# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-005569
**Filing Date:** 2026-4
**Character Count:** 82307
**Document Hash:** c2c63dba1e9bbdf4468690cc491f7ed1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005569.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000910472-26-005569

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260531

**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:** 26886939

**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

### Weitz Core Plus Bond ETF (Series ID: S000094334)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000262836 | Weitz Core Plus Bond ETF |  |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 18.7%** | **ASSET BACKED SECURITIES — 18.7%** |  |  |  |
|  | **AUTO LOAN** — **4.4%** | **AUTO LOAN** — **4.4%** |  |  |  |
| 867975 | ACM Auto Trust 2025-4 Series 4A A<sup>(a)</sup> |  | 5.8700 | &nbsp;&nbsp;&nbsp;05/20/30 | $872031 |
| 1205588 | FHF Issuer Trust 2025-1 Series 1A A2<sup>(a)</sup> |  | 4.9200 | &nbsp;&nbsp;&nbsp;02/15/31 | 1207102 |
| 1500000 | Lendbuzz Securitization Trust 2026-1 Series 1A C<sup>(a)</sup> |  | 5.7400 | &nbsp;&nbsp;&nbsp;09/15/31 | 1522769 |
| 1000000 | Lendbuzz Securitization Trust 2026-1 Series 1A D<sup>(a)</sup> |  | 6.8600 | &nbsp;&nbsp;&nbsp;02/15/33 | 1024868 |
| 500000 | United Auto Credit Securitization Trust Series 1 C<sup>(a)</sup> |  | 5.5500 | &nbsp;&nbsp;&nbsp;06/10/31 | 502540 |
| 500000 | United Auto Credit Securitization Trust Series 1 D<sup>(a)</sup> |  | 5.6500 | &nbsp;&nbsp;&nbsp;07/10/31 | 503655 |
| 1400000 | United Auto Credit Securitization Trust 2025-1 Series 1 E<sup>(a)</sup> |  | 7.7100 | &nbsp;&nbsp;&nbsp;10/10/31 | 1416661 |
|  |  |  |  |  | 7049626 |
|  | **CF-CLO-CRE** — **7.5%** | **CF-CLO-CRE** — **7.5%** |  |  |  |
| 350000 | A10 2025-FL6 Issuer, LLC Series FL6 A<sup>(a),(b)</sup> | TSFR1M + 1.465% | 5.1250 | &nbsp;&nbsp;&nbsp;05/15/42 | 349923 |
| 250000 | ACREC 2021-FL1 Ltd. Series FL1 C<sup>(a),(b)</sup> | TSFR1M + 2.264% | 5.9310 | &nbsp;&nbsp;&nbsp;10/16/36 | 250086 |
| 2250000 | ACREC 2021-FL1 Ltd. Series FL1 D<sup>(a),(b)</sup> | TSFR1M + 2.764% | 6.4310 | &nbsp;&nbsp;&nbsp;10/16/36 | 2248765 |
| 1500000 | ACREC 2026-FL4, LLC Series FL4 A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.1140 | &nbsp;&nbsp;&nbsp;01/18/43 | 1503156 |
| 1000000 | ACRES Commercial Realty 2026-FL4 Issuer, LLC Series FL4 A<sup>(a),(b)</sup> | TSFR1M + 1.450% | 5.2000 | &nbsp;&nbsp;&nbsp;08/18/44 | 1002695 |
| 200000 | BRSP 2024-FL2 Ltd. Series FL2 E<sup>(a),(b)</sup> | TSFR1M + 6.539% | 10.2050 | &nbsp;&nbsp;&nbsp;08/19/37 | 204185 |
| 50000 | BSPRT 2022-FL8 Issuer Ltd. Series FL8 C<sup>(a),(b)</sup> | SOFR30A + 2.300% | 5.9580 | &nbsp;&nbsp;&nbsp;02/15/37 | 50077 |
| 1500000 | FS RIALTO Series FL2 D<sup>(a),(b)</sup> | TSFR1M + 2.914% | 6.5740 | &nbsp;&nbsp;&nbsp;05/16/38 | 1511921 |
| 144229 | GPMT 2021-FL3 Ltd. Series FL3 AS<sup>(a),(b)</sup> | TSFR1M + 1.964% | 5.6310 | &nbsp;&nbsp;&nbsp;07/16/35 | 144480 |
| 187331 | GPMT 2021-FL4 Ltd. Series FL4 A<sup>(a),(b)</sup> | TSFR1M + 1.464% | 5.1380 | &nbsp;&nbsp;&nbsp;12/15/36 | 187884 |
| 1000000 | LMNT CRE 2025-FL3, LLC Series FL3 C<sup>(a),(b)</sup> | TSFR1M + 2.750% | 6.4270 | &nbsp;&nbsp;&nbsp;07/21/43 | 1013027 |
| 13123 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 AS<sup>(a),(b)</sup> | TSFR1M + 1.864% | 5.5240 | &nbsp;&nbsp;&nbsp;07/15/36 | 13138 |
| 1500000 | LoanCore 2021-CRE5 Issuer Ltd. Series CRE5 D<sup>(a),(b)</sup> | TSFR1M + 3.114% | 6.7740 | &nbsp;&nbsp;&nbsp;07/15/36 | 1505376 |
| 500000 | LoanCore 2022-CRE7 Issuer Ltd. Series CRE7 E<sup>(a),(b)</sup> | SOFR30A + 3.750% | 7.4080 | &nbsp;&nbsp;&nbsp;01/17/37 | 501746 |
| 52350 | PFP 2024-11 Ltd. Series 11 A<sup>(a),(b)</sup> | TSFR1M + 1.832% | 5.5010 | &nbsp;&nbsp;&nbsp;09/17/39 | 52580 |
| 1500000 | PFP 2026-13 Ltd. Series 13 A<sup>(a),(b)</sup> | TSFR1M + 1.500% | 5.1660 | &nbsp;&nbsp;&nbsp;08/18/43 | 1504608 |
| 50000 | STWD 2022-FL3 Ltd. Series FL3 AS<sup>(a),(b)</sup> | SOFR30A + 1.800% | 5.4580 | &nbsp;&nbsp;&nbsp;11/15/38 | 50062 |
| 50000 | TRTX 2022-FL5 Issuer Ltd. Series FL5 AS<sup>(a),(b)</sup> | TSFR1M + 2.150% | 5.8140 | &nbsp;&nbsp;&nbsp;02/15/39 | 50031 |
|  |  |  |  |  | 12143740 |
|  | **CF-CLO-LL** — **0.1%** | **CF-CLO-LL** — **0.1%** |  |  |  |
| 200000 | Starwood 2025-SIF6, LLC Series SIF6A A1<sup>(a),(b)</sup> | TSFR3M + 1.550% | 5.4730 | &nbsp;&nbsp;&nbsp;10/17/37 | 200162 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 18.7% (Continued)** | **ASSET BACKED SECURITIES — 18.7% (Continued)** |  |  |  |
|  | **CF-CLO-MML** — **0.5%** | **CF-CLO-MML** — **0.5%** |  |  |  |
| 500000 | ASP PIF CLO I, LLC Series 1A A1<sup>(a),(b)</sup> | TSFR3M + 1.480% | 5.1400 | &nbsp;&nbsp;&nbsp;01/15/38 | $500279 |
| 300000 | Fortress Credit Opportunities IX CLO Ltd. Series 9A BR<sup>(a),(b)</sup> | TSFR3M + 2.212% | 5.8840 | &nbsp;&nbsp;&nbsp;10/15/33 | 300683 |
|  |  |  |  |  | 800962 |
|  | **CLO** — **0.6%** | **CLO** — **0.6%** |  |  |  |
| 1000000 | Acore 2026-Fl1 Issuer, LLC Series FL1 B<sup>(a),(b)</sup> | TSFR1M + 1.900% | 5.6000 | &nbsp;&nbsp;&nbsp;08/20/43 | 1001053 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS** — **0.1%** |  |  |  |  |
| 118650 | JP Morgan Mortgage Trust Series 2024-5 Series 5 A6<sup>(a),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;11/25/54 | 118801 |
|  | **NON AGENCY CMBS** — **0.4%** | **NON AGENCY CMBS** — **0.4%** |  |  |  |
| 200000 | NRTH Commercial Mortgage Trust 2025-PARK Series A<sup>(a),(b)</sup> | TSFR1M + 1.393% | 5.0530 | &nbsp;&nbsp;&nbsp;10/15/40 | 200651 |
| 411991 | SKY Trust 2025-LINE Series A<sup>(a),(b)</sup> | TSFR1M + 2.589% | 6.2480 | &nbsp;&nbsp;&nbsp;04/15/42 | 414737 |
|  |  |  |  |  | 615388 |
|  | **OTHER ABS** — **5.1%** | **OTHER ABS** — **5.1%** |  |  |  |
| 1000000 | Lightpath Fiber Issuer, LLC Series 1A A2<sup>(a)</sup> |  | 5.5970 | &nbsp;&nbsp;&nbsp;03/25/56 | 1018003 |
| 1500000 | Lmdv Issuer Company, LLC Series 1A A2<sup>(a)</sup> |  | 5.3100 | &nbsp;&nbsp;&nbsp;12/15/55 | 1525835 |
| 1500000 | MetroNet Infrastructure Issuer, LLC Series 4A A2<sup>(a)</sup> |  | 5.1630 | &nbsp;&nbsp;&nbsp;12/20/55 | 1527825 |
| 749531 | NMABS Issuer I, LLC Series 1A A<sup>(a)</sup> |  | 5.1400 | &nbsp;&nbsp;&nbsp;11/22/55 | 758834 |
| 749531 | NMABS Issuer I, LLC Series 1A B<sup>(a)</sup> |  | 5.3300 | &nbsp;&nbsp;&nbsp;11/22/55 | 752211 |
| 177488 | OWN Equipment Fund I, LLC Series 2M A<sup>(a)</sup> |  | 5.7000 | &nbsp;&nbsp;&nbsp;12/20/32 | 181381 |
| 1464701 | OWN Equipment Fund III, LLC Series 2M A<sup>(a)</sup> |  | 5.4200 | &nbsp;&nbsp;&nbsp;03/27/34 | 1487202 |
| 1000000 | PAWS 2025-1A A2<sup>(a)</sup> |  | 6.8240 | &nbsp;&nbsp;&nbsp;01/30/56 | 1007607 |
|  |  |  |  |  | 8258898 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $29,946,227)** | **TOTAL ASSET BACKED SECURITIES (Cost $29,946,227)** |  |  | 30188630 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%** |  |  |  |
| 246475 | Fannie Mae REMICS Series 59 MA |  | 5.0000 | &nbsp;&nbsp;&nbsp;03/25/51 | 246389 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $247,104)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $247,104)** |  |  | 246389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.5%** |  |  |  |
|  | **ADVERTISING & MARKETING** — **0.9%** |  |  |  |
| 1550000 | Stagwell Global, LLC<sup>(a)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;08/15/29 | $1430194 |
|  | **ASSET MANAGEMENT** — **0.8%** |  |  |  |
| 1000000 | Bain Capital Specialty Finance, Inc. | 5.9500 | &nbsp;&nbsp;&nbsp;03/01/31 | 974918 |
| 250000 | Barings BDC, Inc. | 5.2000 | &nbsp;&nbsp;&nbsp;09/15/28 | 247664 |
|  |  |  |  | 1222582 |
|  | **CABLE & SATELLITE** — **1.1%** |  |  |  |
| 1800000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;02/01/33 | 1841762 |
|  | **E-COMMERCE DISCRETIONARY** — **0.2%** |  |  |  |
| 250000 | Wayfair, Inc.<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;11/15/32 | 254991 |
|  | **ELECTRIC UTILITIES** — **0.1%** |  |  |  |
| 150000 | Hawaiian Electric Company, Inc.<sup>(a)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;10/01/33 | 152961 |
|  | **HOME & OFFICE PRODUCTS** — **2.5%** |  |  |  |
| 3000000 | HNI Corporation<sup>(a)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;01/18/29 | 2957806 |
| 500000 | Newell Brands, Inc. | 6.6250 | &nbsp;&nbsp;&nbsp;09/15/29 | 508209 |
| 300000 | Newell Brands, Inc. | 6.3750 | &nbsp;&nbsp;&nbsp;05/15/30 | 301162 |
| 50000 | Newell Brands, Inc. | 6.6250 | &nbsp;&nbsp;&nbsp;05/15/32 | 50028 |
| 350000 | Whirlpool Corporation | 6.5000 | &nbsp;&nbsp;&nbsp;06/15/33 | 349538 |
|  |  |  |  | 4166743 |
|  | **INSURANCE** — **0.6%** |  |  |  |
| 900000 | Asurion, LLC and Asurion Co-Issuer, Inc.<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;12/31/32 | 946051 |
|  | **LEISURE FACILITIES & SERVICES** — **2.5%** |  |  |  |
| 500000 | Six Flags Entertainment Corporation<sup>(a)</sup> | 7.2500 | &nbsp;&nbsp;&nbsp;05/15/31 | 491218 |
| 1500000 | Six Flags Entertainment Corporation / Canada's | 5.2500 | &nbsp;&nbsp;&nbsp;07/15/29 | 1443798 |
| 2000000 | Six Flags Entertainment Corporation's Wonderland<sup>(a)</sup> | 8.6250 | &nbsp;&nbsp;&nbsp;01/15/32 | 2026437 |
|  |  |  |  | 3961453 |
|  | **LEISURE PRODUCTS** — **0.2%** |  |  |  |
| 300000 | Polaris, Inc. | 5.6000 | &nbsp;&nbsp;&nbsp;03/01/31 | 305586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.5% (Continued)** |  |  |  |
|  | **MACHINERY** — **0.0%<sup>(d)</sup>** |  |  |  |
| 25000 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 9.2500 | &nbsp;&nbsp;&nbsp;10/01/31 | $27207 |
|  | **METALS & MINING** — **0.6%** |  |  |  |
| 1100000 | SunCoke Energy, Inc.<sup>(a)</sup> | 4.8750 | &nbsp;&nbsp;&nbsp;06/30/29 | 1005638 |
|  | **OIL & GAS PRODUCERS** — **1.2%** |  |  |  |
| 800000 | Calumet Specialty Products Partners, L.P.<sup>(a)</sup> | 9.7500 | &nbsp;&nbsp;&nbsp;02/15/31 | 852832 |
| 75000 | Global Partners LP / GLP Finance Corp<sup>(a)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;07/01/33 | 77743 |
| 600000 | Golar LNG Ltd.<sup>(a)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;10/02/30 | 604097 |
| 300000 | NGL Energy Partners, L.P.<sup>(a)</sup> | 8.3750 | &nbsp;&nbsp;&nbsp;02/15/32 | 314873 |
|  |  |  |  | 1849545 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.3%** |  |  |  |
| 250000 | WBI Operating, LLC<sup>(a)</sup> | 6.2500 | &nbsp;&nbsp;&nbsp;10/15/30 | 254934 |
| 250000 | WBI Operating, LLC<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;10/15/33 | 254206 |
|  |  |  |  | 509140 |
|  | **PUBLISHING & BROADCASTING** — **0.2%** |  |  |  |
| 300000 | Lamar Media Corporation<sup>(a)</sup> | 5.3750 | &nbsp;&nbsp;&nbsp;11/01/33 | 300949 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.2%** |  |  |  |
| 200000 | Broadstone Net Lease, LLC | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/32 | 202263 |
| 200000 | Highwoods Realty, L.P. | 5.3500 | &nbsp;&nbsp;&nbsp;01/15/33 | 201279 |
|  |  |  |  | 403542 |
|  | **RETAIL - DISCRETIONARY** — **2.2%** |  |  |  |
| 700000 | Bath & Body Works, Inc. | 6.9500 | &nbsp;&nbsp;&nbsp;03/01/33 | 700368 |
| 700000 | Bath & Body Works, Inc. | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/36 | 703102 |
| 614000 | Bath & Body Works, Inc. | 7.6000 | &nbsp;&nbsp;&nbsp;07/15/37 | 616261 |
| 1500000 | Men's Wearhouse, LLC (The)<sup>(a)</sup> | 9.0000 | &nbsp;&nbsp;&nbsp;02/01/31 | 1545345 |
|  |  |  |  | 3565076 |
|  | **SOFTWARE** — **2.5%** |  |  |  |
| 1500000 | Concentrix Corporation | 6.5000 | &nbsp;&nbsp;&nbsp;03/01/29 | 1482991 |
| 2425000 | Pagaya US Holdings Company, LLC<sup>(a)</sup> | 8.8750 | &nbsp;&nbsp;&nbsp;08/01/30 | 1759298 |
| 1000000 | Rocket Software, Inc.<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;02/15/29 | 838224 |
|  |  |  |  | 4080513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.5% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE** — **3.4%** |  |  |  |
| 1700000 | Arbor Realty SR, Inc.<sup>(a)</sup> | 7.8750 | &nbsp;&nbsp;&nbsp;07/15/30 | $1568058 |
| 100000 | Atlas Warehouse Lending Company, L.P.<sup>(a)</sup> | 6.2500 | &nbsp;&nbsp;&nbsp;01/15/30 | 104832 |
| 850000 | Burford Capital Global Finance, LLC<sup>(a)</sup> | 8.5000 | &nbsp;&nbsp;&nbsp;01/15/34 | 833986 |
| 1650000 | LFS Topco, LLC<sup>(a)</sup> | 8.7500 | &nbsp;&nbsp;&nbsp;07/15/30 | 1597743 |
| 850000 | Rithm Capital Corp<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;07/15/30 | 854611 |
| 350000 | Rithm Capital Corporation<sup>(a)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;04/01/29 | 352486 |
| 250000 | Stonebriar A.B.F Issuer, LLC<sup>(a)</sup> | 8.1250 | &nbsp;&nbsp;&nbsp;12/15/30 | 263025 |
|  |  |  |  | 5574741 |
|  | **STEEL** — **0.1%** |  |  |  |
| 100000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 7.6250 | &nbsp;&nbsp;&nbsp;01/15/34 | 102694 |
|  | **TECHNOLOGY SERVICES** — **1.4%** |  |  |  |
| 1100000 | Gartner, Inc.<sup>(a)</sup> | 3.7500 | &nbsp;&nbsp;&nbsp;10/01/30 | 1017573 |
| 1500000 | ION Platform Finance US, Inc.<sup>(a)</sup> | 7.8750 | &nbsp;&nbsp;&nbsp;09/30/32 | 1204603 |
|  |  |  |  | 2222176 |
|  | **TELECOMMUNICATIONS** — **0.5%** |  |  |  |
| 500000 | Cogent Communications Group, Inc.<sup>(a)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;06/15/27 | 491225 |
| 350000 | Cogent Communications Group, LLC / Cogent Finance<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;07/01/32 | 310510 |
|  |  |  |  | 801735 |
|  | **TOTAL CORPORATE BONDS (Cost $35,022,127)** |  |  | 34725279 |
|  | **U.S. GOVERNMENT & AGENCIES — 57.8%** |  |  |  |
|  | **AGENCY FIXED RATE** — **26.1%** |  |  |  |
| 882081 | Fannie Mae Pool FS8486 | 4.5000 | &nbsp;&nbsp;&nbsp;12/01/52 | 876561 |
| 177035 | Fannie Mae Pool MA5070 | 4.5000 | &nbsp;&nbsp;&nbsp;07/01/53 | 175719 |
| 1593023 | Fannie Mae Pool MA5137 | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/53 | 1606957 |
| 1167429 | Fannie Mae Pool CB7100 | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/53 | 1178719 |
| 1051076 | Fannie Mae Pool MA5163 | 4.5000 | &nbsp;&nbsp;&nbsp;10/01/53 | 1042224 |
| 1027491 | Fannie Mae Pool MA5164 | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/53 | 1036479 |
| 463635 | Fannie Mae Pool MA5189 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/53 | 467405 |
| 2717919 | Fannie Mae Pool MA5271 | 5.5000 | &nbsp;&nbsp;&nbsp;02/01/54 | 2767353 |
| 192828 | Fannie Mae Pool MA5294 | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/54 | 194099 |

---

---

| | | | |
|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |
|  | **U.S. GOVERNMENT & AGENCIES — 57.8% (Continued)** |  |  |
|  | **AGENCY FIXED RATE** — **26.1% (Continued)** |  |  |
| 1140784 | Fannie Mae Pool MA5327 | 5.0000 | &nbsp;&nbsp;&nbsp;04/01/54 |
| 98593 | Fannie Mae Pool MA5352 | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/54 |
| 106580 | Fannie Mae Pool MA5419 | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/54 |
| 1482851 | Fannie Mae Pool CB9207 | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/54 |
| 210352 | Fannie Mae Pool MA5495 | 4.5000 | &nbsp;&nbsp;&nbsp;10/01/54 |
| 651067 | Fannie Mae Pool MA5530 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/54 |
| 1974766 | Fannie Mae Pool DC3824 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/54 |
| 192519 | Fannie Mae Pool MA5552 | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/54 |
| 96610 | Fannie Mae Pool MA5585 | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/55 |
| 187468 | Fannie Mae Pool MA5613 | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/55 |
| 3011801 | Fannie Mae Pool MA5672 | 5.0000 | &nbsp;&nbsp;&nbsp;04/01/55 |
| 321238 | Freddie Mac Pool RA7773 | 4.0000 | &nbsp;&nbsp;&nbsp;08/01/52 |
| 172869 | Freddie Mac Pool SD8244 | 4.0000 | &nbsp;&nbsp;&nbsp;09/01/52 |
| 1249381 | Freddie Mac Pool QF0493 | 5.5000 | &nbsp;&nbsp;&nbsp;09/01/52 |
| 5553749 | Freddie Mac Pool SD8267 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/52 |
| 205641 | Freddie Mac Pool SD8340 | 4.5000 | &nbsp;&nbsp;&nbsp;07/01/53 |
| 1192624 | Freddie Mac Pool SD8342 | 5.5000 | &nbsp;&nbsp;&nbsp;07/01/53 |
| 209621 | Freddie Mac Pool SD8347 | 4.5000 | &nbsp;&nbsp;&nbsp;08/01/53 |
| 173195 | Freddie Mac Pool SD8360 | 4.5000 | &nbsp;&nbsp;&nbsp;09/01/53 |
| 498111 | Freddie Mac Pool SD8361 | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/53 |
| 5691935 | Freddie Mac Pool SD8371 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/53 |
| 153038 | Freddie Mac Pool SD6706 | 4.5000 | &nbsp;&nbsp;&nbsp;01/01/54 |
| 124831 | Freddie Mac Pool SD8474 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/54 |
| 1276573 | Freddie Mac Pool RJ2836 | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/54 |
| 209550 | Freddie Mac Pool SD7379 | 5.5000 | &nbsp;&nbsp;&nbsp;01/01/55 |
| 3744743 | Freddie Mac Pool SL0716 | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/55 |
| 2642261 | Freddie Mac Pool SD8515 | 5.5000 | &nbsp;&nbsp;&nbsp;03/01/55 |
|  | **U.S. TREASURY BONDS** — **31.7%** |  |  |
| 200000 | United States Treasury Bond | 4.2500 | &nbsp;&nbsp;&nbsp;05/15/39 |
| 1000000 | United States Treasury Bond | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/39 |
| 3800000 | United States Treasury Bond | 4.3750 | &nbsp;&nbsp;&nbsp;11/15/39 |
| 400000 | United States Treasury Bond | 4.6250 | &nbsp;&nbsp;&nbsp;02/15/40 |
| 23250000 | United States Treasury Bond | 4.3750 | &nbsp;&nbsp;&nbsp;05/15/40 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** | **WEITZ CORE PLUS BOND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 57.8% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS** — **31.7% (Continued)** |  |  |  |
| 8000000 | United States Treasury Bond | 4.2500 | &nbsp;&nbsp;&nbsp;11/15/40 | $7926875 |
| 3500000 | United States Treasury Bond | 4.3750 | &nbsp;&nbsp;&nbsp;05/15/41 | 3503965 |
| 1000000 | United States Treasury Bond | 4.0000 | &nbsp;&nbsp;&nbsp;11/15/42 | 943555 |
| 2000000 | United States Treasury Bond | 4.3750 | &nbsp;&nbsp;&nbsp;08/15/43 | 1967891 |
| 100000 | United States Treasury Bond | 4.7500 | &nbsp;&nbsp;&nbsp;11/15/43 | 102961 |
| 5800000 | United States Treasury Bond | 4.6250 | &nbsp;&nbsp;&nbsp;11/15/44 | 5856413 |
| 1100000 | United States Treasury Bond | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/45 | 1127844 |
| 1000000 | United States Treasury Bond | 4.6250 | &nbsp;&nbsp;&nbsp;02/15/46 | 1007109 |
|  |  |  |  | 51367450 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $92,181,481)** |  |  | 93583838 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $157,396,939)** |  |  | &nbsp;&nbsp;&nbsp; $158744136 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.8%** |  |  | &nbsp;&nbsp; 2926892 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $161671028 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term SOFR Secured Overnight Financing Rate 1 month |
| TSFR3M | Term SOFR Secured Overnight Financing Rate 3 month |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026, the total market value of 144A securities is 56,826,742 or 35.1% of net assets.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(c)</sup> Variable rate security, the rate shown represents the rate on February 28, 2026.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

## 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:** Weitz Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000094334

- **c. LEI of Series:** 529900KU95XD31ADI520

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $165453640.13

**Total Liabilities:** $3782612.09

**Net Assets:** $161671028.04

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 29.12222100 | **1-Year:** 1046.42966000 | **5-Year:** 16886.89834100 | **10-Year:** 7509.30155000 | **30-Year:** 1040.08795900

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 1917.07147400 | **5-Year:** 7146.17022100 | **10-Year:** 1662.58459800 | **30-Year:** 40.22527500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262836 | 0.01%                | 0.58%                | 1.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3166.06                | $-398481.44                                |
| Month 2  | $6181.97                 | $217838.49                                 |
| Month 3  | $23986.87                | $1053986.84                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Bonds                                                        | T 4 5/8 11/15/44      | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5800000 | PA      | $5856414.05   | 3.62%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR RJ2836             | CUSIP: 3142GTEJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1276573 | PA      | $1283877.07   | 0.79%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8342             | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1192624 | PA      | $1216950.95   | 0.75%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                     | WHR 6 1/2 06/15/33    | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349538.21    | 0.22%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8474             | CUSIP: 3132DWMX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    124831 | PA      | $125586.43    | 0.08%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 3/8 08/15/43      | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1967890.62   | 1.22%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5495             | CUSIP: 31418FC96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    210352 | PA      | $208255.57    | 0.13%             | 2054-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5189             | CUSIP: 31418EXT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    463635 | PA      | $467405.09    | 0.29%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS8486             | CUSIP: 3140XQNC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    882081 | PA      | $876560.63    | 0.54%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1                                                                      | ACREC 2021-FL1 D      | CUSIP: 00500RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2248764.75   | 1.39%             | 2036-10-16      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| STWD 2022-FL3 LTD                                                                   | STWD 2022-FL3 AS      | CUSIP: 78485KAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     50000 | PA      | $50062.30     | 0.03%             | 2038-11-15      | Floating      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| LMNT CRE 2025-FL3                                                                   | LMNT 2025-FL3 C       | CUSIP: 50208TAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1013027.00   | 0.63%             | 2043-07-21      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5672             | CUSIP: 31418FJS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3011801 | PA      | $3029188.76   | 1.87%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5613             | CUSIP: 31418FGX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187468 | PA      | $188535.87    | 0.12%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FS Rialto 2021-Fl2 Issuer Ltd.                                                      | FSRIA 2021-FL2 D      | CUSIP: 30319YAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1511920.50   | 0.94%             | 2038-05-16      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| PSP MASTER ISSUER LLC                                                               | PAWS 2025-1A A2       | CUSIP: 69433FAA6<br>LEI: 635400KWMLZRXQLEWW81 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1007607.30   | 0.62%             | 2056-01-30      | Fixed         | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                    | ABR 7 7/8 07/15/30    | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1568058.09   | 0.97%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Polaris Inc.                                                                        | PII 5.6 03/01/31      | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305585.66    | 0.19%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FHF ISSUER TRUST 2025-1                                                             | FHF 2025-1A A2        | CUSIP: 30340RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1205588 | PA      | $1207101.58   | 0.75%             | 2031-02-15      | Fixed         | 4.92%                 | Yes           |                  2 | On Loan: No      |
| LIGHTPATH FIBER ISSUER LLC                                                          | LPATH 2026-1A A2      | CUSIP: 53229YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1018003.00   | 0.63%             | 2056-03-25      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR RA7773             | CUSIP: 3133KPT65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321238 | PA      | $313085.96    | 0.19%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LENDBUZZ SECURITIZATION TRUST 2026-1                                                | LBZZ 2026-1A C        | CUSIP: 525952AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1522769.40   | 0.94%             | 2031-09-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5419             | CUSIP: 31418FAV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106580 | PA      | $107239.27    | 0.07%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8267             | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5553749 | PA      | $5623116.70   | 3.48%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8347             | CUSIP: 3132DWHY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209621 | PA      | $207955.65    | 0.13%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co. LP                                                      | ATWALD 6 1/4 01/15/30 | CUSIP: 049463AE2<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104832.13    | 0.06%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 3/4 02/15/45      | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1127843.75   | 0.70%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB7100             | CUSIP: 3140QS3J8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1167429 | PA      | $1178718.56   | 0.73%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Concentrix Corp.                                                                    | CNXC 6 1/2 03/01/29   | CUSIP: 20602DAD3<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1482990.81   | 0.92%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8515             | CUSIP: 3132DWN82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2642261 | PA      | $2687565.25   | 1.66%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8340             | CUSIP: 3132DWHR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    205641 | PA      | $204068.33    | 0.13%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                | CLF 7 5/8 01/15/34    | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102694.12    | 0.06%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| LOANCORE 2021-CRE5 ISSUER LTD                                                       | LNCR 2021-CRE5 AS     | CUSIP: 53947XAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     13123 | PA      | $13137.52     | 0.01%             | 2036-07-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8361             | CUSIP: 3132DWJE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    498111 | PA      | $502621.88    | 0.31%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD6706             | CUSIP: 3132DUNX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    153038 | PA      | $151867.72    | 0.09%             | 2054-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5530             | CUSIP: 31418FEC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    651067 | PA      | $655009.26    | 0.41%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRTH COMMERCIAL MORTGAGE TRUST 2025-PARK                                            | NRTH 2025-PARK A      | CUSIP: 669985AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200651.40    | 0.12%             | 2040-10-15      | Floating      | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                               | BBWI 6 3/4 07/01/36   | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    700000 | PA      | $703102.40    | 0.43%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Stonebriar ABF Issuer LLC                                                           | STONEB 8 1/8 12/15/30 | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $263024.75    | 0.16%             | 2030-12-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Pagaya US Holding Co. LLC                                                           | PGY 8 7/8 08/01/30    | CUSIP: 69549FAC3<br>LEI: 254900M9VGE3HM0OYH17 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $1759298.22   | 1.09%             | 2030-08-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| LMDV Issuer Co LLC                                                                  | LMDV 2025-1A A2       | CUSIP: 538908AA2<br>LEI: 254900A6HRP8XHJJGM20 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1525834.80   | 0.94%             | 2055-12-15      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| PFP 2024-11 LTD /LLC                                                                | PFP 2024-11 A         | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     52350 | PA      | $52580.04     | 0.03%             | 2039-09-17      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| WBI Operations LLC                                                                  | WBI 6 1/2 10/15/33    | CUSIP: 92944BAB7<br>LEI: 254900A83461EGRMOV11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254206.25    | 0.16%             | 2033-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Gartner Inc.                                                                        | IT 3 3/4 10/01/30     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1017572.63   | 0.63%             | 2030-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LENDBUZZ SECURITIZATION TRUST 2026-1                                                | LBZZ 2026-1A D        | CUSIP: 525952AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1024868.40   | 0.63%             | 2033-02-15      | Fixed         | 6.86%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                                         | W 6 3/4 11/15/32      | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254991.25    | 0.16%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                  | NWL 6 5/8 05/15/32    | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50028.14     | 0.03%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ION Platform Finance S.a r.l. / ION Platform Finance US Inc.                        | IONPLA 7 7/8 09/30/32 | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | LU        |   1500000 | PA      | $1204603.34   | 0.75%             | 2032-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5137             | CUSIP: 31418EV72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1593023 | PA      | $1606957.26   | 0.99%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5585             | CUSIP: 31418FF36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96610 | PA      | $97159.92     | 0.06%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                | ASUCOR 8 12/31/32     | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    900000 | PA      | $946051.20    | 0.59%             | 2032-12-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NMABS ISSUER I LLC/NMABS ISSUER II LLC/NMABS CANADIAN ISSUER I L.P                  | NMNL 2025-1A A        | CUSIP: 629174AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    749531 | PA      | $758834.29    | 0.47%             | 2055-11-22      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| TRTX 2022-FL5 ISSUER, LTD                                                           | TRTX 2022-FL5 AS      | CUSIP: 87277JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     50000 | PA      | $50031.10     | 0.03%             | 2039-02-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                  | NWL 6 5/8 09/15/29    | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508209.00    | 0.31%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cogent Communications Group LLC                                                     | CCOI 7 06/15/27       | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491225.90    | 0.30%             | 2027-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8244             | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    172869 | PA      | $168190.09    | 0.10%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp/ Canadas Wonderland Company/ Millennium Operations LLC | FUN 8 5/8 01/15/32    | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2026437.46   | 1.25%             | 2032-01-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                               | BBWI 7.6 07/15/37     | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    614000 | PA      | $616260.75    | 0.38%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 3/8 05/15/40      | CUSIP: 912810QH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23250000 | PA      | $23443447.21  | 14.50%            | 2040-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Starwood 2025-Sif6 LLC                                                              | STWD 2025-SIF6A A1    | CUSIP: 85574AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $200162.40    | 0.12%             | 2037-10-17      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                       | FUN 5 1/4 07/15/29    | CUSIP: 150190AE6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1443797.55   | 0.89%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Calumet Specialty Products Partners LP / Calumet Finance Corp                       | CLMT 9 3/4 02/15/31   | CUSIP: 131477BA8<br>LEI: 529900QWK0FGLES9BA18 | Long             | DBT              | CORP              | US        |    800000 | PA      | $852832.00    | 0.53%             | 2031-02-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Highwoods Realty Limited Partnership                                                | HIW 5.35 01/15/33     | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201278.74    | 0.12%             | 2033-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ACM AUTO TRUST 2025-4                                                               | ACMAT 2025-4A A       | CUSIP: 00161LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    867975 | PA      | $872030.74    | 0.54%             | 2030-05-20      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 3/8 11/15/39      | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3800000 | PA      | $3845125.00   | 2.38%             | 2039-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cogent Communications Group LLC / Cogent Finance Inc.                               | CCOI 6 1/2 07/01/32   | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    350000 | PA      | $310509.50    | 0.19%             | 2032-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5352             | CUSIP: 31418E5N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98593 | PA      | $99161.65     | 0.06%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust 2012-1                                      | UACST 2025-1 E        | CUSIP: 90945JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1416660.98   | 0.88%             | 2031-10-10      | Fixed         | 7.71%                 | Yes           |                  2 | On Loan: No      |
| A10 2025-FL6 Issuer LLC                                                             | A10 2025-FL6 A        | CUSIP: 00028AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $349923.00    | 0.22%             | 2042-05-15      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB9207             | CUSIP: 3140QVGR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1482851 | PA      | $1493883.90   | 0.92%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 5/8 02/15/40      | CUSIP: 912810QE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $414562.50    | 0.26%             | 2040-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD7379             | CUSIP: 3132DVFU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209550 | PA      | $213148.05    | 0.13%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                               | BBWI 6.95 03/01/33    | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    700000 | PA      | $700367.99    | 0.43%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Midas Opco Holdings LLC                                                             | STGW 5 5/8 08/15/29   | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1430193.84   | 0.88%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8360             | CUSIP: 3132DWJD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    173195 | PA      | $171736.83    | 0.11%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HNI Corp                                                                            | HNI 5 1/8 01/18/29    | CUSIP: 404251AA8<br>LEI: 549300SKRADLC4O5HV93 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2957806.80   | 1.83%             | 2029-01-18      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hawaiian Electric Company, Inc.                                                     | HE 6 10/01/33         | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152960.55    | 0.09%             | 2033-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LFS TopCo LLC                                                                       | LENDMK 8 3/4 07/15/30 | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1597742.85   | 0.99%             | 2030-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TR 2024-5                                                        | JPMMT 2024-5 A6       | CUSIP: 46658RAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118650 | PA      | $118801.22    | 0.07%             | 2054-11-25      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GPMT LTD                                                                            | GPMT 2021-FL3 AS      | CUSIP: 36264BAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    144229 | PA      | $144479.53    | 0.09%             | 2035-07-16      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | US TREASURY N/B       | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7926875.04   | 4.90%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ASP PIF CLO I LLC                                                                   | ASP 2025-1A A1        | CUSIP: 044929AA5<br>LEI: 635400PQGSZRLFIJEM43 | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500279.00    | 0.31%             | 2038-01-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN DC3824             | CUSIP: 3140ARHA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1974766 | PA      | $1986622.18   | 1.23%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                                 | MNET 2025-4A A2       | CUSIP: 59170JBD9<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1527823.50   | 0.95%             | 2055-12-20      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 3/4 11/15/43      | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $102960.94    | 0.06%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | US TREASURY BOND      | CUSIP: 912810QB7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201023.44    | 0.12%             | 2039-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SunCoke Energy, Inc.                                                                | SXC 4 7/8 06/30/29    | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1005637.38   | 0.62%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5163             | CUSIP: 31418EWZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1051076 | PA      | $1042224.29   | 0.64%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                                                                 | ROCSOF 6 1/2 02/15/29 | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $838223.80    | 0.52%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                  | NWL 6 3/8 05/15/30    | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301161.60    | 0.19%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Acore 2026-FL1 Issuer LLC                                                           | ACORE 2026-FL1 B      | CUSIP: 00485EAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001052.50   | 0.62%             | 2043-08-20      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | US TREASURY N/B       | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1026679.69   | 0.64%             | 2039-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bain Capital Specialty Finance Inc                                                  | BCSF 5.95 03/01/31    | CUSIP: 05684BAF4<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974917.82    | 0.60%             | 2031-03-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5327             | CUSIP: 31418E4M9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1140784 | PA      | $1147954.32   | 0.71%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5552             | CUSIP: 31418FE29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    192519 | PA      | $193680.10    | 0.12%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                 | RITM 8 04/01/29       | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352486.40    | 0.22%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5070             | CUSIP: 31418ET42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    177035 | PA      | $175719.32    | 0.11%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | US TREASURY N/B       | CUSIP: 912810QQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3503964.84   | 2.17%             | 2041-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NMABS ISSUER I LLC/NMABS ISSUER II LLC/NMABS CANADIAN ISSUER I L.P                  | NMNL 2025-1A B        | CUSIP: 629174AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    749531 | PA      | $752210.67    | 0.47%             | 2055-11-22      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Acres Commercial Realty 2021-FL2 Issuer Ltd                                         | ACRES 2026-FL4 A      | CUSIP: 00501XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002695.01   | 0.62%             | 2044-08-18      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| GPMT LTD 2021-FL4                                                                   | GPMT 2021-FL4 A       | CUSIP: 36262TAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    187331 | PA      | $187884.20    | 0.12%             | 2036-12-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                 | RITM 8 07/15/30       | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    850000 | PA      | $854611.25    | 0.53%             | 2030-07-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND I LLC                                                            | EQS 2024-2M A         | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177488 | PA      | $181381.20    | 0.11%             | 2032-12-20      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                  | BURLN 8 1/2 01/15/34  | CUSIP: 12116LAJ8<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    850000 | PA      | $833986.00    | 0.52%             | 2034-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNR 2025-59 MA        | CUSIP: 3136BWN85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    246475 | PA      | $246388.90    | 0.15%             | 2051-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                                   | LAMR 5 3/8 11/01/33   | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $300948.60    | 0.19%             | 2033-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8371             | CUSIP: 3132DWJQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5691935 | PA      | $5738220.42   | 3.55%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFP 2026-13 LTD                                                                     | PFP 2026-13 A         | CUSIP: 716966AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1504608.00   | 0.93%             | 2043-08-18      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| LOANCORE 2021-CRE5 ISSUER LTD                                                       | LNCR 2021-CRE5 D      | CUSIP: 53947XAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505376.00   | 0.93%             | 2036-07-15      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                              | GLP 7 1/8 07/01/33    | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77742.90     | 0.05%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LOANCORE 2022-CRE7 ISSUER LTD                                                       | LNCR 2022-CRE7 E      | CUSIP: 53946PAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501746.00    | 0.31%             | 2037-01-17      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| UNITED AUTO CREDIT SECURITIZATION TRUST 2026-1                                      | UACST 2026-1 C        | CUSIP: 90945FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502539.75    | 0.31%             | 2031-06-10      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5271             | CUSIP: 31418E2D1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2717919 | PA      | $2767352.95   | 1.71%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BSPRT 2022-FL8 Issuer Ltd.                                                          | BSPRT 2022-FL8 C      | CUSIP: 055983AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     50000 | PA      | $50077.25     | 0.03%             | 2037-02-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| SKY1 TR 2025-LINE                                                                   | SKY1 2025-LINE A      | CUSIP: 830941AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    411991 | PA      | $414737.04    | 0.26%             | 2042-04-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Broadstone Net Lease LLC                                                            | BNL 5 11/01/32        | CUSIP: 11134GAA8<br>LEI: 54930089IBT6J4WBTI50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202263.41    | 0.13%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tailored Brands Inc                                                                 | TLRD 9 02/01/31       | CUSIP: 587118AF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1545344.96   | 0.96%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                       | SIX 7 1/4 05/15/31    | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491217.65    | 0.30%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC/ NGL Energy Finance Corp                                   | NGL 8 3/8 02/15/32    | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $314873.10    | 0.19%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Golar LNG Limited                                                                   | GLNG 7 1/2 10/02/30   | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |    600000 | PA      | $604097.40    | 0.37%             | 2030-10-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fortress Credit Investments IV LLC                                                  | FCO 2017-9A BR        | CUSIP: 34961JBE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300683.10    | 0.19%             | 2033-10-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5164             | CUSIP: 31418EW22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1027491 | PA      | $1036478.76   | 0.64%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRSP 2024-FL2 LTD                                                                   | BRSP 2024-FL2 E       | CUSIP: 05613BAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $204185.34    | 0.13%             | 2037-08-19      | Floating      | 10.20%                | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SL0716             | CUSIP: 31427MYN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3744743 | PA      | $3772605.64   | 2.33%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FN MA5294             | CUSIP: 31418E3C2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    192828 | PA      | $194098.99    | 0.12%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AUTO CREDIT SECURITIZATION TRUST 2026-1                                      | UACST 2026-1 D        | CUSIP: 90945FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503655.40    | 0.31%             | 2031-07-10      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                       | CHTR 7 02/01/33       | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1841761.78   | 1.14%             | 2033-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND III LLC                                                          | EQS 2025-2M A         | CUSIP: 69122AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1464701 | PA      | $1487202.47   | 0.92%             | 2034-03-27      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| The Manitowoc Company, Inc.                                                         | MTW 9 1/4 10/01/31    | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27206.73     | 0.02%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                             | FR QF0493             | CUSIP: 3133BMRN7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |   1249381 | PA      | $1283584.15   | 0.79%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1                                                                      | ACREC 2021-FL1 C      | CUSIP: 00500RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250086.03    | 0.15%             | 2036-10-16      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 11/15/42          | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $943554.69    | 0.58%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WBI Operations LLC                                                                  | WBI 6 1/4 10/15/30    | CUSIP: 92944BAA9<br>LEI: 254900A83461EGRMOV11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254933.75    | 0.16%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE                                                                   | BBH SWEEP VEHICLE     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5322484 | PA      | $5322484.46   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Acrec 2026-FL4 LLC                                                                  | ACREC 2026-FL4 A      | CUSIP: 004970AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1503156.00   | 0.93%             | 2043-01-18      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4 5/8 02/15/46      | CUSIP: 912810UT3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1007109.38   | 0.62%             | 2046-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Barings BDC Inc.                                                                    | BBDC 5.2 09/15/28     | CUSIP: 06759LAE3<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247663.90    | 0.15%             | 2028-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer