# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-004276
**Filing Date:** 2025-11
**Character Count:** 12044
**Document Hash:** 0113dbabc2590453ad51b9028d99b86a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004276.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004276

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251527189

**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

### Dynamic U.S. Opportunity Fund (Series ID: S000035094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000107964 | Dynamic U.S. Opportunity Fund Class I | ICSIX           |
| C000107965 | Dynamic U.S. Opportunity Fund Class N | ICSNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **DYNAMIC U.S. OPPORTUNITY FUND** | **DYNAMIC U.S. OPPORTUNITY FUND** | **DYNAMIC U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 100.0%** |  |
|  | **EQUITY - 99.7%** |  |
| 150892 | Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; $17861086 |
| 39603 | Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 9490463 |
| 68213 | Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 5345853 |
| 12607 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 1126309 |
| 288067 | Financial Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp; 15518169 |
| 66851 | Health Care Select Sector SPDR Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9303654 |
| 85357 | Industrial Select Sector SPDR Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13164610 |
| 27823 | iShares Russell Mid-Cap Growth ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3962273 |
| 32656 | Real Estate Select Sector SPDR Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1375797 |
| 42311 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 2341068 |
| 75265 | Technology Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 21214194 |
| 76159 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 6641826 |
|  |  | &nbsp;&nbsp; 107345302 |
|  | **FIXED INCOME - 0.3%** |  |
| 6087 | JPMorgan Active Bond ETF | &nbsp;&nbsp;&nbsp; 329672 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $91,370,882)** | &nbsp;&nbsp; 107674974 |
|  | **SHORT-TERM INVESTMENTS — 8.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.9%** |  |
| 8562112 | Mount Vernon Liquid Assets Portfolio, 4.22%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 8562112 |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 243662 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 243662 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,805,774)** | &nbsp;&nbsp; 8805774 |
|  | **TOTAL INVESTMENTS – 108.1% (Cost $100,176,656)** | &nbsp;&nbsp;&nbsp; $116480748 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.1)%** | &nbsp;&nbsp; (8768530) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $107712218 |

---

---

| | | |
|:---|:---|:---|
| **DYNAMIC U.S. OPPORTUNITY FUND** | **DYNAMIC U.S. OPPORTUNITY FUND** | **DYNAMIC U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| ETF | ETF | - Exchange-Traded Fund |
| SPDR | SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $8,429,131 | All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $8,429,131 |

---

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(c)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2025 is $8,562,112.

## 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:** Dynamic US Opportunity Fund

- **b. EDGAR series identifier (if any):** S000035094

- **c. LEI of Series:** 549300OB7I9CZDR7MR50

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $108209493.42

**Total Liabilities:** $497275.64

**Net Assets:** $107712217.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000107965 | 0.91%                | 1.54%                | 3.10%                |
| Class ID C000107964 | 0.97%                | 1.54%                | 3.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1094038.46                                |
| Month 2  | $3113343.65              | $-1364149.10                               |
| Month 3  | $-46175.82               | $3154015.53                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| J P Morgan Exchange Traded Fund Trust | JPM ACT BD ETF                       | CUSIP: 46654Q716<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |      6087 | NS      | $329671.92    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-ENERGY SEL                      | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     12607 | NS      | $1126309.38   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                         | ISHARES RUSSELL                      | CUSIP: 464287481<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     27823 | NS      | $3962273.43   | 3.68%             |  |  |  | No            | 1                  | On Loan: —       |
| Select Sector Spdr Trust              | REAL EST SEL SEC                     | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     32656 | NS      | $1375797.28   | 1.28%             |  |  |  | No            | 1                  | On Loan: —       |
| Select Sector Spdr Trust              | SPDR-INDU SELECT                     | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     85357 | NS      | $13164610.11  | 12.22%            |  |  |  | No            | 1                  | On Loan: —       |
| Select Sector Spdr Trust              | SPDR-CONS STAPLE                     | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     68213 | NS      | $5345852.81   | 4.96%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                   | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-TECH SEL S                      | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     75265 | NS      | $21214192.90  | 19.70%            |  |  |  | No            | 1                  | On Loan: No      |
| First American Funds Inc.             | FIRST AM-TR OB-X                     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    243662 | PA      | $243662.01    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-UTIL SELECT                     | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     76159 | NS      | $6641826.39   | 6.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-CONS DISCRE                     | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     39603 | NS      | $9490462.92   | 8.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-COMM SERV                       | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    150892 | NS      | $17861086.04  | 16.58%            |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-FINL SELECT                     | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    288067 | NS      | $15518169.29  | 14.41%            |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SPDR-HEALTH CARE                     | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     66851 | NS      | $9303653.67   | 8.64%             |  |  |  | No            | 1                  | On Loan: —       |
| SPDR Series Trust                     | SPD-POR S&P500 V                     | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     42311 | NS      | $2341067.63   | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer