# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-005028
**Filing Date:** 2025-8
**Character Count:** 131351
**Document Hash:** 9ef3f34a04b3f79c8a02726bfb43bff7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005028.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001580642-25-005028

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251201174

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

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

## Series and Classes Contracts Data

### Longboard Fund (Series ID: S000047502)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000149141 | Longboard Fund Class A | LONAX           |
| C000149143 | Longboard Fund Class I | LONGX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR** 

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

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

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

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>5/31</u> <br>Date of reporting period: <u>5/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) ---

| | |
|:---|:---|
| **Longboard Fund - Class A: LONAX** **<br> Annual Shareholder Report - May 31, 2025** | ![(LOGO)](ln003_v1.jpg) |

---

<br> **Fund Overview**<br>The Fund seeks long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies.<br>This annual shareholder report contains important information about the Longboard Fund for the period of June 1, 2024 - May 31, 2025. You can find additional information about the Fund at www.longboardfunds.com/resources. You can also request this information by contacting us at 855-294-7540.<br>

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last 6 months?** | **What were the Fund's costs for the last 6 months?** | **What were the Fund's costs for the last 6 months?** |
| (based on a hypothetical $10,000 investment) | (based on a hypothetical $10,000 investment) | (based on a hypothetical $10,000 investment) |
| **Class Name** | **Cost of a 10k Investment** | **Cost Paid as a % of a 10k Investment** |
| A | $227 | 2.24% |

---

<br> **How did the Fund perform last year?**<br>Longboard Fund, which uses a systematic trend-following strategy, performed well last year despite a volatile stock market. The Fund achieved positive returns by capitalizing on strong trends across top performing U.S. stocks.<br>The strategy's rules-based approach enabled the Fund to adapt to changing conditions, balancing gains from upward trends with risk management during downturns. This allowed the fund to meet the objective of long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies.<br>

---

| | |
|:---|:---|
| **Fund Statistics as of 5/31/2025** | **Fund Statistics as of 5/31/2025** |
| Total Net Assets | $136756623 |
| # of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 61% |
| Advisory Fees Paid | $2719413 |

---

&nbsp;&nbsp; <br> **Performance Questions?**<br>Past performance does not guarantee future results. Invest with caution.<br>Call 855-294-7540 for current performance questions.<br>

**How has the Fund performed since its inception?**

Longboard Fund has underperformed its primary benchmark, the Morningstar Moderate Target Risk Index, and its secondary benchmark, the Russell 2000 Total Return Index, since inception.

**Total Return Based on a $10,000 Investment**

![(LINE GRAPH)](ln001_v1.jpg)

&nbsp;&nbsp;The above chart represents the historic performance of a hypothetical $10,000 investment since fund inception (12/9/2015). The results of this chart do not predict the results of future time periods and does not guarantee the same results. The graph and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**Morningstar Moderate Target Risk Index: Index representing a balanced portfolio of 60% equities and 40% bonds.**

**Russell 2000 Total Return Index: A small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index.**

**S&P 500 Index: A stock market index tracking the performance of 500 of the largest companies listed on stock exchanges in the United States.**

&nbsp;&nbsp;**Average Annual Total Returns as of 5/31/2025**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Since Inception<br> (12/9/2015)** |
| &nbsp;&nbsp;LONAX (Without Load) | &nbsp;&nbsp;2.87% | &nbsp;&nbsp;6.64% | &nbsp;&nbsp;6.74% |
| &nbsp;&nbsp;LONAX (With Load) | &nbsp;&nbsp;-3.05% | &nbsp;&nbsp;5.38% | &nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;13.52% | &nbsp;&nbsp;15.94% | &nbsp;&nbsp;13.83% |
| &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;9.64% | &nbsp;&nbsp;7.89% |
| &nbsp;&nbsp;Morningstar Moderate Target Risk Index | &nbsp;&nbsp;10.52% | &nbsp;&nbsp;7.42% | &nbsp;&nbsp;7.18% |
| &nbsp;&nbsp;ICE BofA 3-Month U.S. Treasury Bill | &nbsp;&nbsp;4.79% | &nbsp;&nbsp;2.72% | &nbsp;&nbsp;2.06% |

---

---

| | |
|:---|:---|
| **Longboard Fund - Class A: LONAX** **<br> Annual Shareholder Report - May 31, 2025** | ![(LOGO)](ln006_v1.jpg) |

---

**What did the Fund invest in?**

Longboard Fund employs a trend-following strategy, maintaining a diversified portfolio of to stocks exhibiting strong upward trends, increasing exposure to market leaders while eliminating positions in underperforming stocks.

&nbsp;&nbsp;**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Holding Name** | &nbsp;&nbsp;**% of Net<br> Assets** |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Boston Scientific Corporation | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Phillips Edison & Company, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Arthur J Gallagher & Company | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Box, Inc., Class A | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;0.2% |

---

**Material Fund Changes**

No material changes occurred during the period ended May 31, 2025.

**Householding**

If you wish to receive a copy of this document at a new address, contact 855-294-7540.

**If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please reference the Fund's prospectus or visit www.longboardfunds.com.**

TSR-AR 053125-LONAX

---

| | |
|:---|:---|
| **Longboard Fund - Class I: LONGX** **Annual Shareholder Report - May 31, 2025** | ![(LONGBOARD LOGO)](ln003_v1.jpg) |

---

---

| |
|:---|
| **Fund Overview** |
| The Fund seeks long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies. |
| This annual shareholder report contains important information about the Longboard Fund for the period of June 1, 2024 - May 31, 2025. You can find additional information about the Fund at www.longboardfunds.com/resources. You can also request this information by contacting us at 855-294-7540. |

---

---

| |
|:---|
| **What were the Fund's costs for the year?** |
| (based on a hypothetical $10,000 investment) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Cost of a 10k Investment** | &nbsp;&nbsp;**Cost Paid as a % of a 10k Investment** |
| &nbsp;&nbsp;Institutional | &nbsp;&nbsp;$202 | &nbsp;&nbsp;1.99% |

---

---

| |
|:---|
| **How did the Fund perform last year?** |
| Longboard Fund, which uses a systematic trend-following strategy, performed well last year despite a volatile stock market. The Fund achieved positive returns by capitalizing on strong trends across top performing U.S. stocks. |
| The strategy's rules-based approach enabled the Fund to adapt to changing conditions, balancing gains from upward trends with risk management during downturns. This allowed the fund to meet the objective of long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Statistics as of 5/31/2025** | &nbsp;&nbsp;**Fund Statistics as of 5/31/2025** |
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$136756623 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;423 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;61% |
| &nbsp;&nbsp;Advisory Fees Paid | &nbsp;&nbsp;$2719413 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Performance Questions?** |
| &nbsp;&nbsp;&nbsp;Past performance does not guarantee future results. Invest with caution. |
| &nbsp;&nbsp;&nbsp;Call 855-294-7540 for current performance questions. |

---

**How has the Fund performed since its inception?**

Longboard Fund has outperformed its primary benchmark, the Morningstar Moderate Target Risk Index, and its secondary benchmark, the Russell 2000 Total Return Index, since inception.

**Total Return Based on a $10,000 Investment**

![(LINE GRAPH)](ln004_v1.jpg)

The above chart represents the historic performance of a hypothetical $10,000 investment since fund inception (3/19/2015). The results of this chart do not predict the results of future time periods and does not guarantee the same results. The graph and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**Morningstar Moderate Target Risk Index: Index representing a balanced portfolio of 60% equities and 40% bonds.**

**Russell 2000 Total Return Index: A small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index.**

**S&P 500 Index: A stock market index tracking the performance of 500 of the largest companies listed on stock exchanges in the United States.**

&nbsp;&nbsp;**Average Annual Total Returns as of 5/31/2025**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;LONGX | &nbsp;&nbsp;3.16% | &nbsp;&nbsp;6.92% | &nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;13.52% | &nbsp;&nbsp;15.94% | &nbsp;&nbsp;12.86% |
| &nbsp;&nbsp;Russell 2000 Total Return Index | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;9.64% | &nbsp;&nbsp;6.64% |
| &nbsp;&nbsp;Morningstar Moderate Target Risk Index | &nbsp;&nbsp;10.52% | &nbsp;&nbsp;7.42% | &nbsp;&nbsp;6.34% |
| &nbsp;&nbsp;ICE BofA 3-Month U.S. Treasury Bill | &nbsp;&nbsp;4.79% | &nbsp;&nbsp;2.72% | &nbsp;&nbsp;1.95% |

---

---

| | |
|:---|:---|
| **Longboard Fund - Class I: LONGX** **Annual Shareholder Report - May 31, 2025** | ![(LONGBOARD LOGO)](ln006_v1.jpg) |

---

**What did the Fund invest in?**

Longboard Fund employs a trend-following strategy, maintaining a diversified portfolio of to stocks exhibiting strong upward trends, increasing exposure to market leaders while eliminating positions in underperforming stocks.

&nbsp;&nbsp;**Top 10 Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Holding Name** | &nbsp;&nbsp;**% of Net<br> Assets** |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Boston Scientific Corporation | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Phillips Edison & Company, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Arthur J Gallagher & Company | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Box, Inc., Class A | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;0.2% |

---

**Material Fund Changes**

No material changes occurred during the period ended May 31, 2025.

**Householding**

If you wish to receive a copy of this document at a new address, contact 855-294-7540.

**If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please reference the Fund's prospectus or visit www.longboardfunds.com.**

TSR-AR 053125-LONGX

(b) Not
applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

(a)(1) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2025 - $27000 |
|  | 2024 - $33000 |
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 – $4900 |
|  | 2024 – $4675 |
|  | Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns. |
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended May 31, 2024, and 2025 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended May 31, 2024, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.  |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

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

![(LOGO)](lo001_v1.jpg)

**Longboard Fund**

**Class A Shares (Symbol: LONAX)**

**Class I Shares (Symbol: LONGX)**

**Annual Financial Statements and**

**Additional Information**

**May 31, 2025**

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.6%** |  |
| 6633 | Astronics Corporation<sup>(a)</sup> | $207082 |
| 2302 | Ducommun, Inc.<sup>(a)</sup> | 162015 |
| 785 | HEICO Corporation | 235218 |
| 991 | HEICO Corporation, Class A | 233717 |
| 1405 | Howmet Aerospace, Inc. | 238696 |
| 4463 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 164640 |
| 3171 | Leonardo DRS, Inc. | 134133 |
| 412 | Northrop Grumman Corporation | 199725 |
| 425 | Teledyne Technologies, Inc.<sup>(a)</sup> | 212016 |
| 152 | TransDigm Group, Inc. | 223201 |
| 830 | Woodward, Inc. | 179554 |
|  |  | 2189997 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 499 | Ralph Lauren Corporation | 138128 |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 2167 | Charles Schwab Corp./The | 191433 |
| 13567 | GCM Grosvenor, Inc. | 171080 |
| 392 | LPL Financial Holdings, Inc. | 151767 |
| 3507 | Victory Capital Holdings, Inc. | 217468 |
|  |  | 731748 |
|  | **AUTOMOTIVE - 0.1%** |  |
| 1408 | Dorman Products, Inc.<sup>(a)</sup> | 182068 |
|  | **BANKING - 7.8%** |  |
| 2982 | 1st Source Corporation | 180590 |
| 3422 | ACNB Corporation | 142253 |
| 4896 | Amalgamated Financial Corporation | 147957 |
| 4105 | Arrow Financial Corporation | 105704 |
| 6971 | Associated Banc-Corporation | 161518 |
| 1399 | BancFirst Corporation | 173063 |
| 5665 | Banco Latinoamericano de Comercio Exterior S.A. | 232378 |
| 1518 | Bank First Corporation | 176543 |
| 4742 | Bank of NT Butterfield & Son Ltd. (The) | 199923 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **BANKING - 7.8% (Continued)** |  |
| 2431 | Banner Corporation | $149871 |
| 3358 | Bar Harbor Bankshares | 97651 |
| 6527 | Business First Bancshares, Inc. | 155277 |
| 3649 | Camden National Corporation | 143552 |
| 3484 | Capital City Bank Group, Inc. | 131486 |
| 5604 | Central Pacific Financial Corporation | 149627 |
| 1778 | City Holding Company | 209608 |
| 1752 | Coastal Financial Corporation<sup>(a)</sup> | 153983 |
| 2640 | Community Financial System, Inc. | 148474 |
| 3341 | Community Trust Bancorp, Inc. | 170558 |
| 2449 | Enterprise Financial Services Corporation | 129650 |
| 2458 | Esquire Financial Holdings, Inc. | 223039 |
| 3165 | FB Financial Corporation | 138152 |
| 6333 | Financial Institutions, Inc. | 163518 |
| 3794 | First Bancorp | 156958 |
| 9255 | First BanCorporation | 184915 |
| 1317 | First Business Financial Services, Inc. | 64230 |
| 3382 | First Community Bankshares, Inc. | 127163 |
| 6239 | First Financial Bancorp | 150734 |
| 3458 | First Financial Corporation | 179263 |
| 4265 | First Merchants Corporation | 160791 |
| 4555 | First Mid Bancshares, Inc. | 160700 |
| 4232 | Five Star Bancorp | 118327 |
| 3203 | German American Bancorp, Inc. | 122403 |
| 2004 | Great Southern Bancorp, Inc. | 112104 |
| 2830 | Hancock Whitney Corporation | 154716 |
| 6799 | Hanmi Financial Corporation | 155833 |
| 2816 | HBT Financial, Inc. | 65894 |
| 1163 | Home Bancorp, Inc. | 58615 |
| 5441 | Home BancShares, Inc. | 153926 |
| 4022 | HomeTrust Bancshares, Inc. | 145154 |
| 4361 | Independent Bank Corporation (MI) | 137502 |
| 2598 | International Bancshares Corporation | 162713 |
| 3188 | Mercantile Bank Corporation | 140782 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **BANKING - 7.8% (Continued)** |  |
| 4263 | Metrocity Bankshares, Inc. | $119108 |
| 5833 | Mid Penn Bancorp, Inc. | 155449 |
| 5886 | MidWestOne Financial Group, Inc. | 169223 |
| 2964 | NBT Bancorp, Inc. | 124043 |
| 1372 | Nicolet Bankshares, Inc. | 168262 |
| 2162 | Northeast Bank | 181240 |
| 10717 | Northwest Bancshares, Inc. | 131605 |
| 4087 | OFG Bancorp | 168139 |
| 9070 | Old National Bancorp | 189200 |
| 9298 | Old Second Bancorp, Inc. | 153789 |
| 3923 | Origin Bancorp, Inc. | 133735 |
| 1139 | Park National Corporation | 185156 |
| 2300 | Pathward Financial, Inc. | 179515 |
| 4859 | Peoples Bancorp, Inc. | 142466 |
| 1727 | Popular, Inc. | 178796 |
| 1606 | Preferred Bank | 134278 |
| 1534 | Republic Bancorp, Inc., Class A | 105140 |
| 3984 | S&T Bancorp, Inc. | 146053 |
| 4048 | South Plains Financial, Inc. | 145607 |
| 1585 | SouthState Corporation | 139163 |
| 4110 | Stellar Bancorp, Inc. | 110641 |
| 2197 | Stock Yards Bancorp, Inc. | 161611 |
| 4164 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 127668 |
| 4621 | Towne Bank | 159702 |
| 5226 | TrustCompany Bank Corporation | 162215 |
| 4669 | Trustmark Corporation | 160894 |
| 4959 | Univest Financial Corporation | 146390 |
| 2840 | WSFS Financial Corporation | 150208 |
|  |  | 10626394 |
|  | **BEVERAGES - 0.4%** |  |
| 850 | Coca-Cola Consolidated, Inc. | 97453 |
| 4584 | Monster Beverage Corporation<sup>(a)</sup> | 293146 |
| 3222 | Primo Brands Corporation | 106552 |
|  |  | 497151 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **BIOTECH & PHARMA - 1.7%** |  |
| 4760 | Alkermes plc<sup>(a)</sup> | $145704 |
| 500 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 152280 |
| 1861 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 109278 |
| 1104 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 116097 |
| 3660 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 91354 |
| 3450 | Exelixis, Inc.<sup>(a)</sup> | 148488 |
| 2205 | Gilead Sciences, Inc. | 242725 |
| 2554 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 143203 |
| 8077 | Innoviva, Inc.<sup>(a)</sup> | 158067 |
| 2041 | Insmed, Inc.<sup>(a)</sup> | 142319 |
| 6505 | Kiniksa Pharmaceuticals International plc<sup>(a)</sup> | 177977 |
| 1282 | Ligand Pharmaceuticals, Inc., Class B<sup>(a)</sup> | 131008 |
| 5048 | Liquidia Corporation<sup>(a)</sup> | 75316 |
| 2920 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 129823 |
| 1093 | Nuvalent, Inc., Class A<sup>(a)</sup> | 81549 |
| 2571 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 220257 |
| 1389 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 85187 |
|  |  | 2350632 |
|  | **CHEMICALS - 0.9%** |  |
| 923 | Balchem Corporation | 153864 |
| 2562 | Corteva, Inc. | 181390 |
| 882 | Ecolab, Inc. | 234277 |
| 1726 | Hawkins, Inc. | 230404 |
| 389 | NewMarket Corporation | 250539 |
| 2045 | Sensient Technologies Corporation | 193314 |
|  |  | 1243788 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.1%** |  |
| 4984 | Barrett Business Services, Inc. | 205964 |
| 2086 | Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 244500 |
| 1074 | Cintas Corporation | 243261 |
| 6722 | CoreCivic, Inc.<sup>(a)</sup> | 147615 |
| 1434 | CorVel Corporation<sup>(a)</sup> | 159561 |
| 1040 | CRA International, Inc. | 197652 |
| 8816 | Ennis, Inc. | 164595 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.1% (Continued)** |  |
| 2011 | GEO Group, Inc. (The)<sup>(a)</sup> | $54579 |
| 3047 | H&R Block, Inc. | 173527 |
| 3129 | Heidrick & Struggles International, Inc. | 136612 |
| 1436 | Huron Consulting Group, Inc.<sup>(a)</sup> | 205104 |
| 1103 | Republic Services, Inc. | 283790 |
| 3885 | Rollins, Inc. | 222416 |
| 851 | UniFirst Corporation | 160465 |
| 974 | Waste Management, Inc. | 234705 |
|  |  | 2834346 |
|  | **CONSTRUCTION MATERIALS - 0.2%** |  |
| 2045 | Knife River Corporation<sup>(a)</sup> | 192434 |
| 8510 | MDU Resources Group, Inc. | 146287 |
|  |  | 338721 |
|  | **CONSUMER SERVICES - 1.3%** |  |
| 855 | Adtalem Global Education, Inc.<sup>(a)</sup> | 112886 |
| 5224 | Carriage Services, Inc. | 227244 |
| 262 | Graham Holdings Company, Class B | 250055 |
| 1395 | Grand Canyon Education, Inc.<sup>(a)</sup> | 275994 |
| 6474 | Laureate Education, Inc.<sup>(a)</sup> | 145665 |
| 8452 | Perdoceo Education Corporation | 287706 |
| 2446 | Service Corp International | 190788 |
| 835 | Stride, Inc.<sup>(a)</sup> | 126411 |
| 6312 | Universal Technical Institute, Inc.<sup>(a)</sup> | 224265 |
|  |  | 1841014 |
|  | **DIVERSIFIED INDUSTRIALS - 0.3%** |  |
| 1111 | 3M Company | 164817 |
| 887 | General Electric Company | 218122 |
|  |  | 382939 |
|  | **E-COMMERCE DISCRETIONARY - 0.3%** |  |
| 6938 | Coupang, Inc.<sup>(a)</sup> | 194611 |
| 2053 | eBay, Inc. | 150218 |
|  |  | 344829 |
|  | **ELECTRIC UTILITIES - 3.8%** |  |
| 3522 | Alliant Energy Corporation | 219174 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 3.8% (Continued)** |  |
| 2147 | Ameren Corporation | $208001 |
| 1862 | American Electric Power Company, Inc. | 192698 |
| 5506 | Avista Corporation | 212036 |
| 5516 | CenterPoint Energy, Inc. | 205416 |
| 2982 | CMS Energy Corporation | 209426 |
| 1824 | Consolidated Edison, Inc. | 190590 |
| 1666 | DTE Energy Company | 227659 |
| 2101 | Duke Energy Corporation | 247330 |
| 3150 | Entergy Corporation | 262332 |
| 3396 | Evergy, Inc. | 225528 |
| 4366 | Exelon Corporation | 191318 |
| 4979 | FirstEnergy Corporation | 208819 |
| 1949 | IDACORP, Inc. | 231834 |
| 3833 | Northwestern Energy Group, Inc. | 212080 |
| 815 | NRG Energy, Inc. | 127059 |
| 4913 | OGE Energy Corporation | 218481 |
| 2387 | Pinnacle West Capital Corporation | 217766 |
| 7247 | PPL Corporation | 251833 |
| 2669 | Public Service Enterprise Group, Inc. | 216269 |
| 2573 | Southern Company (The) | 231570 |
| 2430 | Unitil Corporation | 133237 |
| 623 | Vistra Corporation | 100035 |
| 2177 | WEC Energy Group, Inc. | 233897 |
| 2872 | Xcel Energy, Inc. | 201327 |
|  |  | 5175715 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 1980 | Amphenol Corporation, Class A | 178061 |
| 4507 | API Group Corporation<sup>(a)</sup> | 210342 |
| 644 | Argan, Inc. | 135433 |
| 686 | Badger Meter, Inc. | 170279 |
| 1981 | Bel Fuse, Inc., Class B | 146198 |
| 2081 | Johnson Controls International plc | 210951 |
| 6666 | LSI Industries, Inc. | 108456 |
| 11594 | Mirion Technologies, Inc.<sup>(a)</sup> | 221446 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 1.6% (Continued)** |  |
| 2231 | NEXTracker, Inc., Class A<sup>(a)</sup> | $126475 |
| 505 | OSI Systems, Inc.<sup>(a)</sup> | 110651 |
| 2261 | Otis Worldwide Corporation | 215586 |
| 461 | Trane Technologies PLC | 198354 |
| 736 | Watts Water Technologies, Inc., A | 178200 |
|  |  | 2210432 |
|  | **ENGINEERING & CONSTRUCTION - 0.5%** |  |
| 2312 | Construction Partners, Inc., Class A<sup>(a)</sup> | 242043 |
| 612 | Dycom Industries, Inc.<sup>(a)</sup> | 140711 |
| 326 | IES Holdings, Inc.<sup>(a)</sup> | 84649 |
| 1973 | Tutor Perini Corporation<sup>(a)</sup> | 72764 |
| 1486 | VSE Corporation | 193314 |
|  |  | 733481 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 4775 | Fox Corporation, Class A | 262338 |
| 2988 | Fox Corporation, Class B | 150237 |
| 5645 | IMAX Corporation<sup>(a)</sup> | 157213 |
| 2457 | ROBLOX Corporation, Class A<sup>(a)</sup> | 213710 |
| 900 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 203652 |
|  |  | 987150 |
|  | **FOOD - 0.7%** |  |
| 1066 | Cal-Maine Foods, Inc. | 102261 |
| 4519 | Fresh Del Monte Produce, Inc. | 159611 |
| 831 | Ingredion, Inc. | 115609 |
| 2212 | Pilgrim's Pride Corporation | 108742 |
| 2031 | Post Holdings, Inc.<sup>(a)</sup> | 224609 |
| 2223 | Seneca Foods Corporation, Class A<sup>(a)</sup> | 209651 |
|  |  | 920483 |
|  | **GAMING REIT - 0.3%** |  |
| 3665 | Gaming and Leisure Properties, Inc. | 171156 |
| 6080 | VICI Properties, Inc. | 192797 |
|  |  | 363953 |
|  | **GAS & WATER UTILITIES - 1.1%** |  |
| 2307 | Aris Water Solutions, Inc., Class A | 50846 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 1.1% (Continued)** |  |
| 1678 | Atmos Energy Corporation | $259553 |
| 1543 | Chesapeake Utilities Corporation | 188539 |
| 2725 | National Fuel Gas Company | 224922 |
| 7200 | NiSource, Inc. | 284688 |
| 3222 | ONE Gas, Inc. | 240877 |
| 2532 | Spire, Inc. | 190609 |
|  |  | 1440034 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 1667 | Cardinal Health, Inc. | 257452 |
| 859 | Cencora, Inc. | 250176 |
| 2036 | Encompass Health Corporation | 246152 |
| 767 | Labcorp Holdings, Inc. | 190960 |
| 255 | McKesson Corporation | 183475 |
| 1036 | Quest Diagnostics, Inc. | 179580 |
| 2367 | RadNet, Inc.<sup>(a)</sup> | 136079 |
| 655 | Tenet Healthcare Corporation<sup>(a)</sup> | 110544 |
|  |  | 1554418 |
|  | **HEALTH CARE REIT - 0.7%** |  |
| 4622 | LTC Properties, Inc. | 163573 |
| 5293 | Omega Healthcare Investors, Inc. | 195841 |
| 12806 | Sabra Health Care REIT, Inc. | 223849 |
| 3165 | Ventas, Inc. | 203446 |
| 1106 | Welltower, Inc. | 170634 |
|  |  | 957343 |
|  | **HOME & OFFICE PRODUCTS - 0.1%** |  |
| 2494 | Somnigroup International, Inc. | 162260 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 314 | Cavco Industries, Inc.<sup>(a)</sup> | 136149 |
| 1981 | Griffon Corporation | 136194 |
| 1759 | Patrick Industries, Inc. | 151027 |
| 2575 | Taylor Morrison Home Corporation<sup>(a)</sup> | 144921 |
|  |  | 568291 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 1923 | Church & Dwight Company, Inc. | $189050 |
| 1462 | Kimberly-Clark Corporation | 210177 |
|  |  | 399227 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.3%** |  |
| 1925 | AZZ, Inc. | 174578 |
| 661 | RBC Bearings, Inc.<sup>(a)</sup> | 241840 |
|  |  | 416418 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.6%** |  |
| 4824 | Fastenal Company | 199424 |
| 1473 | H&E Equipment Services, Inc. | 139405 |
| 2564 | RB Global, Inc. | 269989 |
| 405 | Watsco, Inc. | 179646 |
|  |  | 788464 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.3%** |  |
| 3474 | Bank of New York Mellon Corporation (The) | 307830 |
| 1022 | Cboe Global Markets, Inc. | 234161 |
| 984 | CME Group, Inc. | 284376 |
| 1561 | Intercontinental Exchange, Inc. | 280668 |
| 607 | PJT Partners, Inc., Class A | 91451 |
| 1537 | StoneX Group, Inc.<sup>(a)</sup> | 130115 |
| 1733 | Tradeweb Markets, Inc., Class A | 250332 |
| 4315 | Virtu Financial, Inc., Class A | 173420 |
|  |  | 1752353 |
|  | **INSURANCE - 5.7%** |  |
| 2302 | Aflac, Inc. | 238349 |
| 1301 | Allstate Corporation (The) | 273041 |
| 2987 | American International Group, Inc. | 252820 |
| 5473 | AMERISAFE, Inc. | 259803 |
| 924 | Arthur J Gallagher & Company | 321035 |
| 1685 | Axis Capital Holdings LTD. | 174903 |
| 2865 | Brighthouse Financial, Inc.<sup>(a)</sup> | 171356 |
| 2434 | Brown & Brown, Inc. | 274799 |
| 794 | Chubb Ltd. | 235977 |
| 4071 | CNA Financial Corporation | 195042 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **INSURANCE - 5.7% (Continued)** |  |
| 3303 | CNO Financial Group, Inc. | $125382 |
| 9126 | Donegal Group, Inc., Class A | 184345 |
| 3848 | Employers Holdings, Inc. | 187282 |
| 4608 | Equitable Holdings, Inc. | 243625 |
| 1354 | Globe Life, Inc. | 165012 |
| 1281 | Goosehead Insurance, Inc., Class A | 138681 |
| 1074 | Hanover Insurance Group, Inc. (The) | 189003 |
| 2073 | Hartford Financial Services Group, Inc. (The) | 269158 |
| 1131 | HCI Group, Inc. | 190879 |
| 4310 | Horace Mann Educators Corporation | 187183 |
| 2733 | Loews Corporation | 244030 |
| 1028 | Marsh & McLennan Companies, Inc. | 240202 |
| 5171 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 205392 |
| 6985 | Old Republic International Corporation | 264033 |
| 1037 | Palomar Holdings, Inc.<sup>(a)</sup> | 177814 |
| 1090 | Progressive Corp./The | 310574 |
| 5168 | Radian Group, Inc. | 176487 |
| 654 | RenaissanceRe Holdings Ltd. | 163121 |
| 1483 | Ryan Specialty Holdings, Inc. | 106138 |
| 12931 | SiriusPoint Ltd.<sup>(a)</sup> | 253318 |
| 6926 | Tiptree, Inc. | 153619 |
| 1074 | Travelers Companies, Inc. (The) | 296102 |
| 5944 | Universal Insurance Holdings, Inc. | 161320 |
| 1799 | Unum Group | 146996 |
| 3960 | W R Berkley Corporation | 295772 |
| 782 | Willis Towers Watson PLC | 247542 |
|  |  | 7720135 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 902 | DoorDash, Inc., Class A<sup>(a)</sup> | 188202 |
| 3943 | EverQuote, Inc.<sup>(a)</sup> | 90886 |
| 6116 | HealthStream, Inc. | 171370 |
| 356 | Spotify Technology S.A.<sup>(a)</sup> | 236791 |
| 1552 | Uber Technologies, Inc.<sup>(a)</sup> | 130616 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.8% (Continued)** |  |
| 789 | VeriSign, Inc. | $214979 |
|  |  | 1032844 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 3281 | Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | 133241 |
| 4558 | BJ's Restaurants, Inc.<sup>(a)</sup> | 203332 |
| 640 | Brinker International, Inc.<sup>(a)</sup> | 110483 |
| 3034 | Cheesecake Factory, Inc. (The) | 167386 |
| 438 | Churchill Downs, Inc. | 41816 |
| 989 | Darden Restaurants, Inc. | 211854 |
| 4699 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 134391 |
| 1536 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 157947 |
| 1141 | TKO Group Holdings, Inc. | 180061 |
| 1519 | Yum! Brands, Inc. | 218646 |
|  |  | 1559157 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 126 | Axon Enterprise, Inc.<sup>(a)</sup> | 94545 |
|  | **MACHINERY - 0.6%** |  |
| 451 | Curtiss-Wright Corporation | 198490 |
| 348 | Deere & Company | 176178 |
| 1331 | Esab Corporation | 163700 |
| 791 | ESCO Technologies, Inc. | 143361 |
| 6680 | Mueller Water Products, Inc. - Series A | 163860 |
|  |  | 845589 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 3328 | Boston Scientific Corporation<sup>(a)</sup> | 350305 |
| 2666 | iRadimed Corporation | 154308 |
| 1758 | LeMaitre Vascular, Inc. | 144508 |
| 2075 | Merit Medical Systems, Inc.<sup>(a)</sup> | 197187 |
| 905 | Natera, Inc.<sup>(a)</sup> | 142746 |
| 637 | ResMed, Inc. | 155931 |
| 622 | STERIS plc | 152521 |
| 549 | Stryker Corporation | 210069 |
|  |  | 1507575 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **METALS & MINING - 0.1%** |  |
| 1024 | Royal Gold, Inc. | $182395 |
|  | **MORTGAGE FINANCE - 0.7%** |  |
| 14799 | Ellington Financial, Inc. | 186023 |
| 13860 | Franklin BSP Realty Trust, Inc. | 152876 |
| 14330 | Ladder Capital Corporation | 150752 |
| 12684 | PennyMac Mortgage Investment Trust | 155760 |
| 17349 | Starwood Property Trust, Inc. | 342642 |
|  |  | 988053 |
|  | **MULTI ASSET CLASS REIT - 0.1%** |  |
| 5639 | One Liberty Properties, Inc. | 138043 |
|  | **OIL & GAS PRODUCERS - 1.6%** |  |
| 15931 | Antero Midstream Corporation | 299185 |
| 995 | Cheniere Energy, Inc. | 235806 |
| 6913 | Comstock Resources, Inc.<sup>(a)</sup> | 161073 |
| 3362 | Coterra Energy, Inc. | 81730 |
| 1610 | DT Midstream, Inc. | 168631 |
| 2877 | EQT Corporation | 158609 |
| 5240 | Excelerate Energy, Inc., Class A | 147401 |
| 1049 | Expand Energy Corporation | 121820 |
| 952 | Gulfport Energy Corporation<sup>(a)</sup> | 182308 |
| 810 | Hess Corporation | 107074 |
| 5394 | Kinder Morgan, Inc. | 151248 |
| 1398 | Ovintiv, Inc. | 50076 |
| 4333 | Range Resources Corporation | 164827 |
| 2914 | Williams Companies, Inc. (The) | 176326 |
|  |  | 2206114 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.2%** |  |
| 9438 | DNOW, Inc.<sup>(a)</sup> | 136096 |
| 5679 | TechnipFMC plc | 176901 |
|  |  | 312997 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 0.2%** |  |
| 5180 | New York Times Company (The), Class A | $295882 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.1%** |  |
| 1189 | McGrath RentCorporation | 133620 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 1415 | CBRE Group, Inc., Class A<sup>(a)</sup> | 176903 |
|  | **RENEWABLE ENERGY - 0.0%<sup>(c)</sup>** |  |
| 1827 | Cleanspark, Inc.<sup>(a)</sup> | 15767 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 1731 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 195966 |
| 583 | Casey's General Stores, Inc. | 255213 |
| 2668 | Kroger Company (The) | 182037 |
| 1210 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 134855 |
| 1617 | PriceSmart, Inc. | 174604 |
| 925 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 159896 |
|  |  | 1102571 |
|  | **RETAIL - DISCRETIONARY - 1.4%** |  |
| 513 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 116918 |
| 793 | AutoNation, Inc.<sup>(a)</sup> | 145793 |
| 1413 | Build-A-Bear Workshop, Inc. | 72120 |
| 632 | Burlington Stores, Inc.<sup>(a)</sup> | 144267 |
| 467 | Group 1 Automotive, Inc. | 197971 |
| 2981 | La-Z-Boy, Inc. | 124874 |
| 891 | Penske Automotive Group, Inc. | 146284 |
| 3033 | Rush Enterprises, Inc., Class A | 150588 |
| 2611 | Rush Enterprises, Inc., Class B | 136333 |
| 2491 | Sonic Automotive, Inc., Class A | 174196 |
| 2359 | TJX Companies, Inc. (The) | 299357 |
| 2730 | Urban Outfitters, Inc.<sup>(a)</sup> | 190827 |
|  |  | 1899528 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **RETAIL REIT - 1.4%** |  |
| 2990 | Agree Realty Corporation | $225147 |
| 615 | Alexander's, Inc. | 138492 |
| 10758 | CTO Realty Growth, Inc. | 198162 |
| 6241 | Essential Properties Realty Trust, Inc. | 202833 |
| 7275 | Four Corners Property Trust, Inc. | 200863 |
| 5753 | Getty Realty Corporation | 168333 |
| 7572 | InvenTrust Properties Corporation | 212697 |
| 9055 | Phillips Edison & Company, Inc. | 321089 |
| 2803 | Regency Centers Corporation | 202236 |
|  |  | 1869852 |
|  | **SOFTWARE - 2.0%** |  |
| 3610 | ACI Worldwide, Inc.<sup>(a)</sup> | 166999 |
| 8522 | AvePoint, Inc.<sup>(a)</sup> | 158935 |
| 8096 | Box, Inc., Class A<sup>(a)</sup> | 306191 |
| 515 | CommVault Systems, Inc.<sup>(a)</sup> | 94322 |
| 389 | Duolingo, Inc.<sup>(a)</sup> | 202128 |
| 898 | Guidewire Software, Inc.<sup>(a)</sup> | 193088 |
| 285 | Intuit, Inc. | 214739 |
| 320 | MicroStrategy, Inc., Class A<sup>(a)</sup> | 118099 |
| 2376 | Nutanix, Inc., Class A<sup>(a)</sup> | 182215 |
| 1151 | Okta, Inc.<sup>(a)</sup> | 118749 |
| 903 | Palo Alto Networks, Inc.<sup>(a)</sup> | 173755 |
| 554 | Roper Technologies, Inc. | 315931 |
| 268 | Tyler Technologies, Inc.<sup>(a)</sup> | 154633 |
| 522 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 146003 |
| 671 | Zscaler, Inc.<sup>(a)</sup> | 184995 |
|  |  | 2730782 |
|  | **SPECIALTY FINANCE - 1.7%** |  |
| 3164 | Air Lease Corporation | 182278 |
| 5877 | Enact Holdings, Inc. | 208046 |
| 2104 | Enova International, Inc.<sup>(a)</sup> | 194978 |
| 3410 | Fidelity National Financial, Inc. | 186766 |
| 1678 | FirstCash Holdings, Inc. | 214633 |
| 1369 | GATX Corporation | 218000 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **SPECIALTY FINANCE - 1.7% (Continued)** |  |
| 7856 | MGIC Investment Corporation | $207791 |
| 1963 | Mr Cooper Group, Inc.<sup>(a)</sup> | 254266 |
| 1292 | Nelnet, Inc., Class A | 150105 |
| 1719 | PennyMac Financial Services, Inc. | 165024 |
| 6325 | SLM Corporation | 204740 |
| 1912 | Stewart Information Services Corporation | 115370 |
|  |  | 2301997 |
|  | **SPECIALTY REIT - 0.2%** |  |
| 3919 | EPR Properties | 218249 |
|  | **STEEL - 0.3%** |  |
| 1969 | ATI, Inc.<sup>(a)</sup> | 156811 |
| 479 | Carpenter Technology Corporation | 112565 |
| 1328 | Steel Dynamics, Inc. | 163437 |
|  |  | 432813 |
|  | **TECHNOLOGY HARDWARE - 0.8%** |  |
| 634 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 38649 |
| 463 | Fabrinet<sup>(a)</sup> | 107819 |
| 526 | Garmin Ltd. | 106762 |
| 710 | InterDigital, Inc. | 154255 |
| 4644 | NETGEAR, Inc.<sup>(a)</sup> | 136209 |
| 2032 | Sanmina Corporation<sup>(a)</sup> | 172090 |
| 7187 | TTM Technologies, Inc.<sup>(a)</sup> | 214603 |
| 374 | Ubiquiti, Inc. | 147838 |
|  |  | 1078225 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 1182 | Automatic Data Processing, Inc. | 384776 |
| 1022 | Broadridge Financial Solutions, Inc. | 248172 |
| 2314 | CSG Systems International, Inc. | 152863 |
| 3031 | ExlService Holdings, Inc.<sup>(a)</sup> | 139396 |
| 1044 | International Business Machines Corporation | 270459 |
| 251 | MSCI, Inc. | 141569 |
| 1375 | Paychex, Inc. | 217126 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.3% (Continued)** |  |
| 790 | Verisk Analytics, Inc. | $248171 |
|  |  | 1802532 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 10254 | AT&T, Inc. | 285061 |
| 3182 | IDT Corporation, Class B | 195979 |
| 11432 | Ooma, Inc.<sup>(a)</sup> | 156047 |
| 3711 | Telephone and Data Systems, Inc. | 127510 |
|  |  | 764597 |
|  | **TOBACCO & CANNABIS - 0.4%** |  |
| 4667 | Altria Group, Inc. | 282867 |
| 3119 | Turning Point Brands, Inc. | 231804 |
|  |  | 514671 |
|  | **TRANSPORTATION & LOGISTICS - 0.2%** |  |
| 3475 | Golar LNG Ltd. | 143031 |
| 1715 | SkyWest, Inc.<sup>(a)</sup> | 173987 |
|  |  | 317018 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 4649 | REV Group, Inc. | 174291 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 3225 | US Foods Holding Corporation<sup>(a)</sup> | 255162 |
|  | **WHOLESALE - DISCRETIONARY - 0.4%** |  |
| 3909 | Copart, Inc.<sup>(a)</sup> | 201236 |
| 7037 | OPENLANE, Inc.<sup>(a)</sup> | 161358 |
| 2106 | PC Connection, Inc. | 137732 |
|  |  | 500326 |
|  | **TOTAL COMMON STOCKS (Cost $61,480,021)** | 75304010 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **LONGBOARD FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  |  | **Fair Value** |
|  | **PREFERRED STOCK** — **0.0%<sup>(c)</sup>** | **PREFERRED STOCK** — **0.0%<sup>(c)</sup>** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS** — **0.0%<sup>(c)</sup>** | **REAL ESTATE OWNERS & DEVELOPERS** — **0.0%<sup>(c)</sup>** |  |
| 313 | Brookfield Property Preferred, L.P. **(Cost $4,758)** | Brookfield Property Preferred, L.P. **(Cost $4,758)** | $4789 |
|  | **Expiration <br> Date** | **Exercise<br> Price** |  |
| **RIGHT — 0.0%<sup>(c)</sup>** |  |  |  |
| **BIOTECH & PHARMA - 0.0%<sup>(c)</sup>** |  |  |  |
| 2093 Novartis A.G. – CVR <sup>(a)(b)</sup> **(Cost $0)** | 12/31/2029 | $2 |  |
|  | **TOTAL INVESTMENTS - 55.1% (Cost $61,484,779)** |  | $75308799 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 44.9%** |  | 61447824 |
|  | **NET ASSETS - 100.0%** |  | $136756623 |

---

---

| | |
|:---|:---|
| A.G. | - Aktiengesellschaft |
| CVR | - Contingent Value Right |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

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

<sup>(b)</sup> Illiquid security. The total fair value of these securities as of May 31, 2025 was $0, representing 0.0% of net assets.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Longboard Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment in securities at cost | $61484779 |
| &nbsp;&nbsp;&nbsp;Investment in securities at fair value | $75308799 |
| &nbsp;&nbsp;&nbsp;Cash | 62040383 |
| &nbsp;&nbsp;&nbsp;Cash Deposits with Broker | 7187 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 40130 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 74119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 137470618 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 435967 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 228140 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 49236 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 652 |
|  | 713995 |
| **NET ASSETS** | $**136756623** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | 161209200 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (24452577) |
| **NET ASSETS** | $**136756623** |
| **Net Asset Value Per Share:** |  |
| **Class A Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**2541376** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **177417** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**14.32** (a) |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**15.19** |
| **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**134215247** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **9339974** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**14.37** |

---

(a) The
NAV shown differs from the traded NAV on May 31, 2025 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Longboard Fund*** |
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| **For the Year Ended May 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends (Net of tax witholding of $3,324) | $1928663 |
| &nbsp;&nbsp;&nbsp;Interest | 213951 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 2142614 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2719413 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: Class A | 7323 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2726736 |
| **NET INVESTMENT LOSS** | (584122) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| **Net realized gain (loss) from:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 4094562 |
| &nbsp;&nbsp;&nbsp;Future contracts | (7832) |
|  | 4086730 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (452873) |
| &nbsp;&nbsp;&nbsp;Future contracts | 7832 |
|  | (445041) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 3641689 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3057567** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Longboard Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**May 31, 2025** | **For the**<br>**Year Ended**<br>**May 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(584122) | $(483280) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and futures contracts | 4086730 | 4242569 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and futures contracts | (445041) | 14498732 |
| **Net increase in net assets resulting from operations** | 3057567 | 18258021 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (105326) |
| &nbsp;&nbsp;&nbsp;Class I |  | (3274328) |
| **Net decrease in net assets from distributions to shareholders** |  | (3379654) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 307146 | 260845 |
| &nbsp;&nbsp;&nbsp;Class A Proceeds from fund reorganization |  | 303154 |
| &nbsp;&nbsp;&nbsp;Class I | 53577065 | 10793988 |
| &nbsp;&nbsp;&nbsp;Class I Proceeds from fund reorganization |  | 20689954 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 105322 |
| &nbsp;&nbsp;&nbsp;Class I |  | 3208307 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (926643) | (958750) |
| &nbsp;&nbsp;&nbsp;Class I | (38467958) | (27328472) |
| **Net increase in net assets from shares of beneficial interest** | 14489610 | 7074348 |
| **TOTAL INCREASE IN NET ASSETS** | 17547177 | 21952715 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 119209446 | 97256731 |
| &nbsp;&nbsp;&nbsp;End of Year | $**136756623** | $**119209446** |
| **SHARE ACTIVITY** |  |  |
| **CLASS A:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21337 | 20573 |
| &nbsp;&nbsp;&nbsp;Shares sold from reorganization |  | 21802 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 8625 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (63804) | (77544) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (42467) | (26544) |
| **SHARE ACTIVITY - CLASS I** |  |  |
| **CLASS I:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3661438 | 831399 |
| &nbsp;&nbsp;&nbsp;Shares sold from reorganization |  | 1487972 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 263107 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2658744) | (2150167) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1002694 | 432311 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Longboard Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **For the**<br>**Year Ended**<br>**May 31, 2025**<br>**(Consolidated)** | **For the**<br>**Year Ended**<br>**May 31, 2024**<br>**(Consolidated)** |<br>**For the**<br>**Year Ended**<br>**May 31, 2023** |<br>**For the**<br>**Year Ended**<br>**May 31, 2022** |<br>**For the**<br>**Year Ended**<br>**May 31, 2021** |
| Net asset value, beginning of year | $13.92 | $11.94 | $14.26 | $15.32 | $11.92 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.10) | (0.10) | 0.09 | (0.33) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.50 | 2.49 | (1.46 | (0.22) | 3.70 |
| Total from investment operations | 0.40 | 2.39 | (1.37 | (0.55) | 3.40 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.41) | (0.95 | (0.51) |  |
| Total distributions |  | (0.41) | (0.95 | (0.51) |  |
| Net asset value, end of year | $14.32 | $13.92 | $11.94 | $14.26 | $15.32 |
| Total return (2) | 2.87% (5) | 20.59% | (10.14 | (3.75)% | 28.52% |
| Net assets, at end of year (000s) | $2541 | $3061 | $2942 | $2486 | $1678 |
| Ratio of total expenses to average net assets | 2.24% | 2.24% | 2.24 | 2.24% (3) | 2.24% (3) |
| Ratio of net investment income (loss) to average net assets | (0.68)% | (0.71)% | 0.65 | (2.13)% | (2.21)% |
| Portfolio turnover rate | 61% | 102% | 0 | 0% | 0% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if
 any.

(3) Expense
 ratios do not include certain expenses of the swap contracts in which the fund invests.

(4) Amounts
 represents less than $0.005 per share.

(5) Includes
 adjustments in accordance with accounting principles generally accepted in the United States of America 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 consolidated financial statements.

---

| |
|:---|
| ***Longboard Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **For the**<br>**Year Ended**<br>**May 31, 2025**<br>**(Consolidated)** | **For the**<br>**Year Ended**<br>**May 31, 2024**<br>**(Consolidated)** |<br>**For the**<br>**Year Ended**<br>**May 31, 2023** |<br>**For the**<br>**Year Ended**<br>**May 31, 2022** |<br>**For the**<br>**Year Ended**<br>**May 31, 2021** |
| Net asset value, beginning of year | $13.93 | $11.93 | $14.25 | $15.29 | $11.87 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.06) | (0.06) | 0.10 | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.50 | 2.49 | (1.44 | (0.21) | 3.70 |
| Total from investment operations | 0.44 | 2.43 | (1.34 | (0.50) | 3.42 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.43) | (0.98 | (0.54) |  |
| Total distributions |  | (0.43) | (0.98 | (0.54) |  |
| Net asset value, end of year | $14.37 | $13.93 | $11.93 | $14.25 | $15.29 |
| Total return (2) | 3.16% | 20.94% | (9.92 | (3.47)% | 28.81% |
| Net assets, at end of year (000s) | $134215 | $116148 | $94315 | $109112 | $75832 |
| Ratio of total expenses to average net assets | 1.99% | 1.99% | 1.99 | 1.99% (3) | 1.99% (3) |
| Ratio of net investment income (loss) to average net assets | (0.42)% | (0.46)% | 0.80 | (1.89)% | (1.97)% |
| Portfolio turnover rate | 61% | 102% | 0 | 0% | 0% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if
 any.

(3) Expense
 ratios do not include certain expenses of the swap contracts in which the fund invests.

(4) Amounts
 represents less than $0.005 per share.

See accompanying notes to consolidated financial statements**.**

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**May 31, 2025**

**1.** **ORGANIZATION** 

The Longboard Fund (the "Fund") is a 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 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 long-term capital appreciation. The Fund commenced operations on March 19, 2015.

The Fund (also referred to as "the Acquiring Fund") acquired the Longboard Managed Futures Strategy Fund (the "Acquired Fund"), in a tax-free reorganization as of the close of business on March 22, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund changed its name from Longboard Alternative Growth Fund to Longboard Fund on October 1, 2023. The Acquired Fund and the Acquiring Fund were managed by the same adviser who currently manages the Fund.

The Fund currently offers Class A and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. The Fund launched Class A shares on December 9, 2015. Class I shares are offered at net asset value without an initial sales charge. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. 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.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The 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," FASB Accounting Standards Update ("ASU") 2013-08.

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

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

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

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such 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, 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 ask price is available; the spread between bid and ask 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)

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Forward Currency Contracts** - As foreign securities are purchased, the Fund may enter into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked- to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign currency contracts are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from forward foreign currency exchange contracts in the Consolidated Statements of Operations.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

**Futures Contracts –** Futures contracts are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The notional value of the derivative instruments disclosed in the Consolidated Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund. As of May 31, 2025 the fund did not hold any future contracts.

**Impact of Derivatives on the Consolidated Statements of Operations:**

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of

Operations for the year ended May 31, 2025:

---

| | |
|:---|:---|
| Derivative Investment Type | Location of Gain (Loss) on Derivatives |
| Equity/Currency/Commodity/Interest <br> Rate Contracts | Net realized gain (loss) from futures contracts |
|  | Net change in unrealized appreciation/depreciation from futures contracts |

---

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

The following is a summary of the Fund's realized gain (loss) and net change in unrealized appreciation/(depreciation) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the Fund for the year ended May 31, 2025:

Realized gain/(loss) on derivatives recognized in the Consolidated Statement of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Total for the |
|  | | | | | Year Ended |
| Derivative Investment Type | Commodity | Currency | Equity | Interest Rate | May 31, 2025 |
| Futures Contracts | $(7832) | $— | $— | $— | $(7832) |
| Total | $(7832) | $— | $— | $— | $(7832) |

---

Net Change in Unrealized appreciation/(depreciation) on derivatives recognized in the Consolidated Statements of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Total for the |
|  | | | | | Year Ended |
| Derivative Investment Type | Commodity | Currency | Equity | Interest Rate | May 31, 2025 |
| Futures Contracts | $7832 | $— | $— | $— | $7832 |
| Total | $7832 | $— | $— | $— | $7832 |

---

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

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that 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 in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing 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.

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

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 May 31, 2025 for the Fund's assets and liabilities measured at fair value on a recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 |  | Total |
| Common Stocks | $75304010 | $— | $— |  | $75304010 |
| Preferred Stock | 4789 |  |  |  | 4789 |
| Right |  |  |  | ^ |  |
| Total | $75308799 | $— | $— |  | $75308799 |

---

\* See Schedule of Investments for industry classification.

---

| | |
|:---|:---|
| ^ | Includes securities values at $0. The security classified as Level 3 is deemed immaterial. |

---

**Consolidation of Subsidiary – Longboard Fund Limited (LFL) –** The Fund acquired LFL in connection with the tax-free reorganization as of the close of business on March 22, 2024. The Consolidated Financial Statements of the Fund include the accounts of LFL, which is a wholly-owned and controlled foreign subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest. Controlling economic interest is generally deemed to exist with investment interests comprising greater than 50% of the net asset value of the subsidiary. However, the Fund may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as the Fund's ability to control the circumstances leading to majority ownership. All inter-company accounts and transactions have been eliminated in consolidation.

Accordingly, the accompanying consolidated statement of operations, changes in net assets, and financial highlights for the year ended May 31, 2025 include the results of LFL through its dissolution on January 31, 2025.

On January 30, 2025 the CFC transferred net assets of $38,895, to the Fund as part of the formal dissolution of the CFC, and that no gain or loss was recognized as a result of the transaction.

In accordance with its investment objectives and through its ability to engage in a management futures program, the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Commodity Risk - Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk - Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk - Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk - Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk - Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

Please refer to the Fund's prospectus for a full listing of risks associated with these investments.

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. 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 for the Fund. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, 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. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Cash –** The Funds consider their balances held in an FDIC insured interest bearing savings account to be cash. The Funds maintains cash balances at the custodian, which, at times, may exceed federally insured limits.

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

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

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

**Foreign Currency –** The accounting records of the Fund are maintained in U.S. dollars. Investment securities, foreign currencies, 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. Net realized gains and losses and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

**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 (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the fund 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 Fund expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short sales, short-term investments and U.S. Government securities, amounted to $64,423,447 and $96,847,835 respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Longboard Asset Management, LP (the "Fund's Manager") serves as the Fund's Investment Adviser (the "Adviser"). Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee for the services and facilities it provides at the annual rate of 1.99% of the Fund's average daily net assets. The unitary management fee is paid on a monthly basis. During the year ended May 31, 2025, the Fund incurred $2,719,413 in advisory fees.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all the Fund's expenses and to compensate the Adviser for providing services for the Fund.

The Board has adopted the Trust's Master Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b -1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Class A and is paid to

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Adviser. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the year ended May 31, 2025, the Fund paid $7,323 in 12b-1 fees.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's Class A and Class I shares. On the sales of Class A shares, for the year ended May 31, 2025, the Distributor received $14,183 in underwriting commissions, of which $1,541 was retained by the principal underwriter or other affiliated broker-dealers. These are not expenses to the Fund, rather, a charge to share sale proceeds.

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

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

*<u>Northern Lights Compliance Services, LLC ("NLCS"</u>*) – 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 Adviser.

*<u>Blu Giant, LLC ("Blu Giant")</u>* – 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 Adviser.

**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of the control of the Fund, under section 2(a)9 of the Act. As of May 31, 2025, Charles Schwab & Co. held 58.1% of the voting securities of the Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record by Charles Schwab & Co. are also owned beneficially.

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

The tax character of Fund distributions for the year ended May 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>May 31, 2025 | Fiscal Year Ended<br>May 31, 2024 |
| Ordinary Income | $— | $— |
| Long-Term Capital Gain |  |  |
| Return of Capital |  | 3379654 |
|  | $— | $3379654 |

---

There were no distributions for the year ended May 31, 2025.

***Longboard Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**May 31, 2025**

As of May 31, 2025, 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) |
| $— | $— | $(241471) | $(38064934) | $— | $13853828 | $(24452577) |

---

The difference between book basis and tax basis accumulated net investment income (loss), unrealized appreciation (depreciation) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for partnerships, real estate investment trusts, and C-Corporation return of capital distributions.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $241,471.

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

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $5242465 | $– $| 5242465 | $4103407 |

---

As a result of the acquisition of another Fund, $27,125,228 and $5,697,241 of short-term and long-term capital loss carryover, respectively, remains to be recognized in future years. This amount is subject to an annual limitation of $727,147 under tax rules.

Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, prior year tax return updates, and the tax treatment for the Fund's wholly owned subsidiary, resulted in reclassifications for the Fund for the fiscal year ended May 31, 2025 as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $(209668) | $209668 |

---

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Tax Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $61454971 | $14803967 | $(950139) | $13853828 |

---

**8.** **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 other events or transactions occurred requiring adjustment or disclosure in the financial statements.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust II and the Shareholders of Longboard Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Longboard Fund and its subsidiary (the Fund), including the schedule of investments, as of May 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, and the related notes to the consolidated financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Longboard Asset Management, LP advised investment companies since 2013.

Denver, Colorado

July 30, 2025

***Longboard Fund***

**Additional Information (Unaudited)**

**May 31, 2025**

**Changes in and Disagreements with Accountants**

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

**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**

Not applicable.

**<u>PROXY VOTING POLICY</u>**

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 -294-7540 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

**INVESTMENT ADVISOR** 

Longboard Asset Management, LP

P.O. BOX 97730

Phoenix, AZ 85060-7730

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

**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 of this Form.

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

Not applicable.

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

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

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

Not applicable.

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

(a) Not
applicable.

(b) Not
applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.[Exhibit 99.CODE](nlftiicoe.htm)

(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.[Exhibit 99. CERT](cert1.htm)

(a)(4) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](cert2.htm)

**SIGNATURES**

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

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

---

| |
|:---|
| By (Signature and Title) |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin E. Wolf |
| &nbsp;&nbsp;&nbsp;&nbsp;Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>8/8/2025</u>

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

---

| |
|:---|
| By (Signature and Title) |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin E. Wolf |
| &nbsp;&nbsp;&nbsp;&nbsp;Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>8/8/2025</u>

---

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

---

Date <u>8/8/2025</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Longboard Fund (a series of Northern Lights Fund Trust II);

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

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

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

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

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

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

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

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

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

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

Date: <u>8/8/2025</u> <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf

Principal Executive Officer/President

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of the Longboard Fund (a series of Northern Lights Fund Trust II);

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

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

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

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

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

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

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

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

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

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

Date: <u>8/8/2025</u> <u>s/ Erik Naviloff</u> 

Erik Naviloff

Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Principal Executive Officer/President |  | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust |  | Northern Lights Fund Trust |
| <u>/s/ Kevin E. Wolf</u> | <u> </u> | <u>/s/ Erik Naviloff</u> |
| Kevin E. Wolf |  | Erik Naviloff |
| Date: 8/8/2025 |  | Date: 8/8/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust II</u>**

 **CODE OF ETHICS**

May 17, 2011

Northern Lights Fund Trust II (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of the Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by the Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trust"** means Northern Lights Fund Trust II.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

<br>