Annual Report by Investment Company Form N CSR

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: 631-490-4300Date of fiscal year end: 5/31

Date of reporting period:5/31/24

Item 1. Reports to Stockholders.

Longboard Fund- Class A: LONAX Annual Shareholder Report - May 31, 2024

Fund Overview The Fund seeks long-term capital appreciation without bearing the risk of traditional market environments. This annual shareholder reportcontains important information about the Longboard Fund for the period of June 1, 2023 - May 31, 2024. 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 at855-294-7540.

What were the Fund's costs for the year?

(based on a hypothetical $10,000 investment)

Class Name		Cost of a 10k Investment		Cost Paid as a % of a 10k Investment
A		$224.61		2.24%

What did the Fund invest in?

The Fund has maintained a diversified portfolio of small and mid-cap stocks. The Fund's allocation strategy is systematic, adding exposure to stocks demonstrating market leadership and concentrating on high-performing companies while cutting laggards.

Material Fund Changes

The Fund's name has been changed from the "Longboard Alternative Growth Fund" to the "Longboard Fund". No other material changes to the Fund have occurred. For more information contact 855-294-7540 or wait for the next filing to be available.

Changes in or Disagreements with Accountants

None

Householding

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

Longboard Fund - Class A: LONAX Annual Shareholder Report - May 31, 2024

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 Annual Shareholder Report - May 31, 2024

Fund Overview The Fund seeks long-term capital appreciation without bearing the risk of traditional market environments. This annual shareholder reportcontains important information about the Longboard Fund for the period of June 1, 2023 - May 31, 2024.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 year?

(based on a hypothetical $10,000 investment)

Class Name		Cost of a 10k Investment		Cost Paid as a % of a 10k Investment
Institutional		$199.55		1.99%

What did the Fund invest in?

The Fund has maintained a diversified portfolio of small and mid-cap stocks. The Fund's allocation strategy is systematic, adding exposure to stocks demonstrating market leadership and concentrating on high-performing companies while cutting laggards.

Material Fund Changes

The Fund's name has been changed from the "Longboard Alternative Growth Fund" to the "Longboard Fund". No other material changes to the Fund have occurred. For more information contact 855-294-7540 or wait for the next filing to be available.

Changes in or Disagreements with Accountants

None

Householding

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

Longboard Fund - Class I: LONGX Annual Shareholder Report - May 31, 2024

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

Item 2. Code of Ethics.

(a)	The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)	During the period covered by this report, there were no amendments to any provision of the code of ethics.
(c)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a)(1)

The Registrant's board of trustees has determined that Keith Rhoades is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhoades is independent for purposes of this Item.

(a)(2)

Not applicable.

(a)(3)

Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

2024 - $ 33,000

2023 - $ 21,725

(b)	Audit-Related Fees

2024 - None

2023 - None

(c)

Tax Fees

2024 - $ 4,675

2023 - $ 3,575

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)	All Other Fees

2024 - None

2023 - None

(e)

(1)

Audit Committee's Pre-Approval Policies

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)	Percentages of Services Approved by the Audit Committee

		2024		2023
	Audit-Related Fees:		0.00%		0.00%
	Tax Fees:		0.00%		0.00%
	All Other Fees:		0.00%		0.00%

(f)	During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2024 - $ 4,675

2023 - $ 3,575

(h)

The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i)	Not applicable.

(j)	Not applicable.

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

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

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

(a)

Longboard Fund

(formerly known as "Longboard Alternative Growth Fund")

Class A Shares (Symbol: LONAX)

Class I Shares (Symbol: LONGX)

Annual Report

May 31, 2024

Distributed by Northern Lights Distributors, LLC

Member FINRA/SIPC

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5%
				ADVERTISING & MARKETING - 0.1%
	1,848			Omnicom Group, Inc.		$	171,790
				AEROSPACE & DEFENSE - 2.0%
	2,554			AAR Corporation(a)			181,308
	664			AeroVironment, Inc.(a)			134,228
	2,302			Ducommun, Inc.(a)			133,930
	709			General Dynamics Corporation			212,537
	1,016			HEICO Corporation			225,318
	991			HEICO Corporation, Class A			174,079
	1,405			Howmet Aerospace, Inc.			118,933
	6,548			Leonardo DRS, Inc.(a)			154,205
	1,163			Moog, Inc., Class A			197,047
	283			Northrop Grumman Corporation			127,568
	4,723			Park Aerospace Corporation			65,839
	2,537			Textron, Inc.			222,267
	152			TransDigm Group, Inc.			204,171
	1,245			Woodward, Inc.			232,193
							2,383,623
				APPAREL & TEXTILE PRODUCTS - 0.8%
	154			Deckers Outdoor Corporation(a)			168,464
	1,957			Kontoor Brands, Inc.			143,526
	867			Oxford Industries, Inc.			95,968
	911			Ralph Lauren Corporation			170,248
	3,028			Skechers U.S.A., Inc., Class A(a)			216,260
	3,445			Tapestry, Inc.			149,823
							944,289
				ASSET MANAGEMENT - 2.1%
	430			Ameriprise Financial, Inc.			187,742
	1,434			Apollo Global Management, Inc.			166,573
	1,110			Ares Management Corporation, Class A			155,589
	3,466			Artisan Partners Asset Management, Inc., Class A			152,608
	8,490			Blue Owl Capital, Inc.			152,735
	2,613			F&G Annuities & Life, Inc.			105,591
	1,309			Hamilton Lane, Inc., Class A			164,266

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				ASSET MANAGEMENT - 2.1% (Continued)
	1,576			KKR & Company, Inc.		$	162,076
	663			LPL Financial Holdings, Inc.			189,757
	9,592			Patria Investments Ltd.			124,696
	1,568			Raymond James Financial, Inc.			192,473
	2,371			Stifel Financial Corporation			191,932
	2,405			TPG, Inc.			100,818
	3,507			Victory Capital Holdings, Inc.			182,469
	6,938			Vitesse Energy, Inc.			177,058
	4,135			XP, Inc., Class A			78,524
							2,484,907
				AUTOMOTIVE - 0.4%
	5,125			Gentex Corporation			179,375
	3,006			Miller Industries, Inc.			182,765
	899			Modine Manufacturing Company(a)			90,727
							452,867
				BANKING - 3.4%
	4,896			Amalgamated Financial Corporation			123,771
	4,105			Arrow Financial Corporation			103,077
	5,665			Banco Latinoamericano de Comercio Exterior S.A., E			170,007
	2,233			Bank OZK			93,518
	3,358			Bar Harbor Bankshares			88,215
	1,778			City Holding Company			181,746
	2,458			Esquire Financial Holdings, Inc.			112,503
	9,255			First BanCorporation			164,091
	1,317			First Business Financial Services, Inc.			44,791
	69			First Citizens BancShares, Inc., Class A			117,192
	3,382			First Community Bankshares, Inc.			117,491
	10,220			FNB Corporation			140,729
	2,004			Great Southern Bancorp, Inc.			105,190
	2,816			HBT Financial, Inc.			54,912
	1,163			Home Bancorp, Inc.			42,066
	5,441			Home BancShares, Inc.			127,972
	4,361			Independent Bank Corporation			109,287
	2,598			International Bancshares Corporation			147,644

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				BANKING - 3.4% (Continued)
	5,773			Macatawa Bank Corporation		$	81,168
	3,188			Mercantile Bank Corporation			122,132
	2,888			Merchants Bancorp			115,664
	5,869			Midland States Bancorp, Inc.			133,344
	2,162			Northeast Bank			120,186
	12,033			NU Holdings Ltd./Cayman Islands(a)			142,952
	4,087			OFG Bancorp			151,873
	3,923			Origin Bancorp, Inc.			122,672
	3,518			Orrstown Financial Services, Inc.			91,855
	4,859			Peoples Bancorp, Inc.			141,640
	1,727			Popular, Inc.			153,720
	1,606			Preferred Bank			120,000
	2,340			QCR Holdings, Inc.			132,608
	1,534			Republic Bancorp, Inc., Class A			79,446
	4,110			Stellar Bancorp, Inc.			92,845
	1,725			Triumph Financial, Inc.(a)			128,168
	1,200			Wintrust Financial Corporation			118,332
							4,092,807
				BEVERAGES - 0.8%
	982			Celsius Holdings, Inc.(a)			78,540
	205			Coca-Cola Consolidated, Inc.			201,113
	790			Constellation Brands, Inc., Class A			197,682
	3,617			Monster Beverage Corporation(a)			187,795
	8,702			Primo Water Corporation			196,317
	2,948			Vita Coco Company, Inc. (The)(a)			85,816
							947,263
				BIOTECH & PHARMA - 2.5%
	1,696			Aerovate Therapeutics, Inc.(a)			29,595
	651			Amgen, Inc.			199,108
	1,861			ANI Pharmaceuticals, Inc.(a)			120,779
	1,266			Arcellx, Inc.(a)			65,832
	3,243			Astria Therapeutics, Inc.(a)			30,711
	1,104			Axsome Therapeutics, Inc.(a)			81,067
	3,660			Catalyst Pharmaceuticals, Inc.(a)			59,182

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				BIOTECH & PHARMA - 2.5% (Continued)
	2,651			Collegium Pharmaceutical, Inc.(a)		$	87,854
	1,641			Crinetics Pharmaceuticals, Inc.(a)			72,877
	2,256			Dyne Therapeutics, Inc.(a)			71,921
	3,815			Edgewise Therapeutics, Inc.(a)			65,351
	4,551			HilleVax, Inc.(a)			55,249
	2,561			Ideaya Biosciences, Inc.(a)			93,605
	1,888			Immunovant, Inc.(a)			47,936
	1,561			Intra-Cellular Therapies, Inc.(a)			104,962
	1,810			Janux Therapeutics, Inc.(a)			96,835
	1,113			Keros Therapeutics, Inc.(a)			52,166
	508			Krystal Biotech, Inc.(a)			81,305
	5,048			Liquidia Technologies, Inc.(a)			64,968
	2,920			Mirum Pharmaceuticals, Inc.(a)			70,168
	1,045			Neurocrine Biosciences, Inc.(a)			141,503
	1,093			Nuvalent, Inc.(a)			71,723
	4,455			ORIC Pharmaceuticals, Inc.(a)			40,050
	3,509			PepGen, Inc.(a)			57,302
	2,571			Prestige Consumer Healthcare, Inc.(a)			165,341
	211			Regeneron Pharmaceuticals, Inc.(a)			206,814
	1,389			Rhythm Pharmaceuticals, Inc.(a)			49,560
	3,199			Scholar Rock Holding Corporation(a)			30,039
	5,764			Tango Therapeutics, Inc.(a)			39,887
	2,741			Tarsus Pharmaceuticals, Inc.(a)			90,343
	3,521			Tyra Biosciences, Inc.(a)			57,111
	1,324			Vaxcyte, Inc.(a)			93,037
	1,430			Vera Therapeutics, Inc.(a)			54,326
	468			Vertex Pharmaceuticals, Inc.(a)			213,099
	931			Viking Therapeutics, Inc.(a)			57,964
	7,202			Zymeworks, Inc.(a)			61,073
							2,980,643
				CHEMICALS - 2.6%
	788			Avery Dennison Corporation			179,341
	5,907			Axalta Coating Systems Ltd.(a)			210,231
	1,399			Cabot Corporation			143,118

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				CHEMICALS - 2.6% (Continued)
	992			Celanese Corporation		$	150,824
	2,320			DuPont de Nemours, Inc.			190,611
	882			Ecolab, Inc.			204,800
	6,497			Element Solutions, Inc.			156,123
	1,726			Hawkins, Inc.			150,714
	2,356			HB Fuller Company			187,608
	1,394			Innospec, Inc.			182,335
	1,976			Koppers Holdings, Inc.			87,596
	1,869			LyondellBasell Industries N.V., Class A			185,816
	1,035			Materion Corporation			118,383
	1,899			Minerals Technologies, Inc.			164,738
	4,373			Orion S.A.			108,757
	1,825			RPM International, Inc.			204,583
	601			Sherwin-Williams Company (The)			182,584
	4,255			Valvoline, Inc.(a)			172,753
	985			Westlake Corporation			158,152
							3,139,067
				COMMERCIAL SUPPORT SERVICES - 2.7%
	5,665			Aramark			182,130
	1,246			Barrett Business Services, Inc.			164,896
	1,730			Brink's Company (The)			178,605
	2,086			Casella Waste Systems, Inc., Class A(a)			209,831
	2,281			CBIZ, Inc.(a)			172,945
	320			Cintas Corporation			216,950
	980			Clean Harbors, Inc.(a)			212,258
	7,472			CoreCivic, Inc.(a)			119,926
	478			CorVel Corporation(a)			114,648
	1,040			CRA International, Inc.			183,009
	8,816			Ennis, Inc.			185,400
	692			FTI Consulting, Inc.(a)			148,642
	7,268			GEO Group, Inc. (The)(a)			105,677
	3,047			H&R Block, Inc.			151,253
	6,724			Hackett Group, Inc. (The)			150,012
	1,436			Huron Consulting Group, Inc.(a)			126,813

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				COMMERCIAL SUPPORT SERVICES - 2.7% (Continued)
	1,103			Republic Services, Inc.		$	204,265
	3,885			Rollins, Inc.			177,506
	974			Waste Management, Inc.			205,251
							3,210,017
				CONSTRUCTION MATERIALS - 1.6%
	800			Advanced Drainage Systems, Inc.			138,792
	3,092			Apogee Enterprises, Inc.			200,887
	478			Carlisle Companies, Inc.			199,943
	685			Eagle Materials, Inc.			159,187
	2,045			Knife River Corporation(a)			144,602
	292			Martin Marietta Materials, Inc.			167,047
	8,510			MDU Resources Group, Inc.			214,793
	1,019			Owens Corning			184,510
	654			Simpson Manufacturing Company, Inc.			108,512
	2,860			Summit Materials, Inc., Class A(a)			110,510
	458			United States Lime & Minerals, Inc.			156,975
	634			Vulcan Materials Company			162,158
							1,947,916
				CONSUMER SERVICES - 1.3%
	2,106			Adtalem Global Education, Inc.(a)			135,605
	262			Graham Holdings Company, Class B			197,137
	1,395			Grand Canyon Education, Inc.(a)			198,732
	14,376			Laureate Education, Inc., Class A			225,128
	3,153			Perdoceo Education Corporation			70,943
	2,446			Service Corp International			175,280
	1,148			Strategic Education, Inc.			130,206
	2,178			Stride, Inc.(a)			149,541
	6,312			Universal Technical Institute, Inc.(a)			99,793
	3,943			Upbound Group, Inc.			129,409
							1,511,774
				CONTAINERS & PACKAGING - 1.0%
	1,430			AptarGroup, Inc.			211,197
	5,343			Graphic Packaging Holding Company			151,314
	2,535			Greif, Inc., Class A			164,623

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				CONTAINERS & PACKAGING - 1.0% (Continued)
	1,198			Packaging Corporation of America		$	219,820
	9,212			Pactiv Evergreen, Inc.			113,860
	435			UFP Technologies, Inc.(a)			113,257
	3,901			Westrock Company			209,250
							1,183,321
				DIVERSIFIED INDUSTRIALS - 0.9%
	1,143			Dover Corporation			210,106
	488			Eaton Corporation PLC			162,431
	1,880			Emerson Electric Company			210,861
	825			Illinois Tool Works, Inc.			200,269
	1,260			ITT, Inc.			167,429
	2,077			Pentair PLC			169,026
							1,120,122
				E-COMMERCE DISCRETIONARY - 0.2%
	9,139			1-800-Flowers.com, Inc., Class A(a)			88,466
	6,938			Coupang, Inc.(a)			157,770
							246,236
				ELECTRIC UTILITIES - 1.6%
	2,236			Consolidated Edison, Inc.			211,414
	669			Constellation Energy Corporation			145,340
	2,525			Edison International			194,046
	2,167			NRG Energy, Inc.			175,527
	1,832			Otter Tail Corporation			165,741
	10,057			PG&E Corporation			186,457
	7,247			PPL Corporation			212,556
	2,669			Public Service Enterprise Group, Inc.			202,203
	2,573			Southern Company (The)			206,200
	1,681			Vistra Corporation			166,553
							1,866,037
				ELECTRICAL EQUIPMENT - 3.4%
	1,930			A O Smith Corporation			161,425
	1,565			AAON, Inc.			117,453
	665			Acuity Brands, Inc.			172,641
	1,148			AMETEK, Inc.			194,678

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				ELECTRICAL EQUIPMENT - 3.4% (Continued)
	1,651			Amphenol Corporation, Class A		$	218,543
	4,507			API Group Corporation(a)			160,629
	1,651			Argan, Inc.			116,610
	738			Atkore International Group, Inc.			112,287
	936			Badger Meter, Inc.			180,611
	2,733			Carrier Global Corporation			172,698
	2,453			Fortive Corporation			182,601
	423			Hubbell, Inc.			164,500
	1,198			Itron, Inc.(a)			128,845
	249			Lennox International, Inc.			125,147
	6,666			LSI Industries, Inc.			105,856
	3,248			Napco Security Technologies, Inc.			161,263
	1,422			NEXTracker, Inc.(a)			78,452
	2,076			nVent Electric PLC			168,945
	1,204			OSI Systems, Inc.(a)			173,063
	2,261			Otis Worldwide Corporation			224,291
	509			Powell Industries, Inc.			91,549
	1,296			SPX Technologies, Inc.(a)			180,688
	695			Trane Technologies PLC			227,585
	1,044			Vertiv Holdings Company			102,385
	4,574			Vontier Corporation			182,869
	778			Watts Water Technologies, Inc., Class A			154,923
							4,060,537
				ENGINEERING & CONSTRUCTION - 2.7%
	1,931			AECOM			168,654
	2,033			Arcosa, Inc.			178,721
	2,452			Bowman Consulting Group Ltd.(a)			79,126
	435			Comfort Systems USA, Inc.			142,393
	2,312			Construction Partners, Inc., Class A(a)			134,582
	939			Dycom Industries, Inc.(a)			168,982
	437			EMCOR Group, Inc.			169,844
	3,140			Fluor Corporation(a)			136,276
	2,545			Granite Construction, Inc.			158,528
	898			IES Holdings, Inc.(a)			136,900

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				ENGINEERING & CONSTRUCTION - 2.7% (Continued)
	539			Installed Building Products, Inc.		$	114,182
	1,371			Jacobs Solutions, Inc.			191,035
	3,235			KBR, Inc.			212,410
	718			MYR Group, Inc.(a)			111,333
	2,728			Primoris Services Corporation			149,385
	739			Quanta Services, Inc.			203,920
	1,031			Sterling Infrastructure, Inc.(a)			126,679
	999			Tetra Tech, Inc.			209,281
	334			TopBuild Corporation(a)			139,595
	6,422			Tutor Perini Corporation(a)			141,669
	1,486			VSE Corporation			121,644
							3,195,139
				ENTERTAINMENT CONTENT - 0.1%
	2,988			Fox Corporation - Class B			95,437
				FOOD - 0.9%
	2,424			BellRing Brands, Inc.(a)			141,004
	2,495			Cal-Maine Foods, Inc.			153,867
	1,727			Ingredion, Inc.			203,060
	2,777			Mondelez International, Inc., Class A			190,308
	5,206			Pilgrim's Pride Corporation(a)			187,052
	2,031			Post Holdings, Inc.(a)			216,443
							1,091,734
				FORESTRY, PAPER & WOOD PRODUCTS - 0.5%
	915			Boise Cascade Company			125,620
	1,895			Louisiana-Pacific Corporation			173,734
	2,269			Sylvamo Corporation			161,825
	1,358			UFP Industries, Inc.			162,254
							623,433
				GAMING REIT - 0.1%
	6,080			VICI Properties, Inc.			174,557
				GAS & WATER UTILITIES - 0.2%
	7,951			Aris Water Solution, Inc., Class A			122,206

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				GAS & WATER UTILITIES - 0.2% (Continued)
	2,875			Consolidated Water Company Ltd.		$	77,913
							200,119
				HEALTH CARE FACILITIES & SERVICES - 2.2%
	1,314			Acadia Healthcare Company, Inc.(a)			90,521
	1,667			Cardinal Health, Inc.			165,483
	859			Cencora, Inc.			194,624
	579			Cigna Group (The)			199,534
	888			DaVita, Inc.(a)			130,643
	311			Elevance Health, Inc.			167,467
	2,036			Encompass Health Corporation			175,890
	1,471			Ensign Group, Inc. (The)			178,344
	550			HCA Healthcare, Inc.			186,863
	425			ICON plc(a)			138,049
	348			McKesson Corporation			198,217
	349			Medpace Holdings, Inc.(a)			134,833
	1,505			National HealthCare Corporation			159,154
	2,367			RadNet, Inc.(a)			138,801
	1,451			Tenet Healthcare Corporation(a)			196,204
	1,050			Universal Health Services, Inc., Class B			199,290
							2,653,917
				HEALTH CARE REIT - 0.8%
	6,830			CareTrust REIT, Inc.			174,643
	2,691			National Health Investors, Inc.			177,821
	5,293			Omega Healthcare Investors, Inc.			171,123
	12,806			Sabra Health Care REIT, Inc.			186,711
	2,215			Welltower, Inc.			229,629
							939,927
				HOME & OFFICE PRODUCTS - 0.3%
	4,228			HNI Corporation			198,927
	2,494			Tempur Sealy International, Inc.			128,092
							327,019
				HOME CONSTRUCTION - 2.7%
	1,695			Armstrong World Industries, Inc.			196,282
	2,449			Beazer Homes USA, Inc.(a)			70,335

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				HOME CONSTRUCTION - 2.7% (Continued)
	314			Cavco Industries, Inc.(a)		$	112,161
	1,351			Century Communities, Inc.			114,038
	1,064			DR Horton, Inc.			157,259
	1,905			Dream Finders Homes, Inc.(a)			54,121
	3,701			Forestar Group, Inc.(a)			125,871
	1,998			Fortune Brands Innovations, Inc.			139,980
	2,215			Green Brick Partners, Inc.(a)			120,939
	1,981			Griffon Corporation			133,797
	476			Hovnanian Enterprises, Inc.(a)			68,439
	6,332			Interface, Inc.			102,009
	2,140			KB Home			151,084
	960			Lennar Corporation, Class A			153,936
	1,160			Lennar Corporation, Class B			169,662
	1,220			M/I Homes, Inc.(a)			152,402
	2,184			Masco Corporation			152,705
	7,733			Masterbrand, Inc.(a)			129,218
	569			Meritage Homes Corporation			100,343
	1,173			Patrick Industries, Inc.			134,426
	1,318			PulteGroup, Inc.			154,628
	1,452			Skyline Champion Corporation(a)			101,074
	2,575			Taylor Morrison Home Corporation(a)			148,912
	1,238			Toll Brothers, Inc.			150,590
	3,703			Tri Pointe Homes, Inc.(a)			143,417
							3,237,628
				HOTEL REIT - 0.4%
	8,776			Apple Hospitality REIT, Inc.			126,725
	9,177			Host Hotels & Resorts, Inc.			164,635
	1,590			Ryman Hospitality Properties, Inc.			167,061
							458,421
				HOUSEHOLD PRODUCTS - 0.9%
	3,173			Central Garden & Pet Company(a)			137,867
	1,923			Church & Dwight Company, Inc.			205,780
	2,488			Clearwater Paper Corporation(a)			132,212
	2,354			Colgate-Palmolive Company			218,829

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				HOUSEHOLD PRODUCTS - 0.9% (Continued)
	11,379			Coty, Inc., Class A(a)		$	117,886
	472			elf Beauty, Inc.(a)			88,222
	781			Inter Parfums, Inc.			93,548
	4,152			Quanex Building Products Corporation			136,850
	3,481			Reynolds Consumer Products, Inc.			99,000
							1,230,194
				INDUSTRIAL INTERMEDIATE PROD - 0.6%
	1,925			AZZ, Inc.			161,469
	771			Enpro, Inc.			118,163
	2,601			Mueller Industries, Inc.			153,225
	661			RBC Bearings, Inc.(a)			195,180
	1,631			Timken Company (The)			141,718
							769,755
				INDUSTRIAL SUPPORT SERVICES - 1.4%
	812			Applied Industrial Technologies, Inc.			156,716
	2,975			Core & Main Inc. - Class A(a)			171,241
	2,617			DXP Enterprises, Inc.(a)			130,013
	760			Ferguson PLC			156,362
	2,156			MSC Industrial Direct Company, Inc., Class A			185,200
	2,564			RB Global, Inc.			186,352
	1,267			Transcat, Inc.(a)			161,416
	217			United Rentals, Inc.			145,262
	405			Watsco, Inc.			192,334
	200			WW Grainger, Inc.			184,292
							1,669,188
				INSTITUTIONAL FINANCIAL SERVICES - 2.2%
	3,474			Bank of New York Mellon Corporation (The)			207,085
	1,022			Cboe Global Markets, Inc.			176,796
	946			Evercore Partners, Inc., Class A			191,981
	496			Goldman Sachs Group, Inc. (The)			226,435
	1,198			Houlihan Lokey, Inc.			162,149
	1,502			Interactive Brokers Group, Inc., Class A			188,831
	1,561			Intercontinental Exchange, Inc.			209,018
	4,325			Jefferies Financial Group, Inc.			201,199

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				INSTITUTIONAL FINANCIAL SERVICES - 2.2% (Continued)
	8,161			Perella Weinberg Partners LP		$	126,006
	785			Piper Sandler Cos			166,247
	1,595			PJT Partners, Inc., Class A			170,139
	3,235			SEI Investments Company			219,042
	2,064			StoneX Group, Inc.(a)			154,944
	1,733			Tradeweb Markets, Inc., Class A			188,914
							2,588,786
				INSURANCE - 6.8%
	2,302			Aflac, Inc.			206,881
	1,301			Allstate Corporation (The)			217,944
	1,356			American Financial Group, Inc.			176,158
	2,987			American International Group, Inc.			235,435
	3,524			AMERISAFE, Inc.			154,457
	1,792			Arch Capital Group Ltd.(a)			183,913
	924			Arthur J Gallagher & Company			234,077
	1,088			Assurant, Inc.			188,735
	1,657			Assured Guaranty Ltd.			128,782
	3,436			Axis Capital Holdings Ltd.			253,852
	2,434			Brown & Brown, Inc.			217,867
	794			Chubb Ltd.			215,031
	4,071			CNA Financial Corporation			187,022
	6,954			CNO Financial Group, Inc.			199,510
	3,848			Employers Holdings, Inc.			162,309
	539			Enstar Group Ltd.(a)			168,782
	4,608			Equitable Holdings, Inc.			191,186
	416			Everest Re Group Ltd.			162,627
	2,073			Hartford Financial Services Group, Inc. (The)			214,452
	2,172			Jackson Financial, Inc., Class A			165,094
	2,733			Loews Corporation			209,894
	1,028			Marsh & McLennan Companies, Inc.			213,392
	2,036			Mercury General Corporation			113,670
	2,800			MetLife, Inc.			202,636
	5,171			NMI Holdings, Inc., Class A(a)			171,574
	6,985			Old Republic International Corporation			221,983

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				INSURANCE - 6.8% (Continued)
	695			Primerica, Inc.		$	156,994
	1,090			Progressive Corporation (The)			230,186
	1,733			Prudential Financial, Inc.			208,567
	5,168			Radian Group, Inc.			161,448
	1,241			Reinsurance Group of America, Inc.			260,363
	654			RenaissanceRe Holdings Ltd.			149,020
	1,326			RLI Corporation			193,569
	3,911			Ryan Specialty Holdings, Inc., Class A			217,178
	1,544			Selective Insurance Group, Inc.			150,710
	12,931			SiriusPoint Ltd.(a)			170,043
	6,926			Tiptree, Inc.			121,066
	1,059			Travelers Companies, Inc./The			228,426
	5,944			Universal Insurance Holdings, Inc.			117,156
	3,794			Unum Group			204,345
	2,165			Voya Financial, Inc.			164,150
	2,640			W R Berkley Corporation			213,919
	782			Willis Towers Watson PLC			199,637
							8,144,040
				INTERNET MEDIA & SERVICES - 0.5%
	3,943			EverQuote, Inc.(a)			94,198
	1,524			GoDaddy, Inc., Class A(a)			212,796
	4,685			MediaAlpha, Inc.(a)			83,299
	1,807			Uber Technologies, Inc.(a)			116,660
	3,183			Yelp, Inc.(a)			117,676
							624,629
				LEISURE FACILITIES & SERVICES - 1.8%
	3,281			Atlanta Braves Holdings, Inc.(a)			131,142
	438			Churchill Downs, Inc.			56,721
	1,531			Dave & Buster's Entertainment, Inc.(a)			78,219
	978			Hilton Worldwide Holdings, Inc.			196,187
	1,049			Hyatt Hotels Corporation, Class A			154,696
	776			Kura Sushi USA, Inc.(a)			77,530
	1,381			Light & Wonder, Inc.(a)			131,858
	742			Marriott International, Inc., Class A			171,528

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				LEISURE FACILITIES & SERVICES - 1.8% (Continued)
	10,481			OneSpaWorld Holdings Ltd.(a)		$	162,980
	2,556			Red Rock Resorts, Inc., Class A			130,995
	1,048			Royal Caribbean Cruises Ltd.(a)			154,769
	2,024			Sphere Entertainment Company(a)			73,876
	3,635			Target Hospitality Corporation(a)			41,294
	1,361			Texas Roadhouse, Inc.			235,003
	443			Wingstop, Inc.			163,312
	1,519			Yum! Brands, Inc.			208,755
							2,168,865
				LEISURE PRODUCTS - 0.3%
	2,495			Acushnet Holdings Corporation			164,421
	530			Axon Enterprise, Inc.(a)			149,285
							313,706
				MACHINERY - 3.9%
	1,044			AGCO Corporation			112,053
	719			Alamo Group, Inc.			136,603
	3,793			Cadre Holdings, Inc.			124,562
	525			Caterpillar, Inc.			177,723
	4,127			CECO Environmental Corporation(a)			103,299
	1,127			Crane Company			168,013
	529			CSW Industrials, Inc.			134,504
	805			Curtiss-Wright Corporation			227,669
	422			Deere & Company			158,149
	2,980			Donaldson Company, Inc.			219,566
	4,342			Enerpac Tool Group Corporation			170,727
	1,736			Esab Corporation			178,496
	1,842			ESCO Technologies, Inc.			201,017
	1,966			Federal Signal Corporation			180,911
	4,775			Flowserve Corporation			237,317
	2,056			Franklin Electric Company, Inc.			204,531
	785			IDEX Corporation			163,782
	2,171			Ingersoll Rand, Inc.			202,012
	406			Kadant, Inc.			116,120
	1,082			MSA Safety, Inc.			194,760

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				MACHINERY - 3.9% (Continued)
	6,680			Mueller Water Products, Inc.		$	123,981
	388			Parker-Hannifin Corporation			206,230
	863			Regal Rexnord Corporation			129,053
	615			Snap-on, Inc.			167,809
	867			Standex International Corporation			145,838
	1,162			Tennant Company			119,291
	2,223			Terex Corporation			132,646
	1,409			Xylem, Inc.			198,697
							4,635,359
				MEDICAL EQUIPMENT & DEVICES - 1.2%
	3,338			Boston Scientific Corporation(a)			252,252
	1,573			GE HealthCare Technologies, Inc.			122,694
	1,584			Haemonetics Corporation(a)			133,183
	1,353			Integer Holdings Corporation(a)			164,038
	480			Intuitive Surgical, Inc.(a)			193,018
	1,758			LeMaitre Vascular, Inc.			138,671
	1,843			PROCEPT BioRobotics Corporation(a)			122,375
	1,391			RxSight, Inc.(a)			81,332
	549			Stryker Corporation			187,258
	7,818			Zynex, Inc.(a)			79,353
							1,474,174
				METALS & MINING - 0.9%
	193			Alpha Metallurgical Resources, Inc.			60,874
	584			Arch Resources, Inc.			101,575
	801			CONSOL Energy, Inc.			83,040
	6,463			Constellium S.E.(a)			140,053
	462			Encore Wire Corporation			133,393
	2,435			Freeport-McMoRan, Inc.			128,398
	1,365			Southern Copper Corporation			161,935
	11,683			SunCoke Energy, Inc.			123,256
	1,644			Warrior Met Coal, Inc.			112,499
							1,045,023
				MORTGAGE FINANCE - 0.9%
	14,697			Apollo Commercial Real Estate Finance, Inc.			148,440

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				MORTGAGE FINANCE - 0.9% (Continued)
	13,860			Franklin BSP Realty Trust, Inc.		$	176,576
	14,330			Ladder Capital Corporation			160,209
	12,684			PennyMac Mortgage Investment Trust			173,517
	18,592			Rithm Capital Corporation			208,417
	8,602			Starwood Property Trust, Inc.			167,223
							1,034,382
				OIL & GAS PRODUCERS - 4.4%
	15,931			Antero Midstream Corporation			233,389
	1,713			APA Corporation			52,298
	2,795			California Resources Corporation			132,343
	995			Cheniere Energy, Inc.			157,001
	1,049			Chesapeake Energy Corporation			95,386
	1,064			Chord Energy Corporation			197,276
	1,511			Civitas Resources, Inc.			111,149
	5,794			CNX Resources Corporation(a)			152,382
	1,404			ConocoPhillips			163,538
	3,362			Coterra Energy, Inc.			95,884
	2,715			CVR Energy, Inc.			75,640
	2,422			Delek US Holdings, Inc.			61,664
	841			Diamondback Energy, Inc.			167,578
	3,470			DT Midstream, Inc.			232,768
	811			EOG Resources, Inc.			101,010
	10,432			Equitrans Midstream Corporation			148,969
	952			Gulfport Energy Corporation(a)			154,043
	810			Hess Corporation			124,821
	2,275			HF Sinclair Corporation			125,648
	11,263			Kinder Morgan, Inc.			219,516
	1,633			Laredo Petroleum, Inc.(a)			79,772
	3,252			Magnolia Oil & Gas Corporation, Class A			84,389
	3,061			Marathon Oil Corporation			88,647
	698			Marathon Petroleum Corporation			123,274
	1,221			Matador Resources Company			77,472
	1,782			Murphy Oil Corporation			76,252
	433			Murphy USA, Inc.			189,979

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				OIL & GAS PRODUCERS - 4.4% (Continued)
	3,107			Northern Oil and Gas, Inc.		$	127,170
	1,322			Occidental Petroleum Corporation			82,625
	2,969			ONEOK, Inc.			240,489
	1,398			Ovintiv, Inc.			72,235
	1,735			PBF Energy, Inc., Class A			80,383
	7,789			Permian Resources Corporation			127,662
	882			Phillips 66			125,341
	2,851			Range Resources Corporation			105,230
	1,559			Targa Resources Corporation			184,321
	916			Valero Energy Corporation			143,940
	6,139			Williams Companies, Inc. (The)			254,829
	5,971			World Kinect Corporation			157,276
							5,223,589
				OIL & GAS SERVICES & EQUIPMENT - 1.7%
	6,502			Archrock, Inc.			131,600
	3,759			ChampionX Corporation			122,619
	5,435			Diamond Offshore Drilling, Inc.(a)			82,503
	9,438			DNOW, Inc.(a)			137,700
	3,233			Halliburton Company			118,651
	10,769			Helix Energy Solutions Group, Inc.(a)			123,951
	1,651			Helmerich & Payne, Inc.			62,837
	4,953			Liberty Oilfield Services, Inc., Class A			122,290
	10,513			MRC Global, Inc.(a)			139,718
	2,689			Noble Corp plc			124,931
	3,197			Oceaneering International, Inc.(a)			75,705
	4,218			Patterson-UTI Energy, Inc.			46,482
	12,621			Select Water Solutions, Inc., Class A			137,948
	5,679			TechnipFMC plc			148,734
	3,619			Thermon Group Holdings, Inc.(a)			122,177
	1,077			Tidewater, Inc.(a)			111,286
	1,320			Valaris Ltd.(a)			102,168
	897			Weatherford International plc(a)			107,945
							2,019,245

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				PUBLISHING & BROADCASTING - 0.6%
	1,890			Liberty Media Corp-Liberty Formula One Series C(a)		$	140,125
	2,045			Liberty Media Corp-Liberty Formula One Series A(a)			139,898
	6,562			News Corporation, Class A			178,421
	6,487			News Corporation, Class B			180,857
							639,301
				REAL ESTATE OWNERS & DEVELOPERS - 0.1%
	1,608			McGrath RentCorporation			175,240
				RENEWABLE ENERGY - 0.1%
	1,827			Cleanspark, Inc.(a)			29,360
	2,388			REX American Resources Corporation(a)			119,376
							148,736
				RETAIL - CONSUMER STAPLES - 0.6%
	1,731			BJ's Wholesale Club Holdings, Inc.(a)			152,449
	583			Casey's General Stores, Inc.			193,428
	2,875			Sprouts Farmers Market, Inc.(a)			227,067
							572,944
				RETAIL - DISCRETIONARY - 2.9%
	910			Abercrombie & Fitch Company, Class A(a)			157,312
	513			Asbury Automotive Group, Inc.(a)			120,591
	1,382			Beacon Roofing Supply, Inc.(a)			134,137
	899			BlueLinx Holdings, Inc.(a)			92,498
	3,870			Buckle, Inc. (The)			149,150
	5,233			Build-A-Bear Workshop, Inc.			141,657
	608			Builders FirstSource, Inc.(a)			97,760
	2,896			Caleres, Inc.			100,433
	773			Dick's Sporting Goods, Inc.			175,966
	271			Dillard's, Inc., Class A			121,232
	4,642			Ethan Allen Interiors, Inc.			135,129
	1,599			GMS, Inc.(a)			150,242
	467			Group 1 Automotive, Inc.			145,228
	3,770			Guess?, Inc.			87,728
	616			Lowe's Companies, Inc.			136,315
	891			Penske Automotive Group, Inc.			135,521

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				RETAIL - DISCRETIONARY - 2.9% (Continued)
	4,207			PetIQ, Inc.(a)		$	87,337
	1,612			Ross Stores, Inc.			225,293
	3,033			Rush Enterprises, Inc., Class A			136,879
	1,705			Rush Enterprises, Inc., Class B			72,070
	1,216			Signet Jewelers Ltd.			133,140
	2,359			TJX Companies, Inc. (The)			243,212
	546			Tractor Supply Company			155,768
	3,199			Urban Outfitters, Inc.(a)			133,430
	472			Williams-Sonoma, Inc.			138,400
							3,406,428
				RETAIL REIT - 0.8%
	7,677			Kite Realty Group Trust			168,280
	4,437			Phillips Edison & Company, Inc.			141,718
	1,273			Simon Property Group, Inc.			192,618
	5,298			Tanger, Inc.			147,020
	7,015			Urban Edge Properties			124,376
	15,319			Whitestone REIT			199,760
							973,772
				SEMICONDUCTORS - 1.8%
	3,430			Amkor Technology, Inc.			111,784
	847			Analog Devices, Inc.			198,612
	701			Applied Materials, Inc.			150,771
	1,241			Cirrus Logic, Inc.(a)			142,343
	2,564			CTS Corporation			135,764
	223			KLA Corporation			169,375
	151			Lam Research Corporation			140,798
	1,254			MACOM Technology Solutions Holdings, Inc.(a)			126,830
	1,627			Microchip Technology, Inc.			158,193
	970			Micron Technology, Inc.			121,250
	143			Monolithic Power Systems, Inc.			105,195
	558			Onto Innovation, Inc.(a)			120,919
	2,937			Photronics, Inc.(a)			80,327
	707			QUALCOMM, Inc.			144,263
	1,434			Rambus, Inc.(a)			79,243

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				SEMICONDUCTORS - 1.8% (Continued)
	3,518			Veeco Instruments, Inc.(a)		$	143,007
							2,128,674
				SOFTWARE - 2.2%
	9,126			Adeia, Inc.			107,961
	1,456			Agilysys, Inc.(a)			139,004
	1,303			Altair Engineering, Inc., Class A(a)			113,791
	443			Appfolio, Inc., Class A(a)			101,146
	3,354			Box, Inc., Class A(a)			91,397
	464			Cadence Design Systems, Inc.(a)			132,848
	1,454			CommVault Systems, Inc.(a)			156,429
	381			Crowdstrike Holdings, Inc., Class A(a)			119,508
	2,581			Donnelley Financial Solutions, Inc.(a)			157,338
	389			Duolingo, Inc.(a)			74,455
	9,011			Gen Digital, Inc.			223,742
	1,331			Gitlab, Inc.(a)			62,810
	5,730			Hims & Hers Health, Inc.(a)			111,277
	13,737			Immersion Corporation			137,233
	595			Manhattan Associates, Inc.(a)			130,626
	32			MicroStrategy, Inc., Class A(a)			48,784
	2,019			Nutanix, Inc., Class A(a)			111,681
	1,091			PTC, Inc.(a)			192,277
	268			Roper Technologies, Inc.			142,780
	577			SPS Commerce, Inc.(a)			108,528
	214			Synopsys, Inc.(a)			120,011
	5,857			Verra Mobility Corporation(a)			156,030
							2,739,656
				SPECIALTY FINANCE - 2.3%
	3,469			Air Lease Corporation			165,263
	860			American Express Company			206,399
	1,302			Discover Financial Services			159,703
	5,877			Enact Holdings, Inc.			180,483
	2,104			Enova International, Inc.(a)			129,712
	3,299			Essent Group Ltd.			187,053
	747			Federal Agricultural Mortgage Corporation, Class C			130,478

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				SPECIALTY FINANCE - 2.3% (Continued)
	3,410			Fidelity National Financial, Inc.		$	171,728
	1,192			FirstCash Holdings, Inc.			140,561
	1,987			FTAI Aviation Ltd.			167,544
	1,369			GATX Corporation			188,867
	7,856			MGIC Investment Corporation			164,976
	1,963			Mr. Cooper Group, Inc.(a)			163,714
	1,292			Nelnet, Inc., Class A			133,929
	3,048			OneMain Holdings, Inc.			149,718
	1,719			PennyMac Financial Services, Inc.			155,827
	6,325			SLM Corporation			135,735
							2,731,690
				SPECIALTY REIT - 0.3%
	2,340			Iron Mountain, Inc.			188,815
	1,558			Lamar Advertising Company, Class A			184,015
							372,830
				STEEL - 1.0%
	2,642			ATI, Inc.(a)			162,060
	1,326			Carpenter Technology Corporation			147,014
	2,611			Commercial Metals Company			147,052
	913			Nucor Corporation			154,160
	1,708			Olympic Steel, Inc.			89,055
	587			Reliance, Inc.			176,557
	1,124			Steel Dynamics, Inc.			150,470
	1,754			United States Steel Corporation			67,266
	1,701			Worthington Enterprises, Inc.			97,008
							1,190,642
				TECHNOLOGY HARDWARE - 2.2%
	441			Arista Networks, Inc.(a)			131,264
	8,451			Arlo Technologies, Inc.(a)			120,089
	3,947			Avnet, Inc.			215,506
	4,493			Benchmark Electronics, Inc.			193,514
	2,037			Crane NXT Company			128,779
	4,055			Credo Technology Group Holding Ltd.(a)			105,714
	463			Fabrinet(a)			110,902

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				TECHNOLOGY HARDWARE - 2.2% (Continued)
	1,208			Garmin Ltd.		$	197,931
	5,975			Hewlett Packard Enterprise Company			105,459
	3,997			HP, Inc.			145,891
	1,553			InterDigital, Inc.			176,840
	596			Motorola Solutions, Inc.			217,486
	1,173			NetApp, Inc.			141,264
	2,311			Pure Storage, Inc., Class A(a)			139,330
	2,032			Sanmina Corporation(a)			139,273
	50			Super Micro Computer, Inc.(a)			39,226
	1,392			TD SYNNEX Corporation			182,129
	7,187			TTM Technologies, Inc.(a)			133,678
							2,624,275
				TECHNOLOGY SERVICES - 2.4%
	578			Automatic Data Processing, Inc.			141,564
	1,283			Booz Allen Hamilton Holding Corporation			195,285
	1,022			Broadridge Financial Solutions, Inc.			205,187
	535			CACI International, Inc., Class A(a)			227,096
	3,031			ExlService Holdings, Inc.(a)			90,506
	127			Fair Isaac Corporation(a)			163,821
	1,334			Fiserv, Inc.(a)			199,780
	431			Gartner, Inc.(a)			180,878
	1,235			ICF International, Inc.			176,296
	855			Insight Enterprises, Inc.(a)			167,153
	1,044			International Business Machines Corporation			174,191
	1,617			Leidos Holdings, Inc.			237,779
	534			Moody's Corporation			211,993
	7,882			Pagseguro Digital Ltd., Class A(a)			96,555
	1,850			Parsons Corporation(a)			140,878
	790			Verisk Analytics, Inc.			199,696
							2,808,658
				TRANSPORTATION & LOGISTICS - 2.4%
	874			ArcBest Corporation			92,224
	5,039			Ardmore Shipping Corporation			112,924
	5,536			CSX Corporation			186,839

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				TRANSPORTATION & LOGISTICS - 2.4% (Continued)
	2,591			Delta Air Lines, Inc.		$	132,193
	11,286			DHT Holdings, Inc.			136,561
	1,980			Dorian, L.P.G Ltd.			100,208
	3,670			FLEX LNG Ltd.			105,476
	6,980			Genco Shipping & Trading Ltd.			157,190
	3,475			Golar LNG Ltd.			91,358
	11,156			Golden Ocean Group Ltd.			160,535
	2,328			International Seaways, Inc.			149,970
	1,052			Kirby Corporation(a)			130,627
	2,108			Knight-Swift Transportation Holdings, Inc.			101,711
	1,186			Matson, Inc.			152,045
	286			Old Dominion Freight Line, Inc.			50,122
	4,607			RXO, Inc.(a)			94,029
	1,476			Ryder System, Inc.			179,289
	1,680			Scorpio Tankers, Inc.			137,878
	16,060			SFL Corp Ltd.			229,818
	1,715			SkyWest, Inc.(a)			128,059
	1,923			Teekay Tankers Ltd., Class A			140,052
	970			XPO, Inc.(a)			103,771
							2,872,879
				TRANSPORTATION EQUIPMENT - 0.9%
	2,362			Allison Transmission Holdings, Inc.			179,063
	2,941			Blue Bird Corporation(a)			167,666
	499			Cummins, Inc.			140,583
	2,704			Greenbrier Companies, Inc. (The)			149,396
	4,649			REV Group, Inc.			127,429
	3,600			Wabash National Corporation			81,396
	1,327			Westinghouse Air Brake Technologies Corporation			224,569
							1,070,102
				WHOLESALE - CONSUMER STAPLES - 0.4%
	2,498			Andersons, Inc. (The)			130,745
	2,506			Performance Food Group Company(a)			174,418
	3,225			US Foods Holding Corporation(a)			170,377
							475,540

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

Shares					Fair Value
				COMMON STOCKS - 87.5% (Continued)
				WHOLESALE - DISCRETIONARY - 0.6%
	3,397			Copart, Inc.(a)		$	180,245
	1,364			ePlus, Inc.(a)			102,082
	3,202			G-III Apparel Group Ltd.(a)			96,252
	2,106			PC Connection, Inc.			142,450
	3,201			ScanSource, Inc.(a)			151,823
							672,852
				TOTAL COMMON STOCKS (Cost $90,008,770)			104,285,701
				PREFERRED STOCK - 0.0%(b)
				REAL ESTATE OWNERS & DEVELOPERS - 0.0%(b)
	313			Brookfield Property Preferred, L.P. (Cost $4,758)			4,720

					Expiration Date			Exercise Price
			RIGHT - 0.0%
				BIOTECH & PHARMA - 0.0%
	2,093			Novartis A.G. - CVR(c)(d)(Cost $0)		12/31/2029			$	4				-
				TOTAL INVESTMENTS - 87.5% (Cost $90,013,528)									$	104,290,421
				OTHER ASSETS IN EXCESS OF LIABILITIES - 12.5%										14,919,025
				NET ASSETS - 100.0%									$	119,209,446

OPEN FUTURES CONTRACTS

Number of

Notional

Value and Unrealized

Contracts

Open Long Futures Contracts

Expiration

Amount(e)

Appreciation

3

LME Nickel Future(f)

07/19/2024

$

351,450

$

49,752

9

LME Zinc Future(f)

07/19/2024

659,088

83,707

NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS

133,459

Number of								Notional			Value and Unrealized
Contracts			Open Short Futures Contracts		Expiration			Amount(e)			Depreciation
	3			LME Nickel Future(f)		07/19/2024			$	351,450				(30,978	)
	9			LME Zinc Future(f)		07/19/2024				659,088				(110,313	)
				NET UNREALIZED DEPRECIATION FROM OPEN SHORT FUTURES CONTRACTS										(141,291	)
				NET UNREALIZED DEPRECIATION FROM OPEN FUTURES CONTRACTS									$	(7,832	)

See accompanying notes to consolidated financial statements.

LONGBOARD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

May 31, 2024

CVR	- Contingent Value Right

LP	- Limited Partnership

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

(a)	Non-income producing security.

(b)	Percentage rounds to less than 0.1%.

(c)	Illiquid security. The total fair value of these securities as of May 31, 2024 was $0, representing 0.0% of net assets.

(d)	The fair value of this investment is determined using significant unobservable inputs.

(e)

The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

(f)	All or a portion of this investment is a holding of the Longboard Fund Limited.

See accompanying notes to consolidated financial statements.

Longboard Fund

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

May 31, 2024

ASSETS
Investment in securities at cost		$	90,013,528
Investment in securities at fair value		$	104,290,421
Cash			9,120,974
Cash Deposits with Broker			6,578,233
Receivable for securities sold			356,167
Receivable for fund shares sold			16,630
Dividends and interest receivable			94,390
TOTAL ASSETS			120,456,815
LIABILITIES
Payable for investments purchased			978,564
Investment advisory fees payable			198,627
Payable for fund shares redeemed			61,584
Net unrealized depreciation from open futures contracts			7,832
Distribution (12b-1) fees payable			762
			1,247,369
NET ASSETS		$	119,209,446
Net Assets Consist Of:
Paid in capital			146,929,258
Accumulated earnings			(27,719,812	)
NET ASSETS		$	119,209,446
Net Asset Value Per Share:
Class A Shares:
Net Assets		$	3,061,078
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			219,884
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share		$	13.92
Maximum offering price per share (maximum sales charge of 5.75%)		$	14.77
Class I Shares:
Net Assets		$	116,148,368
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			8,337,280
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share		$	13.93

See accompanying notes to consolidated financial statements.

Longboard Fund

CONSOLIDATED STATEMENT OF OPERATIONS

For the Year Ended May 31, 2024

INVESTMENT INCOME
Dividends (Net of tax witholding of $1,291)		$	1,415,914
Interest			71,304
TOTAL INVESTMENT INCOME			1,487,218
EXPENSES
Investment advisory fees			1,963,352
Distribution (12b-1) fees: Class A			7,146
TOTAL EXPENSES			1,970,498
NET INVESTMENT LOSS			(483,280	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments			3,613,639
Securities sold short			(5,452	)
Future contracts			698,979
Translation of foreign currencies			(64,597	)
			4,242,569
Net change in unrealized appreciation (depreciation) on:
Investments			15,057,188
Future contracts			(395,108	)
Translation of foreign currencies			(163,348	)
			14,498,732
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS			18,741,301
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	18,258,021

See accompanying notes to consolidated financial statements.

Longboard Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Year Ended May 31, 2024 (Consolidated)			For the Year Ended May 31, 2023
FROM OPERATIONS
Net investment income (loss)		$	(483,280	)		$	833,671
Net realized gain (loss) from investments, futures contracts and swap contracts			4,242,569				(10,104,333	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and
swap contracts			14,498,732				(1,657,040	)
Net increase (decrease) in net assets resulting from operations			18,258,021				(10,927,702	)
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital:
Class A			(105,326	)			(203,151	)
Class I			(3,274,328	)			(7,572,773	)
Total distributions paid:
Class A			-				(728	)
Class I			-				(33,230	)
Net decrease in net assets from distributions to shareholders			(3,379,654	)			(7,809,882	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A			260,845				1,367,577
Class A Proceeds from fund reorganization			303,154				-
Class I			10,793,988				20,007,043
Class I Proceeds from fund reorganization			20,689,954				-
Net asset value of shares issued in reinvestment of distributions
Class A			105,322				203,861
Class I			3,208,307				7,462,098
Payments for shares redeemed:
Class A			(958,750	)			(615,184	)
Class I			(27,328,472	)			(24,029,285	)
Net increase in net assets from shares of beneficial interest			7,074,348				4,396,110
TOTAL INCREASE (DECREASE) IN NET ASSETS			21,952,715				(14,341,474	)
NET ASSETS
Beginning of Year			97,256,731				111,598,205
End of Year		$	119,209,446			$	97,256,731
SHARE ACTIVITY
CLASS A:
Shares sold			20,573				104,357
Shares sold from reorganization			21,802				-
Shares reinvested			8,625				15,373
Shares redeemed			(77,544	)			(47,616	)
Net increase (decrease) in shares of beneficial interest outstanding			(26,544	)			72,114
SHARE ACTIVITY - CLASS I
CLASS I:
Shares sold			831,399				1,539,908
Shares sold from reorganization			1,487,972				-
Shares reinvested			263,107				561,598
Shares redeemed			(2,150,167	)			(1,854,219	)
Net increase in shares of beneficial interest outstanding			432,311				247,287

See accompanying notes to consolidated financial statements.

Longboard Fund

FINANCIAL HIGHLIGHTS

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

Class A		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			For the Year Ended May 31, 2020
Net asset value, beginning of year		$	11.94			$	14.26			$	15.32			$	11.92			$	10.18
Activity from investment operations:
Net investment income (loss) (1)			(0.10	)			0.09				(0.33	)			(0.30	)			(0.15	)
Net realized and unrealized gain (loss) on investments			2.49				(1.46	)			(0.22	)			3.70				1.89
Total from investment operations			2.39				(1.37	)			(0.55	)			3.40				1.74
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 year		$	13.92			$	11.94			$	14.26			$	15.32			$	11.92
Total return (2)			20.59	%			(10.14	)%			(3.75	)%			28.52	%			17.09	%
Net assets, at end of year (000s)		$	3,061			$	2,942			$	2,486			$	1,678			$	1,164
Ratio of total expenses to average net assets (3)			2.24	%			2.24	%			2.24	%			2.24	%			2.24	%
Ratio of net investment income (loss) to average net assets			(0.71	)%			0.65	%			(2.13	)%			(2.21	)%			(1.33	)%
Portfolio turnover rate			102	%			0	%			0	%			0	%			0	%

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

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

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

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

See accompanying notes to consolidated financial statements.

Longboard Fund

FINANCIAL HIGHLIGHTS

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

Class I		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			For the Year Ended May 31, 2020
Net asset value, beginning of year		$	11.93			$	14.25			$	15.29			$	11.87			$	10.11
Activity from investment operations:
Net investment income (loss) (1)			(0.06	)			0.10				(0.29	)			(0.28	)			(0.12	)
Net realized and unrealized gain (loss) on investments			2.49				(1.44	)			(0.21	)			3.70				1.88
Total from investment operations			2.43				(1.34	)			(0.50	)			3.42				1.76
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 year		$	13.93			$	11.93			$	14.25			$	15.29			$	11.87
Total return (2)			20.94	%			(9.92	)%			(3.47	)%			28.81	%			17.41	%
Net assets, at end of year (000s)		$	116,148			$	94,315			$	109,112			$	75,832			$	12,769
Ratio of total expenses to average net assets (3)			1.99	%			1.99	%			1.99	%			1.99	%			1.99	%
Ratio of net investment income (loss) to average net assets			(0.46	)%			0.80	%			(1.89	)%			(1.97	)%			(1.07	)%
Portfolio turnover rate			102	%			0	%			0	%			0	%			0	%

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

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

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

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

See accompanying notes to consolidated financial statements.

The Longboard Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2024

1.	ORGANIZATION

The Longboard Fund (the "Fund") (formerly known as Longboard Alternative Growth 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 their consolidated financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services - Investment Companies".

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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

Futures Contracts - Futures contracts are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The notional value of the derivative instruments disclosed in the Consolidated Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund. As of May 31, 2024 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables summarize the inputs used as of May 31, 2024 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		$	104,285,701			$	-			$	-			$	104,285,701
Preferred Stock			4,720				-				-				4,720
Right			-				-				-	^			-
Total		$	104,290,421			$	-			$	-			$	104,290,421

Liabilities *		Level 1			Level 2			Level 3			Total
Net unrealized depreciation Open Future Contracts		$	7,832			$	-			$	-			$	7,832
Total		$	7,832			$	-			$	-			$	7,832

*	See Schedule of Investments for industry classification.
^	Includes securities values at $0.

The security classified as Level 3 is deemed immaterial.

Offsetting of Financial Assets and Derivative Assets

The following table presents derivatives available for offset under a master netting arrangement net of collateral pledged as of May 31, 2024.

											Gross Amounts Not Offset in the Consolidated Statements of Assets & Liabilities
Liabilities:		Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Statements of Assets & Liabilities			Net Amounts of Liabilities Presented in the Consolidated Statements of Assets & Liabilities			Financial Instruments			Cash Collateral Pledged			Net Amount
Future Contracts *		$	133,459			$	(141,291	)		$	(7,832	)		$	-			$	7,832	(1)		$	-
Total		$	133,459			$	(141,291	)		$	(7,832	)		$	-			$	7,832			$	-

(1)	Any over-collateralization of total financial instruments is not shown. Collateral amounts can be found on the Consolidated Statements of Assets and Liabilities as Cash Deposits with Broker.
*	Counterparty for the Future Contracts is Marex.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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.

The Fund may invest up to 25% of its total assets in a controlled foreign corporation, which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies.

A summary of the Fund's investments in the LFL is as follows:

		Inception Date of LFL			LFL Net Assets at May 31, 2024			% Of Net Assets at May 31, 2024
LFL		8/15/2012			$4,038,896			3.39%

For tax purposes, LFL is an exempted Cayman investment company. LFL has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, LFL is a Controlled

Foreign Corporation which generates and is allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, LFL's net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income.

In accordance with its investment objectives and through its exposure to the aforementioned managed futures programs, the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

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

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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.

Impact of Derivatives on the Consolidated Statements of Assets and Liabilities:

The following is a summary of the location of derivative investments on LMFSF's Consolidated Statements of Assets and Liabilities as of May 31, 2024:

	Asset Derivatives			Liability Derivatives
Contract Type/ Primary Risk Exposure		Consolidated Statements of Assets and Liablities Location		Fair Value			Consolidated Statements of Assets and Liablities Location		Fair Value
Commodity contracts:		Net Unrealized Depreciation on open futures contracts		$	-			Net Unrealized Depreciation on open futures contracts		$	7,832
				$	-					$	7,832

Impact of Derivatives on the Consolidated Statements of Operations:

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Operations for the year ended May 31, 2024:

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

The following is a summary of the Fund's realized gain (loss) and net change in unrealized appreciation/(depreciation) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the Fund for the year ended May 31, 2024:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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

Derivative Investment Type		Commodity			Currency			Equity			Interest Rate			Total for the Year Ended May 31, 2024
Futures Contracts		$	509,177			$	-			$	192,350			$	(2,548	)		$	698,979
Total		$	509,177			$	-			$	192,350			$	(2,548	)		$	698,979

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

Derivative Investment Type		Commodity			Currency			Equity			Interest Rate			Total for the Year Ended May 31, 2024
Futures Contracts		$	(506,806	)		$	-			$	42,762			$	68,936			$	(395,108	)
Total		$	(506,806	)		$	-			$	42,762			$	68,936			$	(395,108	)

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

Dividends and Distributions to Shareholders - 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.

Federal Income Taxes - The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years May 31, 2021 to May 31, 2023 or expected to be taken in the Fund's May 31, 2024 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

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.

Short Sales - A "short sale" is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss, unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which the Fund sold the security short. Certain cash and securities are held as collateral.

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

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

3.	INVESTMENT TRANSACTIONS

For the year ended May 31, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short sales, short-term investments and U.S. Government securities, amounted to $97,560,981 and $92,609,982 respectively.

4.	INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Longboard Asset Management, LP (the "Fund's Manager") serves as the Fund's Investment Adviser (the "Adviser").

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee for the services and facilities it provides at the annual rate of 1.99% of the Fund's average daily net assets. The unitary management fee is paid on a monthly basis. During the year ended May 31, 2024, the Fund incurred $1,963,352 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,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. The Adviser's unitary management fee is designed to pay substantially all the Fund's expenses and to compensate the Adviser for providing services for the Fund.

The Board has adopted the Trust's Master Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b- 1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Class A and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Adviser. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the year ended May 31, 2024, the Fund paid $7,146 in 12b-1 fees.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's Class A and Class I shares. On the sales of Class A shares, for the year ended May 31, 2024, the Distributor received $9,122 in underwriting commissions, of which $1,075 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 May 31, 2024, Charles Schwab & Co. held 52.9% 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 years ended May 31, 2024 and May 31, 2023 was as follows:

		Fiscal Year Ended May 31, 2024			Fiscal Year Ended May 31, 2023
Ordinary Income		$	-			$	33,958
Long-Term Capital Gain			-				-
Return of Capital			3,379,654				7,775,924
		$	3,379,654			$	7,809,882

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

As of May 31, 2024, 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)
$	-			$	-			$	-			$	(42,218,506	)		$	296,182			$	14,202,512			$	(27,719,812	)

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, the mark to market on passive foreign investment companies, adjustments for partnerships, C-Corporation return of capital distributions, and tax adjustments for a wholly owned subsidiary.

At May 31, 2024, 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
$	6,377,215			$	3,018,822			$	9,396,037			$	-

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 of a target fund's capital loss carryforward acquired as a result of a merger, resulted in reclassifications for the Fund for the fiscal year ended May 31, 2024 as follows:

Paid In Capital			Accumulated Deficit
$	32,032,093			$	(32,032,093	)

7.	AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	90,080,077			$	16,102,514			$	(1,900,002	)		$	14,202,512

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

May 31, 2024

8.	FUND REORGANIZATION

On March 22, 2024, the Fund acquired the fair value assets and certain liabilities of the Longboard Managed Futures Strategy Fund (the "Acquired Fund"), pursuant to a plan of reorganization approved by shareholders of both the Acquired Fund and the Fund.

Predecessor Fund		Outstanding Shares Class A			Outstanding Shares Class I			Total Net Assets of the Acquired Fund			Cost of Investments Received from Acquired Fund
Longboard Managed Futures Strategy Fund			30,465				2,052,212			$	20,993,108	*		$	9,934,209

*	The net assets of the Predecessor Fund include other asset less liabilities of $11,184,240.

The Fund did not issue any fractional shares to shareholders of the Acquired Fund. In lieu thereof, the Fund purchased all fractional shares at the current net asset value of the shares and remitted the cash proceeds to former shareholders of the Acquired Fund in proportion to their fractional shares. Total net assets of the Fund immediately after the transfer were $141,256,378. The transaction was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended. Accordingly, the cost basis of investments received from the acquired fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholder for tax purposes. Expenses related to the reorganization are borne by the Adviser and the fund is not obligated to reimburse these expenses, and the Adviser will not seek reimbursement. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Funds statement of operations since March 22, 2024.

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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Northern Lights Fund Trust II
and the Shareholders of Longboard Fund (formerly known as Longboard Alternative Growth Fund)

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Longboard Fund (formerly known as Longboard Alternative Growth Fund) and its subsidiary (the Fund), including the consolidated schedule of investments, as of May 31, 2024, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for the year then ended, the statement of changes in net assets for the year ended May 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

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

Denver, Colorado

July 31, 2024

The Longboard Fund

SUPPLEMENTAL INFORMATION (Unaudited)

May 31, 2024

FACTORS CONSIDERED BY THE TRUSTEES IN THE APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT

At a Regular meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on July 26 and 27, 2023, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the Investment Advisory Agreement (the "Longboard Advisory Agreement") between the Trust, on behalf of the Longboard Managed Futures Strategy Fund ("Longboard Managed Futures") and the Longboard Fund, formerly known as the Longboard Alternative Growth Fund ("Longboard Fund" and together with Longboard Managed Futures, the "Longboard Funds"), and Longboard Asset Management, LP ("Longboard").

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

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 each Longboard 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 each Longboard 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.

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

Nature, Extent and Quality of Services. 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 sales team in an effort to aggressively market the Funds and the hiring or rehiring of certain operations and information technology personnel. The Board discussed Longboard's research capabilities, the quality of its compliance infrastructure and the experience of 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 each Longboard Fund;

The Longboard Funds

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

May 31, 2024

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 each of the Longboard Funds investment limitations, noting that Longboard's CCO would continually review the portfolio managers' performance of their duties to ensure compliance under Longboard's and the Longboard Funds 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 each of the Longboard Funds accurately describe the investment strategies of each of the Longboard Funds. The Board then reviewed the capitalization of Longboard based on representations made by 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 Funds. 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 each of the Longboard Funds were satisfactory.

Performance. The Board discussed the reports prepared by Broadridge and reviewed the performance of Longboard Managed Futures as compared to its peer group, Morningstar category and benchmark for the one year, three-year, five-year and since inception periods ended June 30, 2023. The Board noted that Longboard Managed Futures outperformed the peer group median and Morningstar category median but underperformed its primary benchmark (Bank of America Merrill Lynch 3-month U.S Treasury Bill Index) for the one year period. For the three year, five year and since inception periods, Longboard Managed Futures underperformed its Morningstar category and peer group median but outperformed its primary benchmark for the three year and since inception periods and underperformed its primary benchmark for the 5 year period. The Board noted that Longboard did not intend to make adjustments to the strategy or investment process and that the Adviser had stated that it will continue to adhere to its trend following model. After further discussion, the Board concluded that overall, Longboard Managed Futures' past performance was satisfactory and in-line with its investment objective.

The Board also 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 and since inception periods ended June 30, 2023, noting that the Longboard Fund underperformed its peer group median, Morningstar category median and benchmark for the one year period, underperformed its Morningstar category median but outperformed its peer group median and benchmark for the three year period, and outperformed its Morningstar category median, peer group median and benchmark for the five year and since inception periods. The Board recapped earlier discussions with Longboard noting that the Longboard Fund was taking on a higher amount of risk than its peers in exchange for a greater return. The Board further noted that Longboard did not intend to make adjustments to the strategy or investment process. 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 each of 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 each of the Longboard Funds, noting that Longboard pays substantially all expenses of each of the Longboard Funds, 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 each of the Longboard Funds' business. The

The Longboard Funds

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

May 31, 2024

Board also noted that the Longboard Advisory Agreement provides for a breakpoint for the Longboard Managed Futures Fund unitary fee so that the fee decreases from 2.99% to 2.75% on assets between $250 million and $450 million and 1.99% on assets greater than $450 million. With respect to the Longboard Fund, the Board noted the unitary fee of 1.99% on Fund assets. Because of the unitary fee structure of each of the Longboard Funds, the Board noted the difficulty when looking for comparable funds. In addition to the Board's evaluation of the unitary fee, the Board also looked at the all in cost of managing the investment strategy for each of the Longboard Funds and found that total operating expenses, exclusive of certain fees, were capped at 2.99% for the Longboard Managed Futures and 1.99% for the Longboard Fund noting that, with respect to the managed futures strategy of each Fund, Longboard invests in futures contracts directly rather than through total return swaps like many of the Funds' peers do which can have significant expenses not reflected in a peer fund's expense ratio. The Board concluded that based on Longboard's experience and expertise as well as the services provided to each of the Longboard Funds, the unitary fees charged by Longboard were not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to Longboard with respect to each of the Longboard Funds 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 each Fund and the built-in breakpoints, the profits from Longboard's relationship with the each of the Longboard Funds were not excessive.

Economies of Scale. As to the extent to which each of the Longboard Funds 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 Longboard Managed Futures. The Board noted that shareholders would get the benefit of a tiered breakpoint schedule once assets reached the thresholds. The Board also discussed the current size of the Longboard Fund, along with Longboard's expectations for growth, and concluded that any further material economies of scale would not be achieved in the near term.

Conclusion. The Board relied upon the advice of counsel, and their own business judgment in determining the material factors to be considered in evaluating the Longboard Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Longboard as the Trustees 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, with respect to each Longboard Fund separately, (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 each 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 the renewal of the Longboard Advisory Agreement was in the best interest of each Longboard Fund and its shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Longboard Advisory Agreement.

Privacy Policy

Rev. May 2021

FACTS

WHAT DOES NORTHERN LIGHTS FUND TRUST II ("NLFT II") DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
		●	Social Security number	●	Account transactions
		●	Employment information	●	Income
		●	Account balances	●	Investment experience
	When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share a customer's personal information to run their everyday business - to process transactions, maintain customer accounts, and report to credit bureaus. In the section below, we list the reasons financial companies can share their customer's personal information; the reasons NLFT II chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does NLFT II share?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes - to offer our products and services to you	Yes	No
For joint marketing with other financial companies	Yes	No
For our affiliates' everyday business purposes - information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes - information about your creditworthiness	No	We don't share
For nonaffiliates to market to you	No	We don't share

Questions?

Call 1-631-490-4300

Who we are
Who is providing this notice?		Northern Lights Fund Trust II
What we do
How does NLFT II protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does NLFT II collect my personal information?		We collect your personal information, for example, when you
	●	open an account		●	provide account information
	●	give us your income information		●	give us your contact information
	●	provide employment information
	We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?		Federal law gives you the right to limit only
	●	sharing for affiliates' everyday business purposes-information about your creditworthiness
	●	affiliates from using your information to market to you
	●	sharing for nonaffiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies.
	●	NLFT II has no affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	●	NLFT II does not share with nonaffiliates so they can market to you.
Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products and services to you.
	●	Our joint marketing partners include other financial service companies.

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

LBF-AR24

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.

Not applicable.

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)

Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(a)(2)

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)(3)

Not applicable.

(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

08/08/24

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

08/08/24

By (Signature and Title)

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

Date

08/08/24