# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-004985
**Filing Date:** 2025-8
**Character Count:** 152248
**Document Hash:** 85a9fe9326b87cf808a7b21efcb768ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004985.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001580642-25-004985

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251197172

**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           |

### North Star Micro Cap Fund (Series ID: S000040440)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000125617 | North Star Micro Cap Fund Class I Shares | NSMVX           |

### North Star Dividend Fund (Series ID: S000040441)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000125620 | North Star Dividend Fund Class I Shares | NSDVX           |

### North Star Bond Fund (Series ID: S000045834)

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

### North Star Small Cap Value Fund (Series ID: S000079928)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000241410 | North Star Small Cap Value Fund Investor Class      | WSCVX           |
| C000241411 | North Star Small Cap Value Fund Institutional Class | WFICX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-22549</u>

<u>Northern Lights Fund Trust II</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(631) 490-4300</u>

Date of fiscal year end: <u>11/30</u>

Date of reporting period: <u>5/31/2025</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

#### North Star Bond Fund

#### Class I (NSBDX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i193cfecd871bfa30cef2fb4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/bond-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $80 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $33584610 |
| Number of Portfolio Holdings | 28 |
| Advisory Fee | $141030 |
| Portfolio Turnover | 7% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7817f19ee389f26cd655c682.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 80.7% |
| Money Market Funds | 10.1% |
| Preferred Stocks | 6.1% |
| U.S. Government & Agencies | 3.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9fffdfd175dbb6af162dc62a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.9% |
| U.S. Treasury Obligations | 3.0% |
| Energy | 3.1% |
| Materials | 3.6% |
| Consumer Staples | 4.2% |
| Health Care | 4.3% |
| Real Estate | 7.5% |
| Industrials | 7.7% |
| Money Market Funds | 9.8% |
| Financials | 17.2% |
| Consumer Discretionary | 36.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 9.8% |
| Scotts Miracle-Gro Company (The) | 4.5% |
| Wendy's International, LLC | 4.4% |
| Beazer Homes USA, Inc. | 4.3% |
| Under Armour, Inc. | 4.3% |
| Elanco Animal Health, Inc. | 4.3% |
| Hercules Capital, Inc. | 4.3% |
| Wintrust Financial Corporation | 4.3% |
| Cedar Fair, L.P./Canada's Wonderland Company/Magnum Management Corporation | 4.2% |
| EPR Properties | 4.1% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i0bcd0e718310fb437d5931c6.jpg)

#### North Star Bond Fund - Class I (NSBDX)

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/bond-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-NSBDX

#### North Star Dividend Fund

#### Class I (NSDVX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i35434c6ba9d9fe559cfab468.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Dividend Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/dividend-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 1.43%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $82099748 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee | $436417 |
| Portfolio Turnover | 9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab99c894355e6e054727b798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.1% |
| Money Market Funds | 5.8% |
| Preferred Stocks | 1.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i282b69a14b89a3391c8a0574.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Technology | 0.8% |
| Communications | 2.4% |
| Energy | 4.9% |
| Consumer Staples | 4.9% |
| Materials | 5.3% |
| Money Market Funds | 5.8% |
| Industrials | 6.0% |
| Real Estate | 8.0% |
| Financials | 17.6% |
| Utilities | 19.7% |
| Consumer Discretionary | 24.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 5.8% |
| Oil-Dri Corporation of America | 4.5% |
| LSI Industries, Inc. | 3.5% |
| Sprott, Inc. | 3.4% |
| Postal Realty Trust, Inc., Class A | 3.3% |
| Ethan Allen Interiors, Inc. | 3.1% |
| Escalade, Inc. | 3.0% |
| Westwood Holdings Group, Inc. | 2.8% |
| GATX Corporation | 2.7% |
| Bar Harbor Bankshares | 2.7% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ieb0e24bff5f06d37da8661da.jpg)

#### North Star Dividend Fund - Class I (NSDVX)

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/dividend-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-NSDVX

#### North Star Micro Cap Fund

#### Class I (NSMVX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i920cdb5d989cdeb9bea34fb5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Micro Cap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/micro-cap-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $67 | 1.42%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $106698957 |
| Number of Portfolio Holdings | 54 |
| Advisory Fee | $548348 |
| Portfolio Turnover | 15% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i93778377027e901d9e2f9007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.4% |
| Money Market Funds | 8.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0120159e814ee314681bd9e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Health Care | 0.9% |
| Utilities | 1.0% |
| Real Estate | 2.1% |
| Energy | 2.6% |
| Consumer Staples | 3.0% |
| Financials | 3.7% |
| Materials | 5.1% |
| Technology | 6.2% |
| Money Market Funds | 8.7% |
| Industrials | 24.5% |
| Consumer Discretionary | 42.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 8.7% |
| United States Lime & Minerals, Inc. | 4.4% |
| Barrett Business Services, Inc. | 4.4% |
| Green Brick Partners, Inc. | 3.9% |
| QEP Company, Inc. | 3.6% |
| Build-A-Bear Workshop, Inc. | 3.5% |
| Boot Barn Holdings, Inc. | 3.2% |
| Acme United Corporation | 3.0% |
| Alamo Group, Inc. | 3.0% |
| Escalade, Inc. | 3.0% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](id695375b7ca7187f6800994c.jpg)

#### North Star Micro Cap Fund - Class I (NSMVX)

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/micro-cap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-NSMVX

#### North Star Opportunity Fund

#### Class A (NSOPX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ifb92c0b167fe848b18912932.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/opportunity-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $74 | 1.55%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122546666 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of waivers) | $584631 |
| Portfolio Turnover | 11% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i857cb67f57c27bae0cbe8233.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.3% |
| Corporate Bonds | 4.4% |
| Money Market Funds | 9.5% |
| Preferred Stocks | 1.0% |
| U.S. Government & Agencies | 9.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6739ce6833c0af32491fcd4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.0% |
| Consumer Staples | 2.3% |
| Communications | 3.7% |
| Industrials | 3.8% |
| Energy | 4.8% |
| Real Estate | 4.8% |
| Health Care | 5.3% |
| Money Market Funds | 8.6% |
| U.S. Treasury Obligations | 8.9% |
| Technology | 16.0% |
| Consumer Discretionary | 16.2% |
| Financials | 16.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 8.6% |
| JPMorgan Chase & Company | 4.1% |
| United States Treasury Bill, 4.240%, due 09/16/25 | 4.0% |
| Bank of America Corporation | 3.9% |
| Alphabet, Inc., Class A | 3.7% |
| Amazon.com, Inc. | 3.7% |
| Apple, Inc. | 3.4% |
| Blackstone, Inc. | 3.3% |
| Paychex, Inc. | 3.2% |
| Advanced Micro Devices, Inc. | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ie13441d99efd203f8cf9ef3d.jpg)

#### North Star Opportunity Fund - Class A (NSOPX)

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-NSOPX

#### North Star Opportunity Fund

#### Class I (NSOIX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](ib855603fafa121073a823747.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/opportunity-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $62 | 1.30%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122546666 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of waivers) | $584631 |
| Portfolio Turnover | 11% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i77c6684aaad7e87964369d74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.3% |
| Corporate Bonds | 4.4% |
| Money Market Funds | 9.5% |
| Preferred Stocks | 1.0% |
| U.S. Government & Agencies | 9.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7356970d926e7316337ed5f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.0% |
| Consumer Staples | 2.3% |
| Communications | 3.7% |
| Industrials | 3.8% |
| Energy | 4.8% |
| Real Estate | 4.8% |
| Health Care | 5.3% |
| Money Market Funds | 8.6% |
| U.S. Treasury Obligations | 8.9% |
| Technology | 16.0% |
| Consumer Discretionary | 16.2% |
| Financials | 16.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 8.6% |
| JPMorgan Chase & Company | 4.1% |
| United States Treasury Bill, 4.240%, due 09/16/25 | 4.0% |
| Bank of America Corporation | 3.9% |
| Alphabet, Inc., Class A | 3.7% |
| Amazon.com, Inc. | 3.7% |
| Apple, Inc. | 3.4% |
| Blackstone, Inc. | 3.3% |
| Paychex, Inc. | 3.2% |
| Advanced Micro Devices, Inc. | 3.2% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ie6ac426cf7c790f1a576cf44.jpg)

#### North Star Opportunity Fund - Class I (NSOIX)

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/opportunity-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-NSOIX

#### North Star Small Cap Value Fund

#### Institutional Class (WFICX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i69a8744e5772824b2c84a044.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Small Cap Value Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/small-cap-value-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $46 | 0.98%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28479375 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $35059 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6fe2784fe587d02d0b2fb6a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.9% |
| Money Market Funds | 5.1% |

---

# What did the Fund invest in?

# Sector Weightings
![Group By Sector Chart](i60b3d3489010f75132c0bb9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Communications | 2.1% |
| Utilities | 3.3% |
| Consumer Staples | 4.9% |
| Money Market Funds | 5.1% |
| Real Estate | 5.6% |
| Technology | 5.7% |
| Energy | 7.4% |
| Financials | 13.6% |
| Consumer Discretionary | 16.8% |
| Industrials | 32.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 5.1% |
| Comfort Systems USA, Inc. | 4.9% |
| Alamo Group, Inc. | 3.5% |
| Sprott, Inc. | 3.5% |
| AZZ, Inc. | 3.3% |
| Gulfport Energy Corporation | 3.3% |
| LSI Industries, Inc. | 3.0% |
| Sphere Entertainment Company | 3.0% |
| QCR Holdings, Inc. | 2.9% |
| UMH Properties, Inc. | 2.9% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](id6c4b4f6924e359973898688.jpg)

#### North Star Small Cap Value Fund

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/small-cap-value-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-WFICX

#### North Star Small Cap Value Fund

#### Investor Class (WSCVX)

#### Semi-Annual Shareholder Report - May 31, 2025
![Image](i53fceac1115ef0cdcfc4d999.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about North Star Small Cap Value Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/small-cap-value-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $57 | 1.21%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28479375 |
| Number of Portfolio Holdings | 49 |
| Advisory Fee (net of waivers) | $35059 |
| Portfolio Turnover | 17% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5460f353ec0e42474391431f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.9% |
| Money Market Funds | 5.1% |

---

# What did the Fund invest in?

# Sector Weightings
![Group By Sector Chart](i56eb7d0887e6560295de3d37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Health Care | 1.1% |
| Materials | 1.3% |
| Communications | 2.1% |
| Utilities | 3.3% |
| Consumer Staples | 4.9% |
| Money Market Funds | 5.1% |
| Real Estate | 5.6% |
| Technology | 5.7% |
| Energy | 7.4% |
| Financials | 13.6% |
| Consumer Discretionary | 16.8% |
| Industrials | 32.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Treasury Obligations Fund, Class X | 5.1% |
| Comfort Systems USA, Inc. | 4.9% |
| Alamo Group, Inc. | 3.5% |
| Sprott, Inc. | 3.5% |
| AZZ, Inc. | 3.3% |
| Gulfport Energy Corporation | 3.3% |
| LSI Industries, Inc. | 3.0% |
| Sphere Entertainment Company | 3.0% |
| QCR Holdings, Inc. | 2.9% |
| UMH Properties, Inc. | 2.9% |

---

# Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i68e4b6b00156aac2d65c0906.jpg)

#### North Star Small Cap Value Fund

#### Semi-Annual Shareholder Report - May 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/small-cap-value-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-WSCVX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** Not applicable

**Item 3. Audit Committee Financial Expert.** Not applicable

**Item 4. Principal Accountant Fees and Services.** Not applicable

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![()](no001_v1.jpg) |
| **North Star Opportunity Fund** |
| **Class I Shares (Symbol: NSOIX)** |
| **Class A Shares (Symbol: NSOPX)** |
| **North Star Micro Cap Fund** |
| **Class I Shares (Symbol: NSMVX)** |
| **North Star Dividend Fund** |
| **Class I Shares (Symbol: NSDVX)** |
| **North Star Bond Fund** |
| **Class I Shares (Symbol: NSBDX)** |
| **North Star Small Cap Value Fund** |
| **Investor Class Shares (Symbol: WSCVX)** |
| **Institutional Class Shares (Symbol: WFICX)** |
| **Semi-Annual Financial Statements and Additional Information** |
| May 31, 2025 |

---

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 68.4%** |  |
|  | **ASSET MANAGEMENT - 7.6%** |  |
| 29000 | Blackstone, Inc. | $4024040 |
| 225000 | Compass Diversified Holdings | 1512000 |
| 31500 | KKR & Company, Inc. | 3825990 |
|  |  | 9362030 |
|  | **BANKING - 8.0%** |  |
| 108000 | Bank of America Corporation | 4766040 |
| 19000 | JPMorgan Chase & Company | 5016000 |
|  |  | 9782040 |
|  | **BIOTECH & PHARMA - 5.3%** |  |
| 18000 | AbbVie, Inc. | 3349980 |
| 19000 | Zoetis, Inc. | 3203970 |
|  |  | 6553950 |
|  | **E-COMMERCE DISCRETIONARY - 3.7%** |  |
| 22000 | Amazon.com, Inc.<sup>(a)</sup> | 4510220 |
|  | **ELECTRICAL EQUIPMENT - 2.3%** |  |
| 20000 | Carrier Global Corporation | 1424000 |
| 1980000 | Orion Energy Systems, Inc.<sup>(a),(b)</sup> | 1328382 |
|  |  | 2752382 |
|  | **INTERNET MEDIA & SERVICES - 3.7%** |  |
| 26500 | Alphabet, Inc., Class A | 4551110 |
|  | **LEISURE FACILITIES & SERVICES - 4.6%** |  |
| 74000 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> | 2746140 |
| 75000 | Sphere Entertainment Company<sup>(a)</sup> | 2827500 |
|  |  | 5573640 |
|  | **MULTI ASSET CLASS REITS - 1.1%** |  |
| 151000 | LXP Industrial Trust | 1295580 |
|  | **OIL & GAS PRODUCERS - 4.8%** |  |
| 22700 | Exxon Mobil Corporation | 2322210 |
| 125000 | Kinder Morgan, Inc. | 3505000 |
|  |  | 5827210 |

---

The accompanying notes are an integral part of theses financial statements.

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 68.4% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 13000 | Target Corporation | $1222130 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 24000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 3847440 |
|  | **RETAIL REIT - 1.5%** |  |
| 33000 | Realty Income Corporation | 1868460 |
|  | **SEMICONDUCTORS - 7.2%** |  |
| 35500 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 3930916 |
| 11000 | NVIDIA Corporation | 1486430 |
| 24000 | QUALCOMM, Inc. | 3484800 |
|  |  | 8902146 |
|  | **SPECIALTY REIT - 2.2%** |  |
| 49000 | EPR Properties | 2728810 |
|  | **TECHNOLOGY HARDWARE - 5.5%** |  |
| 21000 | Apple, Inc. | 4217850 |
| 40000 | Cisco Systems, Inc. | 2521600 |
|  |  | 6739450 |
|  | **TECHNOLOGY SERVICES - 3.2%** |  |
| 25000 | Paychex, Inc. | 3947750 |
|  | **TOBACCO & CANNABIS - 0.7%** |  |
| 164371 | Green Thumb Industries, Inc.<sup>(a)</sup> | 861304 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 11500 | United Parcel Service, Inc., Class B | 1121710 |
|  | **WHOLESALE - DISCRETIONARY - 2.0%** |  |
| 62800 | Acme United Corporation | 2499440 |

---

The accompanying notes are an integral part of theses financial statements.

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 68.4% (Continued)** |  |  |  |
|  | **TOTAL COMMON STOCKS (Cost $39,335,491)** |  |  | $83946802 |
|  | **PREFERRED STOCKS — 1.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 1.0%** |  |  |  |
| 75000 | Compass Diversified Holdings, 7.875% |  |  | 1173000 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,690,502)** |  |  | 1173000 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 4.1%** |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 0.7%** |  |  |  |
| 800000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(c)</sup> | 7.5000 | 02/01/32 | 799159 |
|  | **HOME & OFFICE PRODUCTS — 0.6%** |  |  |  |
| 850000 | ACCO Brands Corporation<sup>(c)</sup> | 4.2500 | 03/15/29 | 751741 |
|  | **HOME CONSTRUCTION — 0.6%** |  |  |  |
| 800000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 792004 |
|  | **HOUSEHOLD PRODUCTS — 0.6%** |  |  |  |
| 800000 | Energizer Holdings, Inc. | 4.7500 | 06/15/28 | 772159 |
|  | **LEISURE FACILITIES & SERVICES — 1.6%** |  |  |  |
| 1850000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1849116 |
|  | **TOTAL CORPORATE BONDS (Cost $4,987,190)** |  |  | 4964179 |

---

The accompanying notes are an integral part of theses financial statements.

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 8.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 8.9%** |  |  |  |
| 3000000 | United States Treasury Bill<sup>(d)</sup> | 4.0800 | 07/10/25 | $2986652 |
| 3000000 | United States Treasury Bill<sup>(d)</sup> | 4.2000 | 08/12/25 | 2974987 |
| 5000000 | United States Treasury Bill<sup>(d)</sup> | 4.2400 | 09/16/25 | 4937983 |
|  |  |  |  | 10899622 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $10,898,199)** |  |  | 10899622 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 8.6%** |  |  |  |
|  | **MONEY MARKET FUNDS - 8.6%** |  |  |  |
| 10578420 | First American Treasury Obligations Fund, Class X, 4.22%<sup>(e)</sup> (Cost $10,578,420) | First American Treasury Obligations Fund, Class X, 4.22%<sup>(e)</sup> (Cost $10,578,420) | First American Treasury Obligations Fund, Class X, 4.22%<sup>(e)</sup> (Cost $10,578,420) | 10578420 |
|  | **TOTAL INVESTMENTS - 91.0% (Cost $67,489,802)** |  |  | $111562023 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.0%** |  |  | 10984643 |
|  | **NET ASSETS - 100.0%** |  |  | $122546666 |

---

LLC - Limited Liability Company <br>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. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025 the total market value of 144A securities is $1,550,900 or 1.3% of net assets.

<sup>(d)</sup> Zero coupon bond. Rate disclosed is the current yield as of May 31, 2025.

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

The accompanying notes are an integral part of theses financial statements.

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 20300 | Ducommun, Inc.<sup>(a)</sup> | $1428714 |
|  | **APPAREL & TEXTILE PRODUCTS - 6.9%** |  |
| 111000 | Lakeland Industries, Inc. | 2115660 |
| 72000 | Movado Group, Inc. | 1166400 |
| 105000 | Rocky Brands, Inc. | 2388750 |
| 175000 | Superior Group of Companies, Inc. | 1725500 |
|  |  | 7396310 |
|  | **ASSET MANAGEMENT - 1.3%** |  |
| 92000 | Westwood Holdings Group, Inc. | 1360680 |
|  | **AUTOMOTIVE - 2.1%** |  |
| 49500 | Miller Industries, Inc. | 2243835 |
|  | **BANKING - 2.4%** |  |
| 50500 | Bar Harbor Bankshares | 1468540 |
| 50000 | First Busey Corporation | 1106000 |
|  |  | 2574540 |
|  | **BEVERAGES - 0.0%** |  |
| 278942 | Truett-Hurst, Inc.<sup>(a),(b),(c)</sup> |  |
|  | **COMMERCIAL SUPPORT SERVICES - 7.9%** |  |
| 112000 | Barrett Business Services, Inc. | 4628400 |
| 74000 | Hackett Group, Inc. (The) | 1814480 |
| 138000 | Healthcare Services Group, Inc.<sup>(a)</sup> | 1945800 |
|  |  | 8388680 |
|  | **CONSTRUCTION MATERIALS - 5.1%** |  |
| 19000 | Apogee Enterprises, Inc. | 734350 |
| 46000 | United States Lime & Minerals, Inc. | 4727880 |
|  |  | 5462230 |
|  | **CONSUMER SERVICES - 2.2%** |  |
| 100000 | Lincoln Educational Services Corporation<sup>(a)</sup> | 2380000 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 2.3%** |  |
| 107000 | Liquidity Services, Inc.<sup>(a)</sup> | $2500590 |
|  | **ELECTRICAL EQUIPMENT - 1.1%** |  |
| 39000 | Allient, Inc. | 1185600 |
|  | **FOOD - 1.7%** |  |
| 7000 | Nathan's Famous, Inc. | 748860 |
| 72000 | Nature's Sunshine Products, Inc.<sup>(a)</sup> | 1113120 |
|  |  | 1861980 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 110000 | Global Water Resources, Inc. | 1116500 |
|  | **HOME & OFFICE PRODUCTS - 4.1%** |  |
| 208000 | ACCO Brands Corporation | 746720 |
| 142000 | Hamilton Beach Brands Holding Company, Class A | 2594340 |
| 120000 | Virco Mfg. Corporation | 1009200 |
|  |  | 4350260 |
|  | **HOME CONSTRUCTION - 6.6%** |  |
| 71000 | Green Brick Partners, Inc.<sup>(a)</sup> | 4149950 |
| 143000 | Interface, Inc. | 2872870 |
|  |  | 7022820 |
|  | **HOUSEHOLD PRODUCTS - 1.3%** |  |
| 19800 | Central Garden & Pet Company<sup>(a)</sup> | 713988 |
| 4950 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 158252 |
| 144000 | Crown Crafts, Inc. | 466560 |
|  |  | 1338800 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.5%** |  |
| 120000 | Eastern Company (The) | 2684400 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 194000 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 2037000 |
|  | **LEISURE PRODUCTS - 3.8%** |  |
| 214000 | Escalade, Inc. | 3175760 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **LEISURE PRODUCTS - 3.8% (Continued)** |  |
| 32101 | Johnson Outdoors, Inc., Class A | $872826 |
|  |  | 4048586 |
|  | **MACHINERY - 8.4%** |  |
| 16100 | Alamo Group, Inc. | 3188444 |
| 44000 | CECO Environmental Corporation<sup>(a)</sup> | 1183160 |
| 94800 | QEP Company, Inc. | 3790104 |
| 10500 | Tennant Company | 781410 |
|  |  | 8943118 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 595000 | Accuray, Inc.<sup>(a)</sup> | 910350 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 435000 | Evolution Petroleum Corporation | 1953150 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.8%** |  |
| 157000 | ProPetro Holding Corporation<sup>(a)</sup> | 847800 |
|  | **RETAIL - DISCRETIONARY - 9.3%** |  |
| 21000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 3366510 |
| 74000 | Build-A-Bear Workshop, Inc. | 3776959 |
| 79000 | Ethan Allen Interiors, Inc. | 2064270 |
| 33000 | Shoe Carnival, Inc. | 634260 |
|  |  | 9841999 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 70000 | Penguin Solutions, Inc.<sup>(a)</sup> | 1243200 |
|  | **SOFTWARE - 3.1%** |  |
| 236000 | Cantaloupe, Inc.<sup>(a)</sup> | 1975320 |
| 42500 | Simulations Plus, Inc. | 1353413 |
|  |  | 3328733 |
|  | **SPECIALTY REIT - 2.1%** |  |
| 163000 | Postal Realty Trust, Inc., Class A | 2255920 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.9% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 1.9%** |  |
| 176000 | Turtle Beach Corporation<sup>(a)</sup> | $2020480 |
|  | **TRANSPORTATION EQUIPMENT - 3.3%** |  |
| 61000 | Blue Bird Corporation<sup>(a)</sup> | 2360700 |
| 150000 | FreightCar America, Inc. | 1186500 |
|  |  | 3547200 |
|  | **WHOLESALE - DISCRETIONARY - 3.6%** |  |
| 81000 | Acme United Corporation | 3223800 |
| 82914 | Hudson Technologies, Inc.<sup>(a)</sup> | 592835 |
|  |  | 3816635 |
|  | **TOTAL COMMON STOCKS (Cost $65,698,270)** | 98090110 |
|  | **SHORT-TERM INVESTMENTS — 8.7%** |  |
|  | **MONEY MARKET FUNDS - 8.7%** |  |
| 9273121 | First American Treasury Obligations Fund, Class X, 4.22%<sup>(d)</sup> (Cost $9,273,121) | 9273121 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $74,971,391)** | $107363231 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | (664274) |
|  | **NET ASSETS - 100.0%** | $106698957 |

---

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> Illiquid security. The total fair value of these securities as of May 31, 2025 was $0, representing 0% of net assets.

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

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.8%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 7.7%** |  |
| 60000 | Movado Group, Inc. | $972000 |
| 91000 | Rocky Brands, Inc. | 2070250 |
| 148000 | Superior Group of Companies, Inc. | 1459280 |
| 59000 | Weyco Group, Inc. | 1850240 |
|  |  | 6351770 |
|  | **ASSET MANAGEMENT - 7.1%** |  |
| 49000 | Sprott, Inc. | 2840040 |
| 35000 | Vitesse Energy, Inc. | 732550 |
| 153700 | Westwood Holdings Group, Inc. | 2273223 |
|  |  | 5845813 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 33000 | Standard Motor Products, Inc. | 999900 |
|  | **BANKING - 5.4%** |  |
| 15850 | Bank of Hawaii Corporation | 1054183 |
| 76500 | Bar Harbor Bankshares | 2224620 |
| 10000 | Wintrust Financial Corporation | 1194100 |
|  |  | 4472903 |
|  | **CHEMICALS - 4.5%** |  |
| 73500 | Oil-Dri Corporation of America | 3687495 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.5%** |  |
| 23200 | ABM Industries, Inc. | 1221480 |
| 45000 | Ennis, Inc. | 840150 |
|  |  | 2061630 |
|  | **CONSTRUCTION MATERIALS - 0.9%** |  |
| 18100 | Apogee Enterprises, Inc. | 699565 |
|  | **ELECTRIC UTILITIES - 8.0%** |  |
| 46000 | Avista Corporation | 1771460 |
| 38000 | Northwestern Energy Group, Inc. | 2102540 |
| 11600 | Otter Tail Corporation | 895288 |
| 33500 | Unitil Corporation | 1836805 |
|  |  | 6606093 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.8% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.5%** |  |
| 178000 | LSI Industries, Inc. | $2896060 |
|  | **GAS & WATER UTILITIES - 11.7%** |  |
| 59000 | Artesian Resources Corporation, Class A | 2034910 |
| 162000 | Global Water Resources, Inc. | 1644300 |
| 39000 | H2O America | 2046720 |
| 48000 | Northwest Natural Holding Company | 1966560 |
| 90000 | RGC Resources, Inc. | 1849500 |
|  |  | 9541990 |
|  | **HOME & OFFICE PRODUCTS - 6.1%** |  |
| 357000 | ACCO Brands Corporation | 1281630 |
| 64000 | Flexsteel Industries, Inc. | 1943680 |
| 98000 | Hamilton Beach Brands Holding Company, Class A | 1790460 |
|  |  | 5015770 |
|  | **HOUSEHOLD PRODUCTS - 2.6%** |  |
| 169000 | Crown Crafts, Inc. | 547560 |
| 66000 | Energizer Holdings, Inc. | 1537140 |
|  |  | 2084700 |
|  | **INSURANCE - 2.3%** |  |
| 84000 | Crawford & Company | 872760 |
| 23000 | Horace Mann Educators Corporation | 998890 |
|  |  | 1871650 |
|  | **LEISURE PRODUCTS - 3.0%** |  |
| 166000 | Escalade, Inc. | 2463440 |
|  | **MULTI ASSET CLASS REITS - 2.1%** |  |
| 48000 | Alexander & Baldwin, Inc. | 859680 |
| 107000 | LXP Industrial Trust | 918060 |
|  |  | 1777740 |
|  | **OIL & GAS PRODUCERS - 3.1%** |  |
| 367000 | Evolution Petroleum Corporation | 1647830 |
| 149000 | Granite Ridge Resources, Inc. | 837380 |
|  |  | 2485210 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.8% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.8%** |  |
| 187000 | Select Water Solutions, Inc., Class A | $1503480 |
|  | **RESIDENTIAL REIT - 2.6%** |  |
| 125000 | UMH Properties, Inc. | 2098750 |
|  | **RETAIL - CONSUMER STAPLES - 2.3%** |  |
| 50000 | Village Super Market, Inc., Class A | 1929000 |
|  | **RETAIL - DISCRETIONARY - 5.2%** |  |
| 22000 | Buckle, Inc. (The) | 937420 |
| 96300 | Ethan Allen Interiors, Inc. | 2516319 |
| 41000 | Shoe Carnival, Inc. | 788020 |
|  |  | 4241759 |
|  | **SPECIALTY FINANCE - 2.7%** |  |
| 14000 | GATX Corporation | 2229360 |
|  | **SPECIALTY REIT - 3.3%** |  |
| 196000 | Postal Realty Trust, Inc., Class A | 2712640 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 16100 | Value Line, Inc. | 630959 |
|  | **TELECOMMUNICATIONS - 2.4%** |  |
| 122000 | Spok Holdings, Inc. | 1976400 |
|  | **TOTAL COMMON STOCKS (Cost $62,464,792)** | 76184077 |
|  | **PREFERRED STOCKS — 1.1%** |  |
|  | **HOME CONSTRUCTION — 1.1%** |  |
| 40000 | Green Brick Partners, Inc., 5.7500% | 934000 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PREFERRED STOCKS — 1.1% (Continued)** |  |
|  | **HOME CONSTRUCTION — 1.1% (Continued)** |  |
|  | **TOTAL PREFERRED STOCKS (Cost $846,709)** | $934000 |
|  | **SHORT-TERM INVESTMENTS — 5.8%** |  |
|  | **MONEY MARKET FUNDS - 5.8%** |  |
| 4755872 | First American Treasury Obligations Fund, Class X, 4.22%<sup>(a)</sup> (Cost $4,755,872) | 4755872 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $68,067,373)** | $81873949 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 225799 |
|  | **NET ASSETS - 100.0%** | $82099748 |

---

REIT - Real Estate Investment Trust

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **PREFERRED STOCKS — 6.0%** |  |  |  |
|  | **BANKING — 1.9%** |  |  |  |
| 29000 | Bank of America Corporation - Series E, 4.0000% |  |  | $636260 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.6%** |  |  |  |
| 250000 | Mellon Capital IV - Series 1, 5.6400% |  |  | 209039 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 3.5%** |  |  |  |
| 31000 | EPR Properties - Series C, 5.7500% |  |  | 759190 |
| 8500 | Lexington Realty Trust - Series C, 6.5000% |  |  | 394315 |
|  |  |  |  | 1153505 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,917,482)** |  |  | 1998804 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 78.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 3.0%** |  |  |  |
| 1000000 | TransDigm, Inc. | 5.5000 | 11/15/27 | 999428 |
|  | **APPAREL & TEXTILE PRODUCTS — 4.3%** |  |  |  |
| 1475000 | Under Armour, Inc. | 3.2500 | 06/15/26 | 1443580 |
|  | **ASSET MANAGEMENT — 6.7%** |  |  |  |
| 850000 | Blackstone Private Credit Fund | 2.6250 | 12/15/26 | 819058 |
| 1500000 | Hercules Capital, Inc. | 2.6250 | 09/16/26 | 1441047 |
|  |  |  |  | 2260105 |
|  | **AUTOMOTIVE — 4.0%** |  |  |  |
| 1350000 | Ford Motor Company | 7.1250 | 11/15/25 | 1358250 |
|  | **BANKING — 4.3%** |  |  |  |
| 1500000 | Wintrust Financial Corporation | 4.8500 | 06/06/29 | 1435475 |
|  | **BIOTECH & PHARMA — 4.3%** |  |  |  |
| 1400000 | Elanco Animal Health, Inc. | 6.6500 | 08/28/28 | 1441605 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 78.3% (Continued)** |  |  |  |
|  | **CONTAINERS & PACKAGING — 3.6%** |  |  |  |
| 1200000 | Ball Corporation | 5.2500 | 07/01/25 | $1203491 |
|  | **ENGINEERING & CONSTRUCTION — 1.8%** |  |  |  |
| 600000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)</sup> | 7.5000 | 02/01/32 | 599369 |
|  | **HOME & OFFICE PRODUCTS — 12.5%** |  |  |  |
| 1500000 | ACCO Brands Corporation<sup>(a)</sup> | 4.2500 | 03/15/29 | 1326602 |
| 1510000 | Scotts Miracle-Gro Company (The) | 5.2500 | 12/15/26 | 1513442 |
| 1400000 | Steelcase, Inc. | 5.1250 | 01/18/29 | 1360548 |
|  |  |  |  | 4200592 |
|  | **HOME CONSTRUCTION — 7.3%** |  |  |  |
| 1475000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 1460257 |
| 1000000 | Interface, Inc.<sup>(a)</sup> | 5.5000 | 12/01/28 | 987175 |
|  |  |  |  | 2447432 |
|  | **HOUSEHOLD PRODUCTS — 4.2%** |  |  |  |
| 1200000 | Energizer Holdings, Inc.<sup>(a)</sup> | 6.5000 | 12/31/27 | 1208874 |
| 200000 | Energizer Holdings, Inc. | 4.7500 | 06/15/28 | 193040 |
|  |  |  |  | 1401914 |
|  | **INDUSTRIAL SUPPORT SERVICES — 2.9%** |  |  |  |
| 1000000 | United Rentals North America, Inc. | 5.5000 | 05/15/27 | 1001091 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.6%** |  |  |  |
| 1250000 | Lazard Group, LLC | 3.6250 | 03/01/27 | 1223566 |
|  | **LEISURE FACILITIES & SERVICES — 8.6%** |  |  |  |
| 1400000 | Cedar Fair, L.P./Canada's Wonderland Company/Magnum Management Corporation | 5.3750 | 04/15/27 | 1400428 |
| 1471000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1470297 |
|  |  |  |  | 2870725 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 3.1%** |  |  |  |
| 1050000 | Oceaneering International, Inc. | 6.0000 | 02/01/28 | 1035203 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.1%** |  |  |  |
| 1400000 | EPR Properties | 4.9500 | 04/15/28 | 1388654 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 78.3% (Continued)** |  |  |  |
|  | **TOTAL CORPORATE BONDS (Cost $26,053,665)** |  |  | $26310480 |
|  | **U.S. GOVERNMENT & AGENCIES — 3.0%** |  |  |  |
|  | **U.S. TREASURY NOTE — 3.0%** |  |  |  |
| 1000000 | United States Treasury Note | 5.0000 | 09/30/25 | 1002015 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,002,152)** |  |  | 1002015 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.8%** |  |  |  |
|  | **MONEY MARKET FUNDS - 9.8%** |  |  |  |
| 3303418 | First American Treasury Obligations Fund, Class X, 4.22%<sup>(b)</sup> (Cost $3,303,418) |  |  | 3303418 |
|  | **TOTAL INVESTMENTS - 97.1% (Cost $32,276,717)** |  |  | $32614717 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.9%** |  |  | 969893 |
|  | **NET ASSETS - 100.0%** |  |  | $33584610 |

---

LLC - Limited Liability Company

<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 May 31, 2025 the total market value of 144A securities is $4,122,020 or 12.3% of net assets.

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6%** |  |
|  | **ASSET MANAGEMENT - 5.7%** |  |
| 17000 | Sprott, Inc. | $985320 |
| 69000 | WisdomTree, Inc. | 651360 |
|  |  | 1636680 |
|  | **BANKING - 7.9%** |  |
| 15500 | Bar Harbor Bankshares | 450740 |
| 3710 | City Holding Company | 437372 |
| 12000 | NBT Bancorp, Inc. | 502200 |
| 12460 | QCR Holdings, Inc. | 838558 |
|  |  | 2228870 |
|  | **BEVERAGES - 1.1%** |  |
| 197000 | Farmer Bros Company<sup>(a)</sup> | 301410 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.9%** |  |
| 31000 | Hackett Group, Inc. (The) | 760120 |
| 35000 | Legalzoom.com, Inc.<sup>(a)</sup> | 319550 |
| 13000 | V2X, Inc.<sup>(a)</sup> | 588640 |
|  |  | 1668310 |
|  | **CONSUMER SERVICES - 1.6%** |  |
| 19000 | Lincoln Educational Services Corporation<sup>(a)</sup> | 452200 |
|  | **E-COMMERCE DISCRETIONARY - 2.5%** |  |
| 30000 | Liquidity Services, Inc.<sup>(a)</sup> | 701100 |
|  | **ELECTRICAL EQUIPMENT - 8.0%** |  |
| 20000 | Allient, Inc. | 608000 |
| 53000 | LSI Industries, Inc. | 862310 |
| 3500 | OSI Systems, Inc.<sup>(a)</sup> | 766885 |
|  |  | 2237195 |
|  | **ENGINEERING & CONSTRUCTION - 7.7%** |  |
| 2900 | Comfort Systems USA, Inc. | 1386867 |
| 6300 | VSE Corporation | 819567 |
|  |  | 2206434 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 2.1%** |  |
| 11000 | IMAX Corporation<sup>(a)</sup> | $306350 |
| 39000 | Reservoir Media, Inc.<sup>(a)</sup> | 304200 |
|  |  | 610550 |
|  | **GAS & WATER UTILITIES - 3.3%** |  |
| 63000 | Global Water Resources, Inc. | 639450 |
| 5800 | H2O America | 304384 |
|  |  | 943834 |
|  | **HOME CONSTRUCTION - 3.2%** |  |
| 9500 | Champion Homes, Inc.<sup>(a)</sup> | 621300 |
| 15000 | Interface, Inc. | 301350 |
|  |  | 922650 |
|  | **HOUSEHOLD PRODUCTS - 3.0%** |  |
| 11000 | Central Garden & Pet Company<sup>(a)</sup> | 396660 |
| 20000 | Energizer Holdings, Inc. | 465800 |
|  |  | 862460 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 3.3%** |  |
| 10500 | AZZ, Inc. | 952245 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.0%** |  |
| 16000 | EVI Industries, Inc. | 296640 |
|  | **LEISURE FACILITIES & SERVICES - 5.9%** |  |
| 60000 | Lucky Strike Entertainment Corporation | 517800 |
| 17000 | OneSpaWorld Holdings Ltd. | 320620 |
| 22400 | Sphere Entertainment Company<sup>(a)</sup> | 844480 |
|  |  | 1682900 |
|  | **MACHINERY - 3.5%** |  |
| 5000 | Alamo Group, Inc. | 990200 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 4675 | Haemonetics Corporation<sup>(a)</sup> | 316544 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 3.3%** |  |
| 4900 | Gulfport Energy Corporation<sup>(a)</sup> | $938350 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 4.1%** |  |
| 44000 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 272360 |
| 52000 | ProPetro Holding Corporation<sup>(a)</sup> | 280800 |
| 24200 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 627748 |
|  |  | 1180908 |
|  | **RESIDENTIAL REIT - 2.9%** |  |
| 49561 | UMH Properties, Inc. | 832129 |
|  | **RETAIL - DISCRETIONARY - 3.6%** |  |
| 3800 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 609178 |
| 21817 | Shoe Carnival, Inc. | 419323 |
|  |  | 1028501 |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 7392 | Axcelis Technologies, Inc.<sup>(a)</sup> | 416466 |
| 5400 | Silicon Motion Technology Corporation - ADR | 330480 |
|  |  | 746946 |
|  | **SOFTWARE - 1.3%** |  |
| 12000 | Simulations Plus, Inc. | 382140 |
|  | **SPECIALTY REIT - 2.7%** |  |
| 55500 | Postal Realty Trust, Inc., Class A | 768120 |
|  | **STEEL - 1.3%** |  |
| 7800 | Commercial Metals Company | 363402 |
|  | **TECHNOLOGY HARDWARE - 1.7%** |  |
| 42000 | Turtle Beach Corporation<sup>(a)</sup> | 482160 |
|  | **TOBACCO & CANNABIS - 0.8%** |  |
| 43000 | Green Thumb Industries, Inc.<sup>(a)</sup> | 225320 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 12500 | Covenant Logistics Group, Inc. | $283750 |
|  | **TRANSPORTATION EQUIPMENT - 2.4%** |  |
| 18000 | Blue Bird Corporation<sup>(a)</sup> | 696600 |
|  | **TOTAL COMMON STOCKS (Cost $18,651,327)** | 26938548 |
|  | **SHORT-TERM INVESTMENTS — 5.1%** |  |
|  | **MONEY MARKET FUNDS - 5.1%** |  |
| 1462025 | First American Treasury Obligations Fund, Class X, 4.22%<sup>(b)</sup> (Cost $1,462,025) | 1462025 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $20,113,352)** | $28400573 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 78802 |
|  | **NET ASSETS - 100.0%** | $28479375 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star**<br>**Opportunity**<br>**Fund** | **North Star**<br>**Micro Cap**<br>**Fund** | **North Star**<br>**Dividend**<br>**Fund** | **North Star**<br>**Bond**<br>**Fund** |<br>**North Star Small**<br>**Cap Value Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities at Cost | $65263054 | $74971391 | $68067373 | $32276717 | $20113352 |
| &nbsp;&nbsp;&nbsp;Investments in Non-controlled Affiliated Securities at Cost | 2226748 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Securities at Cost | 67489802 | 74971391 | 68067373 | 32276717 | 20113352 |
| &nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities at Value | $110233641 | $107363231 | $81873949 | $32614717 | $28400573 |
| &nbsp;&nbsp;&nbsp;Investments in Non-controlled Affiliated Securities at Value | 1328382 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Securities at Value | 111562023 | 107363231 | 81873949 | 32614717 | 28400573 |
| &nbsp;&nbsp;&nbsp;Cash | 11233750 |  |  | 11943 |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 243580 | 109350 | 297954 | 936630 | 39417 |
| &nbsp;&nbsp;&nbsp;Receivable for Securities Sold |  | 42302 |  | 97779 | 350871 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold |  |  | 30000 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 23795 | 14631 | 22474 | 11209 | 21999 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 123063148 | 107529514 | 82224377 | 33672278 | 28812860 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Securities Purchased | 328533 | 673213 |  |  | 287015 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 39598 |  |  | 21319 | 1551 |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Payable | 95939 | 88255 | 69590 | 24220 | 3934 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees Payable | 2799 |  |  |  | 5288 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 7069 | 28309 | 24546 | 18850 | 16588 |
| &nbsp;&nbsp;&nbsp;Audit and Tax Fees Payable | 9567 | 9612 | 8948 | 10168 | 12933 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 32977 | 31168 | 21545 | 13111 | 6176 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 516482 | 830557 | 124629 | 87668 | 333485 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $122546666 | $106698957 | $82099748 | $33584610 | $28479375 |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At May 31, 2025, Net Assets consisted of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $70493463 | $66435154 | $68289433 | $36979279 | $16370335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings/(Losses) | 52053203 | 40263803 | 13810315 | (3394669) | 12109040 |
| **Net Assets** | $122546666 | $106698957 | $82099748 | $33584610 | $28479375 |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| Class I Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $112772212 | $106698957 | $82099748 | $33584610 |  |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) | 6948390 | 2765972 | 3981307 | 3799118 |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share\* | $16.23 | $38.58 | $20.62 | $8.84 |  |
| Class A Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $9774454 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) | 598148 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding) and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption Price Per Share\* | $16.34 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum Sales Charge of 5.75%) | $17.34 |  |  |  |  |
| Institutional Class Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $3957261 |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) |  |  |  |  | 291117 |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share |  |  |  |  | $13.59 |
| Investor Class Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $24522114 |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) |  |  |  |  | 1800597 |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share |  |  |  |  | $13.62 |

---

\* The Fund charges a fee of 2.00% on redemptions of shares held for less than 30 days.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended May 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**North Star**<br>**Opportunity Fund** |<br>**North Star**<br>**Micro Cap Fund** |<br>**North Star**<br>**Dividend Fund** |<br>**North Star Bond**<br>**Fund** | **North Star**<br>**Small Cap**<br>**Value Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from Unaffiliated Investments (net of $3,355, $0, $4,905, $0, and $2,291 in foreign dividend tax withheld) | $1186475 | $928090 | $1732094 | $85718 | $163746 |
| &nbsp;&nbsp;&nbsp;Interest | 665886 | 168875 | 91983 | 885005 | 55206 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1852361 | 1096965 | 1824077 | 970723 | 218952 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 620922 | 548348 | 436417 | 141030 | 155129 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Class A | 12937 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Investor Class |  |  |  |  | 33716 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 53000 | 52616 | 41940 | 15400 | 2518 |
| &nbsp;&nbsp;&nbsp;Administrative Service Fees | 49900 | 60284 | 47294 | 28830 | 23426 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 25302 | 21702 | 14910 | 6510 | 2032 |
| &nbsp;&nbsp;&nbsp;Accounting Service Fees | 23340 | 22802 | 5012 | 9544 | 13202 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 19000 | 14356 | 12560 | 10630 | 18436 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 13800 | 10466 | 12764 | 8190 | 11570 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees and Expenses | 12614 | 11822 | 12120 | 12018 | 12614 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 10832 | 8820 | 9836 | 4542 | 2120 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 10440 | 10944 | 10544 | 10450 | 9700 |
| &nbsp;&nbsp;&nbsp;Audit and Tax Fees | 10068 | 10068 | 9516 | 10904 | 10378 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 6480 | 6422 | 5570 | 3924 | 5222 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 2926 | 3028 | 2424 | 1936 | 1798 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 2135 | 2929 | 2973 | 1335 | 856 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 873696 | 784607 | 623880 | 265243 | 302717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fees Waived by the Adviser** | (36291) |  |  |  | (120070) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 837405 | 784607 | 623880 | 265243 | 182647 |
| **Net Investment Income** | 1014956 | 312358 | 1200197 | 705480 | 36305 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Unaffiliated Investments | 7569103 | 7559962 | (18353) | (264927) | 3911387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Foreign Currency Transactions |  |  | (34) |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Realized Gain (Loss)** | 7569103 | 7559962 | (18387) | (264927) | 3911353 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Unaffiliated Investments | (19301809) | (21644357) | (11409147) | (85983) | (8032642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Affiliated Investments | (330858) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Foreign Currency Translations |  |  | 151 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Change in Unrealized Appreciation (Depreciation)** | (19632667) | (21644357) | (11408996) | (85983) | (8032571) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (12063564) | (14084395) | (11427383) | (350910) | (4121218) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(11048608) | $(13772037) | $(10227186) | $354570 | $(4084913) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **North Star Opportunity Fund** | **North Star Opportunity Fund** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
|  | (Unaudited) | |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1014956 | $1417318 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 7569103 | 3927275 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (19632667) | 20602997 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (11048608) | 25947590 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4375007) | (3456120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (383530) | (348867) |
| &nbsp;&nbsp;&nbsp;**Total Distributions Paid** | (4758537) | (3804987) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (48,692 and 133,168 shares, respectively) | 828368 | 2268584 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (187,230 and 164,824 shares, respectively) | 3257788 | 2669997 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (215,938 and 712,977 shares, respectively) | (3594595) | (12168988) |
| &nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 1877 | 393 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | 493438 | (7230014) |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (288 and 1,181 shares, respectively) | 4839 | 20106 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (21,690 and 21,328 shares, respectively) | 380871 | 343831 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (60,182 and 286,583 shares, respectively) | (1032838) | (4804359) |
| &nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 1 | 15 |
| &nbsp;&nbsp;&nbsp;**Total Class A Shares** | (647127) | (4440407) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Shares of Beneficial Interest** | (153689) | (11670421) |
| **Total Increase (Decrease) in Net Assets** | (15960834) | 10472182 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 138507500 | 128035318 |
| &nbsp;&nbsp;&nbsp;End of Period | $122546666 | $138507500 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Micro Cap Fund** | **Micro Cap Fund** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
|  | (Unaudited) |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $312358 | $890123 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 7559962 | 3379661 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (21644357) | 25747862 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (13772037) | 30017646 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Paid | (3520398) | (782956) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (3520398) | (782956) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (12,962 and 60,497 shares, respectively) | 525925 | 2369809 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (66,236 and 17,936 and shares, respectively) | 2860080 | 632955 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (140,428 and 155,735 shares, respectively) | (5719029) | (6128214) |
| &nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 142 | 109 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (2332882) | (3125341) |
| **Total Increase (Decrease) in Net Assets** | (19625317) | 26109349 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 126324274 | 100214925 |
| &nbsp;&nbsp;&nbsp;End of Period | $106698957 | $126324274 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Dividend Fund** | **Dividend Fund** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
|  | (Unaudited) |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1200197 | $2518080 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (18387) | 1988719 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | (11408996) | 13143674 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (10227186) | 17650473 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Paid | (3159634) | (3268884) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (3159634) | (3268884) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (50,470 and 231,543 shares, respectively) | 1137741 | 5093719 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (95,957 and 102,774 shares, respectively) | 2161512 | 2275639 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (179,982 and 372,666 shares, respectively) | (3874517) | (8179918) |
| &nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 316 | 143 |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | (574948) | (810417) |
| **Total Increase (Decrease) in Net Assets** | (13961768) | 13571172 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 96061516 | 82490344 |
| &nbsp;&nbsp;&nbsp;End of Period | $82099748 | $96061516 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Bond Fund** | **Bond Fund** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
|  | (Unaudited) |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $705480 | $1344725 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss on Investments | (264927) | (1040045) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (85983) | 1665089 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 354570 | 1969769 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | (770012) | (1355084) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (770012) | (1355084) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (186,908 and 487,320 shares, respectively) | 1668412 | 4331800 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (55,165 and 99,696 shares, respectively) | 489804 | 885234 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (86,527 and 252,883 shares, respectively) | (767561) | (2250386) |
| &nbsp;&nbsp;&nbsp;**Total Class I Shares** | 1390655 | 2966648 |
| **Total Increase in Net Assets** | 975213 | 3581333 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 32609397 | 29028064 |
| &nbsp;&nbsp;&nbsp;End of Period | $33584610 | $32609397 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
|  | (Unaudited) |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $36305 | $(22050) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Foreign Currency Transactions | 3911353 | 4865451 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | (8032571) | 5432952 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (4084913) | 10276353 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (551802) |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3754740) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | (4306542) |  |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (21,951 and 41,144 shares, respectively) | 298983 | 648488 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (35,348 and 0 shares, respectively) | 536229 |  |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (33,172 and 76,862 shares, respectively) | (482277) | (1135445) |
| &nbsp;&nbsp;&nbsp;**Total Institutional Class Shares** | 352935 | (486957) |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (8,109 and 51,941 shares, respectively) | 118069 | 802503 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested (245,150 and 0 shares, respectively) | 3728730 |  |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (280,871 and 648,916 shares, respectively) | (3999178) | (9888213) |
| &nbsp;&nbsp;&nbsp;**Total Investor Class Shares** | (152379) | (9085710) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets From Shares of Beneficial Interest** | 200556 | (9572667) |
| **Total Increase (Decrease) in Net Assets** | (8190899) | 703686 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 36670274 | 35966588 |
| &nbsp;&nbsp;&nbsp;End of Period | $28479375 | $36670274 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** | **For the Year**<br>**Ended**<br>**November 30, 2020** |
|  | (Unaudited) | | | | | |
| **Net Asset Value, Beginning of Period** | $18.30 | $15.52 | $16.05 | $20.00 | $16.71 | $14.00 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.14 | 0.18 | 0.22 | 0.16 | 0.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.58) | 3.08 | (0.02) | (3.57) | 3.23 | 2.69 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.44) | 3.26 | 0.20 | (3.41) | 3.33 | 2.82 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.23) | (0.21) | (0.11) | (0.04) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.50) | (0.25) | (0.52) | (0.43) | (0.00) (b) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.63) | (0.48) | (0.73) | (0.54) | (0.04) | (0.11) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) | 0.00 (b) |  |
| **Net Asset Value, End of Period** | $16.23 | $18.30 | $15.52 | $16.05 | $20.00 | $16.71 |
| **Total Return (c)** | (8.07)% (e) | 21.42% | 1.37% | (17.48)% | 20.00% | 20.29% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $112772 | $126786 | $113975 | $118346 | $146910 | $114330 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (d) | 1.36 % (f) | 1.34% | 1.35% | 1.35% | 1.27% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of waiver or recapture | 1.30 % (f) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.62 % (f) | 1.08% | 1.44% | 0.93% | 0.52% | 0.90% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (e) | 21% | 24% | 31% | 30% | 59% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of the expenses for the year ended November 30, 2020, November 30, 2022, November 30, 2023, November 30, 2024 and May 31, 2025, total
 returns would have been lower. Had the Advisor not recaptured expenses for the year ended November 30, 2021, total return would have been
 higher.

(d) Represents the ratio of expenses to
 average net assets absent any fee waivers, expense reimbursements and/or expense recapture by the Adviser.

(e) Not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** | **For the Year**<br>**Ended**<br>**November 30, 2020** |
|  | (Unaudited) | | | | | |
| **Net Asset Value, Beginning of Period** | $18.42 | $15.62 | $16.09 | $20.05 | $16.76 | $14.05 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | 0.14 | 0.18 | 0.11 | 0.05 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.58) | 3.09 | (0.01) | (3.58) | 3.26 | 2.69 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.47) | 3.23 | 0.17 | (3.47) | 3.31 | 2.79 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.18) | (0.12) | (0.06) | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.50) | (0.25) | (0.52) | (0.43) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.61) | (0.43) | (0.64) | (0.49) | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | 0.00 (b) | 0.00 (b) | 0.00 (b) |  | 0.00 (b) | 0.00 (b) |
| **Net Asset Value, End of Period** | 16.34 | 18.42 | 15.62 | 16.09 | 20.05 | 16.76 |
| **Total Return (c)** | (8.19)% (e) | 21.07% | 1.15% | (17.70)% | 19.73% | 19.99% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $9774 | $11722 | $14061 | $19469 | $31276 | $26940 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (d) | 1.61 % (f) | 1.59% | 1.60% | 1.60% | 1.51% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of waiver or recapture | 1.55 % (f) | 1.55% | 1.55% | 1.55% | 1.54% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.37 % (f) | 0.81% | 1.17% | 0.65% | 0.26% | 0.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 11 % (e) | 21% | 24% | 31% | 30% | 59% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Had the Adviser not absorbed a portion
 of the expenses for the year ended November 30, 2019, November 30, 2020, November 30, 2022, November 30, 2023, November 30, 2024 and May
 31, 2025, total returns would have been lower. Had the Advisor not recaptured expenses for the year ended November 30, 2021, total return
 would have been higher.

(d) Represents the ratio of expenses to
 average net assets absent any fee waivers, expense reimbursements and/or expense recapture by the Adviser.

(e) Not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** | **For the Year**<br>**Ended**<br>**November 30, 2020** |
|  | (Unaudited) | | | | | |
| **Net Asset Value, Beginning of Period** | $44.68 | $34.50 | $31.81 | $41.77 | $35.74 | $26.11 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 | 0.31 | 0.28 | 0.19 | (0.00) (b) | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (4.96) | 10.14 | 2.49 | (8.80) | 6.03 | 9.76 |
| &nbsp;&nbsp;&nbsp;Total from operations | (4.85) | 10.45 | 2.77 | (8.61) | 6.03 | 9.76 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.27) | (0.08) | (0.10) | (0.00)(b) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.94) |  |  | (1.25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.25) | (0.27) | (0.08) | (1.35) | (0.00) | (0.13) |
| &nbsp;&nbsp;&nbsp;Redemption Fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period** | $38.58 | $44.68 | $34.50 | $31.81 | $41.77 | $35.74 |
| **Total Return (c)** | (11.16)% (d) | 30.50% | 8.74% | (21.34)% | 16.88% | 37.57% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $106699 | $126324 | $100215 | $93664 | $126281 | $97262 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 1.42 % (e) | 1.33% | 1.38% | 1.41% | 1.29% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.56 % (e) | 0.78% | 0.85% | 0.55% | (0.01)% | (0.00)% (f) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15 % (d) | 26% | 18% | 11% | 9% | 35% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(d) Not annualized.

(e) Annualized.

(f) Less than 0.005%.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** | **For the Year**<br>**Ended**<br>**November 30, 2020** |
|  | (Unaudited) | | | | | |
| **Net Asset Value, Beginning of Period** | $23.93 | $20.35 | $22.33 | $23.43 | $20.05 | $20.35 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.30 | 0.61 | 0.54 | 0.53 | 0.43 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.83) | 3.77 | (1.23) | (0.76) | 3.32 | (0.35) |
| &nbsp;&nbsp;&nbsp;Total from operations | (2.53) | 4.38 | (0.69) | (0.23) | 3.75 | 0.02 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.67) | (0.50) | (0.48) | (0.37) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.47) | (0.13) | (0.79) | (0.39) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.78) | (0.80) | (1.29) | (0.87) | (0.37) | (0.32) |
| &nbsp;&nbsp;&nbsp;Redemption Fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Period** | $20.62 | $23.93 | $20.35 | $22.33 | $23.43 | $20.05 |
| **Total Return (c)** | (10.79)% (d) | 21.91% | (3.14)% | (0.96)% | 18.70% | 0.36% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $82100 | $96062 | $82490 | $87280 | $88006 | $75296 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 1.43 % (e) | 1.39% | 1.45% | 1.45% | 1.36% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.75 % (e) | 2.79% | 2.63% | 2.40% | 1.79% | 2.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 9 % (d) | 34% | 23% | 22% | 12% | 54% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(d) Not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** |
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** | **For the Year**<br>**Ended**<br>**November 30, 2020** |
|  | (Unaudited) | | | | | |
| **Net Asset Value, Beginning of Period** | $8.95 | $8.77 | $8.73 | $9.49 | $9.49 | $9.69 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.19 | 0.38 | 0.30 | 0.22 | 0.25 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.09) | 0.19 | 0.03 | (0.76) | 0.02 | (0.22) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.10 | 0.57 | 0.33 | (0.54) | 0.27 | 0.09 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.39) | (0.29) | (0.22) | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.21) | (0.39) | (0.29) | (0.22) | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp;Redemption Fees |  |  | 0.00 (b) |  |  | 0.00 (b) |
| **Net Asset Value, End of Period** | $8.84 | $8.95 | $8.77 | $8.73 | $9.49 | $9.49 |
| **Total Return (c)** | 1.08 % (d) | 6.58% | 3.82% | (5.69)% | 2.85% | 1.07% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $33585 | $32609 | $29028 | $27241 | $31113 | $27837 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross | 1.60 % (e) | 1.59% | 1.65% | 1.63% | 1.59% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture | 1.60 % (e) | 1.59% | 1.65% | 1.63% | 1.59% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4.25 % (e) | 4.31% | 3.48% | 2.48% | 2.56% | 3.35% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 7 % (d) | 43% | 48% | 27% | 42% | 55% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Total return represents aggregate
 total return based on Net Asset Value. Total returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gains distributions, if any.

(d) Not annualized.

(e) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Period**<br>**Ended**<br>**November 30, 2023 \*** | **For the Year**<br>**Ended**<br>**January 31, 2023** | **For the Year**<br>**Ended**<br>**January 31, 2022** | **For the Year**<br>**Ended**<br>**January 31, 2021** | **For the Year**<br>**Ended**<br>**January 31, 2020** |
|  | (Unaudited) | | | | | | |
| **Net Asset Value, Beginning of Period** | $17.46 | $13.13 | $15.56 | $18.22 | $20.53 | $18.83 | $18.70 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.03 | 0.02 | 0.02 | 0.06 | 0.05 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.83) | 4.31 | (1.10) | 0.19 | 5.14 | 1.84 | 0.43 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.80) | 4.33 | (1.08) | 0.25 | 5.19 | 1.93 | 0.54 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.05) | (0.14) | (0.12) | (0.23) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (2.07) |  | (1.30) | (2.77) | (7.38) |  | (0.39) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.07) |  | (1.35) | (2.91) | (7.50) | (0.23) | (0.41) |
| &nbsp;&nbsp;&nbsp;Redemption Fees (b) |  |  |  |  | 0.00 (c) | 0.00 (c) | 0.00 (c) |
| **Net Asset Value, End of Period** | $13.59 | $17.46 | $13.13 | $15.56 | $18.22 | $20.53 | $18.83 |
| **Total Return (d)** | (11.55)% (f) | 32.98% | (6.95)% (f) | 2.71% | 23.92% | 10.33% | 2.80% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $3957 | $4662 | $3974 | $5771 | $36005 | $96863 | $132207 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (e) | 1.74 % (g) | 1.56% | 1.73 % (g) | 1.45% | 1.38% | 1.35% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture (b) | 0.98 % (g) | 0.98% | 0.98 % (g) | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.45 % (g) | 0.15% | 0.14 % (g) | 0.34% | 0.20% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 17 % (f) | 29% | 6 % (f) | 28% | 71% | 66% | 57% |

---

\* For the period February 1, 2023 to November 30, 2023. The Fund's fiscal year end changed from January 31 to November 30, effective February 1, 2023.

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Prior to June 1, 2021, shares were
 subject to a redemption fee of 2% if redeemed after holding them for 90 days or less.

(c) Less than $0.005 per share.

(d) Total return represents aggregate
 total return based on Net Asset Value. Total returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gains distributions, if any.

(e) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or recapture by the Adviser.

(f) Not annualized.

(g) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **FINANCIAL HIGHLIGHTS** |
| *The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the Six Months**<br>**Ended**<br>**May 31, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Period**<br>**Ended**<br>**November 30, 2023 \*** | **For the Year**<br>**Ended**<br>**January 31, 2023** | **For the Year**<br>**Ended**<br>**January 31, 2022** | **For the Year**<br>**Ended**<br>**January 31, 2021** | **For the Year**<br>**Ended**<br>**January 31, 2020** |
|  | (Unaudited) | | | | | | |
| **Net Asset Value, Beginning of Period** | $17.51 | $13.19 | $15.64 | $18.23 | $20.49 | $18.80 | $18.71 |
| &nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 | (0.01) | (0.01) | 0.02 | 0.00 (b) | 0.05 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.83) | 4.33 | (1.11) | 0.21 | 5.12 | 1.83 | 0.43 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.82) | 4.32 | (1.12) | 0.23 | 5.12 | 1.88 | 0.50 |
| &nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.03) | (0.05) | (0.00) (b) | (0.19) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (2.07) |  | (1.30) | (2.77) | (7.38) |  | (0.39) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.07) |  | (1.33) | (2.82) | (7.38) | (0.19) | (0.41) |
| &nbsp;&nbsp;&nbsp;Redemption Fees (c) |  |  |  |  | 0.00 (b) | 0.00 (b) | 0.00 (b) |
| **Net Asset Value, End of Period** | $13.62 | $17.51 | $13.19 | $15.64 | $18.23 | $20.49 | $18.80 |
| **Total Return (d)** | (11.64)% (f) | 32.75% | (7.18)% (f) | 2.55% | 23.66% | 10.04% | 2.55% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $24522 | $32008 | $31993 | $41871 | $64007 | $71784 | $177627 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (e) | 1.99 % (g) | 1.81% | 1.88 % (g) | 1.47% | 1.38% | 1.35% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture (c) | 1.21 % (g) | 1.21% | 1.21 % (g) | 1.21% | 1.21% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.20 % (g) | (0.09)% (h) | (0.08)% (g) | 0.13% | 0.00 % (i) | 0.30% | 0.36% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 17 % (f) | 29% | 6 % (f) | 28% | 71% | 66% | 57% |

---

\* For the period February 1, 2023 to November 30, 2023. The Fund's fiscal year end changed from January 31 to November 30, effective February 1, 2023.

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(b) Less than $0.005 per share.

(c) Prior to June 1, 2021, shares were
 subject to a redemption fee of 2% if redeemed after holding them for 90 days or less.

(d) Total return represents aggregate
 total return based on Net Asset Value. Total returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gains distributions, if any.

(e) Represents the ratio of expenses to
 average net assets absent fee waivers, expense reimbursements and/or recapture by the Adviser.

(f) Not annualized.

(g) Annualized.

(h) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts represented may not coincide with the aggregate presentation of
 the Statements of Operations.

(i) Less than 0.005%.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **May 31, 2025** |

---

**1.** **ORGANIZATION** 

The North Star Opportunity Fund, the North Star Micro Cap Fund, the North Star Dividend Fund, the North Star Bond Fund and the North Star Small Cap Value Fund (each a "Fund," and together the "Funds") are each a series of shares of beneficial interest of the Northern Lights Fund Trust II (the "Trust"), a trust organized under the laws of the State of Delaware on August 26, 2010, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-ended management investment companies.

The Trust acquired the Walthausen Small Cap Value Fund (the "Predecessor Fund"), in a tax-free reorganization as of the close of business on May 12, 2023 (the "Reorganization") and changed its name to the North Star Small Cap Value Fund. As a series of the Trust, the North Star Small Cap Value Fund is a continuation of the Predecessor Fund, and has adopted its financial reporting history. The Fund changed its year end to November 30 from January 31.

The diversification policy of each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | |
| North Star Opportunity Fund | Diversified |
| North Star Micro Cap Fund | Diversified |
| North Star Dividend Fund | Diversified |
| North Star Bond Fund | Diversified |
| North Star Small Cap Value Fund | Diversified |

---

The investment objective of each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Primary Objective** |
| North Star Opportunity Fund | To seek long-term capital appreciation |
| North Star Micro Cap Fund | Capital appreciation and to derive income from short term liquid securities |
| North Star Dividend Fund | To generate dividend income and to seek capital appreciation |
| North Star Bond Fund | To generate income, with preservation of capital |
| North Star Small Cap Value Fund | To seek long-term capital appreciation |

---

The North Star Micro Cap Fund is the successor to the Kuby Gottlieb Special Value Fund, L.P. (the "Predecessor Micro Cap Fund"), which transferred its assets to the North Star Micro Cap Fund in connection with the North Star Micro Cap Fund's commencement of operations. The North Star Dividend Fund is the successor to the North Star Dividend Fund, L.P. (the "Predecessor Dividend Fund"), which transferred its assets to the North Star Dividend Fund in connection with the North Star Dividend Fund's commencement of operations. The North Star Opportunity Fund is the successor to the North Star Opportunity Fund, L.P. (the "Predecessor North Star Opportunity Fund"), which transferred its assets to the Fund in connection with the North Star Opportunity Fund's commencement of operations. The Predecessor Funds were managed by the same adviser who currently manages the Funds, and have substantially similar investment objectives and strategies to those of the Funds.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

Each Fund commenced operations on the following dates:

---

| | |
|:---|:---|
| **Fund** | **Date** |
| North Star Opportunity Fund | December 15, 2011 |
| North Star Micro Cap Fund | May 31, 2013 |
| North Star Dividend Fund | May 31, 2013 |
| North Star Bond Fund | December 19, 2014 |
| North Star Small Cap Value Fund | February 1, 2008 (Commencement of operations of the Predecessor Fund) |

---

The North Star Micro Cap Fund, the North Star Dividend Fund and the North Star Bond Fund currently offer Class I shares. The North Star Opportunity Fund currently offers Class I and Class A shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. Class I shares are offered at net asset value. The North Star Small Cap Value Fund currently offers Investor Class and Institutional Class shares, both classes are offered at net asset value. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

**Operating Segments -** The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

**Securities valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent approximate fair value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Investments in open-ended investment companies are valued at net asset value.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process** –The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** | **North Star Opportunity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $83946802 | $— | $— | $83946802 |
| Preferred Stocks | 1173000 |  |  | 1173000 |
| Corporate Bonds |  | 4964179 |  | 4964179 |
| U.S. Government & Agencies |  | 10899622 |  | 10899622 |
| Short-Term Investment | 10578420 |  |  | 10578420 |
| Total | $95698222 | $15863801 | $— | $111562023 |
| **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** | **North Star Micro Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 \*\* | Total |
| Common Stocks | $98090110 | $— | $— | $98090110 |
| Short-Term Investment | 9273121 |  |  | 9273121 |
| Total | $107363231 | $— | $— | $107363231 |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** | **North Star Dividend Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $76184077 | $— | $— | $76184077 |
| Preferred Stock | 934000 |  |  | 934000 |
| Short-Term Investment | 4755872 |  |  | 4755872 |
| Total | $81873949 | $— | $— | $81873949 |
| **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** | **North Star Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Preferred Stocks | $1998804 | $— | $— | $1998804 |
| Corporate Bonds |  | 26310480 |  | 26310480 |
| U.S. Government & Agencies |  | 1002015 |  | 1002015 |
| Short-Term Investment | 3303418 |  |  | 3303418 |
| Total | $5302222 | $27312495 | $— | $32614717 |
| **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** | **North Star Small Cap Value Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $26938548 | $— | $— | $26938548 |
| Short-Term Investment | 1462025 |  |  | 1462025 |
| Total | $28400573 | $— | $— | $28400573 |

---

\* Refer to the Schedules of Investments for security classifications.

\*\* Additional disclosures surrounding Level 3 investments in the North Star Micro Cap Fund were not significant to the financial statements.

The North Star Opportunity Fund, the North Star Dividend Fund, the North Star Bond Fund and the North Star Small Cap Value Fund did not hold any Level 3 securities during the period.

*Security Transactions and Investment Income –* Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

*Expenses –* Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

*Federal Income Taxes* – The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

*Distributions to Shareholders –* The following table summarizes each Fund's Investment Income and Capital Gain declaration policy:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Dividends** | **Capital Gains** |
| North Star Opportunity Fund | Quarterly | Annually |
| North Star Micro Cap Fund | Annually | Annually |
| North Star Dividend Fund | Monthly | Annually |
| North Star Bond Fund | Monthly | Annually |
| North Star Small Cap Value Fund | Annually | Annually |

---

Each Fund records dividends and distributions to its shareholders on the ex-dividend date. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

*Indemnification –* The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

*Advisory Fees* – North Star Investment Management Corp. serves as the Funds' Investment Adviser (the "Adviser"). Pursuant to an Investment Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. Under the terms of the Advisory Agreement, the Adviser receives monthly fees calculated at an annual rate of the average daily net assets of each Fund:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| North Star Opportunity Fund | 1.00% on the first $100 million in net assets |
|  | 0.90% on net assets greater than $100 million |
| North Star Micro Cap Fund | 1.00% on the first $100 million in net assets |
|  | 0.90% on net assets greater than $100 million |
| North Star Dividend Fund | 1.00% on the first $100 million in net assets |
|  | 0.90% on net assets greater than $100 million |
| North Star Bond Fund | 0.85% |
| North Star Small Cap Value Fund | 1.00% |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

For the six months period ended May 31, 2025, the Adviser earned advisory fees of:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| North Star Opportunity Fund | $620922 |
| North Star Micro Cap Fund | 548348 |
| North Star Dividend Fund | 436417 |
| North Star Bond Fund | 141030 |
| North Star Small Cap Value Fund | 155129 |

---

Pursuant to an operating expense limitation agreement between the Adviser and each Fund, the Adviser has agreed to reduce its management fees and/or pay expenses of the Funds to ensure that the total amount of Fund operating expenses (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) do not exceed 1.74% of the Micro Cap Fund's average net assets for Class I shares, 1.74% of the Dividend Fund's average net assets for Class I shares, 1.79% of the Bond Fund's average net assets for Class I shares, 1.55% and 1.30% of the Opportunity Fund's average net assets, for Class A and Class I shares, respectively, and 0.98% and 1.21% of the Small Cap Fund's average net assets for Institutional Class shares and Investor Class shares, respectively, in each case through March 31, 2026 subject thereafter to annual re-approval of the agreement by the Board of Trustees. For the six months period ended May 31, 2025, the Adviser waived fees in the amount of $36,291 for the Opportunity Fund and $120,070 for the Small Cap Value Fund.

The Adviser is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. Each Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of management fees and/or expenses. This Operating Expense Limitation Agreement can be terminated only by, or with the consent, of the Board of Trustees.

For the fiscal year ended November 30, 2024, the North Star Micro Cap, North Star Dividend and North Star Bond Funds had no recapture available. Cumulative expenses subject to recapture pursuant to the aforementioned conditions as of November 30, 2024 will expire on November 30 of the following years:

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| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expiring** |
| North Star Opportunity Fund | $70810 | 2025 |
|  | 64483 | 2026 |
|  | 51493 | 2027 |
| North Star Small Cap Value Fund | 130403 | 2026 |
|  | 216325 | 2027 |

---

Despite the contractual terms, the Adviser has determined and represented to the North Star Small Cap Value Fund that it will not seek to recoup any waived fees or expenses reimbursed prior to the close of the reorganization on May 12, 2023.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

*Distributor* – The Board has adopted the Trust's Master Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board of Trustees of the Northern Lights Fund Trust II has adopted, on behalf of the North Star Opportunity Fund and the North Star Small Cap Value Fund, a Distribution Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the "Plan"), as amended, to pay for certain distribution activities and shareholder services. Under the Plan, the Funds are permitted to pay 0.25% per year of the average daily net assets of Class A shares and Investor Class shares for such distribution and shareholder service activities. For the six months period ended May 31, 2025, the North Star Opportunity Fund Class A shares incurred $12,937 in distribution fees and the North Star Small Cap Value Investor Class shares incurred $33,716 in distribution fees.

The Distributor acts as the Funds' principal underwriter in a continuous offering of each Fund's shares. For the six months period ended May 31, 2025, the Distributor received $252 in underwriting commissions, of which $22 was retained by the principal underwriter for sales of the North Star Opportunity Fund's Class A shares.

During the six months period ended May 31, 2025, NewEdge Group, a registered broker/dealer and an affiliate of the Funds, executed trades on behalf of the Funds. These trades were cleared through National Financial Services, LLC. During the six months period ended May 31, 2025, NewEdge Group received trade commissions as follows:

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| | |
|:---|:---|
| **Fund** | **Amount** |
| North Star Opportunity Fund | $10662 |
| North Star Micro Cap Fund | 8391 |
| North Star Dividend Fund | 7218 |
| North Star Bond Fund | 657 |

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In addition, certain affiliates of the Distributor provide services to the Funds as follows:

*Ultimus Fund Solutions, LLC ("UFS")* – an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

*Northern Lights Compliance Services, LLC ("NLCS")* - NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

*Blu Giant, LLC ("Blu Giant")* – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months period ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| North Star Opportunity Fund | $11027006 | $32261417 |
| North Star Micro Cap Fund | 15368329 | 19515978 |
| North Star Dividend Fund | 8884779 | 7396992 |
| North Star Bond Fund | 2142262 | 3331210 |
| North Star Small Cap Value Fund | 4895111 | 8516931 |

---

**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of May 31, 2025, NFS LLC held approximately 72.7% of the voting securities of the North Star Opportunity Fund, 71.4% of the North Star Micro Cap Fund, 78.9% of the North Star Dividend Fund, 80.4% of the North Star Bond Fund and 55.8% of the North Star Small Cap Value Fund. As of May 31, 2025, Charles Schwab held approximately 27.7% of the voting securities of the North Star Small Cap Value Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also beneficially owned by NFS LLC or Charles Schwab.

**6.** **REDEMPTION FEES** 

The Funds may assess a short-term redemption fee of 2.00% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Funds. For the six months period ended May 31, 2025, the North Star Opportunity Fund had $1 and $1,877 in redemption fees for Class A and Class I, respectively. The North Star Micro Cap Fund had $142 in redemption fees, the North Star Dividend Fund had $316 in redemption fees and the North Star Bond Fund had $0 in redemption fees. Effective June 1, 2021, the North Star Small Cap Value Fund eliminated the redemption fee.

**7.** **INVESTMENTS IN AFFILIATED ISSUERS** 

An affiliated issuer is an issuer in which the Fund has ownership of at least 5% of the voting securities. Issuers which are affiliates of the North Star Opportunity Fund and North Star Micro Cap Fund at May 31, 2025, are noted in the Fund's Schedule of Investments.

Transactions during the period with companies which are affiliates are as follows:

**North Star Opportunity Fund**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Net Change in | | |
|  | Fair Value | | | Dividends | | Unrealized | | |
|  | November 30, | | | Credited to | Realized | Appreciation | Fair Value May | Shares May 31, |
| Description | 2024 | Purchases | Sales | Income | Gain/(Loss) | (Depreciation) | 31, 2025 | 2025 |
| Orion Energy Systems, Inc. | $1659240 | $— | $— | $— | $— | $(330858) | $1328382 | 1980000 |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

**North Star Micro Cap Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Net Change in | | |
|  | Fair Value | | | Dividends | | Unrealized | | |
|  | November 30, | | | Credited to | Realized | Appreciation | Fair Value May | Shares May 31, |
| Description | 2024 | Purchases | Sales | Income | Gain/(Loss) | (Depreciation) | 31, 2025 | 2025 |
| Truett-Hurst, Inc. - Class A | $— | $— | $— | $— | $— | $— | $— | 278942 |

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**8.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at May 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| North Star Opportunity Fund | $67084395 | $47441654 | $(2964026) | $44477628 |
| North Star Micro Cap Fund | 75235452 | 37701614 | (5573835) | 32127779 |
| North Star Dividend Fund | 68186510 | 17029925 | (3342486) | 13687439 |
| North Star Bond Fund | 32228831 | 538640 | (152754) | 385886 |
| North Star Small Cap Value Fund | 20216271 | 9304650 | (1120348) | 8184302 |

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**9.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions for the following years were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** |
| <br>&nbsp;&nbsp;&nbsp;**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |<br>**Total** |
| North Star Opportunity Fund | $1762325 | $2042662 | $3804987 |
| North Star Micro Cap Fund | 782956 |  | 782956 |
| North Star Dividend Fund | 2685840 | 583044 | 3268884 |
| North Star Bond Fund | 1355084 |  | 1355084 |
| North Star Small Cap Value Fund |  |  |  |
|  | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** | **For the year ended November 30, 2023** |
|  | **Ordinary** | **Long-Term** |  |
| &nbsp;&nbsp;&nbsp;**Fund** | **Income** | **Capital Gains** | **Total** |
| North Star Opportunity Fund | $1655854 | $4437373 | $6093227 |
| North Star Micro Cap Fund | 237830 |  | 237830 |
| North Star Dividend Fund | 2073985 | 3060832 | 5134817 |
| North Star Bond Fund | 900562 |  | 900562 |
| North Star Small Cap Value Fund | 75442 | 3259956 | 3335398 |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

As of November 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| North Star Opportunity Fund | $7888 | $3792966 | $— | $— | $(50801) | $64110295 | $67860348 |
| North Star Micro Cap Fund | 868466 | 2651575 |  |  | 264061 | 53772136 | 57556238 |
| North Star Dividend Fund | 188364 | 1900400 |  |  | 11763 | 25096608 | 27197135 |
| North Star Bond Fund | 81394 |  |  | (3532490) |  | 471869 | (2979227) |
| North Star Small Cap Value Fund |  | 4306524 | (22962) |  |  | 16216933 | 20500495 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for tax gain/loss due to the Funds' conversion from limited partnerships, unamortized organizational costs from fund mergers and tax adjustments for real estate investment trusts, trust preferred securities, C-Corporations with return of capital distributions and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(22) and $11 for North Star Dividend Fund and North Star Small Cap Value Fund, respectively.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The North Star Small Cap Value Fund incurred and elected to defer such late year losses of $22,962.

At November 30, 2024, the following Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| North Star Micro Cap Fund | $— | $— | $— | $639799 |
| North Star Bond Fund | 948163 | 2584327 | 3532490 |  |

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During the fiscal year ended November 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to net operating losses, use of tax equalization credits, and adjustments for prior year tax returns, resulted in reclassification for the following Funds for the year ended November 30, 2024, as follows:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid**<br>**In**<br>**Capital** | **Accumulated**<br>**Earnings**<br>**(Losses)** |
| North Star Opportunity Fund | $217574 | $(217574) |
| North Star Micro Cap Fund | 88287 | (88287) |
| North Star Dividend Fund | 95292 | (95292) |
| North Star Bond Fund | (492) | 492 |
| North Star Small Cap Value Fund | 540237 | (540237) |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

**10.** **SUBSEQUENT EVENTS** 

Subsequent events have been evaluated from the date of the Statement of Assets and Liabilities through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **North Star Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **May 31, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

**Proxy Voting Policy**

Information regarding how the Funds vote proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 855-580-0900 or by referring to the Securities and Exchange Commission's website at http://www.sec.gov.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):

Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached hereto. [Exhibit 99.906 CERT](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Lights Fund Trust II

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 8/8/2025 | Date: 8/8/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 8/8/2025 | Date: 8/8/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 8/8/2025 | Date: 8/8/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of North Star Funds (a series of Northern Lights Fund Trust II, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 8/8/2025 | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of North Star Funds (a series of Northern Lights Fund Trust II, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 8/8/2025 | /s/ Erik Naviloff |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

Kevin E. Wolf, Principal Executive Officer, and Erik Naviloff, Principal Financial Officer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 8/8/2025 | Date: | 8/8/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.