Semi-Annual Report by Investment Company (Form N-CSRS)

united states
securities and exchange commission
washington, d.c. 20549

form N-CSR

certified shareholder report of registered management

investment companies

Investment Company Act file number

811-22549

Northern Lights Fund Trust II

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end:	5/31
Date of reporting period:	11/30/2025

Item 1. Reports to Stockholders.

(a)

Longboard Fund- Class A: LONAX Semi-Annual Shareholder Report- November 30, 2025

Fund Overview The Fund seeks long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies. This annual shareholder report contains important information about the Longboard Fund for the period of June 1, 2025 - November 30, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at www.longboardfunds.com/resources. You can also request this information by contacting us at 855-294-7540.

What were the Fund's costs for the last 6 months?

(based on a hypothetical $10,000 investment)

Class Name		Cost of a 10k Investment		Cost Paid as a % of a 10k Investment
A		$115		2.24%*

*	Annualized

What did the Fund invest in?

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025.

Householding

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

Longboard Fund - Class A: LONAX Semi-Annual Shareholder Report - November 30, 2025

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

Longboard Fund- Class I: LONGX Semi-Annual Shareholder Report - November 30, 2025

Fund Overview The Fund seeks long-term capital appreciation with low correlation to traditional assets and other alternative investment strategies. This annual shareholder report contains important information about the Longboard Fund for the period of June 1, 2025 - November 30, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at www.longboardfunds.com/resources. You can also request this information by contacting us at 855-294-7540.

What were the Fund's costs for the last 6 months?

(based on a hypothetical $10,000 investment)

Class Name		Cost of a 10k Investment		Cost Paid as a % of a 10k Investment
I		$102		1.99%*

*	Annualized

What did the Fund invest in?

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

Material Fund Changes

No material changes occurred during the period ended November 30, 2025.

Householding

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

Longboard Fund - Class I: LONGX Semi-Annual Shareholder Report - November 30, 2025

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

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Companies.

Not applicable to open-end investment companies.

Item 6. Schedule of Investments.

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

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

(a)

Longboard Fund

Class A Shares (Symbol: LONAX)

Class I Shares (Symbol: LONGX)

Semi-Annual Financial Statements and

Additional Information

November 30, 2025

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6%
				AEROSPACE & DEFENSE - 2.5%
	1,684			AAR Corporation(a)		$	140,126
	220			AeroVironment, Inc.(a)			61,481
	2,302			Astronics Corporation(a)			125,620
	203			Curtiss-Wright Corporation			114,551
	1,054			Ducommun, Inc.(a)			96,641
	799			General Dynamics Corporation			272,962
	785			HEICO Corporation			248,774
	991			HEICO Corporation, Class A			244,747
	662			Howmet Aerospace, Inc.			135,439
	517			Huntington Ingalls Industries, Inc.			162,142
	1,736			Kratos Defense & Security Solutions, Inc.(a)			132,110
	939			L3Harris Technologies, Inc.			261,690
	3,171			Leonardo DRS, Inc.			108,353
	412			Northrop Grumman Corporation			235,767
	8,221			Park Aerospace Corporation			159,405
	835			RTX Corporation			146,050
	6,142			Spirit AeroSystems Holdings, Inc., Class A(a)			225,596
	283			Woodward, Inc.			84,908
							2,956,362
				APPAREL & TEXTILE PRODUCTS - 0.2%
	499			Ralph Lauren Corporation			183,298
	905			Tapestry, Inc.			98,898
							282,196
				ASSET MANAGEMENT - 1.9%
	3,081			Acadian Asset Management, Inc.			138,152
	604			Affiliated Managers Group, Inc.			162,373
	4,960			Artisan Partners Asset Management, Inc., Class A			205,740
	3,343			Brookfield Asset Management Ltd.			176,310
	4,987			Brookfield Business Corporation			173,847
	3,250			Carlyle Group, Inc. (The)			177,223
	2,167			Charles Schwab Corporation (The)			200,946
	3,777			Invesco Ltd.			92,348
	4,282			Janus Henderson Group plc			187,166
	392			LPL Financial Holdings, Inc.			139,568

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				ASSET MANAGEMENT - 1.9% (Continued)
	10,320			Patria Investments Ltd.		$	155,522
	1,014			Raymond James Financial, Inc.			158,732
	1,160			Stifel Financial Corporation			141,520
	1,445			Victory Capital Holdings, Inc.			90,876
	5,386			Vitesse Energy, Inc.			113,968
							2,314,291
				AUTOMOTIVE - 0.6%
	2,842			BorgWarner, Inc.			122,377
	11,632			Garrett Motion, Inc.			192,277
	2,624			General Motors Company			192,916
	2,865			Phinia, Inc.			154,968
							662,538
				BANKING - 12.7%
	2,982			1st Source Corporation			186,196
	3,422			ACNB Corporation			165,625
	4,896			Amalgamated Financial Corporation			143,698
	2,544			Ameris Bancorp			192,733
	4,105			Arrow Financial Corporation			123,766
	6,971			Associated Banc-Corporation			183,268
	1,876			Axos Financial, Inc.(a)			154,170
	7,859			Banc of California, Inc.			144,920
	2,720			Banco Latinoamericano de Comercio Exterior S.A., Class E			122,128
	1,188			Bancorp, Inc. (The)(a)			76,115
	1,518			Bank First Corporation			189,340
	4,742			Bank of NT Butterfield & Son Ltd. (The)			220,218
	4,225			Bank OZK			194,435
	2,431			Banner Corporation			152,691
	3,358			Bar Harbor Bankshares			100,203
	6,527			Business First Bancshares, Inc.			169,833
	4,195			Cadence Bank			167,129
	3,649			Camden National Corporation			147,566
	3,484			Capital City Bank Group, Inc.			146,049
	5,604			Central Pacific Financial Corporation			166,663
	1,639			Citigroup, Inc.			169,800

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				BANKING - 12.7% (Continued)
	1,940			Citizens Financial Group, Inc.		$	104,954
	1,778			City Holding Company			215,689
	1,752			Coastal Financial Corporation(a)			195,085
	1,951			Comerica, Inc.			156,821
	2,640			Community Financial System, Inc.			149,846
	3,341			Community Trust Bancorp, Inc.			185,426
	1,502			East West Bancorp, Inc.			160,263
	2,449			Enterprise Financial Services Corporation			133,740
	1,123			Esquire Financial Holdings, Inc.			114,613
	3,165			FB Financial Corporation			176,797
	6,333			Financial Institutions, Inc.			193,790
	3,794			First Bancorp			193,532
	9,255			First BanCorp			182,971
	1,317			First Business Financial Services, Inc.			68,774
	3,382			First Community Bankshares, Inc.			113,026
	6,239			First Financial Bancorp			155,226
	3,458			First Financial Corporation			201,843
	9,785			First Horizon Corporation			218,597
	4,265			First Merchants Corporation			157,123
	4,555			First Mid Bancshares, Inc.			173,363
	4,232			Five Star Bancorp			145,962
	11,012			FNB Corporation			183,240
	3,203			German American Bancorp, Inc.			127,159
	2,004			Great Southern Bancorp, Inc.			120,561
	2,830			Hancock Whitney Corporation			171,470
	6,799			Hanmi Financial Corporation			187,788
	2,816			HBT Financial, Inc.			68,147
	5,786			Hilltop Holdings, Inc.			198,576
	1,163			Home Bancorp, Inc.			64,512
	5,441			Home BancShares, Inc.			152,674
	4,022			HomeTrust Bancshares, Inc.			164,942
	8,729			Huntington Bancshares Inc			142,283
	4,361			Independent Bank Corp			142,387
	2,598			International Bancshares Corporation			172,715

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				BANKING - 12.7% (Continued)
	9,710			KeyCorporation		$	178,470
	3,188			Mercantile Bank Corporation			146,584
	4,263			Metrocity Bankshares, Inc.			113,609
	1,825			Metropolitan Bank Holding Corporation			136,163
	5,833			Mid Penn Bancorp, Inc.			170,265
	1,901			MidWestOne Financial Group, Inc.			75,223
	6,210			MVB Financial Corporation			168,043
	2,964			NBT Bancorp, Inc.			122,887
	1,372			Nicolet Bankshares, Inc.			172,845
	2,162			Northeast Bank			192,159
	10,717			Northwest Bancshares, Inc.			128,175
	4,087			OFG Bancorp			162,377
	9,070			Old National Bancorp			197,091
	9,298			Old Second Bancorp, Inc.			175,267
	3,923			Origin Bancorp, Inc.			142,758
	1,139			Park National Corporation			174,893
	2,300			Pathward Financial, Inc.			165,370
	4,859			Peoples Bancorp, Inc.			143,972
	1,727			Popular, Inc.			198,104
	1,606			Preferred Bank			151,622
	7,094			Regions Financial Corporation			180,542
	5,846			Renasant Corporation			207,182
	1,534			Republic Bancorp, Inc., Class A			105,861
	3,984			S&T Bancorp, Inc.			157,288
	4,551			SmartFinancial, Inc.			165,019
	4,048			South Plains Financial, Inc.			152,974
	1,585			SOUTHSTATE BANK CORP			141,873
	4,110			Stellar Bancorp, Inc.			129,917
	2,197			Stock Yards Bancorp, Inc.			145,375
	2,949			Synovus Financial Corporation			142,142
	1,735			Texas Capital Bancshares, Inc.(a)			156,445
	17,384			TFS Financial Corporation			247,723
	4,164			Third Coast Bancshares, Inc.(a)			158,690
	4,621			Towne Bank			155,035

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				BANKING - 12.7% (Continued)
	4,183			Truist Financial Corporation		$	194,510
	5,226			TrustCompany Bank Corp NY			220,171
	4,669			Trustmark Corporation			181,624
	4,959			Univest Financial Corporation			157,696
	2,792			Webster Financial Corporation			166,403
	1,226			Wintrust Financial Corporation			164,309
	2,840			WSFS Financial Corporation			158,500
							15,215,597
				BEVERAGES - 0.3%
	896			Coca-Cola Consolidated, Inc.			146,003
	2,244			Monster Beverage Corporation(a)			168,278
							314,281
				BIOTECH & PHARMA - 2.4%
	224			Alnylam Pharmaceuticals, Inc.(a)			101,076
	362			Amgen, Inc.			125,057
	1,861			ANI Pharmaceuticals, Inc.(a)			157,906
	1,104			Axsome Therapeutics, Inc.(a)			167,256
	1,107			Bridgebio Pharma, Inc.(a)			79,715
	3,660			Catalyst Pharmaceuticals, Inc.(a)			85,681
	7,995			Elanco Animal Health, Inc.(a)			186,043
	3,450			Exelixis, Inc.(a)			152,387
	1,056			Gilead Sciences, Inc.			132,887
	2,554			Halozyme Therapeutics, Inc.(a)			182,355
	1,877			Incyte Corporation(a)			196,070
	867			Insmed, Inc.(a)			180,137
	609			Ligand Pharmaceuticals, Inc., Class B(a)			123,737
	5,048			Liquidia Corporation(a)			164,716
	1,189			Mirum Pharmaceuticals, Inc.(a)			86,856
	4,760			Mural Oncology PLC(a)			140,801
	1,093			Nuvalent, Inc., Class A(a)			119,520
	2,112			Phibro Animal Health Corporation, Class A			88,451
	1,389			Rhythm Pharmaceuticals, Inc.(a)			151,526
	3,464			Supernus Pharmaceuticals, Inc.(a)			157,924

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				BIOTECH & PHARMA - 2.4% (Continued)
	5,191			Theravance Biopharma, Inc.(a)		$	105,377
							2,885,478
				CHEMICALS - 0.6%
	882			Ecolab, Inc.			242,691
	193			NewMarket Corporation			147,361
	2,812			Oil-Dri Corp of America			153,057
	4,416			Perimeter Solutions, Inc.(a)			123,118
							666,227
				COMMERCIAL SUPPORT SERVICES - 1.1%
	1,557			Brink's Company (The)			174,898
	710			Casella Waste Systems, Inc., A(a)			68,437
	1,074			Cintas Corporation			199,785
	6,722			CoreCivic, Inc.(a)			121,332
	1,040			CRA International, Inc.			183,394
	509			Huron Consulting Group, Inc.(a)			83,786
	3,885			Rollins, Inc.			238,850
	974			Waste Management, Inc.			212,205
	722			Willdan Group, Inc.(a)			72,850
							1,355,537
				CONSTRUCTION MATERIALS - 0.5%
	1,649			CRH PLC			197,814
	327			Martin Marietta Materials, Inc.			203,799
	743			Vulcan Materials Company			220,850
							622,463
				CONSUMER SERVICES - 0.6%
	2,535			Carriage Services, Inc.			109,766
	131			Graham Holdings Company, Class B			144,952
	6,474			Laureate Education, Inc.(a)			200,046
	2,446			Service Corp International			194,285
	2,176			Universal Technical Institute, Inc.(a)			50,092
							699,141
				CONTAINERS & PACKAGING - 0.2%
	5,607			TriMas Corporation			191,030

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				DIVERSIFIED INDUSTRIALS - 0.6%
	1,111			3M Company		$	191,148
	2,134			Emerson Electric Company			284,633
	896			ITT, Inc.			165,007
	122			Parker-Hannifin Corporation			105,127
							745,915
				E-COMMERCE DISCRETIONARY - 0.3%
	6,938			Coupang, Inc.(a)			195,374
	2,053			eBay, Inc.			169,968
							365,342
				ELECTRIC UTILITIES - 5.7%
	3,522			Alliant Energy Corporation			244,673
	2,147			Ameren Corporation			228,333
	1,862			American Electric Power Company, Inc.			230,460
	5,506			Avista Corporation			227,838
	3,140			Black Hills Corporation			231,701
	2,342			Brookfield Renewable Corporation			97,170
	5,516			CenterPoint Energy, Inc.			220,530
	3,825			Clearway Energy, Inc., Class C			140,072
	2,982			CMS Energy Corporation			224,962
	1,824			Consolidated Edison, Inc.			183,057
	3,196			Dominion Energy, Inc.			200,613
	1,666			DTE Energy Company			228,292
	2,101			Duke Energy Corporation			260,398
	3,150			Entergy Corporation			307,188
	3,396			Evergy, Inc.			263,699
	4,366			Exelon Corporation			205,726
	4,979			FirstEnergy Corporation			237,598
	1,949			IDACORP, Inc.			256,839
	1,976			NextEra Energy, Inc.			170,509
	3,833			Northwestern Energy Group, Inc.			264,822
	815			NRG Energy, Inc.			138,134
	4,913			OGE Energy Corporation			224,917
	1,635			Ormat Technologies, Inc.			184,608
	2,387			Pinnacle West Capital Corporation			216,883

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				ELECTRIC UTILITIES - 5.7% (Continued)
	3,904			Portland General Electric Company		$	198,401
	7,247			PPL Corporation			267,414
	2,669			Public Service Enterprise Group, Inc.			222,915
	1,872			SEMPRA			177,316
	2,573			Southern Company			234,452
	623			Vistra Corporation			111,430
	2,177			WEC Energy Group, Inc.			243,976
	2,872			Xcel Energy, Inc.			235,820
							6,880,746
				ELECTRICAL EQUIPMENT - 3.0%
	484			Acuity, Inc.			177,347
	548			Advanced Energy Industries, Inc.			115,732
	1,836			Allegion plc			304,831
	1,293			Allient, Inc.			69,641
	741			AMETEK, Inc.			146,636
	942			Amphenol Corporation, Class A			132,728
	202			Argan, Inc.			79,830
	3,405			Atmus Filtration Technologies, Inc.			172,327
	861			Bel Fuse, Inc., Class B			132,620
	1,182			Belden, Inc.			134,039
	582			BWX Technologies, Inc.			104,108
	556			Eaton Corp plc			192,315
	791			ESCO Technologies, Inc.			168,412
	264			GE Vernova, Inc.			158,339
	854			Johnson Controls International plc			99,329
	6,666			LSI Industries, Inc.			121,921
	4,447			Mirion Technologies, Inc.(a)			115,711
	756			NEXTracker, Inc., Class A(a)			69,265
	2,769			nLight, Inc.(a)			97,552
	1,540			nVent Electric PLC			165,196
	505			OSI Systems, Inc.(a)			136,779
	352			Rockwell Automation, Inc.			139,343
	384			SPX Technologies, Inc.(a)			82,575
	461			Trane Technologies PLC			194,302

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				ELECTRICAL EQUIPMENT - 3.0% (Continued)
	3,556			Trimble, Inc.(a)		$	289,530
							3,600,408
				ENGINEERING & CONSTRUCTION - 1.2%
	126			Comfort Systems USA, Inc.			123,094
	924			Construction Partners, Inc., Class A(a)			100,716
	201			Dycom Industries, Inc.(a)			72,668
	170			EMCOR Group, Inc.			104,562
	1,794			Granite Construction, Inc.			192,909
	326			IES Holdings, Inc.(a)			136,454
	880			MasTec, Inc.(a)			188,214
	346			MYR Group, Inc.(a)			77,615
	728			Primoris Services Corporation			92,136
	205			Quanta Services, Inc.			95,300
	255			Sterling Infrastructure, Inc.(a)			87,799
	1,973			Tutor Perini Corporation			135,249
							1,406,716
				ENTERTAINMENT CONTENT - 0.7%
	2,205			Fox Corporation, Class A			144,428
	2,988			Fox Corporation, Class B			174,081
	1,184			ROBLOX Corporation, Class A(a)			112,516
	900			Take-Two Interactive Software, Inc.(a)			221,462
	7,751			TEGNA, Inc.			151,300
							803,787
				FOOD - 0.6%
	1,066			Cal-Maine Foods, Inc.			88,819
	4,519			Fresh Del Monte Produce, Inc.			163,317
	2,212			Pilgrim's Pride Corporation			84,144
	1,055			Seneca Foods Corporation, Class A(a)			127,602
	7,752			Smithfield Foods, Inc.			167,522
	3,418			Tootsie Roll Industries, Inc.			131,114
							762,518
				GAMING REIT - 0.3%
	3,665			Gaming and Leisure Properties, Inc.			159,537

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				GAMING REIT - 0.3% (Continued)
	6,080			VICI Properties, Inc.		$	175,226
							334,763
				GAS & WATER UTILITIES - 1.8%
	1,678			Atmos Energy Corporation			295,948
	3,577			Brookfield Infrastructure Corporation, Class A			163,290
	1,543			Chesapeake Utilities Corporation			214,570
	8,510			MDU Resources Group, Inc.			181,433
	3,506			NiSource, Inc.			154,720
	4,398			Northwest Natural Holding Company			217,569
	3,222			ONE Gas, Inc.			269,810
	3,071			Southwest Gas Holdings, Inc.			255,047
	2,532			Spire, Inc.			224,487
	3,836			UGI Corporation			151,714
							2,128,588
				HEALTH CARE FACILITIES & SERVICES - 1.6%
	460			Cardinal Health, Inc.			97,640
	424			Cencora, Inc.			156,426
	2,036			Encompass Health Corporation			236,625
	1,188			Ensign Group, Inc. (The)			220,422
	397			HCA Healthcare, Inc.			201,791
	767			Labcorp Holdings, Inc.			206,154
	255			McKesson Corporation			224,686
	301			Medpace Holdings, Inc.(a)			178,330
	1,036			Quest Diagnostics, Inc.			195,990
	760			RadNet, Inc.(a)			62,920
	655			Tenet Healthcare Corporation(a)			142,030
							1,923,014
				HEALTH CARE REIT - 1.3%
	2,267			American Healthcare REIT, Inc.			115,118
	3,563			CareTrust REIT, Inc.			133,719
	9,392			Healthcare Realty Trust, Inc.			171,216
	4,622			LTC Properties, Inc.			168,657
	5,293			Omega Healthcare Investors, Inc.			243,055
	12,806			Sabra Health Care REIT, Inc.			249,845

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				HEALTH CARE REIT - 1.3% (Continued)
	3,165			Ventas, Inc.		$	255,194
	1,106			Welltower, Inc.			230,291
							1,567,095
				HOME & OFFICE PRODUCTS - 0.2%
	2,494			Somnigroup International, Inc.			228,251
				HOME CONSTRUCTION - 0.4%
	767			Armstrong World Industries, Inc.			145,531
	1,981			Griffon Corporation			148,575
	2,575			Taylor Morrison Home Corporation(a)			161,426
							455,532
				INDUSTRIAL INTERMEDIATE PROD - 1.2%
	1,925			AZZ, Inc.			202,934
	941			Enpro, Inc.			209,702
	2,011			Mueller Industries, Inc.			220,949
	3,462			Proto Labs, Inc.(a)			175,939
	326			RBC Bearings, Inc.(a)			145,060
	734			Standex International Corporation			179,947
	501			Valmont Industries, Inc.			206,898
	2,462			Worthington Enterprises, Inc.			135,065
							1,476,494
				INDUSTRIAL REIT - 0.3%
	3,193			First Industrial Realty Trust, Inc.			182,767
	4,399			STAG Industrial, Inc.			172,793
							355,560
				INDUSTRIAL SUPPORT SERVICES - 0.6%
	3,363			API Group Corporation(a)			133,040
	1,316			DXP Enterprises Inc(a)			123,691
	13,764			NPK International, Inc.(a)			169,435
	3,033			Rush Enterprises, Inc., Class A			157,898
	602			VSE Corporation			108,474
	288			WESCO International, Inc.			77,014
							769,552

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				INSTITUTIONAL FINANCIAL SERVICES - 2.0%
	1,722			Bank of New York Mellon Corporation (The)		$	193,036
	507			Cboe Global Markets, Inc.			130,892
	476			CME Group, Inc.			133,975
	505			Evercore, Inc., Class A			161,635
	189			Goldman Sachs Group, Inc. (The)			156,122
	701			Houlihan Lokey, Inc.			122,955
	1,377			Interactive Brokers Group, Inc., Class A			89,533
	894			Morgan Stanley			151,676
	2,753			Nasdaq, Inc.			250,303
	1,871			Northern Trust Corporation			245,737
	421			Piper Sandler Companies			141,414
	607			PJT Partners, Inc., Class A			101,982
	3,270			SEI Investments Company			264,412
	1,124			State Street Corporation			133,778
	1,537			StoneX Group, Inc.(a)			139,268
							2,416,718
				INSURANCE - 4.8%
	2,302			Aflac, Inc.			253,934
	1,301			Allstate Corporation (The)			277,086
	1,365			American Financial Group, Inc.			187,988
	1,485			American International Group, Inc.			113,098
	672			Assurant, Inc.			153,324
	1,685			Axis Capital Holdings Ltd.			172,274
	794			Chubb Ltd.			235,167
	1,203			Cincinnati Financial Corporation			201,611
	4,071			CNA Financial Corporation			190,319
	3,303			CNO Financial Group, Inc.			135,192
	9,126			Donegal Group, Inc., Class A			183,706
	2,161			Equitable Holdings, Inc.			100,897
	1,354			Globe Life, Inc.			182,424
	7,606			Hamilton Insurance Group Ltd.(a)			207,492
	1,074			Hanover Insurance Group, Inc. (The)			199,281
	2,073			Hartford Insurance Group, Inc. (The)			284,062
	489			HCI Group, Inc.			86,920

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				INSURANCE - 4.8% (Continued)
	4,310			Horace Mann Educators Corporation		$	197,312
	2,733			Loews Corporation			294,808
	2,081			Mercury General Corporation			193,783
	5,171			NMI Holdings, Inc., Class A(a)			197,274
	3,041			Old Republic International Corporation			140,190
	1,037			Palomar Holdings, Inc.(a)			128,806
	654			RenaissanceRe Holdings Ltd.			170,805
	5,047			SiriusPoint Ltd.(a)			104,978
	6,926			Tiptree, Inc.			130,070
	533			Travelers Companies, Inc. (The)			156,094
	4,872			United Fire Group, Inc.			178,072
	5,944			Universal Insurance Holdings, Inc.			196,925
	1,799			Unum Group			136,670
	1,960			W R Berkley Corporation			152,272
	782			Willis Towers Watson PLC			251,022
							5,793,856
				INTERNET MEDIA & SERVICES - 0.4%
	3,943			EverQuote, Inc.(a)			104,056
	684			Expedia Group, Inc.			174,891
	150			Spotify Technology S.A.(a)			89,831
	1,552			Uber Technologies, Inc.(a)			135,862
							504,640
				LEISURE FACILITIES & SERVICES - 2.2%
	5,012			Atlanta Braves Holdings, Inc., Series A(a)			218,373
	3,358			Boyd Gaming Corporation			279,722
	6,438			Carnival Corporation(a)			165,972
	438			Churchill Downs, Inc.			47,781
	430			Hilton Worldwide Holdings, Inc.			122,563
	4,699			Life Time Group Holdings, Inc.(a)			131,196
	413			Marriott International Inc, Class A			125,878
	1,371			Monarch Casino & Resort, Inc.			132,411
	6,464			OneSpaWorld Holdings Ltd.			131,995
	1,536			Planet Fitness, Inc., Class A(a)			171,986
	2,818			Red Rock Resorts, Inc., Class A			165,050

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				LEISURE FACILITIES & SERVICES - 2.2% (Continued)
	6,573			Super Group SGHC Ltd.		$	71,186
	1,141			TKO Group Holdings, Inc.			221,228
	1,391			Travel + Leisure Company			95,395
	1,282			Viking Holdings Ltd.(a)			85,612
	1,422			Wynn Resorts Ltd.			182,983
	1,519			Yum! Brands, Inc.			232,726
							2,582,057
				LEISURE PRODUCTS - 0.4%
	2,500			Acushnet Holdings Corporation			210,250
	2,764			Hasbro, Inc.			228,306
							438,556
				MACHINERY - 2.4%
	311			Caterpillar, Inc.			179,061
	987			Crane Company			180,868
	348			Deere & Company			161,643
	2,091			Donaldson Company, Inc.			187,981
	1,331			ESAB Corporation			149,391
	1,009			Federal Signal Corporation			115,026
	8,918			Gates Industrial Corporation PLC(a)			202,974
	4,617			Gorman-Rupp Company (The)			214,644
	1,299			John Bean Technologies Corporation			182,548
	6,680			Mueller Water Products, Inc., Class A - Series A			161,923
	1,807			Oshkosh Corporation			231,621
	1,836			Pentair PLC			193,221
	736			Watts Water Technologies, Inc., Class A			203,048
	1,845			Xylem Inc			259,536
	4,075			Zurn Elkay Water Solutions Corporation			194,378
							2,817,863
				MEDICAL EQUIPMENT & DEVICES - 1.7%
	2,665			Artivion, Inc.(a)			124,349
	1,656			Boston Scientific Corporation(a)			168,216
	511			Insulet Corporation(a)			167,194
	990			iRadimed Corporation			92,288
	835			iRhythm Technologies, Inc.(a)			156,988

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				MEDICAL EQUIPMENT & DEVICES - 1.7% (Continued)
	1,758			LeMaitre Vascular, Inc.		$	145,826
	2,220			Medtronic PLC			233,833
	362			Natera, Inc.(a)			86,449
	5,478			QIAGEN N.V.			261,575
	617			ResMed, Inc.			157,847
	1,447			Solventum Corporation(a)			123,371
	622			STERIS PLC			165,626
	549			Stryker Corporation			203,778
							2,087,340
				METALS & MINING - 0.3%
	1,628			Newmont Corporation			147,708
	1,024			Royal Gold, Inc.			208,733
							356,441
				MORTGAGE FINANCE - 1.5%
	21,708			AGNC Investment Corporation			227,716
	7,176			Annaly Capital Management, Inc.			163,613
	21,927			Apollo Commercial Real Estate Finance, Inc.			222,121
	15,285			Dynex Capital, Inc.			214,143
	14,799			Ellington Financial, Inc.			202,746
	14,330			Ladder Capital Corporation			158,347
	12,684			PennyMac Mortgage Investment Trust			162,863
	28,240			Rithm Capital Corporation			324,477
	8,673			Starwood Property Trust, Inc.			159,063
							1,835,089
				MULTI ASSET CLASS REIT - 0.2%
	11,766			Broadstone Net Lease, Inc.			206,729
				OFFICE REIT - 0.3%
	3,794			Kilroy Realty Corporation			162,725
	7,561			NET Lease Office Properties			222,974
							385,699
				OIL & GAS PRODUCERS - 1.8%
	7,924			Antero Midstream Corporation			142,711
	4,061			Antero Resources Corporation(a)			147,942

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				OIL & GAS PRODUCERS - 1.8% (Continued)
	995			Cheniere Energy, Inc.		$	207,418
	3,362			Coterra Energy, Inc.			90,236
	1,610			DT Midstream, Inc.			195,551
	2,877			EQT Corporation			175,094
	5,240			Excelerate Energy, Inc., Class A			147,139
	1,049			Expand Energy Corporation			127,905
	3,475			Golar LNG Ltd.			128,401
	389			Gulfport Energy Corporation(a)			86,549
	5,394			Kinder Morgan, Inc.			147,364
	1,398			Ovintiv, Inc.			57,262
	4,333			Range Resources Corporation			171,110
	839			Valero Energy Corporation			148,302
	1,441			Western Midstream Partners, L.P.			56,675
	2,914			Williams Companies, Inc. (The)			177,550
							2,207,209
				OIL & GAS SERVICES & EQUIPMENT - 0.3%
	3,063			Baker Hughes Company			153,763
	9,438			DNOW, Inc.(a)			131,754
	2,525			TechnipFMC plc			114,282
							399,799
				PUBLISHING & BROADCASTING - 0.5%
	1,378			Liberty Media Corp-Liberty Formula One, Series A(a)			121,099
	1,074			Liberty Media Corp-Liberty Formula One, Series C(a)			103,083
	2,577			New York Times Company (The), Class A			166,216
	720			Nexstar Media Group, Inc.			138,341
							528,739
				REAL ESTATE OWNERS & DEVELOPERS - 0.1%
	1,393			Howard Hughes Holdings, Inc.(a)			124,715
				REAL ESTATE SERVICES - 0.5%
	1,415			CBRE Group, Inc., Class A(a)			228,989
	508			Jones Lang LaSalle, Inc.(a)			165,451
	9,739			Newmark Group, Inc., Class A			169,264
							563,704

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				RENEWABLE ENERGY - 0.1%
	712			EnerSys		$	101,894
				RETAIL - CONSUMER STAPLES - 0.7%
	1,731			BJ's Wholesale Club Holdings, Inc.(a)			154,457
	290			Casey's General Stores, Inc.			165,433
	2,668			Kroger Company (The)			179,503
	1,210			Ollie's Bargain Outlet Holdings, Inc.(a)			148,963
	1,617			PriceSmart, Inc.			199,053
							847,409
				RETAIL - DISCRETIONARY - 2.3%
	513			Asbury Automotive Group, Inc.(a)			119,308
	793			AutoNation, Inc.(a)			167,553
	3,765			Buckle, Inc. (The)			212,648
	1,413			Build-A-Bear Workshop, Inc.			75,030
	632			Burlington Stores, Inc.(a)			159,409
	108			Dillard's, Inc., Class A			72,366
	563			Ferguson Enterprises, Inc.			141,690
	792			FirstCash Holdings, Inc.			125,461
	467			Group 1 Automotive, Inc.			187,286
	2,153			O'Reilly Automotive, Inc.(a)			218,961
	1,759			Patrick Industries, Inc.			190,359
	891			Penske Automotive Group, Inc.			144,093
	1,048			Ross Stores, Inc.			184,825
	2,611			Rush Enterprises, Inc., Class B			139,349
	1,173			TJX Companies, Inc. (The)			178,202
	2,726			Tractor Supply Company			149,330
	1,097			Urban Outfitters, Inc.(a)			81,255
	423			Winmark Corporation			173,857
							2,720,982
				RETAIL REIT - 1.8%
	2,990			Agree Realty Corporation			224,908
	615			Alexander's, Inc.			130,337
	5,742			CBL & Associates Properties, Inc.			191,898
	5,739			Curbline Properties Corporation			137,392

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				RETAIL REIT - 1.8% (Continued)
	6,241			Essential Properties Realty Trust Incorporated		$	197,590
	7,275			Four Corners Property Trust, Inc.			174,891
	7,572			InvenTrust Properties Corporation			216,105
	11,827			NETSTREIT Corporation			216,789
	4,363			Phillips Edison & Company, Inc.			154,887
	2,803			Regency Centers Corporation			199,461
	1,149			Simon Property Group, Inc.			214,082
							2,058,340
				SELF-STORAGE REIT - 0.1%
	3,883			Smartstop Self Storage REIT, Inc.			126,896
				SEMICONDUCTORS - 0.2%
	389			Analog Devices, Inc.			103,217
	99			KLA Corporation			116,371
	517			Rambus, Inc.(a)			49,410
							268,998
				SOFTWARE - 1.5%
	466			Autodesk, Inc.(a)			141,356
	286			Cadence Design Systems, Inc.(a)			89,186
	261			Cloudflare, Inc., Class A(a)			52,255
	328			Crowdstrike Holdings, Inc., Class A(a)			167,004
	5,861			Gen Digital, Inc.			154,555
	898			Guidewire Software, Inc.(a)			193,950
	1,151			Okta, Inc.(a)			92,460
	903			Palo Alto Networks, Inc.(a)			171,687
	2,577			Pegasystems, Inc.			141,142
	949			PTC, Inc.(a)			166,483
	2,869			SS&C Technologies Holdings, Inc.			246,563
	522			Veeva Systems, Inc., Class A(a)			125,431
	299			Zscaler, Inc.(a)			75,199
							1,817,271
				SPECIALTY FINANCE - 2.1%
	3,959			Ally Financial, Inc.			163,507
	399			American Express Company			145,743

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				SPECIALTY FINANCE - 2.1% (Continued)
	1,009			Capital One Financial Corporation		$	221,042
	5,877			Enact Holdings, Inc.			227,498
	927			Enova International, Inc.(a)			121,520
	3,210			Essent Group Ltd.			201,460
	1,369			GATX Corporation			218,944
	518			Investors Title Company			144,475
	7,856			MGIC Investment Corporation			222,718
	1,292			Nelnet, Inc., Class A			166,978
	1,574			OneMain Holdings, Inc.			97,635
	791			PennyMac Financial Services, Inc.			106,445
	5,168			Radian Group, Inc.			183,722
	2,859			Rocket Companies, Inc., Class A			57,123
	2,629			SoFi Technologies, Inc.(a)			78,134
	1,307			Synchrony Financial			101,110
							2,458,054
				SPECIALTY REIT - 0.9%
	3,919			EPR Properties			204,846
	1,069			Lamar Advertising Company, Class A			141,525
	6,527			Millrose Properties, Inc.			198,812
	7,508			Outfront Media, Inc.			176,663
	17,143			Postal Realty Trust, Inc., Class A			266,402
							988,248
				STEEL - 0.2%
	479			Carpenter Technology Corporation			152,581
	594			Steel Dynamics, Inc.			99,691
							252,272
				TECHNOLOGY HARDWARE - 2.0%
	9,452			Arlo Technologies, Inc.(a)			137,054
	2,073			Corning, Inc.			174,547
	634			Credo Technology Group Holding Ltd.(a)			112,598
	2,755			Diebold Nixdorf, Inc.(a)			177,753
	164			Fabrinet(a)			75,343
	1,495			Flex Ltd.(a)			88,369
	5,645			IMAX Corporation(a)			209,430

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				TECHNOLOGY HARDWARE - 2.0% (Continued)
	317			InterDigital, Inc.		$	113,407
	920			Jabil, Inc.			193,853
	9,164			Knowles Corporation(a)			206,007
	4,644			NETGEAR, Inc.(a)			122,834
	11,692			Pitney Bowes, Inc.			115,283
	529			Sanmina Corporation(a)			82,611
	1,652			TD SYNNEX Corporation			251,898
	1,174			TTM Technologies, Inc.(a)			82,391
	143			Ubiquiti, Inc.			83,382
	410			Western Digital Corporation			66,965
							2,293,725
				TECHNOLOGY SERVICES - 0.5%
	1,022			Broadridge Financial Solutions, Inc.			233,108
	1,827			Cleanspark, Inc.(a)			27,588
	3,998			CompoSecure, Inc.(a)			79,440
	624			Leidos Holdings, Inc.			119,246
	251			MSCI, Inc.			141,494
							600,876
				TELECOMMUNICATIONS - 0.4%
	10,254			AT&T, Inc.			266,809
	1,876			Millicom International Cellular S.A.			99,559
	3,711			Telephone and Data Systems, Inc.			149,442
							515,810
				TOBACCO & CANNABIS - 0.2%
	1,247			Turning Point Brands, Inc.			124,900
	2,938			Universal Corporation			155,008
							279,908
				TRANSPORTATION & LOGISTICS - 0.8%
	543			CH Robinson Worldwide, Inc.			86,266
	7,618			DHT Holdings, Inc.			99,263
	956			Expeditors International of Washington, Inc.			140,436
	973			Norfolk Southern Corporation			284,204
	1,286			Ryder System, Inc.			222,748

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 77.6% (Continued)
				TRANSPORTATION & LOGISTICS - 0.8% (Continued)
	1,715			SkyWest, Inc.(a)		$	174,107
							1,007,024
				TRANSPORTATION EQUIPMENT - 0.4%
	218			Cummins, Inc.			108,560
	1,917			REV Group, Inc.			102,119
	1,539			Westinghouse Air Brake Technologies Corporation			320,958
							531,637
				WHOLESALE - CONSUMER STAPLES - 0.5%
	2,667			Chefs' Warehouse, Inc. (The)(a)			163,540
	2,049			Performance Food Group Company(a)			198,896
	3,602			Sysco Corporation			274,473
							636,909
				WHOLESALE - DISCRETIONARY - 0.1%
	7,037			OPENLANE, Inc.(a)			179,021
				TOTAL COMMON STOCKS (Cost $79,198,621)			92,903,850
				PREFERRED STOCK - 0.0%(d)
				REAL ESTATE OWNERS & DEVELOPERS - 0.0%(d)
	313			Brookfield Property Preferred, L.P. (Cost $4,758)			4,773

See accompanying notes to financial statements.

LONGBOARD FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Expiration Date		Exercise Price				Fair Value
				RIGHT - 0.0%(d)
				BIOTECH & PHARMA - 0.0%(d)
	2,093			Novartis A.G. - CVR(a)(b)(c) (Cost $0)		12/31/2029		$	4			$	-
				TOTAL INVESTMENTS - 77.6% (Cost $79,203,379)								$	92,908,623
				OTHER ASSETS IN EXCESS OF LIABILITIES - 22.4%									26,889,098
				NET ASSETS - 100.0%								$	119,797,721

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

	(a)	Non-income producing security.
	(b)	Illiquid security. The total fair value of these securities as of November 30, 2025 was $0, representing 0.0% of net assets.
	(c)	The fair value of this investment is determined using significant unobservable inputs.
	(d)	Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

Longboard Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

November 30, 2025

ASSETS
Investment in securities at cost		$	79,203,379
Investment in securities at fair value		$	92,908,623
Cash			26,051,238
Cash Deposits with Broker			7,187
Receivable for securities sold			917,157
Receivable for fund shares sold			62
Dividends and interest receivable			114,754
TOTAL ASSETS			119,999,021
LIABILITIES
Investment advisory fees payable			191,832
Payable for fund shares redeemed			8,835
Distribution (12b-1) fees payable			633
			201,300
NET ASSETS		$	119,797,721
Net Assets Consist Of:
Paid in capital			137,631,561
Accumulated deficit			(17,833,840	)
NET ASSETS		$	119,797,721
Net Asset Value Per Share:
Class A Shares:
Net Assets		$	2,553,913
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			170,047
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share		$	15.02
Maximum offering price per share (maximum sales charge of 5.75%)		$	15.94
Class I Shares:
Net Assets		$	117,243,808
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			7,771,972
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share		$	15.09

See accompanying notes to financial statements.

Longboard Fund

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended November 30, 2025

INVESTMENT INCOME
Dividends (Net of tax witholding of $3,547)		$	983,892
Interest			367,681
TOTAL INVESTMENT INCOME			1,351,573
EXPENSES
Investment advisory fees			1,347,530
Distribution (12b-1) fees: Class A			3,232
TOTAL EXPENSES			1,350,762
NET INVESTMENT INCOME			811
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments			6,736,702
			6,736,702
Net change in unrealized depreciation on:
Investments			(118,776	)
			(118,776	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS			6,617,926
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,618,737

See accompanying notes to financial statements.

Longboard Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended November 30, 2025 (Unaudited)				For the Year Ended May 31, 2025*
FROM OPERATIONS
Net investment income (loss)		$	811			$	(584,122	)
Net realized gain from investments and futures contracts			6,736,702				4,086,730
Net change in unrealized depreciation on investments and futures contracts			(118,776	)			(445,041	)
Net increase in net assets resulting from operations			6,618,737				3,057,567
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A			42,619				307,146
Class I			12,148,548				53,577,065
Payments for shares redeemed:
Class A			(151,554	)			(926,643	)
Class I			(35,617,252	)			(38,467,958	)
Net increase (decrease) in net assets from shares of beneficial interest			(23,577,639	)			14,489,610
TOTAL INCREASE (DECREASE) IN NET ASSETS			(16,958,902	)			17,547,177
NET ASSETS
Beginning of Period			136,756,623				119,209,446
End of Period		$	119,797,721			$	136,756,623
SHARE ACTIVITY
CLASS A:
Shares sold			2,864				21,337
Shares redeemed			(10,234	)			(63,804	)
Net decrease in shares of beneficial interest outstanding			(7,370	)			(42,467	)
SHARE ACTIVITY
CLASS I:
Shares sold			824,695				3,661,438
Shares redeemed			(2,392,697	)			(2,658,744	)
Net increase (decrease) in shares of beneficial interest outstanding			(1,568,002	)			1,002,694

*

Consolidated Statement of Change from fund reorganization

See accompanying notes to financial statements.

Longboard Fund

FINANCIAL HIGHLIGHTS

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

Class A		For the Six Months Ended November 30, 2025 (Unaudited)				For the Year Ended May 31, 2025 (Consolidated)				For the Year Ended May 31, 2024 (Consolidated)				For the Year Ended May 31, 2023				For the Year Ended May 31, 2022				For the Year Ended May 31, 2021
Net asset value, beginning of period		$	14.32			$	13.92			$	11.94			$	14.26			$	15.32			$	11.92
Activity from investment operations:
Net investment income (loss) (1)			(0.02	)			(0.10	)			(0.10	)			0.09				(0.33	)			(0.30	)
Net realized and unrealized gain (loss) on investments			0.72				0.50				2.49				(1.46	)			(0.22	)			3.70
Total from investment operations			0.70				0.40				2.39				(1.37	)			(0.55	)			3.40
Less distributions from:
Net investment income			-				-				-				(0.00	)(4)			-				-
Return of capital			-				-				(0.41	)			(0.95	)			(0.51	)			-
Total distributions			-				-				(0.41	)			(0.95	)			(0.51	)			-
Net asset value, end of period		$	15.02			$	14.32			$	13.92			$	11.94			$	14.26			$	15.32
Total return (2)			4.89	%(5)(7)			2.87	%(5)			20.59	%			(10.14	)%			(3.75	)%			28.52	%
Net assets, at end of period (000s)		$	2,554			$	2,541			$	3,061			$	2,942			$	2,486			$	1,678
Ratio of total expenses to average net assets			2.24	%(6)			2.24	%			2.24	%			2.24	%(3)			2.24	%(3)			2.24	%(3)
Ratio of net investment income (loss) to average net assets			(0.26	)%(6)			(0.68	)%			(0.71	)%			0.65	%			(2.13	)%			(2.21	)%
Portfolio turnover rate			46	%(7)			61	%			102	%			0	%			0	%			0	%

	(1)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
	(2)	Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
	(3)	Expense ratios do not include certain expenses of the swap contracts in which the fund invests.
	(4)	Amounts represents less than $0.005 per share.
	(5)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
	(6)	Annualized.
	(7)	Not annualized.

See accompanying notes to financial statements.

Longboard Fund

FINANCIAL HIGHLIGHTS

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

Class I		For the Six Months Ended November 30, 2025 (Unaudited)				For the Year Ended May 31, 2025 (Consolidated)				For the Year Ended May 31, 2024 (Consolidated)				For the Year Ended May 31, 2023				For the Year Ended May 31, 2022				For the Year Ended May 31, 2021
Net asset value, beginning of period		$	14.37			$	13.93			$	11.93			$	14.25			$	15.29			$	11.87
Activity from investment operations:
Net investment income (loss) (1)			0.01				(0.06	)			(0.06	)			0.10				(0.29	)			(0.28	)
Net realized and unrealized gain (loss) on investments			0.71				0.50				2.49				(1.44	)			(0.21	)			3.70
Total from investment operations			0.72				0.44				2.43				(1.34	)			(0.50	)			3.42
Less distributions from:
Net investment income			-				-				-				(0.00	)(4)			-				-
Return of capital			-				-				(0.43	)			(0.98	)			(0.54	)			-
Total distributions			-				-				(0.43	)			(0.98	)			(0.54	)			-
Net asset value, end of period		$	15.09			$	14.37			$	13.93			$	11.93			$	14.25			$	15.29
Total return (2)			5.01	%(6)			3.16	%			20.94	%			(9.92	)%			(3.47	)%			28.81	%
Net assets, at end of period (000s)		$	117,244			$	134,215			$	116,148			$	94,315			$	109,112			$	75,832
Ratio of total expenses to average net assets			1.99	%(5)			1.99	%			1.99	%			1.99	%(3)			1.99	%(3)			1.99	%(3)
Ratio of net investment income (loss) to average net assets			0.01	%(5)			(0.42	)%			(0.46	)%			0.80	%			(1.89	)%			(1.97	)%
Portfolio turnover rate			46	%(6)			61	%			102	%			0	%			0	%			0	%

	(1)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
	(2)	Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
	(3)	Expense ratios do not include certain expenses of the swap contracts in which the fund invests.
	(4)	Amounts represents less than $0.005 per share.
	(5)	Annualized.
	(6)	Not annualized.

See accompanying notes to financial statements.

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

November 30, 2025

1.

ORGANIZATION

The Longboard Fund (the "Fund") is a diversified series of Northern Lights Fund Trust II (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund commenced operations on March 19, 2015.

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

The Fund currently offers Class A and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. The Fund launched Class A shares on December 9, 2015. Class I shares are offered at net asset value without an initial sales charge. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services - Investment Companies," FASB Accounting Standards Update ("ASU") 2013-08.

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

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

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

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

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

Futures Contracts - Futures contracts are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The notional value of the derivative instruments disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund. As of November 30, 2025 the fund did not hold any future contracts.

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

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 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 November 30, 2025 for the Fund's assets and liabilities measured at fair value on a recurring basis:

Assets *		Level 1				Level 2				Level 3				Total
Common Stocks		$	92,903,850			$	-			$	-			$	92,903,850
Preferred Stock			4,773				-				-				4,773
Right			-				-				-	^			-
Total		$	92,908,623			$	-			$	-			$	92,908,623

	*	See Schedule of Investments for industry classification.
	^	Includes securities values at $0. The security classified as Level 3 is deemed immaterial.

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

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

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

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

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

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

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

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

Foreign Exchange Rate Risk - Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

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

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

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

Security Transactions and Related Income - Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders - Dividends from net investment income, if any, are declared and paid annually for the Fund. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

Cash - The Fund consider 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.

Federal Income Taxes - The Fund has qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

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 Statement 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.

Foreign Currency - The accounting records of the Fund are maintained in U.S. dollars. Investment securities, foreign currencies, and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

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

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

3.

INVESTMENT TRANSACTIONS

For the six months ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short sales, short-term investments and U.S. Government securities, amounted to $57,017,627 and $46,030,365 respectively.

4.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Longboard Asset Management, LP (the "Fund's Manager") serves as the Fund's Investment Adviser (the "Adviser"). Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee for the services and facilities it provides at the annual rate of 1.99% of the Fund's average daily net assets. The unitary management fee is paid on a monthly basis. During the six months ended November 30, 2025, the Fund incurred $1,347,530 in advisory fees.

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

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

The Board has adopted the Trust's Master Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b- 1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Class A and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Adviser. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended November 30, 2025, the Fund paid $3,232 in 12b-1 fees.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's Class A and Class I shares. On the sales of Class A shares, for the six months ended November 30, 2025, the Distributor received $2,031 in underwriting commissions, of which $236 was retained by the principal underwriter or other affiliated broker-dealers. These are not expenses to the Fund, rather, a charge to share sale proceeds.

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

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

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 Adviser.

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 Adviser.

5.

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of the control of the Fund, under section 2(a)9 of the Act. As of November 30, 2025, Charles Schwab & Co. held 47.4% of the voting securities of the Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record by Charles Schwab & Co. are also owned beneficially.

6.

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

		Fiscal Year Ended May 31, 2025				Fiscal Year Ended May 31, 2024
Ordinary Income		$	-			$	-
Long-Term Capital Gain			-				-
Return of Capital			-				3,379,654
		$	-			$	3,379,654

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

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

As of May 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Gains				Post October Loss and Late Year Loss				Capital Loss Carry Forwards				Other Book/Tax Differences				Unrealized Appreciation/ (Depreciation)				Total Distributable Earnings/ (Accumulated Deficit)
$	-			$	-			$	(241,471	)		$	(38,064,934	)		$	-			$	13,853,828			$	(24,452,577	)

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

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

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

Short-Term				Long-Term				Total				CLCF Utilized
$	5,242,465			$	-			$	5,242,465			$	4,103,407

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

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

Paid In Capital				Accumulated Deficit
$	(209,668	)		$	209,668

7.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

Tax Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
$	79,173,571			$	15,276,048			$	(1,540,996	)		$	13,735,052

8.

ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

Longboard Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

9.

SUBSEQUENT EVENTS

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

Longboard Fund

Additional Information (Unaudited)

November 30, 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, 2025 the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Longboard Advisory Agreement") between Longboard Asset Management, LP ("Longboard") and the Trust on behalf of the Longboard Fund.

Based on their evaluation of the information provided by Longboard, in conjunction with the Fund's other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the Advisory Agreement with respect to the Fund.

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

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

Nature, Extent and Quality of Services. The Board reviewed materials provided by Longboard related to the proposed renewal of the Longboard Advisory Agreement, including Longboard's ADV, a description of the manner in which investment decisions are made and executed and a review of the professional personnel performing services for Longboard, including the individuals that primarily monitor and execute the investment process. The Board noted the efforts made by Longboard to expand its personnel in an effort to grow and market the Longboard Fund. The Board discussed Longboard's research capabilities, the quality of its compliance infrastructure and the experience of

Longboard Fund

Additional Information (Unaudited)(Continued)

November 30, 2025

its fund management personnel. Additionally, the Board received satisfactory responses from representatives of Longboard with respect to a series of important questions, including: whether Longboard was involved in any lawsuits or pending regulatory actions; whether Longboard's management of other accounts would conflict with its management of the Longboard Fund; and whether Longboard has procedures in place to adequately allocate trades among its respective clients. The Board reviewed the description provided by Longboard of its practices for monitoring compliance with the Longboard Fund's investment limitations, noting that Longboard's CCO would continually review the portfolio managers' performance of their duties to ensure compliance under Longboard and the Trust's compliance programs. The Board also discussed Longboard's compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust continued to represent that Longboard's policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board also noted Longboard's representation that the prospectus and statement of additional information for the Longboard Fund accurately describe the investment strategies of the Longboard Fund. The Board then reviewed the capitalization of Longboard based on representations made by representatives of Longboard and concluded that Longboard was sufficiently well-capitalized, or that its control persons had the ability to make additional contributions, in order to meet its obligations to the Longboard Fund. The Board concluded that Longboard had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Longboard Advisory Agreement and that the nature, overall quality and extent of the advisory services to be provided by Longboard to the Longboard Fund were satisfactory.

Performance. The Board discussed the reports prepared by Broadridge and reviewed the performance of the Longboard Fund as compared to its peer group, Morningstar category and benchmark for the one-year, three-year, five-year, ten-year and since inception periods ended June 30, 2025, noting that the Longboard Fund had underperformed its peer group median, Morningstar category median and primary benchmark, the S&P 500 Total Return Index, but outperformed its secondary benchmark, the ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index, for the one-year, three-year and five-year periods, and outperformed its peer group median, Morningstar category median and secondary benchmark, but underperformed its primary benchmark, for the ten-year and since inception periods. The Board also discussed Longboard's opinion that the Longboard Fund should be in a different Morningstar Category, noting that they will further monitor those efforts. After further discussion, the Board concluded that overall, the Longboard Fund's past performance was satisfactory and in-line with its investment objective.

Fees and Expenses. As to the costs of the services to be provided by Longboard, the Board reviewed and discussed the Longboard Fund's unitary fee and overall operating expenses as compared to its peer group and Morningstar category as presented in the Broadridge Report. The Board reviewed the contractual arrangements for the Longboard Fund, noting that Longboard pays substantially all expenses of the Longboard Fund, including transfer agency, custody, fund administration, legal, audit and other services, but not interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Longboard Fund's business. The Board also noted that the Longboard Advisory Agreement provides for a unitary fee of 1.99% on Fund assets and a breakpoint for the Longboard Fund as asset levels increase. Because of the unitary fee structure, the Board noted the difficulty when looking for comparable funds. In addition to the Board's evaluation of the unitary fee, the Board also took into account the all in cost of managing the investment strategy for the Longboard Fund and acknowledged that total operating expenses, exclusive of certain fees, were capped at 1.99% for the Longboard Fund noting that while its net expense ratio was at the high end of its peer group, it was not the highest in its Morningstar category. The Board concluded that based on Longboard's experience and expertise as well as the services provided to the Longboard Fund and the fact that Longboard was responsible for the payment of most of the Longboard Fund's annual operating expenses, the unitary fee paid by the Longboard Fund was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to Longboard with respect to the Longboard Fund based on profitability reports and analyses reviewed by the Board and the selected financial information provided by Longboard. After review and discussion, the Board concluded that based on the services provided or paid for by Longboard, the current assets of the Longboard Fund and the built-in breakpoints, the profits from Longboard's relationship with the Longboard Fund were not excessive.

Longboard Fund

Additional Information (Unaudited)(Continued)

November 30, 2025

Economies of Scale. As to the extent to which the Longboard 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 the current size of the Longboard Fund, along with Longboard's expectations for growth, and concluded that any further material economies of scale were not likely to be achieved in the near term.

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

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855 -294-7540 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

PORTFOLIO HOLDINGS

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

INVESTMENT ADVISOR

Longboard Asset Management, LP

P.O. BOX 97730

Phoenix, AZ 85060-7730

ADMINISTRATOR

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

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

Not applicable

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

Not applicable

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

Included under Item 7 of this Form.

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

Included under Item 7 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None

Item 16. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT

(a)(4)

Not applicable.

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT

SIGNATURES

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

(Registrant) Northern Lights Fund Trust II

By (Signature and Title)

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President

Date

02/06/2026

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

By (Signature and Title)

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President

Date

02/06/2026

By (Signature and Title)

/s/ Erik Naviloff
Erik Naviloff, Principal Financial Officer/Treasurer

Date

02/06/2026