# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-002195
**Filing Date:** 2025-10
**Character Count:** 24935
**Document Hash:** 09484215e15c09f2978bf3023e23c473
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002195.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000910472-25-002195

**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:** 251405543

**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 Bond Fund (Series ID: S000045834)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000142876 | North Star Bond Fund Class I Shares | NSBDX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | | | **Fair Value** |
|  | **PREFERRED STOCKS** — **8.0%** | | | |
|  | **BANKING** — **3.7%** | | | |
| 29000 | Bank of America Corporation - Series E, 4.0000% |  |  | $620310 |
| 20000 | First Busey Corporation - Series B, 8.2500% |  |  | 503200 |
| 6000 | Wintrust Financial Corporation, 7.8750% |  |  | 158460 |
|  |  |  |  | 1281970 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **0.6%** |  |  |  |
| 250000 | Mellon Capital IV - Series 1, 5.1460% |  |  | 216923 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.7%** |  |  |  |
| 31000 | EPR Properties - Series C, 5.7500% |  |  | 760120 |
| 11000 | Lexington Realty Trust - Series C, 6.5000% |  |  | 512050 |
|  |  |  |  | 1272170 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,698,075)** |  |  | 2771063 |
| <br> **Principal**<br> **Amount ($)** |  | **Coupon Rate**<br> **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 78.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **1.7%** |  |  |  |
| 600000 | TransDigm, Inc. | 4.6250 | &nbsp;&nbsp;&nbsp;01/15/29 | 587609 |
|  | **APPAREL & TEXTILE PRODUCTS** — **4.2%** |  |  |  |
| 1475000 | Under Armour, Inc. | 3.2500 | &nbsp;&nbsp;&nbsp;06/15/26 | 1456808 |
|  | **ASSET MANAGEMENT** — **5.3%** |  |  |  |
| 850000 | Blackstone Private Credit Fund | 2.6250 | &nbsp;&nbsp;&nbsp;12/15/26 | 829152 |
| 1000000 | Hercules Capital, Inc. | 2.6250 | &nbsp;&nbsp;&nbsp;09/16/26 | 977502 |
|  |  |  |  | 1806654 |
|  | **AUTOMOTIVE** — **3.9%** |  |  |  |
| 1350000 | Ford Motor Company | 7.1250 | &nbsp;&nbsp;&nbsp;11/15/25 | 1352207 |
|  | **BANKING** — **4.3%** |  |  |  |
| 1500000 | Wintrust Financial Corporation | 4.8500 | &nbsp;&nbsp;&nbsp;06/06/29 | 1488154 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND 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 — 78.3% (Continued)** |  |  |  |
|  | **BIOTECH & PHARMA** — **4.2%** |  |  |  |
| 1400000 | Elanco Animal Health, Inc. | 6.6500 | &nbsp;&nbsp;&nbsp;08/28/28 | $1460965 |
|  | **ENGINEERING & CONSTRUCTION** — **2.6%** |  |  |  |
| 900000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;02/01/32 | 898691 |
|  | **HOME & OFFICE PRODUCTS** — **12.3%** |  |  |  |
| 1500000 | ACCO Brands Corporation<sup>(a)</sup> | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/29 | 1347679 |
| 1510000 | Scotts Miracle-Gro Company (The) | 5.2500 | &nbsp;&nbsp;&nbsp;12/15/26 | 1509319 |
| 1400000 | Steelcase, Inc. | 5.1250 | &nbsp;&nbsp;&nbsp;01/18/29 | 1395660 |
|  |  |  |  | 4252658 |
|  | **HOME CONSTRUCTION** — **10.0%** |  |  |  |
| 1475000 | Beazer Homes USA, Inc. | 5.8750 | &nbsp;&nbsp;&nbsp;10/15/27 | 1473191 |
| 1000000 | Interface, Inc.<sup>(a)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;12/01/28 | 996366 |
| 1000000 | M/I Homes, Inc. | 4.9500 | &nbsp;&nbsp;&nbsp;02/01/28 | 990408 |
|  |  |  |  | 3459965 |
|  | **HOUSEHOLD PRODUCTS** — **4.1%** |  |  |  |
| 1200000 | Energizer Holdings, Inc.<sup>(a)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;12/31/27 | 1211831 |
| 200000 | Energizer Holdings, Inc. | 4.7500 | &nbsp;&nbsp;&nbsp;06/15/28 | 196843 |
|  |  |  |  | 1408674 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **2.9%** |  |  |  |
| 1000000 | United Rentals North America, Inc. | 5.5000 | &nbsp;&nbsp;&nbsp;05/15/27 | 999881 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **3.6%** |  |  |  |
| 1250000 | Lazard Group, LLC | 3.6250 | &nbsp;&nbsp;&nbsp;03/01/27 | 1249323 |
|  | **LEISURE FACILITIES & SERVICES** — **10.0%** |  |  |  |
| 300000 | Brinker International, Inc.<sup>(a)</sup> | 8.2500 | &nbsp;&nbsp;&nbsp;07/15/30 | 319162 |
| 250000 | Carnival Corporation | 6.6500 | &nbsp;&nbsp;&nbsp;01/15/28 | 259990 |
| 1400000 | Cedar Fair, L.P. / Canada's Wonderland Company/Magnum Management Corporation | 5.3750 | &nbsp;&nbsp;&nbsp;04/15/27 | 1394363 |
| 1471000 | Wendy's International, LLC | 7.0000 | &nbsp;&nbsp;&nbsp;12/15/25 | 1482775 |
|  |  |  |  | 3456290 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.7%** |  |  |  |
| 250000 | Embecta Corporation<sup>(a)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;02/15/30 | 241703 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND FUND** | **NORTH STAR BOND 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 — 78.3% (Continued)** |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **4.4%** |  |  |  |
| 1500000 | Oceaneering International, Inc. | 6.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | $1516699 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **4.1%** |  |  |  |
| 1400000 | EPR Properties | 4.9500 | &nbsp;&nbsp;&nbsp;04/15/28 | 1408872 |
|  | **TOTAL CORPORATE BONDS (Cost $26,558,753)** |  |  | 27045153 |
|  | **U.S. GOVERNMENT & AGENCIES — 10.1%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **10.1%** |  |  |  |
| 1000000 | United States Treasury Bill<sup>(b)</sup> | 4.0500 | &nbsp;&nbsp;&nbsp;10/14/25 | 995147 |
| 1000000 | United States Treasury Bill<sup>(b)</sup> | 4.0800 | &nbsp;&nbsp;&nbsp;10/28/25 | 993560 |
| 500000 | United States Treasury Bill<sup>(b)</sup> | 4.0100 | &nbsp;&nbsp;&nbsp;01/02/26 | 493282 |
| 1000000 | United States Treasury Note | 5.0000 | &nbsp;&nbsp;&nbsp;09/30/25 | 1000414 |
|  |  |  |  | 3482403 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $3,481,931)** |  |  | 3482403 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENT — 2.7%** |  |  |  |
|  | **MONEY MARKET FUND - 2.7%** |  |  |  |
| 944761 | First American Treasury Obligations Fund, Class X, 4.20%<sup>(c)</sup><br> (Cost $944,761) |  |  | &nbsp;&nbsp;&nbsp; 944761 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $33,683,520)** |  |  | &nbsp;&nbsp;&nbsp;$34243380 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** |  |  | &nbsp;&nbsp;&nbsp;300196 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp;&nbsp;$34543576 |

---

LLC - Limited Liability Company

---

| |
|:---|
| **NORTH STAR BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** |

---

<sup>(a)</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 $5,015,432 or 14.5% of net assets.

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

<sup>(c)</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 Bond Fund

- **b. EDGAR series identifier (if any):** S000045834

- **c. LEI of Series:** 549300LVFYSURXH1FN39

**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:** $34612807.14

**Total Liabilities:** $69231.08

**Net Assets:** $34543576.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 286.22963500 | **1-Year:** 705.02260400 | **5-Year:** 479.41984500 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 76.77572100 | **1-Year:** 1615.89840200 | **5-Year:** 1510.39919300 | **10-Year:** 114.45656500 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142876 | 0.75%                | 0.37%                | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5826.65                 | $143324.13                                 |
| Month 2  | $48.40                   | $-27814.65                                 |
| Month 3  | $-6908.80                | $109094.48                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Energizer Holdings Inc                       | ENR 6 1/2 12/31/27     | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1211830.80   | 3.51%             | 2027-12-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Brinker International, Inc.                  | EAT 8 1/4 07/15/30     | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319161.60    | 0.92%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Company                           | F 7 1/8 11/15/25       | CUSIP: 345370BN9<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1352207.26   | 3.91%             | 2025-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Steelcase Inc                                | SCS 5 1/8 01/18/29     | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1395660.00   | 4.04%             | 2029-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Embecta Corp.                                | EMBC 6 3/4 02/15/30    | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241702.62    | 0.70%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 10/28/25             | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $993560.00    | 2.88%             | 2025-10-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| M/I Homes Inc.                               | MHO 4.95 02/01/28      | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990407.60    | 2.87%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.         | URI 5 1/2 05/15/27     | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999880.60    | 2.89%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                | FUN 5 3/8 04/15/27     | CUSIP: 150190AB2<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1394362.90   | 4.04%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund               | BCRED 2 5/8 12/15/26   | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    850000 | PA      | $829152.31    | 2.40%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| The Scotts Miracle-Gro Company               | SMG 5 1/4 12/15/26     | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1509319.29   | 4.37%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wendy's International Inc.                   | WEN 7 12/15/25         | CUSIP: 950590AG4<br>LEI: 549300PQTT267ME8D359 | Long             | DBT              | CORP              | US        |   1471000 | PA      | $1482775.36   | 4.29%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EPR Properties                               | EPR 4.95 04/15/28      | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1408872.36   | 4.08%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lazard Group LLC                             | LAZ 3 5/8 03/01/27     | CUSIP: 52107QAH8<br>LEI: FI94J2CJ1D7BIGVMS874 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1249323.33   | 3.62%             | 2027-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Under Armour, Inc.                           | UA 3 1/4 06/15/26      | CUSIP: 904311AA5<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1456807.94   | 4.22%             | 2026-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wintrust Financial Corporation               | WTFC 7 7/8 PERP        | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |      6000 | NS      | $158460.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                              | TILE 5 1/2 12/01/28    | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996365.50    | 2.88%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings Inc                       | ENR 4 3/4 06/15/28     | CUSIP: U29195AD3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196842.98    | 0.57%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                              | TDG 4 5/8 01/15/29     | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    600000 | PA      | $587609.28    | 1.70%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 10/14/25             | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $995146.67    | 2.88%             | 2025-10-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Mellon Capital IV                            | BK Float PERP          | CUSIP: 58551TAA5<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    250000 | PA      | $216922.73    | 0.63%             | 2165-12-20      | Floating      | 5.15%                 | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                         | LEXINGTON REALTY TRUST | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |     11000 | NS      | $512050.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                               | EPR 5 3/4 PERP         | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |     31000 | NS      | $760120.00    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                     | ELAN 4.9 08/28/28      | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1460965.80   | 4.23%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Oceaneering International, Inc.              | OII 6 02/01/28         | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1516699.47   | 4.39%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| First Busey Corporation                      | BUSE 8 1/4 PERP        | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     20000 | NS      | $503200.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corporation                      | ACCO 4 1/4 03/15/29    | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1347678.75   | 3.90%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 01/02/26             | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $493282.38    | 1.43%             | 2026-01-02      | Fixed         | 0.00%                 | 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        |   1475000 | PA      | $1473191.50   | 4.26%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wintrust Financial Corporation               | WTFC 4.85 06/06/29     | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1488153.53   | 4.31%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Hercules Capital Inc                         | HTGC 2 5/8 09/16/26    | CUSIP: 427096AH5<br>LEI: 549300UJ5OC256GR2B73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977501.30    | 2.83%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                 | T 5 09/30/25           | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1000414.18   | 2.90%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | BAC 5.9186 PERP        | CUSIP: 060505815<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     29000 | NS      | $620310.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    944761 | PA      | $944760.90    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                         | CCL 6.65 01/15/28      | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    250000 | PA      | $259989.75    | 0.75%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | 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        |    900000 | PA      | $898690.86    | 2.60%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  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