# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001752724-25-174686
**Filing Date:** 2025-7
**Character Count:** 20163
**Document Hash:** c38996cc045099fd1d0f753e6b235040
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-174686.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001752724-25-174686

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251142334

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $107528827.17

**Total Liabilities:** $829870.41

**Net Assets:** $106698956.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125617 | -6.69%               | -3.46%               | 6.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $986102.37               | $-8651213.02                               |
| Month 2  | $10475.65                | $-3623908.77                               |
| Month 3  | $2136347.93              | $4250889.55                                |

### Schedule of Portfolio Investments

| Name                               | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tennant Co                         | TENNANT CO             | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     10500 | NS      | $781410.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc.              | JOHNSON OUTDOO-A       | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32101 | NS      | $872826.19    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc            | POSTAL REALTY-A        | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    163000 | NS      | $2255920.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co.  | HAMILTON -A            | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142000 | NS      | $2594340.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.            | LIQUIDITY SERVIC       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    107000 | NS      | $2500590.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathans Famous Inc                 | NATHANS FAMOUS         | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      7000 | NS      | $748860.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.          | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   9273121 | PA      | $9273120.93   | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc.                  | ROCKY BRANDS INC       | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |    105000 | NS      | $2388750.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.          | GREEN BRICK PART       | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     71000 | NS      | $4149950.00   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc.                      | ESCALADE INC           | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214000 | NS      | $3175760.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp. | LINCOLN EDUCATIO       | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |    100000 | NS      | $2380000.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                    | BLUE BIRD CORP         | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     61000 | NS      | $2360700.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc.    | NATURE'S SUNSHNE       | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72000 | NS      | $1113120.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc.            | FREIGHTCAR AMERICA INC | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |    150000 | NS      | $1186500.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Truett-Hurst Inc                   | TRUETT-HURST INC       | CUSIP: 897871109<br>LEI: 549300S4QF6KU1JNI295 | Long             | EC               | CORP              | US        |    278942 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ACCO Brands Corporation            | ACCO BRANDS CORP       | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |    208000 | NS      | $746720.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc. | US LIME & MINERA       | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     46000 | NS      | $4727880.00   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                  | SHOE CARNIVAL          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33000 | NS      | $634260.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company       | CENTRAL GARDEN-A       | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      4950 | NS      | $158251.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.              | SIMULATIONS PLUS       | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42500 | NS      | $1353412.50   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Inds                      | LAKELAND INDS          | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |    111000 | NS      | $2115660.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp.             | PROPETRO HOLDING       | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157000 | NS      | $847800.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc              | PENGUIN SOLUTION       | CUSIP: G8232Y101<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | KY        |     70000 | NS      | $1243200.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologes Inc             | HUDSON TECH            | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82914 | NS      | $592835.10    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company       | CENTRAL GARDEN         | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     19800 | NS      | $713988.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc.                    | CANTALOUPE INC         | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    236000 | NS      | $1975320.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Incorporated              | DUCOMMUN INC           | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     20300 | NS      | $1428714.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petr Cor                 | EVOLUTION PETROL       | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    435000 | NS      | $1953150.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg Corp                     | VIRCO MFG              | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120000 | NS      | $1009200.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray Inc.                       | ACCURAY INC            | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |    595000 | NS      | $910350.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.     | HEALTHCARE SERVS       | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    138000 | NS      | $1945800.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc.            | APOGEE ENTERPR         | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     19000 | NS      | $734350.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Companies Inc.   | SUPERIOR GROUP O       | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |    175000 | NS      | $1725500.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                    | ALAMO GROUP            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     16100 | NS      | $3188444.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                   | MOVADO GROUP           | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     72000 | NS      | $1166400.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.           | CECO ENVIRONMNTL       | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     44000 | NS      | $1183160.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts Inc                   | CROWN CRAFTS INC       | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144000 | NS      | $466560.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc. | LINDBLAD EXPEDIT       | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    194000 | NS      | $2037000.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                        | ALLIENT INC            | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     39000 | NS      | $1185600.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc.     | BARRETT BUS SVCS       | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |    112000 | NS      | $4628400.00   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BAR Harbour Banksh                 | BAR HARBOR BNKSH       | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50500 | NS      | $1468540.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                    | INTERFACE INC          | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    143000 | NS      | $2872870.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corporation            | FIRST BUSEY CORP       | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     50000 | NS      | $1106000.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc.       | WESTWOOD HOLDING       | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92000 | NS      | $1360680.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                   | ACME UNITED CORP       | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     81000 | NS      | $3223800.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                 | HACKETT GROUP          | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     74000 | NS      | $1814480.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc. (Tennessee) | MILLER INDS/TENN       | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     49500 | NS      | $2243835.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Build A Bear Workshop Inc          | BUILD-A-BEAR WOR       | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     74000 | NS      | $3776960.00   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                 | TURTLE BEACH COR       | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |    176000 | NS      | $2020480.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| QEP Company Inc                    | QEP COMPANY INC        | CUSIP: 74727K102<br>LEI: 5493001EVXNSLN64CH74 | Long             | EC               | CORP              | US        |     94800 | NS      | $3790104.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.        | GLOBAL WATER RES       | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $1116500.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co                         | EASTERN CO             | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |    120000 | NS      | $2684400.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc.         | ETHAN ALLEN            | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79000 | NS      | $2064270.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc             | BOOT BARN HOLDIN       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     21000 | NS      | $3366510.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer