# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-002191
**Filing Date:** 2025-10
**Character Count:** 29248
**Document Hash:** f0f42afba23c17a4dadca59ba21cafd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002191.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000910472-25-002191

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**PERIOD START**: 20251130

**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:** 251405539

**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

### North Star Opportunity Fund (Series ID: S000034503)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000106067 | North Star Opportunity Fund Class I Shares | NSOIX           |
| C000106068 | North Star Opportunity Fund Class A Shares | NSOPX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 70.3%** |  |
|  | **ASSET MANAGEMENT - 7.7%** |  |
| 29000 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; $4970600 |
| 94500 | Compass Diversified Holdings | &nbsp;&nbsp;&nbsp; 708750 |
| 31500 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp; 4393935 |
|  |  | &nbsp;&nbsp; 10073285 |
|  | **BANKING - 8.5%** |  |
| 108000 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 5479920 |
| 19000 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 5726980 |
|  |  | &nbsp;&nbsp; 11206900 |
|  | **BIOTECH & PHARMA - 5.2%** |  |
| 18000 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 3787200 |
| 19000 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 2971600 |
|  |  | &nbsp;&nbsp; 6758800 |
|  | **E-COMMERCE DISCRETIONARY - 3.8%** |  |
| 22000 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5038000 |
|  | **ELECTRICAL EQUIPMENT - 2.1%** |  |
| 20000 | Carrier Global Corporation | &nbsp;&nbsp;&nbsp; 1304000 |
| 198000 | Orion Energy Systems, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1445400 |
|  |  | &nbsp;&nbsp; 2749400 |
|  | **ENTERTAINMENT CONTENT - 2.6%** |  |
| 75000 | Sphere Entertainment Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3398250 |
|  | **INTERNET MEDIA & SERVICES - 4.3%** |  |
| 26500 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 5642115 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 74000 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3012540 |
|  | **MULTI ASSET CLASS REITS - 1.1%** |  |
| 160000 | LXP Industrial Trust | &nbsp;&nbsp;&nbsp; 1452800 |
|  | **OIL & GAS PRODUCERS - 4.6%** |  |
| 22700 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 2594383 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 70.3% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 4.6% (Continued)** |  |
| 125000 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; $3372500 |
|  |  | &nbsp;&nbsp; 5966883 |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 13000 | Target Corporation | &nbsp;&nbsp;&nbsp; 1247740 |
|  | **RETAIL - DISCRETIONARY - 2.7%** |  |
| 20000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3555400 |
|  | **RETAIL REIT - 1.5%** |  |
| 33000 | Realty Income Corporation | &nbsp;&nbsp;&nbsp; 1939080 |
|  | **SEMICONDUCTORS - 8.8%** |  |
| 35500 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5773366 |
| 11000 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 1915980 |
| 24000 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 3857520 |
|  |  | &nbsp;&nbsp; 11546866 |
|  | **SPECIALTY REIT - 2.0%** |  |
| 49000 | EPR Properties | &nbsp;&nbsp;&nbsp; 2658250 |
|  | **TECHNOLOGY HARDWARE - 5.8%** |  |
| 21000 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 4874940 |
| 40000 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 2763600 |
|  |  | &nbsp;&nbsp; 7638540 |
|  | **TECHNOLOGY SERVICES - 2.7%** |  |
| 25000 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 3486375 |
|  | **TOBACCO & CANNABIS - 1.5%** |  |
| 230000 | Green Thumb Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1998677 |
|  | **WHOLESALE - DISCRETIONARY - 2.1%** |  |
| 62800 | Acme United Corporation | &nbsp;&nbsp;&nbsp; 2701656 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** |
| **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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 70.3% (Continued)** |  |  |  |
|  | **TOTAL COMMON STOCKS (Cost $36,239,863)** |  |  | &nbsp;&nbsp; $92071557 |
|  | **PREFERRED STOCKS** — **1.1%** |  |  |  |
|  | **BANKING** — **1.0%** |  |  |  |
| 20000 | First Busey Corporation - Series B, 8.2500% |  |  | &nbsp;&nbsp;&nbsp; 503200 |
| 30000 | Wintrust Financial Corporation, 7.8750% |  |  | &nbsp;&nbsp;&nbsp; 792300 |
|  |  |  |  | 1295500 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.1%** |  |  |  |
| 4000 | Lexington Realty Trust - Series C, 6.5000% |  |  | &nbsp;&nbsp;&nbsp; 186200 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,478,584)** |  |  | 1481700  |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CONVERTIBLE BOND — 0.8%** |  |  |  |
|  | **ASSET MANAGEMENT** — **0.8%** |  |  |  |
| 1000000 | WisdomTree, Inc.<sup>(c)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;08/15/30 | 1045000 |
|  | **TOTAL CONVERTIBLE BOND (Cost $1,060,050)** |  |  | 1045000 |
|  | **CORPORATE BONDS — 7.1%** |  |  |  |
|  | **BANKING** — **0.8%** |  |  |  |
| 1050000 | Wintrust Financial Corporation | 4.8500 | &nbsp;&nbsp;&nbsp;06/06/29 | 1041707 |
|  | **ENGINEERING & CONSTRUCTION** — **0.8%** |  |  |  |
| 1000000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(c)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;02/01/32 | 998545 |
|  | **HOME & OFFICE PRODUCTS** — **1.2%** |  |  |  |
| 850000 | ACCO Brands Corporation<sup>(c)</sup> | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/29 | 763685 |
| 800000 | Scotts Miracle-Gro Company (The) | 5.2500 | &nbsp;&nbsp;&nbsp;12/15/26 | 799639 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563324 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** |
| **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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 7.1% (Continued)** |  |  |  |
|  | **HOME CONSTRUCTION** — **0.8%** |  |  |  |
| 1050000 | Beazer Homes USA, Inc. | 5.8750 | &nbsp;&nbsp;&nbsp;10/15/27 | $1048713 |
|  | **HOUSEHOLD PRODUCTS** — **0.6%** |  |  |  |
| 800000 | Energizer Holdings, Inc. | 4.7500 | &nbsp;&nbsp;&nbsp;06/15/28 | 787372 |
|  | **LEISURE FACILITIES & SERVICES** — **2.1%** |  |  |  |
| 950000 | Brinker International, Inc.<sup>(c)</sup> | 8.2500 | &nbsp;&nbsp;&nbsp;07/15/30 | 1010678 |
| 1850000 | Wendy's International, LLC | 7.0000 | &nbsp;&nbsp;&nbsp;12/15/25 | 1864810 |
|  |  |  |  | 2875488 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.8%** |  |  |  |
| 1050000 | Embecta Corporation<sup>(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;02/15/30 | 1015151 |
|  | **TOTAL CORPORATE BONDS (Cost $9,295,955)** |  |  | 9330300 |
|  | **U.S. GOVERNMENT & AGENCIES — 15.1%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **15.1%** |  |  |  |
| 5000000 | United States Treasury Bill<sup>(d)</sup> | 3.7800 | &nbsp;&nbsp;&nbsp;09/16/25 | 4991726 |
| 5000000 | United States Treasury Bill<sup>(d)</sup> | 4.0500 | &nbsp;&nbsp;&nbsp;10/14/25 | 4975733 |
| 5000000 | United States Treasury Bill<sup>(d)</sup> | 4.0100 | &nbsp;&nbsp;&nbsp;12/11/25 | 4944552 |
| 5000000 | United States Treasury Bill<sup>(d)</sup> | 3.9600 | &nbsp;&nbsp;&nbsp;01/15/26 | 4926784 |
|  |  |  |  | 19838795 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,834,229)** |  |  | 19838795 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** | **NORTH STAR OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 5.7%** |  |
|  | **MONEY MARKET FUND - 5.7%** |  |
| 7438134 | First American Treasury Obligations Fund, Class X, 4.20%<sup>(e)</sup><br> (Cost $7,438,134) | &nbsp;&nbsp;&nbsp; $7438134 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $75,346,815)** | &nbsp;&nbsp;&nbsp; $131205486 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (88479) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $131117007 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> Affiliated Company – North Star Opportunity Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025, the total market value of 144A securities is $4,833,059 or 3.7% of net assets.

<sup>(d)</sup> Zero coupon bond.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

## 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:** North Star Opportunity Fund

- **b. EDGAR series identifier (if any):** S000034503

- **c. LEI of Series:** 5493002T5M2DVS4SSC59

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $131547589.04

**Total Liabilities:** $430581.78

**Net Assets:** $131117007.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000106067 | 3.76%                | 2.32%                | 2.63%                |
| Class ID C000106068 | 3.73%                | 2.30%                | 2.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70150.44                | $4414441.64                                |
| Month 2  | $-1444116.40             | $4174620.02                                |
| Month 3  | $0.00                    | $3266209.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Green Thumb Indust                           | GREEN THUMB INDU       | CUSIP: 39342L108<br>LEI: 529900Q0L3K192QQY915 | Long             | EC               | CORP              | CA        |    230000 | NS      | $1998677.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | ABBVIE INC             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     18000 | NS      | $3787200.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7438134 | PA      | $7438134.19   | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.                     | SPHERE ENTERTAIN       | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |     75000 | NS      | $3398250.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA CORP            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     11000 | NS      | $1915980.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                | QUALCOMM INC           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     24000 | NS      | $3857520.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's International Inc.                   | WEN 7 12/15/25         | CUSIP: 950590AG4<br>LEI: 549300PQTT267ME8D359 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1864809.25   | 1.42%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                  | ZOETIS INC             | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     19000 | NS      | $2971600.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp.                                | EMBC 6 3/4 02/15/30    | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1015150.99   | 0.77%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cisco Systems, Inc.                          | CISCO SYSTEMS          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     40000 | NS      | $2763600.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                  | ADV MICRO DEVICE       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     35500 | NS      | $5773365.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.                  | EAT 8 1/4 07/15/30     | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1010678.40   | 0.77%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| KKR & Co Inc.                                | KKR & CO INC           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     31500 | NS      | $4393935.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                         | LEXINGTON REALTY TRUST | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |      4000 | NS      | $186200.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings Inc. | BBCP 7 1/2 02/01/32    | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998545.40    | 0.76%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Target Corp.                                 | TARGET CORP            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     13000 | NS      | $1247740.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                             | WT 4 5/8 08/15/30      | CUSIP: 97717PAJ3<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1045000.00   | 0.80%             | 2030-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Exxon Mobil Corp.                            | EXXON MOBIL CORP       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     22700 | NS      | $2594383.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 10/14/25             | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4975733.35   | 3.79%             | 2025-10-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ACCO Brands Corporation                      | ACCO 4 1/4 03/15/29    | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    850000 | PA      | $763684.63    | 0.58%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 12/11/25             | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4944552.10   | 3.77%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Wintrust Financial Corporation               | WTFC 7 7/8 PERP        | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |     30000 | NS      | $792300.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | APPLE INC              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     21000 | NS      | $4874940.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                          | KINDER MORGAN IN       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    125000 | NS      | $3372500.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                             | ACME UNITED CORP       | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     62800 | NS      | $2701656.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22000 | NS      | $5038000.00   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                       | BOOT BARN HOLDIN       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     20000 | NS      | $3555400.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation               | WTFC 4.85 06/06/29     | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1041707.47   | 0.79%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Beazer Homes USA Inc.                        | BZH 5 7/8 10/15/27     | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1048712.60   | 0.80%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                               | BLACKSTONE INC         | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     29000 | NS      | $4970600.00   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMORGAN CHASE         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     19000 | NS      | $5726980.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp New | MADISON SQUARE G       | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74000 | NS      | $3012540.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                       | ENR 4 3/4 06/15/28     | CUSIP: U29195AD3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    800000 | PA      | $787371.92    | 0.60%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Realty Income Corporation                    | REALTY INCOME          | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     33000 | NS      | $1939080.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                         | LXP INDUSTRIAL T       | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    160000 | NS      | $1452800.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Energy Systems Inc.                    | ORION ENERGY SYS       | CUSIP: 686275207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198000 | NS      | $1445400.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | PAYCHEX INC            | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     25000 | NS      | $3486375.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                               | EPR PROPERTIES         | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     49000 | NS      | $2658250.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company               | SMG 5 1/4 12/15/26     | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    800000 | PA      | $799639.36    | 0.61%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | ALPHABET INC-A         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     26500 | NS      | $5642115.00   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation                      | BUSE 8 1/4 PERP        | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     20000 | NS      | $503200.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 09/16/25             | CUSIP: 912797QU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4991726.40   | 3.81%             | 2025-09-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | BANK OF AMERICA        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    108000 | NS      | $5479920.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified                          | COMPASS DIVERSIF       | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     94500 | NS      | $708750.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                   | CARRIER GLOB           | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     20000 | NS      | $1304000.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 01/15/26             | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4926783.60   | 3.76%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer