# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-000391
**Filing Date:** 2026-1
**Character Count:** 20289
**Document Hash:** e90677de314067cdc6c5b1bdb167b42c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000391.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000910472-26-000391

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26558701

**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 Micro Cap Fund (Series ID: S000040440)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST II

- **b. Investment Company Act file number:** 811-22549

- **c. CIK number of Registrant:** 0001518042

- **d. LEI of Registrant:** 549300TH7YXW5G2QY588

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** North Star Micro Cap Fund

- **b. EDGAR series identifier (if any):** S000040440

- **c. LEI of Series:** 549300FYO7U97U8RHB49

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $110718015.03

**Total Liabilities:** $162770.93

**Net Assets:** $110555244.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125617 | -0.13%               | -5.90%               | 0.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1258776.95             | $1080208.88                                |
| Month 2  | $-423002.76              | $-6435659.24                               |
| Month 3  | $-58133.45               | $979864.34                                 |

### Schedule of Portfolio Investments

| Name                                       | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tennant Co                                 | TENNANT CO             | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     10500 | NS      | $767865.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc.                      | JOHNSON OUTDOO-A       | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21101 | NS      | $864929.99    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                    | POSTAL REALTY-A        | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    163000 | NS      | $2533020.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co.          | HAMILTON -A            | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88051 | NS      | $1404413.45   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.                    | LIQUIDITY SERVIC       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    107000 | NS      | $3214280.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathans Famous Inc                         | NATHANS FAMOUS         | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      7000 | NS      | $645820.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                  | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10242267 | PA      | $10242267.20  | 9.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc.                          | ROCKY BRANDS INC       | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |    105000 | NS      | $3188850.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.                  | GREEN BRICK PART       | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     71000 | NS      | $4819480.00   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc.                              | ESCALADE INC           | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214000 | NS      | $2837640.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp.         | LINCOLN EDUCATIO       | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    119000 | NS      | $2449020.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                            | BLUE BIRD CORP         | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     61000 | NS      | $3185420.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc.            | NATURE'S SUNSHNE       | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72000 | NS      | $1481760.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc.                    | FREIGHTCAR AMERICA INC | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |    150000 | NS      | $1227000.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Truett-Hurst Inc                           | TRUETT-HURST INC       | CUSIP: 897871109<br>LEI: 549300S4QF6KU1JNI295 | Long             | EC               | CORP              | US        |    278942 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Penguin Solutions Inc                      | PENGUIN SOLUTION       | CUSIP: 706915105<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | US        |     70000 | NS      | $1416100.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.         | US LIME & MINERA       | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     46000 | NS      | $5592220.00   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                          | SHOE CARNIVAL          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33000 | NS      | $545160.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company               | CENTRAL GARDEN-A       | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      4950 | NS      | $153153.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.                      | SIMULATIONS PLUS       | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115500 | NS      | $1963500.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Inds                              | LAKELAND INDS          | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |    142000 | NS      | $2155560.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company               | CENTRAL GARDEN         | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     19800 | NS      | $676368.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc.                            | CANTALOUPE INC         | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     66000 | NS      | $704220.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Incorporated                      | DUCOMMUN INC           | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     20300 | NS      | $1861307.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petr Cor                         | EVOLUTION PETROL       | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    162300 | NS      | $637839.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp.                              | DENNY'S CORP           | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    250000 | NS      | $1542500.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg Corp                             | VIRCO MFG              | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143000 | NS      | $1006720.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray Inc.                               | ACCURAY INC            | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |    467000 | NS      | $504360.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.             | HEALTHCARE SERVS       | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    168000 | NS      | $3155040.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.                    | APOGEE ENTERPR         | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     19000 | NS      | $691790.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Companies Inc.           | SUPERIOR GROUP O       | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |    234000 | NS      | $2274480.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                            | ALAMO GROUP            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     16100 | NS      | $2581957.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                           | MOVADO GROUP           | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     32000 | NS      | $670080.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                   | CECO ENVIRONMNTL       | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     44000 | NS      | $2294600.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Entertainment Holding Corporation | ALLIANCE ENTERTA       | CUSIP: 01861F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83000 | NS      | $556100.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc.         | LINDBLAD EXPEDIT       | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    194000 | NS      | $2333820.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                | ALLIENT INC            | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     39000 | NS      | $2100540.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc.             | BARRETT BUS SVCS       | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |    112000 | NS      | $3930080.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                         | BAR HARBOR BNKSH       | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50500 | NS      | $1506920.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                            | INTERFACE INC          | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    143000 | NS      | $3991130.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation                    | FIRST BUSEY CORP       | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     50000 | NS      | $1177000.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc.               | WESTWOOD HOLDING       | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92000 | NS      | $1558480.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                           | ACME UNITED CORP       | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     81000 | NS      | $2997000.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                         | HACKETT GROUP          | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     52000 | NS      | $960440.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc. (Tennessee)         | MILLER INDS/TENN       | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     33731 | NS      | $1306738.94   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Build A Bear Workshop Inc                  | BUILD-A-BEAR WOR       | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     74000 | NS      | $3929400.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                         | TURTLE BEACH COR       | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |    121000 | NS      | $1679480.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| QEP Company Inc                            | QEP COMPANY INC        | CUSIP: 74727K102<br>LEI: 5493001EVXNSLN64CH74 | Long             | EC               | CORP              | US        |     94800 | NS      | $3403320.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.                | GLOBAL WATER RES       | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113000 | NS      | $968410.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co                                 | EASTERN CO             | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |    120000 | NS      | $2340000.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc.                 | ETHAN ALLEN            | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90500 | NS      | $2139420.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                     | BOOT BARN HOLDIN       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     21000 | NS      | $4070220.00   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CarParts.com Inc.                          | CARPARTS.COM INC       | CUSIP: 14427M107<br>LEI: 5493005FSRX4Y7E7H678 | Long             | EC               | CORP              | US        |    650000 | NS      | $350220.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer