# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-000908
**Filing Date:** 2026-2
**Character Count:** 218145
**Document Hash:** be3be8715eb48e1a593541a905a64e36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000908.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001580642-26-000908

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26609023

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### North Star Opportunity Fund (Series ID: S000034503)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000106067 | North Star Opportunity Fund Class I Shares | NSOIX           |
| C000106068 | North Star Opportunity Fund Class A Shares | NSOPX           |

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

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

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

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

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

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

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

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

Date of reporting period: <u>11/30/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Item 1. Reports to Stockholders.** 

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

#### North Star Bond Fund

#### Class I (NSBDX)

#### Annual Shareholder Report - November 30, 2025
![Image](i4418404bde4828b7c580317d.jpg)

# Fund Overview
This annual shareholder report contains important information about North Star Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/bond-fund/**. You can also request this information by contacting us at 1-855-580-0900.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $159 | 1.56% |

---

# How did the Fund perform during the reporting period?
The Fund performed consistently with expectations, although it fell below its benchmark for the twelve months ending November 30, 2025, with a positive 3.64% return. There was little movement in the prevailing interest rates for our very short-duration portfolio, which has a duration of less than 3 years. Meanwhile, the yield on the 10-year Treasury declined slowly to finish the period down 10 basis points. Short-term rates fell faster, leading to a steepening of the 10-2 spread to its highest level since early 2022. We had no material credit issues in any of our individual holdings.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if2049a4e53657ba40885f313.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **North Star Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Ba to B U.S. High Yield Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $10556 | $10217 | $10998 |
| **Nov-2017** | $10881 | $10546 | $11915 |
| **Nov-2018** | $10747 | $10404 | $11925 |
| **Nov-2019** | $11411 | $11527 | $13295 |
| **Nov-2020** | $11533 | $12366 | $14316 |
| **Nov-2021** | $11861 | $12224 | $14951 |
| **Nov-2022** | $11174 | $10654 | $13701 |
| **Nov-2023** | $11614 | $10780 | $14825 |
| **Nov-2024** | $12378 | $11521 | $16450 |
| **Nov-2025** | $12829 | $12178 | $17698 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Bond Fund | 3.64% | 2.15% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | -0.31% | 1.99% |
| Bloomberg Ba to B U.S. High Yield Index | 7.59% | 4.33% | 5.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35112737 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee | $287733 |
| Portfolio Turnover | 34% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8390e87d1eb59cc6c0179508.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 74.2% |
| Money Market Funds | 7.9% |
| Preferred Stocks | 11.6% |
| U.S. Government & Agencies | 6.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id85e5323f957eb514d3b6c9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Consumer Staples | 2.2% |
| Energy | 4.3% |
| Health Care | 4.9% |
| U.S. Treasury Obligations | 6.2% |
| Money Market Funds | 7.8% |
| Real Estate | 8.9% |
| Industrials | 9.6% |
| Financials | 17.2% |
| Consumer Discretionary | 37.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Treasury Obligations Fund, Class X | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;United States Treasury Bill, 3.770%, 01/15/26 | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Oceaneering International, Inc., 6.000%, 02/01/28 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Scotts Miracle-Gro Company (The), 5.250%, 12/15/26 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Wintrust Financial Corporation, 4.850%, 06/06/29 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Beazer Homes USA, Inc., 5.875%, 10/15/27 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Wendy's International, LLC, 7.000%, 12/15/25 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Elanco Animal Health, Inc., 6.650%, 08/28/28 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Under Armour, Inc., 3.250%, 06/15/26 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;EPR Properties, 4.950%, 04/15/28 | &nbsp;&nbsp;4.0% |

---

# Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i4418404bde4828b7c580317d.jpg)

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

#### Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-NSBDX

#### North Star Dividend Fund

#### Class I (NSDVX)

#### Annual Shareholder Report - November 30, 2025
![Image](ief08d35c8016d052a006bc2c.jpg)

# Fund Overview
This annual shareholder report contains important information about North Star Dividend Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/dividend-fund/**. You can also request this information by contacting us at 1-855-580-0900.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $139 | 1.43% |

---

# How did the Fund perform during the reporting period?
The Fund declined 6% for the period ending November 30, 2025, significantly trailing its benchmark. Dividend-paying securities are particularly sensitive to interest rates, as these rates provide an alternative source of income for income-oriented investors. At the beginning of 2025, the consensus expectation was for short-term interest rates to decrease consistently throughout the year; however, concerns over the potential inflationary impact of proposed tariffs tempered those expectations. The biggest detractor from performance came from the previous year's biggest contributor, Flexsteel Industries (FLXS), a United States-based company that manufactures, imports, and markets residential upholstered wooden furniture products. As a group, our utilities, financial sector, and REIT holdings all treaded water. Those three sectors comprise a significant percentage of the higher dividend-paying small caps. At the same time, select companies experienced temporary earnings volatility, most maintained healthy payout ratios and continued to return capital through dividends and share repurchases. On the positive side, the Fund's performance was driven by a mix of defensive income holdings and asset-backed businesses with strong balance sheets. Oil Dri Corp (ODC), Rocky Brands (RCKY), Standard Motor Products (SMP), and Sprott Inc. (SII) all posted gains of 40% or better.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i4f06440fc984c06e609e3f2c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **North Star Dividend Fund** | **S&P 500<sup>®</sup> Index** | **Morningstar US Small Value TR USD** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $11930 | $10806 | $11855 |
| **Nov-2017** | $13450 | $13277 | $13024 |
| **Nov-2018** | $12596 | $14111 | $12512 |
| **Nov-2019** | $13661 | $16384 | $12702 |
| **Nov-2020** | $13710 | $19244 | $12395 |
| **Nov-2021** | $16274 | $24617 | $16654 |
| **Nov-2022** | $16118 | $22350 | $17526 |
| **Nov-2023** | $15612 | $25443 | $16779 |
| **Nov-2024** | $19034 | $34066 | $22106 |
| **Nov-2025** | $17890 | $39175 | $22674 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Dividend Fund | -6.01% | 5.47% | 5.99% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| Morningstar US Small Value TR USD | 2.57% | 12.84% | 8.53% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $83482549 |
| Number of Portfolio Holdings | 53 |
| Advisory Fee | $864299 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7bc3d484d6d9f51afde79769.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Money Market Funds | 0.8% |
| Preferred Stocks | 1.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i521a2a1eb9830ec4910968dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 0.8% |
| Health Care | 0.9% |
| Technology | 1.7% |
| Communications | 1.9% |
| Consumer Staples | 4.4% |
| Energy | 5.0% |
| Materials | 5.0% |
| Industrials | 5.5% |
| Real Estate | 8.1% |
| Financials | 21.0% |
| Utilities | 21.2% |
| Consumer Discretionary | 24.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Sprott, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Oil-Dri Corporation of America | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Flexsteel Industries, Inc. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Northwest Natural Holding Company | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;2.7% |

---

# Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i66349120c725e8a0d9c1d779.jpg)

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

#### Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-NSDVX

# North Star Micro Cap Fund

# Class I (NSMVX)

# Annual Shareholder Report - November 30, 2025
![Image](i59c4483c9edefab06c95284f.jpg)

## Fund Overview
This annual shareholder report contains important information about North Star Micro Cap Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/micro-cap-fund/**. You can also request this information by contacting us at 1-855-580-0900.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $134 | 1.38% |

---

## How did the Fund perform during the reporting period?
The Fund underperformed its benchmarks during the twelve months ending November 30, 2025, posting a 5.8% decline. It was a year of big winners and big losers. On the positive side were Allient Inc. (ALNT), a global engineering and manufacturing company, and CECO Environmental Corp. (CECO), which provides engineering solutions for the energy, industrial, and fluid handling segments. Both of those companies produced returns of more than 100%. On the other side of the ledger were educational furniture company Virco Manufacturing (VIRC), architectural products company Apogee Enterprises (APOG), and medical device company Accuray, Inc. (ARAY), all of which declined by over 50%. A handful of holdings within the technology, consumer, and industrial segments faced short-term headwinds tied to tariff uncertainty, supply-chain normalization, and uneven end-market demand. One notable software position, Simulations Plus (SLP), recorded an impairment following a client cancellation linked to the nationwide defunding of healthcare programs. Despite these challenges, most detractors maintained strong balance sheets and disciplined capital allocation, reinforcing our confidence in their long-term prospects.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if33b4453373fa21d076b00e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **North Star Micro Cap Fund** | **S&P 500<sup>®</sup> Index** | **Morningstar US Small Value TR USD** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $12031 | $10806 | $11855 |
| **Nov-2017** | $13078 | $13277 | $13024 |
| **Nov-2018** | $12311 | $14111 | $12512 |
| **Nov-2019** | $12835 | $16384 | $12702 |
| **Nov-2020** | $17656 | $19244 | $12395 |
| **Nov-2021** | $20636 | $24617 | $16654 |
| **Nov-2022** | $16233 | $22350 | $17526 |
| **Nov-2023** | $17651 | $25443 | $16779 |
| **Nov-2024** | $23034 | $34066 | $22106 |
| **Nov-2025** | $21705 | $39175 | $22674 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Micro Cap Fund | -5.77% | 4.22% | 8.06% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| Morningstar US Small Value TR USD | 2.57% | 12.84% | 8.53% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$110,555,244

* Number of Portfolio Holdings53

* Advisory Fee $1,105,000

* Portfolio Turnover24%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i933399c692d86abb36fc5b89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.7% |
| Money Market Funds | 9.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i77659127e9e2aa87c1bcbead.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.5% |
| Energy | 0.6% |
| Utilities | 0.9% |
| Real Estate | 2.3% |
| Consumer Staples | 2.7% |
| Financials | 3.8% |
| Technology | 5.2% |
| Materials | 5.7% |
| Money Market Funds | 9.3% |
| Industrials | 25.0% |
| Consumer Discretionary | 44.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;First American Treasury Obligations Fund, Class X | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Green Brick Partners, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Boot Barn Holdings, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;QEP Company, Inc. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Liquidity Services, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Rocky Brands, Inc. | &nbsp;&nbsp;2.9% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i0e0e6dcb0e1736ea60e928a5.jpg)

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

# Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-NSMVX

# North Star Opportunity Fund

# Class A (NSOPX)

# Annual Shareholder Report - November 30, 2025
![Image](if10ad8225dc29f3c5119e9d9.jpg)

## Fund Overview
This annual shareholder report contains important information about North Star Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/opportunity-fund/**. You can also request this information by contacting us at 1-855-580-0900.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $161 | 1.55% |

---

## How did the Fund perform during the reporting period?
The Fund generated a 7.3% return for Class A shares, which lagged behind its benchmark for the twelve-month period ended November 30, 2025. Our technology holdings delivered strong results, with returns of 58.6% and 90.3% from large-cap companies Advanced Micro Devices (AMD) and Alphabet, Inc. (GOOGL), respectively. Small Caps, Sphere Entertainment (SPHR), and Orion Energy Systems, Inc. (OESX) posted gains of 105.6% and 81%. The biggest performance detractors were our private equity companies Blackstone Inc. (BX) and KKR & Co. Inc. (KKR), which have been significant long-term winners for the Fund. Consumer Discretionary represents a considerable sector allocation for the Fund, producing mixed results as lower-end consumers continued to be pressured by high prices and reduced their spending. Our fixed income sleeve, comprising 25% of the Fund, was primarily positioned in short-term Treasuries, which performed as expected.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i29721dad7907728a2cc49e38.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **North Star Opportunity Fund** | **S&P 500<sup>®</sup> Index** | **S&P Target Risk Aggressive Index** | **S&P Target Risk Balanced Index** |
| **Nov-2015** | $9426 | $10000 | $10000 | $10000 |
| **Nov-2016** | $10415 | $10806 | $10399 | $10371 |
| **Nov-2017** | $11606 | $13277 | $12542 | $12070 |
| **Nov-2018** | $11945 | $14111 | $12414 | $11951 |
| **Nov-2019** | $13059 | $16384 | $14015 | $13424 |
| **Nov-2020** | $15669 | $19244 | $15678 | $14875 |
| **Nov-2021** | $18761 | $24617 | $18234 | $16670 |
| **Nov-2022** | $15440 | $22350 | $16400 | $14933 |
| **Nov-2023** | $15617 | $25443 | $17844 | $15969 |
| **Nov-2024** | $18908 | $34066 | $21777 | $18904 |
| **Nov-2025** | $20284 | $39175 | $25231 | $21440 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Opportunity Fund |  |  |  |
| Without Load | 7.28% | 5.30% | 7.96% |
| With Load | 1.13% | 4.06% | 7.33% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| S&P Target Risk Aggressive Index | 15.86% | 9.98% | 9.70% |
| S&P Target Risk Balanced Index | 13.42% | 7.59% | 7.93% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $137849917 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1174239 |
| Portfolio Turnover | 25% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e89c92135f46e8c73a77436.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 72.8% |
| Convertible Bonds | 0.7% |
| Corporate Bonds | 10.0% |
| Money Market Funds | 0.7% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 13.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie17e7910e0971af4a5fc4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.7% |
| Energy | 3.8% |
| Industrials | 3.9% |
| Consumer Staples | 4.0% |
| Real Estate | 5.3% |
| Health Care | 5.5% |
| Communications | 6.2% |
| U.S. Treasury Obligations | 13.7% |
| Financials | 17.4% |
| Technology | 18.4% |
| Consumer Discretionary | 20.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.610%, 12/11/25 | 7.2% |
| United States Treasury Bill, 3.770%, 01/15/26 | 6.5% |
| Alphabet, Inc., Class A | 6.2% |
| Advanced Micro Devices, Inc. | 5.6% |
| Sphere Entertainment Company | 4.6% |
| JPMorgan Chase & Company | 4.3% |
| Apple, Inc. | 4.2% |
| Bank of America Corporation | 4.2% |
| Amazon.com, Inc. | 3.7% |
| Blackstone, Inc. | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](iea899cfbf3a28d0912e9aee8.jpg)

# North Star Opportunity Fund - Class A (NSOPX)

# Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-NSOPX

# North Star Opportunity Fund

# Class I (NSOIX)

# Annual Shareholder Report - November 30, 2025
![Image](if10ad8225dc29f3c5119e9d9.jpg)

## Fund Overview
This annual shareholder report contains important information about North Star Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/opportunity-fund/**. You can also request this information by contacting us at 1-855-580-0900.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $135 | 1.30% |

---

## How did the Fund perform during the reporting period?
The Fund generated a 7.5% return for Class I shares, which lagged behind its benchmark for the twelve-month period ended November 30, 2025. Our technology holdings delivered strong results, with returns of 58.6% and 90.3% from large-cap companies Advanced Micro Devices (AMD) and Alphabet, Inc. (GOOGL), respectively. Small Caps, Sphere Entertainment (SPHR), and Orion Energy Systems, Inc. (OESX) posted gains of 105.6% and 81%. The biggest performance detractors were our private equity companies Blackstone Inc. (BX) and KKR & Co. Inc. (KKR), which have been significant long-term winners for the Fund. Consumer Discretionary represents a considerable sector allocation for the Fund, producing mixed results as lower-end consumers continued to be pressured by high prices and reduced their spending. Our fixed income sleeve, comprising 25% of the Fund, was primarily positioned in short-term Treasuries, which performed as expected.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7ce286cd9e3d450269917ed5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **North Star Opportunity Fund** | **S&P 500<sup>®</sup> Index** | **S&P Target Risk Aggressive Index** | **S&P Target Risk Balanced Index** |
| **Nov-2015** | $10000 | $10000 | $10000 | $10000 |
| **Nov-2016** | $11051 | $10806 | $10399 | $10371 |
| **Nov-2017** | $12350 | $13277 | $12542 | $12070 |
| **Nov-2018** | $12737 | $14111 | $12414 | $11951 |
| **Nov-2019** | $13961 | $16384 | $14015 | $13424 |
| **Nov-2020** | $16793 | $19244 | $15678 | $14875 |
| **Nov-2021** | $20153 | $24617 | $18234 | $16670 |
| **Nov-2022** | $16631 | $22350 | $16400 | $14933 |
| **Nov-2023** | $16858 | $25443 | $17844 | $15969 |
| **Nov-2024** | $20468 | $34066 | $21777 | $18904 |
| **Nov-2025** | $22012 | $39175 | $25231 | $21440 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Opportunity Fund | 7.54% | 5.56% | 8.21% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| S&P Target Risk Aggressive Index | 15.86% | 9.98% | 9.70% |
| S&P Target Risk Balanced Index | 13.42% | 7.59% | 7.93% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $137849917 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $1174239 |
| Portfolio Turnover | 25% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e89c92135f46e8c73a77436.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 72.8% |
| Convertible Bonds | 0.7% |
| Corporate Bonds | 10.0% |
| Money Market Funds | 0.7% |
| Preferred Stocks | 2.0% |
| U.S. Government & Agencies | 13.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie17e7910e0971af4a5fc4042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.7% |
| Energy | 3.8% |
| Industrials | 3.9% |
| Consumer Staples | 4.0% |
| Real Estate | 5.3% |
| Health Care | 5.5% |
| Communications | 6.2% |
| U.S. Treasury Obligations | 13.7% |
| Financials | 17.4% |
| Technology | 18.4% |
| Consumer Discretionary | 20.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 3.610%, 12/11/25 | 7.2% |
| United States Treasury Bill, 3.770%, 01/15/26 | 6.5% |
| Alphabet, Inc., Class A | 6.2% |
| Advanced Micro Devices, Inc. | 5.6% |
| Sphere Entertainment Company | 4.6% |
| JPMorgan Chase & Company | 4.3% |
| Apple, Inc. | 4.2% |
| Bank of America Corporation | 4.2% |
| Amazon.com, Inc. | 3.7% |
| Blackstone, Inc. | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](iea899cfbf3a28d0912e9aee8.jpg)

# North Star Opportunity Fund - Class I (NSOIX)

# Annual Shareholder Report - November 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-NSOIX

# North Star Small Cap Value Fund

# Institutional Class (WFICX)

# Annual Shareholder Report - November 30, 2025
![Image](i3a7eba3d1783c9673ae4fb9d.jpg)

# Fund Overview

## This annual shareholder report contains important information about North Star Small Cap Value Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/small-cap-value-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $101 | 0.98% |

---

# How did the Fund perform during the reporting period?

## The Fund posted 5.50% positive return for Institutional Class shares during the twelve-month period ended November 30, 2025. For the second consecutive year, our top performer was the heating and cooling company Comfort Systems (FIX), which gained nearly 100%. It was joined in the triple-digit winners' column by investment management firm Sprott, Inc. (SII), Allient, Inc. (ALNT), a global engineering and manufacturing company, and Sphere Entertainment Co. (SPHR), owner of the hottest attraction in Las Vegas. There were no significant detractors, although a handful of companies experienced low double-digit declines. Real asset holdings, including Mobile Infrastructure Corp. (BEEP) and UMH Properties (UMH), experienced valuation pressure as higher interest rates and lingering tariff uncertainty weighed on sentiment. Semiconductor-related exposure, including Axcelis Technologies (ACLS), also detracted due to cyclical cooling in capital equipment orders. Despite these headwinds, most portfolio companies continued to generate healthy free cash flow and maintain conservative balance sheets, positioning them well for eventual reacceleration in earnings growth.

# How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i1a37f5293ca270d27acc8ea3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **North Star Small Cap Value Fund** | **Morningstar US Small Value TR USD** | **S&P 500<sup>®</sup> Index** |
| **Dec-2018** | $100000 | $100000 | $100000 |
| **Nov-2019** | $118073 | $116049 | $127634 |
| **Nov-2020** | $112533 | $113246 | $149914 |
| **Nov-2021** | $158322 | $152152 | $191772 |
| **Nov-2022** | $157185 | $160122 | $174110 |
| **Nov-2023** | $150305 | $153298 | $198206 |
| **Nov-2024** | $199872 | $201965 | $265380 |
| **Nov-2025** | $210867 | $207156 | $305186 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| North Star Small Cap Value Fund | 5.50% | 13.38% | 11.39% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 17.51% |
| Morningstar US Small Value TR USD | 2.57% | 12.84% | 11.11% |

---

##  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31316771 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $74234 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i050bc93bf49de276ace83667.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i655601da6c27121e3338ee76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 0.9% |
| Materials | 1.6% |
| Money Market Funds | 2.1% |
| Consumer Staples | 2.7% |
| Communications | 2.8% |
| Real Estate | 5.8% |
| Energy | 7.1% |
| Technology | 8.3% |
| Financials | 14.8% |
| Consumer Discretionary | 20.2% |
| Industrials | 33.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comfort Systems USA, Inc. | 6.9% |
| Sphere Entertainment Company | 6.1% |
| Sprott, Inc. | 3.8% |
| AZZ, Inc. | 3.5% |
| Gulfport Energy Corporation | 3.5% |
| QCR Holdings, Inc. | 3.2% |
| LSI Industries, Inc. | 3.1% |
| OSI Systems, Inc. | 3.1% |
| Allient, Inc. | 3.0% |
| Blue Bird Corporation | 3.0% |

---

# Material Fund Changes

## No material changes occurred during the year ended November 30, 2025.
![Image](ia8d44354562ce03df7bb2632.jpg)

# North Star Small Cap Value Fund

# Annual Shareholder Report - November 30, 2025

# Where can I find additional information about the Fund?

## Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/small-cap-value-fund/**), including its:
* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-WFICX

# North Star Small Cap Value Fund

# Investor Class (WSCVX)

# Annual Shareholder Report - November 30, 2025
![Image](i3a7eba3d1783c9673ae4fb9d.jpg)

# Fund Overview

## This annual shareholder report contains important information about North Star Small Cap Value Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://nsinvest.com/mutual-funds/small-cap-value-fund/**. You can also request this information by contacting us at 1-855-580-0900.

# What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $124 | 1.21% |

---

# How did the Fund perform during the reporting period?

## The Fund posted 5.23% positive return for Investor Class shares during the twelve-month period ended November 30, 2025. For the second consecutive year, our top performer was the heating and cooling company Comfort Systems (FIX), which gained nearly 100%. It was joined in the triple-digit winners' column by investment management firm Sprott, Inc. (SII), Allient, Inc. (ALNT), a global engineering and manufacturing company, and Sphere Entertainment Co. (SPHR), owner of the hottest attraction in Las Vegas. There were no significant detractors, although a handful of companies experienced low double-digit declines. Real asset holdings, including Mobile Infrastructure Corp. (BEEP) and UMH Properties (UMH), experienced valuation pressure as higher interest rates and lingering tariff uncertainty weighed on sentiment. Semiconductor-related exposure, including Axcelis Technologies (ACLS), also detracted due to cyclical cooling in capital equipment orders. Despite these headwinds, most portfolio companies continued to generate healthy free cash flow and maintain conservative balance sheets, positioning them well for eventual reacceleration in earnings growth.

# How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if42ae12712a56b5ed6c8d324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **North Star Small Cap Value Fund** | **S&P 500<sup>®</sup> Index** | **Morningstar US Small Value TR USD** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $11529 | $10806 | $11855 |
| **Nov-2017** | $13571 | $13277 | $13024 |
| **Nov-2018** | $12530 | $14111 | $12512 |
| **Nov-2019** | $12857 | $16384 | $12702 |
| **Nov-2020** | $12217 | $19244 | $12395 |
| **Nov-2021** | $17148 | $24617 | $16654 |
| **Nov-2022** | $16994 | $22350 | $17526 |
| **Nov-2023** | $16211 | $25443 | $16779 |
| **Nov-2024** | $21521 | $34066 | $22106 |
| **Nov-2025** | $22647 | $39175 | $22674 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| North Star Small Cap Value Fund | 5.23% | 13.14% | 8.52% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| Morningstar US Small Value TR USD | 2.57% | 12.84% | 8.53% |

---

##  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*** 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31316771 |
| Number of Portfolio Holdings | 48 |
| Advisory Fee (net of waivers) | $74234 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i050bc93bf49de276ace83667.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.9% |
| Money Market Funds | 2.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i655601da6c27121e3338ee76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 0.9% |
| Materials | 1.6% |
| Money Market Funds | 2.1% |
| Consumer Staples | 2.7% |
| Communications | 2.8% |
| Real Estate | 5.8% |
| Energy | 7.1% |
| Technology | 8.3% |
| Financials | 14.8% |
| Consumer Discretionary | 20.2% |
| Industrials | 33.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comfort Systems USA, Inc. | 6.9% |
| Sphere Entertainment Company | 6.1% |
| Sprott, Inc. | 3.8% |
| AZZ, Inc. | 3.5% |
| Gulfport Energy Corporation | 3.5% |
| QCR Holdings, Inc. | 3.2% |
| LSI Industries, Inc. | 3.1% |
| OSI Systems, Inc. | 3.1% |
| Allient, Inc. | 3.0% |
| Blue Bird Corporation | 3.0% |

---

# Material Fund Changes

## No material changes occurred during the year ended November 30, 2025.
![Image](ia8d44354562ce03df7bb2632.jpg)

# North Star Small Cap Value Fund

# Annual Shareholder Report - November 30, 2025

# Where can I find additional information about the Fund?

## Additional information is available on the Fund's website (**https://nsinvest.com/mutual-funds/small-cap-value-fund/**), including its:
* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-WSCVX

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

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

---

| |
|:---|
| (a)(1) The Registrant's Board of Trustees has determined that Mr. Keith Rhoades is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhoades is independent for purposes of this Item. |
| (a)(2) Not applicable |
| (a)(3) Not applicable |

---

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| |
|:---|
| 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83750 |
| 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $82500 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| |
|:---|
| 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16500 |
| 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16250 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended November 30, 2025 and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended November 30, 2025 and 2024, respectively, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable |
| (i) | Not applicable |
| (j) | Not applicable |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end investment companies

**Item 6. Investments.** 

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

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

(a) ---

| |
|:---|
| ![(NORTH STAR LOGO)](no001_v1.jpg) |
| **North Star Opportunity Fund** |
| **Class I Shares (Symbol: NSOIX)** |
| **Class A Shares (Symbol: NSOPX)** |
| **North Star Micro Cap Fund** |
| **Class I Shares (Symbol: NSMVX)** |
| **North Star Dividend Fund** |
| **Class I Shares (Symbol: NSDVX)** |
| **North Star Bond Fund** |
| **Class I Shares (Symbol: NSBDX)** |
| **North Star Small Cap Value Fund** |
| **Investor Class Shares (Symbol: WSCVX)** |
| **Institutional Class Shares (Symbol: WFICX)** |
| **Annual Financial Statements and Additional Information** |
| November 30, 2025 |

---

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 72.7%** |  |
|  | **ASSET MANAGEMENT - 5.9%** |  |
| 29000 | Blackstone, Inc. | $4246180 |
| 31500 | KKR & Company, Inc. | 3852765 |
|  |  | 8098945 |
|  | **BANKING - 8.5%** |  |
| 108000 | Bank of America Corporation | 5794200 |
| 19000 | JPMorgan Chase & Company | 5948520 |
|  |  | 11742720 |
|  | **BIOTECH & PHARMA - 4.7%** |  |
| 18000 | AbbVie, Inc. | 4098600 |
| 19000 | Zoetis, Inc. | 2435420 |
|  |  | 6534020 |
|  | **E-COMMERCE DISCRETIONARY - 3.7%** |  |
| 22000 | Amazon.com, Inc.<sup>(a)</sup> | 5130840 |
|  | **ELECTRICAL EQUIPMENT - 2.5%** |  |
| 220000 | Orion Energy Systems, Inc.<sup>(a)(b)</sup> | 3491400 |
|  | **ENTERTAINMENT CONTENT - 4.6%** |  |
| 75000 | Sphere Entertainment Company<sup>(a)</sup> | 6344250 |
|  | **FOOD - 0.9%** |  |
| 26600 | General Mills, Inc. | 1259510 |
|  | **INDUSTRIAL REIT - 1.1%** |  |
| 32000 | LXP Industrial Trust | 1552000 |
|  | **INTERNET MEDIA & SERVICES - 6.2%** |  |
| 26500 | Alphabet, Inc., Class A | 8484770 |
|  | **LEISURE FACILITIES & SERVICES - 2.7%** |  |
| 74000 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> | 3660780 |
|  | **OIL & GAS PRODUCERS - 3.8%** |  |
| 16000 | Exxon Mobil Corporation | 1854720 |

---

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

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 72.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 3.8% (Continued)** |  |
| 125000 | Kinder Morgan, Inc. | $3415000 |
|  |  | 5269720 |
|  | **RETAIL - CONSUMER STAPLES - 0.9%** |  |
| 13000 | Target Corporation | 1178060 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 20000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 3876400 |
|  | **RETAIL REIT - 1.4%** |  |
| 33000 | Realty Income Corporation | 1901130 |
|  | **SEMICONDUCTORS - 9.9%** |  |
| 35500 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 7722315 |
| 11000 | NVIDIA Corporation | 1947000 |
| 24000 | QUALCOMM, Inc. | 4034160 |
|  |  | 13703475 |
|  | **SPECIALTY REIT - 1.9%** |  |
| 49000 | EPR Properties | 2561230 |
|  | **TECHNOLOGY HARDWARE - 6.5%** |  |
| 21000 | Apple, Inc. | 5855850 |
| 40000 | Cisco Systems, Inc. | 3077600 |
|  |  | 8933450 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 25000 | Paychex, Inc. | 2792250 |
|  | **TOBACCO & CANNABIS - 1.0%** |  |
| 230000 | Green Thumb Industries, Inc.<sup>(a)</sup> | 1363900 |
|  | **WHOLESALE - DISCRETIONARY - 1.7%** |  |
| 62800 | Acme United Corporation | 2323600 |

---

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

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 72.7% (Continued)** |  |  |  |
|  | **TOTAL COMMON STOCKS (Cost $35,297,322)** |  |  | $100202450 |
|  | **PREFERRED STOCKS — 2.0%** |  |  |  |
|  | **BANKING — 1.5%** |  |  |  |
| 17000 | Bank of Hawaii Corporation, 8.000% |  |  | 451690 |
| 25000 | First Busey Corporation, 8.250% |  |  | 636750 |
| 35000 | Wintrust Financial Corporation, 7.875% |  |  | 919100 |
|  |  |  |  | 2007540 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.5%** |  |  |  |
| 6000 | EPR Properties - Series C, 5.750% |  |  | 141300 |
| 12000 | LXP Industrial Trust - Series C, 6.500% |  |  | 561000 |
|  |  |  |  | 702300 |
|  | **TOTAL PREFERRED STOCKS (Cost $2,693,154)** |  |  | 2709840 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CONVERTIBLE BOND — 0.7%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |
| 1000000 | WisdomTree, Inc.<sup>(c)</sup> | 4.6250 | 08/15/30 | 1004635 |
|  | **TOTAL CONVERTIBLE BOND (Cost $1,060,050)** |  |  | 1004635 |
|  | **CORPORATE BONDS — 10.0%** |  |  |  |
|  | **BANKING — 0.8%** |  |  |  |
| 1050000 | Wintrust Financial Corporation | 4.8500 | 06/06/29 | 1043423 |
|  | **ENGINEERING & CONSTRUCTION — 1.3%** |  |  |  |
| 1000000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(c)</sup> | 7.5000 | 02/01/32 | 1014012 |
| 900000 | Great Lakes Dredge & Dock Corporation | 5.2500 | 06/01/29 | 877246 |
|  |  |  |  | 1891258 |

---

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

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 10.0% (Continued)** |  |  |  |
|  | **HOME & OFFICE PRODUCTS — 1.1%** |  |  |  |
| 850000 | ACCO Brands Corporation<sup>(c)</sup> | 4.2500 | 03/15/29 | $771577 |
| 800000 | Scotts Miracle-Gro Company (The) | 5.2500 | 12/15/26 | 802375 |
|  |  |  |  | 1573952 |
|  | **HOME CONSTRUCTION — 0.8%** |  |  |  |
| 1050000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 1055765 |
|  | **HOUSEHOLD PRODUCTS — 1.3%** |  |  |  |
| 800000 | Energizer Holdings, Inc.<sup>(c)</sup> | 4.7500 | 06/15/28 | 790971 |
| 1000000 | Energizer Holdings, Inc.<sup>(c)</sup> | 6.0000 | 09/15/33 | 945231 |
|  |  |  |  | 1736202 |
|  | **LEISURE FACILITIES & SERVICES — 3.5%** |  |  |  |
| 950000 | Brinker International, Inc.<sup>(c)</sup> | 8.2500 | 07/15/30 | 1008525 |
| 1000000 | Lindblad Expeditions, LLC<sup>(c)</sup> | 7.0000 | 09/15/30 | 1026233 |
| 1000000 | Vail Resorts, Inc. | 5.6250 | 07/15/30 | 1015300 |
| 1850000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1856294 |
|  |  |  |  | 4906352 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8%** |  |  |  |
| 1050000 | Embecta Corporation<sup>(c)</sup> | 6.7500 | 02/15/30 | 1039920 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |
| 591000 | IIP Operating Partnership, L.P. | 5.5000 | 05/25/26 | 582625 |
|  | **TOTAL CORPORATE BONDS (Cost $13,803,879)** |  |  | 13829497 |
|  | **U.S. GOVERNMENT & AGENCIES — 13.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 13.7%** |  |  |  |
| 10000000 | United States Treasury Bill<sup>(d)</sup> | 3.6100 | 12/11/25 | 9989139 |
| 9000000 | United States Treasury Bill<sup>(d)</sup> | 3.7700 | 01/15/26 | 8957488 |
|  |  |  |  | 18946627 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,945,271)** |  |  | 18946627 |

---

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

---

| |
|:---|
| **North Star Opportunity Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.7%** |  |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 931242 | First American Treasury Obligations Fund, Class X, 3.88%<sup>(e)</sup> (Cost $931,242) | $931242 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $72,730,918)** | $137624291 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 225626 |
|  | **NET ASSETS - 100.0%** | $137849917 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| REIT | - Real Estate Investment Trust |

---

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

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the total market value of Rule 144A securities is $7,601,104 or 5.5% of net assets.

<sup>(d)</sup> Zero coupon bond. Rate disclosed is the current yield as of November 30, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.7%** |  |
| 20300 | Ducommun, Inc.<sup>(a)</sup> | $1861307 |
|  | **APPAREL & TEXTILE PRODUCTS - 7.5%** |  |
| 142000 | Lakeland Industries, Inc. | 2155560 |
| 32000 | Movado Group, Inc. | 670080 |
| 105000 | Rocky Brands, Inc. | 3188850 |
| 234000 | Superior Group of Companies, Inc. | 2274480 |
|  |  | 8288970 |
|  | **ASSET MANAGEMENT - 1.4%** |  |
| 92000 | Westwood Holdings Group, Inc. | 1558480 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 33731 | Miller Industries, Inc. | 1306739 |
|  | **BANKING - 2.4%** |  |
| 50500 | Bar Harbor Bankshares | 1506920 |
| 50000 | First Busey Corporation | 1177000 |
|  |  | 2683920 |
|  | **BEVERAGES - 0.0%<sup>(b)</sup>** |  |
| 278942 | Truett-Hurst, Inc.<sup>(a)(c)(d)(e)</sup> |  |
|  | **COMMERCIAL SUPPORT SERVICES - 7.3%** |  |
| 112000 | Barrett Business Services, Inc. | 3930080 |
| 52000 | Hackett Group, Inc. (The) | 960440 |
| 168000 | Healthcare Services Group, Inc.<sup>(a)</sup> | 3155040 |
|  |  | 8045560 |
|  | **CONSTRUCTION MATERIALS - 5.7%** |  |
| 19000 | Apogee Enterprises, Inc. | 691790 |
| 46000 | United States Lime & Minerals, Inc. | 5592220 |
|  |  | 6284010 |
|  | **CONSUMER SERVICES - 2.2%** |  |
| 119000 | Lincoln Educational Services Corporation<sup>(a)</sup> | 2449020 |

---

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

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.7% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 3.2%** |  |
| 650000 | CarParts.com, Inc.<sup>(a)</sup> | $350220 |
| 107000 | Liquidity Services, Inc.<sup>(a)</sup> | 3214280 |
|  |  | 3564500 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 39000 | Allient, Inc. | 2100540 |
|  | **FOOD - 1.9%** |  |
| 7000 | Nathan's Famous, Inc. | 645820 |
| 72000 | Nature's Sunshine Products, Inc.<sup>(a)</sup> | 1481760 |
|  |  | 2127580 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 113000 | Global Water Resources, Inc. | 968410 |
|  | **HOME & OFFICE PRODUCTS - 2.2%** |  |
| 88051 | Hamilton Beach Brands Holding Company, Class A | 1404413 |
| 143000 | Virco Mfg. Corporation | 1006720 |
|  |  | 2411133 |
|  | **HOME CONSTRUCTION - 8.0%** |  |
| 71000 | Green Brick Partners, Inc.<sup>(a)</sup> | 4819480 |
| 143000 | Interface, Inc. | 3991130 |
|  |  | 8810610 |
|  | **HOUSEHOLD PRODUCTS - 0.8%** |  |
| 19800 | Central Garden & Pet Company<sup>(a)</sup> | 676368 |
| 4950 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 153153 |
|  |  | 829521 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.1%** |  |
| 120000 | Eastern Company (The) | 2340000 |
|  | **LEISURE FACILITIES & SERVICES - 3.5%** |  |
| 250000 | Denny's Corporation<sup>(a)</sup> | 1542500 |
| 194000 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 2333820 |
|  |  | 3876320 |
|  | **LEISURE PRODUCTS - 3.3%** |  |
| 214000 | Escalade, Inc. | 2837640 |

---

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

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.7% (Continued)** |  |
|  | **LEISURE PRODUCTS - 3.3% (Continued)** |  |
| 21101 | Johnson Outdoors, Inc., Class A | $864930 |
|  |  | 3702570 |
|  | **MACHINERY - 8.1%** |  |
| 16100 | Alamo Group, Inc. | 2581957 |
| 44000 | CECO Environmental Corporation<sup>(a)</sup> | 2294600 |
| 94800 | QEP Company, Inc. | 3403320 |
| 10500 | Tennant Company | 767865 |
|  |  | 9047742 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.5%** |  |
| 467000 | Accuray, Inc.<sup>(a)</sup> | 504360 |
|  | **OIL & GAS PRODUCERS - 0.6%** |  |
| 162300 | Evolution Petroleum Corporation | 637839 |
|  | **RETAIL - DISCRETIONARY - 9.6%** |  |
| 21000 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 4070220 |
| 74000 | Build-A-Bear Workshop, Inc. | 3929400 |
| 90500 | Ethan Allen Interiors, Inc. | 2139420 |
| 33000 | Shoe Carnival, Inc. | 545160 |
|  |  | 10684200 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 70000 | Penguin Solutions, Inc.<sup>(a)</sup> | 1416100 |
|  | **SOFTWARE - 2.4%** |  |
| 66000 | Cantaloupe, Inc.<sup>(a)</sup> | 704220 |
| 115500 | Simulations Plus, Inc.<sup>(a)</sup> | 1963500 |
|  |  | 2667720 |
|  | **SPECIALTY REIT - 2.3%** |  |
| 163000 | Postal Realty Trust, Inc., Class A | 2533020 |
|  | **TECHNOLOGY HARDWARE - 1.5%** |  |
| 121000 | Turtle Beach Corporation<sup>(a)</sup> | 1679480 |

---

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

---

| |
|:---|
| **North Star Micro Cap Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.7% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 4.0%** |  |
| 61000 | Blue Bird Corporation<sup>(a)</sup> | $3185420 |
| 150000 | FreightCar America, Inc.<sup>(a)</sup> | 1227000 |
|  |  | 4412420 |
|  | **WHOLESALE - DISCRETIONARY - 3.2%** |  |
| 81000 | Acme United Corporation | 2997000 |
| 83000 | Alliance Entertainment Holding Corporation<sup>(a)</sup> | 556100 |
|  |  | 3553100 |
|  | **TOTAL COMMON STOCKS (Cost $57,465,115)** | 100345171 |
|  | **SHORT-TERM INVESTMENT — 9.3%** |  |
|  | **MONEY MARKET FUND - 9.3%** |  |
| 10242267 | First American Treasury Obligations Fund, Class X, 3.88%<sup>(f)</sup> (Cost $10,242,267) | 10242267 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $67,707,382)** | $110587438 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%<sup>(b)</sup>** | (32194) |
|  | **NET ASSETS - 100.0%** | $110555244 |

---

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> Illiquid security. The total fair value of these securities as of November 30, 2025 was $0, representing 0% of net assets.

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

<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 November 30, 2025.

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

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 8.4%** |  |
| 60000 | Movado Group, Inc. | $1256400 |
| 70000 | Rocky Brands, Inc. | 2125900 |
| 181000 | Superior Group of Companies, Inc. | 1759320 |
| 59000 | Weyco Group, Inc. | 1767640 |
|  |  | 6909260 |
|  | **ASSET MANAGEMENT - 10.3%** |  |
| 73000 | GCM Grosvenor, Inc. | 801540 |
| 49000 | Sprott, Inc. | 4487910 |
| 35000 | Vitesse Energy, Inc. | 740600 |
| 153700 | Westwood Holdings Group, Inc. | 2603678 |
|  |  | 8633728 |
|  | **AUTOMOTIVE - 1.5%** |  |
| 33000 | Standard Motor Products, Inc. | 1238820 |
|  | **BANKING - 5.6%** |  |
| 15850 | Bank of Hawaii Corporation | 1038809 |
| 76500 | Bar Harbor Bankshares | 2282760 |
| 10000 | Wintrust Financial Corporation | 1340200 |
|  |  | 4661769 |
|  | **CHEMICALS - 4.2%** |  |
| 65000 | Oil-Dri Corporation of America | 3537950 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.2%** |  |
| 23200 | ABM Industries, Inc. | 997600 |
| 48000 | Ennis, Inc. | 837120 |
|  |  | 1834720 |
|  | **CONSTRUCTION MATERIALS - 0.8%** |  |
| 18100 | Apogee Enterprises, Inc. | 659021 |
|  | **ELECTRIC UTILITIES - 8.6%** |  |
| 46000 | Avista Corporation | 1903480 |
| 38000 | Northwestern Energy Group, Inc. | 2625420 |
| 11600 | Otter Tail Corporation | 953520 |

---

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

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 8.6% (Continued)** |  |
| 33500 | Unitil Corporation | $1682705 |
|  |  | 7165125 |
|  | **ELECTRICAL EQUIPMENT - 3.3%** |  |
| 152000 | LSI Industries, Inc. | 2780080 |
|  | **GAS & WATER UTILITIES - 12.5%** |  |
| 59000 | Artesian Resources Corporation, Class A | 1858500 |
| 170000 | Global Water Resources, Inc. | 1456900 |
| 39000 | H2O America | 1810770 |
| 48000 | Northwest Natural Holding Company | 2374560 |
| 90000 | RGC Resources, Inc. | 2030400 |
| 28000 | York Water Company (The) | 913640 |
|  |  | 10444770 |
|  | **HOME & OFFICE PRODUCTS - 5.7%** |  |
| 357000 | ACCO Brands Corporation | 1228080 |
| 64000 | Flexsteel Industries, Inc. | 2529920 |
| 64000 | Hamilton Beach Brands Holding Company, Class A | 1020800 |
|  |  | 4778800 |
|  | **HOUSEHOLD PRODUCTS - 2.3%** |  |
| 169000 | Crown Crafts, Inc. | 464750 |
| 83000 | Energizer Holdings, Inc. | 1513090 |
|  |  | 1977840 |
|  | **INDUSTRIAL REIT - 1.2%** |  |
| 21400 | LXP Industrial Trust | 1037900 |
|  | **INSURANCE - 2.4%** |  |
| 84000 | Crawford & Company, Class A | 939120 |
| 23000 | Horace Mann Educators Corporation | 1052940 |
|  |  | 1992060 |
|  | **LEISURE PRODUCTS - 2.3%** |  |
| 143000 | Escalade, Inc. | 1896180 |

---

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

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 61000 | Embecta Corporation | $778055 |
|  | **MULTI ASSET CLASS REITS - 0.9%** |  |
| 48000 | Alexander & Baldwin, Inc. | 750240 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 367000 | Evolution Petroleum Corporation | 1442310 |
| 31000 | Riley Exploration Permian, Inc. | 849090 |
|  |  | 2291400 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.3%** |  |
| 187000 | Select Water Solutions, Inc. | 1888700 |
|  | **RESIDENTIAL REIT - 2.3%** |  |
| 125000 | UMH Properties, Inc. | 1891250 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 50000 | Village Super Market, Inc., Class A | 1728000 |
|  | **RETAIL - DISCRETIONARY - 5.2%** |  |
| 22000 | Buckle, Inc. (The) | 1242560 |
| 103000 | Ethan Allen Interiors, Inc. | 2434920 |
| 41000 | Shoe Carnival, Inc. | 677320 |
|  |  | 4354800 |
|  | **SPECIALTY FINANCE - 2.7%** |  |
| 14000 | GATX Corporation | 2239020 |
|  | **SPECIALTY REIT - 3.7%** |  |
| 196000 | Postal Realty Trust, Inc., Class A | 3045840 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 23000 | John Wiley & Sons, Inc., Class A | 836280 |
| 16100 | Value Line, Inc. | 597471 |
|  |  | 1433751 |

---

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

---

| |
|:---|
| **North Star Dividend Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 1.9%** |  |
| 122000 | Spok Holdings, Inc. | $1620160 |
|  | **TOTAL COMMON STOCKS (Cost $65,140,826)** | 81569239 |
|  | **PREFERRED STOCK — 1.2%** |  |
|  | **HOME CONSTRUCTION — 1.2%** |  |
| 40000 | Green Brick Partners, Inc., 5.7500% | 970000 |
|  | **TOTAL PREFERRED STOCK (Cost $846,709)** | 970000 |
|  | **SHORT-TERM INVESTMENT — 0.8%** |  |
|  | **MONEY MARKET FUND - 0.8%** |  |
| 690078 | First American Treasury Obligations Fund, Class X, 3.88%<sup>(a)</sup> (Cost $690,078) | 690078 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $66,677,613)** | $83229317 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 253232 |
|  | **NET ASSETS - 100.0%** | $83482549 |

---

REIT - Real Estate Investment Trust

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **PREFERRED STOCKS — 11.5%** |  |  |  |
|  | **BANKING — 5.5%** |  |  |  |
| 29000 | Bank of America Corporation - Series E, 5.9186% |  |  | $575940 |
| 20200 | Bank of Hawaii Corporation, 8.0000% |  |  | 536714 |
| 25000 | First Busey Corporation, 8.2500% |  |  | 636750 |
| 6000 | Wintrust Financial Corporation, 7.8750% |  |  | 157560 |
|  |  |  |  | 1906964 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |  |  |
| 1000000 | Mellon Capital IV - Series 1, 4.8300% |  |  | 822453 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 3.7%** |  |  |  |
| 31000 | EPR Properties - Series C, 5.7500% |  |  | 730050 |
| 12300 | LXP Industrial Trust - Series C, 6.5000% |  |  | 575025 |
|  |  |  |  | 1305075 |
|  | **TOTAL PREFERRED STOCKS (Cost $4,055,345)** |  |  | 4034492 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 73.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.7%** |  |  |  |
| 600000 | TransDigm, Inc. | 4.6250 | 01/15/29 | 593099 |
|  | **APPAREL & TEXTILE PRODUCTS — 4.2%** |  |  |  |
| 1475000 | Under Armour, Inc. | 3.2500 | 06/15/26 | 1466188 |
|  | **ASSET MANAGEMENT — 5.2%** |  |  |  |
| 850000 | Blackstone Private Credit Fund | 2.6250 | 12/15/26 | 832942 |
| 1000000 | Hercules Capital, Inc. | 2.6250 | 09/16/26 | 984120 |
|  |  |  |  | 1817062 |
|  | **BANKING — 4.2%** |  |  |  |
| 1500000 | Wintrust Financial Corporation | 4.8500 | 06/06/29 | 1490604 |
|  | **BIOTECH & PHARMA — 4.2%** |  |  |  |
| 1400000 | Elanco Animal Health, Inc. | 6.6500 | 08/28/28 | 1470885 |

---

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

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 73.3% (Continued)** |  |  |  |
|  | **ENGINEERING & CONSTRUCTION — 5.1%** |  |  |  |
| 900000 | Brundage-Bone Concrete Pumping Holdings, Inc.<sup>(a)</sup> | 7.5000 | 02/01/32 | $912611 |
| 900000 | Great Lakes Dredge & Dock Corporation | 5.2500 | 06/01/29 | 877246 |
|  |  |  |  | 1789857 |
|  | **HOME & OFFICE PRODUCTS — 12.2%** |  |  |  |
| 1500000 | ACCO Brands Corporation<sup>(a)</sup> | 4.2500 | 03/15/29 | 1361606 |
| 1510000 | Scotts Miracle-Gro Company (The) | 5.2500 | 12/15/26 | 1514483 |
| 1400000 | Steelcase, Inc. | 5.1250 | 01/18/29 | 1373346 |
|  |  |  |  | 4249435 |
|  | **HOME CONSTRUCTION — 9.9%** |  |  |  |
| 1475000 | Beazer Homes USA, Inc. | 5.8750 | 10/15/27 | 1483098 |
| 1000000 | Interface, Inc.<sup>(a)</sup> | 5.5000 | 12/01/28 | 999375 |
| 1000000 | M/I Homes, Inc. | 4.9500 | 02/01/28 | 997946 |
|  |  |  |  | 3480419 |
|  | **HOUSEHOLD PRODUCTS — 2.2%** |  |  |  |
| 200000 | Energizer Holdings, Inc.<sup>(a)</sup> | 4.7500 | 06/15/28 | 197743 |
| 600000 | Energizer Holdings, Inc.<sup>(a)</sup> | 6.0000 | 09/15/33 | 567139 |
|  |  |  |  | 764882 |
|  | **INDUSTRIAL SUPPORT SERVICES — 2.8%** |  |  |  |
| 1000000 | United Rentals North America, Inc. | 5.5000 | 05/15/27 | 1000707 |
|  | **LEISURE FACILITIES & SERVICES — 11.5%** |  |  |  |
| 300000 | Brinker International, Inc.<sup>(a)</sup> | 8.2500 | 07/15/30 | 318482 |
| 250000 | Carnival Corporation | 6.6500 | 01/15/28 | 258907 |
| 1400000 | Cedar Fair, L.P./Canada's Wonderland Company/Magnum Management Corporation | 5.3750 | 04/15/27 | 1389454 |
| 600000 | Vail Resorts, Inc. | 5.6250 | 07/15/30 | 609180 |
| 1471000 | Wendy's International, LLC | 7.0000 | 12/15/25 | 1476005 |
|  |  |  |  | 4052028 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.7%** |  |  |  |
| 250000 | Embecta Corporation<sup>(a)</sup> | 6.7500 | 02/15/30 | 247600 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 4.3%** |  |  |  |
| 1500000 | Oceaneering International, Inc. | 6.0000 | 02/01/28 | 1524018 |

---

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

---

| |
|:---|
| **North Star Bond Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 73.3% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 5.1%** |  |  |  |
| 1400000 | EPR Properties | 4.9500 | 04/15/28 | $1411873 |
| 400000 | IIP Operating Partnership, L.P. | 5.5000 | 05/25/26 | 394332 |
|  |  |  |  | 1806205 |
|  | **TOTAL CORPORATE BONDS (Cost $25,335,726)** |  |  | 25752989 |
|  | **U.S. GOVERNMENT & AGENCIES — 6.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 6.2%** |  |  |  |
| 500000 | United States Treasury Bill<sup>(b)</sup> | 3.7500 | 01/02/26 | 498311 |
| 1700000 | United States Treasury Bill<sup>(b)</sup> | 3.7700 | 01/15/26 | 1691970 |
|  |  |  |  | 2190281 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,190,144)** |  |  | 2190281 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENT — 7.8%** |  |  |  |
|  | **MONEY MARKET FUND - 7.8%** |  |  |  |
| 2724741 | First American Treasury Obligations Fund, Class X, 3.88%<sup>(c)</sup> (Cost $2,724,741) | First American Treasury Obligations Fund, Class X, 3.88%<sup>(c)</sup> (Cost $2,724,741) | First American Treasury Obligations Fund, Class X, 3.88%<sup>(c)</sup> (Cost $2,724,741) | 2724741 |
|  | **TOTAL INVESTMENTS - 98.8% (Cost $34,305,956)** |  |  | $34702503 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** |  |  | 410234 |
|  | **NET ASSETS - 100.0%** |  |  | $35112737 |

---

LLC - Limited Liability Company <br>L.P. - Limited Partnership

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025, the total market value of Rule 144A securities is $4,604,556 or 13.1% of net assets.

<sup>(b)</sup> Zero coupon bond. Rate disclosed is the current yield as of November 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **ASSET MANAGEMENT - 7.1%** |  |
| 24400 | GCM Grosvenor, Inc. | $267912 |
| 13000 | Sprott, Inc. | 1190670 |
| 69000 | WisdomTree, Inc. | 761760 |
|  |  | 2220342 |
|  | **BANKING - 7.7%** |  |
| 15500 | Bar Harbor Bankshares | 462520 |
| 3710 | City Holding Company | 450060 |
| 12000 | NBT Bancorp, Inc. | 497520 |
| 12460 | QCR Holdings, Inc. | 1017109 |
|  |  | 2427209 |
|  | **BEVERAGES - 1.0%** |  |
| 197000 | Farmer Bros Company<sup>(a)</sup> | 317170 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.3%** |  |
| 16000 | Hackett Group, Inc. (The) | 295520 |
| 35000 | Legalzoom.com, Inc.<sup>(a)</sup> | 326550 |
| 13000 | V2X, Inc.<sup>(a)</sup> | 713050 |
|  |  | 1335120 |
|  | **CONSUMER SERVICES - 1.2%** |  |
| 19000 | Lincoln Educational Services Corporation<sup>(a)</sup> | 391020 |
|  | **E-COMMERCE DISCRETIONARY - 2.9%** |  |
| 30000 | Liquidity Services, Inc.<sup>(a)</sup> | 901200 |
|  | **ELECTRICAL EQUIPMENT - 9.2%** |  |
| 17500 | Allient, Inc. | 942550 |
| 53000 | LSI Industries, Inc. | 969370 |
| 3500 | OSI Systems, Inc.<sup>(a)</sup> | 947975 |
|  |  | 2859895 |
|  | **ENGINEERING & CONSTRUCTION - 6.9%** |  |
| 2200 | Comfort Systems USA, Inc. | 2149268 |
|  | **ENTERTAINMENT CONTENT - 7.0%** |  |
| 39000 | Reservoir Media, Inc.<sup>(a)</sup> | 297180 |

---

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

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 7.0% (Continued)** |  |
| 22400 | Sphere Entertainment Company<sup>(a)</sup> | $1894816 |
|  |  | 2191996 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 5800 | H2O America | 269294 |
|  | **HOME CONSTRUCTION - 3.9%** |  |
| 9500 | Champion Homes, Inc.<sup>(a)</sup> | 815480 |
| 15000 | Interface, Inc. | 418650 |
|  |  | 1234130 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 11000 | Central Garden & Pet Company<sup>(a)</sup> | 375760 |
| 9000 | Energizer Holdings, Inc. | 164070 |
|  |  | 539830 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 3.5%** |  |
| 10500 | AZZ, Inc. | 1106910 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.5%** |  |
| 16000 | EVI Industries, Inc. | 327040 |
| 4300 | VSE Corporation | 774817 |
|  |  | 1101857 |
|  | **INTERNET MEDIA & SERVICES - 1.9%** |  |
| 20000 | Yelp, Inc.<sup>(a)</sup> | 578200 |
|  | **LEISURE FACILITIES & SERVICES - 2.6%** |  |
| 60000 | Lucky Strike Entertainment Corporation | 469200 |
| 17000 | OneSpaWorld Holdings Ltd. | 347140 |
|  |  | 816340 |
|  | **MACHINERY - 2.6%** |  |
| 5000 | Alamo Group, Inc. | 801850 |
|  | **OIL & GAS PRODUCERS - 3.5%** |  |
| 4900 | Gulfport Energy Corporation<sup>(a)</sup> | 1090201 |

---

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

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 3.6%** |  |
| 44000 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | $293040 |
| 24200 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 849420 |
|  |  | 1142460 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.7%** |  |
| 68000 | Mobile Infrastructure Corporation<sup>(a)</sup> | 212160 |
|  | **RESIDENTIAL REIT - 2.4%** |  |
| 49561 | UMH Properties, Inc. | 749858 |
|  | **RETAIL - DISCRETIONARY - 3.5%** |  |
| 3800 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 736516 |
| 21817 | Shoe Carnival, Inc. | 360417 |
|  |  | 1096933 |
|  | **SEMICONDUCTORS - 3.5%** |  |
| 7392 | Axcelis Technologies, Inc.<sup>(a)</sup> | 611836 |
| 5400 | Silicon Motion Technology Corporation - ADR | 480384 |
|  |  | 1092220 |
|  | **SOFTWARE - 1.7%** |  |
| 31000 | Simulations Plus, Inc.<sup>(a)</sup> | 527000 |
|  | **SPECIALTY REIT - 2.7%** |  |
| 55500 | Postal Realty Trust, Inc., Class A | 862470 |
|  | **STEEL - 1.6%** |  |
| 7800 | Commercial Metals Company | 497484 |
|  | **TECHNOLOGY HARDWARE - 3.1%** |  |
| 11000 | IMAX Corporation<sup>(a)</sup> | 408100 |
| 42000 | Turtle Beach Corporation<sup>(a)</sup> | 582960 |
|  |  | 991060 |
|  | **TRANSPORTATION & LOGISTICS - 0.8%** |  |
| 12500 | Covenant Logistics Group, Inc. | 249250 |

---

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

---

| |
|:---|
| **North Star Small Cap Value Fund** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 3.0%** |  |
| 18000 | Blue Bird Corporation<sup>(a)</sup> | $939960 |
|  | **TOTAL COMMON STOCKS (Cost $17,294,455)** | 30692687 |
|  | **SHORT-TERM INVESTMENT — 2.1%** |  |
|  | **MONEY MARKET FUND - 2.1%** |  |
| 650079 | First American Treasury Obligations Fund, Class X, 3.88%<sup>(b)</sup> (Cost $650,079) | 650079 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $17,944,534)** | $31342766 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (25995) |
|  | **NET ASSETS - 100.0%** | $31316771 |

---

---

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

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

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

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star**<br>**Opportunity**<br>**Fund** | **North Star**<br>**Micro Cap**<br>**Fund** | **North Star**<br>**Dividend**<br>**Fund** | **North Star**<br>**Bond**<br>**Fund** | **North Star**<br>**Small Cap**<br>**Value Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities at Cost | $70300938 | $67707382 | $66677613 | $34305956 | $17944534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Non-controlled Affiliated Securities at Cost | 2429980 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Securities at Cost | 72730918 | 67707382 | 66677613 | 34305956 | 17944534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities at Value | $134132891 | $110587438 | $83229317 | $34702503 | $31342766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Non-controlled Affiliated Securities at Value | 3491400 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Securities at Value | 137624291 | 110587438 | 83229317 | 34702503 | 31342766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 397211 | 117175 | 368490 | 475760 | 33423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 594 |  | 740 |  | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 17373 | 14730 | 16364 | 9069 | 9237 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 138039469 | 110719343 | 83614911 | 35187332 | 31388447 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed |  |  |  |  | 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees Payable | 104454 | 88336 | 67888 | 24329 | 8243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees Payable | 2916 |  |  |  | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Related Parties | 26495 | 24196 | 19466 | 15103 | 16417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and Tax Fees Payable | 20249 | 19733 | 19880 | 19685 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 35438 | 31834 | 25128 | 15478 | 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 189552 | 164099 | 132362 | 74595 | 71676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $137849917 | $110555244 | $83482549 | $35112737 | $31316771 |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At November 30, 2025, Net Assets consisted of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $66382314 | $63821910 | $66499608 | $38364765 | $14231833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings/(Losses) | 71467603 | 46733334 | 16982941 | (3252028) | 17084938 |
| **Net Assets** | $137849917 | $110555244 | $83482549 | $35112737 | $31316771 |
| **Net Asset Value Per Share:** |  |  |  |  |  |
| Class I Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $127135878 | $110555244 | $83482549 | $35112737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) | 6734195 | 2701968 | 3897698 | 3955160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share\* | $18.88 | $40.92 | $21.42 | $8.88 |  |
| Class A Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $10714039 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) | 563645 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding) and Redemption Price Per Share\* | $19.01 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum Sales Charge of 5.75%) | $20.17 |  |  |  |  |
| Institutional Class Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $4326442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) |  |  |  |  | 266919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share |  |  |  |  | $16.21 |
| Investor Class Shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  |  |  | $26990329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized) |  |  |  |  | 1663965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share |  |  |  |  | $16.22 |

---

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

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

---

| |
|:---|
| **North Star Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**North Star**<br>**Opportunity Fund** |<br>**North Star**<br>**Micro Cap Fund** |<br>**North Star**<br>**Dividend Fund** |<br>**North Star Bond**<br>**Fund** | **North Star**<br>**Small Cap**<br>**Value Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Unaffiliated Investments (net of $3,355, $0, $10,048, $0, and $3,790 in foreign dividend tax withheld) | $1876387 | $1740985 | $3294336 | $159383 | $274075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1526238 | 353265 | 170954 | 1784209 | 75123 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 3402625 | 2094250 | 3465290 | 1943592 | 349198 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 1260165 | 1105000 | 864299 | 287733 | 308226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Class A | 25716 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees - Investor Class |  |  |  |  | 66722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative Service Fees | 126650 | 112292 | 87085 | 54255 | 45015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 113245 | 101193 | 86254 | 35060 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting Service Fees | 56130 | 44781 | 32444 | 19456 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration Fees | 38890 | 27040 | 24968 | 21730 | 39553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 32100 | 18490 | 25299 | 16025 | 18055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 25485 | 21885 | 15189 | 6789 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 24300 | 23724 | 22847 | 23062 | 24350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees and Expenses | 23605 | 23937 | 23574 | 24967 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and Tax Fees | 20750 | 20190 | 20448 | 20421 | 17515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing Expense | 16080 | 13370 | 11307 | 5205 | 6100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 13800 | 13285 | 10457 | 7550 | 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 5625 | 5272 | 4142 | 3081 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 5050 | 6556 | 6807 | 2171 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1787591 | 1537015 | 1235120 | 527505 | 597131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fees Waived by the Adviser** | (85926) |  |  |  | (233992) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1701665 | 1537015 | 1235120 | 527505 | 363139 |
| **Net Investment Income** | 1700960 | 557235 | 2230170 | 1416087 | (13941) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Unaffiliated Investments | 6474534 | 3345867 | 623266 | (182476) | 4129797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Foreign Currency Transactions |  |  | (70) |  | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Realized Gain (Loss)** | 6474534 | 3345867 | 623196 | (182476) | 4129751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Unaffiliated Investments | (440443) | (11156141) | (8664019) | (27436) | (2921631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Non-Controlled Affiliated Investments | 1628928 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Foreign Currency Translations |  |  | 68 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Change in Unrealized Appreciation (Depreciation)** | 1188485 | (11156141) | (8663951) | (27436) | (2921596) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | 7663019 | (7810274) | (8040755) | (209912) | 1208155 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $9363979 | $(7253039) | $(5810585) | $1206175 | $1194214 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **North Star Opportunity Fund** | **North Star Opportunity Fund** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $1700960 | $1417318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 6474534 | 3927275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1188485 | 20602997 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 9363979 | 25947590 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5077673) | (3456120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (429723) | (348867) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions Paid** | (5507396) | (3804987) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (87,278 and 133,168 shares, respectively) | 1520386 | 2268584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (215,806 and 164,824 shares, respectively) | 3780205 | 2669997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (497,295 and 712,977 shares, respectively) | (8571846) | (12168988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 216 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Class I Shares** | (3271039) | (7230014) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (1,010 and 1,181 shares, respectively) | 18152 | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (24,177 and 21,328 shares, respectively) | 426709 | 343831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (97,894 and 286,583 shares, respectively) | (1687989) | (4804359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 1 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Class A Shares** | (1243127) | (4440407) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Shares of Beneficial Interest** | (4514166) | (11670421) |
| **Total Increase (Decrease) in Net Assets** | (657583) | 10472182 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 138507500 | 128035318 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $137849917 | $138507500 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Micro Cap Fund** | **Micro Cap Fund** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $557235 | $890123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 3345867 | 3379661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (11156141) | 25747862 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (7253039) | 30017646 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Paid | (3525826) | (782956) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (3525826) | (782956) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (17,821 and 60,497 shares, respectively) | 729460 | 2369809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (66,339 and 17,936 and shares, respectively) | 2864513 | 632955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (209,394 and 155,735 shares, respectively) | (8584400) | (6128214) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 262 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Class I Shares** | (4990165) | (3125341) |
| **Total Increase (Decrease) in Net Assets** | (15769030) | 26109349 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 126324274 | 100214925 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $110555244 | $126324274 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Dividend Fund** | **Dividend Fund** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $2230170 | $2518080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Foreign Currency Transactions | 623196 | 1988719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | (8663951) | 13143674 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (5810585) | 17650473 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Paid | (4374331) | (3268884) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (4374331) | (3268884) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (70,794 and 231,543 shares, respectively) | 1581931 | 5093719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (134,458 and 102,774 shares, respectively) | 2999274 | 2275639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (322,416 and 372,666 shares, respectively) | (6975258) | (8179918) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fee Proceeds | 2 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Class I Shares** | (2394051) | (810417) |
| **Total Increase (Decrease) in Net Assets** | (12578967) | 13571172 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 96061516 | 82490344 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $83482549 | $96061516 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Bond Fund** | **Bond Fund** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $1416087 | $1344725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss on Investments | (182476) | (1040045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (27436) | 1665089 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 1206175 | 1969769 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid | (1478976) | (1355084) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (1478976) | (1355084) |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (358,699 and 487,320 shares, respectively) | 3195612 | 4331800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (106,577 and 99,696 shares, respectively) | 946692 | 885234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (153,688 and 252,883 shares, respectively) | (1366163) | (2250386) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Class I Shares** | 2776141 | 2966648 |
| **Total Increase in Net Assets** | 2503340 | 3581333 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 32609397 | 29028064 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $35112737 | $32609397 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **North Star** | **North Star** |
|  | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(13941) | $(22050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Foreign Currency Transactions | 4129751 | 4865451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations | (2921596) | 5432952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 1194214 | 10276353 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (551802) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3754740) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid | (4306542) |  |
| **Capital Shares of Beneficial Interest** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (30,481 and 41,144 shares, respectively) | 430591 | 648488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (35,348 and 0 shares, respectively) | 536229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (65,900 and 76,862 shares, respectively) | (980445) | (1135445) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Institutional Class Shares** | (13625) | (486957) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold (24,185 and 51,941 shares, respectively) | 370280 | 802503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested (245,150 and 0 shares, respectively) | 3728730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed (433,579 and 648,916 shares, respectively) | (6326560) | (9888213) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investor Class Shares** | (2227550) | (9085710) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets From Shares of Beneficial Interest** | (2241175) | (9572667) |
| **Total Increase (Decrease) in Net Assets** | (5353503) | 703686 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 36670274 | 35966588 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $31316771 | $36670274 |

---

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star Opportunity Fund<br> Class I** | **North Star Opportunity Fund<br> Class I** | **North Star Opportunity Fund<br> Class I** | **North Star Opportunity Fund<br> Class I** | **North Star Opportunity Fund<br> Class I** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** |
| **Net Asset Value, Beginning of Year** | $18.30 | $15.52 | $16.05 | $20.00 | $16.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.23 | 0.18 | 0.22 | 0.16 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.08 | 3.08 | (0.02) | (3.57) | 3.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 1.31 | 3.26 | 0.20 | (3.41) | 3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.23) | (0.21) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.50) | (0.25) | (0.52) | (0.43) | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.73) | (0.48) | (0.73) | (0.54) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $18.88 | $18.30 | $15.52 | $16.05 | $20.00 |
| **Total Return (c)** | 7.54% | 21.42% | 1.37% | (17.48)% | 20.00% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $127136 | $126786 | $113975 | $118346 | $146910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (d) | 1.37% | 1.34% | 1.35% | 1.35% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of waiver or recapture | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.34% | 1.08% | 1.44% | 0.93% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 25% | 21% | 24% | 31% | 30% |

---

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

(b) Less than $0.005 per share.

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

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

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star Opportunity Fund<br> Class A** | **North Star Opportunity Fund<br> Class A** | **North Star Opportunity Fund<br> Class A** | **North Star Opportunity Fund<br> Class A** | **North Star Opportunity Fund<br> Class A** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** |
| **Net Asset Value, Beginning of Year** | $18.42 | $15.62 | $16.09 | $20.05 | $16.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.19 | 0.14 | 0.18 | 0.11 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.09 | 3.09 | (0.01) | (3.58) | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 1.28 | 3.23 | 0.17 | (3.47) | 3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.18) | (0.12) | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.50) | (0.25) | (0.52) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.69) | (0.43) | (0.64) | (0.49) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | 0.00 (b) | 0.00 (b) | 0.00 (b) |  | 0.00 (b) |
| **Net Asset Value, End of Year** | 19.01 | 18.42 | 15.62 | 16.09 | 20.05 |
| **Total Return (c)** | 7.28% | 21.07% | 1.15% | (17.70)% | 19.73% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $10714 | $11722 | $14061 | $19469 | $31276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (d) | 1.62% | 1.59% | 1.60% | 1.60% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of waiver or recapture | 1.55% | 1.55% | 1.55% | 1.55% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.09% | 0.81% | 1.17% | 0.65% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 25% | 21% | 24% | 31% | 30% |

---

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

(b) Less than $0.005 per share.

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

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

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star Micro Cap Fund<br> Class I** | **North Star Micro Cap Fund<br> Class I** | **North Star Micro Cap Fund<br> Class I** | **North Star Micro Cap Fund<br> Class I** | **North Star Micro Cap Fund<br> Class I** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** |
| **Net Asset Value, Beginning of Year** | $44.68 | $34.50 | $31.81 | $41.77 | $35.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.20 | 0.31 | 0.28 | 0.19 | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.71) | 10.14 | 2.49 | (8.80) | 6.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | (2.51) | 10.45 | 2.77 | (8.61) | 6.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.27) | (0.08) | (0.10) | (0.00) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.94) |  |  | (1.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.25) | (0.27) | (0.08) | (1.35) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $40.92 | $44.68 | $34.50 | $31.81 | $41.77 |
| **Total Return (c)** | (5.77)% | 30.50% | 8.74% | (21.34)% | 16.88% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $110555 | $126324 | $100215 | $93664 | $126281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 1.38% | 1.33% | 1.38% | 1.41% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.50% | 0.78% | 0.85% | 0.55% | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24% | 26% | 18% | 11% | 9% |

---

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

(b) Less than $0.005 per share.

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

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star Dividend Fund<br> Class I** | **North Star Dividend Fund<br> Class I** | **North Star Dividend Fund<br> Class I** | **North Star Dividend Fund<br> Class I** | **North Star Dividend Fund<br> Class I** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** |
| **Net Asset Value, Beginning of Year** | $23.93 | $20.35 | $22.33 | $23.43 | $20.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.56 | 0.61 | 0.54 | 0.53 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.98) | 3.77 | (1.23) | (0.76) | 3.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | (1.42) | 4.38 | (0.69) | (0.23) | 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.62) | (0.67) | (0.50) | (0.48) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.47) | (0.13) | (0.79) | (0.39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.09) | (0.80) | (1.29) | (0.87) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees (b) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net Asset Value, End of Year** | $21.42 | $23.93 | $20.35 | $22.33 | $23.43 |
| **Total Return (c)** | (6.01)% | 21.91% | (3.14)% | (0.96)% | 18.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $83483 | $96062 | $82490 | $87280 | $88006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 1.43% | 1.39% | 1.45% | 1.45% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.58% | 2.79% | 2.63% | 2.40% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 14% | 34% | 23% | 22% | 12% |

---

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

(b) Less than $0.005 per share.

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

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **North Star Bond Fund<br> Class I** | **North Star Bond Fund<br> Class I** | **North Star Bond Fund<br> Class I** | **North Star Bond Fund<br> Class I** | **North Star Bond Fund<br> Class I** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Year**<br>**Ended**<br>**November 30, 2023** | **For the Year**<br>**Ended**<br>**November 30, 2022** | **For the Year**<br>**Ended**<br>**November 30, 2021** |
| **Net Asset Value, Beginning of Year** | $8.95 | $8.77 | $8.73 | $9.49 | $9.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.37 | 0.38 | 0.30 | 0.22 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.05) | 0.19 | 0.03 | (0.76) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.32 | 0.57 | 0.33 | (0.54) | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.39) | (0.29) | (0.22) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.39) | (0.39) | (0.29) | (0.22) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees |  |  | 0.00 (b) |  |  |
| **Net Asset Value, End of Year** | $8.88 | $8.95 | $8.77 | $8.73 | $9.49 |
| **Total Return (c)** | 3.64% | 6.58% | 3.82% | (5.69)% | 2.85% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $35113 | $32609 | $29028 | $27241 | $31113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross | 1.56% | 1.59% | 1.65% | 1.63% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture | 1.56% | 1.59% | 1.65% | 1.63% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4.18% | 4.31% | 3.48% | 2.48% | 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 34% | 43% | 48% | 27% | 42% |

---

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

(b) Less than $0.005 per share.

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

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Small Cap Value Fund<br> Institutional Class** | **North Star Small Cap Value Fund<br> Institutional Class** | **North Star Small Cap Value Fund<br> Institutional Class** | **North Star Small Cap Value Fund<br> Institutional Class** | **North Star Small Cap Value Fund<br> Institutional Class** | **North Star Small Cap Value Fund<br> Institutional Class** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Period**<br>**Ended**<br>**November 30, 2023 \*** | **For the Year**<br>**Ended**<br>**January 31, 2023** | **For the Year**<br>**Ended**<br>**January 31, 2022** | **For the Year**<br>**Ended**<br>**January 31, 2021** |
| **Net Asset Value, Beginning of Period** | $17.46 | $13.13 | $15.56 | $18.22 | $20.53 | $18.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.02 | 0.02 | 0.02 | 0.06 | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.80 | 4.31 | (1.10) | 0.19 | 5.14 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.82 | 4.33 | (1.08) | 0.25 | 5.19 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.05) | (0.14) | (0.12) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (2.07) |  | (1.30) | (2.77) | (7.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.07) |  | (1.35) | (2.91) | (7.50) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees (b) |  |  |  |  | 0.00 (c) | 0.00 (c) |
| **Net Asset Value, End of Period** | $16.21 | $17.46 | $13.13 | $15.56 | $18.22 | $20.53 |
| **Total Return (d)** | 5.50% | 32.98% | (6.95)% (f) | 2.71% | 23.92% | 10.33% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $4326 | $4662 | $3974 | $5771 | $36005 | $96863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (e) | 1.72% | 1.56% | 1.73 % (g) | 1.45% | 1.38% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture (b) | 0.98% | 0.98% | 0.98 % (g) | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15% | 0.15% | 0.14 % (g) | 0.34% | 0.20% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 29% | 6 % (f) | 28% | 71% | 66% |

---

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

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

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

(c) Less than $0.005 per share.

(d) Total return represents aggregate total return based on Net Asset Value. Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
 Had the Adviser not absorbed a portion of the expenses, total returns would have been lower.

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

(f) Not annualized.

(g) Annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **North Star Small Cap Value Fund<br> Investor Class** | **North Star Small Cap Value Fund<br> Investor Class** | **North Star Small Cap Value Fund<br> Investor Class** | **North Star Small Cap Value Fund<br> Investor Class** | **North Star Small Cap Value Fund<br> Investor Class** | **North Star Small Cap Value Fund<br> Investor Class** |
|  | **For the Year**<br>**Ended**<br>**November 30, 2025** | **For the Year**<br>**Ended**<br>**November 30, 2024** | **For the Period**<br>**Ended**<br>**November 30, 2023 \*** | **For the Year**<br>**Ended**<br>**January 31, 2023** | **For the Year**<br>**Ended**<br>**January 31, 2022** | **For the Year**<br>**Ended**<br>**January 31, 2021** |
| **Net Asset Value, Beginning of Period** | $17.51 | $13.19 | $15.64 | $18.23 | $20.49 | $18.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.01) | (0.01) | 0.02 | 0.00 (b) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.79 | 4.33 | (1.11) | 0.21 | 5.12 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from operations | 0.78 | 4.32 | (1.12) | 0.23 | 5.12 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.03) | (0.05) | (0.00) (b) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments | (2.07) |  | (1.30) | (2.77) | (7.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.07) |  | (1.33) | (2.82) | (7.38) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees (c) |  |  |  |  | 0.00 (b) | 0.00 (b) |
| **Net Asset Value, End of Period** | $16.22 | $17.51 | $13.19 | $15.64 | $18.23 | $20.49 |
| **Total Return (d)** | 5.23% | 32.75% | (7.18)% (f) | 2.55% | 23.66% | 10.04% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $26990 | $32008 | $31993 | $41871 | $64007 | $71784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Gross (e) | 1.97% | 1.81% | 1.88 % (g) | 1.47% | 1.38% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, Net of expense waiver or recapture (c) | 1.21% | 1.21% | 1.21 % (g) | 1.21% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.08)% | (0.09)% (h) | (0.08)% (g) | 0.13% | 0.00 % (i) | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 29% | 6 % (f) | 28% | 71% | 66% |

---

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

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

(b) Less than $0.005 per share.

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

(d) Total return represents aggregate total return based on Net Asset Value. Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.
 Had the Adviser not absorbed a portion of the expenses, total returns would have been lower.

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

(f) Not annualized.

(g) Annualized.

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

(i) Less than 0.005%.

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

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **November 30, 2025** |

---

**1.** **Organization** 

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

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

The diversification policy of each Fund is as follows:

---

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

---

The investment objective of each Fund is as follows:

---

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

---

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

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

Each Fund commenced operations on the following dates:

---

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

---

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

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

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

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

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

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

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

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

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025 for the Funds' investments measured at fair value:

**North Star Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $100202450 | $— | $— | $100202450 |
| Preferred Stocks | 2709840 |  |  | 2709840 |
| Convertible Bond |  | 1004635 |  | 1004635 |
| Corporate Bonds |  | 13829497 |  | 13829497 |
| U.S. Government & Agencies |  | 18946627 |  | 18946627 |
| Short-Term Investment | 931242 |  |  | 931242 |
| Total | $103843532 | $33780759 | $— | $137624291 |
| **North Star Micro Cap Fund** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 \*\* | Total |
| Common Stocks | $100345171 |  | $— | $100345171 |
| Short-Term Investment | 10242267 |  |  | 10242267 |
| Total | $110587438 | $— | $— | $110587438 |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**North Star Dividend Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $81569239 | $— | $— | $81569239 |
| Preferred Stock | 970000 |  |  | 970000 |
| Short-Term Investment | 690078 |  |  | 690078 |
| Total | $83229317 | $— | $— | $83229317 |
| **North Star Bond Fund** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Preferred Stocks | $4034492 | $— | $— | $4034492 |
| Corporate Bonds |  | 25752989 |  | 25752989 |
| U.S. Government & Agencies |  | 2190281 |  | 2190281 |
| Short-Term Investment | 2724741 |  |  | 2724741 |
| Total | $6759233 | $27943270 | $— | $34702503 |
| **North Star Small Cap Value Fund** |  |  |  |  |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $30692687 | $— | $— | $30692687 |
| Short-Term Investment | 650079 |  |  | 650079 |
| Total | $31342766 | $— | $— | $31342766 |

---

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

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

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

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

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

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

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

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

---

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

---

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

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

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

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

---

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

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

For the year ended November 30, 2025, the Adviser earned advisory fees of:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| North Star Opportunity Fund | $1260165 |
| North Star Micro Cap Fund | 1105000 |
| North Star Dividend Fund | 864299 |
| North Star Bond Fund | 287733 |
| North Star Small Cap Value Fund | 308226 |

---

Pursuant to an operating expense limitation agreement between the Adviser and each Fund, the Adviser has agreed to reduce its management fees and/or pay expenses of the Funds to ensure that the total amount of Funds' operating expenses (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) do not exceed 1.74% of the Micro Cap Fund's average net assets for Class I shares, 1.74% of the Dividend Fund's average net assets for Class I shares, 1.79% of the Bond Fund's average net assets for Class I shares, 1.55% and 1.30% of the Opportunity Fund's average net assets, for Class A and Class I shares, respectively, and 0.98% and 1.21% of the Small Cap Fund's average net assets for Institutional Class shares and Investor Class shares, respectively, in each case through March 31, 2026 subject thereafter to annual re-approval of the agreement by the Board of Trustees. For the year ended November 30, 2025, the Adviser waived fees in the amount of $85,926 for the Opportunity Fund and $233,992 for the Small Cap Value Fund.

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

For the fiscal year ended November 30, 2025, the North Star Micro Cap, North Star Dividend and North Star Bond Funds had no recapture available. Cumulative expenses subject to recapture pursuant to the aforementioned conditions as of November 30, 2025 will expire on November 30 of the following years:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount** | **Expiring** |
| North Star Opportunity Fund | $64483 | 2026 |
|  | 51493 | 2027 |
|  | 85926 | 2028 |
| North Star Small Cap Value Fund | 130403 | 2026 |
|  | 216325 | 2027 |
|  | 233992 | 2028 |

---

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

*Distributor* – The Board has adopted the Trust's Master Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b -1 under the 1940 Act. The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board of Trustees of the Northern Lights Fund Trust II has adopted, on behalf of the North Star Opportunity Fund and the North Star Small Cap Value Fund, a Distribution Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

(the "Plan"), as amended, to pay for certain distribution activities and shareholder services. Under the Plan, the Funds are permitted to pay 0.25% per year of the average daily net assets of Class A shares and Investor Class shares for such distribution and shareholder service activities. For the year ended November 30, 2025, the North Star Opportunity Fund Class A shares incurred $25,716 in distribution fees and the North Star Small Cap Value Investor Class shares incurred $66,722 in distribution fees.

The Distributor acts as the Funds' principal underwriter in a continuous offering of each Fund's shares. For the year ended November 30, 2025, the Distributor received $1,021 in underwriting commissions, of which $88 was retained by the principal underwriter for sales of the North Star Opportunity Fund's Class A shares.

During the year ended November 30, 2025, NewEdge Group, a registered broker/dealer and an affiliate of the Funds, executed trades on behalf of the Funds. These trades were cleared through National Financial Services, LLC. During the year ended November 30, 2025, NewEdge Group received trade commissions as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| North Star Opportunity Fund | $16853 |
| North Star Micro Cap Fund | 34595 |
| North Star Dividend Fund | 13370 |
| North Star Bond Fund | 1926 |
| North Star Small Cap Value Fund | 9581 |

---

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

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

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

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

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

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended November 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| North Star Opportunity Fund | $25587235 | $38731314 |
| North Star Micro Cap Fund | 24410281 | 32539940 |
| North Star Dividend Fund | 15101098 | 11407563 |
| North Star Bond Fund | 10153840 | 10071064 |
| North Star Small Cap Value Fund | 6717098 | 11863135 |

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, NFS LLC held approximately 74.3% of the voting securities of the North Star Opportunity Fund, 71.3% of the North Star Micro Cap Fund, 78.8% of the North Star Dividend Fund, 80.0% of the North Star Bond Fund and 58.3% of the North Star Small Cap Value Fund. As of November 30, 2025, Charles Schwab held approximately 26.4% of the voting securities of the North Star Small Cap Value Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also beneficially owned by NFS LLC or Charles Schwab.

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

The Funds may assess a short-term redemption fee of 2.00% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Funds. For the year ended November 30, 2025, the North Star Opportunity Fund had $1 and $216 in redemption fees for Class A and Class I, respectively. The North Star Micro Cap Fund had $262 in redemption fees, the North Star Dividend Fund had $2 in redemption fees and the North Star Bond Fund had $0 in redemption fees. Effective June 1, 2021, the North Star Small Cap Value Fund eliminated the redemption fee.

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

A non-controlled, affiliated issuer is an issuer in which the Fund has ownership of at least 5% but less than 25% of the voting securities. Issuers which are non-controlled affiliates of the North Star Opportunity Fund and North Star Micro Cap Fund at November 30, 2025, are noted in the Fund's Schedule of Investments.

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

**North Star Opportunity Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | Net Change in | | |
|  | Fair Value | | | Dividends | | Unrealized | Fair Value | |
|  | November 30, | | | Credited to | Realized | Appreciation | November 30, | Shares November |
| Description | 2024 | Purchases | Sales | Income | Gain/(Loss) | (Depreciation) | 2025 | 30, 2025 |
| Orion Energy Systems, Inc. | $1659240 | $203232 | $— | $— | $— | $1628928 | $3491400 | 220000 |

---

**North Star Micro Cap Fund**

---

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

---

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| North Star Opportunity Fund | $72462985 | $65446704 | $(285398) | $65161306 |
| North Star Micro Cap Fund | 68025481 | 44610687 | (2048730) | 42561957 |
| North Star Dividend Fund | 66685605 | 20735398 | (4191686) | 16543712 |
| North Star Bond Fund | 34296489 | 621204 | (215190) | 406014 |
| North Star Small Cap Value Fund | 17947677 | 14058724 | (663635) | 13395089 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended November 30, 2025** | **For the year ended November 30, 2025** | **For the year ended November 30, 2025** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |<br>**Total** |
| North Star Opportunity Fund | $1662664 | $3844732 | $5507396 |
| North Star Micro Cap Fund | 874006 | 2651820 | 3525826 |
| North Star Dividend Fund | 2473754 | 1900577 | 4374331 |
| North Star Bond Fund | 1478976 |  | 1478976 |
| North Star Small Cap Value Fund |  | 4306542 | 4306542 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |<br>**Total** |
| North Star Opportunity Fund | $1762325 | $2042662 | $3804987 |
| North Star Micro Cap Fund | 782956 |  | 782956 |
| North Star Dividend Fund | 2685840 | 583044 | 3268884 |
| North Star Bond Fund | 1355084 |  | 1355084 |
| North Star Small Cap Value Fund |  |  |  |

---

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| North Star Opportunity Fund | $— | $6341628 | $— | $— | $(35331) | $65161306 | $71467603 |
| North Star Micro Cap Fund | 527645 | 3383999 |  |  | 259733 | 42561957 | 46733334 |
| North Star Dividend Fund | 300482 | 126894 |  |  | 11763 | 16543802 | 16982941 |
| North Star Bond Fund | 11665 |  |  | (3669707) |  | 406014 | (3252028) |
| North Star Small Cap Value Fund |  | 3691234 | (1409) |  |  | 13395113 | 17084938 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for tax gain/loss due to the Funds' conversion from limited partnerships, unamortized organizational costs from fund mergers and tax adjustments for real estate investment trusts, trust preferred securities, C-Corporations with return of capital distributions and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $90 and $24 for North Star Dividend Fund and North Star Small Cap Value Fund, respectively.

---

| |
|:---|
| **North Star Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The North Star Small Cap Value Fund incurred and elected to defer such late year losses of $1,409.

At November 30, 2025, the following Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| North Star Bond Fund | $1008945 | $2660762 | $3669707 | $— |

---

During the fiscal year ended November 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to net operating losses, use of tax equalization credits, and adjustments for prior year tax returns, resulted in reclassification for the following Funds for the year ended November 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid**<br>**In**<br>**Capital** | **Accumulated**<br>**Earnings**<br>**(Losses)** |
| North Star Opportunity Fund | $249328 | $(249328) |
| North Star Micro Cap Fund | 44039 | (44039) |
| North Star Dividend Fund | 29278 | (29278) |
| North Star Bond Fund |  |  |
| North Star Small Cap Value Fund | 303229 | (303229) |

---

**10.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

**11.** **SUBSEQUENT EVENTS** 

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of North Lights Fund Trust II

and the Shareholders of North Star Opportunity Fund, North Star Micro Cap Fund,

North Star Dividend Fund, and North Star Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of North Star Opportunity Fund, North Star Micro Cap Fund, North Star Dividend Fund, and North Star Bond Fund (collectively, the Funds), each a separate series of the Northern Lights Fund Trust II, including the schedules of investments, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more investment companies in the North Star fund complex since 2015.

Denver, Colorado

January 29, 2026

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of North Lights Funds Trust II

and the Shareholders of North Star Small Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of North Star Small Cap Value Fund (the Fund), a series of Northern Lights Fund Trust II, including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the two years in the period ended November 30, 2025 and the period from February 1, 2023 to November 30, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years ended November 30, 2025 and the period from February 1, 2023 to November 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the years ended January 31, 2023, January 31, 2022, and January 31, 2021, for the Fund were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated March 29, 2023.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more investment companies in the North Star fund complex since 2015.

Denver, Colorado

January 29, 2026

---

| |
|:---|
| **North Star Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **November 30, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

FACTORS CONSIDERED BY THE TRUSTEES IN APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

At a Meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on October 21, 2025 the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Advisory Agreement") between North Star Investment Management Corp. ("North Star") and the Trust on behalf of each of the North Star Micro Cap Fund ("North Star Micro Cap"), North Star Dividend Fund ("North Star Dividend"), North Star Opportunity Fund ("North Star Opportunity"), North Star Bond Fund ("North Star Bond") and North Star Small Cap Value Fund ("North Star Small Cap, and, collectively, the "North Star Funds").

Based on their evaluation of the information provided by North Star, in conjunction with the Funds' other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Advisory Agreements with respect to each of the Funds.

In advance of the Meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Advisory Agreement, a memorandum prepared by Independent trustee counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreements and comparative information relating to the advisory fee and other expenses of the Funds. The materials also included due diligence materials relating to North Star (including due diligence questionnaires completed by North Star, select financial information of North Star, bibliographic information regarding North Star's key management and investment advisory personnel, and comparative fee and performance information relating to the Funds and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from Fund management. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement. In considering the renewal of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

Nature, Extent and Quality of Services. The Board reviewed materials provided by North Star related to the proposed renewal of the Advisory Agreement with respect to each of the North Star Funds, including its Form ADV and related schedules, a description of the manner in which investment decisions are made and executed, and a review of the personnel performing services for each of the North Star Funds, including the individuals that primarily monitor and execute the investment process. The Board discussed North Star's research capabilities, the quality of North Star's compliance infrastructure and the experience of its investment advisory personnel. The Board noted that North Star is an experienced investment adviser with seasoned senior management. Additionally, the Board received satisfactory responses from the representatives of North Star with respect to a series of important questions, including: whether North Star was involved in any lawsuits or pending regulatory actions; whether the advisory services provided to its other accounts would conflict with the advisory services provided to each of the North Star Funds; whether there were procedures in place to adequately allocate trades among its respective clients; and whether North Star's CCO had processes

---

| |
|:---|
| **North Star Funds** |
| **ADDITIONAL INFORMATION (Continued) (Unaudited)** |
| **November 30, 2025** |

---

in place to review the portfolio managers' performance of their duties to ensure compliance under North Star's compliance program. The Board reviewed the information provided on the practices for monitoring compliance with each of the North Star

Fund's investment limitations and discussed North Star's compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust continued to represent, based on his review, that North Star's policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted North Star's representation that the prospectus and statement of additional information for the North Star Funds accurately describe the investment strategies of each of the North Star Funds. The Board then reviewed the capitalization of North Star based on financial information provided by and representations made by North Star and its representatives and concluded that North Star was sufficiently well-capitalized in order to meet its obligations to each of the North Star Funds. The Board concluded that North Star had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the advisory services provided by North Star to each of the North Star Funds were satisfactory.

Performance. The Board discussed the report prepared by Broadridge and reviewed the performance of each of the North Star Funds as compared to its respective peer group, Morningstar category and benchmark for the one-year, three-year, five-year, ten-year and since inception periods ended August 31, 2025, as applicable. With respect to North Star Opportunity, the Board noted that North Star Opportunity had underperformed its peer group median, Morningstar category median, and benchmark (the S&P 500 Total Return Index) for the one-year, three-year, five-year, ten-year and since inception periods. The Board reviewed the performance of North Star Micro Cap noting that while the North Star Micro Cap underperformed its peer group median, benchmark (the S&P 500 Total Return Index) and Morningstar category median for the one-year and five-year periods, it outperformed its peer group median and Morningstar category median for the three-year period, although it underperformed its benchmark for that period. The Board further noted that while North Star Micro Cap had underperformed its benchmark and Morningstar category median for the ten-year and since inception periods, it equaled the performance of the peer group median. The Board next reviewed the performance of North Star Dividend noting that North Star Dividend had underperformed its benchmark (the S&P 500 Total Return Index), peer group median and Morningstar category median for the three-year, five-year, ten-year and since inception periods, but had equaled the peer group median for one-year period, although underperforming its Morningstar category and benchmark for the same period. Next, the Board reviewed the performance of the North Star Small Cap Value, noting that it had outperformed its peer group median and Morningstar category median for the one-year, three-year, five-year and since inception periods and also outperformed its benchmark (the S&P 500 Total Return Index) for the one-year and five-year periods but underperforming it for the three-year and since inception periods. Finally, the Board reviewed the performance of North Star Bond, noting that North Star Bond had outperformed its benchmark (the Bloomberg U.S. Aggregate Bond Total Return Index), but under performed its peer group median and Morningstar category median for the one-year, three-year, five-year, ten-year and since inception periods. After further discussion, the Board concluded that the performance of each of North Star Opportunity, North Star Micro Cap, North Star Dividend, North Star Small Cap Value and North Star Bond was acceptable although the Board agreed it would continue to monitor the performance of each of the North Star Funds.

Fees and Expenses. As to the costs of the services provided by North Star, the Board reviewed and discussed each of the North Star Fund's advisory fee and total operating expenses as compared to its peer group and its Morningstar category as presented in the Broadridge Report. The Board noted that the advisory fee for each of the North Star Funds was near or at the high end of its respective peer group and Morningstar category ranges. The Board further noted that, reflecting the application of advisory fee breakpoints, North Star Opportunity, North Star Dividend, North Star Micro Cap, and North Star Small Cap Value were being charged a 1.00% advisory fee by North Star, respectively, which was above the Morningstar category median and peer group median for each Fund. The Board also noted that, with respect to each of North Star Opportunity, North Star Micro Cap and North Star Dividend, the advisory fee was 1.00% with a reduction to 0.90% on assets above $100 million. With respect to North Star Bond, the Board noted that the Fund's 0.85% advisory fee was above both the peer group median and Morningstar category median.

---

| |
|:---|
| **North Star Funds** |
| **ADDITIONAL INFORMATION (Continued) (Unaudited)** |
| **November 30, 2025** |

---

The Board then reviewed the contractual arrangements for each of the North Star Funds, which stated that North Star had agreed to waive or limit its advisory fee and/or reimburse expenses at least until March 31, 2027, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed: 1.55%, 1.55%, and 1.30%, of North Star Opportunity's average

annual net assets for Class A, Class R and Class I Shares, respectively; 1.74%, 1.99% of North Star Dividend's average annual net assets for Class I and Class R shares, respectively; 1.74%, and 1.99% of North Star Micro Cap's average annual net assets for Class I and Class R shares, respectively; 1.79% of North Star Bond's average annual net assets for Class I shares; and 0.98%, and 1.21% of North Star Small Cap Value's average annual net assets for Institutional Class and Investor Class shares, respectively. The Board found such arrangements to be beneficial to shareholders. The Board concluded that based on North Star's experience, expertise and services provided to the Funds, the advisory fee charged by North Star for each of the North Star Funds, although at or near the high end of each North Star Fund's peer group, was not unreasonable.

Profitability. The Board also considered the level of profits that have accrued and could be expected to accrue to North Star with respect to each of the North Star Funds based on profitability reports and profitability analyses provided by North Star. The Board also reviewed the selected financial information of North Star provided by North Star. After review and discussion, the Board concluded that the profits from North Star's relationship with each of the North Star Funds were not excessive.

Economies of Scale. As to the extent to which each of the North Star Funds would realize economies of scale as it grew, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed the current size of each of the North Star Funds, noting the existing advisory fee reduction when assets of North Star Opportunity, North Star Dividend, North Star Micro Cap reach $100 million. The Board further considered North Star's expectations for growth, and concluded that additional material economies of scale would likely not be achieved in the near term.

Conclusion. Trust counsel and Independent Trustee counsel again assisted the Board throughout the agreement review and renewal process. The Board relied upon the advice of counsel, and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from North Star as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees, determined that, with respect to each of North Star Opportunity, North Star Micro Cap, North Star Dividend, North Star Small Cap Value and North Star Bond separately, that (a) the terms of the Advisory Agreement are reasonable; (b) the advisory fee is not unreasonable; and (c) the Advisory Agreement is in the best interests of the applicable Fund and its shareholders. In considering the renewal of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the renewal of the Advisory Agreement is in the best interests of each of North Star Opportunity, North Star Micro Cap, North Star Dividend, North Star Small Cap Value and North Star Bond and their respective shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

**Proxy Voting Policy**

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

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers](nlftiicoe.htm).

(a)(2) Not applicable

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

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

(a)(4) Not applicable

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

Attached hereto. [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

Northern Lights Fund Trust II

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 2/6/26 | Date: 2/6/26 |

---

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

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date:2/6/26 | Date:2/6/26 |

---

---

| | |
|:---|:---|
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 2/6/26 | Date: 2/6/26 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 2/6/26 | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 2/6/26 | /s/ Erik Naviloff |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 2/6/26 | Date: | 2/6/26 |

---

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

## Ex-99.Code

**<u>Northern Lights Fund Trust II</u>**

 **CODE OF ETHICS**

May 17, 2011

Northern Lights Fund Trust II (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of the Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by the Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trust"** means Northern Lights Fund Trust II.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

<br>