# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-005905
**Filing Date:** 2025-9
**Character Count:** 63247
**Document Hash:** 26e0c9825a890ec2fd94e54411504c3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005905.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005905

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251298970

**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

### Al Frank Fund (Series ID: S000039632)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000122237 | Al Frank Fund Advisor Class | VALAX           |

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

Registrant's telephone number, including area code: <u>631-470-2735</u>

Date of fiscal year end: <u>12/31</u>

Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.**

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

# Al Frank Fund

## Advisor Class (VALAX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i353ea1b92e7aac1181ec46ed.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Al Frank Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.alfrankfunds.com**. You can also request this information by contacting us at 1-888-263-6443.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $63 | 1.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It was a stunning roller-coaster ride over the first half of 2025, with the many stocks enduring a bear market in the wake of so-called "Liberation-Day" tariff announcements only to see all of those losses and then some recouped after the levies were rolled back and their implementation delayed. Once again, we saw that the secret to success in stocks is not to get scared out of them, while it certainly helped that U.S. economic growth held up, corporate profits remained healthy and inflation readings continued to be better than many had feared.

Despite the volatility, the Al Frank Fund performed well. For the year to date through June 30, 2025, VALAX returned 5.48%, compared with a return of 5.55% for the Russell 3000 Value index. True, returns were a smidge better for the Russell 3000 index, which returned 5.75% for the first six months of 2025, but we have long been Value investors with our financial metrics looking much more like the Value indexes. And with the major market averages trading at all-time highs, we think folks should be gravitating toward stocks that are more reasonably priced.

This has long been our approach to investing assets in the Al Frank Fund, and we remain very proud of our long-term track record. Since inception on 01.02.98, VALAX has returned 10.20% per annum, which compares very favorably to the 27+ year annualized return of 7.74% for the Russell 3000 Value index and the 8.91% annualized return for the Russell 3000 index.

Looking ahead, though we are always braced for downside volatility, we retain our long-term enthusiasm for the portfolio of stocks we hold in VALAX as we expect the economy to continue to show OK growth, corporate profits to expand and dividend payouts to rise.

Your fund managers continue to invest right alongside those who follow our value-oriented strategy, whether via The Prudent Speculator newsletter or as shareholders of The Al Frank Fund. After all, we have long believed in putting our money where our mouths are.

We thank you for your continued patronage!

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id1e003d91244fbc3addf9227.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Al Frank Fund** | **S&P 500<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Jun-2015** | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $9476 | $10399 | $10214 | $10242 |
| **Jun-2017** | $11484 | $12260 | $12104 | $11902 |
| **Jun-2018** | $12763 | $14023 | $13893 | $12765 |
| **Jun-2019** | $13339 | $15483 | $15141 | $13701 |
| **Jun-2020** | $12605 | $16645 | $16130 | $12411 |
| **Jun-2021** | $19525 | $23436 | $23253 | $18045 |
| **Jun-2022** | $16879 | $20948 | $20029 | $16698 |
| **Jun-2023** | $18592 | $25053 | $23825 | $18572 |
| **Jun-2024** | $21908 | $31204 | $29335 | $20974 |
| **Jun-2025** | $24048 | $35936 | $33822 | $23764 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Al Frank Fund | 5.48% | 9.77% | 13.79% | 9.17% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Russell 3000<sup>®</sup> Index | 5.75% | 15.30% | 15.96% | 12.96% |
| Russell 3000<sup>®</sup> Value Index | 5.55% | 13.30% | 13.87% | 9.04% |

---

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

## **Fund Statistics** 
* Net Assets$66,233,567

* Number of Portfolio Holdings68

* Advisory Fee (net of waivers)$235,496

* Portfolio Turnover1%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia3e18620a478a23455e7e58a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.4% |
| Money Market Funds | 2.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iea42bfcd63f6bd529c285a15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.6% |
| Consumer Discretionary | 3.3% |
| Materials | 3.4% |
| Real Estate | 3.5% |
| Consumer Staples | 4.0% |
| Energy | 5.3% |
| Communication Services | 7.9% |
| Health Care | 11.3% |
| Industrials | 12.2% |
| Financials | 19.7% |
| Information Technology | 26.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 3.3% |
| Capital One Financial Corporation | 3.1% |
| Seagate Technology Holdings PLC | 2.8% |
| Microsoft Corporation | 2.8% |
| Fidelity Government Portfolio, Class I | 2.6% |
| Goldman Sachs Group, Inc. (The) | 2.5% |
| International Business Machines Corporation | 2.4% |
| Alphabet, Inc., Class C | 2.3% |
| Apple, Inc. | 2.2% |
| Meta Platforms, Inc., Class A | 2.1% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i3f8c33cb9867161d72e344ff.jpg)

# Al Frank Fund - Class R (VALAX)

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.alfrankfunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-VALAX

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

![(COVER PAGE)](al001_v1.jpg)

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **COMMUNICATION SERVICES — 7.9%** |  |
|  | **CABLE & SATELLITE - 1.1%** |  |
| 20000 | Comcast Corporation, Class A | $713800 |
|  | **ENTERTAINMENT CONTENT - 1.7%** |  |
| 9000 | Walt Disney Company (The) | 1116090 |
|  | **INTERNET MEDIA & SERVICES - 4.4%** |  |
| 8500 | Alphabet, Inc., Class C | 1507815 |
| 1925 | Meta Platforms, Inc., Class A | 1420823 |
|  |  | 2928638 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 11000 | Verizon Communications, Inc. | 475970 |
|  | **TOTAL COMMUNICATION SERVICES (Cost $1,724,902)** | 5234498 |
|  | **CONSUMER DISCRETIONARY — 3.3%** |  |
|  | **AUTOMOTIVE - 1.7%** |  |
| 22500 | General Motors Company | 1107225 |
|  | **HOME & OFFICE PRODUCTS - 0.8%** |  |
| 5500 | Whirlpool Corporation | 557810 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 3500 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 289975 |
| 24000 | American Eagle Outfitters, Inc. | 230880 |
|  |  | 520855 |
|  | **TOTAL CONSUMER DISCRETIONARY (Cost $1,505,628)** | 2185890 |
|  | **CONSUMER STAPLES — 4.0%** |  |
|  | **FOOD - 0.8%** |  |
| 9650 | Tyson Foods, Inc., Class A | 539821 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CONSUMER STAPLES — 4.0% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 2.4%** |  |
| 5000 | Target Corporation | $493250 |
| 11000 | Walmart, Inc. | 1075580 |
|  |  | 1568830 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 10750 | Archer-Daniels-Midland Company | 567385 |
|  | **TOTAL CONSUMER STAPLES (Cost $892,070)** | 2676036 |
|  | **ENERGY — 5.3%** |  |
|  | **OIL & GAS PRODUCERS - 5.3%** |  |
| 11500 | EOG Resources, Inc. | 1375515 |
| 11000 | Exxon Mobil Corporation | 1185800 |
| 16000 | TotalEnergies S.E. - ADR | 982240 |
|  | **TOTAL ENERGY (Cost $2,210,935)** | 3543555 |
|  | **FINANCIALS — 19.7%** |  |
|  | **BANKING - 10.4%** |  |
| 28000 | Bank of America Corporation | 1324960 |
| 32000 | Fifth Third Bancorp | 1316160 |
| 7600 | JPMorgan Chase & Company | 2203316 |
| 6000 | PNC Financial Services Group, Inc. (The) | 1118520 |
| 22000 | Truist Financial Corporation | 945780 |
|  |  | 6908736 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.5%** |  |
| 2325 | Goldman Sachs Group, Inc. (The) | 1645519 |
|  | **INSURANCE - 3.7%** |  |
| 15500 | MetLife, Inc. | 1246510 |
| 11500 | Prudential Financial, Inc. | 1235560 |
|  |  | 2482070 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **FINANCIALS — 19.7% (Continued)** |  |
|  | **SPECIALTY FINANCE - 3.1%** |  |
| 9500 | Capital One Financial Corporation | $2021220 |
|  | **TOTAL FINANCIALS (Cost $4,008,652)** | 13057545 |
|  | **HEALTH CARE — 11.3%** |  |
|  | **BIOTECH & PHARMA - 5.4%** |  |
| 3000 | Amgen, Inc. | 837630 |
| 18495 | Bristol-Myers Squibb Company | 856133 |
| 5600 | Johnson & Johnson | 855400 |
| 7000 | Merck & Company, Inc. | 554120 |
| 20000 | Pfizer, Inc. | 484800 |
|  |  | 3588083 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.7%** |  |
| 6000 | Cardinal Health, Inc. | 1008000 |
| 11000 | CVS Health Corporation | 758780 |
| 1 | Encompass Health Corporation | 123 |
|  |  | 1766903 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.2%** |  |
| 7750 | Abbott Laboratories | 1054078 |
| 7000 | Medtronic PLC | 610190 |
| 5000 | Zimmer Biomet Holdings, Inc. | 456050 |
|  |  | 2120318 |
|  | **TOTAL HEALTH CARE (Cost $5,138,209)** | 7475304 |
|  | **INDUSTRIALS — 12.2%** |  |
|  | **AEROSPACE & DEFENSE - 1.6%** |  |
| 2300 | Lockheed Martin Corporation | 1065222 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 12000 | ManpowerGroup, Inc. | 484800 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INDUSTRIALS — 12.2% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 1.9%** |  |
| 3500 | Eaton Corporation PLC | $1249465 |
|  | **MACHINERY - 2.7%** |  |
| 2700 | Caterpillar, Inc. | 1048167 |
| 1452 | Deere & Company | 738327 |
|  |  | 1786494 |
|  | **RENEWABLE ENERGY - 0.9%** |  |
| 6500 | EnerSys | 557505 |
|  | **TRANSPORTATION & LOGISTICS - 2.7%** |  |
| 3000 | FedEx Corporation | 681930 |
| 4250 | Norfolk Southern Corporation | 1087873 |
|  |  | 1769803 |
|  | **TRANSPORTATION EQUIPMENT - 1.7%** |  |
| 3500 | Cummins, Inc. | 1146250 |
|  | **TOTAL INDUSTRIALS (Cost $3,386,573)** | 8059539 |
|  | **INFORMATION TECHNOLOGY — 26.8%** |  |
|  | **SEMICONDUCTORS - 5.2%** |  |
| 25000 | Cohu, Inc.<sup>(a)</sup> | 481000 |
| 27515 | Intel Corporation | 616336 |
| 14000 | Lam Research Corporation | 1362760 |
| 6000 | QUALCOMM, Inc. | 955560 |
|  |  | 3415656 |
|  | **SOFTWARE - 5.8%** |  |
| 30000 | Gen Digital, Inc. | 882000 |
| 3750 | Microsoft Corporation | 1865288 |
| 5000 | Oracle Corporation | 1093150 |
|  |  | 3840438 |
|  | **TECHNOLOGY HARDWARE - 13.4%** |  |
| 7100 | Apple, Inc. | 1456707 |
| 15500 | Benchmark Electronics, Inc. | 601865 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INFORMATION TECHNOLOGY — 26.8% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 13.4% (Continued)** |  |
| 18000 | Cisco Systems, Inc. | $1248840 |
| 27000 | Corning, Inc. | 1419930 |
| 30000 | Juniper Networks, Inc. | 1197900 |
| 10000 | NetApp, Inc. | 1065500 |
| 13000 | Seagate Technology Holdings PLC | 1876289 |
|  |  | 8867031 |
|  | **TECHNOLOGY SERVICES - 2.4%** |  |
| 5500 | International Business Machines Corporation | 1621290 |
|  | **TOTAL INFORMATION TECHNOLOGY (Cost $5,145,248)** | 17744415 |
|  | **MATERIALS — 3.4%** |  |
|  | **CHEMICALS - 1.1%** |  |
| 4800 | Albemarle Corporation | 300816 |
| 7500 | Celanese Corporation | 414975 |
|  |  | 715791 |
|  | **CONTAINERS & PACKAGING - 1.4%** |  |
| 20500 | International Paper Company | 960015 |
|  | **METALS & MINING - 0.9%** |  |
| 10000 | Newmont Corporation | 582600 |
|  | **TOTAL MATERIALS (Cost $1,700,247)** | 2258406 |
|  | **REAL ESTATE — 3.5%** |  |
|  | **DATA CENTER REIT - 1.4%** |  |
| 5500 | Digital Realty Trust, Inc. | 958815 |
|  | **OFFICE REIT - 0.8%** |  |
| 7000 | Alexandria Real Estate Equities, Inc. | 508410 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **AL FRANK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **REAL ESTATE — 3.5% (Continued)** |  |
|  | **RETAIL REIT - 1.3%** |  |
| 40000 | Kimco Realty Corporation | $840800 |
|  | **TOTAL REAL ESTATE (Cost $1,691,655)** | 2308025 |
|  | **TOTAL COMMON STOCKS (Cost $27,404,119)** | 64543213 |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **MONEY MARKET FUNDS - 2.6%** |  |
| 1697862 | Fidelity Government Portfolio, Class I, 4.23% (Cost $1,697,862)<sup>(b)</sup> | 1697862 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $29,101,981)** | $66241075 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0%)**<sup>(c)</sup> | (7508) |
|  | **NET ASSETS - 100.0%** | $66233567 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> Amount represents less than 0.05%.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Al Frank Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $29101981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $66241075 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 80932 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses & other assets | 27264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 66349271 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 28329 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 40373 |
| &nbsp;&nbsp;&nbsp;Audit fees payable | 9250 |
| &nbsp;&nbsp;&nbsp;Legal fees payable | 10152 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 18743 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 8857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 115704 |
| **NET ASSETS** | $**66233567** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $26621576 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 39611991 |
| **NET ASSETS** | $**66233567** |
| **Net Asset Value Per Share:** |  |
| Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**66233567** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2441656** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share (a) | $**27.13** |

---

(a) Redemptions of shares held 60 days
 or less may be assessed a redemption fee of 2.00%.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Al Frank Fund*** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended June 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends \* | $778429 |
| &nbsp;&nbsp;&nbsp;Interest | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 819621 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 318612 |
| &nbsp;&nbsp;&nbsp;Administration fees | 27914 |
| &nbsp;&nbsp;&nbsp;Registration fees | 19455 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 18406 |
| &nbsp;&nbsp;&nbsp;Legal fees | 15455 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 15168 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 13810 |
| &nbsp;&nbsp;&nbsp;Audit fees | 12571 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 12162 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 11461 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 7995 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1651 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1557 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 478144 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (83116) |
| **NET EXPENSES** | 395028 |
| **NET INVESTMENT INCOME** | 424593 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 1416372 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1557608 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 2973980 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $3398573 |

---

\* Includes withholding tax of $5,312.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Al Frank Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $424593 | $861267 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 1416372 | 6184567 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1557608 | 1650897 |
| Net increase in net assets resulting from operations | 3398573 | 8696731 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Class |  | (6395831) |
| Net decrease in net assets from distributions to shareholders |  | (6395831) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 104468 | 228926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  | 6324874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4544576) | (8664586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 1 | 104 |
| Net decrease in net assets from shares of beneficial interest | (4440107) | (2110682) |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (1041534) | 190218 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 67275101 | 67084883 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**66233567** | $**67275101** |
| **SHARE ACTIVITY - ADVISOR CLASS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4273 | 8514 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 233822 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (177828) | (319543) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (173555) | (77207) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Al Frank Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $25.72 | $24.92 | $23.23 | $29.12 | $24.92 | $24.24 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.17 | 0.34 | 0.38 | 0.37 | 0.24 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1. 24 | 12 3. | 2. 80 | (4.26 | 5.95 | 01 2. |
| Total from investment operations | 1.41 | 3.46 | 3.18 | (3.89 | 6.19 | 2.47 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.37) | (0.40) | (0.35) | (0.26) | (0.50) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments |  | (2.29) | (1.09) | (1.65 | (1.73) | (1.29) |
| Total distributions |  | (2.66) | (1.49) | (2.00 | (1.99) | (1.79) |
| Paid in capital from redemption fees (1)(4) | 0.00 | 0.00 | 0.00 | 0.00 | **00.** | 0.00 |
| Net asset value, end of year/period | $27.13 | $25.72 | $24.92 | $23.23 | $29.12 | $24.92 |
| Total return (2) | 5.48% (6) | 13.34% | 14.06% | (13.49 | 24.98% | 10.24% |
| Net assets, at end of year/period (000s) | $66234 | $67275 | $67085 | $64610 | $6, 421 | $5316 |
| Ratio of gross expenses to average net assets (3) | 1.50% (7) | 1.47% | 1.47% | 1.38 | 1.42% | 1.43% |
| Ratio of net expenses to average net assets | 1.24% (7) | 1.24% | 1.24% | 1.24 | 1.24% | 1.24% |
| Ratio of net investment income to average net assets | 1.33% (7) | 1.25% | 1.58% | 1.45 | 0.83% | 2.09% |
| Portfolio turnover rate | 0.79% (6) | 1.65% | 1.59% | 2.67 | 5.10% | 3.72% |

---

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

(2) Total returns shown exclude the effect
 of applicable redemption fees. Had the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.
 (3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

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

(5) Reflects increase in net assets due
 to the conversion of Investor Class Shares to Advisor Class Shares on April 7, 2022.

(6) Not annualized.

(7) Annualized for periods less than one
 full year.

See accompanying notes to financial statements.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited)** |

---

**NOTE 1 - ORGANIZATION**

The Al Frank Fund (the "Fund") is a diversified series of Northern Lights Fund Trust II (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The investment objective of the Al Frank Fund is long-term capital appreciation. The Al Frank Fund Advisor Class commenced operations on April 30, 2006. Advisor Class Shares are offered at net asset value without the imposition of any sales charge. Effective at the close of business on April 7, 2022, all outstanding Investor Class shares of the Fund were converted to Advisor Class shares of the Fund and Investor Class shares of the Fund were no longer offered for sale to new investors. Investor Class shares had commenced operations on January 2, 1998.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements 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" including FASB Accounting Standard Update "ASU" 2013-08.

&nbsp;&nbsp;&nbsp;&nbsp;A. Operating Segments: The Fund has
 adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements
 to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and
 did not affect 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 manager 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.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Security Valuation*: All investments
 in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;C*.* *Federal Income Taxes*: It
 is the Fund's policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment
 companies and to distribute substantially all of its taxable income to shareholders. Therefore, no provision for Federal income taxes
 has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2021, to December 31, 2023 or expected to be taken in the Fund's December 31, 2024 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Ohio. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited) (Continued)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions, Income and Distributions:* Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined
 on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are
 recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding
 of the applicable country's tax rules and rates. Non-cash dividends are included in dividend income on the ex-dividend date at the
 fair market value of the shares received.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of the Fund's shares based upon their relative net assets on the date income is earned or expenses, realized and unrealized gains and losses are incurred. The Fund distributes substantially all net investment income, if any, and net realized capital gains, if any, annually. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Redemption Fees:* The Fund
 charges a 2% redemption fee to shareholders who redeem shares held for 60 days or less. Such fees are retained by the Fund and accounted
 for as an addition to paid-in capital. For the six months ended June 30, 2025, the Al Frank Fund assessed $1 in redemption fees.

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

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

**NOTE 3 - SECURITIES VALUATION**

Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Investments in open-end investment companies are valued at net asset value. Short-term debt obligations 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 are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited) (Continued)** |

---

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

The Fund utilizes various methods to measure 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.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited) (Continued)** |

---

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 June 30, 2025 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Al Frank Fund** | **Al Frank Fund** | **Al Frank Fund** | **Al Frank Fund** | **Al Frank Fund** |
| **Common Stocks** | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Communication Services | $5234498 | $— | $— | $5234498 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 2185890 |  |  | 2185890 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 2676036 |  |  | 2676036 |
| &nbsp;&nbsp;&nbsp;Energy | 3543555 |  |  | 3543555 |
| &nbsp;&nbsp;&nbsp;Financials | 13057545 |  |  | 13057545 |
| &nbsp;&nbsp;&nbsp;Health Care | 7475304 |  |  | 7475304 |
| &nbsp;&nbsp;&nbsp;Industrials | 8059539 |  |  | 8059539 |
| &nbsp;&nbsp;&nbsp;Information Technology | 17744415 |  |  | 17744415 |
| &nbsp;&nbsp;&nbsp;Materials | 2258406 |  |  | 2258406 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2308025 |  |  | 2308025 |
| **Total Common Stocks** | **64543213** | **—** | **—** | **64543213** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 1697862 |  |  | 1697862 |
| **Total Short-Term Investment** | **1697862** | **—** | **—** | **1697862** |
| **Total Investments** | $**66241075** | $**—** | $**—** | $**66241075** |

---

There were no Level 3 securities held in the Fund during the six months ended June 30, 2025.

**NOTE 4 - INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES**

Kovitz Investment Group Partners, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an investment advisory agreement with the Fund (the "Advisory Agreement"), the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Fund's average daily net assets ("Advisory Fees").

For the six months ended June 30, 2025, the Adviser earned $318,612 in Advisory Fees.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until April 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs, (such as interest and dividend expense on securities sold short) taxes and extraordinary expenses such as litigation) do not exceed 1.24% of the Fund's average net assets for Advisor Class shares. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years only if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) would not cause the Fund to exceed the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower. The Adviser is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid only if reimbursement is made within three years from the date the fees and expenses were initially waived or reimbursed. Any such reimbursement is also contingent upon the Board's review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the six months ended June 30, 2025, the Adviser waived its fees in the amount of $83,116.

Cumulative expenses subject to recapture pursuant to the aforementioned conditions expire as follows:

---

| | | |
|:---|:---|:---|
| **12/31/2025** | **12/31/2026** | **12/31/2027** |
| $129083 | $146969 | $159025 |

---

During the year ended December 31, 2024, $146,546 of previously waived fees expired unrecouped.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited) (Continued)** |

---

*<u>Distributor</u>* - The distributor for the Fund is Northern Lights Distributors LLC (the "Distributor") and acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. The Fund did not pay any fees for distribution related services.

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 Fund 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>* - an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

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

**NOTE 5 – PURCHASES AND SALES OF SECURITIES**

For the six months ended June 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for the Fund was $497,305 and $4,606,269, respectively.

**NOTE 6 - AGGREGATE UNREALIZED APPRECIATION & DEPRECIATION – TAX BASIS**

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $29133840 |
| Unrealized Appreciation | $38030393 |
| Unrealized Depreciation | (923158) |
| Tax Net Unrealized Appreciation | $37107235 |

---

**NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of portfolio distributions paid for the following years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2024 | Fiscal Year Ended<br>December 31, 2023 |
| Ordinary Income | $864881 | $1011727 |
| Long-Term Capital Gain | 5530950 | 2793983 |
|  | $6395831 | $3805710 |

---

As of December 31, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed |  | Capital Loss | Other |  | Total |
| Ordinary | Long-Term | Post | Carry | Book/Tax | Unrealized | Accumulated |
| Income | Gains | October Loss | Forwards | Differences | Appreciation | Earnings |
| $3030 | $660761 | $— | $— | $— | $35549627 | $36213418 |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales and C-Corporation return of capital distributions.

---

| |
|:---|
| **Al Frank Fund** |
| **NOTES TO FINANCIAL STATEMENTS at June 30, 2025 (Unaudited) (Continued)** |

---

During the fiscal period ended December 31, 2024, the Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primary attributable to adjustments for prior year tax returns, and use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2024, as follows:

---

| | |
|:---|:---|
| Paid In | Distributable |
| Capital | Earnings |
| $360939 | $(360939) |

---

**NOTE 8 – CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Charles Schwab and Co. held approximately 34.41% of the voting securities of the Fund.

**NOTE 9 – SUBSEQUENT EVENTS**

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

---

| |
|:---|
| **Al Frank Fund** |
| **ADDITIONAL INFORMATION at June 30, 2025 (Unaudited)** |

---

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** Not applicable

**Advisor**

Kovitz Investment Group Partners, LLC

71 S Wacker Dr., Suite 1860

Chicago, IL 60606

alfrankfunds.com

**Distributor**

Northern Lights Distributors, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

**Transfer Agent**

Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

![(IMAGE)](al002_v1.jpg)

If you have any questions or need help with your account, call our customer service team at:

888.263.6443 The Al Frank Fund's web site contains resources for both current and potential shareholders, including:

● Performance through the most recent quarter and month-end

● Applications, including new account forms, IRA and IRA transfer forms

● Electronic copies of the Prospectus, Annual Report and Semi-Annual Report

All of this information and more is available at:

alfrankfunds.com

Must be preceded or accompanied by a prospectus. Please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses.

Small company investing involves greater volatility, limited liquidity and other risks.

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

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

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

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.**

(a)(1) Not applicable

(a)(2) Not applicable

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

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

**SIGNATURES**

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

(Registrant) Northern
 Lights Fund Trust II

By (Signature and Title)

---

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

---

Date <u>9/5/25</u>

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

By (Signature and Title)

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

---

Date <u>9/5/25</u>

By (Signature and Title)

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

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Date <u>9/5/25</u>

## Exhibit 99.906

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 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.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 9/5/25 | Date: | 9/5/25 |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Northern Lights Fund Trust II and will be retained by the Northern Lights Fund Trust II and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Al Frank 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:

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of the Al Frank 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:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/Treasurer |

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