# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-004948
**Filing Date:** 2025-8
**Character Count:** 102519
**Document Hash:** b6e6f03ee5f90e384ad275525217542f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004948.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001580642-25-004948

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**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:** 251192658

**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

### Essential 40 Stock ETF (Series ID: S000086190)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000251596 | Essential 40 Stock ETF | ESN             |

?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>5/31/2025</u>

**Item 1. Reports to Stockholders.** 

(a) # Essential 40 Stock ETF
(ESN) NASDAQ

#### Annual Shareholder Report - May 31, 2025
![Image](i82a2c67400d8461c304f777e.jpg)

## Fund Overview
This annual shareholder report contains important information about Essential 40 Stock ETF ("Fund") for the period of June 1, 2024 to May 31, 2025.You can find additional information about the Fund at **https://essential40etf.com/#documents**. You can also request this information by contacting us at 1-844-767-3863. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(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** |
| Essential 40 Stock ETF | $74 | 0.70% |

---

## How did the Fund perform during the reporting period?
The Essential 40 Stock ETF (ESN) has outperformed both S&P 500 Total Return Index and S&P 500 Equal Weight Index year-to-date, amid heightened market volatility driven by tariff uncertainties, interest rate fluctuations, and concerns regarding overall economic growth. The fund underperformed earlier in the fiscal year due to the concentrated returns of the market cap weighted 'Magnificent 7'. As the markets closed out 2024 and entered a volatile 2025, ESN's diversification and equal-weight structure significantly contributed to mitigating downside risk while still being able to participate in a historic V-shaped recovery in U.S. equities.

As the markets enter the second half of the year, a broadening of market strength and repositioning of sector exposure by investors should further support the rationale for equal-weight market exposure. With the Federal Reserve's interest rate policy uncertainty persisting and the U.S. debt gaining more attention, an increase in more equity volatility seems plausible. The equal-weight nature of the Essential 40 Stock ETF (ESN) aims to address these challenging dynamics. Lastly, we believe the theme of "buy what you need" which is inherent to the Essential 40 ETF (ESN) will continue to be embraced by investors.

The Essential 40 fund was converted from a mutual fund (ESSIX) to an ETF in October 2024, aligning with a broader industry trend. This transition enhances trading flexibility and tax efficiency for shareholders. In addition, we have seen an increase in AUM as investors seem to prefer our new ETF structure.

We appreciate your continued support of the Essential 40 Stock ETF (ESN), and we look forward to providing a value add to your financial goals.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7d5917035ad0aa72dceed5d6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Essential 40 Stock ETF - NAV** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Equal Weight Index** | **Essential 40 Stock Index Total Return** |
| **06/11/14** | $10000 | $10000 | $10000 | $10000 |
| **05/31/15** | $9668 | $11056 | $11026 | $11565 |
| **05/31/16** | $9283 | $11246 | $11081 | $12573 |
| **05/31/17** | $9614 | $13210 | $12832 | $15667 |
| **05/31/18** | $10661 | $15110 | $14405 | $18232 |
| **05/31/19** | $10548 | $15682 | $14629 | $18166 |
| **05/31/20** | $10839 | $17695 | $14984 | $18775 |
| **05/31/21** | $15696 | $24829 | $22906 | $27450 |
| **05/31/22** | $15837 | $24755 | $22943 | $27910 |
| **05/31/23** | $15635 | $25478 | $21953 | $27635 |
| **05/31/24** | $19361 | $32660 | $26556 | $34519 |
| **05/31/25** | $21569 | $37076 | $28813 | $38746 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **10 Years** |
| Essential 40 Stock ETF - NAV | 11.40% | 14.75% | 8.35% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |
| S&P 500<sup>®</sup> Equal Weight Index | 8.50% | 13.97% | 10.08% |
| Essential 40 Stock Index Total Return | 12.25% | 15.59% | 12.85% |

---

***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$88,422,773

* Number of Portfolio Holdings40

* Advisory Fee (net of waivers)$192,662

* Portfolio Turnover11%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i58704a649308d0e43e7816d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia33ade14528d7c2e58ad7347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Materials | 4.9% |
| Consumer Staples | 5.1% |
| Utilities | 5.5% |
| Energy | 7.1% |
| Consumer Discretionary | 9.1% |
| Communications | 9.8% |
| Health Care | 11.0% |
| Financials | 11.1% |
| Industrials | 14.4% |
| Technology | 20.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| CME Group, Inc. | 3.0% |
| International Business Machines Corporation | 2.9% |
| CVS Health Corporation | 2.9% |
| Visa, Inc., Class A | 2.9% |
| Boeing Company (The) | 2.8% |
| American Water Works Company, Inc. | 2.8% |
| Waste Management, Inc. | 2.8% |
| Palo Alto Networks, Inc. | 2.8% |
| Costco Wholesale Corporation | 2.8% |
| Nutrien Ltd. | 2.7% |

---

## Material Fund Changes
On October 18, 2024, the Essential 40 Stock Fund merged into a newly-created ETF shell, effectively converting the Essential 40 Stock Fund's structure from a mutual fund to an ETF, the Essential 40 Stock ETF:

The merger resulted in mutual fund shares being restructured as ETF shares trading on The NASDAQ Stock Market, LLC, under ticker "ESN". Shareholders now trade intra-day at market prices rather than transacting at daily NAV. Authorized Participants (APs) may create/redeem ETF shares in-kind. Shareholder liquidity, transparency, and potential tax efficiency have increased relative to the mutual fund structure.

![Image](i82a2c67400d8461c304f777e.jpg)

# Essential 40 Stock ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://essential40etf.com/#documents), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-ESN

(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)(1) | See Item 19(a)(1) |

---

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

(a)(1) he Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.<br>(a)(2) Keith Rhodes is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhodes is independent for purposes of this Item 3.<br>(a)(3) Not applicable.<br>

**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 | $20500 |
| 2024 | $16000 |

---

(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 | $3600 |
| 2024 | $3300 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, 2025 and May 31, 2024, 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. |
| (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, 2025 and May 31, 2024, 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 Registrants.** 

Not applicable.

**Item 6. Investments.** 

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

(b) Not applicable.

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

(a) **Essential 40 Stock ETF**

**(Symbol: ESN)**

**Annual Financial Statements**

**and**

**Additional Information**

**May 31, 2025**

**1-844-767-3863**

![(LOGO)](es001_v1.jpg)

Distributed by Northern Lights Distributors, LLC

Member FINRA/SIPC

---

| |
|:---|
| **ESSENTIAL 40 STOCK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **AEROSPACE & DEFENSE - 5.2%** |  |
| 12104 | Boeing Company (The)<sup>(a)</sup> | $2509402 |
| 4348 | Lockheed Martin Corporation, B | 2097388 |
|  |  | 4606790 |
|  | **AUTOMOTIVE - 2.5%** |  |
| 213976 | Ford Motor Company | 2221070 |
|  | **BANKING - 2.6%** |  |
| 8873 | JPMorgan Chase & Company | 2342472 |
|  | **BIOTECH & PHARMA - 6.8%** |  |
| 2666 | Eli Lilly & Company | 1966628 |
| 14347 | Johnson & Johnson | 2226798 |
| 77926 | Pfizer, Inc. | 1830482 |
|  |  | 6023908 |
|  | **CABLE & SATELLITE - 2.2%** |  |
| 56859 | Comcast Corporation, Class A | 1965616 |
|  | **CHEMICALS - 2.7%** |  |
| 40996 | Nutrien Ltd. | 2419994 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.8%** |  |
| 10230 | Waste Management, Inc. | 2465123 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 15934 | 3M Company | 2363809 |
|  | **E-COMMERCE DISCRETIONARY - 2.3%** |  |
| 9925 | Amazon.com, Inc.<sup>(a)</sup> | 2034724 |
|  | **ELECTRIC UTILITIES - 2.6%** |  |
| 19836 | Duke Energy Corporation | 2335094 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ESSENTIAL 40 STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 2.8%** |  |
| 17287 | American Water Works Company, Inc. | $2471522 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.2%** |  |
| 39541 | CVS Health Corporation | 2532206 |
| 3863 | UnitedHealth Group, Inc. | 1166278 |
|  |  | 3698484 |
|  | **HOME CONSTRUCTION - 2.0%** |  |
| 28873 | Masco Corporation | 1802253 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.0%** |  |
| 9206 | CME Group, Inc. | 2660534 |
|  | **INSURANCE - 5.5%** |  |
| 4799 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2418504 |
| 8116 | Chubb Ltd. | 2412075 |
|  |  | 4830579 |
|  | **INTERNET MEDIA & SERVICES - 4.9%** |  |
| 11333 | Alphabet, Inc., Class A | 1946329 |
| 3630 | Meta Platforms, Inc., A | 2350389 |
|  |  | 4296718 |
|  | **METALS & MINING - 2.2%** |  |
| 49583 | Freeport-McMoRan, Inc. | 1907954 |
|  | **OIL & GAS PRODUCERS - 7.1%** |  |
| 65531 | Enterprise Products Partners, L.P. | 2019665 |
| 19339 | Exxon Mobil Corporation | 1978380 |
| 14229 | Marathon Petroleum Corporation | 2287170 |
|  |  | 6285215 |
|  | **RETAIL - CONSUMER STAPLES - 2.8%** |  |
| 2332 | Costco Wholesale Corporation | 2425700 |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 5413 | Home Depot, Inc. (The) | 1993554 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ESSENTIAL 40 STOCK ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.3%** |  |
| 104832 | Intel Corporation | $2049466 |
|  | **SOFTWARE - 8.0%** |  |
| 5043 | Microsoft Corporation | 2321595 |
| 14167 | Oracle Corporation | 2345063 |
| 12678 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2439501 |
|  |  | 7106159 |
|  | **TECHNOLOGY HARDWARE - 2.1%** |  |
| 9172 | Apple, Inc. | 1842196 |
|  | **TECHNOLOGY SERVICES - 8.6%** |  |
| 7363 | Automatic Data Processing, Inc. | 2396877 |
| 9888 | International Business Machines Corporation | 2561585 |
| 6923 | Visa, Inc., Class A | 2528210 |
|  |  | 7486672 |
|  | **TELECOMMUNICATIONS - 2.7%** |  |
| 54952 | Verizon Communications, Inc. | 2415690 |
|  | **TRANSPORTATION & LOGISTICS - 3.7%** |  |
| 33805 | Delta Air Lines, Inc. | 1635824 |
| 7684 | FedEx Corporation | 1675880 |
|  |  | 3311704 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.3%** |  |
| 28381 | Sysco Corporation | 2071813 |
|  | **TOTAL COMMON STOCKS (Cost $73,626,137)** | 87434813 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $73,626,137)** | $87434813 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1%** | 987960 |
|  | **NET ASSETS - 100.0%** | $88422773 |

---

LTD - Limited Company

(a) Non-income producing security.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities at Fair Value (at cost $73,626,137) | $87434813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 892696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Deposits with Broker | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 210316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 88538805 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees Payable | 36835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Related Parties | 22793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 56404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 116032 |
| **Net Assets** | $88422773 |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets consisted of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $75155820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Gains | 13266953 |
| **NET ASSETS** | $88422773 |
| **Net Asset Value, Per Share** |  |
| &nbsp;&nbsp;&nbsp;**Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $88422773 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 5702827 |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $15.51 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended May 31, 2025\*** |

---

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividend Income (Net of tax withholding of $11,177) | $1737784 |
| &nbsp;&nbsp;&nbsp;Interest Income | 15447 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1753231 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 389068 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 90419 |
| &nbsp;&nbsp;&nbsp;Fund Accounting Fees | 41886 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 36268 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 27127 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 25309 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 26176 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 25951 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 24045 |
| &nbsp;&nbsp;&nbsp;Audit and Tax Fees | 21116 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 13678 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 6378 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 4549 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 1399 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 9615 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 742984 |
| &nbsp;&nbsp;&nbsp;Less: Fees Waived by Adviser | (196406) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 546578 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1206653 |
| **Net Realized and Unrealized Gain on Investments:** |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 168998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-Kind Redemptions | 882631 |
| &nbsp;&nbsp;&nbsp;Realized Gain on Investments | 1051629 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5662849 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 6714478 |
| **Net Increase in Net Assets Resulting From Operations** | $7921131 |

---

\* Prior to October 18, 2024 the Fund was operating as a traditional open ended mutual fund. The Fund adopted the accounting history of its predecessor mutual fund. The above financial information includes those of the predecessor mutual fund. (See Note 1)

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended**<br>**May 31, 2025\*** | **For the Year**<br>**Ended**<br>**May 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1206653 | $954430 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 168998 | 2469694 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on In-Kind Redemptions | 882631 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 5662849 | 8753200 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 7921131 | 12177324 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | (2928465) | (1484884) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Distributions to Shareholders** | (2928465) | (1484884) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 23125437 | 12914480 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 2170233 | 1436698 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (4880403) | (12526669) |
| &nbsp;&nbsp;&nbsp;**Total Transactions** | 20415267 | 1824509 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 20415267 | 1824509 |
| **Total Increase in Net Assets** | 25407933 | 12516949 |
| &nbsp;&nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 63014840 | 50497891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $88422773 | $63014840 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1529418 | 951176 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 155239 | 106580 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (324084) | (917794) |
| &nbsp;&nbsp;&nbsp;Net Increase in shares of beneficial interest outstanding | 1360573 | 139962 |

---

\* Prior to October 18, 2024 the Fund was operating as a traditional open ended mutual fund. The Fund adopted the accounting history of its predecessor mutual fund. The above financial information includes those of the predecessor mutual fund. (See Note 1)

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Essential 40 Stock ETF**<br>**FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**May 31, 2025\*** | **Year**<br>**Ended**<br>**May 31, 2024** | **Year**<br>**Ended**<br>**May 31, 2023** | **Year**<br>**Ended**<br>**May 31, 2022** | **Year**<br>**Ended**<br>**May 31, 2021** |
| **Net Asset Value, Beginning of Year** | $14.51 | $12.02 | $13.32 | $14.76 | $10.32 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.23 | 0.22 | 0.23 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 1.37 | 2.62 | (0.42) | 0.01 | 4.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.60 | 2.84 | (0.19) | 0.19 | 4.60 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.22) | (0.16) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.40) | (0.13) | (0.95) | (1.43) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (0.35) | (1.11) | (1.63) | (0.16) |
| **Net Asset Value, End of Year** | $15.51 | $14.51 | $12.02 | $13.32 | $14.76 |
| **Market Price, End of Year** | $15.52 |  |  |  |  |
| **Total Return (b)** | 11.40% | 23.83% | (1.27)% | 0.89% | 44.82% |
| **Market Price Total Return** | 0.86 % (f) |  |  |  |  |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $88423 | $63015 | $50498 | $30587 | $41693 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets: (c) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (d) | 0.95% | 1.05% | 1.24% | 1.29% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.70% | 0.70% | 0.71% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.55% | 1.64% | 1.87% | 1.28% | 1.48% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (e) | 24% | 55% | 21% | 102% |

---

\* Effective October 18, 2024, the Fund converted from a Mutual Fund to an ETF. The financial highlights in the above table reflect the performance of Class I shares of the Mutual Fund for the period prior to October 18, 2024, and the performance of the Fund as an ETF for the period from October 18, 2024 through May 31, 2025.

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

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes sales charges. Had
 the Adviser not waived or reimbursed a portion of the Fund's expenses, total returns would have been lower.

(c) Ratio of expenses to average net assets
 (excluding interest expense):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (d) | 0.95% | 1.05% | 1.23% | 1.29% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% |

---

(d) Represents the ratio of expenses to
 average net assets absent fee waivers by the Adviser.

(e) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(f) Total return shown is from the launch
 of the Essential 40 Stock ETF at the close of business on October 18, 2024 and has not been annualized for periods of less than one year.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **May 31, 2025** |

---

1. ORGANIZATION

Essential 40 Stock ETF (the "Fund") is a series of shares of beneficial interest of the Northern Lights Fund Trust II, (the "Trust"), a Delaware statutory trust organized on August 26, 2010. The Fund is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a diversified, open-end management investment company. The primary investment objective of the Fund is to seek to track, before fees and expenses, the performance of the Essential 40 Stock Index. The inception date of the Fund is June 6, 2014.

Effective as of the close of business on October 18, 2024, the Fund converted from a mutual fund to an exchange-traded fund ("ETF"), pursuant to an Agreement and Plan of Reorganization. The reorganization was accomplished by a tax-free exchange of shares (with an exception for fractional mutual fund shares). The costs of the reorganization were borne by the Adviser and the Fund is not obligated to reimburse these expenses, and the Adviser will not seek reimbursement. The reorganization did not result in a material change to the investment portfolio and no material differences in the accounting policies of the acquired fund. Following the effective date of the reorganization, the Fund adopted the performance and financial history of Essential 40 Stock Fund. The inception date of the Fund is June 6, 2014. The following table illustrates the specifics of the reorganization of the Mutual Fund into the ETF:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Essential 40 Stock**<br>**Fund**<br>**Net Assets \*** | **Shares Issued to**<br>**Shares holders of**<br>**the Essential 40 Stock ETF** | **Essential 40 Stock**<br>**ETF**<br>**Net Assets** |<br>**Combined Net Assets** |<br>**Tax Status of Transfer** |
| $77076174 | 4972827 | $— | $77076174 | Non-Taxable |

---

\* Includes accumulated net investment gains, accumulated realized losses and unrealized appreciation in the amounts of $259,310, $(1239274), $14,840,075, respectively.

2. SUMMARY OF SIGNIFICANT ACCOUNTING
 POLICIES

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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."

*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.

*Security Valuation –* Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost (which approximates fair value). Investments in open-end investment companies are valued at net asset value.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

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 Valuation Designee 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 in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

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

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

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument 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.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of 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 Stock\* | $87434813 | $— | $— | $87434813 |
| Total | $87434813 | $— | $— | $87434813 |

---

\* See the Schedule of Investments for industry classification.

The Fund did not hold any Level 3 securities during the period.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several factors including an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. These amounts are included in dividends and interest receivable in the Fund's Statement of Assets and Liabilities.

*Federal Income Taxes* – The Fund has qualified and intends to continue to qualify each year as a regulated investment company ("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 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 Fund could incur a tax expense.

*Dividends and Distributions to Shareholders* – Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex- dividend date. 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 (e.g. deferred losses) 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. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

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

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

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

*Indemnification –* The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the 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 (excluding in-kind transactions and short-term investments), amounted to $16,291,092 and $8,789,316 respectively. For the year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $13,256,031 and $2,609,932 respectively.

4. INVESTMENT ADVISORY AGREEMENT AND
 TRANSACTIONS WITH RELATED PARTIES

*Advisory Fees* – KKM Financial LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an Investment Advisory Agreement with the Fund, 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 and the related expenses borne by the Adviser, the Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.50% of the Fund's average daily net assets. For the year ended May 31, 2025, the Adviser earned advisory fees of $389,068 from the Fund.

The Adviser has contractually agreed to waive all or part of its advisory fees and/or make payments to limit Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, expenses of investing in underlying funds, or extraordinary expenses such as litigation) at least until October 31, 2025, so that the total annual operating expenses of the Fund do not exceed 0.70% of the average daily net assets of the shares of the Fund. Advisory fee waivers or expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. During the year ended May 31, 2025, the Adviser waived fees of $196,406. As of May 31, 2025, the cumulative expenses subject to recapture amounted to $610,054, of which $208,476 expires May 31, 2026, $205,172 expires May 31, 2027, and $196,406 expires May 31, 2028.

*Distributor* – Northern Lights Distributors, LLC, (the "Distributor"), serves as the principal underwriter and national distributor for the shares of the Fund pursuant to an ETF Distribution Agreement with the Trust (the "Distribution Agreement"). The offerings of the Shares are continuous and the Distributor acts as an agent for the Trust. Prior to the close of business October 18, 2024 the distributor acted as the Mutual Fund's principal underwriter in a continuous offering of Funds' shares.

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

*Ultimus Fund Solutions, LLC ("UFS") -* UFS, an affiliate of the Distributor, provides administration, fund accounting and transfer agent services to the Fund. 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 servicing in such capacities.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

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

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

5. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at net asset value ("NAV") only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date.

Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees").

The Transaction Fees for the Funds are listed in the table below:

---

| | |
|:---|:---|
| **Fee for In-Kind and**<br> **Cash Purchases** | **Maximum Additional Variable**<br> **Charge for Cash Purchases\*** |
| $300 | 2.00% |

---

For the period ended May 31, 2025, the Fund received $0 and $5,700 in variable and fixed fees, respectively.

\* As a percentage of the amount invested.

6. AGGREGATE UNREALIZED APPRECIATION
 AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by the Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**(Depreciation)** | **Net Unrealized**<br>**Appreciation** |
| $74770749 | $17278587 | $(4614523) | $12664064 |

---

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

7. DISTRIBUTIONS TO SHAREHOLDERS AND
 TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the following fiscal years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>May 31, 2025 | Fiscal Year Ended<br>May 31, 2024 |
| Ordinary Income | $1691887 | $945702 |
| Long-Term Capital Gain | 1236578 | 539182 |
|  | $2928465 | $1484884 |

---

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/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $602889 | $— | $— | $— | $— | $12664064 | $13266953 |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains (losses), and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for partnerships.

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and the book/tax basis treatment of non-deductible expenses resulted in reclassifications for the Fund for the fiscal year ended May 31, 2025, as follows:

---

| | |
|:---|:---|
| <br>Paid in Capital | Distributable Earnings |
| $795812 | $(795812) |

---

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 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 Essential 40 Stock ETF (formerly known as Essential 40 Stock Fund)

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Essential 40 Stock ETF (formerly known as Essential 40 Stock Fund) (the Fund), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the 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. 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 KKM Financial, LLC advised investment companies since 2015.

Denver, Colorado

July 30, 2025

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **ADDITIONAL INFORMATION (Unaudited) <br> 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**

At a meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on July 30, 2024, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the approval of the proposed advisory agreement (the "KKM Advisory Agreement") between KKM Financial, LLC ("KKM") and the Trust on behalf of the Essential 40 Stock ETF (the "Fund"). Based on their evaluation of the information provided by KKM, in conjunction with Essential 40's other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the proposed KKM Advisory Agreement with respect to the Fund.

In advance of the Meeting, the Board requested and received materials to assist them in considering the approval of the KKM Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the KKM Advisory Agreement, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the continuation of the KKM Advisory Agreement and comparative information relating to the advisory fee and other expenses of the Fund. The materials also included due diligence materials relating to KKM (including due diligence questionnaires completed by KKM, select financial information of KKM, bibliographic information regarding the Fund's key management and investment advisory personnel, and comparative fee information relating to Essential 40) and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from fund management.

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

Nature, Extent and Quality of Services. During the discussions with KKM, the Board reviewed materials provided by KKM relating to the proposed KKM Advisory Agreement, including a description of the manner in which investment decisions are made and executed and a review of the professional personnel that will be performing services for the Fund including the individuals that primarily monitor and execute the investment process. The Board noted that KKM is the long-time adviser of the Essential 40 Stock Fund (the "Current Fund") which will be converting into an ETF by reorganizing into the Essential 40 Stock ETF (the "Fund"). The Board discussed and noted that they were familiar with KKM's ability to manage a fund as well as its commitment to the Current Fund. The Board then discussed the extent of KKM's research capabilities, the quality of its compliance infrastructure and the experience of its fund management personnel. The Board considered KKM's specific responsibilities in all aspects of the day-to-day management of the Fund and concluded that KKM's personnel have the qualifications and expertise to manage the Fund. The Board also noted that KKM continued to be committed to the investment strategy put in place for Current Fund in 2017. Additionally, the Board received responses from the representatives of KKM with respect to a series of important

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **May 31, 2025** |

---

questions, including: whether KKM is involved in any lawsuits or pending regulatory actions; whether the management of other accounts will conflict with its management of Essential 40 ETF; and whether KKM has procedures in place to adequately allocate trades among its respective clients. The Board also reviewed the descriptions provided by KKM of its practices for monitoring compliance with the Fund's investment limitations, noting that KKM's chief compliance officer would continually review the portfolio managers' performance of their duties with respect to the Fund to ensure compliance under KKM's compliance program. The Board then reviewed the capitalization of KKM based on financial information and other materials provided by and discussed with KKM and concluded that KKM was sufficiently well- capitalized and its control persons had the ability to make additional contributions in order to meet its obligations to the Fund. The Board discussed KKM's compliance structure and broker selection process and engaged in a discussion with the Trust's chief compliance officer regarding KKM's business practices. The Board noted that the CCO of the Trust continued to represent that KKM's compliance policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board also noted KKM's representation that the prospectus and statement of additional information for the Fund accurately describe the investment strategies of the Fund which are substantially similar to the Current Fund. The Board concluded that KKM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures necessary to perform its duties under the KKM Advisory Agreement with respect to the Fund and that the nature, overall quality and extent of the management services to be provided by KKM are satisfactory.

Performance. The Board discussed the reports prepared by Broadridge and reviewed the performance of the Current Fund as compared to its peer group, Morningstar category and the Essential 40 Stock Index (the "Index") for the one- year, three-year, five-year and ten-year periods ended June 30, 2024. The Board noted that performance for the one- year, three-year and five-year periods reflected the Current Fund's current strategy while performance for the ten- year period included the performance of the Current Fund under its previous investment strategy. Accordingly, the Board focused its review on the performance of the Current Fund after the investment strategy change. The Board noted that the Current Fund had underperformed the Morningstar category median, peer group median and the Essential 40 Stock Total Return Index for the one year, three year and five year periods, and with respect to the Essential 40 Stock Index in each such period. After further discussion, the Board concluded that the current strategy should result over time in improved longer-term performance and that current performance was acceptable.

Fees and Expenses. As to the costs of the services provided by KKM, the Board reviewed and discussed the Fund's proposed advisory fee and overall operating expenses as compared to its peer group and Morningstar category as presented in the Broadridge Report. The Board noted that the advisory fee was equal to its peer group median and Morningstar category median. The Board also reviewed the contractual arrangements for the Fund, which stated that KKM had agreed to waive or limit its advisory fee and/or reimburse expenses at least until October 31, 2025, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 0.70% of the Fund's average net assets and found such arrangements to be beneficial to shareholders. The Board concluded that the expense cap for the Fund was in the best interest of shareholders. It was the consensus of the Board that, based on KKM's experience and expertise, and the services provided by KKM to the Fund, that the advisory fee charged by KKM was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to KKM with respect to the Fund based on breakeven and profitability reports and analyses reviewed by the Board and the selected financial information provided by KKM. After review and discussion, the Board concluded that, based on the services to be provided by KKM and the projected growth of the Essential 40 ETF, the anticipated level of profit from KKM.s relationship with the Fund was not excessive.

Economies of Scale. As to the extent to which the Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed KKM's expectations for growth of Essential 40 ETF. After consideration, the Board concluded that any material economies of scale would not be achieved in the near term.

---

| |
|:---|
| **Essential 40 Stock ETF** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **May 31, 2025** |

---

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

**Investment Adviser**

KKM Financial LLC

141 W. Jackson Blvd, Suite 1711

Chicago, IL 60604

**Administrator**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights
 are included in Item 7(a)

**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 (a)

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

Included under Item 7 (a)

**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 as of a date within 90 days of this report on Form N-CSR, based on their evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Act.

(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) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](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.](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.](ex_99-906cert.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) <u>Northern Lights Fund Trust II</u>

---

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

---

Date <u>8/6/25</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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin E. Wolf |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>8/6/25</u>

---

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

---

Date <u>8/6/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Essential 40 Stock ETF (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;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;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;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;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;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;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: | 8/6/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of the Essential 40 Stock ETF (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;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;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;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;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;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;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: | 8/6/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/Treasurer |

---

## 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 May 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 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 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: | 8/6/25 | Date: | 8/6/25 |

---

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.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.

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