Northern Lights Fund Trust II
02/09/2026 | Press release | Distributed by Public on 02/09/2026 12:25
Semi-Annual Report by Investment Company (Form 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, Cincinnati, Ohio | 45246 |
| (Address of principal executive offices) | (Zip code) |
| The Corporation Trust Company |
| 1209 Orange Street Wilmington, DE 19801 |
| (Name and address of agent for service) |
| Registrants telephone number, including area code: | 631-470-2600 |
Date of fiscal year end: 5/31
Date of reporting period: 11/30/25
Item 1. Reports to Stockholders.
| (a) |
Weitz Core Plus Bond ETF
(WCPB) NYSE Arca, Inc.
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
This semi-annual shareholder report contains important information about Weitz Core Plus Bond ETF for the period of August 12, 2025 to November 30, 2025. You can find additional information about the Fund at https://weitzinvestments.com/products/etfs/wcpb/core-plus-bond/default.fs. You can also request this information by contacting us at 1-800-304-9745.
What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Weitz Core Plus Bond ETF
|
$14
|
0.45%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized. Had the Fund been open the full reporting period, expenses would be higher. |
How did the Fund perform during the reporting period?
The Fund (Ticker: WCPB) returned 3.29% based on NAV and 3.49% based on market price for the period from inception (August 12, 2025) through November 30, 2025.
During the initial ramping up of the portfolio, we leaned heavily on Agency Mortgage-backed securities (MBS), which was the largest contributor to performance for the period. We also focused on U.S. Treasury bonds, the second highest contributor. We also found pockets of value within corporate collateralized loan obligations (CLOs), which was the third highest contributing sector as well as high yield and investment grade corporate bonds rounding out the top five contributors. Over time, we expect to ramp up our credit investments across a wide variety of both benchmark and non-benchmark sectors as opportunities arise and the fund scales its asset base.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
|
Weitz Core Plus Bond ETF - NAV
|
Bloomberg U.S. Aggregate Bond Index
|
|
|
08/12/25
|
$10,000
|
$10,000
|
|
08/31/25
|
$10,080
|
$10,052
|
|
09/30/25
|
$10,206
|
$10,162
|
|
10/31/25
|
$10,280
|
$10,225
|
|
11/30/25
|
$10,329
|
$10,289
|
Average Annual Total Returns
|
Since Inception (August 12, 2025)
|
|
|
Weitz Core Plus Bond ETF - NAV
|
3.29%
|
|
Bloomberg U.S. Aggregate Bond Index
|
2.89%
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics
|
Net Assets
|
$91,017,133
|
|
Number of Portfolio Holdings
|
98
|
|
Total Advisory Fees Paid
|
$0
|
|
Portfolio Turnover
|
135%
|
Asset Weighting (% of total investments)
|
Value
|
Value
|
|
Asset Backed Securities
|
16.7%
|
|
Collateralized Mortgage Obligations
|
0.4%
|
|
Corporate Bonds
|
13.0%
|
|
U.S. Government & Agencies
|
69.9%
|
What did the Fund invest in?
Sector Weighting (% of net assets)
|
Value
|
Value
|
|
Other Assets in Excess of Liabilities
|
7.4%
|
|
Utilities
|
0.2%
|
|
Materials
|
0.2%
|
|
Telecommunications
|
0.3%
|
|
Industrials
|
0.4%
|
|
Real Estate
|
0.4%
|
|
CMO
|
0.5%
|
|
CMBS
|
1.3%
|
|
Energy
|
1.6%
|
|
Communications
|
1.9%
|
|
Financials
|
2.7%
|
|
ABS-Other
|
3.0%
|
|
Consumer Discretionary
|
4.3%
|
|
CLO
|
11.0%
|
|
MBS Passthrough
|
31.8%
|
|
U.S. Treasury Obligations
|
33.0%
|
• May represent asset weighting given fund's investment approach/investments in other investment companies.
Top 10 Holdings (% of net assets)
|
Holding Name
|
% of Net Assets
|
|
United States Treasury Bond
|
18.4%
|
|
Freddie Mac Pool SD8371
|
6.4%
|
|
United States Treasury Bond
|
6.4%
|
|
Freddie Mac Pool SD8267
|
6.3%
|
|
United States Treasury Bond
|
3.8%
|
|
Fannie Mae Pool MA5271
|
3.2%
|
|
Freddie Mac Pool SD8515
|
3.1%
|
|
ACREC 2021-FL1 Ltd., D
|
2.5%
|
|
Fannie Mae Pool MA5137
|
1.8%
|
|
LoanCore 2021-CRE5 Issuer Ltd., D
|
1.7%
|
Material Fund Changes
No material changes occurred during the period ended November 30, 2025.
Weitz Core Plus Bond ETF
Semi-Annual Shareholder Report - November 30, 2025
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://weitzinvestments.com/products/etfs/wcpb/core-plus-bond/default.fs), including its:
-
Prospectus
-
Financial information
-
Holdings
-
Proxy voting information
TSR-SAR 113025-WCPB
Weitz Multisector Bond ETF
(WMSB) NYSE Arca, Inc.
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
This semi-annual shareholder report contains important information about Weitz Multisector Bond ETF for the period of November 4, 2025 to November 30, 2025. You can find additional information about the Fund at https://weitzinvestments.com/products/etfs/wmsb/multisector-bond/default.fs. You can also request this information by contacting us at 1-800-304-9745.
What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Weitz Multisector Bond ETF
|
$5
|
0.65%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized. Had the Fund been open the full reporting period, expenses would be higher. |
How did the Fund perform during the reporting period?
The Fund (Ticker: WMSB) returned 0.78% based on NAV and 0.78% based on market price for the period from inception (November 4, 2025) through November 30, 2025.
During the initial ramping up of the portfolio, we leaned heavily on Agency Mortgage-backed securities (MBS), which was the largest contributor to performance for the period. We also focused on high yield corporate bonds, the second highest contributor. We also found pockets of value in corporate collateralized loan obligations (CLOs), which was the third highest contributing sector as well as asset-backed securities (ABS) and investment grade corporate bonds rounding out the top five contributors. Over time, we expect to ramp up our credit investments across a wide variety of both benchmark and non-benchmark sectors as opportunities arise and the fund scales its asset base.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
|
Weitz Multisector Bond ETF - NAV
|
Bloomberg U.S. Aggregate Bond Index
|
|
|
11/04/25
|
$10,000
|
$10,000
|
|
11/30/25
|
$10,078
|
$10,059
|
Average Annual Total Returns
|
Since Inception (November 4, 2025)
|
|
|
Weitz Multisector Bond ETF - NAV
|
0.78%
|
|
Bloomberg U.S. Aggregate Bond Index
|
0.59%
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Fund Statistics
|
Net Assets
|
$6,292,620
|
|
Number of Portfolio Holdings
|
47
|
|
Total Advisory Fees Paid
|
$0
|
|
Portfolio Turnover
|
0%
|
Asset Weighting (% of total investments)
|
Value
|
Value
|
|
Asset Backed Securities
|
34.2%
|
|
Corporate Bonds
|
20.9%
|
|
U.S. Government & Agencies
|
44.9%
|
What did the Fund invest in?
Sector Weighting (% of net assets)
|
Value
|
Value
|
|
Liabilities in Excess of Other Assets
|
-12.5%
|
|
Industrials
|
0.6%
|
|
Real Estate
|
0.8%
|
|
Telecommunications
|
0.8%
|
|
Materials
|
1.6%
|
|
Energy
|
1.6%
|
|
Communications
|
2.4%
|
|
CMBS
|
3.2%
|
|
Consumer Discretionary
|
7.4%
|
|
Financials
|
8.3%
|
|
ABS-Other
|
10.4%
|
|
CLO
|
24.8%
|
|
MBS Passthrough
|
50.6%
|
• May represent asset weighting given fund's investment approach/investments in other investment companies.
Top 10 Holdings (% of net assets)
|
Holding Name
|
% of Net Assets
|
|
Fannie Mae Pool MA5072
|
11.3%
|
|
NMNL 2025-1A C, C
|
8.0%
|
|
Fannie Mae Pool MA5190
|
7.3%
|
|
Freddie Mac Pool SD8348
|
5.1%
|
|
ACREC 2021-FL1 Ltd., D
|
4.7%
|
|
Freddie Mac Pool SD8372
|
4.2%
|
|
BRSP 2021-FL1 Ltd., D
|
3.2%
|
|
LoanCore 2021-CRE5 Issuer Ltd., D
|
3.2%
|
|
FS RIALTO, D
|
3.2%
|
|
LMNT CRE 2025-FL3, LLC, C
|
3.2%
|
Material Fund Changes
No material changes occurred during the period ended November 30, 2025.
Weitz Multisector Bond ETF (WMSB)
Semi-Annual Shareholder Report - November 30, 2025
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://weitzinvestments.com/products/etfs/wmsb/multisector-bond/default.fs), including its:
-
Prospectus
-
Financial information
-
Holdings
-
Proxy voting information
TSR-SAR 113025-WMSB
| (b) | Not applicable |
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies.
Item 6. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) |
| Weitz Core Plus Bond ETF |
| (Symbol: WCPB) |
| Weitz Multisector Bond ETF |
| (Symbol: WMSB) |
| Semi-Annual Financial Statements |
| and Additional Information |
| November 30, 2025 |
| 1-800-304-9745 |
| https://weitzinvestments.com |
| Distributed by Northern Lights Distributors, LLC |
| Member FINRA/SIPC |
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES - 15.5% | ||||||||||||||
| CF-CLO-CRE - 9.9% | ||||||||||||||
| 350,000 | A10 2025-FL6 Issuer, LLC Series FL6 A(a),(b) | TSFR1M + 1.465% | 5.5150 | 05/15/42 | $ | 349,362 | ||||||||
| 250,000 | ACREC 2021-FL1 Ltd. Series FL1 C(a),(b) | TSFR1M + 2.264% | 6.2270 | 10/16/36 | 249,974 | |||||||||
| 2,250,000 | ACREC 2021-FL1 Ltd. Series FL1 D(a),(b) | TSFR1M + 2.764% | 6.7270 | 10/16/36 | 2,244,256 | |||||||||
| 1,000,000 | BRSP 2021-FL1 Ltd. Series FL1 D(a),(b) | TSFR1M + 2.814% | 6.7730 | 08/19/38 | 1,003,606 | |||||||||
| 200,000 | BRSP 2024-FL2 Ltd. Series FL2 E(a),(b) | TSFR1M + 6.539% | 10.4970 | 08/19/37 | 201,237 | |||||||||
| 1,500,000 | FS RIALTO Series FL2 D(a),(b) | TSFR1M + 2.914% | 6.8730 | 05/16/38 | 1,505,333 | |||||||||
| 215,304 | GPMT 2021-FL4 Ltd. Series FL4 A(a),(b) | TSFR1M + 1.464% | 5.4160 | 12/15/36 | 216,018 | |||||||||
| 100,000 | HGI CRE CLO 2021-FL2 Ltd. Series FL2 D(a),(b) | TSFR1M + 2.264% | 6.2230 | 09/17/36 | 100,208 | |||||||||
| 1,000,000 | LMNT CRE 2025-FL3, LLC Series FL3 C(a),(b) | TSFR1M + 2.750% | 6.7500 | 07/21/43 | 1,003,500 | |||||||||
| 1,500,000 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 D(a),(b) | TSFR1M + 3.114% | 7.0730 | 07/15/36 | 1,505,390 | |||||||||
| 500,000 | LoanCore 2022-CRE7 Issuer Ltd. Series CRE7 E(a),(b) | SOFR30A + 3.750% | 7.8920 | 01/17/37 | 501,745 | |||||||||
| 79,789 | PFP 2024-11 Ltd. Series 11 A(a),(b) | TSFR1M + 1.832% | 5.8040 | 09/17/39 | 80,249 | |||||||||
| 8,960,878 | ||||||||||||||
| CF-CLO-LL - 0.2% | ||||||||||||||
| 200,000 | Starwood 2025-SIF6, LLC Series SIF6A A1(a),(b) | TSFR3M + 1.550% | 5.4730 | 10/17/37 | 199,981 | |||||||||
| CF-CLO-MML - 0.4% | ||||||||||||||
| 50,000 | ASP PIF CLO I, LLC Series 1A A1(a),(b) | TSFR3M + 1.480% | 5.1400 | 01/15/38 | 50,000 | |||||||||
| 300,000 | Fortress Credit Opportunities IX CLO Ltd. Series 9A BR(a),(b) | TSFR3M + 2.212% | 6.1160 | 10/15/33 | 299,424 | |||||||||
| 349,424 | ||||||||||||||
| CLO - 0.5% | ||||||||||||||
| 50,000 | BSPRT 2022-FL8 Issuer Ltd. Series FL8 C(a),(b) | SOFR30A + 2.300% | 6.4420 | 02/15/37 | 50,192 | |||||||||
| 305,000 | GPMT 2021-FL3 Ltd. Series FL3 AS(a),(b) | TSFR1M + 1.964% | 5.9230 | 07/16/35 | 305,604 | |||||||||
| 18,856 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 AS(a),(b) | TSFR1M + 1.864% | 5.8230 | 07/15/36 | 18,924 | |||||||||
| 50,000 | STWD 2022-FL3 Ltd. Series FL3 AS(a),(b) | SOFR30A + 1.800% | 5.9420 | 11/15/38 | 50,175 | |||||||||
| 50,000 | TRTX 2022-FL5 Issuer Ltd. Series FL5 AS(a),(b) | TSFR1M + 2.150% | 6.1130 | 02/15/39 | 50,144 | |||||||||
| 475,039 | ||||||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2% | ||||||||||||||
| 190,978 | JP Morgan Mortgage Trust Series 2024-5 Series 5 A6(a),(c) | 6.0000 | 11/25/54 | 191,715 | ||||||||||
| NON AGENCY CMBS - 1.3% | ||||||||||||||
| 200,000 | NRTH Commercial Mortgage Trust 2025-PARK Series A(a),(b) | TSFR1M + 1.393% | 5.3520 | 10/15/40 | 200,297 | |||||||||
| 987,719 | SKY Trust 2025-LINE Series LINE A(a),(b) | TSFR1M + 2.589% | 6.5480 | 04/15/42 | 994,465 | |||||||||
| 1,194,762 | ||||||||||||||
1
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES - 15.5% (Continued) | ||||||||||||||
| OTHER ABS - 3.0% | ||||||||||||||
| 750,000 | NMNL 2025-1A A Series 1A A(a) | 5.1400 | 11/20/55 | $ | 751,261 | |||||||||
| 750,000 | NMNL 2025-1A B Series 1A B(a) | 5.3300 | 11/20/55 | 754,940 | ||||||||||
| 187,656 | OWN Equipment Fund I, LLC Series 2M A(a) | 5.7000 | 12/20/32 | 188,530 | ||||||||||
| 1,000,000 | PAWS 2025-1A A2(a) | 6.8240 | 01/30/56 | 1,000,000 | ||||||||||
| 2,694,731 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $14,042,200) | 14,066,530 | |||||||||||||
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3% | ||||||||||||||
| 295,327 | Fannie Mae REMICS Series 59 MA | 5.0000 | 03/25/51 | 295,626 | ||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $296,085) | 295,626 | |||||||||||||
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 12.1% | ||||||||||||||
| ADVERTISING & MARKETING - 0.6% | ||||||||||||||
| 600,000 | Stagwell Global, LLC(a) | 5.6250 | 08/15/29 | 583,554 | ||||||||||
| ASSET MANAGEMENT - 0.3% | ||||||||||||||
| 250,000 | Barings BDC, Inc. | 5.2000 | 09/15/28 | 249,128 | ||||||||||
| COMMUNICATIONS - 0.3% | ||||||||||||||
| 250,000 | WULF Compute, LLC(a) | 7.7500 | 10/15/30 | 258,680 | ||||||||||
| E-COMMERCE DISCRETIONARY - 0.3% | ||||||||||||||
| 250,000 | Wayfair, Inc.(a) | 6.7500 | 11/15/32 | 255,713 | ||||||||||
| ELECTRIC UTILITIES - 0.2% | ||||||||||||||
| 150,000 | Hawaiian Electric Company, Inc.(a) | 6.0000 | 10/01/33 | 151,974 | ||||||||||
| HOME & OFFICE PRODUCTS - 0.8% | ||||||||||||||
| 300,000 | Newell Brands, Inc. | 6.3750 | 05/15/30 | 289,042 | ||||||||||
2
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 12.1% (Continued) | ||||||||||||||
| HOME & OFFICE PRODUCTS - 0.8% (Continued) | ||||||||||||||
| 50,000 | Newell Brands, Inc. | 6.6250 | 05/15/32 | $ | 47,207 | |||||||||
| 350,000 | Whirlpool Corporation | 6.5000 | 06/15/33 | 348,053 | ||||||||||
| 684,302 | ||||||||||||||
| INDUSTRIAL SUPPORT SERVICES - 0.4% | ||||||||||||||
| 360,000 | EquipmentShare.com, Inc.(a) | 9.0000 | 05/15/28 | 367,886 | ||||||||||
| LEISURE FACILITIES & SERVICES - 1.6% | ||||||||||||||
| 1,500,000 | Six Flags Entertainment Corporation / Canadas | 5.2500 | 07/15/29 | 1,392,456 | ||||||||||
| LEISURE PRODUCTS - 0.3% | ||||||||||||||
| 300,000 | Polaris, Inc. | 5.6000 | 03/01/31 | 303,970 | ||||||||||
| MACHINERY - 0.0%(d) | ||||||||||||||
| 25,000 | Manitowoc Company, Inc. (The)(a) | 9.2500 | 10/01/31 | 26,594 | ||||||||||
| METALS & MINING - 0.1% | ||||||||||||||
| 100,000 | SunCoke Energy, Inc.(a) | 4.8750 | 06/30/29 | 91,580 | ||||||||||
| OIL & GAS PRODUCERS - 1.1% | ||||||||||||||
| 75,000 | Global Partners LP / GLP Finance Corp(a) | 7.1250 | 07/01/33 | 76,234 | ||||||||||
| 600,000 | Golar LNG Ltd.(a) | 7.5000 | 10/02/30 | 582,207 | ||||||||||
| 300,000 | NGL Energy Partners, L.P.(a) | 8.3750 | 02/15/32 | 311,261 | ||||||||||
| 969,702 | ||||||||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.5% | ||||||||||||||
| 250,000 | WBI Operating, LLC(a) | 6.2500 | 10/15/30 | 250,293 | ||||||||||
| 250,000 | WBI Operating, LLC(a) | 6.5000 | 10/15/33 | 250,070 | ||||||||||
| 500,363 | ||||||||||||||
| PUBLISHING & BROADCASTING - 0.3% | ||||||||||||||
| 300,000 | Lamar Media Corporation(a) | 5.3750 | 11/01/33 | 300,702 | ||||||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.4% | ||||||||||||||
| 200,000 | Broadstone Net Lease, LLC | 5.0000 | 11/01/32 | 200,864 | ||||||||||
| 200,000 | Highwoods Realty, L.P. | 5.3500 | 01/15/33 | 200,914 | ||||||||||
| 401,778 | ||||||||||||||
3
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 12.1% (Continued) | ||||||||||||||
| RETAIL - DISCRETIONARY - 1.4% | ||||||||||||||
| 700,000 | Bath & Body Works, Inc. | 6.7500 | 07/01/36 | $ | 693,654 | |||||||||
| 614,000 | Bath & Body Works, Inc. | 7.6000 | 07/15/37 | 611,768 | ||||||||||
| 1,305,422 | ||||||||||||||
| SPECIALTY FINANCE - 2.4% | ||||||||||||||
| 100,000 | Atlas Warehouse Lending Company, L.P.(a) | 6.2500 | 01/15/30 | 105,441 | ||||||||||
| 900,000 | LFS Topco, LLC(a) | 8.7500 | 07/15/30 | 880,769 | ||||||||||
| 600,000 | Rithm Capital Corp(a) | 8.0000 | 07/15/30 | 612,078 | ||||||||||
| 350,000 | Rithm Capital Corporation(a) | 8.0000 | 04/01/29 | 358,102 | ||||||||||
| 250,000 | Stonebriar A.B.F Issuer, LLC(a) | 8.1250 | 12/15/30 | 254,249 | ||||||||||
| 2,210,639 | ||||||||||||||
| STEEL - 0.1% | ||||||||||||||
| 100,000 | Cleveland-Cliffs, Inc.(a) | 7.6250 | 01/15/34 | 103,849 | ||||||||||
| TELECOMMUNICATIONS - 1.0% | ||||||||||||||
| 500,000 | Cogent Communications Group, Inc.(a) | 7.0000 | 06/15/27 | 495,805 | ||||||||||
| 350,000 | Cogent Communications Group, LLC / Cogent Finance(a) | 6.5000 | 07/01/32 | 319,405 | ||||||||||
| 815,210 | ||||||||||||||
| TOTAL CORPORATE BONDS (Cost $10,956,072) | 10,973,502 | |||||||||||||
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| U.S. GOVERNMENT & AGENCIES - 64.7% | ||||||||||||||
| AGENCY FIXED RATE - 31.8% | ||||||||||||||
| 898,485 | Fannie Mae Pool FS8486 | 4.5000 | 12/01/52 | 884,068 | ||||||||||
| 181,407 | Fannie Mae Pool MA5070 | 4.5000 | 07/01/53 | 178,289 | ||||||||||
| 1,629,720 | Fannie Mae Pool MA5137 | 5.0000 | 09/01/53 | 1,633,066 | ||||||||||
| 1,066,134 | Fannie Mae Pool MA5163 | 4.5000 | 10/01/53 | 1,046,162 | ||||||||||
| 1,056,810 | Fannie Mae Pool MA5164 | 5.0000 | 10/01/53 | 1,058,707 | ||||||||||
| 473,493 | Fannie Mae Pool MA5189 | 5.0000 | 11/01/53 | 474,099 | ||||||||||
| 2,884,266 | Fannie Mae Pool MA5271 | 5.5000 | 02/01/54 | 2,927,799 | ||||||||||
| 197,956 | Fannie Mae Pool MA5294 | 5.0000 | 03/01/54 | 198,005 | ||||||||||
| 1,175,836 | Fannie Mae Pool MA5327 | 5.0000 | 04/01/54 | 1,175,795 | ||||||||||
| 101,268 | Fannie Mae Pool MA5352 | 5.0000 | 05/01/54 | 101,212 | ||||||||||
| 108,497 | Fannie Mae Pool MA5419 | 5.0000 | 07/01/54 | 108,483 | ||||||||||
4
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| U.S. GOVERNMENT & AGENCIES - 64.7% (Continued) | ||||||||||||||
| AGENCY FIXED RATE - 31.8% (Continued) | ||||||||||||||
| 212,669 | Fannie Mae Pool MA5495 | 4.5000 | 10/01/54 | $ | 208,356 | |||||||||
| 670,078 | Fannie Mae Pool MA5530 | 5.0000 | 11/01/54 | 669,634 | ||||||||||
| 197,091 | Fannie Mae Pool MA5552 | 5.0000 | 12/01/54 | 196,955 | ||||||||||
| 98,947 | Fannie Mae Pool MA5585 | 5.0000 | 01/01/55 | 98,839 | ||||||||||
| 193,555 | Fannie Mae Pool MA5613 | 5.0000 | 02/01/55 | 193,329 | ||||||||||
| 328,450 | Freddie Mac Pool RA7773 | 4.0000 | 08/01/52 | 315,069 | ||||||||||
| 176,068 | Freddie Mac Pool SD8244 | 4.0000 | 09/01/52 | 168,521 | ||||||||||
| 5,696,821 | Freddie Mac Pool SD8267 | 5.0000 | 11/01/52 | 5,721,406 | ||||||||||
| 208,626 | Freddie Mac Pool SD8340 | 4.5000 | 07/01/53 | 204,976 | ||||||||||
| 1,240,792 | Freddie Mac Pool SD8342 | 5.5000 | 07/01/53 | 1,260,952 | ||||||||||
| 214,320 | Freddie Mac Pool SD8347 | 4.5000 | 08/01/53 | 210,505 | ||||||||||
| 176,415 | Freddie Mac Pool SD8360 | 4.5000 | 09/01/53 | 173,110 | ||||||||||
| 511,674 | Freddie Mac Pool SD8361 | 5.0000 | 09/01/53 | 512,856 | ||||||||||
| 5,852,857 | Freddie Mac Pool SD8371 | 5.0000 | 11/01/53 | 5,861,855 | ||||||||||
| 155,756 | Freddie Mac Pool SD6706 | 4.5000 | 01/01/54 | 153,031 | ||||||||||
| 127,798 | Freddie Mac Pool SD8474 | 5.0000 | 11/01/54 | 127,716 | ||||||||||
| 226,328 | Freddie Mac Pool SD7379 | 5.5000 | 01/01/55 | 229,362 | ||||||||||
| 2,786,740 | Freddie Mac Pool SD8515 | 5.5000 | 03/01/55 | 2,824,097 | ||||||||||
| 28,916,254 | ||||||||||||||
| U.S. TREASURY BONDS - 32.9% | ||||||||||||||
| 200,000 | United States Treasury Bond | 4.2500 | 05/15/39 | 199,055 | ||||||||||
| 800,000 | United States Treasury Bond | 4.3750 | 11/15/39 | 801,719 | ||||||||||
| 400,000 | United States Treasury Bond | 4.6250 | 02/15/40 | 410,711 | ||||||||||
| 16,750,000 | United States Treasury Bond | 4.3750 | 05/15/40 | 16,721,864 | ||||||||||
| 500,000 | United States Treasury Bond | 4.2500 | 11/15/40 | 490,410 | ||||||||||
| 3,500,000 | United States Treasury Bond | 4.3750 | 05/15/41 | 3,469,922 | ||||||||||
| 100,000 | United States Treasury Bond | 4.7500 | 11/15/43 | 102,092 | ||||||||||
| 5,800,000 | United States Treasury Bond | 4.6250 | 11/15/44 | 5,804,078 | ||||||||||
| 1,100,000 | United States Treasury Bond | 4.7500 | 02/15/45 | 1,117,660 | ||||||||||
| 1,000,000 | United States Treasury Bond | 4.0000 | 11/15/42 | 934,922 | ||||||||||
5
| WEITZ CORE PLUS BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | ||||||||
| Amount ($) | Fair Value | |||||||
| U.S. GOVERNMENT & AGENCIES - 64.7% (Continued) | ||||||||
| U.S. TREASURY BONDS - 32.9% (Continued) | ||||||||
| $ | 30,052,433 | |||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $58,536,135) | 58,968,687 | |||||||
| TOTAL INVESTMENTS - 92.6% (Cost $83,830,492) | $ | 84,304,345 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 7.4% | 6,712,788 | |||||||
| NET ASSETS - 100.0% | $ | 91,017,133 | ||||||
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term SOFR Secured Overnight Financing Rate 1 month |
| TSFR3M | Term SOFR Secured Overnight Financing Rate 3 month |
| (a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the total market value of 144A securities is 20,702,976 or 22.7% of net assets. |
| (b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (c) | Variable rate security; the rate shown represents the rate on November 30, 2025. |
| (d) | Percentage rounds to less than 0.1%. |
6
| WEITZ MULTISECTOR BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| ASSET BACKED SECURITIES - 38.4% | ||||||||||||||
| CF-CLO-CRE - 24.8% | ||||||||||||||
| 100,000 | A10 2025-FL6 Issuer, LLC Series FL6 B(a),(b) | TSFR1M + 2.392% | 6.4420 | 05/15/42 | $ | 100,162 | ||||||||
| 100,000 | A10 2025-FL6 Issuer, LLC Series FL6 C(a),(b) | TSFR1M + 2.791% | 6.8410 | 05/15/42 | 99,813 | |||||||||
| 100,000 | A10 2025-FL6 Issuer, LLC Series FL6 D(a),(b) | TSFR1M + 3.390% | 7.4400 | 05/15/42 | 100,165 | |||||||||
| 300,000 | ACREC 2021-FL1 Ltd. Series FL1 D(a),(b) | TSFR1M + 2.764% | 6.7270 | 10/16/36 | 299,234 | |||||||||
| 200,000 | BRSP 2021-FL1 Ltd. Series FL1 D(a),(b) | TSFR1M + 2.814% | 6.7730 | 08/19/38 | 200,721 | |||||||||
| 200,000 | FS RIALTO Series FL2 D(a),(b) | TSFR1M + 2.914% | 6.8730 | 05/16/38 | 200,711 | |||||||||
| 200,000 | LMNT CRE 2025-FL3, LLC Series FL3 C(a),(b) | TSFR1M + 2.750% | 6.7500 | 07/21/43 | 200,700 | |||||||||
| 100,000 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 C(a),(b) | TSFR1M + 2.464% | 6.4230 | 07/15/36 | 100,135 | |||||||||
| 200,000 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 D(a),(b) | TSFR1M + 3.114% | 7.0730 | 07/15/36 | 200,719 | |||||||||
| 66,491 | PFP 2024-11 Ltd. Series 11 A(a),(b) | TSFR1M + 1.832% | 5.8040 | 09/17/39 | 66,875 | |||||||||
| 1,569,235 | ||||||||||||||
| NON AGENCY CMBS - 3.2% | ||||||||||||||
| 197,544 | SKY Trust 2025-LINE Series LINE A(a),(b) | TSFR1M + 2.589% | 6.5480 | 04/15/42 | 198,893 | |||||||||
| OTHER ABS - 10.4% | ||||||||||||||
| 500,000 | NMNL 2025-1A C Series 1A C(a) | 6.0700 | 11/20/55 | 501,279 | ||||||||||
| 150,000 | PAWS 2025-1A A2(a) | 6.8240 | 01/30/56 | 150,000 | ||||||||||
| 651,279 | ||||||||||||||
| TOTAL ASSET BACKED SECURITIES (Cost $2,415,281) | 2,419,407 | |||||||||||||
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 23.5% | ||||||||||||||
| ADVERTISING & MARKETING - 1.5% | ||||||||||||||
| 100,000 | Stagwell Global, LLC(a) | 5.6250 | 08/15/29 | 97,259 | ||||||||||
| COMMUNICATIONS - 0.8% | ||||||||||||||
| 50,000 | WULF Compute, LLC(a) | 7.7500 | 10/15/30 | 51,736 | ||||||||||
| E-COMMERCE DISCRETIONARY - 0.8% | ||||||||||||||
| 50,000 | Wayfair, Inc.(a) | 6.7500 | 11/15/32 | 51,143 | ||||||||||
| HOME & OFFICE PRODUCTS - 2.0% | ||||||||||||||
| 75,000 | Newell Brands, Inc. | 6.6250 | 09/15/29 | 73,954 | ||||||||||
7
| WEITZ MULTISECTOR BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 23.5% (Continued) | ||||||||||||||
| HOME & OFFICE PRODUCTS - 2.0% (Continued) | ||||||||||||||
| 50,000 | Whirlpool Corporation | 6.5000 | 06/15/33 | $ | 49,722 | |||||||||
| 123,676 | ||||||||||||||
| INDUSTRIAL SUPPORT SERVICES - 0.6% | ||||||||||||||
| 40,000 | EquipmentShare.com, Inc.(a) | 9.0000 | 05/15/28 | 40,876 | ||||||||||
| LEISURE FACILITIES & SERVICES - 1.5% | ||||||||||||||
| 100,000 | Six Flags Entertainment Corporation / Canadas | 5.2500 | 07/15/29 | 92,830 | ||||||||||
| LEISURE PRODUCTS - 0.8% | ||||||||||||||
| 50,000 | Polaris, Inc. | 5.6000 | 03/01/31 | 50,662 | ||||||||||
| METALS & MINING - 0.7% | ||||||||||||||
| 50,000 | SunCoke Energy, Inc.(a) | 4.8750 | 06/30/29 | 45,790 | ||||||||||
| OIL & GAS PRODUCERS - 0.8% | ||||||||||||||
| 50,000 | Golar LNG Ltd.(a) | 7.5000 | 10/02/30 | 48,517 | ||||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.8% | ||||||||||||||
| 50,000 | WBI Operating, LLC(a) | 6.2500 | 10/15/30 | 50,059 | ||||||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.8% | ||||||||||||||
| 50,000 | Highwoods Realty, L.P. | 5.3500 | 01/15/33 | 50,228 | ||||||||||
| RETAIL - DISCRETIONARY - 2.3% | ||||||||||||||
| 150,000 | Bath & Body Works, Inc. | 6.7500 | 07/01/36 | 148,639 | ||||||||||
| SPECIALTY FINANCE - 8.4% | ||||||||||||||
| 75,000 | Burford Capital Global Finance, LLC(a) | 6.2500 | 04/15/28 | 74,835 | ||||||||||
| 200,000 | LFS Topco, LLC(a) | 8.7500 | 07/15/30 | 195,726 | ||||||||||
| 150,000 | Rithm Capital Corp(a) | 8.0000 | 07/15/30 | 153,019 | ||||||||||
| 100,000 | Stonebriar A.B.F Issuer, LLC(a) | 8.1250 | 12/15/30 | 101,700 | ||||||||||
| 525,280 | ||||||||||||||
| STEEL - 0.9% | ||||||||||||||
| 50,000 | Cleveland-Cliffs, Inc.(a) | 7.6250 | 01/15/34 | 51,925 | ||||||||||
8
| WEITZ MULTISECTOR BOND ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2025 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| CORPORATE BONDS - 23.5% (Continued) | ||||||||||||||
| TELECOMMUNICATIONS - 0.8% | ||||||||||||||
| 50,000 | Cogent Communications Group, Inc.(a) | 7.0000 | 06/15/27 | $ | 49,581 | |||||||||
| TOTAL CORPORATE BONDS (Cost $1,463,584) | 1,478,201 | |||||||||||||
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||||
| U.S. GOVERNMENT & AGENCIES - 50.6% | ||||||||||||||
| AGENCY FIXED RATE - 50.6% | ||||||||||||||
| 118,969 | Fannie Mae Pool CB5580 | 4.5000 | 10/01/52 | 117,048 | ||||||||||
| 107,818 | Fannie Mae Pool FS8486 | 4.5000 | 12/01/52 | 106,088 | ||||||||||
| 186,835 | Fannie Mae Pool MA4940 | 5.0000 | 03/01/53 | 187,375 | ||||||||||
| 699,910 | Fannie Mae Pool MA5072 | 5.5000 | 06/01/53 | 711,627 | ||||||||||
| 122,259 | Fannie Mae Pool MA5189 | 5.0000 | 11/01/53 | 122,415 | ||||||||||
| 454,249 | Fannie Mae Pool MA5190 | 5.5000 | 11/01/53 | 461,479 | ||||||||||
| 129,118 | Fannie Mae Pool MA5353 | 5.5000 | 05/01/54 | 130,838 | ||||||||||
| 159,415 | Fannie Mae Pool MA5387 | 5.0000 | 06/01/54 | 159,398 | ||||||||||
| 103,659 | Fannie Mae Pool MA5585 | 5.0000 | 01/01/55 | 103,546 | ||||||||||
| 118,600 | Fannie Mae Pool MA5613 | 5.0000 | 02/01/55 | 118,461 | ||||||||||
| 319,107 | Freddie Mac Pool SD8348 | 5.0000 | 08/01/53 | 319,845 | ||||||||||
| 101,290 | Freddie Mac Pool SD4977 | 5.0000 | 11/01/53 | 101,550 | ||||||||||
| 259,274 | Freddie Mac Pool SD8372 | 5.5000 | 11/01/53 | 263,494 | ||||||||||
| 160,392 | Freddie Mac Pool SD6706 | 4.5000 | 01/01/54 | 157,586 | ||||||||||
| 125,899 | Freddie Mac Pool SD8521 | 4.0000 | 04/01/55 | 120,014 | ||||||||||
| 3,180,764 | ||||||||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,167,820) | 3,180,764 | |||||||||||||
| TOTAL INVESTMENTS - 112.5% (Cost $7,046,685) | $ | 7,078,372 | ||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (12.5)% | (785,752 | ) | ||||||||||||
| NET ASSETS - 100.0% | $ | 6,292,620 | ||||||||||||
| (a) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the total market value of 144A securities is 3,431,573 or 54.5% of net assets. |
| (b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| TSFR1M | Term SOFR Secured Overnight Financing Rate 1 month |
9
| Weitz ETFs |
| STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
| November 30, 2025 |
| Weitz Core Plus | Weitz Multisector | |||||||
| Bond ETF | Bond ETF | |||||||
| ASSETS | ||||||||
| Investment securities: | ||||||||
| At cost | $ | 83,830,492 | $ | 7,046,685 | ||||
| At fair value | $ | 84,304,345 | $ | 7,078,372 | ||||
| Cash and cash equivalents | 22,043,461 | 862,922 | ||||||
| Capital Shares Receivable | 1,281,912 | - | ||||||
| Dividend and interest receivable | 433,309 | 43,495 | ||||||
| Receivable due from Advisor, net | 41,837 | 15,323 | ||||||
| Receivable for securities sold | 15,142 | - | ||||||
| TOTAL ASSETS | 108,120,006 | 8,000,112 | ||||||
| LIABILITIES | ||||||||
| Payable for securities purchased | 17,051,695 | 1,688,872 | ||||||
| Fees payable to related parties | 21,605 | 7,862 | ||||||
| Accrued expenses and other liabilities | 29,573 | 10,758 | ||||||
| TOTAL LIABILITIES | 17,102,873 | 1,707,492 | ||||||
| NET ASSETS | $ | 91,017,133 | $ | 6,292,620 | ||||
| Net Assets Consist Of: | ||||||||
| Paid in capital | $ | 90,468,202 | $ | 6,255,910 | ||||
| Accumulated earnings | 548,931 | 36,710 | ||||||
| NET ASSETS | $ | 91,017,133 | $ | 6,292,620 | ||||
| Net Asset Value Per Share: | ||||||||
| Shares: | ||||||||
| Net assets | $ | 91,017,133 | $ | 6,292,620 | ||||
| Shares of beneficial interest outstanding (a) | 3,550,000 | 250,000 | ||||||
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $ | 25.64 | $ | 25.17 | ||||
| (a) | Unlimited number of shares of beneficial interest authorized, no par value. |
See accompanying notes to financial statements.
10
| Weitz ETFs |
| STATEMENTS OF OPERATIONS (Unaudited) |
| For the Period Ended November 30, 2025 |
| Weitz Core Plus | Weitz Multisector | |||||||
| Bond ETF * | Bond ETF * | |||||||
| INVESTMENT INCOME | ||||||||
| Interest | 398,330 | 13,517 | ||||||
| TOTAL INVESTMENT INCOME | 398,330 | 13,517 | ||||||
| EXPENSES | ||||||||
| Investment advisory fees | 31,194 | 1,639 | ||||||
| Administrative services fees | 32,131 | 6,474 | ||||||
| Compliance officer fees | 11,037 | 1,515 | ||||||
| Legal fees | 7,938 | 1,956 | ||||||
| Audit fees | 5,859 | 947 | ||||||
| Transfer agent fees | 5,671 | 1,388 | ||||||
| Custodian fees | 5,008 | 1,041 | ||||||
| Trustees fees and expenses | 4,678 | 2,580 | ||||||
| Printing and postage expenses | 3,213 | 757 | ||||||
| Insurance expense | 1,323 | 442 | ||||||
| Other expenses | 4,536 | 442 | ||||||
| TOTAL EXPENSES | 112,588 | 19,181 | ||||||
| Less: Fees waived and expenses reimbursed by the Advisor | (73,031 | ) | (16,962 | ) | ||||
| NET EXPENSES | 39,557 | 2,219 | ||||||
| NET INVESTMENT INCOME | 358,773 | 11,298 | ||||||
| REALIZED AND UNREALIZED GAIN ON INVESTMENTS | ||||||||
| Net realized gain from investments | 10,555 | - | ||||||
| Net change in unrealized appreciation on investments | 473,853 | 31,687 | ||||||
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 484,408 | 31,687 | ||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 843,181 | $ | 42,985 | ||||
| * | The Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF commenced operations on August 12, 2025, and November 4, 2025, respectively. |
See accompanying notes to financial statements.
11
| Weitz Core Plus Bond ETF |
| STATEMENT OF CHANGES IN NET ASSETS |
| For the | ||||
| Period Ended | ||||
| November 30, 2025 * | ||||
| FROM OPERATIONS | (Unaudited) | |||
| Net investment income | $ | 358,773 | ||
| Net realized gain from investments | 10,555 | |||
| Net change in unrealized appreciation on investments | 473,853 | |||
| Net increase in net assets resulting from operations | 843,181 | |||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||
| Total distributions paid | (294,250 | ) | ||
| Net decrease in net assets from distributions to shareholders | (294,250 | ) | ||
| FROM SHARES OF BENEFICIAL INTEREST | ||||
| Proceeds from shares sold | 90,468,202 | |||
| Net increase in net assets from shares of beneficial interest | 90,468,202 | |||
| TOTAL INCREASE IN NET ASSETS | 91,017,133 | |||
| NET ASSETS | ||||
| Beginning of period | - | |||
| End of Period | $ | 91,017,133 | ||
| SHARE ACTIVITY | ||||
| Shares Outstanding, Beginning of Period | - | |||
| Shares Sold | 3,550,000 | |||
| Shares Outstanding, End of Period | 3,550,000 | |||
| * | The Weitz Core Plus Bond ETF commenced operations on August 12, 2025. |
See accompanying notes to financial statements.
12
| Weitz Multisector Bond ETF |
| STATEMENT OF CHANGES IN NET ASSETS |
| For the | ||||
| Period Ended | ||||
| November 30, 2025 * | ||||
| FROM OPERATIONS | (Unaudited) | |||
| Net investment income | $ | 11,298 | ||
| Net change in unrealized appreciation on investments | 31,687 | |||
| Net increase in net assets resulting from operations | 42,985 | |||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||
| Total distributions paid | (6,275 | ) | ||
| Net decrease in net assets from distributions to shareholders | (6,275 | ) | ||
| FROM SHARES OF BENEFICIAL INTEREST | ||||
| Proceeds from shares sold | 6,255,910 | |||
| Net increase in net assets from shares of beneficial interest | 6,255,910 | |||
| TOTAL INCREASE IN NET ASSETS | 6,292,620 | |||
| NET ASSETS | ||||
| Beginning of Period | - | |||
| End of Period | $ | 6,292,620 | ||
| SHARE ACTIVITY | ||||
| Shares Outstanding, Beginning of Period | - | |||
| Shares Sold | 250,000 | |||
| Shares Outstanding, End of Period | 250,000 | |||
| * | The Weitz Multisector Bond ETF commenced operations on November 4, 2025. |
See accompanying notes to financial statements.
13
| Weitz Core Plus Bond ETF |
| FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented
| For the | ||||
| Period Ended | ||||
| November 30, 2025 (a) | ||||
| (Unaudited) | ||||
| Net asset value, beginning of period | $ | 25.00 | ||
| Activity from investment operations: | ||||
| Net investment income (b) | 0.34 | |||
| Net realized and unrealized gain on investments | 0.48 | |||
| Total from investment operations | 0.82 | |||
| Less distributions from: | ||||
| Net investment income | (0.18 | ) | ||
| Total distributions | (0.18 | ) | ||
| Net asset value, end of period | $ | 25.64 | ||
| Market price, end of period | $ | 25.69 | ||
| Total return(c) | 3.29 | % (d),(i) | ||
| Market price total return | 3.49 | % (d) | ||
| Net assets, end of period (000s) | $ | 91,017 | ||
| Ratio of net expenses to average net assets(f) | 0.45 | % (e) | ||
| Ratio of net investment income to average net assets(f)(g) | 4.50 | % (e) | ||
| Portfolio Turnover Rate(h) | 135 | % (d) | ||
| (a) | The Weitz Core Plus Bond ETF commenced operations on August 12, 2025. |
| (b) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Does not include the expenses of other investment companies in which the Fund invests. |
| (g) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (h) | Portfolio turnover rate excludes securities received or delivered from in-kind transactions. |
| (i) | Includes adjustments in accordance with generally accepted accounting principles 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. |
See accompanying notes to financial statements.
14
| Weitz Multisector Bond ETF |
| FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented
| For the | ||||
| Period Ended | ||||
| November 30, 2025 (a) | ||||
| (Unaudited) | ||||
| Net asset value, beginning of period | $ | 25.00 | ||
| Activity from investment operations: | ||||
| Net investment income (b) | 0.06 | |||
| Net realized and unrealized gain on investments | 0.14 | |||
| Total from investment operations | 0.20 | |||
| Less distributions from: | ||||
| Net investment income | (0.03 | ) | ||
| Total distributions | (0.03 | ) | ||
| Net asset value, end of period | $ | 25.17 | ||
| Market price, end of period | $ | 25.17 | ||
| Total return(c) | 0.78 | % (d),(i) | ||
| Market price total return | 0.78 | % (d) | ||
| Net assets, end of period (000s) | $ | 6,293 | ||
| Ratio of net expenses to average net assets(f) | 0.65 | % (e) | ||
| Ratio of net investment income to average net assets(f)(g) | 3.31 | % (e) | ||
| Portfolio Turnover Rate(h) | 0 | % (d) | ||
| (a) | The Weitz Multisector Bond ETF commenced operations on November 4, 2025. |
| (b) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (c) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Does not include the expenses of other investment companies in which the Fund invests. |
| (g) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (h) | Portfolio turnover rate excludes securities received or delivered from in-kind transactions. |
| (i) | Includes adjustments in accordance with generally accepted accounting principles 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. |
See accompanying notes to financial statements.
15
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
| (1) | ORGANIZATION |
The Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF (each a Fund or collectively the Funds) are each a non-diversified series 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 registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Weitz Core Plus Bond ETF commenced operations on August 12, 2025. The Weitz Multisector Bond ETF commenced operations on November 4, 2025. Each Fund is an actively managed exchange traded fund (ETF). The investment objectives of the Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF are current income and capital preservation, and to provide a high level of current income, respectively. Each Funds investment objective may be changed by the Board upon 60 days written notice to shareholders.
| (2) | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (GAAP) and require 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. Each 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, including Accounting Standards Update 2013-08.
Operating Segments - The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07) . Adoption of the standard impacted financial statement disclosures only and did not affect each Funds financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entitys chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Funds income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
Security Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the 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. 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. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost (which approximates fair value). Investments in open-end investment companies are valued at net asset value (NAV).
Each Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the fair value procedures approved by the Trustees of the Trust (the Board). The Board designated the adviser as its valuation designee (the Valuation Designee) to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.
16
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
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 affects the value thereof has occurred (a significant event) since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds calculation of their NAV. Restricted or illiquid investments, 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 Funds 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.
Valuation of Underlying Funds - The Funds may invest in portfolios of open-end or closed-end investment companies (the Underlying Funds). Investment companies are valued at their respective NAVs as reported by such investment companies. Open-end investment companies 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 to the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the NAV 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 or ETF purchased by the Funds will not change.
Exchange Traded Funds - The Funds may invest in ETFs, which are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which it invests, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
Each 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 Funds have 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.
17
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025, for the Funds assets and liabilities measured at fair value:
Weitz Core Plus Bond ETF
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Backed Securities | $ | - | $ | 14,066,530 | $ | - | $ | 14,066,530 | ||||||||
| Corporate Bonds | - | 10,973,502 | - | 10,973,502 | ||||||||||||
| Collateralized Mortgage Obligations | - | 295,626 | - | 295,626 | ||||||||||||
| U.S Government & Agencies | - | 58,968,687 | - | 58,968,687 | ||||||||||||
| Total | $ | - | $ | 84,304,345 | $ | - | $ | 84,304,345 | ||||||||
Weitz Multisector Bond ETF
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Backed Securities | $ | - | $ | 2,419,407 | $ | - | $ | 2,419,407 | ||||||||
| Corporate Bonds | - | 1,478,201 | - | 1,478,201 | ||||||||||||
| U.S Government & Agencies | - | 3,180,764 | - | 3,180,764 | ||||||||||||
| Total | $ | - | $ | 7,078,372 | $ | - | $ | 7,078,372 | ||||||||
The Funds did not hold any Level 3 securities during the period.
| * | Refer to the Schedule of Investments for portfolio composition. |
Security Transactions and Related Income
Security transactions are accounted for on trade date basis. 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
Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the Funds. Each Fund distributes their net realized capital gains, if any, to shareholders annually. Dividends from net investment income
18
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
and distributions from net realized gains are recorded on ex-dividend date and 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.
Cash
Each Fund considers its investments in an FDIC (Federal Deposit Insurance Corporation) insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. Each Fund maintains these balances with a high-quality financial institution.
Federal Income Taxes
Each Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. Management has analyzed the Funds tax positions and has concluded that no liability for unrecognized tax benefits should be expected to be taken in the Funds May 31, 2026 tax returns.
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 Funds and Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
| (3) | INVESTMENT TRANSACTIONS |
For the period ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities for the Funds amounted to $86,330,255 and $38,977,800, respectively, for the Weitz Core Plus Bond ETF, and $3,878,824 and $0, respectively, for the Weitz Multisector Bond ETF. The cost of purchases and the proceeds from the sale of U.S. Government securities for the period ended November 30, 2025, amounted to $59,157,257 and $403,824, respectively, for the Weitz Core Plus Bond ETF, and $3,192,563 and $0, respectively, for the Weitz Multisector Bond ETF.
| (4) | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
Weitz Investment Management, Inc. (the Adviser) serves as the Funds investment adviser pursuant to an Investment Advisory Agreement with the Trust (the Advisory Agreement). Fees incurred under this agreement are paid directly by the Funds. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the Custodian) to serve as custodian and to act as transfer and shareholder services agent.
19
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC (the Distributor) to serve as the principal underwriter and distributor for the Trust.
Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.40% and 0.50% of the Weitz Core Plus Bond ETF and of the Weitz Multisector Bond ETFs average daily net assets, respectively. For the period ended November 30, 2025, the Adviser earned $31,194 and $1,639 in advisory fees for Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF, respectively.
Pursuant to an operating expense limitation agreement (the Agreement) between the Adviser and the Trust on behalf of the Funds, the Adviser has agreed to waive its fees and/or absorb expenses of the Funds to ensure that the total annual fund operating expenses for the Funds (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) do not exceed the 0.45% and 0.65% of the average daily net assets for Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF, respectively, through September 30, 2026. This operating expense limitation agreement can be terminated only by, or with consent of the Board. The Adviser is permitted to receive reimbursement from the Funds for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date of the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. For the period ended November 30, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $73,031 and $16,962 for Weitz Core Plus Bond ETF and Weitz Multisector Bond ETF, respectively, which are subject to recapture by the Adviser before May 31, 2028 pursuant to the agreement.
In addition, the following provide services to the Funds as follows:
Ultimus Fund Solutions, LLC (Ultimus)- Ultimus provides administration and fund accounting services to the Funds. Pursuant to a separate servicing agreement with Ultimus, the Adviser pays Ultimus customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of Ultimus and are not paid any fees directly by the Adviser for serving in such capacities.
Northern Lights Compliance Services, LLC (NLCS)- NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.
The amounts due to NLCS for chief compliance officer services are listed in the Statement of Assets and Liabilities under Payable to related parties and the amounts accrued for the period are shown in the Statement of Operations under Professional fees.
BluGiant, LLC (BluGiant)- BluGiant provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.
20
| Weitz ETFs |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| November 30, 2025 |
| (5) | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The below table represents aggregate cost for federal tax purposes, for the Funds as of November 30, 2025 and differs from market value by net unrealized appreciation/depreciation which consisted of:
| Gross Unrealized | Gross Unrealized | Net Unrealized | ||||||||||||||
| Fund | Tax Cost | Appreciation | Depreciation | Appreciation/(Depreciation) | ||||||||||||
| Weitz Core Plus Bond ETF | $ | 83,830,492 | $ | 565,876 | $ | (92,023 | ) | $ | 473,853 | |||||||
| Weitz Multisector Bond ETF | 7,046,685 | 32,530 | (843 | ) | 31,687 | |||||||||||
| (6) | CAPITAL SHARE TRANSACTIONS |
Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as Creation Units. Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. For purposes of GAAP, in-kind redemption transactions are treated as a sale of securities and any resulting gains and losses are recognized based on the market value of the securities on the date of the transfer. Only Authorized Participants (APs) or transactions done through an AP are permitted to purchase or redeem Creation Units from the Funds. An AP is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (Fixed Fee). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (Variable Charge, and together with the Fixed Fee, the Transaction Fees). Transactions in capital shares for the Funds are disclosed in the Statement of Changes in Net Assets.
The Transaction Fees for the Funds are listed in the table below:
| Fee for In-Kind and Cash Purchases |
Maximum Additional Variable Charge for Cash Purchases* |
| $300 | 2.00% |
| * | The maximum Transaction Fee may be up to 2.00% of the amount invested. |
| (7) | PRINCIPAL INVESTMENT RISKS |
Investment strategies and risk factors of each Fund are discussed in the Funds Prospectus and SAI.
| (8) | SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date 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.
21
| Weitz ETFs |
| ADDITIONAL INFORMATION (Unaudited) |
| November 30, 2025 |
Changes in and Disagreements with Accountants
Not applicable
Proxy Disclosures
Not applicable
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
Factors Considered by the Trustees in approval OF THE 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 July 30, 2025 the Board, including the disinterested Trustees (the Independent Trustees), considered the approval of the investment advisory agreement (the Advisory Agreement) between Weitz Investment Management, Inc. (Weitz) and the Trust on behalf of each of the Weitz Core Plus Bond ETF (the Weitz Core ETF) and Weitz Multisector Bond ETF (the Weitz Multisector ETF and together with the Weitz Core ETF, the Funds).
Based on their evaluation of the information provided by Weitz, in conjunction with the Funds other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the Advisory Agreements with respect to each of the Funds.
In advance of the Meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Advisory Agreement, a memorandum prepared by Independent trustee counsel discussing in detail the Trustees fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreements and comparative information relating to the advisory fee and other expenses of the Funds. The materials also included due diligence materials relating to Weitz (including due diligence questionnaires completed by Weitz, select financial information of Weitz, bibliographic information regarding Weitzs key management and investment advisory personnel, and comparative fee information relating to the Funds 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. In considering the approval of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the of the Advisory Agreement was in the best interests of each Fund and their respective shareholders. Moreover, the Board noted
22
| Weitz ETFs |
| ADDITIONAL INFORMATION (Unaudited) |
| November 30, 2025 |
that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.
Nature, Extent and Quality of Services. The Board reviewed materials provided by Weitz related to the proposed approval of the Advisory Agreement, including its ADV, a description of the manner in which investment decisions will be made and executed, and a review of the personnel that will be performing services for each of the Funds, including the individuals that will primarily monitor and execute the investment strategies. The Board noted that Weitz has been a registered investment adviser with the SEC since May, 1983, and that its personnel have many years of experience in the financial services industry and with investment management. The Board discussed Weitzs research capabilities and the quality of its compliance infrastructure. Additionally, the Board received satisfactory responses from representatives of Weitz with respect to a series of important questions, including: whether Weitz or its principals were involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of each of the Funds; and whether there are procedures in place to adequately allocate trades among its clients. The Board reviewed the description provided on the practices for monitoring compliance with each of the Funds investment limitations, noting that Weitzs CCO would actively review the portfolio managers performance of their duties to ensure compliance under Weitzs compliance program. The Board reviewed the capitalization of Weitz and, based on financial information provided by and representations made by Weitz and its representatives, concluded that Weitz was sufficiently well-capitalized in order to meet its obligations to each of the Funds. The Board also discussed Weitzs compliance program with the CCO of the Trust and the Board noted that the CCO of the Trust represented that based on his review, the Weitzs policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted Weitzs representation that the draft prospectus and statement of additional information for the Weitz Core ETF and the Weitz Multisector ETF accurately describes the investment strategies of the Weitz Core ETF and the Weitz Multisector ETF, respectively. After further discussion, the Board concluded that Weitz had sufficient quality and depth of personnel, resources and investment methods essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Weitz to each of the Funds appear to be satisfactory.
Performance. Because the Weitz Core ETF and the Weitz Multisector ETF had not yet commenced operations, the Board reviewed the composite performance of Weitzs similarly managed accounts. The Board noted that the Weitz Core Plus Income Composite, net of fees, has outperformed its benchmark, the Bloomberg U.S. Aggregate (U.S. Agg) Index for the one year, three year, five-year and ten-year periods while further noting that Weitz does not currently manage any accounts with a strategy similar to the Weitz Multisector ETF. After further discussion, the Board was satisfied that Weitz would be able to provide an adequate level of performance for the Weitz Core ETF and the Weitz Multisector ETF.
23
| Weitz ETFs |
| ADDITIONAL INFORMATION (Unaudited) |
| November 30, 2025 |
Fees and Expenses. As to the costs of the services to be provided by Weitz, the Board reviewed and discussed the proposed advisory fee for the Weitz Core ETF and the Weitz Multisector ETF and the anticipated total operating expenses for the Weitz Core ETF and the Weitz Multisector ETF as compared to its respective peer group and Morningstar category as presented in the Board Materials. The Board noted, with respect to the Weitz Core ETF, that the proposed advisory fee was at the median for both the peer group and Morningstar category, and, with respect to the Weitz Multisector ETF, that the proposed advisory fee was at the median for the Morningstar category and only slightly above the median for the peer group. The Board then reviewed the contractual arrangements for each of the Funds noting that Weitz had agreed to contractually waive or limit its advisory fee and/or reimburse expenses in order to limit net annual operating expenses, exclusive of certain fees until September 30, 2026, so as not to exceed 0.45% and 0.65% of the average annual net assets of the Weitz Core ETF and Weitz Multisector ETF, respectively, and found such arrangements beneficial to shareholders of the respective Funds. The Board concluded that the advisory fee to be charged by Weitz with respect to the Weitz Core ETF and the Weitz Multisector ETF was not unreasonable.
Profitability. The Board also considered the level of profits that could be expected to accrue to Weitz with respect to each of the Funds based on profitability estimates and analyses provided by Weitz and reviewed by the Board. After review and discussion, the Board concluded that, based on the services to be provided by Weitz and the projected growth of the Weitz Core ETF and the Weitz Multisector ETF, the anticipated level of profit from Weitzs relationship with each of the Funds was not excessive.
Economies of Scale. As to the extent to which the Weitz Core ETF and the Weitz Multisector ETF 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 Weitzs expectations for growth of each of the Funds and concluded that any material economies of scale would not be achieved in the near term.
Conclusion. Messrs. Baum and Westle assisted the Board throughout the agreement review process. The Board members relied upon the advice of independent counsel, and their own business judgement in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Weitz as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees, determined that, with respect to each of Weitz Core ETF and Weitz Multisector ETF that (a) the terms of the Advisory Agreement are reasonable; (b) the advisory fee is not unreasonable; and (c) the Advisory Agreement is in the best interests of each of Weitz Core ETF and Weitz Multisector ETF and their respective shareholders. In considering the approval of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the Advisory Agreement was in the best interests of each of the Funds and their respective shareholders. Moreover, the Board noted that each
24
| Weitz ETFs |
| ADDITIONAL INFORMATION (Unaudited) |
| November 30, 2025 |
Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.
25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures
(a) The registrants Principal Executive Officer and Principal Financial Officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable |
| (b) | Not applicable |
Item 19. Exhibits.
(a)(1) Not applicable
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.
(a)(4) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
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 | 1/30/26 |
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 | 1/30/26 |
By (Signature and Title)
| /s/ Erik Naviloff | |
| Erik Naviloff, Principal Financial Officer/ Treasurer | |
| Date | 1/30/26 |
Northern Lights Fund Trust II published this content on February 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 09, 2026 at 18:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]