# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-002192
**Filing Date:** 2025-10
**Character Count:** 27683
**Document Hash:** 9a2b6ebde74f7db988ff9a8ceec505f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002192.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000910472-25-002192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251405540

**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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.6%** |  |
| 20300 | Ducommun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1851766 |
|  | **APPAREL & TEXTILE PRODUCTS - 6.9%** |  |
| 142000 | Lakeland Industries, Inc. | &nbsp;&nbsp;&nbsp; 2156980 |
| 32000 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp; 584640 |
| 105000 | Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp; 3195150 |
| 165000 | Superior Group of Companies, Inc. | &nbsp;&nbsp;&nbsp; 2168100 |
|  |  | &nbsp;&nbsp; 8104870 |
|  | **ASSET MANAGEMENT - 1.4%** |  |
| 92000 | Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp; 1633920 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 33731 | Miller Industries, Inc. | &nbsp;&nbsp;&nbsp; 1419738 |
|  | **BANKING - 2.4%** |  |
| 50500 | Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp; 1629635 |
| 50000 | First Busey Corporation | &nbsp;&nbsp;&nbsp; 1235000 |
|  |  | &nbsp;&nbsp; 2864635 |
|  | **BEVERAGES - 0.0%** |  |
| 278942 | Truett-Hurst, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp; – |
|  | **COMMERCIAL SUPPORT SERVICES - 7.8%** |  |
| 112000 | Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp; 5465600 |
| 52000 | Hackett Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1082640 |
| 168000 | Healthcare Services Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2622480 |
|  |  | &nbsp;&nbsp; 9170720 |
|  | **CONSTRUCTION MATERIALS - 5.6%** |  |
| 19000 | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 835525 |
| 46000 | United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp; 5792320 |
|  |  | &nbsp;&nbsp; 6627845 |
|  | **CONSUMER SERVICES - 1.6%** |  |
| 100000 | Lincoln Educational Services Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1881000 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 2.4%** |  |
| 107000 | Liquidity Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2845130 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 39000 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 1769820 |
|  | **FOOD - 1.6%** |  |
| 7000 | Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp; 732900 |
| 72000 | Nature's Sunshine Products, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1213200 |
|  |  | &nbsp;&nbsp; 1946100 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 110000 | Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp; 1062600 |
|  | **HOME & OFFICE PRODUCTS - 2.9%** |  |
| 88051 | Hamilton Beach Brands Holding Company, Class A | &nbsp;&nbsp;&nbsp; 1297872 |
| 252000 | Virco Mfg. Corporation | &nbsp;&nbsp;&nbsp; 2169720 |
|  |  | &nbsp;&nbsp; 3467592 |
|  | **HOME CONSTRUCTION - 7.4%** |  |
| 71000 | Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4958640 |
| 143000 | Interface, Inc. | &nbsp;&nbsp;&nbsp; 3820960 |
|  |  | &nbsp;&nbsp; 8779600 |
|  | **HOUSEHOLD PRODUCTS - 0.8%** |  |
| 19800 | Central Garden & Pet Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 721314 |
| 4950 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 163499 |
|  |  | &nbsp;&nbsp; 884813 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.4%** |  |
| 120000 | Eastern Company (The) | &nbsp;&nbsp;&nbsp; 2851200 |
|  | **LEISURE FACILITIES & SERVICES - 3.4%** |  |
| 250000 | Denny's Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1142500 |
| 194000 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2828520 |
|  |  | &nbsp;&nbsp; 3971020 |
|  | **LEISURE PRODUCTS - 3.0%** |  |
| 214000 | Escalade, Inc. | &nbsp;&nbsp;&nbsp; 2696400 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1% (Continued)** |  |
|  | **LEISURE PRODUCTS - 3.0% (Continued)** |  |
| 21101 | Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp; $850792 |
|  |  | &nbsp;&nbsp; 3547192 |
|  | **MACHINERY - 8.3%** |  |
| 16100 | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp; 3404506 |
| 44000 | CECO Environmental Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2005960 |
| 94800 | QEP Company, Inc. | &nbsp;&nbsp;&nbsp; 3525612 |
| 10500 | Tennant Company | &nbsp;&nbsp;&nbsp; 861420 |
|  |  | &nbsp;&nbsp; 9797498 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.0%** |  |
| 780000 | Accuray, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1185600 |
|  | **OIL & GAS PRODUCERS - 1.3%** |  |
| 287300 | Evolution Petroleum Corporation | &nbsp;&nbsp;&nbsp; 1482468 |
|  | **RETAIL - DISCRETIONARY - 9.5%** |  |
| 21000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3733170 |
| 74000 | Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp; 4499939 |
| 79000 | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp; 2331290 |
| 33000 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp; 689700 |
|  |  | &nbsp;&nbsp; 11254099 |
|  | **SEMICONDUCTORS - 1.4%** |  |
| 70000 | Penguin Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1689100 |
|  | **SOFTWARE - 2.6%** |  |
| 66000 | Cantaloupe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 717420 |
| 158000 | Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp; 2238860 |
|  |  | &nbsp;&nbsp; 2956280 |
|  | **SPECIALTY REIT - 2.2%** |  |
| 163000 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 2581920 |
|  | **TECHNOLOGY HARDWARE - 1.6%** |  |
| 121000 | Turtle Beach Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1914220 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 4.1%** |  |
| 61000 | Blue Bird Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3561790 |
| 150000 | FreightCar America, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1281000 |
|  |  | &nbsp;&nbsp; 4842790 |
|  | **WHOLESALE - DISCRETIONARY - 4.3%** |  |
| 81000 | Acme United Corporation | &nbsp;&nbsp;&nbsp; 3484620 |
| 153000 | Hudson Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1554480 |
|  |  | &nbsp;&nbsp; 5039100 |
|  | **TOTAL COMMON STOCKS (Cost $60,349,644)** | &nbsp;&nbsp; 107422636 |
|  | **SHORT-TERM INVESTMENT — 9.0%** |  |
|  | **MONEY MARKET FUND - 9.0%** |  |
| 10558772 | First American Treasury Obligations Fund, Class X, 4.20%<sup>(d)</sup><br> (Cost $10,558,772) | &nbsp;&nbsp;&nbsp; 10558772 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $70,908,416)** | &nbsp;&nbsp;&nbsp; $117981408 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (77726) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $117903682 |

---

REIT - Real Estate Investment Trust <br>

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

<sup>(b)</sup> Illiquid security. The total fair value of these securities as of August 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 August 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** North Star 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:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $118072040.55

**Total Liabilities:** $168358.33

**Net Assets:** $117903682.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125617 | 1.94%                | 1.47%                | 8.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-756662.49              | $2766489.24                                |
| Month 2  | $0.00                    | $1601915.38                                |
| Month 3  | $-1720352.71             | $10461183.51                               |

### 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      | $861420.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc.              | JOHNSON OUTDOO-A       | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21101 | NS      | $850792.32    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc            | POSTAL REALTY-A        | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    163000 | NS      | $2581920.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co.  | HAMILTON -A            | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88051 | NS      | $1297871.74   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.            | LIQUIDITY SERVIC       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    107000 | NS      | $2845130.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathans Famous Inc                 | NATHANS FAMOUS         | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      7000 | NS      | $732900.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.          | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10558772 | PA      | $10558772.02  | 8.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc.                  | ROCKY BRANDS INC       | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |    105000 | NS      | $3195150.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.          | GREEN BRICK PART       | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     71000 | NS      | $4958640.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc.                      | ESCALADE INC           | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214000 | NS      | $2696400.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp. | LINCOLN EDUCATIO       | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    100000 | NS      | $1881000.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                    | BLUE BIRD CORP         | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     61000 | NS      | $3561790.00   | 3.02%             |  |  |  | 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      | $1213200.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc.            | FREIGHTCAR AMERICA INC | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |    150000 | NS      | $1281000.00   | 1.09%             |  |  |  | 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      | $1689100.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc. | US LIME & MINERA       | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     46000 | NS      | $5792320.00   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                  | SHOE CARNIVAL          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33000 | NS      | $689700.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company       | CENTRAL GARDEN-A       | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      4950 | NS      | $163498.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.              | SIMULATIONS PLUS       | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158000 | NS      | $2238860.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Inds                      | LAKELAND INDS          | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |    142000 | NS      | $2156980.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologes Inc             | HUDSON TECH            | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153000 | NS      | $1554480.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company       | CENTRAL GARDEN         | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     19800 | NS      | $721314.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc.                    | CANTALOUPE INC         | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     66000 | NS      | $717420.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Incorporated              | DUCOMMUN INC           | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     20300 | NS      | $1851766.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petr Cor                 | EVOLUTION PETROL       | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    287300 | NS      | $1482468.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp.                      | DENNY'S CORP           | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    250000 | NS      | $1142500.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg Corp                     | VIRCO MFG              | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252000 | NS      | $2169720.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray Inc.                       | ACCURAY INC            | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |    780000 | NS      | $1185600.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.     | HEALTHCARE SERVS       | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    168000 | NS      | $2622480.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.            | APOGEE ENTERPR         | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     19000 | NS      | $835525.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Companies Inc.   | SUPERIOR GROUP O       | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |    165000 | NS      | $2168100.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                    | ALAMO GROUP            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     16100 | NS      | $3404506.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                   | MOVADO GROUP           | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     32000 | NS      | $584640.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.           | CECO ENVIRONMNTL       | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     44000 | NS      | $2005960.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc. | LINDBLAD EXPEDIT       | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    194000 | NS      | $2828520.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                        | ALLIENT INC            | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     39000 | NS      | $1769820.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc.     | BARRETT BUS SVCS       | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |    112000 | NS      | $5465600.00   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                 | BAR HARBOR BNKSH       | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50500 | NS      | $1629635.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                    | INTERFACE INC          | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    143000 | NS      | $3820960.00   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation            | FIRST BUSEY CORP       | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     50000 | NS      | $1235000.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc.       | WESTWOOD HOLDING       | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92000 | NS      | $1633920.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                   | ACME UNITED CORP       | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     81000 | NS      | $3484620.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                 | HACKETT GROUP          | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     52000 | NS      | $1082640.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc. (Tennessee) | MILLER INDS/TENN       | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     33731 | NS      | $1419737.79   | 1.20%             |  |  |  | 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      | $4499940.00   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                 | TURTLE BEACH COR       | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |    121000 | NS      | $1914220.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| QEP Company Inc                    | QEP COMPANY INC        | CUSIP: 74727K102<br>LEI: 5493001EVXNSLN64CH74 | Long             | EC               | CORP              | US        |     94800 | NS      | $3525612.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.        | GLOBAL WATER RES       | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $1062600.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co                         | EASTERN CO             | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |    120000 | NS      | $2851200.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc.         | ETHAN ALLEN            | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79000 | NS      | $2331290.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc             | BOOT BARN HOLDIN       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     21000 | NS      | $3733170.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer