# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-004275
**Filing Date:** 2025-11
**Character Count:** 21599
**Document Hash:** 76be8311452637b22ae32197ab65b395
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004275.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004275

**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:** 251527188

**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 International Opportunity Fund (Series ID: S000035095)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000107966 | Dynamic International Opportunity Fund Class I | ICCIX           |
| C000108013 | Dynamic International Opportunity Fund Class N | ICCNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL 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 — 99.4%** |  |
|  | **EQUITY - 98.1%** |  |
| 55032 | Franklin FTSE Australia ETF | &nbsp;&nbsp;&nbsp; $1769703 |
| 24217 | Franklin FTSE Brazil ETF | &nbsp;&nbsp;&nbsp; 461305 |
| 71814 | Franklin FTSE Canada ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3260549 |
| 122989 | Franklin FTSE China ETF | &nbsp;&nbsp;&nbsp; 3198943 |
| 120789 | Franklin FTSE Germany ETF<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3980371 |
| 67696 | Franklin FTSE India ETF | &nbsp;&nbsp;&nbsp; 2524384 |
| 205539 | Franklin FTSE Japan ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7103427 |
| 69765 | Franklin FTSE Russia ETF<sup>(a),(b),(c),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp; 698 |
| 34927 | Franklin FTSE South Korea ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 942680 |
| 64924 | Franklin FTSE Switzerland ETF | &nbsp;&nbsp;&nbsp; 2489887 |
| 36995 | Franklin FTSE Taiwan ETF | &nbsp;&nbsp;&nbsp; 2172716 |
| 145335 | Franklin FTSE United Kingdom ETF | &nbsp;&nbsp;&nbsp; 4695773 |
| 42968 | iShares China Large-Cap ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1767704 |
| 7364 | iShares MSCI Australia ETF | &nbsp;&nbsp;&nbsp; 198828 |
| 21407 | iShares MSCI Chile ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 705575 |
| 3750 | iShares MSCI Denmark ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 408845 |
| 60604 | iShares MSCI France ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2662334 |
| 2905 | iShares MSCI Germany ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120877 |
| 61070 | iShares MSCI Hong Kong ETF | &nbsp;&nbsp;&nbsp; 1316059 |
| 15912 | iShares MSCI Indonesia ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 279256 |
| 48387 | iShares MSCI Italy ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2513705 |
| 8431 | iShares MSCI Malaysia ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 218532 |
| 28184 | iShares MSCI Mexico ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1922431 |
| 21245 | iShares MSCI Netherlands ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1232422 |
| 5767 | iShares MSCI Peru and Global Exposure ETF | &nbsp;&nbsp;&nbsp; 354671 |
| 2997 | iShares MSCI Philippines ETF | &nbsp;&nbsp;&nbsp; 74445 |
| 4191 | iShares MSCI Saudi Arabia ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 170071 |
| 52816 | iShares MSCI Singapore ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1496805 |
| 21669 | iShares MSCI South Africa ETF | &nbsp;&nbsp;&nbsp; 1388983 |
| 29636 | iShares MSCI South Korea ETF | &nbsp;&nbsp;&nbsp; 2373844 |
| 55897 | iShares MSCI Spain ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2766901 |
| 19614 | iShares MSCI Sweden ETF | &nbsp;&nbsp;&nbsp; 925781 |
| 8030 | iShares MSCI Taiwan ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 510869 |
| 2328 | iShares MSCI Thailand ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 137096 |

---

---

| | | |
|:---|:---|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4% (Continued)** |  |
|  | **EQUITY - 98.1% (Continued)** |  |
| 5760 | JPMorgan BetaBuilders Canada ETF | &nbsp;&nbsp;&nbsp; $502445 |
|  |  | &nbsp;&nbsp; 56648915 |
|  | **FIXED INCOME - 1.3%** |  |
| 15311 | JPMorgan International Bond Opportunities ETF | &nbsp;&nbsp;&nbsp; 750698 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $48,046,493)** | &nbsp;&nbsp; 57399613 |
|  | **SHORT-TERM INVESTMENTS — 32.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 31.6%** |  |
| 18231390 | Mount Vernon Liquid Assets Portfolio, 4.22%<sup>(c),(g)</sup> | &nbsp;&nbsp;&nbsp; 18231390 |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 431816 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 431816 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $18,663,206)** | &nbsp;&nbsp; 18663206 |
|  | **TOTAL INVESTMENTS – 131.7% (Cost $66,709,699)** | &nbsp;&nbsp;&nbsp; $76062819 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (31.7)%** | &nbsp;&nbsp; (18320844) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $57741975 |

---

ETF - Exchange-Traded Fund <br> MSCI - Morgan Stanley Capital International <br>

<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 $17,869,392.

<sup>(b)</sup> Non-income producing security.

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

<sup>(d)</sup> Affiliated Company – Dynamic International Opportunity Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(e)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(f)</sup> Restricted security.

<sup>(g)</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 $18,231,390.

## 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 International Opportunity Fund

- **b. EDGAR series identifier (if any):** S000035095

- **c. LEI of Series:** 549300GE15WM2O2AEG76

**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:** $58072263.50

**Total Liabilities:** $330288.20

**Net Assets:** $57741975.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108013 | -0.90%               | 3.96%                | 3.37%                |
| Class ID C000107966 | -0.91%               | 4.05%                | 3.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $116872.12               | $-602456.09                                |
| Month 2  | $44871.17                | $2208570.27                                |
| Month 3  | $140820.20               | $1782393.65                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Franklin Templeton ETF Trust          | FRANKLIN TAIWAN                      | CUSIP: 35473P686<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     36995 | NS      | $2172716.35   | 3.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FNK FTSE GR ETF                      | CUSIP: 35473P785<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    120789 | NS      | $3980372.00   | 6.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FRANKLIN UK ETF                      | CUSIP: 35473P678<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    145335 | NS      | $4695773.85   | 8.13%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                         | ISHARES MSCI PER                     | CUSIP: 464289842<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      5767 | NS      | $354670.50    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI THA                     | CUSIP: 464286624<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      2328 | NS      | $137095.92    | 0.24%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI NET                     | CUSIP: 464286814<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     21245 | NS      | $1232422.45   | 2.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI SWE                     | CUSIP: 464286756<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     19614 | NS      | $925780.80    | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI SIN                     | CUSIP: 46434G780<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     52816 | NS      | $1496805.44   | 2.59%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                         | ISHARES MSCI DEN                     | CUSIP: 46429B523<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      3750 | NS      | $408844.88    | 0.71%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                         | ISHARES MSCI PHI                     | CUSIP: 46429B408<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2997 | NS      | $74445.48     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FRK FTSE SWISS                       | CUSIP: 35473P694<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     64924 | NS      | $2489887.34   | 4.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FNK FTSE CH ETF                      | CUSIP: 35473P819<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    122989 | NS      | $3198943.89   | 5.54%             |  |  |  | No            | 1                  | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust | JPM-INTL BND ETF                     | CUSIP: 46641Q852<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     15311 | NS      | $750698.33    | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                         | ISHARES CHINA LA                     | CUSIP: 464287184<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     42968 | NS      | $1767703.52   | 3.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI FRA                     | CUSIP: 464286707<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     60604 | NS      | $2662333.72   | 4.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Franklin Templeton ETF Trust          | FNK FTSE INDIA                       | CUSIP: 35473P769<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     67696 | NS      | $2524383.84   | 4.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FRANKLIN JAPAN                       | CUSIP: 35473P744<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |    205539 | NS      | $7103427.84   | 12.30%            |  |  |  | No            | 1                  | On Loan: —       |
| Franklin Templeton ETF Trust          | FNK FTSE BR ETF                      | CUSIP: 35473P835<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     24217 | NS      | $461304.79    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI GER                     | CUSIP: 464286806<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      2905 | NS      | $120877.05    | 0.21%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI TAI                     | CUSIP: 46434G772<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      8030 | NS      | $510868.60    | 0.88%             |  |  |  | No            | 1                  | On Loan: —       |
| Franklin Templeton ETF Trust          | FRK FTSE AUS ETF                     | CUSIP: 35473P843<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     55032 | NS      | $1769702.55   | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI ITA                     | CUSIP: 46434G830<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     48387 | NS      | $2513704.65   | 4.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI SOU                     | CUSIP: 464286780<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     21669 | NS      | $1388982.90   | 2.41%             |  |  |  | No            | 1                  | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust | JPM BB CANADA                        | CUSIP: 46641Q225<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |      5760 | NS      | $502444.80    | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                         | ISHARES MSCI IND                     | CUSIP: 46429B309<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     15912 | NS      | $279255.60    | 0.48%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI SOU                     | CUSIP: 464286772<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     29636 | NS      | $2373843.60   | 4.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI MEX                     | CUSIP: 464286822<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     28184 | NS      | $1922430.64   | 3.33%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI SPA                     | CUSIP: 464286764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     55897 | NS      | $2766901.50   | 4.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI HON                     | CUSIP: 464286871<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     61070 | NS      | $1316058.50   | 2.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Templeton ETF Trust          | FNK FTSE CN ETF                      | CUSIP: 35473P827<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     71814 | NS      | $3260549.50   | 5.65%             |  |  |  | No            | 1                  | On Loan: —       |
| First American Funds Inc.             | FIRST AM-TR OB-X                     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    431816 | PA      | $431816.17    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                           | ISHARES MSCI AUS                     | CUSIP: 464286103<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      7364 | NS      | $198828.00    | 0.34%             |  |  |  | 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      |
| Franklin Templeton ETF Trust          | FRANKLIN S KOREA                     | CUSIP: 35473P710<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     34927 | NS      | $942679.73    | 1.63%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI CHI                     | CUSIP: 464286640<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     21407 | NS      | $705574.72    | 1.22%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                           | ISHARES MSCI MAL                     | CUSIP: 46434G814<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      8431 | NS      | $218531.52    | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| Franklin Templeton ETF Trust          | FRK FTSE RUSSIA                      | CUSIP: 35473P728<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     69765 | NS      | $697.65       | 0.00%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                         | ISHARES MSCI SAU                     | CUSIP: 46434V423<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4191 | NS      | $170070.78    | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

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

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer