Northern Lights Fund Trust II

08/07/2026 | Press release | Distributed by Public on 08/07/2026 13:07

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, 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: 631-470-2600
Date of fiscal year end: 5/31
Date of reporting period: 5/31/26

Item 1. Reports to Stockholders.

(a)

Weitz Core Plus Bond ETF

(WCPB) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Weitz Core Plus Bond ETF for the period of August 12, 2025 to May 31, 2026. You can find additional information about the Fund at https://weitzinvestments.com/products/etfs/wcpb/core-plus-bond/default.fs. You can also request this information by contacting us at 1-800-304-9745.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Weitz Core Plus Bond ETF
$37
0.45%Footnote Reference*
Footnote Description
Footnote*
Annualized. Had the Fund been open the full reporting period, expenses would be higher.

How did the Fund perform during the reporting period?

The Fund (Ticker: WCPB) returned 4.44% based on NAV and 4.56% based on market price for the period from inception (August 12, 2025) through May 31, 2026.

Agency mortgage-backed securities (MBS), corporate bonds, collateralized loan obligations (CLOs), U.S. Treasuries, and asset-backed securities (ABS) were the top contributors to performance. Credit markets remained generally resilient during the period, supporting returns across spread sectors. MBS benefited from coupon income and constructive market conditions, while corporate bonds contributed through a combination of income and stable credit spreads. Within the corporate bond sector, high yield securities were a meaningful contributor. CLOs and ABS added to performance through attractive income and modest price appreciation, while U.S. Treasuries also contributed during the period.

For additional manager insights, visit weitzinvestments.com.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
Weitz Core Plus Bond ETF - NAV
Bloomberg U.S. Aggregate Bond Index
08/12/25
$10,000
$10,000
08/31/25
$10,080
$10,052
09/30/25
$10,206
$10,162
10/31/25
$10,280
$10,225
11/30/25
$10,329
$10,289
12/31/25
$10,326
$10,274
01/31/26
$10,386
$10,285
02/28/26
$10,501
$10,453
03/31/26
$10,332
$10,269
04/30/26
$10,394
$10,280
05/31/26
$10,444
$10,312

Average Annual Total Returns

Table Summary
Since Inception (August 12, 2025)
Weitz Core Plus Bond ETF - NAV
4.44%
Bloomberg U.S. Aggregate Bond Index
3.12%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-304-9745.

Fund Statistics

Table Summary
Net Assets
$197,959,070
Number of Portfolio Holdings
161
Total Advisory Fees Paid
$174,179
Portfolio Turnover
23%

Asset Weighting (% of total investments)

Table Summary
Value
Value
Asset Backed Securities
20.1%
Collateralized Mortgage Obligations
0.1%
Corporate Bonds
21.6%
U.S. Government & Agencies
58.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value
Value
Liabilities in Excess of Other Assets
-0.4%
Utilities
0.1%
Real Estate
0.2%
Energy
0.5%
Materials
0.6%
CMO
0.6%
CMBS
0.7%
Industrials
1.1%
Communications
3.1%
Technology
3.6%
Consumer Discretionary
5.9%
CLO
6.0%
Financials
6.7%
ABS
12.5%
U.S. Treasury Obligations
28.4%
MBS Passthrough
30.4%

• May represent asset weighting given fund's investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name
% of Net Assets
United States Treasury Bond
11.3%
United States Treasury Bond
3.8%
Freddie Mac Pool
3.3%
United States Treasury Bond
2.8%
Freddie Mac Pool
2.7%
United States Treasury Bond
1.9%
Freddie Mac Pool
1.9%
United States Treasury Bond
1.7%
United States Treasury Bond
1.7%
United States Treasury Bond
1.7%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Weitz Core Plus Bond ETF

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://weitzinvestments.com/products/etfs/wcpb/core-plus-bond/default.fs), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 053126-WCPB

Weitz Multisector Bond ETF

(WMSB) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Weitz Multisector Bond ETF for the period of November 4, 2025 to May 31, 2026. You can find additional information about the Fund at https://weitzinvestments.com/products/etfs/wmsb/multisector-bond/default.fs. You can also request this information by contacting us at 1-800-304-9745.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Weitz Multisector Bond ETF
$38
0.65%Footnote Reference*
Footnote Description
Footnote*
Annualized. Had the Fund been open the full reporting period, expenses would be higher.

How did the Fund perform during the reporting period?

The Fund (Ticker: WMSB) returned 3.03% based on NAV and 3.28% based on market price for the period from inception (November 4, 2025) through May 31, 2026.

Corporate bonds, Agency mortgage-backed securities (MBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) were the top contributors to performance. Credit-sensitive sectors generally benefited from supportive market conditions and attractive income generation during the period. Corporate bonds were the largest contributor, led by high yield securities. MBS contributed through income, while CLOs and ABS added to performance through attractive carry and modest price appreciation. CMBS also contributed positively.

For additional manager insights, visit weitzinvestments.com.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
Weitz Multisector Bond ETF - NAV
Bloomberg U.S. Aggregate Bond Index
11/04/25
$10,000
$10,000
11/30/25
$10,078
$10,059
12/31/25
$10,157
$10,044
01/31/26
$10,273
$10,054
02/28/26
$10,265
$10,219
03/31/26
$10,172
$10,039
04/30/26
$10,255
$10,050
05/31/26
$10,303
$10,082

Average Annual Total Returns

Table Summary
Since Inception (November 4, 2025)
Weitz Multisector Bond ETF - NAV
3.03%
Bloomberg U.S. Aggregate Bond Index
0.82%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-304-9745.

Fund Statistics

Table Summary
Net Assets
$15,023,866
Number of Portfolio Holdings
85
Total Advisory Fees Paid
$0
Portfolio Turnover
40%

Asset Weighting (% of total investments)

Table Summary
Value
Value
Asset Backed Securities
30.9%
Corporate Bonds
31.4%
U.S. Government & Agencies
37.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value
Value
Other Assets in Excess of Liabilities
0.5%
Real Estate
0.3%
Materials
0.7%
CMBS
1.0%
CMO
1.3%
Energy
2.1%
Industrials
3.0%
Technology
3.7%
Communications
4.0%
Consumer Discretionary
8.2%
Financials
9.3%
CLO
12.2%
ABS
16.3%
MBS Passthrough
37.4%

• May represent asset weighting given fund's investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name
% of Net Assets
Freddie Mac Pool
6.9%
Freddie Mac Pool
6.1%
Fannie Mae Pool
4.2%
Freddie Mac Pool
3.7%
Freddie Mac Pool
3.3%
NMABS Issuer I, LLC, C
3.3%
Fannie Mae Pool
3.1%
Freddie Mac Pool
2.7%
Fannie Mae Pool
2.3%
ACREC 2021-FL1 Ltd., D
2.0%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Weitz Multisector Bond ETF (WMSB)

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://weitzinvestments.com/products/etfs/wmsb/multisector-bond/default.fs), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 053126-WMSB

Weitz Short Duration Bond ETF

(WSDB) NYSE Arca, Inc.

Annual Shareholder Report - May 31, 2026

Fund Overview

This annual shareholder report contains important information about Weitz Short Duration Bond ETF for the period of March 31, 2026 to May 31, 2026. You can find additional information about the Fund at https://weitzinvestments.com/products/etfs/wsdb/short-duration-bond/default.fs. You can also request this information by contacting us at 1-800-304-9745.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Weitz Short Duration Bond ETF
$8
0.45%Footnote Reference*
Footnote Description
Footnote*
Annualized. Had the Fund been open the full reporting period, expenses would be higher.

How did the Fund perform during the reporting period?

The Fund (Ticker: WSDB) returned 0.40% based on NAV and 0.40% based on market price for the period from inception (March 31, 2026) through May 31, 2026.

During the initial ramping up of the portfolio, we focused on asset-backed securities (ABS), which were the largest contributor to performance during the period. Corporate bonds were the second-largest contributor, benefiting from coupon income and stable credit market conditions. We also invested in U.S. Treasuries, collateralized mortgage obligations (CMOs), and Agency mortgage-backed securities (MBS), which rounded out the top five contributors. As the portfolio continues to scale, we expect to expand investments across a broad range of securitized, corporate, and government sectors as opportunities arise.

For additional manager insights, visit weitzinvestments.com.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
Weitz Short Duration Bond ETF - NAV
Bloomberg U.S. Aggregate Bond Index
03/31/26
$10,000
$10,000
04/30/26
$10,020
$10,011
05/31/26
$10,040
$10,042

Average Annual Total Returns

Table Summary
Since Inception (March 31, 2026)
Weitz Short Duration Bond ETF - NAV
0.40%
Bloomberg U.S. Aggregate Bond Index
0.42%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-800-304-9745.

Fund Statistics

Table Summary
Net Assets
$5,619,945
Number of Portfolio Holdings
52
Total Advisory Fees Paid
$0
Portfolio Turnover
2%

Asset Weighting (% of total investments)

Table Summary
Value
Value
Asset Backed Securities
26.7%
Collateralized Mortgage Obligations
3.5%
Corporate Bonds
5.9%
U.S. Government & Agencies
63.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value
Value
Other Assets in Excess of Liabilities
9.3%
Communications
0.4%
Real Estate
0.9%
Technology
1.4%
CLO
1.8%
Financials
2.7%
MBS Passthrough
3.1%
ABS
10.3%
CMO
14.4%
U.S. Treasury Obligations
55.7%

• May represent asset weighting given fund's investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name
% of Net Assets
United States Treasury Bill
14.2%
United States Treasury Note
8.9%
United States Treasury Note
8.8%
United States Treasury Note
7.0%
United States Treasury Note
7.0%
United States Treasury Note
4.5%
United States Treasury Note
3.5%
Freddie Mac REMICS, DA
2.3%
Fannie Mae Pool
2.2%
United States Treasury Note
1.8%

Material Fund Changes

No material changes occurred during the year ended May 31, 2026.

Weitz Short Duration Bond ETF (WSDB)

Annual Shareholder Report - May 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://weitzinvestments.com/products/etfs/wsdb/short-duration-bond/default.fs), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 053126-WSDB

(b) Not applicable

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) Not applicable
(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e) Not applicable
(f) See Item 19(a)(1)

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 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for the last fiscal year for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year are as follows:
2026 - $30,750
(b) Audit-Related Fees. There were no fees billed in the last fiscal year for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.
(c) Tax Fees. The aggregate fees billed in the last fiscal year for professional services rendered by the principal accountant for tax compliance are as follows:
2026 - $8,250
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
(d) All Other Fees. The aggregate fees billed in the last fiscal year for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 for the fiscal year ended May 31,2026.
(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.
(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal year ended May 31, 2026, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.

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

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

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

(a) Long Form Financial Statements

Weitz Core Plus Bond ETF
(Symbol: WCPB)
Weitz Multisector Bond ETF
(Symbol: WMSB)
Weitz Short Duration Bond ETF
(Symbol: WSDB)
Annual Financial Statements
and Additional Information
May 31, 2026
1-800-304-9745
https://weitzinvestments.com
Distributed by Northern Lights Distributors, LLC
Member FINRA/SIPC
WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 20.2%
ARMS - 0.5%
1,000,000 Audax Senior Debt Clo 7, LLC Series 7A AR2(a),(b) TSFR3M + 1.600% 5.2460 04/20/35 $ 1,001,750
AUTO LOAN - 4.2%
860,000 ACM Auto Trust 2025-3 Series 3A B(a) 6.0800 07/20/32 858,314
669,868 ACM Auto Trust 2025-4 Series 4A A(a) 5.8700 05/20/30 671,296
990,653 FHF Issuer Trust 2025-1 Series 1A A2(a) 4.9200 02/15/31 990,367
1,000,000 FHF Issuer Trust 2026-1 Series 1A A2(a) 5.4100 09/16/30 1,003,110
1,364,094 Lendbuzz Securitization Trust 2026-1 Series 1A C(a) 5.7400 09/15/31 1,351,514
909,396 Lendbuzz Securitization Trust 2026-1 Series 1A D(a) 6.8600 02/15/33 908,070
500,000 United Auto Credit Securitization Trust Series 1 C(a) 5.0600 06/10/31 498,476
500,000 United Auto Credit Securitization Trust Series 1 D(a) 5.6500 07/10/31 498,735
1,700,000 United Auto Credit Securitization Trust 2025-1 Series 1 E(a) 7.7100 10/10/31 1,570,800
8,350,682
CF-CLO-CRE - 3.7%
350,000 A10 2025-FL6 Issuer, LLC Series FL6 A(a),(b) TSFR1M + 1.465% 5.0920 05/15/42 350,545
250,000 ACREC 2021-FL1 Ltd. Series FL1 C(a),(b) TSFR1M + 2.264% 5.8900 10/16/36 251,272
2,050,000 ACREC 2021-FL1 Ltd. Series FL1 D(a),(b) TSFR1M + 2.764% 6.3900 10/16/36 2,057,470
1,500,000 ACREC 2026-FL4, LLC Series FL4 A(a),(b) TSFR1M + 1.450% 5.0750 01/18/43 1,502,161
200,000 BRSP 2024-FL2 Ltd. Series FL2 E(a),(b) TSFR1M + 6.539% 10.1510 08/19/37 203,896
1,500,000 FS RIALTO Series FL2 D(a),(b) TSFR1M + 2.914% 6.5400 05/16/38 1,502,467
143,331 GPMT 2021-FL3 Ltd. Series FL3 AS(a),(b) TSFR1M + 1.964% 5.5900 07/16/35 143,002
173,701 GPMT 2021-FL4 Ltd. Series FL4 A(a),(b) TSFR1M + 1.464% 5.0430 12/15/36 174,238
1,000,000 LMNT CRE 2025-FL3, LLC Series FL3 C(a),(b) TSFR1M + 2.750% 6.3480 07/21/43 1,000,059
52,224 PFP 2024-11 Ltd. Series 11 A(a),(b) TSFR1M + 1.832% 5.4700 09/17/39 52,281
50,000 STWD 2022-FL3 Ltd. Series FL3 AS(a),(b) SOFR30A + 1.800% 5.4430 11/15/38 49,902
7,287,293
CF-CLO-LL - 0.1%
200,000 Starwood 2025-SIF6, LLC Series SIF6A A1(a),(b) TSFR3M + 1.550% 5.2300 10/17/37 200,350
CF-CLO-MML - 0.9%
500,000 ASP PIF CLO I, LLC Series 1A A1(a),(b) TSFR3M + 1.480% 5.1400 01/15/38 498,595
1,000,000 Cerberus Loan Funding XL, LLC Series 1A AR(a),(b) TSFR3M + 1.600% 5.2500 03/22/35 1,000,000
300,000 Fortress Credit Opportunities IX CLO Ltd. Series 9A BR(a),(b) TSFR3M + 2.212% 5.8850 10/15/33 300,050
1,798,645

See accompanying notes to financial statements.

1

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 20.2% (Continued)
CLO - 1.3%
500,000 Eldridge MMPC CLO 2026-2 Ltd. Series 2A A1(a),(b) TSFR3M + 1.600% 5.2240 07/15/38 $ 500,788
500,000 MCF CLO IX Ltd. Series 1A AR3(a),(b) TSFR3M + 1.620% 5.2580 04/17/39 500,705
1,500,000 Owl Rock CLO XX, LLC Series 20A C(a),(b) TSFR3M + 2.100% 5.7670 10/24/34 1,500,365
2,501,858
NON AGENCY CMBS - 0.7%
750,000 COLEM 2022-HLNE Mortgage Trust Series HLNE B(a),(c) 2.4610 04/12/42 707,209
200,000 NRTH Commercial Mortgage Trust 2025-PARK Series A(a),(b) TSFR1M + 1.393% 5.0200 10/15/40 200,516
408,036 SKY Trust 2025-LINE Series A(a),(b) TSFR1M + 2.589% 6.2160 04/15/42 409,853
1,317,578
OTHER ABS - 8.3%
977,365 ABPCI Direct Lending Fund A.B.S I Ltd. Series 1A B(a) 4.9350 12/29/30 936,552
1,652,805 Golub Capital Partners A.B.S Funding 2019-1 Ltd. Series 1 AR(a) 3.1000 07/20/30 1,566,288
1,764,464 Golub Capital Partners A.B.S Funding 2021-2 Ltd. Series 2A A(a) 2.9440 10/19/29 1,628,781
950,337 GoodLeap Home Improvement Solutions Trust 2026-1 Series 1A A(a) 5.3100 12/20/49 947,560
1,000,000 Lightpath Fiber Issuer, LLC Series 1A A2(a) 5.5970 03/25/56 1,001,568
1,500,000 Lmdv Issuer Company, LLC Series 1A A2(a) 5.3100 12/15/55 1,490,985
1,500,000 MetroNet Infrastructure Issuer, LLC Series 4A A2(a) 5.1630 12/20/55 1,497,663
749,063 NMABS Issuer I, LLC Series 1A A(a) 5.1400 11/22/55 729,910
749,063 NMABS Issuer I, LLC Series 1A B(a) 5.3300 11/22/55 729,981
167,999 OWN Equipment Fund I, LLC Series 2M A(a) 5.7000 12/20/32 170,051
1,412,842 OWN Equipment Fund III, LLC Series 2M A(a) 5.4200 03/27/34 1,412,425
937,599 Regents Capital Equipment Receivables 2026-1, LLC Series 1A A(a) 5.1100 01/31/34 936,443
1,500,000 SCOOT 2026-1A A2 Series 1A A2(a) 6.3800 05/20/56 1,507,229
1,000,000 Zayo Issuer, LLC Series 1A A2(a) 5.5460 04/20/56 999,427
997,500 PAWS 2025-1A A2(a) 6.8240 01/30/56 982,633
16,537,496
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5%
24,856 JP Morgan Mortgage Trust Series 2024-5 Series 5 A6(a),(c) 6.0000 11/25/54 24,814
965,892 Mill City Mortgage Loan Trust 2026-R1 Series R1 A1A(a),(d) 5.4600 10/25/62 969,281
994,095
TOTAL ASSET BACKED SECURITIES (Cost $39,959,116) 39,989,747

See accompanying notes to financial statements.

2

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.1%
189,947 Fannie Mae REMICS Series 59 MA 5.0000 03/25/51 $ 189,293
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $190,430) 189,293
CORPORATE BONDS - 21.7%
ADVERTISING & MARKETING - 0.8%
1,550,000 Stagwell Global, LLC(a) 5.6250 08/15/29 1,509,659
ASSET MANAGEMENT - 1.5%
500,000 Ares Strategic Income Fund 5.6000 02/15/30 492,775
1,000,000 Bain Capital Specialty Finance, Inc. 5.9500 03/01/31 971,730
250,000 Barings BDC, Inc. 5.2000 09/15/28 245,942
1,000,000 Blue Owl Credit Income Corporation 6.6500 03/15/31 1,003,349
200,000 Golub Capital Private Credit Fund(a) 5.4500 08/15/28 198,417
2,912,213
CABLE & SATELLITE - 0.9%
1,800,000 CCO Holdings, LLC / CCO Holdings Capital(a) 7.0000 02/01/33 1,760,634
COMMERCIAL SUPPORT SERVICES - 0.5%
900,000 Cimpress plc(a) 7.3750 09/15/32 911,407
ELECTRIC UTILITIES - 0.1%
150,000 Hawaiian Electric Company, Inc.(a) 6.0000 10/01/33 148,963
ENTERTAINMENT CONTENT - 0.5%
900,000 OAK-Eagle Acquireco, Inc.(a) 8.7500 07/01/34 951,655
HOME & OFFICE PRODUCTS - 1.7%
3,000,000 HNI Corporation(a) 5.1250 01/18/29 2,935,742
300,000 Newell Brands, Inc. 6.3750 05/15/30 296,270
50,000 Newell Brands, Inc. 6.6250 05/15/32 48,687
3,280,699

See accompanying notes to financial statements.

3

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 21.7% (Continued)
HOME CONSTRUCTION - 0.5%
985,000 Masterbrand, Inc.(a) 7.0000 07/15/32 $ 983,991
INSURANCE - 0.5%
900,000 Asurion, LLC and Asurion Co-Issuer, Inc.(a) 8.0000 12/31/32 939,130
INTERNET MEDIA & SERVICES - 0.4%
750,000 AP Core Holdings II, LLC(a) 11.0000 05/15/31 786,230
LEISURE FACILITIES & SERVICES - 1.3%
500,000 Six Flags Entertainment Corporation(a) 7.2500 05/15/31 498,920
2,000,000 Six Flags Entertainment Corporation(a) 8.6250 01/15/32 2,055,480
2,554,400
LEISURE PRODUCTS - 0.2%
300,000 Polaris, Inc. 5.6000 03/01/31 299,381
MACHINERY - 0.0%(e)
25,000 Manitowoc Company, Inc. (The)(a) 9.2500 10/01/31 26,862
METALS & MINING - 0.5%
1,100,000 SunCoke Energy, Inc.(a) 4.8750 06/30/29 1,052,716
OIL & GAS PRODUCERS - 0.5%
800,000 Calumet Specialty Products Partners, L.P.(a) 9.7500 02/15/31 847,561
75,000 Global Partners LP / GLP Finance Corp(a) 7.1250 07/01/33 76,315
923,876
PUBLISHING & BROADCASTING - 0.1%
300,000 Lamar Media Corporation(a) 5.3750 11/01/33 295,704
REAL ESTATE INVESTMENT TRUSTS - 0.2%
200,000 Broadstone Net Lease, LLC 5.0000 11/01/32 197,300
200,000 Highwoods Realty, L.P. 5.3500 01/15/33 199,110
396,410

See accompanying notes to financial statements.

4

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 21.7% (Continued)
RETAIL - DISCRETIONARY - 2.2% (Continued)
700,000 Bath & Body Works, Inc. 6.9500 03/01/33 $ 696,317
700,000 Bath & Body Works, Inc. 6.7500 07/01/36 691,422
614,000 Bath & Body Works, Inc. 7.6000 07/15/37 605,894
2,427,000 Men’s Wearhouse, LLC (The)(a) 9.0000 02/01/31 2,555,319
4,548,952
SOFTWARE - 2.4%
1,500,000 Concentrix Corporation 6.5000 03/01/29 1,472,484
1,425,000 Pagaya US Holdings Company, LLC(a) 8.8750 08/01/30 1,116,820
1,269,000 Rocket Software, Inc.(a) 9.0000 11/28/28 1,280,651
1,000,000 Rocket Software, Inc.(a) 6.5000 02/15/29 936,135
4,806,090
SPECIALTY FINANCE - 4.6%
1,700,000 Arbor Realty SR, Inc.(a) 7.8750 07/15/30 1,597,376
100,000 Atlas Warehouse Lending Company, L.P.(a) 6.2500 01/15/30 102,939
250,000 Burford Capital Global Finance, LLC(a) 9.2500 07/01/31 240,283
850,000 Burford Capital Global Finance, LLC(a) 8.5000 01/15/34 739,300
1,000,000 FirstCash, Inc.(a) 6.1250 05/01/34 1,001,220
1,650,000 LFS Topco, LLC(a) 8.7500 07/15/30 1,643,886
750,000 Oxford Finance, LLC / Oxford Finance Co-Issuer II(a) 7.7500 05/15/31 745,367
1,450,000 Rithm Capital Corporation(a) 8.0000 07/15/30 1,440,150
350,000 Rithm Capital Corporation(a) 8.0000 04/01/29 351,181
500,000 Rithm Capital Corporation(a) 8.5000 06/01/31 499,731
250,000 Stonebriar A.B.F Issuer, LLC(a) 8.1250 12/15/30 262,658
750,000 UWM Holdings, LLC(a) 6.2500 03/15/31 689,177
9,313,268
STEEL - 0.1%
100,000 Cleveland-Cliffs, Inc.(a) 7.6250 01/15/34 102,985
TECHNOLOGY SERVICES - 1.2%
1,300,000 Gartner, Inc.(a) 3.7500 10/01/30 1,196,725
1,500,000 ION Platform Finance US, Inc.(a) 7.8750 09/30/32 1,163,544
2,360,269

See accompanying notes to financial statements.

5

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 21.7% (Continued)
TELECOMMUNICATIONS - 0.4%
500,000 Cogent Communications Group, Inc.(a) 7.0000 06/15/27 $ 499,919
350,000 Cogent Communications Group, Inc.(a) 6.5000 07/01/32 323,273
823,192
TRANSPORTATION & LOGISTICS - 0.6%
1,250,000 Canada Cartage Corporation(a) 9.7500 05/08/31 1,214,043
TOTAL CORPORATE BONDS (Cost $42,834,303) 42,902,729
U.S. GOVERNMENT & AGENCIES - 58.4%
AGENCY FIXED RATE - 29.9%
873,243 Fannie Mae Pool FS8486 4.5000 12/01/52 842,462
172,227 Fannie Mae Pool MA5070 4.5000 07/01/53 165,675
1,472,812 Fannie Mae Pool CB6862 5.0000 08/01/53 1,460,428
1,531,560 Fannie Mae Pool MA5137 5.0000 09/01/53 1,514,689
1,109,252 Fannie Mae Pool CB7100 5.0000 09/01/53 1,098,179
1,021,658 Fannie Mae Pool MA5163 4.5000 10/01/53 983,690
1,002,416 Fannie Mae Pool MA5164 5.0000 10/01/53 991,327
1,293,868 Fannie Mae Pool FS7278 5.0000 11/01/53 1,283,079
1,176,033 Fannie Mae Pool FS6832 5.0000 11/01/53 1,163,024
450,374 Fannie Mae Pool MA5189 5.0000 11/01/53 445,230
183,646 Fannie Mae Pool MA5294 5.0000 03/01/54 181,218
1,092,633 Fannie Mae Pool MA5327 5.0000 04/01/54 1,077,402
93,531 Fannie Mae Pool MA5352 5.0000 05/01/54 92,173
104,080 Fannie Mae Pool MA5419 5.0000 07/01/54 102,597
1,448,336 Fannie Mae Pool CB9207 5.0000 09/01/54 1,427,699
206,786 Fannie Mae Pool MA5495 4.5000 10/01/54 198,727
2,286,833 Fannie Mae Pool MA5530 5.0000 11/01/54 2,253,544
1,942,701 Fannie Mae Pool DC3824 5.0000 11/01/54 1,914,271
186,587 Fannie Mae Pool MA5552 5.0000 12/01/54 183,842
93,797 Fannie Mae Pool MA5585 5.0000 01/01/55 92,388
180,083 Fannie Mae Pool MA5613 5.0000 02/01/55 177,364
958,743 Fannie Mae Pool FA0740 4.5000 03/01/55 921,381
2,925,269 Fannie Mae Pool MA5672 5.0000 04/01/55 2,881,181
946,321 Fannie Mae Pool MA5852 5.0000 10/01/55 931,996

See accompanying notes to financial statements.

6

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
U.S. GOVERNMENT & AGENCIES - 58.4% (Continued)
AGENCY FIXED RATE - 29.9% (Continued)
312,951 Freddie Mac Pool RA7773 4.0000 08/01/52 $ 293,654
169,039 Freddie Mac Pool SD8244 4.0000 09/01/52 158,848
1,198,660 Freddie Mac Pool QF0493 5.5000 09/01/52 1,215,206
5,439,042 Freddie Mac Pool SD8267 5.0000 11/01/52 5,400,395
1,926,516 Freddie Mac Pool SD2318 5.0000 02/01/53 1,912,586
201,256 Freddie Mac Pool SD8340 4.5000 07/01/53 193,880
1,121,404 Freddie Mac Pool SD8342 5.5000 07/01/53 1,131,031
205,256 Freddie Mac Pool SD8347 4.5000 08/01/53 197,734
169,890 Freddie Mac Pool SD8360 4.5000 09/01/53 163,532
482,363 Freddie Mac Pool SD8361 5.0000 09/01/53 477,075
6,524,826 Freddie Mac Pool SD8371 5.0000 11/01/53 6,447,955
1,550,909 Freddie Mac Pool SD4977 5.0000 11/01/53 1,537,645
149,520 Freddie Mac Pool SD6706 4.5000 01/01/54 143,975
2,478,414 Freddie Mac Pool SL4781 5.0000 07/01/54 2,452,542
1,574,178 Freddie Mac Pool RJ2664 5.0000 10/01/54 1,555,873
1,224,829 Freddie Mac Pool RJ2836 5.0000 11/01/54 1,206,748
2,733,548 Freddie Mac Pool SD8474 5.0000 11/01/54 2,699,374
199,760 Freddie Mac Pool SD7379 5.5000 01/01/55 200,868
3,715,122 Freddie Mac Pool SL0716 5.0000 03/01/55 3,662,187
2,437,203 Freddie Mac Pool SD8515 5.5000 03/01/55 2,450,722
995,898 Freddie Mac Pool SL4667 4.5000 04/01/56 957,020
2,488,892 Freddie Mac Pool RQ0118 5.0000 05/01/56 2,450,635
59,293,051
U.S. TREASURY BONDS - 28.5%
200,000 United States Treasury Bond 4.2500 05/15/39 192,547
3,500,000 United States Treasury Bond 4.5000 08/15/39 3,440,391
3,800,000 United States Treasury Bond 4.3750 11/15/39 3,678,430
3,400,000 United States Treasury Bond 4.6250 02/15/40 3,370,648
23,250,000 United States Treasury Bond 4.3750 05/15/40 22,404,464
8,000,000 United States Treasury Bond 4.2500 11/15/40 7,565,937
3,500,000 United States Treasury Bond 4.3750 05/15/41 3,342,773
1,000,000 United States Treasury Bond 4.0000 11/15/42 899,336
2,000,000 United States Treasury Bond 4.3750 08/15/43 1,873,086
100,000 United States Treasury Bond 4.7500 11/15/43 97,959

See accompanying notes to financial statements.

7

WEITZ CORE PLUS BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
U.S. GOVERNMENT & AGENCIES - 58.4% (Continued)
U.S. TREASURY BONDS - 28.5% (Continued)
5,800,000 United States Treasury Bond 4.6250 11/15/44 $ 5,564,148
1,100,000 United States Treasury Bond 4.7500 02/15/45 1,071,404
2,000,000 United States Treasury Bond 4.6250 02/15/46 1,910,469
1,000,000 United States Treasury Bond 5.0000 05/15/45 1,004,238
56,415,830
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $117,456,104) 115,708,881
TOTAL INVESTMENTS - 100.4% (Cost $200,439,953) $ 198,790,650
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% (831,580 )
NET ASSETS - 100.0% $ 197,959,070
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited Company
PLC - Public Limited Company
REMIC - Real Estate Mortgage Investment Conduit
SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate
TSFR1M Term SOFR Secured Overnight Financing Rate 1 month
TSFR3M Term SOFR Secured Overnight Financing Rate 3 month
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026, the total market value of 144A securities is 75,671,815, or 38.2% of net assets.
(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(c) Variable rate security; the rate shown represents the rate on May 31, 2026.
(d) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2026.
(e) Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

8

WEITZ MULTISECTOR BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 30.7%
AUTO LOAN - 5.1%
100,000 ACM Auto Trust 2025-3 Series 3A B(a) 6.0800 07/20/32 $ 99,804
66,987 ACM Auto Trust 2025-4 Series 4A A(a) 5.8700 05/20/30 67,130
100,000 FHF Issuer Trust 2026-1 Series 1A A2(a) 5.4100 09/16/30 100,311
227,349 Lendbuzz Securitization Trust 2026-1 Series 1A D (a) 6.8600 02/15/33 227,018
300,000 United Auto Credit Securitization Trust 2025-1 Series 1 E(a) 7.7100 10/10/31 277,199
771,462
CF-CLO-CRE - 9.9%
100,000 A10 2025-FL6 Issuer, LLC Series FL6 B(a),(b) TSFR1M + 2.392% 6.0190 05/15/42 100,068
100,000 A10 2025-FL6 Issuer, LLC Series FL6 C(a),(b) TSFR1M + 2.791% 6.4180 05/15/42 100,065
100,000 A10 2025-FL6 Issuer, LLC Series FL6 D(a),(b) TSFR1M + 3.390% 7.0170 05/15/42 100,062
300,000 ACREC 2021-FL1 Ltd. Series FL1 D(a),(b) TSFR1M + 2.764% 6.3900 10/16/36 301,092
300,000 BRSP 2024-FL2 Ltd. Series FL2 D(a),(b) TSFR1M + 4.841% 8.4540 08/19/37 297,338
132,000 BRSP 2024-FL2 Ltd. Series FL2 E(a),(b) TSFR1M + 6.539% 10.1510 08/19/37 134,571
200,000 FS RIALTO Series FL2 D(a),(b) TSFR1M + 2.914% 6.5400 05/16/38 200,329
200,000 LMNT CRE 2025-FL3, LLC Series FL3 C(a),(b) TSFR1M + 2.750% 6.3480 07/21/43 200,012
43,520 PFP 2024-11 Ltd. Series 11 A(a),(b) TSFR1M + 1.832% 5.4700 09/17/39 43,568
1,477,105
CF-CLO-MML - 1.0%
150,000 Cerberus Loan Funding XL, LLC Series 1A AR(a),(b) TSFR3M + 1.600% 5.2500 03/22/35 150,000
CLO - 1.3%
200,000 Owl Rock CLO XX, LLC Series 20A C(a),(b) TSFR3M + 2.100% 5.7670 10/24/34 200,049
NON AGENCY CMBS - 1.0%
75,000 COLEM 2022-HLNE Mortgage Trust Series HLNE B(a),(c) 2.4610 04/12/42 70,721
81,607 SKY Trust 2025-LINE Series LINE A(a),(b) TSFR1M + 2.589% 6.2160 04/15/42 81,971
152,692
OTHER ABS - 11.1%
118,869 ABPCI Direct Lending Fund A.B.S I Ltd. Series 1A B(a) 4.9350 12/29/30 113,905
132,224 Golub Capital Partners A.B.S Funding 2019-1 Ltd. Series 1 AR(a) 3.1000 07/20/30 125,303
282,314 Golub Capital Partners A.B.S Funding 2021-2 Ltd. Series 2A A(a) 2.9440 10/19/29 260,605
95,034 GoodLeap Home Improvement Solutions Trust 2026-1 Series 1A A(a) 5.3100 12/20/49 94,756
100,000 Lmdv Issuer Company, LLC Series 1A A2(a) 5.3100 12/15/55 99,399
100,000 MetroNet Infrastructure Issuer, LLC Series 4A A2 (a) 5.1630 12/20/55 99,844

See accompanying notes to financial statements.

9

WEITZ MULTISECTOR BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 30.7% (Continued)
OTHER ABS - 11.1% (Continued)
500,000 NMABS Issuer I, LLC Series 1A C(a) 6.0700 11/22/55 $ 487,882
94,190 OWN Equipment Fund III, LLC Series 2M A(a) 5.4200 03/27/34 94,162
149,625 PAWS 2025-1A A2(a) 6.8240 01/30/56 147,395
150,000 SCOOT 2026-1A A2 Series 1A A2(a) 6.3800 05/20/56 150,723
1,673,974
RMBSN - 1.3%
97,266 BRAVO Residential Funding Trust 2026-NQM1 Series NQM1 A1(a),(c) 4.8300 12/25/65 96,527
97,537 New Residential Mortgage Loan Trust 2026-NQM3 Series NQM3 A1(a),(c) 4.8330 02/25/66 96,709
193,236
TOTAL ASSET BACKED SECURITIES (Cost $4,631,222) 4,618,518
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 31.3%
ADVERTISING & MARKETING - 1.0%
148,000 Stagwell Global, LLC(a) 5.6250 08/15/29 144,148
ASSET MANAGEMENT - 0.7%
100,000 Golub Capital Private Credit Fund(a) 5.4500 08/15/28 99,209
CABLE & SATELLITE - 1.3%
200,000 CCO Holdings, LLC / CCO Holdings Capital(a) 7.0000 02/01/33 195,626
COMMERCIAL SUPPORT SERVICES - 0.7%
100,000 Cimpress plc(a) 7.3750 09/15/32 101,267
E-COMMERCE DISCRETIONARY - 0.3%
50,000 Wayfair, Inc.(a) 6.7500 11/15/32 50,835
ENGINEERING & CONSTRUCTION - 0.7%
100,000 Installed Building Products, Inc.(a) 5.6250 02/01/34 98,424

See accompanying notes to financial statements.

10

WEITZ MULTISECTOR BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 31.3% (Continued)
ENTERTAINMENT CONTENT - 0.7% (Continued)
100,000 OAK-Eagle Acquireco, Inc.(a) 8.7500 07/01/34 $ 105,739
HOME & OFFICE PRODUCTS - 2.4%
200,000 HNI Corporation(a) 5.1250 01/18/29 195,717
125,000 Newell Brands, Inc. 6.6250 09/15/29 125,192
50,000 Whirlpool Corporation 6.5000 06/15/33 45,430
366,339
HOME CONSTRUCTION - 1.0%
150,000 Masterbrand, Inc.(a) 7.0000 07/15/32 149,846
INSURANCE - 0.7%
100,000 Asurion, LLC and Asurion Co-Issuer, Inc.(a) 8.0000 12/31/32 104,348
INTERNET MEDIA & SERVICES - 0.7%
100,000 AP Core Holdings II, LLC(a) 11.0000 05/15/31 104,831
LEISURE FACILITIES & SERVICES - 1.4%
50,000 Six Flags Entertainment Corporation(a) 7.2500 05/15/31 49,892
150,000 Six Flags Entertainment Corporation(a) 8.6250 01/15/32 154,161
204,053
LEISURE PRODUCTS - 0.3%
50,000 Polaris, Inc. 5.6000 03/01/31 49,897
METALS & MINING - 0.3%
50,000 SunCoke Energy, Inc.(a) 4.8750 06/30/29 47,851
OIL & GAS PRODUCERS - 1.8%
200,000 Calumet Specialty Products Partners, L.P.(a) 9.7500 02/15/31 211,890
50,000 Golar LNG Ltd.(a) 7.5000 10/02/30 51,153
263,043
OIL & GAS SERVICES & EQUIPMENT - 0.3%
50,000 WBI Operating, LLC(a) 6.2500 10/15/30 50,456

See accompanying notes to financial statements.

11

WEITZ MULTISECTOR BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 31.3% (Continued)
REAL ESTATE INVESTMENT TRUSTS - 0.3%
50,000 Highwoods Realty, L.P. 5.3500 01/15/33 $ 49,778
RETAIL - DISCRETIONARY - 2.8%
150,000 Bath & Body Works, Inc. 6.7500 07/01/36 148,162
250,000 Men’s Wearhouse, LLC (The)(a) 9.0000 02/01/31 263,217
411,379
SOFTWARE - 2.8%
100,000 Concentrix Corporation 6.5000 03/01/29 98,166
163,000 Pagaya US Holdings Company, LLC(a) 8.8750 08/01/30 127,748
125,000 Rocket Software, Inc.(a) 9.0000 11/28/28 126,148
75,000 Rocket Software, Inc.(a) 6.5000 02/15/29 70,210
422,272
SPECIALTY FINANCE - 7.9%
180,000 Arbor Realty SR, Inc.(a) 7.8750 07/15/30 169,134
50,000 Burford Capital Global Finance, LLC(a) 9.2500 07/01/31 48,057
150,000 Burford Capital Global Finance, LLC(a) 8.5000 01/15/34 130,465
150,000 FirstCash, Inc.(a) 6.1250 05/01/34 150,183
225,000 LFS Topco, LLC(a) 8.7500 07/15/30 224,166
150,000 Oxford Finance, LLC / Oxford Finance Co-Issuer II(a) 7.7500 05/15/31 149,073
200,000 Rithm Capital Corporation(a) 8.0000 07/15/30 198,641
75,000 Stonebriar A.B.F Issuer, LLC(a) 8.1250 12/15/30 78,797
50,000 UWM Holdings, LLC(a) 6.2500 03/15/31 45,945
1,194,461
STEEL - 0.4%
50,000 Cleveland-Cliffs, Inc.(a) 7.6250 01/15/34 51,492
TECHNOLOGY SERVICES - 0.9%
150,000 ION Platform Finance US, Inc. / ION Platform(a) 9.5000 05/30/29 140,421
TELECOMMUNICATIONS - 0.3%
50,000 Cogent Communications Group, Inc.(a) 7.0000 06/15/27 49,992

See accompanying notes to financial statements.

12

WEITZ MULTISECTOR BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 31.3% (Continued)
TRANSPORTATION & LOGISTICS - 1.6%
250,000 Canada Cartage Corporation(a) 9.7500 05/08/31 $ 245,626
TOTAL CORPORATE BONDS (Cost $4,668,225) 4,701,333
U.S. GOVERNMENT & AGENCIES - 37.5%
AGENCY FIXED RATE - 37.5%
115,154 Fannie Mae Pool CB5580 4.5000 10/01/52 111,083
104,789 Fannie Mae Pool FS8486 4.5000 12/01/52 101,095
627,807 Fannie Mae Pool MA5072 5.5000 06/01/53 632,993
343,665 Fannie Mae Pool CB6862 5.0000 08/01/53 340,775
477,314 Fannie Mae Pool MA5294 5.0000 03/01/54 471,004
112,891 Fannie Mae Pool MA5353 5.5000 05/01/54 113,564
98,264 Fannie Mae Pool MA5585 5.0000 01/01/55 96,788
110,345 Fannie Mae Pool MA5613 5.0000 02/01/55 108,679
948,112 Freddie Mac Pool RA7357 4.5000 07/01/52 915,379
576,135 Freddie Mac Pool RA7784 4.5000 08/01/52 556,063
153,970 Freddie Mac Pool SD6706 4.5000 01/01/54 148,260
408,568 Freddie Mac Pool SD6985 5.0000 11/01/54 402,384
123,160 Freddie Mac Pool SD8521 4.0000 04/01/55 115,441
1,047,652 Freddie Mac Pool SD8523 5.0000 04/01/55 1,031,862
497,778 Freddie Mac Pool RQ0118 5.0000 05/01/56 490,127
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,671,902) 5,635,497
TOTAL INVESTMENTS - 99.5% (Cost $14,971,349) $ 14,955,348
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5% 68,518
NET ASSETS - 100.0% $ 15,023,866
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited Company
PLC - Public Limited Company
TSFR1M Term SOFR Secured Overnight Financing Rate 1 month
TSFR3M Term SOFR Secured Overnight Financing Rate 3 month
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026 the total market value of 144A securities is 8,803,226 or 58.6% of net assets.
(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(c) Variable rate security; the rate shown represents the rate on May 31, 2026.

See accompanying notes to financial statements.

13

WEITZ SHORT DURATION BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 24.2%
ARMS - 0.9%
50,000 Audax Senior Debt Clo 7, LLC Series 7A AR2(a),(b) TSFR3M + 1.600% 5.2460 04/20/35 $ 50,088
AUTO LOAN - 2.1%
40,000 ACM Auto Trust 2025-3 Series 3A B(a) 6.0800 07/20/32 39,922
40,000 FHF Issuer Trust 2026-1 Series 1A A2(a) 5.4100 09/16/30 40,124
40,000 Research-Driven Pagaya Motor Asset Trust 2026-3 Series 3A A4(a) 5.8830 03/26/35 40,125
120,171
CF-CLO-MML - 0.4%
25,000 Cerberus Loan Funding XL, LLC Series 1A AR(a),(b) TSFR3M + 1.600% 5.2500 03/22/35 25,000
CLO - 1.4%
25,000 Eldridge MMPC CLO 2026-2 Ltd. Series 2A A1(a),(b) TSFR3M + 1.600% 5.2240 07/15/38 25,040
25,000 MCF CLO IX Ltd. Series 1A AR3(a),(b) TSFR3M + 1.620% 5.2580 04/17/39 25,035
25,000 PFP 2026-14 Ltd. Series 14 A(a),(b) TSFR1M + 1.320% 4.9700 12/18/43 25,007
75,082
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.5%
39,242 A&D Mortgage Trust 2026-NQM3 Series NQM3 A1(a),(c) 5.0800 04/25/71 39,178
49,707 Aspire Mortgage Trust 2026-2 Series 2 A1(a),(c) 5.3250 04/26/66 49,710
59,653 Cross 2026-NQM5 Mortgage Trust Series NQM5 A1(a),(c) 5.0940 03/25/71 59,405
50,000 GS Mortgage-Backed Securities Trust 2026-CES3 Series CES3 A1A(a),(d) 5.3580 09/25/56 50,064
39,075 GS Mortgage-Backed Securities Trust 2026-NQM3 Series NQM3 A1A(a),(d) 5.2220 05/25/66 39,097
58,339 GS Mortgage-Backed Securities Trust 2026-PJ6 Series PJ6 A7(a),(c) 5.5000 09/25/56 58,657
71,218 J.P. Morgan Mortgage Trust Series 2025-CCM2 Series CCM2 A4A(a),(c) 5.5000 09/25/55 71,096
40,000 J.P. Morgan Mortgage Trust 2026-NQM3 Series NQM3 A1A(a),(d) 5.4800 10/25/66 40,084
39,726 J.P.H Morgan Mortgage Trust 2026-NQM2 Series NQM2 A1A(a),(d) 5.1540 09/25/66 39,687
38,997 Mill City Mortgage Loan Trust 2026-R1 Series R1 A1A(a),(d) 5.4600 10/25/62 39,134
49,049 Morgan Stanley Residential Mortgage Loan Trust Series NQM4 A1(a),(c) 5.0750 03/25/71 48,880
534,992
HOME EQUITY - 1.7%
39,034 GS Mortgage-Backed Securities Trust 2026-CES2 Series CES2 A1A(a),(d) 5.2270 06/25/56 39,032
58,094 OBX 2026-CES1 Trust Series CES1 A1A(a),(d) 5.1920 04/25/56 57,934
96,966

See accompanying notes to financial statements.

14

WEITZ SHORT DURATION BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) Spread (%) Maturity Fair Value
ASSET BACKED SECURITIES - 24.2% (Continued)
OTHER ABS - 6.5%
40,000 BHG Securitization Trust 2026-1CON Series 1CON B(a) 5.3000 06/17/36 $ 39,968
16,528 Golub Capital Partners A.B.S Funding 2019-1 Ltd. Series 1 AR(a) 3.1000 07/20/30 15,663
21,174 Golub Capital Partners A.B.S Funding 2021-2 Ltd. Series 2A A(a) 2.9440 10/19/29 19,545
28,510 GoodLeap Home Improvement Solutions Trust 2026-1 Series 1A A(a) 5.3100 12/20/49 28,427
40,000 Mtp Abs Funding, LLC Series 1A A2(a) 5.1980 04/25/56 39,899
56,256 Regents Capital Equipment Receivables 2026-1, LLC Series 1A A(a) 5.1100 01/31/34 56,186
50,000 SCOOT 2026-1A A2 Series 1A A2(a) 6.3800 05/20/56 50,241
40,000 UPG HI 2026-1 Issuer Trust Series 1 A(a) 5.0300 02/25/48 39,936
40,000 Upgrade Master Pass-Thru Trust Series 2026-ST2 Series ST2 B(a) 5.4280 06/15/34 40,155
30,000 Zayo Issuer, LLC Series 1A A2(a) 5.5460 04/20/56 29,983
360,003
RMBSN - 1.7%
48,633 BRAVO Residential Funding Trust 2026-NQM1 Series NQM1 A1(a),(c) 4.8300 12/25/65 48,264
48,769 New Residential Mortgage Loan Trust 2026-NQM3 Series NQM3 A1(a),(c) 4.8330 02/25/66 48,354
96,618
TOTAL ASSET BACKED SECURITIES (Cost $1,358,091) 1,358,920
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.2%
49,003 Freddie Mac REMICS Series 5659 CM 5.0000 11/25/46 49,061
128,336 Freddie Mac REMICS Series 5504 DA 5.5000 07/25/51 129,500
178,561
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $179,022) 178,561

See accompanying notes to financial statements.

15

WEITZ SHORT DURATION BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
CORPORATE BONDS - 5.4%
ADVERTISING & MARKETING - 0.4%
25,000 Stagwell Global, LLC(a) 5.6250 08/15/29 $ 24,349
ASSET MANAGEMENT - 2.7%
40,000 Ares Strategic Income Fund 5.7000 03/15/28 40,050
30,000 Ares Strategic Income Fund(a) 5.8000 09/09/30 29,606
40,000 Golub Capital Private Credit Fund(a) 5.4500 08/15/28 39,683
40,000 Sixth Street Lending Partners 5.7500 01/15/30 39,802
149,141
REAL ESTATE INVESTMENT TRUSTS - 0.9%
50,000 VICI Properties LP / VICI Note Co Inc(a) 4.6250 12/01/29 49,205
SOFTWARE - 0.4%
25,000 Rocket Software, Inc.(a) 9.0000 11/28/28 25,230
TECHNOLOGY SERVICES - 1.0%
60,000 Gartner, Inc.(a) 3.7500 10/01/30 55,233
TOTAL CORPORATE BONDS (Cost $302,021) 303,158
U.S. GOVERNMENT & AGENCIES - 57.9%
AGENCY FIXED RATE - 2.3%
125,125 Fannie Mae Pool MA5767 5.5000 07/01/45 126,752
U.S. TREASURY BILLS - 14.2%
800,000 United States Treasury Bill(e) - 06/25/26 798,067
U.S. TREASURY NOTES - 41.4%
500,000 United States Treasury Note 3.5000 09/30/26 499,588
250,000 United States Treasury Note 4.1250 03/31/29 250,493
200,000 United States Treasury Note 3.7500 12/31/30 196,832
500,000 United States Treasury Note 4.0000 01/31/31 497,119
100,000 United States Treasury Note 3.8750 03/31/31 98,867

See accompanying notes to financial statements.

16

WEITZ SHORT DURATION BOND ETF
SCHEDULE OF INVESTMENTS (Continued)
May 31, 2026
Principal Coupon Rate
Amount ($) (%) Maturity Fair Value
U.S. GOVERNMENT & AGENCIES - 57.9% (Continued)
U.S. TREASURY NOTES - 41.4% (Continued)
400,000 United States Treasury Note 3.7500 08/31/31 $ 392,180
400,000 United States Treasury Note 4.0000 04/30/32 395,617
2,330,696
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,265,895) 3,255,515
TOTAL INVESTMENTS - 90.7% (Cost $5,105,029) $ 5,096,154
OTHER ASSETS IN EXCESS OF LIABILITIES- 9.3% 523,791
NET ASSETS - 100.0% $ 5,619,945
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited Company
REMIC - Real Estate Mortgage Investment Conduit
TSFR1M Term SOFR Secured Overnight Financing Rate 1 month
TSFR3M Term SOFR Secured Overnight Financing Rate 3 month
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2026 the total market value of 144A securities is 1,582,227 or 28.2% of net assets.
(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(c) Variable rate security; the rate shown represents the rate on May 31, 2026.
(d) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2026.
(e) Zero coupon bond.

See accompanying notes to financial statements.

17

Weitz ETFs
STATEMENTS OF ASSETS AND LIABILITIES
May 31, 2026
Weitz Core Plus Weitz Multisector Weitz Short Duration
Bond ETF Bond ETF Bond ETF
ASSETS
Investment securities:
At cost $ 200,439,953 $ 14,971,349 $ 5,105,029
At fair value $ 198,790,650 $ 14,955,348 $ 5,096,154
Cash and cash equivalents 7,860,499 169,159 776,835
Dividend and interest receivable 756,788 85,657 17,266
Receivable due from Advisor, net - 12,563 17,471
TOTAL ASSETS 207,407,937 15,222,727 5,907,726
LIABILITIES
Payable for securities purchased 9,338,469 150,000 248,354
Investment advisory fees payable 51,244 - -
Fees payable to related parties 25,341 22,643 15,739
Accrued expenses and other liabilities 33,813 26,218 23,688
TOTAL LIABILITIES 9,448,867 198,861 287,781
NET ASSETS $ 197,959,070 $ 15,023,866 $ 5,619,945
Net Assets Consist Of:
Paid in capital $ 199,464,518 $ 15,024,958 $ 5,626,102
Accumulated losses (1,505,448 ) (1,092 ) (6,157 )
NET ASSETS $ 197,959,070 $ 15,023,866 $ 5,619,945
Net Asset Value Per Share:
Shares:
Net assets $ 197,959,070 $ 15,023,866 $ 5,619,945
Shares of beneficial interest outstanding (a) 7,825,000 600,000 225,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share $ 25.30 $ 25.04 $ 24.98
(a) Unlimited number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

18

Weitz ETFs
STATEMENTS OF OPERATIONS
For the Period Ended May 31, 2026
Weitz Core Plus Weitz Multisector Weitz Short Duration
Bond ETF * Bond ETF * Bond ETF *
INVESTMENT INCOME
Interest $ 4,687,111 $ 334,591 $ 29,575
TOTAL INVESTMENT INCOME 4,687,111 334,591 29,575
EXPENSES
Investment advisory fees 341,225 26,605 2,906
Administrative services fees 86,192 51,988 13,421
Compliance officer fees 28,348 20,165 3,676
Legal fees 21,105 12,088 3,509
Audit fees 15,020 15,024 7,930
Transfer agent fees 14,906 11,093 2,507
Custodian fees 13,251 7,397 2,214
Trustees’ fees and expenses 12,204 8,588 2,758
Printing and postage expenses 8,469 6,106 1,421
Insurance expense 3,500 3,501 585
Other expenses 12,498 4,210 585
TOTAL EXPENSES 556,718 166,765 41,512
Less: Fees waived and expenses reimbursed by the Advisor (167,046 ) (131,926 ) (38,183 )
NET EXPENSES 389,672 34,839 3,329
NET INVESTMENT INCOME 4,297,439 299,752 26,246
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investments (39,196 ) 1,812 -
Net change in unrealized depreciation on investments (1,649,303 ) (16,001 ) (8,875 )
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS (1,688,499 ) (14,189 ) (8,875 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,608,940 $ 285,563 $ 17,371
* The Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and Weitz Short Duration Bond ETF commenced operations on August 12, 2025, November 4, 2025, and March 31, 2026 respectively.

See accompanying notes to financial statements.

19

Weitz Core Plus Bond ETF
STATEMENT OF CHANGES IN NET ASSETS
For the
Period Ended
May 31, 2026 *
FROM OPERATIONS
Net investment income $ 4,297,439
Net realized loss from investments (39,196 )
Net change in unrealized depreciation on investments (1,649,303 )
Net increase in net assets resulting from operations 2,608,940
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid (4,115,400 )
Net decrease in net assets from distributions to shareholders (4,115,400 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold 200,721,627
Payments for shares redeemed (1,256,097 )
Net increase in net assets from shares of beneficial interest 199,465,530
TOTAL INCREASE IN NET ASSETS 197,959,070
NET ASSETS
Beginning of period -
End of Period $ 197,959,070
SHARE ACTIVITY
Shares Outstanding, Beginning of Period -
Shares Sold 7,875,000
Shares Redeemed (50,000 )
Shares Outstanding, End of Period 7,825,000
* The Weitz Core Plus Bond ETF commenced operations on August 12, 2025.

See accompanying notes to financial statements.

20

Weitz Multisector Bond ETF
STATEMENT OF CHANGES IN NET ASSETS
For the
Period Ended
May 31, 2026 *
FROM OPERATIONS
Net investment income $ 299,752
Net realized gain from investments 1,812
Net change in unrealized depreciation on investments (16,001 )
Net increase in net assets resulting from operations 285,563
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid (286,698 )
Net decrease in net assets from distributions to shareholders (286,698 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold 15,025,001
Net increase in net assets from shares of beneficial interest 15,025,001
TOTAL INCREASE IN NET ASSETS 15,023,866
NET ASSETS
Beginning of Period -
End of Period $ 15,023,866
SHARE ACTIVITY
Shares Outstanding, Beginning of Period -
Shares Sold 600,000
Shares Outstanding, End of Period 600,000
* The Weitz Multisector Bond ETF commenced operations on November 4, 2025.

See accompanying notes to financial statements.

21

Weitz Short Duration Bond ETF
STATEMENT OF CHANGES IN NET ASSETS
For the
Period Ended
May 31, 2026 *
FROM OPERATIONS
Net investment income $ 26,246
Net realized gain from investments -
Net change in unrealized depreciation on investments (8,875 )
Net increase in net assets resulting from operations 17,371
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid (23,528 )
Net decrease in net assets from distributions to shareholders (23,528 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold 5,626,102
Net increase in net assets from shares of beneficial interest 5,626,102
TOTAL INCREASE IN NET ASSETS 5,619,945
NET ASSETS
Beginning of Period -
End of Period $ 5,619,945
SHARE ACTIVITY
Shares Outstanding, Beginning of Period -
Shares Sold 225,000
Shares Outstanding, End of Period 225,000
* The Weitz Short Duration Bond ETF commenced operations on March 31, 2026.

See accompanying notes to financial statements.

22

Weitz Core Plus Bond ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented
For the
Period Ended
May 31, 2026 (a)
Net asset value, beginning of period $ 25.00
Activity from investment operations:
Net investment income (b) 1.02
Net realized and unrealized gain on investments 0.08
Total from investment operations 1.10
Less distributions from:
Net investment income (0.80 )
Net realized gains (0.00 ) (c)
Total distributions (0.80 )
Net asset value, end of period $ 25.30
Total return(d) 4.44 % (e)
Net assets, end of period (000s) $ 197,959
Ratio of gross expenses to average net assets 0.65 % (f)
Ratio of net expenses to average net assets 0.45 % (f)
Ratio of net investment income to average net assets 5.02 % (f)
Portfolio Turnover Rate(g) 23 % (e)
(a) The Weitz Core Plus Bond ETF commenced operations on August 12, 2025.
(b) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Amount rounds to less than $0.005
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(e) Not annualized.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind transactions.

See accompanying notes to financial statements.

23

Weitz Multisector Bond ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented
For the
Period Ended
May 31, 2026 (a)
Net asset value, beginning of period $ 25.00
Activity from investment operations:
Net investment income (b) 0.80
Net realized and unrealized loss on investments (0.05 )
Total from investment operations 0.75
Less distributions from:
Net investment income (0.71 )
Total distributions (0.71 )
Net asset value, end of period $ 25.04
Total return(c) 3.03 % (d)
Net assets, end of period (000s) $ 15,024
Ratio of gross expenses to average net assets 3.13 % (e)
Ratio of net expenses to average net assets 0.65 % (e)
Ratio of net investment income to average net assets 5.62 % (e)
Portfolio Turnover Rate(f) 40 % (d)
(a) The Weitz Multisector Bond ETF commenced operations on November 4, 2025.
(b) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(d) Not annualized.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind transactions.

See accompanying notes to financial statements.

24

Weitz Short Duration Bond ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented
For the
Period Ended
May 31, 2026 (a)
Net asset value, beginning of period $ 25.00
Activity from investment operations:
Net investment income (b) 0.15
Net realized and unrealized loss on investments (0.05 )
Total from investment operations 0.10
Less distributions from:
Net investment income (0.12 )
Total distributions (0.12 )
Net asset value, end of period $ 24.98
Total return(c) 0.40 % (d)
Net assets, end of period (000s) $ 5,620
Ratio of gross expenses to average net assets 5.69 % (e)
Ratio of net expenses to average net assets 0.45 % (e)
Ratio of net investment income to average net assets 3.60 % (e)
Portfolio Turnover Rate(f) 2 % (d)
(a) The Weitz Short Duration Bond ETF commenced operations on March 31, 2026.
(b) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(d) Not annualized.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind transactions.

See accompanying notes to financial statements.

25

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

(1) ORGANIZATION

The Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and Weitz Short Duration Bond ETF (each a “Fund” or collectively the “Funds”) are each a non-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 registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and Weitz Short Duration Bond ETF commenced operations on August 12, 2025, November 4, 2025, and March 31, 2026, respectively. Each Fund is an actively managed exchange traded fund (“ETF”). The investment objectives of the Weitz Core Plus Bond ETF and Weitz Short Duration Bond ETF are current income and capital preservation, and the investment objective of the Weitz Multisector Bond ETF is to provide a high level of current income. Each Fund’s investment objective may be changed by the Board upon 60 days’ written notice to shareholders.

(2) SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and require 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies, including Accounting Standards Update 2013-08.

Operating Segments - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Accounting Pronouncement - The Funds adopted the FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

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

Each Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the “fair value” procedures approved by the Trustees of the Trust (the “Board”). The Board designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public

26

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process - The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds’ calculation of their NAV. Restricted or illiquid investments, 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 Funds’ 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.

Valuation of Underlying Funds - The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). Investment companies are valued at their respective NAVs as reported by such investment companies. Open-end investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the NAV per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

Exchange Traded Funds - The Funds may invest in ETFs, which are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which it invests, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have 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 on an inactive

27

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2026 for the Funds’ assets and liabilities measured at fair value:

Weitz Core Plus Bond ETF

Assets* Level 1 Level 2 Level 3 Total
Asset Backed Securities $ - $ 39,989,747 $ - $ 39,989,747
Collateralized Mortgage Obligations - 189,293 - 189,293
Corporate Bonds - 42,902,729 - 42,902,729
U.S Government & Agencies - 115,708,881 - 115,708,881
Total $ - $ 198,790,650 $ - $ 198,790,650

Weitz Multisector Bond ETF

Assets* Level 1 Level 2 Level 3 Total
Asset Backed Securities $ - $ 4,618,518 $ - $ 4,618,518
Corporate Bonds - 4,701,333 - 4,701,333
U.S Government & Agencies - 5,635,497 - 5,635,497
Total $ - $ 14,955,348 $ - $ 14,955,348

Weitz Short Duration Bond ETF

Assets* Level 1 Level 2 Level 3 Total
Asset Backed Securities $ - $ 1,358,920 $ - $ 1,358,920
Collateralized Mortgage Obligations - 178,561 - 178,561
Corporate Bonds - 303,158 - 303,158
U.S Government & Agencies - 3,255,515 - 3,255,515
Total $ - $ 5,096,154 $ - $ 5,096,154

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

* Refer to the Schedule of Investments for portfolio composition.

28

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

Security Transactions and Related Income

Security transactions are accounted for on trade date basis. 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

Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the Funds. Each Fund distributes their net realized capital gains, if any, to shareholders annually. Dividends from net investment income and distributions from net realized gains are recorded on ex-dividend date and 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.

Cash

Each Fund considers its investments in an FDIC (“Federal Deposit Insurance Corporation”) insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. Each Fund maintains these balances with a high-quality financial institution.

Federal Income Taxes

Each 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 Funds recognize 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 Funds’ 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 or expected to be taken in the Funds’ May 31, 2026, year-end tax returns.

Expenses

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

Indemnification

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

29

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

(3) INVESTMENT TRANSACTIONS

For the period ended May 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions, U.S. government securities, and short-term investments) for the Funds were as follows:

Purchases Proceeds from Purchases Proceeds from
of Securities Sales of Securities of U.S. Sales of U.S.
excluding U.S. excluding U.S. Government Government
Government Securities Government Securities Securities Securities
Weitz Core Plus Bond ETF $ 98,369,379 $ 15,488,262 $ 123,974,425 $ 6,511,879
Weitz Multisector Bond ETF 10,500,665 1,205,382 7,402,070 1,736,192
Weitz Short Duration Bond ETF 1,079,269 36,247 3,263,498 -
(4) INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Weitz Investment Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). Fees incurred under this agreement are paid directly by the Funds. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent.

The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Trust.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.40%, 0.50%, 0.40% of the Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and of the Weitz Short Duration Bond ETF’s average daily net assets, respectively. For the period ended May 31, 2026, the Adviser earned $341,225, $26,605, and $2,906 in advisory fees for Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF and Weitz Short Duration Bond ETF, respectively.

Pursuant to an operating expense limitation agreement (the “Agreement”) between the Adviser and the Trust on behalf of the Funds, the Adviser has agreed to waive its fees and/or absorb expenses of the Funds to ensure that the total annual fund operating expenses for the Funds (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) do not exceed the 0.45%, 0.65%, and 0.45% of the average daily net assets for Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and Weitz Short Duration Bond ETF respectively, through September 30, 2026. This operating expense limitation agreement can be terminated only by, or with consent of the Board. The Adviser is permitted to receive reimbursement from the Funds for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date of the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. For the period ended May 31, 2026, the Adviser waived fees and/or reimbursed expenses in the amount of $167,046, $131,926, and $38,183 for Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF, and Weitz Short Duration Bond ETF respectively, which are subject to recapture by the Adviser before May 31, 2029 pursuant to the agreement.

30

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

In addition, the following provide services to the Funds as follows:

Ultimus Fund Solutions, LLC (“Ultimus”) - Ultimus provides administration and fund accounting services to the Funds. Pursuant to a separate servicing agreement with Ultimus, the Adviser pays Ultimus customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of Ultimus and are not paid any fees directly by the Adviser 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 each Fund.

The amounts due to NLCS for chief compliance officer services are listed in the Statement of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the period are shown in the Statement of Operations under “Professional fees.”

BluGiant, LLC (“BluGiant”) - BluGiant provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

(5) DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The below table represents aggregate cost for federal tax purposes, for the Funds as of May 31, 2026 and differs from market value by net unrealized appreciation/depreciation which consisted of:

Gross Unrealized Gross Unrealized Net Unrealized
Fund Tax Cost Appreciation Depreciation Appreciation/(Depreciation)
Weitz Core Plus Bond ETF $ 200,466,010 $ 970,813 $ (2,646,173 ) $ (1,675,360 )
Weitz Multisector Bond ETF 14,978,146 115,941 (138,739 ) (22,798 )
Weitz Short Duration Bond ETF 5,105,029 5,205 (14,080 ) (8,875 )

The tax character of fund distributions paid for the period ended May 31, 2026, was as follows:

For the period ended May 31, 2026:
Ordinary Long-Term Return Tax-Exempt
Fund Income Capital Gains of Capital Income Total
Weitz Core Plus Bond ETF $ 4,115,400 $ - $ - $ - $ 4,115,400
Weitz Multisector Bond ETF 286,698 - - - 286,698
Weitz Short Duration Bond ETF 23,528 - - - 23,528

As of May 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Post October Loss Capital Loss Unrealized Total
Ordinary And Carry Appreciation/ Accumulated
Fund Income Late Year Loss Forwards Depreciation Earnings/(Deficits)
Weitz Core Plus Bond ETF $ 208,114 $ (38,202 ) $ - $ (1,675,360 ) $ (1,505,448 )
Weitz Multisector Bond ETF 21,706 - - (22,798 ) (1,092 )
Weitz Short Duration Bond ETF 2,848 - (130 ) (8,875 ) (6,157 )

31

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

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

Post October
Fund Losses
Weitz Core Plus Bond ETF $ 38,202
Weitz MultiSector ETF -
Weitz Short Duration Bond ETF -

Capital losses incurred after October 31 within the fiscal period are deemed to arise on the first business day of the following fiscal period for tax purposes. The Weitz Core Plus ETF incurred and elected to defer such capital losses of $38,202.

At May 31, 2026, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

Non-Expiring
Fund Short-Term Long-Term Total
Weitz Core Plus Bond ETF $ - $ - $ -
Weitz Multisector Bond ETF - - -
Weitz Short Duration Bond ETF 130 - 130

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of realized gain (loss) of non-deductible expenses, resulted in reclassifications for the Funds for the period ended May 31, 2026, as follows:

Paid Accumulated
In Earnings (Losses)
Fund Capital Long-Term
Weitz Core Plus Bond ETF $ (1,012 ) $ 1,012
Weitz Multisector Bond ETF (43 ) 43
Weitz Short Duration Bond ETF - -
(6) CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. For purposes of GAAP, in-kind redemption transactions are treated as a sale of securities and any resulting gains and losses are recognized based on the market value of the securities on the date of the transfer. Only Authorized Participants (“APs”) or transactions done through an AP are permitted to purchase or redeem Creation Units from the Funds. An AP is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Funds are disclosed in the Statement of Changes in Net Assets.

32

Weitz ETFs

NOTES TO FINANCIAL STATEMENTS

May 31, 2026

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

Maximum Additional Variable Charge for
Fee for In-Kind and Cash Purchases Cash Purchases*
$300 2.00%
* The maximum Transaction Fee may be up to 2.00% of the amount invested.
(7) PRINCIPAL INVESTMENT RISKS

Investment strategies and risk factors of each Fund are discussed in the Funds’ Prospectus and SAI.

(8) SUBSEQUENT EVENTS

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

33

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Weitz Core Plus Bond ETF, Weitz Multisector Bond ETF and Weitz Short Duration Bond ETF (the “Funds”), each a series of Northern Lights Fund Trust II (the “Trust”), including the schedule of investments, as of May 31, 2026, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of May 31, 2026, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Statements of Statements of
Individual Funds operations changes in net assets Financial highlights
Weitz Core Plus Bond ETF For the period August 12, 2025 (commencement of operations) through May 31, 2026. For the period August 12, 2025 (commencement of operations) through May 31, 2026. For the period August 12, 2025 (commencement of operations) through May 31, 2026.
Weitz Multisector Bond ETF For the period November 4, 2025 (commencement of operations) through May 31, 2026. For the period November 4, 2025 (commencement of operations) through May 31, 2026. For the period November 4, 2025 (commencement of operations) through May 31, 2026.
Weitz Short Duration Bond ETF For the period March 31, 2026 (commencement of operations) through May 31, 2026. For the period March 31, 2026 (commencement of operations) through May 31, 2026. For the period March 31, 2026 (commencement of operations) through May 31, 2026.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1995.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ 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 Funds’ 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 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. Our procedures included confirmation of securities owned as of May 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

June 29, 2026

34

Weitz ETFs

ADDITIONAL INFORMATION (Unaudited)

May 31, 2026

Changes in and Disagreements with Accountants

Not applicable

Proxy Disclosures

Not applicable

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

At a Meeting (the “Meeting”) of the Board of Trustees (the “Board”) of Northern Lights Fund Trust II (the “Trust”) held on July 30, 2025 the Board, including the disinterested Trustees (the “Independent Trustees”), considered the approval of the investment advisory agreement (the “Advisory Agreement”) between Weitz Investment Management, Inc. (“Weitz”) and the Trust on behalf of each of the Weitz Core Plus Bond ETF (the “Weitz Core ETF”) and Weitz Multisector Bond ETF (the “Weitz Multisector ETF” and together with the Weitz Core ETF, the “Funds”).

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

In advance of the Meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Advisory Agreement, a memorandum prepared by Independent trustee counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreements and comparative information relating to the advisory fee and other expenses of the Funds. The materials also included due diligence materials relating to Weitz (including due diligence questionnaires completed by Weitz, select financial information of Weitz, bibliographic information regarding Weitz’s key management and investment advisory personnel, and comparative fee information relating to the Funds and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from Fund management. In considering the approval of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the of the Advisory Agreement was in the best interests of each Fund and their respective 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 Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed materials provided by Weitz related to the proposed approval of the Advisory Agreement, including its ADV, a description of the

35

Weitz ETFs

ADDITIONAL INFORMATION (Unaudited)

May 31, 2026

manner in which investment decisions will be made and executed, and a review of the personnel that will be performing services for each of the Funds, including the individuals that will primarily monitor and execute the investment strategies. The Board noted that Weitz has been a registered investment adviser with the SEC since May, 1983, and that its personnel have many years of experience in the financial services industry and with investment management. The Board discussed Weitz’s research capabilities and the quality of its compliance infrastructure. Additionally, the Board received satisfactory responses from representatives of Weitz with respect to a series of important questions, including: whether Weitz or its principals were involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of each of the Funds; and whether there are procedures in place to adequately allocate trades among its clients. The Board reviewed the description provided on the practices for monitoring compliance with each of the Fund’s investment limitations, noting that Weitz’s CCO would actively review the portfolio managers’ performance of their duties to ensure compliance under Weitz’s compliance program. The Board reviewed the capitalization of Weitz and, based on financial information provided by and representations made by Weitz and its representatives, concluded that Weitz was sufficiently well-capitalized in order to meet its obligations to each of the Funds. The Board also discussed Weitz’s compliance program with the CCO of the Trust and the Board noted that the CCO of the Trust represented that based on his review, the Weitz’s policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted Weitz’s representation that the draft prospectus and statement of additional information for the Weitz Core ETF and the Weitz Multisector ETF accurately describes the investment strategies of the Weitz Core ETF and the Weitz Multisector ETF, respectively. After further discussion, the Board concluded that Weitz had sufficient quality and depth of personnel, resources and investment methods essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Weitz to each of the Funds appear to be satisfactory.

Performance. Because the Weitz Core ETF and the Weitz Multisector ETF had not yet commenced operations, the Board reviewed the composite performance of Weitz’s similarly managed accounts. The Board noted that the Weitz Core Plus Income Composite, net of fees, has outperformed its benchmark, the Bloomberg U.S. Aggregate (U.S. Agg) Index for the one year, three year, five-year and ten-year periods while further noting that Weitz does not currently manage any accounts with a strategy similar to the Weitz Multisector ETF. After further discussion, the Board was satisfied that Weitz would be able to provide an adequate level of performance for the Weitz Core ETF and the Weitz Multisector ETF.

Fees and Expenses. As to the costs of the services to be provided by Weitz, the Board reviewed and discussed the proposed advisory fee for the Weitz Core ETF and the Weitz Multisector ETF and the anticipated total operating expenses for the Weitz Core ETF and the Weitz Multisector ETF as compared to its respective peer group and Morningstar category as presented in the Board Materials. The Board noted, with respect to the Weitz Core ETF, that the proposed advisory fee was at the median for both the peer group and Morningstar category, and, with respect to the Weitz Multisector ETF, that the proposed advisory fee was at the median for the

36

Weitz ETFs

ADDITIONAL INFORMATION (Unaudited)

May 31, 2026

Morningstar category and only slightly above the median for the peer group. The Board then reviewed the contractual arrangements for each of the Funds noting that Weitz had agreed to contractually waive or limit its advisory fee and/or reimburse expenses in order to limit net annual operating expenses, exclusive of certain fees until September 30, 2026, so as not to exceed 0.45% and 0.65% of the average annual net assets of the Weitz Core ETF and Weitz Multisector ETF, respectively, and found such arrangements beneficial to shareholders of the respective Funds. The Board concluded that the advisory fee to be charged by Weitz with respect to the Weitz Core ETF and the Weitz Multisector ETF was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to Weitz with respect to each of the Funds based on profitability estimates and analyses provided by Weitz and reviewed by the Board. After review and discussion, the Board concluded that, based on the services to be provided by Weitz and the projected growth of the Weitz Core ETF and the Weitz Multisector ETF, the anticipated level of profit from Weitz’s relationship with each of the Funds was not excessive.

Economies of Scale. As to the extent to which the Weitz Core ETF and the Weitz Multisector ETF 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 Weitz’s expectations for growth of each of the Funds and concluded that any material economies of scale would not be achieved in the near term.

Conclusion. Messrs. Baum and Westle assisted the Board throughout the agreement review process. The Board members relied upon the advice of independent counsel, and their own business judgement in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Weitz as the Board believed to be reasonably necessary to evaluate the terms of the 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 of Weitz Core ETF and Weitz Multisector ETF that (a) the terms of the Advisory Agreement are reasonable; (b) the advisory fee is not unreasonable; and (c) the Advisory Agreement is in the best interests of each of Weitz Core ETF and Weitz Multisector ETF and their respective shareholders. In considering the approval of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the Advisory Agreement was in the best interests of each of the Funds and their respective 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 Advisory Agreement.

At a Meeting of the Trust held on January 21, 2026 the Board, including the Independent Trustees, considered the approval of the Advisory Agreement between Weitz and the Trust on behalf of each of the Weitz Short Duration Bond ETF (the “Weitz Short Duration”).

37

Weitz ETFs

ADDITIONAL INFORMATION (Unaudited)

May 31, 2026

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

In advance of the Meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Advisory Agreement, a memorandum prepared by Independent trustee counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreements and comparative information relating to the advisory fee and other expenses of the Fund. The materials also included due diligence materials relating to Weitz (including due diligence questionnaires completed by Weitz, select financial information of Weitz, bibliographic information regarding Weitz’s key management and investment advisory personnel, and comparative fee information relating to the Fund and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from Fund management. In considering the approval of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the of the Advisory Agreement was in the best interests of the Fund and its respective 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 Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed materials provided by Weitz related to the proposed approval of the Weitz Advisory Agreement, including its ADV, a description of the manner in which investment decisions will be made and executed, and a review of the personnel performing services for Weitz Short Duration, including the individuals that will primarily monitor and execute the investment process. The Board noted that Weitz has been registered as an investment adviser with the SEC since June 1983, and that its personnel have many years of experience in the financial services industry and with investment management. The Board discussed Weitz’s research capabilities and the quality of its compliance infrastructure noting that Weitz maintains an in-house compliance department of experienced and qualified individuals to oversee the development of its compliance program with respect to advising a registered fund and assist with oversight of the program. Additionally, the Board received satisfactory responses from representatives of Weitz with respect to a series of important questions, including: whether Weitz or its principals were involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of Weitz Short Duration; and whether there are procedures in place to adequately allocate trades among its clients. The Board reviewed the description provided on the practices for monitoring compliance with Weitz Short Duration’s investment limitations, noting that Weitz’s CCO would actively review the portfolio managers’ performance of their duties to ensure compliance under Weitz’s compliance program. The Board reviewed the capitalization of Weitz and, based on financial information provided by and representations made by Weitz and its representatives, concluded that Weitz was sufficiently well-capitalized in order to meet its

38

Weitz ETFs

ADDITIONAL INFORMATION (Unaudited)

May 31, 2026

obligations to Weitz Short Duration. The Board noted that the Trust’s CCO represented that Weitz’s compliance policies and procedures are reasonably designed to prevent violations of applicable securities laws. The Board also noted Weitz’s representation that the draft prospectus and statement of additional information for Weitz Short Duration accurately describe the investment strategies and risks of Weitz Short Duration. After further discussion, the Board concluded that Weitz had sufficient quality and depth of personnel, resources and investment methods essential to performing its duties under the Weitz Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Weitz to Weitz Short Duration appear to be satisfactory.

Performance. Because Weitz Short Duration had not yet commenced operations, the Board reviewed the composite performance of Weitz’s similarly managed accounts. The Board noted that the strategy has produced positive returns for those accounts and also noted that they were satisfied with the performance of the other ETFs managed by Weitz in the Trust. After further discussion, the Board was satisfied that Weitz would be able to provide an adequate level of performance for Weitz Short Duration.

Fees and Expenses. As to the costs of the services to be provided by Weitz, the Board reviewed and discussed the proposed advisory fee for Weitz Short Duration compared to its peer group and Morningstar category as presented in the Board Materials noting that the proposed fee, while above the peer group and category median, was not highest fee in either its peer group or category.

The Board then reviewed the contractual arrangements for Weitz Short Duration noting that Weitz has agreed contractually to waive or limit its advisory fee and/or reimburse expenses for the Fund in order to limit its net annual operating expenses, exclusive of certain fees at least until September 30, 2027, to not exceed 0.45% of the average annual net assets of the Fund, and found such arrangements to be beneficial to the shareholders. The Board concluded that the fee to be charged by Weitz with respect to Weitz Short Duration was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to Weitz with respect to Weitz Short Duration based on profitability estimates and analyses provided by Weitz and reviewed by the Board. After review and discussion, the Board concluded that, based on the services to be provided by Weitz and the projected growth of Weitz Short Duration, the anticipated level of profit from Weitz’s relationship with Weitz Short Duration was not excessive.

Economies of Scale. As to the extent to which Weitz Short Duration 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 Weitz’s expectations for growth of Weitz Short Duration and concluded that any material economies of scale would not be achieved in the near term.

39

INVESTMENT ADVISER

Weitz Investment Management, Inc.

Blackstone Plaza

3555 Farnam Street, Suite 800

Omaha, NE 68131

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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

Not applicable.

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

Not applicable.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

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 7/30/26

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 7/30/26

By (Signature and Title)

/s/ Erik Naviloff
Erik Naviloff, Principal Financial Officer/ Treasurer
Date 7/30/26
Northern Lights Fund Trust II published this content on August 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 07, 2026 at 19:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]