# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-007585
**Filing Date:** 2026-5
**Character Count:** 17032
**Document Hash:** df2a98837a81583c1b2c62c10b90db78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007585.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000910472-26-007585

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261029694

**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 INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** | **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** | **SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS** **—** **88.2%** |  |
|  | **EQUITY** **-** **88.2%** |  |
| 37289 | Franklin FTSE Australia ETF | $1227285 |
| 24217 | Franklin FTSE Brazil ETF | 578544 |
| 74493 | Franklin FTSE Canada ETF | 3645687 |
| 122989 | Franklin FTSE China ETF<sup>(a)</sup> | 2753724 |
| 84886 | Franklin FTSE Germany ETF<sup>(d)</sup> | 2655243 |
| 50368 | Franklin FTSE India ETF | 1673225 |
| 189633 | Franklin FTSE Japan ETF<sup>(a)</sup> | 6860922 |
| 69765 | Franklin FTSE Russia ETF<sup>(a),(b),(d),(e),(f)</sup> | 698 |
| 34927 | Franklin FTSE South Korea ETF | 1392539 |
| 35164 | Franklin FTSE Switzerland ETF | 1426329 |
| 55292 | Franklin FTSE Taiwan ETF<sup>(a)</sup> | 3765938 |
| 101156 | Franklin FTSE United Kingdom ETF | 3516183 |
| 7377 | iShares China Large-Cap ETF | 264834 |
| 10915 | iShares MSCI Australia ETF | 303000 |
| 44276 | iShares MSCI Brazil ETF<sup>(a)</sup> | 1699756 |
| 36740 | iShares MSCI Chile ETF | 1460782 |
| 3534 | iShares MSCI Denmark ETF<sup>(a)</sup> | 369957 |
| 26393 | iShares MSCI France ETF | 1144928 |
| 40610 | iShares MSCI Hong Kong ETF<sup>(a)</sup> | 937685 |
| 9726 | iShares MSCI Indonesia ETF<sup>(a)</sup> | 153574 |
| 10565 | iShares MSCI Italy ETF<sup>(a)</sup> | 564382 |
| 8792 | iShares MSCI Malaysia ETF | 249781 |
| 31059 | iShares MSCI Mexico ETF | 2336569 |
| 18292 | iShares MSCI Netherlands ETF<sup>(a)</sup> | 1051973 |
| 20702 | iShares MSCI Peru and Global Exposure ETF | 1670858 |
| 2997 | iShares MSCI Philippines ETF<sup>(a)</sup> | 74416 |
| 4191 | iShares MSCI Saudi Arabia ETF<sup>(a)</sup> | 166592 |
| 8155 | iShares MSCI Singapore ETF | 230134 |
| 29739 | iShares MSCI South Africa ETF | 2016304 |
| 19170 | iShares MSCI South Korea ETF | 2358102 |
| 39158 | iShares MSCI Spain ETF<sup>(a)</sup> | 2126671 |
| 14011 | iShares MSCI Sweden ETF | 682616 |
| 5685 | iShares MSCI Taiwan ETF | 403180 |
| 3428 | iShares MSCI Thailand ETF<sup>(a)</sup> | 237835 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.2% (Continued)** |  |
|  | **EQUITY - 88.2% (Continued)** |  |
| 17796 | iShares MSCI United Kingdom ETF<sup>(a)</sup> | $810786 |
| 6249 | JPMorgan BetaBuilders Canada ETF | 587781 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $42,541,762)** | 51398813 |
|  | **SHORT-TERM INVESTMENTS — 37.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 25.4%** |  |
| 14843089 | Mount Vernon Liquid Assets Portfolio, 3.74%<sup>(c),(g)</sup> | 14843089 |
|  | **MONEY MARKET FUNDS** **-** **11.9%** |  |
| 6928917 | First American Treasury Obligations Fund, Class X, 3.59%<sup>(c)</sup> | 6928917 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $21,772,006)** | 21772006 |
|  | **TOTAL INVESTMENTS – 125.5% (Cost $64,313,768)** | $73170819 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (25.5)%** | (14874653) |
|  | **NET ASSETS - 100.0%** | $58296166 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of Macrh 31, 2026 was $14,954,061.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<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 March 31, 2026 is $14,843,089. Any reported shortfall in required collateral coverage of 102% is based on closing market value of securities on loan as of the date of the report. Any required collateral adjustment needed in order to bring coverage to 102% is done on the next business day.

---

| | | |
|:---|:---|:---|
| **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)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS** **—** **89.4%** |  |
|  | **EQUITY** **-** **87.0%** |  |
| 8999 | iShares Russell 2000 ETF<sup>(a)</sup> | $2231752 |
| 148024 | State Street Communication Services Select Sector SPDR ETF | 16409941 |
| 40471 | State Street Consumer Discretionary Select Sector SPDR ETF | 4410529 |
| 33469 | State Street Consumer Staples Select Sector SPDR ETF | 2743789 |
| 126524 | State Street Energy Select Sector SPDR ETF | 7750860 |
| 143998 | State Street Financial Select Sector SPDR ETF | 7109181 |
| 27656 | State Street Health Care Select Sector SPDR ETF | 4054646 |
| 56433 | State Street Industrial Select Sector SPDR ETF<sup>(a)</sup> | 9126909 |
| 25322 | State Street Real Estate Select Sector SPDR ETF | 1033897 |
| 42311 | State Street SPDR Portfolio S&P 500 Value ETF | 2393956 |
| 15220 | State Street SPDR S&P Aerospace & Defense ETF | 3865576 |
| 95192 | State Street Technology Select Sector SPDR ETF | 12651017 |
| 106276 | State Street Utilities Select Sector SPDR ETF | 4877006 |
|  |  | 78659059 |
|  | **FIXED INCOME** **-** **2.4%** |  |
| 40547 | JPMorgan Active Bond ETF | 2180212 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $70,636,772)** | 80839271 |
|  | **SHORT-TERM INVESTMENTS —** **22.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 12.0%** |  |
| 10802550 | Mount Vernon Liquid Assets Portfolio, 3.74%<sup>(b),(c)</sup> | 10802550 |
|  | **MONEY MARKET FUNDS** **-** **10.7%** |  |
| 9683279 | First American Treasury Obligations Fund, Class X, 3.59%<sup>(b)</sup> | 9683279 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $20,485,829)** | 20485829 |

---

---

| | |
|:---|:---|
| **DYNAMIC U.S. OPPORTUNITY FUND** | **DYNAMIC U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** |
|  | **Fair Value** |
| **TOTAL INVESTMENTS – 112.1% (Cost $91,122,601)** | $101325100 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.1)%** | (10931380) |
| **NET ASSETS - 100.0%** | $90393720 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| 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 March 31, 2026 is $10,940,620.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(c)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2026 is $10,802,550. Any reported shortfall in required collateral coverage of 102% is based on closing market value of securities on loan as of the date of the report. Any required collateral adjustment needed in order to bring coverage to 102% is done on the next business day.

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $90883347.35

**Total Liabilities:** $489627.07

**Net Assets:** $90393720.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000107964 | 1.44%                | 1.06%                | -4.77%               |
| Class ID C000107965 | 1.43%                | 1.06%                | -4.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2096922.10              | $-586908.27                                |
| Month 2  | $1676492.71              | $-589412.38                                |
| Month 3  | $203580.58               | $-5011380.47                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| First American Funds Inc.             | FIRST AM-TR OB-X                     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   9683279 | PA      | $9683278.57   | 10.71%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                         | ISHARES RUSSELL                      | CUSIP: 464287655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8999 | NS      | $2231752.00   | 2.47%             |  |  |  | No            | 1                  | On Loan: —       |
| J P Morgan Exchange Traded Fund Trust | JPM ACT BD ETF                       | CUSIP: 46654Q716<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     40547 | NS      | $2180212.19   | 2.41%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                     | SS SPDR P SP500V                     | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     42311 | NS      | $2393956.38   | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                     | SPDR S&P AEROSPA                     | CUSIP: 78464A631<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     15220 | NS      | $3865575.60   | 4.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS HEALTH CARE                       | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     27656 | NS      | $4054646.16   | 4.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS CONSUMER STPL                     | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     33469 | NS      | $2743788.62   | 3.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS CONSUMER DISC                     | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     40471 | NS      | $4410529.58   | 4.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS ENERGY SELECT                     | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    126524 | NS      | $7750860.24   | 8.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS FINANCIAL SEL                     | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    143998 | NS      | $7109181.26   | 7.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS INDUSTRIAL                        | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     56433 | NS      | $9126909.09   | 10.10%            |  |  |  | No            | 1                  | On Loan: —       |
| Select Sector Spdr Trust              | SS TECH SEL SECT                     | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     95192 | NS      | $12651016.80  | 14.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS COMM SLCT ETF                     | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    148024 | NS      | $16409940.64  | 18.15%            |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS REAL ESTATE                       | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     25322 | NS      | $1033897.26   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust              | SS UTILITIES SEL                     | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    106276 | NS      | $4877005.64   | 5.40%             |  |  |  | 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      |

### Signature

**Date Signed:** 2026-04-28

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer