Report 
 
      
Registrant:   Northern Lights Fund Trust II — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  2/28/18

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1518042
SEC File #:   811-22549

Telephone #:  631-470-2603
 
 2.
Address:      17605 Wright Street
              Omaha, NE  68130
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  22
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 34:    PCS Commodity Strategy Fund — S#46565 ⇒ PCYAX & 2 more
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  No
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series
↑List of Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Brokerage Commissions Paid on Portfolio Transactions 
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  23
 
 All: 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Ceros
Registrant’s purchases ($000s):  32,600
Registrant’s sales ($000s):  43,733
 
22.2
Entity:       Wells Fargo Bank
Registrant’s purchases ($000s):  36,785
 
22.3
Entity:       Union Bank
Registrant’s sales ($000s):  2,700
 
22.4
Entity:       Societe General SEC Corp.
Registrant’s sales ($000s):  300
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  69,385
   Aggregate sales ($000s):  46,733
 
 All: 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  No
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 Series 34
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 7.
Name:         PCS Commodity Strategy Fund — S#46565 ⇒ PCYAX & 2 more

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S34: 
Investment Adviser 
 
 8.1
Name:         Price Asset Management, LLC.
Role:         Adviser
SEC File #:   801-107208
Location:     Chicago, IL
 
 S34: 
Administrator 
 
10.1
Name:         Gemini Fund Services
Location:     Omaha, NE
 
 S34: 
Principal Underwriter 
 
11.1
Name:         Northern Lights Distributors, LLC
SEC File #:   008-65857
Location:     Omaha, NE
 
 S34: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Gemini Fund Services, LLC
SEC File #:   084-06083
Location:     Omaha, NE
 
 S34: 
Independent Public Accountant 
 
13.1
Name:         RSM US LLP
Location:     Denver, CO
 
 S34: 
Custodian 
 
15.1
Name:         MUFG Union Bank, N.A
Role:         Custodian
Location:     San Francisco, CA
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 S34: 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  No
 
 S34: 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Ceros
Commissions paid ($000s):  23
 
 S34: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S34: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 229
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 486
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,588
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 612
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,744
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 851
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,229
      Reinvestment of dividends and distributions ................
 61
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 689
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 4,380
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 399
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 8,788
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 247

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 19,958
      Reinvestment of dividends and distributions ................
 61
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,284

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  5,914
 
 S34: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  23

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  2

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  21
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.
Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  0
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S34: 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 100
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  31
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S34: 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.79%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   No
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 S34: 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S34: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $5,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................    85.2%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............      0.0
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......    14.8%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     106
    Years:    0.0
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
 S34: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           No        –
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         Yes to both
Investments in restricted securities?                    No        –
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            No        –
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S34: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      0

Monthly average Value of portfolio ($000s):  0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S34: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 149
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 122
Administrator fees ...............................................
 21
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 37
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 10
Directors’ fees ..................................................
 22
Registration fees ................................................
 22
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 16
Auditing fees ....................................................
 14
Legal fees .......................................................
 19
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 31
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 21
Total expenses ...................................................
 338

Expense reimbursements ($000s):   135

Net investment income ($000s):    -54

Realized capital gains ($000s):   2,639
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  106

Total income dividends for which the record date passed during the
period ($000s):  42
Dividends for a second class of shares ($000s):  21

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0200
Dividends for a second class of shares:  $0.0100

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S34: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 6,534
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 38,715
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 208
Receivables from affiliated persons ..............................
 23
Other receivables ................................................
 –
All other assets .................................................
 28
Total assets .....................................................
 45,508

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 13
Amounts owed to affiliated persons ...............................
 27
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 54

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 45,414

Number of shares outstanding (000s):   2,867
Number of shares outstanding of a second class of shares (000s):  2,442

Net Asset Value (NAV) per share (to nearest cent):  $8.08
NAV per share of a second class of shares (to nearest cent):  $8.03

Total number of shareholder accounts:  580

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  31,513
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Jim Colantino      
Name:   Jim Colantino
Title:  VP Administration