# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-005719
**Filing Date:** 2026-4
**Character Count:** 56815
**Document Hash:** 20977d74cdbe3af3859061b1beb74ddd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005719.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000910472-26-005719

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20261130

**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:** 26897048

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.9%** |  |
| 50000 | Coda Octopus Group, Inc.<sup>(a)</sup> | $678000 |
| 20300 | Ducommun, Inc.<sup>(a)</sup> | 2508877 |
| 58264 | VirTra, Inc.<sup>(a)</sup> | 254031 |
|  |  | 3440908 |
|  | **APPAREL & TEXTILE PRODUCTS - 4.5%** |  |
| 44000 | Lakeland Industries, Inc. | 403480 |
| 48000 | Movado Group, Inc. | 1197600 |
| 85000 | Rocky Brands, Inc. | 3842000 |
| 279000 | Superior Group of Companies, Inc. | 2770470 |
|  |  | 8213550 |
|  | **ASSET MANAGEMENT - 3.5%** |  |
| 52000 | Compass Diversified Holdings | 389480 |
| 102000 | GCM Grosvenor, Inc., Class A | 1181160 |
| 345000 | Heritage Global, Inc.<sup>(a)</sup> | 455400 |
| 110000 | Silvercrest Asset Management Group, Inc., Class A | 1672550 |
| 395000 | US Global Investors, Inc., Class A | 1315350 |
| 92000 | Westwood Holdings Group, Inc. | 1541920 |
|  |  | 6555860 |
|  | **AUTOMOTIVE - 1.4%** |  |
| 59731 | Miller Industries, Inc. | 2510494 |
|  | **BANKING - 2.1%** |  |
| 50500 | Bar Harbor Bankshares | 1629130 |
| 50000 | First Busey Corporation | 1268000 |
| 22000 | First Internet Bancorp | 446160 |
| 25000 | Flushing Financial Corporation | 385750 |
|  |  | 3729040 |
|  | **BEVERAGES - 0.0%<sup>(b)</sup>** |  |
| 278942 | Truett-Hurst, Inc.<sup>(a)(c)(d)(e)</sup> |  |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 14000 | Assertio Holdings, Inc.<sup>(a)</sup> | 163240 |
| 20000 | Aytu BioPharma, Inc.<sup>(a)</sup> | 51400 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **BIOTECH & PHARMA - 0.4% (Continued)** |  |
| 200000 | Biote Corporation, Class A<sup>(a)</sup> | $424000 |
|  |  | 638640 |
|  | **CHEMICALS - 1.0%** |  |
| 90000 | Flexible Solutions International, Inc.<sup>(a)</sup> | 481500 |
| 148000 | Northern Technologies International Corporation | 1317200 |
|  |  | 1798700 |
|  | **COMMERCIAL SUPPORT SERVICES - 6.0%** |  |
| 96000 | Barrett Business Services, Inc. | 2665920 |
| 135000 | DLH Holdings Corporation<sup>(a)</sup> | 810000 |
| 52000 | Hackett Group, Inc. (The) | 710320 |
| 168000 | Healthcare Services Group, Inc.<sup>(a)</sup> | 3657361 |
| 123883 | Information Services Group, Inc. | 595877 |
| 116132 | Perma-Fix Environmental Services, Inc.<sup>(a)</sup> | 1584040 |
| 130000 | Quest Resource Holding Corporation<sup>(a)</sup> | 230100 |
| 55000 | Star Equity Holdings, Inc.<sup>(a)</sup> | 548900 |
|  |  | 10802518 |
|  | **CONSTRUCTION MATERIALS - 3.3%** |  |
| 19000 | Apogee Enterprises, Inc. | 756580 |
| 20000 | NWPX Infrastructure, Inc.<sup>(a)</sup> | 1552000 |
| 31500 | United States Lime & Minerals, Inc. | 3596040 |
|  |  | 5904620 |
|  | **CONSUMER SERVICES - 3.8%** |  |
| 25000 | Carriage Services, Inc. | 1151750 |
| 144000 | Lincoln Educational Services Corporation<sup>(a)</sup> | 5218560 |
| 15000 | Universal Technical Institute, Inc.<sup>(a)</sup> | 543000 |
|  |  | 6913310 |
|  | **CONTAINERS & PACKAGING - 0.5%** |  |
| 115000 | Greystone Logistics, Inc.<sup>(a)</sup> | 38525 |
| 38000 | Karat Packaging, Inc. | 936700 |
|  |  | 975225 |
|  | **E-COMMERCE DISCRETIONARY - 2.1%** |  |
| 650000 | CarParts.com, Inc.<sup>(a)</sup> | 461500 |
| 107000 | Liquidity Services, Inc.<sup>(a)</sup> | 3382270 |
|  |  | 3843770 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.6%** |  |
| 39000 | Allient, Inc. | $2567760 |
| 12000 | Bel Fuse, Inc., Class B | 2756520 |
| 48000 | LSI Industries, Inc. | 1037760 |
| 80000 | SKYX Platforms Corporation<sup>(a)</sup> | 154400 |
|  |  | 6516440 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 15000 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 503100 |
| 70000 | Orion Group Holdings, Inc.<sup>(a)</sup> | 961100 |
|  |  | 1464200 |
|  | **FOOD - 1.5%** |  |
| 97000 | Nature's Sunshine Products, Inc.<sup>(a)</sup> | 2684960 |
|  | **GAS & WATER UTILITIES – 1.0%** |  |
| 153000 | Global Water Resources, Inc. | 1401480 |
| 35000 | Pure Cycle Corporation<sup>(a)</sup> | 369950 |
|  |  | 1771430 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.1%** |  |
| 143000 | InfuSystem Holdings, Inc.<sup>(a)</sup> | 1254110 |
| 100000 | Viemed Healthcare, Inc.<sup>(a)</sup> | 870000 |
|  |  | 2124110 |
|  | **HOME & OFFICE PRODUCTS - 1.2%** |  |
| 115000 | Hamilton Beach Brands Holding Company, Class A | 2189600 |
|  | **HOME CONSTRUCTION - 4.1%** |  |
| 66000 | Green Brick Partners, Inc.<sup>(a)</sup> | 4861560 |
| 80000 | Interface, Inc. | 2519200 |
|  |  | 7380760 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 19800 | Central Garden & Pet Company<sup>(a)</sup> | 775962 |
| 4950 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 170973 |
|  |  | 946935 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.0%** |  |
| 120000 | Eastern Company (The) | 2228400 |
| 30000 | Mayville Engineering Company, Inc.<sup>(a)</sup> | 630000 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.0% (Continued)** |  |
| 218000 | TechPrecision Corporation<sup>(a)</sup> | $856740 |
|  |  | 3715140 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.4%** |  |
| 46000 | EVI Industries, Inc. | 893780 |
| 120000 | NPK International, Inc.<sup>(a)</sup> | 1731600 |
|  |  | 2625380 |
|  | **INSURANCE - 0.6%** |  |
| 94500 | Crawford & Company, Class A | 1016820 |
|  | **INTERNET MEDIA & SERVICES - 0.4%** |  |
| 285000 | DHI Group, Inc.<sup>(a)</sup> | 709650 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 194000 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 3823740 |
|  | **LEISURE PRODUCTS - 2.3%** |  |
| 214000 | Escalade, Inc. | 3081600 |
| 21101 | Johnson Outdoors, Inc., Class A | 1023187 |
|  |  | 4104787 |
|  | **MACHINERY - 7.0%** |  |
| 16100 | Alamo Group, Inc. | 3437832 |
| 47000 | CECO Environmental Corporation<sup>(a)</sup> | 2841150 |
| 87000 | Gencor Industries, Inc.<sup>(a)</sup> | 1358940 |
| 5000 | Power Solutions International, Inc.<sup>(a)</sup> | 417500 |
| 83400 | QEP Company, Inc. | 3243593 |
| 10500 | Tennant Company | 640815 |
| 32000 | Twin Disc, Inc.<sup>(a)</sup> | 582080 |
|  |  | 12521910 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 94000 | Embecta Corporation | 964440 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8% (Continued)** |  |
| 125586 | Sensus Healthcare, Inc.<sup>(a)</sup> | $516158 |
|  |  | 1480598 |
|  | **METALS & MINING - 4.0%** |  |
| 75000 | Advanced Emissions Solutions, Inc.<sup>(a)</sup> | 263250 |
| 300000 | Avino Silver & Gold Mines Ltd.<sup>(a)</sup> | 2886000 |
| 150000 | Endeavour Silver Corporation<sup>(a)</sup> | 2085000 |
| 68000 | McEwen Mining, Inc.<sup>(a)</sup> | 1927800 |
|  |  | 7162050 |
|  | **MORTGAGE FINANCE - 0.3%** |  |
| 45000 | Chicago Atlantic Real Estate Finance, Inc. | 546750 |
|  | **OIL & GAS PRODUCERS - 1.7%** |  |
| 312300 | Evolution Petroleum Corporation | 1395981 |
| 275000 | VAALCO Energy, Inc. | 1416250 |
| 20000 | Vitesse Energy, Inc. | 386200 |
|  |  | 3198431 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.4%** |  |
| 17000 | Natural Gas Services Group, Inc. | 650420 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.1%** |  |
| 95000 | Legacy Housing Corporation<sup>(a)</sup> | 2082400 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 70000 | Ultralife Corporation<sup>(a)</sup> | 396900 |
|  | **RETAIL - DISCRETIONARY - 5.1%** |  |
| 17000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 3216740 |
| 67000 | Build-A-Bear Workshop, Inc. | 3260221 |
| 90500 | Ethan Allen Interiors, Inc. | 2061590 |
| 33000 | Shoe Carnival, Inc. | 666270 |
|  |  | 9204821 |
|  | **RETAIL REIT - 0.2%** |  |
| 23000 | Modiv Industrial, Inc. | 356730 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **SEMICONDUCTORS - 0.6%** |  |
| 30000 | Photronics, Inc.<sup>(a)</sup> | $1122900 |
|  | **SOFTWARE - 3.2%** |  |
| 75000 | Asure Software, Inc.<sup>(a)</sup> | 685500 |
| 66000 | Cantaloupe, Inc.<sup>(a)</sup> | 689040 |
| 22000 | Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 661760 |
| 20000 | IBEX Holdings Ltd.<sup>(a)</sup> | 578000 |
| 62000 | Immersion Corporation | 378820 |
| 60000 | Mitek Systems, Inc.<sup>(a)</sup> | 874800 |
| 65000 | Perion Network Ltd.<sup>(a)</sup> | 555750 |
| 115500 | Simulations Plus, Inc.<sup>(a)</sup> | 1412565 |
|  |  | 5836235 |
|  | **SPECIALTY FINANCE - 1.4%** |  |
| 70000 | EZCORP, Inc., Class A<sup>(a)</sup> | 1857100 |
| 195000 | Paysign, Inc.<sup>(a)</sup> | 692250 |
|  |  | 2549350 |
|  | **SPECIALTY REIT - 1.9%** |  |
| 163000 | Postal Realty Trust, Inc., Class A | 3378990 |
|  | **STEEL - 0.1%** |  |
| 15000 | Synalloy Corporation | 257400 |
|  |  | 257400 |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| 27000 | Aviat Networks, Inc.<sup>(a)</sup> | 676080 |
| 14000 | BK Technologies Corporation<sup>(a)</sup> | 1219260 |
| 160000 | Creative Realities, Inc.<sup>(a)</sup> | 560000 |
| 190000 | Powerfleet, Inc.<sup>(a)</sup> | 678300 |
| 121000 | Turtle Beach Corporation<sup>(a)</sup> | 1517340 |
|  |  | 4650980 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 100000 | NetSol Technologies, Inc.<sup>(a)</sup> | 352000 |
| 305518 | Research Solutions, Inc.<sup>(a)</sup> | 708802 |

---

---

| | | |
|:---|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.8% (Continued)** |  |
| 340000 | Usio, Inc.<sup>(a)</sup> | $459000 |
|  |  | 1519802 |
|  | **TELECOMMUNICATIONS - 0.3%** |  |
| 45000 | Ooma, Inc.<sup>(a)</sup> | 556200 |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 235000 | Radiant Logistics, Inc.<sup>(a)</sup> | 1743700 |
|  | **TRANSPORTATION EQUIPMENT - 3.3%** |  |
| 30004 | Aebi Schmidt Holding A.G. | 432658 |
| 61000 | Blue Bird Corporation<sup>(a)</sup> | 3554470 |
| 150000 | FreightCar America, Inc.<sup>(a)</sup> | 2074500 |
|  |  | 6061628 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 466000 | HF Foods Group, Inc.<sup>(a)</sup> | 973940 |
|  | **WHOLESALE - DISCRETIONARY - 2.5%** |  |
| 81000 | Acme United Corporation | 3645810 |
| 148000 | Alliance Entertainment Holding Corporation<sup>(a)</sup> | 800680 |
|  |  | 4446490 |
|  | **TOTAL COMMON STOCKS (Cost $91,307,617)** | 167099212 |
|  | **SHORT-TERM INVESTMENT — 6.9%** |  |
|  | **MONEY MARKET FUND - 6.9%** |  |
| 12538528 | First American Treasury Obligations Fund, Class X, 3.60%<sup>(f)</sup> (Cost $12,538,528) | 12538528 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $103,846,145)** | $179637740 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** | 1819107 |
|  | **NET ASSETS - 100.0%** | $181456847 |

---

---

| | |
|:---|:---|
| **NORTH STAR MICRO CAP FUND** | **NORTH STAR MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** | **February 28, 2026** |
| A.G. | - Aktiengesellschaft |
| Ltd. | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<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> Illiquid security. The total fair value of these securities as of February 28, 2026 was $0, representing 0% of net assets.

<sup>(e)</sup> Valued Using unobservable inputs and fair valued by the Adviser. Security is Level 3.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

## 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:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**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:** $181919600.21

**Total Liabilities:** $462752.87

**Net Assets:** $181456847.34

**Cash Not Reported:** $2507854.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125617 | 1.20%                | 4.86%                | 2.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2076322.09              | $-754204.56                                |
| Month 2  | $2472585.64              | $2950202.35                                |
| Month 3  | $-10844.81               | $30528240.69                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aebi Schmidt Holding AG                    | AEBI SCHMIDT HOL          | CUSIP: H00501108<br>LEI: 506700TN58RT735OV464 | Long             | EC               | CORP              | CH        |     30004 | NS      | $432657.68    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                 | TENNANT CO                | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     10500 | NS      | $640815.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp.                    | FIRST INTERNET BANCORP    | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |     22000 | NS      | $446160.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc.                      | JOHNSON OUTDOO-A          | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21101 | NS      | $1023187.49   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                    | POSTAL REALTY-A           | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    163000 | NS      | $3378990.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co.          | HAMILTON -A               | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115000 | NS      | $2189600.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.                    | LIQUIDITY SERVIC          | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    107000 | NS      | $3382270.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexible Solutions                         | FLEX SOLUTIONS I          | CUSIP: 33938T104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     90000 | NS      | $481500.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc              | CONSENSUS CLOUD           | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $661760.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp                             | ULTRALIFE CORP            | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |     70000 | NS      | $396900.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Assertio Holdings Inc                      | ASSERTIO HOLDING          | CUSIP: 04546C304<br>LEI: 549300L2A9NTF1JVDP20 | Long             | EC               | CORP              | US        |     14000 | NS      | $163240.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibex Ltd.                                  | IBEX LTD                  | CUSIP: G4690M101<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | BM        |     20000 | NS      | $578000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Global Investors, Inc.                | US GLOBAL INV-A           | CUSIP: 902952100<br>LEI: 529900IRM26R91LI8531 | Long             | EC               | CORP              | US        |    395000 | NS      | $1315350.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gencor Industries Inc.                     | GENCOR INDS INC           | CUSIP: 368678108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87000 | NS      | $1358940.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc.                        | VITESSE ENERGY            | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $386200.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                  | FIRST AM-TR OB-X          | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  12538528 | PA      | $12538528.27  | 6.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc.            | NATURAL GAS SERV          | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17000 | NS      | $650420.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Group Holdings Inc                   | ORION GROUP HOLD          | CUSIP: 68628V308<br>LEI: 549300KBVXPV9Q3CT222 | Long             | EC               | CORP              | US        |     70000 | NS      | $961100.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc.                          | ROCKY BRANDS INC          | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |     85000 | NS      | $3842000.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.                  | GREEN BRICK PART          | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     66000 | NS      | $4861560.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc.                              | ESCALADE INC              | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214000 | NS      | $3081600.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp.         | LINCOLN EDUCATIO          | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    144000 | NS      | $5218560.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                            | BLUE BIRD CORP            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     61000 | NS      | $3554470.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc.            | NATURE'S SUNSHNE          | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97000 | NS      | $2684960.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc.                    | FREIGHTCAR AMERICA INC    | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |    150000 | NS      | $2074500.00   | 1.14%             |  |  |  | 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      |
| Modiv Industrial Inc                       | MODIV INDUSTRIAL          | CUSIP: 60784B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23000 | NS      | $356730.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avino Silver & Gol                         | AVINO SILVER              | CUSIP: 053906103<br>LEI: 549300DZZNDMPML1VJ37 | Long             | EC               | CORP              | CA        |    300000 | NS      | $2886000.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp.                     | ENDEAVOUR SILVER CORP     | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | CA        |    150000 | NS      | $2085000.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.         | US LIME & MINERA          | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     31500 | NS      | $3596040.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc.            | INFORMATION SERV          | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |    123883 | NS      | $595877.23    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                          | SHOE CARNIVAL             | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33000 | NS      | $666270.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                          | GCM GROSVENOR-A           | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102000 | NS      | $1181160.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Biote Corp                                 | BIOTE CORP-A              | CUSIP: 090683103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $424000.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Purecycle Corp.                            | PURE CYCLE CORP           | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company               | CENTRAL GARDEN-A          | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      4950 | NS      | $170973.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.                      | SIMULATIONS PLUS          | CUSIP: 829214105<br>LEI: 529900KYRDJAQ8TJCG93 | Long             | EC               | CORP              | US        |    115500 | NS      | $1412565.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc.                   | NWPX INFRASTRUCT          | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     20000 | NS      | $1552000.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic Real Estate Finance Inc   | CHICAGO ATLANTIC          | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $546750.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Aytu BioPharma Inc                         | AYTU BIOPHARMA I          | CUSIP: 054754858<br>LEI: 549300SMWHEALCU7Q019 | Long             | EC               | CORP              | US        |     20000 | NS      | $51400.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Inds                              | LAKELAND INDS             | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |     44000 | NS      | $403480.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                | BOWMAN CONSULTIN          | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $503100.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc.                     | RADIANT LOGISTIC          | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |    235000 | NS      | $1743700.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascent Industries Co                       | SYNALLOY CORP             | CUSIP: 871565107<br>LEI: 549300U2S5125001TS43 | Long             | EC               | CORP              | US        |     15000 | NS      | $257400.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company               | CENTRAL GARDEN            | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     19800 | NS      | $775962.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Creative Realities Inc                     | CREATIVE REALITI          | CUSIP: 22530J309<br>LEI: 5493009BPEB04TIQA243 | Long             | EC               | CORP              | US        |    160000 | NS      | $560000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc.                            | CANTALOUPE INC            | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     66000 | NS      | $689040.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysign Inc                                | PAYSIGN INC               | CUSIP: 70451A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195000 | NS      | $692250.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYX Platforms Corp                        | SKYX PLATFORMS C          | CUSIP: 78471E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80000 | NS      | $154400.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Incorporated                      | DUCOMMUN INC              | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     20300 | NS      | $2508877.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Greystone Logistics Inc                    | GREYSTONE LOGIST          | CUSIP: 39807A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115000 | NS      | $38525.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc.                     | VIEMED HEALTHCAR          | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    100000 | NS      | $870000.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Techprecision Corp                         | TECHPRECISION CO          | CUSIP: 878739200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218000 | NS      | $856740.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtra Inc                                 | VIRTRA INC                | CUSIP: 92827K301<br>LEI: 549300BGHL1PW2M7IZ13 | Long             | EC               | CORP              | US        |     58264 | NS      | $254031.04    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petr Cor                         | EVOLUTION PETROL          | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    312300 | NS      | $1395981.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Inc.                                | MCEWEN MINING IN          | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | US        |     68000 | NS      | $1927800.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Equity Holdings Inc.                  | STAR EQUITY HOLD          | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |     55000 | NS      | $548900.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services, Inc.                    | CARRIAGE SERVICE          | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $1151750.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PowerFleet Inc.                            | POWERFLEET INC            | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |    190000 | NS      | $678300.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified                        | COMPASS DIVERSIF          | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     52000 | NS      | $389480.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc.                     | NPK INTERNATIONA          | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    120000 | NS      | $1731600.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group Inc.                    | CODA OCTOPUS GRO          | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $678000.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.             | HEALTHCARE SERVS          | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    168000 | NS      | $3657360.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arq, Inc.                                  | ADVANCED EMISSIONS SOLUTI | CUSIP: 00770C101<br>LEI: 52990086HRJSW2EZQH40 | Long             | EC               | CORP              | US        |     75000 | NS      | $263250.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Usio Inc                                   | USIO INC                  | CUSIP: 917313108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    340000 | NS      | $459000.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Resource Holding Corporation         | QUEST RESOURCE H          | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |    130000 | NS      | $230100.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Global Inc                        | HERITAGE GLOBAL           | CUSIP: 42727E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    345000 | NS      | $455400.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                         | ASURE SOFTWARE I          | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75000 | NS      | $685500.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.                    | APOGEE ENTERPR            | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     19000 | NS      | $756580.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Companies Inc.           | SUPERIOR GROUP O          | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |    279000 | NS      | $2770470.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc.                         | MITEK SYSTEMS             | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     60000 | NS      | $874800.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                            | ALAMO GROUP               | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     16100 | NS      | $3437833.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc                     | RESEARCH SOLUTIO          | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    305518 | NS      | $708801.76    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Foods Group Inc.                        | HF FOODS GROUP I          | CUSIP: 40417F109<br>LEI: 54930040ARMFXM6CL697 | Long             | EC               | CORP              | US        |    466000 | NS      | $973940.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Hldgs Corp                             | DLH HOLDINGS COR          | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |    135000 | NS      | $810000.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                           | MOVADO GROUP              | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     48000 | NS      | $1197600.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                   | CECO ENVIRONMNTL          | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     47000 | NS      | $2841150.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Tech Intl                         | NORTHERN TECH             | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148000 | NS      | $1317200.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Entertainment Holding Corporation | ALLIANCE ENTERTA          | CUSIP: 01861F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148000 | NS      | $800680.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc.         | LINDBLAD EXPEDIT          | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    194000 | NS      | $3823740.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                | ALLIENT INC               | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     39000 | NS      | $2567760.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc.             | BARRETT BUS SVCS          | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |     96000 | NS      | $2665920.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp.                            | IMMERSION CORP            | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     62000 | NS      | $378820.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Twin Disc Inc                              | TWIN DISC INC             | CUSIP: 901476101<br>LEI: 549300FR8EHCY14BLP32 | Long             | EC               | CORP              | US        |     32000 | NS      | $582080.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc.                        | AVIAT NETWORKS I          | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     27000 | NS      | $676080.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International, Inc.        | POWER SOLUTIONS INTERNATI | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |      5000 | NS      | $417500.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                         | BAR HARBOR BNKSH          | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50500 | NS      | $1629130.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                            | INTERFACE INC             | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     80000 | NS      | $2519200.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp.                       | LEGACY HOUSING C          | CUSIP: 52472M101<br>LEI: V6WE5M18QYITU8L1QF76 | Long             | EC               | CORP              | US        |     95000 | NS      | $2082400.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                | EZCORP INC-A              | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     70000 | NS      | $1857100.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                            | PHOTRONICS INC            | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     30000 | NS      | $1122900.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Perion Network Ltd                         | PERION NETWORK L          | CUSIP: M78673114<br>LEI: 529900SL7HYNVD6HG708 | Long             | EC               | CORP              | IL        |     65000 | NS      | $555750.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation                    | FIRST BUSEY CORP          | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     50000 | NS      | $1268000.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooma Inc                                   | OOMA INC                  | CUSIP: 683416101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $556200.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc.               | WESTWOOD HOLDING          | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92000 | NS      | $1541920.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Netsol Technologies Incorporation          | NETSOL TECH INC           | CUSIP: 64115A402<br>LEI: 529900EXOTPTUR7O6B54 | Long             | EC               | CORP              | US        |    100000 | NS      | $352000.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp.                   | FLUSHING FINL             | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $385750.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                           | ACME UNITED CORP          | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     81000 | NS      | $3645810.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                         | HACKETT GROUP             | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     52000 | NS      | $710320.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp.                              | EMBECTA CORP              | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     94000 | NS      | $964440.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bk Technologies Corporation                | BK TECHNOLOGIES           | CUSIP: 05587G203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14000 | NS      | $1219260.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Mgmt Group Inc           | SILVERCREST AS-A          | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $1672550.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc.                       | KARAT PACKAGING           | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     38000 | NS      | $936700.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaalco Energy Inc                          | VAALCO ENERGY             | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |    275000 | NS      | $1416250.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings inc.                   | INFUSYSTEM HOLD           | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |    143000 | NS      | $1254110.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc. (Tennessee)         | MILLER INDS/TENN          | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     59731 | NS      | $2510493.93   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc.                     | SENSUS HEALTHCAR          | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |    125586 | NS      | $516158.46    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Build A Bear Workshop Inc                  | BUILD-A-BEAR WOR          | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     67000 | NS      | $3260220.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc.                        | LSI INDUSTRIES            | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     48000 | NS      | $1037760.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                              | DHI GROUP INC             | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    285000 | NS      | $709650.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                         | TURTLE BEACH COR          | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |    121000 | NS      | $1517340.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| QEP Company Inc                            | QEP COMPANY INC           | CUSIP: 74727K102<br>LEI: 5493001EVXNSLN64CH74 | Long             | EC               | CORP              | US        |     83400 | NS      | $3243592.80   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Company Inc           | MAYVILLE ENGINEERING CO I | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     30000 | NS      | $630000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EVI Industries Inc.                        | EVI INDUSTRIES I          | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |     46000 | NS      | $893780.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.                | GLOBAL WATER RES          | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153000 | NS      | $1401480.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co                                 | EASTERN CO                | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |    120000 | NS      | $2228400.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL Fuse Inc                               | BEL FUSE INC-B            | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     12000 | NS      | $2756520.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.        | UNIVERSAL TECHNI          | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     15000 | NS      | $543000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc.                 | ETHAN ALLEN               | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90500 | NS      | $2061590.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Fix Environmental Services Inc.      | PERMA-FIX ENVIR           | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |    116132 | NS      | $1584040.48   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                     | BOOT BARN HOLDIN          | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     17000 | NS      | $3216740.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CarParts.com Inc.                          | CARPARTS.COM INC          | CUSIP: 14427M107<br>LEI: 5493005FSRX4Y7E7H678 | Long             | EC               | CORP              | US        |    650000 | NS      | $461500.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                              | CRAWFORD & CO-A           | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     94500 | NS      | $1016820.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer