.^(b)		2,666,485
	335,519	Shutterstock, Inc. ^(d)		14,330,016
	285,946	TripAdvisor, Inc.^(b)(d)		7,528,958
	1,571,012	Upwork, Inc.^(b)(d)		18,380,840
	1,063,555	Vivid Seats, Inc.^(b)		5,594,299
				95,988,022
		LEISURE FACILITIES & SERVICES - 3.0%
	271,180	El Pollo Loco Holdings, Inc.^(b)		2,310,454
	1,247,045	Melco Resorts & Entertainment Ltd. - ADR^(b)(d)		8,155,675
	1,702,965	Penn Entertainment, Inc.^(b)(d)		28,167,041
				38,633,170
		LEISURE PRODUCTS - 0.2%
	31,565	Johnson Outdoors, Inc., Class A		1,294,481

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		LEISURE PRODUCTS - 0.2% (Continued)
	60,729	Spin Master Corporation	$	1,326,841
				2,621,322
		MACHINERY - 0.5%
	148,292	Douglas Dynamics, Inc.		3,357,331
	820,520	GrafTech International Ltd.		1,411,294
	98,074	Hurco Companies, Inc.		1,775,139
	154,687	Luxfer Holdings PLC		1,489,636
				8,033,400
		MEDICAL EQUIPMENT & DEVICES - 3.8%
	321,668	Bausch + Lomb Corporation^(b)		4,677,053
	93,333	Castle Biosciences, Inc.^(b)		1,968,393
	691,660	Envista Holdings Corporation^(b)(d)		13,611,869
	563,755	Fluidigm Corporation^(b)		1,398,112
	62,502	Illumina, Inc.^(b)(d)		7,690,871
	114,892	Inmode Ltd.^(b)		1,974,993
	39,968	Integra LifeSciences Holdings Corporation^(b)		1,165,867
	138,326	Novocure Ltd.^(b)		1,693,110
	267,863	Solventum Corporation^(b)(d)		17,413,774
				51,594,042
		METALS & MINING - 6.2%
	51,868	Aurubis A.G.		4,163,614
	235,560	Barrick Gold Corporation		3,919,718
	380,194	Compass Minerals International, Inc.		4,733,415
	965,496	Eldorado Gold Corporation^(b)		13,767,973
	909,536	Equinox Gold Corporation^(b)		4,920,590
	2,760,669	Kinross Gold Corporation^(d)		17,806,315
	7,974,216	New Gold, Inc.^(b)		13,875,136
	335,544	Newmont Corporation		13,636,508
	1,612,978	Northern Dynasty Minerals Ltd.^(b)		489,539
	2,440,185	OceanaGold Corporation		5,281,824
	524,997	Osisko Mining, Inc.^(b)		1,159,245
				83,753,877
		OIL & GAS PRODUCERS - 9.9%
	29,232	Chesapeake Energy Corporation		2,627,372

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		OIL & GAS PRODUCERS - 9.9% (Continued)
	169,043	Chord Energy Corporation^(d)	$	29,917,231
	193,508	Civitas Resources, Inc.^(d)		13,924,836
	303,020	Crescent Point Energy Corporation^(d)		2,669,606
	1,093,765	Energy Transfer, L.P. ^(d)		17,204,923
	285,357	Enterprise Products Partners, L.P.^(d)		8,012,825
	210,046	Murphy Oil Corporation^(d)		9,376,453
	426,177	Ovintiv, Inc. ^(d)		21,871,404
	114,352	SandRidge Energy, Inc.		1,566,622
	186,155	Shell PLC - ADR^(d)		13,339,867
	1,388,262	Southwestern Energy Company^(b)(d)		10,398,082
	451,169	Vermilion Energy, Inc.		5,197,414
				136,106,635
		OIL & GAS SERVICES & EQUIPMENT - 0.2%
	236,093	Solaris Oilfield Infrastructure, Inc., Class A		2,079,979

		REAL ESTATE INVESTMENT TRUSTS - 1.1%
	29,310	AvalonBay Communities, Inc.		5,556,297
	428,334	Cousins Properties, Inc.^(d)		9,825,982
				15,382,279
		RENEWABLE ENERGY - 1.4%
	929,822	Shoals Technologies Group, Inc., Class A^(b)		7,856,996
	183,521	SolarEdge Technologies, Inc.^(b)(d)		10,763,507
				18,620,503
		RETAIL - CONSUMER STAPLES - 0.4%
	105,594	Empire Company Ltd., Class A		2,459,706
	478,462	HelloFresh S.E.^(b)		3,236,053
				5,695,759
		RETAIL - DISCRETIONARY - 2.9%
	691,591	Foot Locker, Inc.^(d)		14,419,672
	142,693	Kohl’s Corporation		3,416,070
	304,787	Macy’s, Inc.^(d)		5,617,224
	124,614	Monro, Inc.		3,395,731
	792,124	Sally Beauty Holdings, Inc.^(b)(d)		8,594,545

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		RETAIL - DISCRETIONARY - 2.9% (Continued)
	377,098	Warby Parker, Inc.^(b)	$	4,427,131
				39,870,373
		SEMICONDUCTORS - 1.2%
	56,126	AIXTRON SE		1,309,687
	145,118	IPG Photonics Corporation^(b)(d)		12,187,010
	121,712	Vishay Intertechnology, Inc.		2,816,416
				16,313,113
		SOFTWARE - 10.8%
	2,359,719	8x8, Inc.^(b)		5,214,979
	3,588,259	Clarivate PLC^(b)(d)		24,256,632
	60,572	Concentrix Corporation		3,311,471
	281,821	Domo, Inc.^(b)		2,122,112
	61,227	Health Catalyst, Inc.^(b)		380,832
	252,355	Omnicell, Inc.^(b)		6,765,638
	689,481	Riskified Ltd.^(b)		3,550,827
	477,939	Smartsheet, Inc., Class A^(b)(d)		18,080,432
	390,599	SS&C Technologies Holdings, Inc.^(d)		24,174,172
	134,542	TruBridge, Inc.^(b)		1,062,882
	463,571	Veradigm, Inc.^(b)		3,703,932
	846,190	Yext, Inc.^(b)		4,645,583
	87,879	Ziff Davis, Inc.^(b)		4,403,617
	691,698	Zoom Video Communications, Inc., Class A^(b)(d)		42,262,749
				143,935,858
		STEEL - 0.0%^(a)
	73,607	Algoma Steel Group, Inc.^(e)		563,094

		TECHNOLOGY HARDWARE - 3.2%
	496,433	Comtech Telecommunications Corporation^(b)		933,294
	307,819	NCR Voyix Corporation^(b)		3,770,783
	9,357	Samsung Electronics Company Ltd.		13,184,013
	208,322	TD SYNNEX Corporation^(d)		24,548,665
				42,436,755
		TECHNOLOGY SERVICES - 6.6%
	17,511	Block, Inc.^(b)		1,278,303

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares			Fair Value
		COMMON STOCKS — 111.3% (Continued)
		TECHNOLOGY SERVICES - 6.6% (Continued)
	728,914	Converge Technology Solutions Corporation	$	2,832,533
	1,212,315	Dun & Bradstreet Holdings, Inc.		11,032,066
	33,496	EVERTEC, Inc.		1,257,105
	52,855	Fidelity National Information Services, Inc.		3,589,912
	87,893	Genpact Ltd.		2,701,831
	114,886	Global Payments, Inc.^(d)		14,104,554
	120,369	Nuvei Corporation		3,868,660
	383,530	Nuvei Corporation		12,299,146
	438,285	PayPal Holdings, Inc.^(b)		29,768,317
	253,537	TTEC Holdings, Inc.		1,845,749
	25,272	WEX, Inc.^(b)(d)		5,338,963
				89,917,139
		TELECOMMUNICATIONS - 5.3%
	4,488,054	Airtel Africa PLC		6,219,777
	2,280,947	AT&T, Inc.^(d)		38,525,194
	677,322	Verizon Communications, Inc.^(d)		26,747,446
				71,492,417
		TRANSPORTATION & LOGISTICS - 1.8%
	100,031	Air Transport Services Group, Inc.^(b)		1,282,397
	109,631	Copa Holdings S.A., Class A^(d)		10,469,761
	1,501,672	Deutsche Lufthansa A.G.^(b)		10,762,410
	131,172	Schneider National, Inc., Class B		2,712,637
				25,227,205
		WHOLESALE - CONSUMER STAPLES - 1.2%
	225,148	Archer-Daniels-Midland Company^(d)		13,207,181
	25,976	Bunge Global S.A.		2,643,318
				15,850,499
		WHOLESALE - DISCRETIONARY - 1.9%
	124,964	LKQ Corporation		5,389,697
	1,166,973	OPENLANE, Inc.^(b)(d)		20,048,597
				25,438,294

		TOTAL COMMON STOCKS (Cost $1,427,907,958)		1,510,559,056

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares						Fair Value
		PREFERRED STOCK — 0.2%
		AUTOMOTIVE — 0.2%
	42,867	Porsche Automobil Holding S.E.				$	2,193,227
		TOTAL PREFERRED STOCKS (Cost $2,304,544)

			Expiration Date	Exercise Price
		WARRANT — 0.1%
		BIOTECH & PHARMA - 0.1%
	320,380	Lexaria Bioscience Corporation Warrants	05/12/2028	$	0.95		858,843
		TOTAL WARRANT (Cost $3,204)

		SHORT-TERM INVESTMENT — 1.6%
		MONEY MARKET FUND - 1.6%
	21,641,157	First American Government Obligations Fund, Class X, 5.22% (Cost $21,641,157)^(e)					21,641,157

		TOTAL INVESTMENTS - 113.2% (Cost $1,451,856,863)				$	1,535,252,283
		LIABILITIES IN EXCESS OF OTHER ASSETS - (13.2)%					(175,634,179	)
		NET ASSETS - 100.0%				$	1,359,618,104

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)%
			AEROSPACE & DEFENSE - (0.1)%
	(6,930	)	Boeing Company (The)	$	(1,163,131	)

			APPAREL & TEXTILE PRODUCTS - (0.9)%
	(186,915	)	Birkenstock Holding PLC		(8,368,184	)
	(29,036	)	Crocs, Inc.		(3,611,207	)
					(11,979,391	)
			ASSET MANAGEMENT - (6.1)%
	(139,469	)	Ares Management Corporation, CLASS A		(18,561,929	)
	(181,785	)	Blackstone, Inc.		(21,197,948	)
	(1,061,930	)	Blue Owl Capital, Inc.		(20,059,858	)
	(116,683	)	Cohen & Steers, Inc.		(8,025,457	)
	(318,335	)	TPG, Inc.		(13,720,238	)
					(81,565,430	)
			AUTOMOTIVE - (1.0)%
	(14,380	)	Modine Manufacturing Company		(1,332,019	)
	(67,380	)	Tesla, Inc.		(12,349,406	)
					(13,681,425	)
			BANKING - (4.6)%
	(4,944	)	BancFirst Corporation		(440,856	)
	(82,451	)	Community Bank System, Inc.		(3,563,532	)
	(107,935	)	First Bancorp		(3,282,303	)
	(327,037	)	Fulton Financial Corporation		(5,412,462	)
	(453,111	)	KeyCorporation		(6,565,578	)
	(66,942	)	NBT Bancorp, Inc.		(2,343,639	)
	(430,487	)	Regions Financial Corporation		(8,295,485	)
	(110,094	)	ServisFirst Bancshares, Inc.		(6,491,142	)
	(54,722	)	Stock Yards Bancorp, Inc.		(2,437,865	)
	(107,453	)	Triumph Financial, Inc.		(7,560,394	)
	(205,619	)	United Bankshares, Inc.		(6,674,393	)
	(115,760	)	US Bancorp		(4,703,329	)
	(71,329	)	Western Alliance Bancorp		(4,053,627	)
					(61,824,605	)
			BIOTECH & PHARMA - (1.0)%
	(68,212	)	Moderna, Inc.		(7,524,466	)
	(136,131	)	Ultragenyx Pharmaceutical, Inc.		(5,791,013	)
					(13,315,479	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			CHEMICALS - (0.6)%
	(36,581	)	WD-40 Company	$	(8,272,062	)

			COMMERCIAL SUPPORT SERVICES - (2.2)%
	(89,807	)	Casella Waste Systems, Inc., Class A		(8,118,553	)
	(1,911	)	Cintas Corporation		(1,258,088	)
	(38,080	)	CorVel Corporation		(9,095,408	)
	(281,464	)	Rollins, Inc.		(12,542,036	)
					(31,014,085	)
			CONSTRUCTION MATERIALS - (1.0)%
	(27,828	)	Simpson Manufacturing Company, Inc.		(4,839,011	)
	(86,364	)	Tecnoglass, Inc.		(4,797,520	)
	(14,544	)	Vulcan Materials Company		(3,746,971	)
					(13,383,502	)
			CONTAINERS & PACKAGING - (0.3)%
	(17,488	)	UFP Technologies, Inc.		(3,601,479	)

			ELECTRICAL EQUIPMENT - (2.9)%
	(124,270	)	AAON, Inc.		(11,692,564	)
	(59,192	)	Badger Meter, Inc.		(10,827,401	)
	(64,213	)	Napco Security Technologies, Inc.		(2,613,469	)
	(89,474	)	Novanta, Inc.		(14,002,681	)
	(4,195	)	Powell Industries, Inc.		(599,885	)
					(39,736,000	)
			ENGINEERING & CONSTRUCTION - (6.8)%
	(54,204	)	Comfort Systems USA, Inc.		(16,771,260	)
	(130,015	)	Construction Partners, Inc., Class A		(6,713,975	)
	(75,754	)	Dycom Industries, Inc.		(10,607,075	)
	(34,173	)	Exponent, Inc.		(3,140,840	)
	(105,417	)	Installed Building Products, Inc.		(24,849,949	)
	(32,388	)	Stantec, Inc.		(2,578,572	)
	(38,320	)	Sterling Infrastructure, Inc.		(3,893,312	)
	(59,056	)	TopBuild Corporation		(23,898,191	)
					(92,453,174	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			FOOD - (1.2)%
	(138,406	)	BellRing Brands, Inc.	$	(7,635,859	)
	(21,408	)	Cal-Maine Foods, Inc.		(1,184,505	)
	(305	)	Lotus Bakeries N.V.		(3,070,186	)
	(130,732	)	Vital Farms, Inc.		(3,498,388	)
					(15,388,938	)
			FORESTRY, PAPER & WOOD PRODUCTS - (1.4)%
	(8,003	)	Louisiana-Pacific Corporation		(585,740	)
	(215,811	)	Trex Company, Inc.		(19,110,064	)
					(19,695,804	)
			HEALTH CARE FACILITIES & SERVICES - (1.8)%
	(13,171	)	Medpace Holdings, Inc.		(5,114,958	)
	(296,518	)	NeoGenomics, Inc.		(4,127,531	)
	(201,036	)	RadNet, Inc.		(9,750,246	)
	(223,360	)	Surgery Partners, Inc.		(5,572,832	)
					(24,565,567	)
			HOME & OFFICE PRODUCTS - (1.5)%
	(410,226	)	Tempur Sealy International, Inc.		(20,535,913	)

			HOME CONSTRUCTION - (1.3)%
	(164,060	)	Dream Finders Homes, Inc.		(5,824,130	)
	(65,987	)	LGI Homes, Inc.		(5,934,211	)
	(62,465	)	Patrick Industries, Inc.		(6,526,968	)
					(18,285,309	)
			HOUSEHOLD PRODUCTS - (0.8)%
	(27,298	)	elf Beauty, Inc.		(4,436,744	)
	(57,845	)	Inter Parfums, Inc.		(6,732,001	)
					(11,168,745	)
			INDUSTRIAL SUPPORT SERVICES - (1.7)%
	(130,525	)	Core & Main, Inc.		(7,370,747	)
	(81,368	)	SiteOne Landscape Supply, Inc.		(12,765,825	)
	(8,965	)	Watsco, Inc.		(4,013,810	)
					(24,150,382	)
			INSURANCE - (1.8)%
	(161,766	)	Goosehead Insurance, Inc., Class A		(9,206,103	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			INSURANCE - (1.8)% (Continued)
	(85,127	)	RLI Corporation	$	(12,032,702	)
	(70,212	)	Ryan Specialty Holdings, Inc., Class A		(3,464,260	)
					(24,703,065	)
			INTERNET MEDIA & SERVICES - (0.5)%
	(102,391	)	Hemnet Group A.B.		(2,685,296	)
	(21,160	)	REA Group Ltd.		(2,462,225	)
	(10,864	)	VeriSign, Inc.		(1,841,231	)
					(6,988,752	)
			LEISURE FACILITIES & SERVICES - (5.7)%
	(79,747	)	Cava Group, Inc.		(5,736,999	)
	(26,355	)	Churchill Downs, Inc.		(3,399,795	)
	(28,353	)	DraftKings, Inc.		(1,178,351	)
	(20,042	)	Evolution A.B.		(2,240,703	)
	(159,063	)	First Watch Restaurant Group, Inc.		(4,059,288	)
	(347,973	)	Norwegian Cruise Line Holdings Ltd.		(6,583,649	)
	(137,243	)	Planet Fitness, Inc., Class A		(8,212,621	)
	(96,384	)	Red Rock Resorts, Inc., Class A		(5,119,918	)
	(138,147	)	Shake Shack, Inc., Class A		(14,622,860	)
	(59,026	)	Wingstop, Inc.		(22,712,615	)
	(13,560	)	Wynn Resorts Ltd.		(1,242,774	)
					(75,109,573	)
			LEISURE PRODUCTS - (0.5)%
	(55,882	)	Brunswick Corporation		(4,506,325	)
	(19,460	)	LCI Industries		(2,023,451	)
					(6,529,776	)
			MACHINERY - (1.8)%
	(43,706	)	Ingersoll Rand, Inc.		(4,078,644	)
	(55,857	)	Kadant, Inc.		(15,293,087	)
	(318,519	)	Mueller Water Products, Inc.		(5,045,341	)
	(27,007	)	Symbotic, Inc.		(1,041,660	)
					(25,458,732	)
			MEDICAL EQUIPMENT & DEVICES - (3.7)%
	(46,374	)	DexCom, Inc.		(5,907,584	)
	(98,189	)	Establishment Labs Holdings, Inc.		(4,910,432	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			MEDICAL EQUIPMENT & DEVICES - (3.7)% (Continued)
	(7,333	)	IDEXX Laboratories, Inc.	$	(3,613,409	)
	(18,140	)	Intuitive Surgical, Inc.		(6,723,047	)
	(55,859	)	iRhythm Technologies, Inc.		(6,121,029	)
	(109,910	)	LeMaitre Vascular, Inc.		(7,122,168	)
	(88,467	)	Repligen Corporation		(14,526,281	)
	(27,376	)	RxSight, Inc.		(1,427,111	)
					(50,351,061	)
			METALS & MINING - (0.9)%
	(20,017	)	Alpha Metallurgical Resources, Inc.		(6,547,961	)
	(13,673	)	Encore Wire Corporation		(3,819,689	)
	(11,764	)	Southern Copper Corporation		(1,372,506	)
					(11,740,156	)
			REAL ESTATE INVESTMENT TRUSTS - (4.3)%
	(113,815	)	American Tower Corporation		(19,526,101	)
	(8,017	)	Equinix, Inc.		(5,700,969	)
	(92,603	)	Gaming and Leisure Properties, Inc.		(3,956,926	)
	(302,500	)	Iron Mountain, Inc.		(23,449,801	)
	(47,466	)	Simon Property Group, Inc.		(6,670,397	)
					(59,304,194	)
			REAL ESTATE SERVICES - (0.8)%
	(108,355	)	Colliers International Group, Inc.		(11,273,254	)

			RETAIL - DISCRETIONARY - (4.7)%
	(80,564	)	Abercrombie & Fitch Company		(9,790,137	)
	(115,985	)	Builders FirstSource, Inc.		(21,204,377	)
	(102,684	)	Carvana Company		(8,514,557	)
	(19,753	)	Fast Retailing Company Ltd.		(5,204,025	)
	(45,565	)	Freshpet, Inc.		(4,833,080	)
	(40,584	)	Pandora A/S		(6,210,521	)
	(30,934	)	Tractor Supply Company		(8,447,457	)
					(64,204,154	)
			SEMICONDUCTORS - (10.9)%
	(75,557	)	Ambarella, Inc.		(3,473,355	)
	(70,276	)	Analog Devices, Inc.		(14,098,068	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			SEMICONDUCTORS - (10.9)% (Continued)
	(148,003	)	ARM Holdings PLC - ADR	$	(14,979,383	)
	(28,754	)	FormFactor, Inc.		(1,282,141	)
	(97,867	)	Impinj, Inc.		(15,598,043	)
	(156,910	)	Lattice Semiconductor Corporation		(10,764,026	)
	(154,232	)	MACOM Technology Solutions Holdings, Inc.		(15,723,953	)
	(167,690	)	Microchip Technology, Inc.		(15,424,126	)
	(22,879	)	NVIDIA Corporation		(19,767,915	)
	(57,777	)	Power Integrations, Inc.		(3,854,881	)
	(1,168	)	Rambus, Inc.		(64,030	)
	(60,478	)	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		(8,306,048	)
	(87,014	)	Texas Instruments, Inc.		(15,351,010	)
	(61,090	)	Universal Display Corporation		(9,650,998	)
					(148,337,977	)
			SOFTWARE - (11.0)%
	(107,126	)	Altair Engineering, Inc., Class A		(8,618,287	)
	(22,445	)	Appfolio, Inc., Class A		(5,090,077	)
	(292,445	)	Bentley Systems, Inc., Class B		(15,362,136	)
	(27,766	)	Cadence Design Systems, Inc.		(7,653,143	)
	(90,984	)	Cloudflare, Inc., Class A		(7,952,002	)
	(72,673	)	Dayforce, Inc.		(4,459,942	)
	(260,804	)	Doximity, Inc.		(6,334,929	)
	(25,031	)	Duolingo, Inc.		(5,650,748	)
	(105,752	)	Fortinet, Inc.		(6,681,411	)
	(33,902	)	Global-e Online Ltd.		(1,136,734	)
	(109,833	)	Guidewire Software, Inc.		(12,125,563	)
	(67,036	)	JFrog Ltd.		(2,673,396	)
	(30,192	)	Manhattan Associates, Inc.		(6,221,363	)
	(531,720	)	Palantir Technologies, Inc., Class A		(11,681,888	)
	(47,350	)	Palo Alto Networks, Inc.		(13,773,641	)
	(91,049	)	Pro Medicus Ltd.		(6,570,650	)
	(427,792	)	Samsara, Inc., Class A		(14,942,775	)
	(3,288	)	ServiceNow, Inc.		(2,279,669	)
	(16,381	)	Tyler Technologies, Inc.		(7,560,651	)
					(146,769,005	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (92.2)% (Continued)
			SPECIALTY FINANCE - (0.8)%
	(22,484	)	American Express Company	$	(5,261,930	)
	(10,216	)	Credit Acceptance Corporation		(5,248,164	)
					(10,510,094	)
			TECHNOLOGY HARDWARE - (2.4)%
	(76,618	)	Apple, Inc.		(13,050,344	)
	(217,481	)	Seagate Technology Holdings PLC		(18,683,793	)
					(31,734,137	)
			TECHNOLOGY SERVICES - (2.9)%
	(20,184	)	Coinbase Global, Inc., Class A		(4,116,123	)
	(14,689	)	Fair Isaac Corporation		(16,647,484	)
	(70,938	)	Insight Enterprises, Inc.		(12,951,151	)
	(36,495	)	Jack Henry & Associates, Inc.		(5,937,372	)
					(39,652,130	)
			TELECOMMUNICATIONS - (0.4)%
	(82,055	)	Cogent Communications Holdings, Inc.		(5,266,290	)

			TRANSPORTATION & LOGISTICS - (1.3)%
	(51,238	)	Old Dominion Freight Line, Inc.		(9,310,457	)
	(21,412	)	Saia, Inc.		(8,496,924	)
					(17,807,381	)
			TRANSPORTATION EQUIPMENT - (0.3)%
	(36,432	)	PACCAR, Inc.		(3,865,799	)

			WHOLESALE - DISCRETIONARY - (0.3)%
	(69,463	)	Copart, Inc.		(3,772,536	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $1,167,815,024)	$	(1,249,158,487	)

See accompanying notes to financial statements.

INVENOMIC FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2024

A.B.	- Aktiebolag

ADR	- American Depositary Receipt

A.G.	- Aktiengesellschaft

A/S	- Anonim Sirketi

L.P.	- Limited Partnership

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

S.A.	- Société Anonyme

S.E.	- Societas Europeae

SpA	- Società per Azioni

^(a)

Percentage rounds to less than 0.1%.

^(b)

Non-income producing security.

^(c)

The value of this security has been determined in good faith under policies of the Board of Trustees.

^(d)

All or a portion of the security is segregated as collateral for short sales.

^(e)

Rate disclosed is the seven day effective yield as of April 30, 2024.

See accompanying notes to financial statements.

Invenomic Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2024

ASSETS
Investment securities:
At cost	$	1,451,856,863
At value	$	1,535,252,283
Cash collateral segregated for short sales		1,037,229,292
Foreign Currency (Cost $41,624,173)		39,133,976
Receivable for securities sold		28,518,042
Receivable for Fund shares sold		2,044,611
Dividends and interest receivable		3,284,860
Prepaid expenses and other assets		86,850
TOTAL ASSETS		2,645,549,914

LIABILITIES
Securities sold short (Proceeds - $1,167,815,024)		1,249,158,487
Payable for investments purchased		32,087,540
Payable for Fund shares redeemed		1,514,892
Investment advisory fees payable		1,961,546
Dividends payable on securities sold short		278,117
Shareholder servicing fees payable		196,449
Payable to related parties		336,560
Distribution (12b-1) fees payable		19,674
Accrued expenses and other liabilities		378,545
TOTAL LIABILITIES		1,285,931,810
NET ASSETS	$	1,359,618,104

NET ASSETS CONSIST OF:
Paid in capital	$	1,436,318,861
Accumulated loss		(76,700,757	)
NET ASSETS	$	1,359,618,104

NET ASSET VALUE PER SHARE:
Institutional Class:
Net Assets	$	853,253,069
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		45,956,016
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	18.57

Investor Class:
Net Assets	$	96,178,738
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		5,298,622
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	18.15

Super Institutional Class:
Net Assets	$	410,186,297
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		21,774,927
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	18.84

(a)

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

See accompanying notes to financial statements.

Invenomic Fund

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2024

INVESTMENT INCOME
Dividends (net of foreign tax withheld of $211,899)	$	16,871,751
Interest		27,994,489
Securities lending income - net		13,718
TOTAL INVESTMENT INCOME		44,879,958

EXPENSES
Investment advisory fees		12,162,039
Distribution (12b-1) fees:
Investor Class		132,992
Shareholder service fees - Institutional Class		1,107,235
Shareholder service fees - Investor Class		132,992
Dividends on securities sold short		7,340,942
Third party administrative servicing fees		524,226
Administration fees		574,133
Registration fees		89,753
Custodian fees		80,401
Printing expense		65,445
Compliance officer fees		24,932
Insurance expense		22,439
Legal fees		14,959
Trustees fees and expenses		11,967
Audit fees		9,473
Other expenses		85,265
TOTAL EXPENSES		22,379,193

NET INVESTMENT INCOME		22,500,765

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		130,816,927
Foreign currency transactions		373,575
Options purchased		(9,260,919	)
Securities sold short		(174,852,875	)
		(52,923,292	)
Net change in unrealized appreciation (depreciation) on:
Investments		164,122,675
Foreign currency translations		(2,110,924	)
Options purchased		2,162,809
Securities sold short		(209,759,143	)
		(45,584,583	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(98,507,875	)

NET DECREASE IN NET ASSETS	$	(76,007,110	)

See accompanying notes to financial statements.

Invenomic Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Six Months Ended			Year Ended
	April 30, 2024			October 31, 2023
	(Unaudited)
FROM OPERATIONS
Net investment income	$	22,500,765		$	29,792,801
Net realized gain(loss) from investments, foreign currency transactions, options purchased, and securities sold short		(52,923,292	)		209,066,827
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options purchased and foreign currency translations		(45,584,583	)		36,351,364
Net increase(decrease) in net assets resulting from operations		(76,007,110	)		275,210,992

DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid:
Institutional Class		(158,947,676	)		(142,528,065	)
Investor Class		(19,856,687	)		(25,232,777	)
Super Institutional Class		(55,468,730	)		(55,976,146	)
Net decrease in net assets resulting from distributions to shareholders		(234,273,093	)		(223,736,988	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Institutional Class		185,404,470			576,337,066
Investor Class		28,497,755			57,066,337
Super Institutional Class		233,268,820			245,855,532
Net asset value of shares issued in reinvestment of distributions:
Institutional Class		139,769,810			124,676,221
Investor Class		18,387,517			23,529,179
Super Institutional Class		54,990,787			55,867,621
Redemption fee proceeds:
Institutional Class		68,565			46,627
Investor Class		8,411			7,099
Super Institutional Class		26,938			20,212
Payments for shares redeemed:
Institutional Class		(232,147,657	)		(387,560,879	)
Investor Class		(46,237,460	)		(72,163,731	)
Super Institutional Class		(252,090,425	)		(125,782,840	)
Net increase in net assets from shares of beneficial interest		129,947,531			497,898,444

TOTAL INCREASE(DECREASE) IN NET ASSETS		(180,332,672	)		549,372,448

NET ASSETS
Beginning of Period		1,539,950,776			990,578,328
End of Period	$	1,359,618,104		$	1,539,950,776

SHARE ACTIVITY
Institutional Class:
Shares Sold		9,540,037			26,228,196
Shares Reinvested		7,120,214			6,212,069
Shares Redeemed		(11,797,796	)		(17,231,356	)
Net increase in shares of beneficial interest outstanding		4,862,455			15,208,909

Investor Class:
Shares Sold		1,474,366			2,590,115
Shares Reinvested		957,185			1,194,375
Shares Redeemed		(2,417,187	)		(3,261,155	)
Net increase in shares of beneficial interest outstanding		14,364			523,335

Super Institutional Class:
Shares Sold		11,885,593			11,024,368
Shares Reinvested		2,764,745			2,753,456
Shares Redeemed		(11,825,680	)		(5,450,336	)
Net increase in shares of beneficial interest outstanding		2,824,658			8,327,488

See accompanying notes to financial statements.

Invenomic Fund

FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the
	Six Months Ended			For the			For the			For the			For the			For the
	April 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			October 31, 2023			October 31, 2022			October 31, 2021			October 31, 2020			October 31, 2019
Net asset value, beginning of period	$	23.52		$	23.99		$	17.40		$	10.67		$	11.48		$	11.07
Activity from investment operations:
Net investment income (loss) (1)		0.31			0.49			(0.27	)		(0.21	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(1.28	)		4.73			9.35			7.32			(0.36	)		0.98
Total from investment operations		(0.97	)		5.22			9.08			7.11			(0.44	)		0.92
Less distributions from:
Net investment income		(0.57	)		—			—			(0.01	)		—			—
Net realized gains		(3.41	)		(5.69	)		(2.50	)		(0.38	)		(0.37	)		(0.51	)
Total distributions		(3.98	)		(5.69	)		(2.50	)		(0.39	)		(0.37	)		(0.51	)
Paid-in-Capital From Redemption Fees		0.00	(2)		0.00	(2)		0.01			0.01			0.00	(2)		0.00	(2)
Net asset value, end of period	$	18.57		$	23.52		$	23.99		$	17.40		$	10.67		$	11.48
Total return (3)		(5.04	)% (7)		25.83	% (6)		58.24	%		68.21	%		(4.06	)%		8.67	%
Net assets, at end of period (000’s)	$	853,253		$	966,505		$	620,954		$	265,308		$	122,105		$	198,929
Ratio of gross expenses to average net assets (4,5)		3.26	% (8)		3.05	%		2.89	%		3.25	%		2.97	%		2.83	%
Ratio of net expenses to average net assets (5)		3.26	% (8)		3.07	%		2.92	%		3.15	%		2.83	%		2.77	%
Ratio of net investment income (loss) to average net assets		3.14	% (8)		2.15	%		(1.19	)%		(1.31	)%		(0.76	)%		(0.57	)%
Portfolio Turnover Rate		99	% (7)		140	%		149	%		179	%		153	%		100	%

(1)

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

(2)

Represents less than $0.01 per share.

(3)

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

(4)

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

(5)

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

Before fees waived/recaptured	2.21% (8)	2.20	%	2.20	%	2.33	%	2.37	%	2.29	%

After fees waived/recaptured	2.21% (8)	2.22	%	2.23	%	2.23	%	2.23	%	2.23	%

(6)

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

(7)

Not Annualized.

(8)

Annualized.

See accompanying notes to financial statements.

Invenomic Fund

FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the
	Six Months Ended			For the			For the			For the			For the			For the
	April 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			October 31, 2023			October 31, 2022			October 31, 2021			October 31, 2020			October 31, 2019
Net asset value, beginning of period	$	23.04		$	23.66		$	17.23		$	10.57		$	11.40		$	11.02
Activity from investment operations:
Net investment income (loss) (1)		0.28			0.41			(0.32	)		(0.26	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss) on investments		(1.25	)		4.66			9.24			7.24			(0.36	)		0.98
Total from investment operations		(0.97	)		5.07			8.92			6.98			(0.47	)		0.89
Less distributions from:
Net investment income		(0.51	)		—			—			—			—			—
Net realized gains		(3.41	)		(5.69	)		(2.50	)		(0.38	)		(0.37	)		(0.51	)
Total distributions		(3.92	)		(5.69	)		(2.50	)		(0.38	)		(0.37	)		(0.51	)
Paid-in-Capital From Redemption Fees		0.00	(2)		0.00	(2)		0.01			0.06			0.01			0.00	(2)
Net asset value, end of period	$	18.15		$	23.04		$	23.66		$	17.23		$	10.57		$	11.40
Total return (3)		(5.18	)% (7)		25.50	% (6)		57.85	%		68.09	%		(4.27	)%		8.43	%
Net assets, at end of period (000’s)	$	96,179		$	121,751		$	112,627		$	27,457		$	5,933		$	15,113
Ratio of gross expenses to average net assets (4,5)		3.51	% (8)		3.30	%		3.14	%		3.50	%		3.22	%		3.08	%
Ratio of net expenses to average net assets (5)		3.51	% (8)		3.32	%		3.17	%		3.40	%		3.08	%		3.02	%
Ratio of net investment income (loss) to average net assets		2.89	% (8)		1.85	%		(1.41	)%		(1.56	)%		(0.99	)%		(0.84	)%
Portfolio Turnover Rate		99	% (7)		140	%		149	%		179	%		153	%		100	%

(1)

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

(2)

Represents less than $0.01 per share.

(3)

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

(4)

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

(5)

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

Before fees waived/recaptured	2.46	% (8)	2.45	%	2.45	%	2.58	%	2.62	%	2.54	%

After fees waived/recaptured	2.46	% (8)	2.47	%	2.48	%	2.48	%	2.48	%	2.48	%

(6)

(7)

Not Annualized.

(8)

Annualized.

See accompanying notes to financial statements.

Invenomic Fund

FINANCIAL HIGHLIGHTS

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

	Super Institutional Class
	For the
	Six Months Ended			For the			For the			For the			For the			For the
	April 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			October 31, 2023			October 31, 2022			October 31, 2021			October 31, 2020			October 31, 2019 (1)
Net asset value, beginning of period	$	23.84		$	24.19		$	17.49		$	10.70		$	11.49		$	11.43
Activity from investment operations:
Net investment income (loss) (2)		0.34			0.57			(0.19	)		(0.16	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(1.30	)		4.77			9.38			7.33			(0.35	)		0.08
Total from investment operations		(0.96	)		5.34			9.19			7.17			(0.42	)		0.06
Less distributions from:
Net investment income		(0.63	)		—			—			(0.01	)		—			—
Net realized gains		(3.41	)		(5.69	)		(2.50	)		(0.38	)		(0.37	)		—
Total distributions		(4.04	)		(5.69	)		(2.50	)		(0.39	)		(0.37	)		—
Paid-in-Capital From Redemption Fees		0.00	(3)		0.00	(3)		0.01			0.01			0.00	(3)		—
Net asset value, end of period	$	18.84		$	23.84		$	24.19		$	17.49		$	10.70		$	11.49
Total return (4)		(4.94	)% (7,9)		26.18	% (9)		58.62	%		68.58	%		(3.88	)%		0.52	% (7)
Net assets, at end of period (000’s)	$	410,186		$	451,696		$	256,997		$	60		$	36		$	28,024
Ratio of gross expenses to average net assets (5,6)		3.01	% (8)		2.80	%		2.64	%		3.00	%		2.72	%		2.58	% (8)
Ratio of net expenses to average net assets (6)		3.01	% (8)		2.82	%		2.67	%		2.90	%		2.58	%		2.52	% (8)
Ratio of net investment income (loss) to average net assets		3.46	% (8)		2.45	%		(0.77	)%		(1.04	)%		(0.59	)%		(0.30	)% (8)
Portfolio Turnover Rate		99	% (7)		140	%		149	%		179	%		153	%		100	% (7)

(1)

The Super Institutional Class commenced operations on May 10, 2019

(2)

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

(3)

Represents less than $0.01 per share.

(4)

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

(5)

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

(6)

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

1.96% (8)	1.95	%	1.95	%	2.08	%	2.12	%	2.04% (8)

1.96% (8)	1.97	%	1.98	%	1.98	%	1.98	%	1.98% (8)

(7)

Not Annualized.

(8)

Annualized.

(9)

See accompanying notes to financial statements.

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

April 30, 2024

ORGANIZATION

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

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

SIGNIFICANT ACCOUNTING POLICIES

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

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

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

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.

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

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, 2024 for the Fund’s investments measured at fair value:

Assets *	Level 1			Level 2		Level 3		Total
Common Stock	$	1,510,559,056		$	—	$	0	$	1,510,559,056
Preffered Stock		2,193,227			—		—		2,193,227
Warrant		858,843			—		—		858,843
Money Market Fund		21,641,157			—		—		21,641,157
Total	$	1,535,252,283		$	—	$	—	$	1,535,252,283
Liabilities*
Securities Sold Short	$	(1,249,158,487	)	$	—	$	—	$	(1,249,158,487	)
Total	$	(1,249,158,487	)	$	—	$	—	$	(1,249,158,487	)

Refer to the Schedule of Investments for industry classification.

The following is a reconciliation for which level 3 inputs were used in determining value.

	Tenerity, Inc.
Beginning balance November 1, 2023	$	0
Purchases		—
Proceeds from sales		—
Total realized gain/(loss)		—
Change in unrealized appreciation		—
Ending balance April 30, 2024	$	0

The total change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments still held at April 30, 2024, was $0.

Quantitative disclosures of unobservable inputs and assumptions used by the Fund are below.

Common Stock	Fair Value	Valuation Techniques	Unobservable Input
Tenerity, Inc.	$0	Independent Valuation	Adjusted for lack of marketability

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

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

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, 2024, such collateral is denoted in the Fund’s Schedule of Investments and Statements of Assets and Liabilities. Also, in conjunction with the use of written options contracts and short sales, the Fund, when appropriate, utilize a segregated margin deposit account with the counterparty. At April 30, 2024, 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 – It is the Fund’s policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. The Fund recognizes 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 the 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 open tax years ended October 31, 2021 to October 31, 2023, or expected to be taken in the Fund’s October 31, 2024 year end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and Ohio and foreign jurisdictions where the Fund

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the 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.

INVESTMENT TRANSACTIONS

For the six months ended April 30, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and securities sold short, amounted to the following:

Purchases		Sales
$	1,540,510,247	$	2,088,575,809

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Invenomic Capital Management LP serves as the investment advisor to the Fund. Pursuant to an Investment Advisory Agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.74%. For the six months ended April 30, 2024, the Fund incurred advisory fees in the amount of $12,162,039.

The Fund’s Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least February 28, 2025 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, 2024 the advisor did not waive any advisory fees or recapture previously waived advisory fees. As of April 30, 2024 there are no prior waived fees available for recapture.

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, 2024, the Fund incurred shareholder service fees in the amount of $1,107,235 and $132,992 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, 2024, the Fund incurred distribution fees in the amount of $132,992.

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

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.

DERIVATIVE TRANSACTIONS

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, 2024.

				Change in Unrealized
Contract type/	Realized Gain/(Loss)			Appreciation/(Depreciation)
Primary Risk Exposure	On Options Purchased			on Options Purchased
Equity contracts/Equity Price Risk	$	(9,260,919	)	$	2,162,809

The notional value and contracts of the derivative instruments outstanding as of April 30, 2024 as disclosed in the Portfolio of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

REDEMPTION FEES

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells his shares after holding them for less than 60 days. The redemption fee is paid directly to the Fund. For the six months ended April 30, 2023 and year ended October 31, 2023 the redemption fees assessed by the Fund were as follows:

	Institutional		Investor		Super Institutional
4/30/2024	$	68,565	$	8,411	$	26,938
10/31/2023	$	46,627	$	7,099	$	20,212

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at April 30, 2024, was as follows:

		Gross		Gross			Net Unrealized
Tax		Unrealized		Unrealized			Appreciation
Cost		Appreciation		Depreciation			(Depreciation)
$	322,141,170	$	196,350,209	$	(232,397,583	)	$	(36,047,374	)

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the period ended October 31, 2023 and October 31, 2022 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	October 31, 2023		October 31, 2022
Ordinary Income	$	223,736,988	$	27,953,270
Long-Term Capital Gain		—		17,091,448
	$	223,736,988	$	45,044,718

As of October 31, 2023, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss		Capital Loss		Other			Unrealized		Total
Ordinary		Long-Term		and		Carry		Book/Tax			Appreciation/		Distributable Earnings/
Income		Gains		Late Year Loss		Forwards		Differences			(Depreciation)		(Accumulated Deficit)
$	226,637,878	$	—	$	—	$	—	$	(84,917	)	$	7,026,485	$	233,579,446

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, mark-to-market on passive foreign investment companies and adjustments for partnerships. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $398,478.

During the fiscal year ended October 31, 2023, the Fund 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 book/tax treatment of tax adjustment for equalization credits, resulted in reclassification for the year ended October 31, 2023 as follows:

SECURITIES LENDING

Under an agreement with U.S. Bank National Association (The “Bank”) the Invenomic Fund (the “Fund”) can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board of Trustees to earn additional income. Loans are collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued interest, which is invested in highly liquid, short-term instruments such as repurchase agreements collateralized by money market funds in accordance with the Fund’s security lending procedures. A portion of the income generated by the investment in the collateral, net of any rebates paid by the Bank to the borrowers is remitted to the Bank as lending agent, and the remainder is paid to the Fund. The Fund continues to receive interest or dividends on the securities loaned. The Fund has the right under the Master Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Fund could experience delays or losses on recovery. Additionally, the Fund is subject to the risk of loss from investments made with the cash received as collateral. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of April 30, 2024 there were no securities on loan.

Invenomic Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2024

10.

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2024, Charles Schwab & Co. and National Financial Services LLC held approximately 45.14% and 25.22%, respectively of the voting securities of the Fund for the benefit of others. The Fund has no knowledge as to whether all or any portion of the shares owned on record by Charles Schwab & Co. and National Financial Services LLC. are also owned beneficially by any party who would be presumed to control the Fund.

11.

REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

12.

SUBSEQUENT EVENTS

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

Invenomic Fund

EXPENSE EXAMPLES (Unaudited)

April 30, 2024

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemptions; and redemption fees; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as noted below.

Actual Expenses

The “Actual Expenses” line in the table below provides information about actual account values and actual expenses. You may use the information below; together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line in the table below provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid	Expense Ratio During the
	Account Value	Account Value	During Period	Period
Actual*	11/1/23	4/30/24	11/1/23 – 4/30/24	11/1/23 – 4/30/24
Institutional Class	$1,000.00	$949.60	$10.71	2.21%
Investor Class	$1,000.00	$948.20	$11.92	2.46%
Super Institutional Class	$1,000.00	$951.00	$9.51	1.96%
	Beginning	Ending	Expenses Paid	Expense Ratio During the
Hypothetical **	Account Value	Account Value	During Period	Period
(5% return before expenses)	11/1/23	4/30/24	11/1/23 – 4/30/24	11/1/23 – 4/30/24
Institutional Class	$1,000.00	$1,013.87	$11.07	2.21%
Investor Class	$1,000.00	$1,012.63	$12.31	2.46%
Super Institutional Class	$1,000.00	$1,015.12	$9.82	1.96%

Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (182) divided by the number of days in the fiscal year (366).

The hypothetical example assumes that the Fund was in operation for the full six months ended April 30, 2024.

Invenomic Fund

SUPPLEMENTAL INFORMATION (Unaudited)

April 30, 2024

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 16, 2024, the Board, including the disinterested Trustees (the “Independent Trustees”), considered the approval of the renewal of the advisory agreement (the “Invenomic 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 Invenomic 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 Invenomic Fund.

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

The Board then reviewed and discussed the written materials that were provided in advance of the Meeting and deliberated on the approval of the renewal of the Invenomic Advisory Agreement with respect to the Invenomic Fund. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Invenomic 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 Invenomic Advisory Agreement. In considering the renewal of the Invenomic Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

Nature, Extent and Quality of Services. During the discussions with ICM, the Board reviewed materials provided by ICM relating to the Invenomic 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 Invenomic 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 representative 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 Invenomic; and whether ICM has procedures in place to adequately allocate trades among its respective clients. The Board also reviewed the descriptions provided by ICM of its practices for monitoring compliance with the Fund’s investment limitations, noting that ICM’s chief compliance officer would continually review the portfolio managers’ performance of their duties with respect to the Fund to ensure compliance under ICM’s compliance program. The Board then reviewed the capitalization of ICM based on financial information and other materials provided by and discussed with ICM and concluded that ICM was sufficiently well-capitalized, or that its control person had the ability to make additional contributions in order to meet its obligations to Invenomic.

Invenomic Fund

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

April 30, 2024

The Board discussed ICM’s compliance structure and broker selection process and engaged in a discussion with the Trust’s chief compliance officer regarding ICM’s business practices. The Board noted that the CCO of the Trust continued to represent that ICM’s compliance policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board also noted ICM’s representation that the prospectus and statement of additional information for the Fund accurately describe the investment strategies of the Fund. The Board concluded that ICM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures necessary to perform its duties under the Invenomic Advisory Agreement with respect to the Fund and that the nature, overall quality and extent of the management services to be provided by ICM were satisfactory.

Performance. The Board discussed the reports prepared by Broadridge and reviewed the performance of the Fund as compared to its peer group, Morningstar category and benchmark for the one year, three year, five year and since inception periods ended December 31, 2023. The Board noted that the Fund outperformed its peer group median, Morningstar category median and benchmark for the three year, five year and since inception periods and outperformed its peer group median and Morningstar category median but underperformed its benchmark for the one year period. The Board noted the portfolio managers’ ability to manage risk and concluded that past performance was acceptable.

Fees and Expenses. As to the costs of the services to be provided by ICM, the Board discussed the comparison of the Fund’s advisory fee and total operating expense data as compared to its peer group and Morningstar category as presented in the Broadridge Report. The Board noted that although the advisory fee was at the high end of its peer group and Morningstar category, it was not the highest in its peer group or Morningstar category. The Board reviewed the contractual arrangements for the Fund, which stated that ICM had agreed to waive or limit its advisory fee and/or reimburse expenses at least until February 28, 2025, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 2.23%, 2.48% and 1.98% of the Fund’s average net assets for Institutional Class shares, Investor Class shares and Super Institutional Class shares, respectively. The Board found such arrangements to be beneficial to shareholders although noting that the net total expense ratio was again at the high end of its peer group and Morningstar category, but not the highest in its Morningstar category. After further consideration, it was the consensus of the Board that, based on ICM’s experience and expertise, and the services provided by ICM to the Fund, the advisory fee charged by ICM to the Fund was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue 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.

Economies of Scale. As to the extent to which the Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed ICM’s expectations for growth of the Fund. The Board noted ICM’s intentions to continue with the soft close of the Fund to new investors and the possibility of adding breakpoints. After consideration, the Board concluded that any material economies of scale would not be achieved in the near term.

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

Privacy Policy

Rev. May 2021

FACTS	WHAT DOES NORTHERN LIGHTS FUND TRUST II (“NLFT II”) DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	● Social Security number ● Employment information ● Account balances	● Account transactions ● Income ● Investment experience
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share a customer’s personal information to run their everyday business - to process transactions, maintain customer accounts, and report to credit bureaus. In the section below, we list the reasons financial companies can share their customer’s personal information; the reasons NLFT II chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does NLFT II share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	Yes	No
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call 1-631-490-4300


Who we are
Who is providing this notice?	Northern Lights Fund Trust II
What we do
How does NLFT II protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does NLFT II collect my personal information?	We collect your personal information, for example, when you
	● open an account ● give us your income information ● provide employment information	● provide account information ● give us your contact information
	We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes—information about your creditworthiness ● affiliates from using your information to market to you ● sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● NLFT II has no affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● NLFT II does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products and services to you. ● Our joint marketing partners include other financial service companies.

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1- 855-466-3406 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-855-466-3406.

INVESTMENT ADVISOR

Invenomic Capital Management

211 Congress Street, Floor 8

Boston, Massachusetts 02110

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Invenomic-SAR24

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

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

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

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred 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 12. Disclosure of securities lending activities for closed-end management investment companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

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

(Registrant) Northern Lights Fund Trust II

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 7/5/24

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 7/5/24

By (Signature and Title)

/s/ Erik Naviloff

Erik Naviloff, Principal Financial Officer/Treasurer

Date 7/5/24