# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-002194
**Filing Date:** 2025-10
**Character Count:** 26564
**Document Hash:** cf7d1594f74364a33a505212984e9192
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002194.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000910472-25-002194

**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:** 251405542

**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 Dividend Fund (Series ID: S000040441)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000125620 | North Star Dividend Fund Class I Shares | NSDVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND 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 — 93.4%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 7.9%** |  |
| 60000 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp; $1096200 |
| 70000 | Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp; 2130099 |
| 148000 | Superior Group of Companies, Inc. | &nbsp;&nbsp;&nbsp; 1944720 |
| 59000 | Weyco Group, Inc. | &nbsp;&nbsp;&nbsp; 1787700 |
|  |  | &nbsp;&nbsp; 6958719 |
|  | **ASSET MANAGEMENT - 8.7%** |  |
| 65000 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp; 842400 |
| 49000 | Sprott, Inc. | &nbsp;&nbsp;&nbsp; 3229590 |
| 35000 | Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp; 931350 |
| 153700 | Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp; 2729712 |
|  |  | &nbsp;&nbsp; 7733052 |
|  | **AUTOMOTIVE - 1.4%** |  |
| 33000 | Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp; 1280730 |
|  | **BANKING - 5.5%** |  |
| 15850 | Bank of Hawaii Corporation | &nbsp;&nbsp;&nbsp; 1079702 |
| 76500 | Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp; 2468655 |
| 10000 | Wintrust Financial Corporation | &nbsp;&nbsp;&nbsp; 1372900 |
|  |  | &nbsp;&nbsp; 4921257 |
|  | **CHEMICALS - 4.3%** |  |
| 65000 | Oil-Dri Corporation of America | &nbsp;&nbsp;&nbsp; 3859700 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.2%** |  |
| 23200 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 1140744 |
| 45000 | Ennis, Inc. | &nbsp;&nbsp;&nbsp; 822150 |
|  |  | &nbsp;&nbsp; 1962894 |
|  | **CONSTRUCTION MATERIALS - 0.9%** |  |
| 18100 | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 795948 |
|  | **ELECTRIC UTILITIES - 7.2%** |  |
| 46000 | Avista Corporation | &nbsp;&nbsp;&nbsp; 1680840 |
| 38000 | Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 2185380 |
| 11600 | Otter Tail Corporation | &nbsp;&nbsp;&nbsp; 974284 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND 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 — 93.4% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 7.2% (Continued)** |  |
| 33500 | Unitil Corporation | &nbsp;&nbsp;&nbsp; $1573160 |
|  |  | &nbsp;&nbsp; 6413664 |
|  | **ELECTRICAL EQUIPMENT - 3.9%** |  |
| 152000 | LSI Industries, Inc. | &nbsp;&nbsp;&nbsp; 3485360 |
|  | **GAS & WATER UTILITIES - 11.7%** |  |
| 59000 | Artesian Resources Corporation, Class C | &nbsp;&nbsp;&nbsp; 1955850 |
| 162000 | Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp; 1564920 |
| 39000 | H2O America | &nbsp;&nbsp;&nbsp; 1964430 |
| 48000 | Northwest Natural Holding Company | &nbsp;&nbsp;&nbsp; 1993440 |
| 90000 | RGC Resources, Inc. | &nbsp;&nbsp;&nbsp; 2001600 |
| 28000 | York Water Company (The) | &nbsp;&nbsp;&nbsp; 869960 |
|  |  | &nbsp;&nbsp; 10350200 |
|  | **HOME & OFFICE PRODUCTS - 6.0%** |  |
| 357000 | ACCO Brands Corporation | &nbsp;&nbsp;&nbsp; 1435140 |
| 64000 | Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp; 2968320 |
| 64000 | Hamilton Beach Brands Holding Company, Class A | &nbsp;&nbsp;&nbsp; 943360 |
|  |  | &nbsp;&nbsp; 5346820 |
|  | **HOUSEHOLD PRODUCTS - 3.2%** |  |
| 169000 | Crown Crafts, Inc. | &nbsp;&nbsp;&nbsp; 507000 |
| 83000 | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2287480 |
|  |  | &nbsp;&nbsp; 2794480 |
|  | **INSURANCE - 2.2%** |  |
| 84000 | Crawford & Company, Class A | &nbsp;&nbsp;&nbsp; 910560 |
| 23000 | Horace Mann Educators Corporation | &nbsp;&nbsp;&nbsp; 1057540 |
|  |  | &nbsp;&nbsp; 1968100 |
|  | **LEISURE PRODUCTS - 2.0%** |  |
| 143000 | Escalade, Inc. | &nbsp;&nbsp;&nbsp; 1801800 |
|  | **MULTI ASSET CLASS REITS - 2.1%** |  |
| 48000 | Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp; 928320 |
| 107000 | LXP Industrial Trust | &nbsp;&nbsp;&nbsp; 971560 |
|  |  | &nbsp;&nbsp; 1899880 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND 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 — 93.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 3.2%** |  |
| 367000 | Evolution Petroleum Corporation | &nbsp;&nbsp;&nbsp; $1893720 |
| 31000 | Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp; 907060 |
|  |  | &nbsp;&nbsp; 2800780 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.8%** |  |
| 187000 | Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1593240 |
|  | **RESIDENTIAL REIT - 2.2%** |  |
| 125000 | UMH Properties, Inc. | &nbsp;&nbsp;&nbsp; 1961250 |
|  | **RETAIL - CONSUMER STAPLES - 2.0%** |  |
| 50000 | Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp; 1814000 |
|  | **RETAIL - DISCRETIONARY - 5.6%** |  |
| 22000 | Buckle, Inc. (The) | &nbsp;&nbsp;&nbsp; 1244980 |
| 96300 | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp; 2841813 |
| 41000 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp; 856900 |
|  |  | &nbsp;&nbsp; 4943693 |
|  | **SPECIALTY FINANCE - 2.7%** |  |
| 14000 | GATX Corporation | &nbsp;&nbsp;&nbsp; 2356340 |
|  | **SPECIALTY REIT - 3.5%** |  |
| 196000 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 3104640 |
|  | **TECHNOLOGY SERVICES - 0.7%** |  |
| 16100 | Value Line, Inc. | &nbsp;&nbsp;&nbsp; 610834 |
|  | **TELECOMMUNICATIONS - 2.5%** |  |
| 122000 | Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2215520 |
|  | **TOTAL COMMON STOCKS (Cost $63,055,411)** | &nbsp;&nbsp; 82972901 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND FUND** | **NORTH STAR DIVIDEND 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** |
|  | **PREFERRED STOCK** — **1.1%** |  |
|  | **HOME CONSTRUCTION** — **1.1%** |  |
| 40000 | Green Brick Partners, Inc., 5.7500% | &nbsp;&nbsp;&nbsp; $952680 |
|  | **TOTAL PREFERRED STOCK (Cost $846,709)** | 952680  |
|  | **SHORT-TERM INVESTMENT — 5.3%** |  |
|  | **MONEY MARKET FUND - 5.3%** |  |
| 4674277 | First American Treasury Obligations Fund, Class X, 4.20%<sup>(a)</sup><br> (Cost $4,674,277) | &nbsp;&nbsp;&nbsp; 4674277 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $68,576,397)** | &nbsp;&nbsp;&nbsp; $88599858 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | &nbsp;&nbsp; 165042 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $88764900 |

---

REIT - Real Estate Investment Trust <br>

<sup>(a)</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 Dividend Fund

- **b. EDGAR series identifier (if any):** S000040441

- **c. LEI of Series:** 549300PH7E83UXZFBS09

**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:** $88884663.16

**Total Liabilities:** $119762.76

**Net Assets:** $88764900.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125620 | 2.55%                | -0.68%               | 7.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $304493.48               | $1644603.67                                |
| Month 2  | $105895.71               | $-772312.01                                |
| Month 3  | $192201.71               | $5594081.09                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Evolution Petr Cor                | EVOLUTION PETROL          | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    367000 | NS      | $1893720.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc        | SELECT WATER SOL          | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    187000 | NS      | $1593240.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.           | APOGEE ENTERPR            | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     18100 | NS      | $795947.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.         | GRBK 5 3/4 PERP           | CUSIP: 392709200<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EP               | CORP              | US        |     40000 | NS      | $952680.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                 | GCM GROSVENOR-A           | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65000 | NS      | $842400.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                  | MOVADO GROUP              | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     60000 | NS      | $1096200.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust              | LXP INDUSTRIAL T          | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    107000 | NS      | $971560.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc           | ALEXANDER & BALD          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48000 | NS      | $928320.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc.      | WESTWOOD HOLDING          | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153700 | NS      | $2729712.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corporation | HORACE MANN EDUC          | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     23000 | NS      | $1057540.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation            | OTTER TAIL CORP           | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11600 | NS      | $974284.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.       | GLOBAL WATER RES          | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162000 | NS      | $1564920.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc.               | VITESSE ENERGY            | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $931350.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts Inc                  | CROWN CRAFTS INC          | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169000 | NS      | $507000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc.         | FLEXSTEEL INDS            | CUSIP: 339382103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64000 | NS      | $2968320.00   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                        | SPROTT INC                | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     49000 | NS      | $3229590.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc           | POSTAL REALTY-A           | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    196000 | NS      | $3104640.00   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| The York Water Co.                | YORK WATER CO             | CUSIP: 987184108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28000 | NS      | $869960.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.         | FIRST AM-TR OB-X          | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   4674277 | PA      | $4674276.93   | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                         | ENNIS INC                 | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $822150.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                 | SHOE CARNIVAL             | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41000 | NS      | $856900.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                  | GATX CORP                 | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |     14000 | NS      | $2356340.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Artesian Resources Corp.          | ARTESIAN RESOURCES CORP-C | CUSIP: 043113208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59000 | NS      | $1955850.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group Inc.                  | WEYCO GROUP               | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     59000 | NS      | $1787700.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation    | WINTRUST FINL             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     10000 | NS      | $1372900.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc.        | ETHAN ALLEN               | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96300 | NS      | $2841813.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NorthWestern Energy Group Inc     | NORTHWESTERN ENE          | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     38000 | NS      | $2185380.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                | BAR HARBOR BNKSH          | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76500 | NS      | $2468655.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc.                 | ROCKY BRANDS INC          | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |     70000 | NS      | $2130100.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                     | CRAWFORD & CO-A           | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     84000 | NS      | $910560.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc                        | THE BUCKLE INC            | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     22000 | NS      | $1244980.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc.         | VILLAGE SUPER -A          | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     50000 | NS      | $1814000.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RGC Resources Inc                 | RGC RESOURCES             | CUSIP: 74955L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $2001600.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                       | UNITIL CORP               | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33500 | NS      | $1573160.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corporation           | ACCO BRANDS CORP          | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |    357000 | NS      | $1435140.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Line Inc.                   | VALUE LINE INC            | CUSIP: 920437100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16100 | NS      | $610834.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc.                     | ESCALADE INC              | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143000 | NS      | $1801800.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                       | H2O AMERICA               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39000 | NS      | $1964430.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Companies Inc.  | SUPERIOR GROUP O          | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |    148000 | NS      | $1944720.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products, Inc.     | STANDARD MOTOR            | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     33000 | NS      | $1280730.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Company | NORTHWEST NATURA          | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     48000 | NS      | $1993440.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                | AVISTA CORP               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     46000 | NS      | $1680840.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.               | ABM INDUSTRIES            | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     23200 | NS      | $1140744.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Hldgs Inc                    | SPOK HOLDINGS IN          | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |    122000 | NS      | $2215520.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc            | ENERGIZER HOLDIN          | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     83000 | NS      | $2287480.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                | UMH PROPERTIES I          | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |    125000 | NS      | $1961250.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp.              | BANK OF HAWAII            | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     15850 | NS      | $1079702.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corporation Of America    | OIL DRI CORP              | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     65000 | NS      | $3859700.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc.               | LSI INDUSTRIES            | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |    152000 | NS      | $3485360.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co. | HAMILTON -A               | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64000 | NS      | $943360.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc.    | RILEY EXPLORATIO          | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     31000 | NS      | $907060.00    | 1.02%             |  |  |  | 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