# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001752724-23-000540
**Filing Date:** 2023-1
**Character Count:** 34138
**Document Hash:** fe6ab2a25ddc1113e7d5e91cdebd52de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-000540.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001752724-23-000540

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 23520607

**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

### LifeGoal Conservative Wealth Builder ETF (Series ID: S000072348)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000228499 | LifeGoal Conservative Wealth Builder ETF | SAVN            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 13.3%** |  |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 85 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; $7780 |
|  | **CHEMICALS - 0.5%** |  |
| 20 | Sherwin-Williams Company | &nbsp;&nbsp;&nbsp; 4984 |
|  | **CONSTRUCTION MATERIALS - 0.8%** |  |
| 95 | Owens Corning | &nbsp;&nbsp;&nbsp; 8440 |
|  | **ELECTRICAL EQUIPMENT - 0.3%** |  |
| 85 | Carrier Global Corporation | &nbsp;&nbsp;&nbsp; 3767 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.7%** |  |
| 160 | Trex Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7342 |
|  | **HOME & OFFICE PRODUCTS - 0.3%** |  |
| 20 | Whirlpool Corporation | &nbsp;&nbsp;&nbsp; 2931 |
|  | **HOME CONSTRUCTION – 3.6%** |  |
| 95 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp; 8170 |
| 115 | Lennar Corporation, Class B | &nbsp;&nbsp;&nbsp; 8349 |
| 150 | Masco Corporation | &nbsp;&nbsp;&nbsp; 7617 |
| 135 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 6045 |
| 170 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 8145 |
|  |  | &nbsp;&nbsp; 38326 |
|  | **MACHINERY - 0.2%** |  |
| 30 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp; 2452 |
|  | **METALS & MINING - 1.4%** |  |
| 325 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 15428 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 75 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 11432 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 13.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 50 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3732 |
| 45 | Home Depot, Inc. | &nbsp;&nbsp;&nbsp; 14579 |
| 55 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 11690 |
| 30 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; 3507 |
|  |  | &nbsp;&nbsp; 33508 |
|  | **TRANSPORTATION & LOGISTICS - 0.6%** |  |
| 65 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 6514 |
|  | **TOTAL COMMON STOCKS (Cost $171,707)** | &nbsp;&nbsp; 142904 |
|  | **EXCHANGE-TRADED FUNDS — 86.4%** |  |
|  | **COMMODITY - 4.5%** |  |
| 895 | abrdn Bloomberg All Commodity Strategy K-1 Free | &nbsp;&nbsp;&nbsp; 24326 |
| 1390 | Graniteshares Gold Trust<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24381 |
|  |  | &nbsp;&nbsp; 48707 |
|  | **EQUITY - 22.6%** |  |
| 1795 | iShares Core Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 93931 |
| 50 | iShares ESG MSCI EM Leaders ETF | &nbsp;&nbsp;&nbsp; 2319 |
| 270 | iShares Global Materials ETF | &nbsp;&nbsp;&nbsp; 22478 |
| 935 | iShares International Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 54641 |
| 640 | iShares MSCI USA Small-Cap Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 23162 |
| 300 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 21429 |
| 390 | Vanguard Global ex-U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 16497 |
| 430 | WisdomTree Emerging Markets Quality Dividend Growth Fund ARS | &nbsp;&nbsp;&nbsp; 9473 |
|  |  | &nbsp;&nbsp; 243930 |
|  | **FIXED INCOME - 59.3%** |  |
| 445 | iShares ESG Aware USD Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 10093 |
| 1615 | iShares MBS ETF | &nbsp;&nbsp;&nbsp; 151794 |
| 2505 | Schwab US TIPS ETF | &nbsp;&nbsp;&nbsp; 133016 |
| 1725 | VanEck J. P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 41814 |
| 985 | Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;&nbsp; 61405 |
| 2035 | Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 159909 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** | **LIFEGOAL HOME DOWN PAYMENT INVESTMENT ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 86.4% (Continued)** |  |
|  | **FIXED INCOME - 59.3% (Continued)** |  |
| 1355 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; $80135 |
|  |  | &nbsp;&nbsp; 638166 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $969,704)** | &nbsp;&nbsp; 930803 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $1,141,411)** | &nbsp;&nbsp;&nbsp; $1073707 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | &nbsp;&nbsp; 2926 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1076633 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

---

| | | |
|:---|:---|:---|
| **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.8%** |  |
| 140 | Boeing Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $25043 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.6%** |  |
| 182 | NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp; 19964 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 14 | BlackRock, Inc. | &nbsp;&nbsp;&nbsp; 10024 |
| 140 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 12814 |
|  |  | &nbsp;&nbsp; 22838 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 280 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 3892 |
| 98 | General Motors Company | &nbsp;&nbsp;&nbsp; 3975 |
|  |  | &nbsp;&nbsp; 7867 |
|  | **BANKING - 0.2%** |  |
| 56 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 7738 |
|  | **BIOTECH & PHARMA - 0.5%** |  |
| 126 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 13875 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 112 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 4104 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 70 | Walt Disney Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6851 |
|  | **HOUSEHOLD PRODUCTS - 0.2%** |  |
| 84 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 6508 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 238 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24145 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 112 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; 11446 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.5% (Continued)** |  |
|  | **METALS & MINING - 1.7%** |  |
| 924 | Newmont Corporation | &nbsp;&nbsp;&nbsp; $43862 |
| 84 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 9436 |
|  |  | &nbsp;&nbsp; 53298 |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 196 | Devon Energy Corporation | &nbsp;&nbsp;&nbsp; 13430 |
| 98 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 14506 |
|  |  | &nbsp;&nbsp; 27936 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 56 | Target Corporation | &nbsp;&nbsp;&nbsp; 9356 |
| 294 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 44812 |
|  |  | &nbsp;&nbsp; 54168 |
|  | **SEMICONDUCTORS - 0.2%** |  |
| 42 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 7578 |
|  | **SOFTWARE - 0.2%** |  |
| 84 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 6975 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 84 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 8672 |
|  | **TECHNOLOGY HARDWARE - 0.2%** |  |
| 112 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 5569 |
|  | **TRANSPORTATION & LOGISTICS - 0.5%** |  |
| 112 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 11225 |
| 14 | FedEx Corporation | &nbsp;&nbsp;&nbsp; 2551 |
|  |  | &nbsp;&nbsp; 13776 |
|  | **TOTAL COMMON STOCKS (Cost $317,249)** | &nbsp;&nbsp; 328351 |
|  | **EXCHANGE-TRADED FUNDS — 89.4%** |  |
|  | **COMMODITY - 3.4%** |  |
| 1694 | abrdn Bloomberg All Commodity Strategy K-1 Free | &nbsp;&nbsp;&nbsp; 46043 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** | **LIFEGOAL CONSERVATIVE WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.4% (Continued)** |  |
|  | **COMMODITY - 3.4% (Continued)** |  |
| 3472 | Graniteshares Gold Trust<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $60899 |
|  |  | &nbsp;&nbsp; 106942 |
|  | **EQUITY - 16.7%** |  |
| 2128 | iShares Core Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 111358 |
| 126 | iShares ESG MSCI EM Leaders ETF | &nbsp;&nbsp;&nbsp; 5843 |
| 560 | iShares Global Materials ETF | &nbsp;&nbsp;&nbsp; 46620 |
| 2842 | iShares International Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 166087 |
| 1792 | iShares MSCI USA Small-Cap Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 64852 |
| 910 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 65001 |
| 1386 | Vanguard Global ex-U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 58628 |
|  |  | &nbsp;&nbsp; 518389 |
|  | **FIXED INCOME - 69.3%** |  |
| 1246 | iShares ESG Aware USD Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 28259 |
| 4550 | iShares MBS ETF | &nbsp;&nbsp;&nbsp; 427655 |
| 392 | Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp; 18957 |
| 6132 | Schwab US TIPS ETF | &nbsp;&nbsp;&nbsp; 325609 |
| 2744 | SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 63030 |
| 5110 | VanEck J. P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 123866 |
| 3038 | Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;&nbsp; 189389 |
| 3640 | Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 286031 |
| 6972 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 412324 |
| 3612 | Vanguard Long-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 282567 |
|  |  | &nbsp;&nbsp; 2157687 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,851,427)** | &nbsp;&nbsp; 2783018 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $3,168,676)** | &nbsp;&nbsp;&nbsp; $3111369 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 3521 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $3114890 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

---

| | | |
|:---|:---|:---|
| **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 15.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.9%** |  |
| 297 | Boeing Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $53127 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.9%** |  |
| 486 | NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp; 53309 |
|  | **ASSET MANAGEMENT - 1.5%** |  |
| 54 | BlackRock, Inc. | &nbsp;&nbsp;&nbsp; 38664 |
| 531 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 48602 |
|  |  | &nbsp;&nbsp; 87266 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 2052 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 28523 |
| 999 | General Motors Company | &nbsp;&nbsp;&nbsp; 40519 |
|  |  | &nbsp;&nbsp; 69042 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 276 | Walt Disney Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27012 |
|  | **INTERNET MEDIA & SERVICES – 1.0%** |  |
| 540 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54783 |
|  | **METALS & MINING - 2.8%** |  |
| 1991 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 94513 |
| 567 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 63691 |
|  |  | &nbsp;&nbsp; 158204 |
|  | **RETAIL - CONSUMER STAPLES - 1.9%** |  |
| 168 | Target Corporation | &nbsp;&nbsp;&nbsp; 28068 |
| 540 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 82307 |
|  |  | &nbsp;&nbsp; 110375 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 162 | Home Depot, Inc. | &nbsp;&nbsp;&nbsp; 52486 |
|  | **SOFTWARE - 1.1%** |  |
| 729 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 60529 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 15.5% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 257 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; $26533 |
|  | **TECHNOLOGY HARDWARE - 0.6%** |  |
| 732 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 36395 |
|  | **TELECOMMUNICATIONS - 0.9%** |  |
| 1323 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 51571 |
|  | **TRANSPORTATION & LOGISTICS - 0.8%** |  |
| 459 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 46001 |
|  | **TOTAL COMMON STOCKS (Cost $858,063)** | &nbsp;&nbsp; 886633 |
|  | **EXCHANGE-TRADED FUNDS — 84.4%** |  |
|  | **COMMODITY - 3.8%** |  |
| 4158 | abrdn Bloomberg All Commodity Strategy K-1 Free | &nbsp;&nbsp;&nbsp; 113014 |
| 5913 | Graniteshares Gold Trust<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 103714 |
|  |  | &nbsp;&nbsp; 216728 |
|  | **EQUITY - 41.5%** |  |
| 12987 | iShares Core Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 679611 |
| 1215 | iShares Global Materials ETF | &nbsp;&nbsp;&nbsp; 101149 |
| 7317 | iShares International Dividend Growth ETF | &nbsp;&nbsp;&nbsp; 427605 |
| 9942 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 564507 |
| 2214 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 158146 |
| 2862 | Vanguard Global ex-U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 121063 |
| 1215 | Vanguard Real Estate ETF | &nbsp;&nbsp;&nbsp; 107017 |
| 10071 | WisdomTree Emerging Markets Quality Dividend Growth Fund | &nbsp;&nbsp;&nbsp; 221864 |
|  |  | &nbsp;&nbsp; 2380962 |
|  | **FIXED INCOME - 39.1%** |  |
| 3619 | iShares MBS ETF | &nbsp;&nbsp;&nbsp; 340150 |
| 7610 | Schwab US TIPS ETF | &nbsp;&nbsp;&nbsp; 404091 |
| 14256 | VanEck J. P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 345565 |

---

---

| | | |
|:---|:---|:---|
| **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** | **LIFEGOAL WEALTH BUILDER ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 84.4% (Continued)** |  |
|  | **FIXED INCOME - 39.2% (Continued)** |  |
| 6399 | Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;&nbsp; $398914 |
| 9697 | Vanguard Long-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 758596 |
|  |  | &nbsp;&nbsp; 2247316 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,788,818)** | &nbsp;&nbsp; 4845006 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $5,646,881)** | &nbsp;&nbsp;&nbsp; $5731639 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 7059 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $5738698 |

---

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt <br>

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

## 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:** LifeGoal Conservative Wealth Builder ETF

- **b. EDGAR series identifier (if any):** S000072348

- **c. LEI of Series:** 54930021TU2DZ4G58O90

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3157366.84

**Total Liabilities:** $42476.48

**Net Assets:** $3114890.36

**Cash Not Reported:** $45955.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228499 | -6.09%               | 0.99%                | 6.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1723.73                | $-196801.32                                |
| Month 2  | $-6032.17                | $30504.89                                  |
| Month 3  | $-57631.76               | $228624.47                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ishares Trust                             | ISHARES MBS ETF           | CUSIP: 464288588<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4550 | NS      | $427654.50    | 13.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | ISHARES CORE DIVIDEND GRO | CUSIP: 46434V621<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2128 | NS      | $111358.24    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD INTERMEDIATE-TER | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      6972 | NS      | $412324.08    | 13.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT HY BD           | CUSIP: 78468R606<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      2744 | NS      | $63029.68     | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                    | GENERAL MOTORS C          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |        98 | NS      | $3974.88      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                    | SCHWAB SHORT-TERM US TREA | CUSIP: 808524862<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |       392 | NS      | $18957.12     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | ISHARES MSCI USA          | CUSIP: 46435G433<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1792 | NS      | $64852.48     | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                           | BLACKROCK INC             | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |        14 | NS      | $10024.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | ISHARES INTL DIV          | CUSIP: 46435G524<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2842 | NS      | $166086.48    | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD LONG-TERM CORP B | CUSIP: 92206C813<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      3612 | NS      | $282566.76    | 9.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds                  | VANGUARD EMERG MKTS GOV B | CUSIP: 921946885<br>LEI: 5493006QD7VQBS2FQD13 | Long             | EC               | RF                | US        |      3038 | NS      | $189388.92    | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation         | CAPITAL ONE FINA          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |        84 | NS      | $8672.16      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                         | FEDEX CORP                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        14 | NS      | $2551.08      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                      | JPMORGAN CHASE            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |        56 | NS      | $7738.08      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                       | WALT DISNEY CO            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |        70 | NS      | $6850.90      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Abrdn Etfs                                | ABRDN BLOOMBERG           | CUSIP: 003261104<br>LEI: 54930044UD4VERB62W69 | Long             | EC               | RF                | US        |      1694 | NS      | $46042.92     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                        | ORACLE CORP               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |        84 | NS      | $6974.52      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                       | NEWMONT CORP              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       924 | NS      | $43862.28     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                  | DEVON ENERGY CO           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       196 | NS      | $13429.92     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                            | BLACKSTONE INC            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       140 | NS      | $12814.20     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Company                 | COLGATE-PALMOLIV          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |        84 | NS      | $6508.32      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                          | ROYAL GOLD INC            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |        84 | NS      | $9435.72      | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                       | COMCAST CORP-A            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       112 | NS      | $4103.68      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation                     | STARBUCKS CORP            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |       112 | NS      | $11446.40     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR          | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |      5110 | NS      | $123866.40    | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | ISHARES ESG AWAR          | CUSIP: 46435G193<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1246 | NS      | $28259.28     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | ISHARES GLOBAL MATERIALS  | CUSIP: 464288695<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       560 | NS      | $46620.00     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | DIAMONDBACK ENER          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |        98 | NS      | $14505.96     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                        | UTILITIES SELECT SECTOR S | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |       910 | NS      | $65001.30     | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                | NIKE INC -CL B            | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       182 | NS      | $19963.58     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated            | TEXAS INSTRUMENT          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |        42 | NS      | $7579.32      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD INT-TERM CORPORA | CUSIP: 92206C870<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      3640 | NS      | $286031.20    | 9.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                          | MERCK & CO                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       126 | NS      | $13875.12     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                       | CISCO SYSTEMS             | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       112 | NS      | $5568.64      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Graniteshares Gold Trust                  | GRANITESHARES GOLD TRUST  | CUSIP: 38748G101<br>LEI: 549300B09UIFB1TCF016 | Long             | EC               | RF                | US        |      3472 | NS      | $60898.88     | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                        | TARGET CORP               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |        56 | NS      | $9355.92      | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                               | WALMART INC               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       294 | NS      | $44811.48     | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. Robinson Worldwide Inc               | CH ROBINSON               | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |       112 | NS      | $11224.64     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                    | SCHWAB U.S. TIPS ETF      | CUSIP: 808524870<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |      6132 | NS      | $325609.20    | 10.45%            |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                        | BOEING CO/THE             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       140 | NS      | $25043.20     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD GLBL EX-US REAL  | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |      1386 | NS      | $58627.80     | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                             | I/S ESG MSCI EM           | CUSIP: 46436E601<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       126 | NS      | $5842.62      | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | ALPHABET INC-C            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       238 | NS      | $24145.10     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                        | FORD MOTOR CO             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |       280 | NS      | $3892.00      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-28

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer