# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-002193
**Filing Date:** 2025-10
**Character Count:** 25886
**Document Hash:** 19b58871444bb6f964abdff62ce22618
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002193.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000910472-25-002193

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251405541

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### North Star Small Cap Value Fund (Series ID: S000079928)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000241410 | North Star Small Cap Value Fund Investor Class      | WSCVX           |
| C000241411 | North Star Small Cap Value Fund Institutional Class | WFICX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.3%** |  |
|  | **ASSET MANAGEMENT - 5.8%** |  |
| 13000 | Sprott, Inc. | &nbsp;&nbsp;&nbsp; $856830 |
| 69000 | WisdomTree, Inc. | &nbsp;&nbsp;&nbsp; 939090 |
|  |  | &nbsp;&nbsp; 1795920 |
|  | **BANKING - 7.9%** |  |
| 15500 | Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp; 500185 |
| 3710 | City Holding Company | &nbsp;&nbsp;&nbsp; 476661 |
| 12000 | NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 531240 |
| 12460 | QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp; 976615 |
|  |  | &nbsp;&nbsp; 2484701 |
|  | **BEVERAGES - 1.3%** |  |
| 197000 | Farmer Bros Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 394000 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.7%** |  |
| 16000 | Hackett Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 333120 |
| 35000 | Legalzoom.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 387800 |
| 13000 | V2X, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 747500 |
|  |  | &nbsp;&nbsp; 1468420 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 19000 | Lincoln Educational Services Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 357390 |
|  | **E-COMMERCE DISCRETIONARY - 2.6%** |  |
| 30000 | Liquidity Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 797700 |
|  | **ELECTRICAL EQUIPMENT - 9.0%** |  |
| 17500 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 794150 |
| 53000 | LSI Industries, Inc. | &nbsp;&nbsp;&nbsp; 1215289 |
| 3500 | OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 805175 |
|  |  | &nbsp;&nbsp; 2814614 |
|  | **ENGINEERING & CONSTRUCTION - 7.2%** |  |
| 2200 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 1547436 |
| 4300 | VSE Corporation | &nbsp;&nbsp;&nbsp; 698320 |
|  |  | &nbsp;&nbsp; 2245756 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.3% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 5.2%** |  |
| 11000 | IMAX Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $314160 |
| 39000 | Reservoir Media, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 307320 |
| 22400 | Sphere Entertainment Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1014944 |
|  |  | &nbsp;&nbsp; 1636424 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 5800 | H2O America | &nbsp;&nbsp;&nbsp; 292146 |
|  | **HOME CONSTRUCTION - 3.6%** |  |
| 9500 | Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 716870 |
| 15000 | Interface, Inc. | &nbsp;&nbsp;&nbsp; 400800 |
|  |  | &nbsp;&nbsp; 1117670 |
|  | **HOUSEHOLD PRODUCTS - 3.8%** |  |
| 11000 | Central Garden & Pet Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400730 |
| 29000 | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp; 799240 |
|  |  | &nbsp;&nbsp; 1199970 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 3.8%** |  |
| 10500 | AZZ, Inc. | &nbsp;&nbsp;&nbsp; 1185345 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.4%** |  |
| 16000 | EVI Industries, Inc. | &nbsp;&nbsp;&nbsp; 443840 |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 10000 | Yelp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 316200 |
|  | **LEISURE FACILITIES & SERVICES - 3.3%** |  |
| 60000 | Lucky Strike Entertainment Corporation | &nbsp;&nbsp;&nbsp; 642000 |
| 17000 | OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp; 383690 |
|  |  | &nbsp;&nbsp; 1025690 |
|  | **MACHINERY - 3.4%** |  |
| 5000 | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp; 1057300 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 4900 | Gulfport Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 852747 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.3% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 3.0%** |  |
| 44000 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $289960 |
| 24200 | Thermon Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 641784 |
|  |  | &nbsp;&nbsp; 931744 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.8%** |  |
| 68000 | Mobile Infrastructure Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 264520 |
|  | **RESIDENTIAL REIT - 2.5%** |  |
| 49561 | UMH Properties, Inc. | &nbsp;&nbsp;&nbsp; 777612 |
|  | **RETAIL - DISCRETIONARY - 3.7%** |  |
| 3800 | Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 675526 |
| 21817 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp; 455975 |
|  |  | &nbsp;&nbsp; 1131501 |
|  | **SEMICONDUCTORS - 3.3%** |  |
| 7392 | Axcelis Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 591656 |
| 5400 | Silicon Motion Technology Corporation - ADR | &nbsp;&nbsp;&nbsp; 430272 |
|  |  | &nbsp;&nbsp; 1021928 |
|  | **SOFTWARE - 1.4%** |  |
| 31000 | Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp; 439270 |
|  | **SPECIALTY REIT - 2.8%** |  |
| 55500 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 879120 |
|  | **STEEL - 1.4%** |  |
| 7800 | Commercial Metals Company | &nbsp;&nbsp;&nbsp; 449826 |
|  | **TECHNOLOGY HARDWARE - 2.1%** |  |
| 42000 | Turtle Beach Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 664440 |
|  | **TOBACCO & CANNABIS - 1.2%** |  |
| 43000 | Green Thumb Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 373666 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** | **NORTH STAR SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.3% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 12500 | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp; $301625 |
|  | **TRANSPORTATION EQUIPMENT - 3.4%** |  |
| 18000 | Blue Bird Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1051020 |
|  | **TOTAL COMMON STOCKS (Cost $17,704,113)** | &nbsp;&nbsp; 29772105 |
|  | **SHORT-TERM INVESTMENT — 4.7%** |  |
|  | **MONEY MARKET FUND - 4.7%** |  |
| 1453409 | First American Treasury Obligations Fund, Class X, 4.20%<sup>(b)</sup><br> (Cost $1,453,409) | &nbsp;&nbsp;&nbsp; 1453409 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $19,157,522)** | &nbsp;&nbsp;&nbsp; $31225514 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** | &nbsp;&nbsp; 6366 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $31231880 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST II

- **b. Investment Company Act file number:** 811-22549

- **c. CIK number of Registrant:** 0001518042

- **d. LEI of Registrant:** 549300TH7YXW5G2QY588

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** North Star Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000079928

- **c. LEI of Series:** 54930009WLEFYJHJZT92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $31635704.12

**Total Liabilities:** $403823.95

**Net Assets:** $31231880.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241411 | 4.93%                | 2.95%                | 6.74%                |
| Class ID C000241410 | 4.85%                | 2.94%                | 6.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $613025.65               | $776608.68                                 |
| Month 2  | $117045.48               | $746588.09                                 |
| Month 3  | $-378092.90              | $2350104.29                                |

### Schedule of Portfolio Investments

| Name                               | Title              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Central Garden & Pet Company       | CENTRAL GARDEN     | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     11000 | NS      | $400730.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp.    | SILICON MOTI-ADR   | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |      5400 | NS      | $430272.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                    | INTERFACE INC      | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     15000 | NS      | $400800.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc             | ENERGIZER HOLDIN   | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     29000 | NS      | $799240.00    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                    | NBT BANCORP INC    | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $531240.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                        | H2O AMERICA        | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5800 | NS      | $292146.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucky Strike Entertainment Corp.   | LUCKY STRIKE ENT   | CUSIP: 10258P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $642000.00    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                   | WISDOMTREE INC     | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     69000 | NS      | $939090.00    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                           | YELP INC           | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     10000 | NS      | $316200.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Operating Corp.    | GULFPORT ENERGY    | CUSIP: 402635502<br>LEI: 549300FJX18IDUFPHD40 | Long             | EC               | CORP              | US        |      4900 | NS      | $852747.00    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                    | BLUE BIRD CORP     | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     18000 | NS      | $1051020.00   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                            | V2X INC            | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $747500.00    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc.      | COVENANT LOGISTI   | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12500 | NS      | $301625.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc         | THERMON GROUP HO   | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     24200 | NS      | $641784.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corporation                   | IMAX CORP          | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     11000 | NS      | $314160.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc.                | LSI INDUSTRIES     | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     53000 | NS      | $1215290.00   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                | CHAMPION HOMES I   | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9500 | NS      | $716870.00    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                 | TURTLE BEACH COR   | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |     42000 | NS      | $664440.00    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc             | BOOT BARN HOLDIN   | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      3800 | NS      | $675526.00    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI System Inc.                    | OSI SYSTEMS INC    | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |      3500 | NS      | $805175.00    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc.                  | QCR HOLDINGS INC   | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     12460 | NS      | $976614.80    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.          | FIRST AM-TR OB-X   | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1453409 | PA      | $1453409.02   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                        | ALLIENT INC        | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     17500 | NS      | $794150.00    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group, Inc. | HELIX ENERGY SOL   | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     44000 | NS      | $289960.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp. | LINCOLN EDUCATIO   | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     19000 | NS      | $357390.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Infrastructure Corp.        | MOBILE INFRASTRU   | CUSIP: 60739N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68000 | NS      | $264520.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                 | HACKETT GROUP      | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     16000 | NS      | $333120.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                         | SPROTT INC         | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     13000 | NS      | $856830.00    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                    | ALAMO GROUP        | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      5000 | NS      | $1057300.00   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                          | VSE CORP           | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      4300 | NS      | $698320.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reservoir Media Inc.               | RESERVOIR MEDIA    | CUSIP: 76119X105<br>LEI: 549300PHPDQ9M9QSNU18 | Long             | EC               | CORP              | US        |     39000 | NS      | $307320.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc            | POSTAL REALTY-A    | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |     55500 | NS      | $879120.00    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.              | SIMULATIONS PLUS   | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31000 | NS      | $439270.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                 | BAR HARBOR BNKSH   | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15500 | NS      | $500185.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.           | COMFORT SYSTEMS    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2200 | NS      | $1547436.00   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EVI Industries Inc.                | EVI INDUSTRIES INC | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |     16000 | NS      | $443840.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                    | CITY HOLDING CO    | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3710 | NS      | $476660.80    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                  | SHOE CARNIVAL      | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21817 | NS      | $455975.30    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.           | SPHERE ENTERTAIN   | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |     22400 | NS      | $1014944.00   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.          | ONESPAWORLD HOLD   | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |     17000 | NS      | $383690.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.          | AXCELIS TECH INC   | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      7392 | NS      | $591655.68    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Thumb Indust                 | GREEN THUMB INDU   | CUSIP: 39342L108<br>LEI: 529900Q0L3K192QQY915 | Long             | EC               | CORP              | CA        |     43000 | NS      | $373665.70    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LegalZoom.Com Inc.                 | LEGALZOOMCOM INC   | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |     35000 | NS      | $387800.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                 | UMH PROPERTIES I   | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     49561 | NS      | $777612.09    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Bros Co                     | FARMER BROS CO     | CUSIP: 307675108<br>LEI: 5493006PMLETBTVJ3262 | Long             | EC               | CORP              | US        |    197000 | NS      | $394000.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.            | LIQUIDITY SERVIC   | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     30000 | NS      | $797700.00    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company          | COMMERCIAL METAL   | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      7800 | NS      | $449826.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                            | AZZ INC            | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     10500 | NS      | $1185345.00   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** NORTHERN LIGHTS FUND TRUST II

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer