FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

North Star Bond Fund

Class I (NSBDX )

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about North Star Bond Fund for the period of December 1, 2025 to May 31, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$74	1.48%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$36,427,244
Number of Portfolio Holdings	36
Advisory Fee	$152,282
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Convertible Bonds	1.3%
Corporate Bonds	82.7%
Money Market Funds	2.8%
Preferred Stocks	13.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.7%
Money Market Funds	2.7%
Energy	4.2%
Industrials	5.1%
Consumer Staples	6.5%
Health Care	6.8%
Real Estate	8.1%
Financials	18.1%
Consumer Discretionary	46.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Oceaneering International, Inc., 6.000%, 02/01/28	4.2%
Scotts Miracle-Gro Company (The), 5.250%, 12/15/26	4.1%
Under Armour, Inc., 3.250%, 06/15/26	4.1%
Beazer Homes USA, Inc., 5.875%, 10/15/27	4.1%
Wintrust Financial Corporation, 4.850%, 06/06/29	4.1%
Elanco Animal Health, Inc., 6.400%, 08/28/28	4.0%
Churchill Downs, Inc., 4.750%, 01/15/28	3.9%
Vail Resorts, Inc., 5.625%, 07/15/30	3.9%
EPR Properties, 4.950%, 04/15/28	3.8%
ACCO Brands Corporation, 4.250%, 03/15/29	3.8%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

North Star Bond Fund - Class I (NSBDX )

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-NSBDX

North Star Dividend Fund

Class I (NSDVX )

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about North Star Dividend Fund for the period of December 1, 2025 to May 31, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$75	1.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$97,567,128
Number of Portfolio Holdings	61
Advisory Fee	$454,578
Portfolio Turnover	20%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	95.2%
Money Market Funds	3.9%
Preferred Stocks	0.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Communications	1.0%
Technology	1.5%
Money Market Funds	3.9%
Industrials	4.9%
Consumer Staples	5.9%
Materials	6.3%
Energy	6.4%
Real Estate	8.2%
Utilities	18.5%
Financials	19.5%
Consumer Discretionary	23.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Postal Realty Trust, Inc., Class A	4.0%
First American Treasury Obligations Fund, Class X	3.9%
Oil-Dri Corporation of America	3.6%
Select Water Solutions, Inc., Class A	3.5%
Sprott, Inc.	3.3%
Escalade, Inc.	2.7%
Northwestern Energy Group, Inc.	2.8%
Bar Harbor Bankshares	2.7%
Westwood Holdings Group, Inc.	2.5%
GATX Corporation	2.4%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

North Star Dividend Fund - Class I (NSDVX )

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-NSDVX

North Star Micro Cap Fund

Class I (NSMVX )

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about North Star Micro Cap Fund for the period of December 1, 2025 to May 31, 2026. 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. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$65	1.23%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$184,133,888
Number of Portfolio Holdings	105
Advisory Fee	$711,222
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.1%
Money Market Funds	1.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Communications	1.1%
Utilities	1.3%
Money Market Funds	1.9%
Health Care	2.3%
Energy	2.4%
Consumer Staples	3.0%
Real Estate	3.9%
Financials	8.3%
Technology	8.4%
Materials	8.8%
Industrials	28.5%
Consumer Discretionary	30.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Lincoln Educational Services Corporation	2.8%
Lindblad Expeditions Holdings, Inc.	2.4%
Green Brick Partners, Inc.	2.4%
Blue Bird Corporation	2.2%
QEP Company, Inc.	2.2%
Escalade, Inc.	2.2%
Barrett Business Services, Inc.	2.1%
Liquidity Services, Inc.	2.1%
Postal Realty Trust, Inc., Class A	2.0%
United States Lime & Minerals, Inc.	1.9%

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by March 31, 2027 at https://nsinvest.com/mutual-funds/micro-cap-fund/ or upon request at 1-855-580-0900.

North Star Micro Cap Fund - Class I (NSMVX )

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-NSMVX

North Star Opportunity Fund

Class A (NSOPX )

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about North Star Opportunity Fund for the period of December 1, 2025 to May 31, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$82	1.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$148,081,103
Number of Portfolio Holdings	69
Advisory Fee (net of waivers)	$635,808
Portfolio Turnover	22%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	71.2%
Convertible Bonds	1.6%
Corporate Bonds	17.5%
Money Market Funds	1.3%
Preferred Stocks	5.0%
U.S. Government & Agencies	3.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Materials	0.9%
Money Market Funds	1.3%
Consumer Staples	3.2%
U.S. Treasury Obligations	3.3%
Communications	4.0%
Health Care	5.3%
Energy	5.8%
Industrials	5.9%
Real Estate	7.5%
Financials	17.7%
Technology	20.7%
Consumer Discretionary	24.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Advanced Micro Devices, Inc.	4.9%
QUALCOMM, Inc.	4.1%
Alphabet, Inc., Class A	4.0%
Amazon.com, Inc.	3.7%
Apple, Inc.	3.6%
Bank of America Corporation	3.2%
Madison Square Garden Entertainment Corporation	3.1%
JPMorgan Chase & Company	3.0%
Blackstone, Inc.	3.0%
Sphere Entertainment Company	2.9%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

North Star Opportunity Fund - Class A (NSOPX )

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-NSOPX

North Star Opportunity Fund

Class I (NSOIX )

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$69	1.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$148,081,103
Number of Portfolio Holdings	69
Advisory Fee (net of waivers)	$635,808
Portfolio Turnover	22%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	71.2%
Convertible Bonds	1.6%
Corporate Bonds	17.5%
Money Market Funds	1.3%
Preferred Stocks	5.0%
U.S. Government & Agencies	3.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.2%
Materials	0.9%
Money Market Funds	1.3%
Consumer Staples	3.2%
U.S. Treasury Obligations	3.3%
Communications	4.0%
Health Care	5.3%
Energy	5.8%
Industrials	5.9%
Real Estate	7.5%
Financials	17.7%
Technology	20.7%
Consumer Discretionary	24.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Advanced Micro Devices, Inc.	4.9%
QUALCOMM, Inc.	4.1%
Alphabet, Inc., Class A	4.0%
Amazon.com, Inc.	3.7%
Apple, Inc.	3.6%
Bank of America Corporation	3.2%
Madison Square Garden Entertainment Corporation	3.1%
JPMorgan Chase & Company	3.0%
Blackstone, Inc.	3.0%
Sphere Entertainment Company	2.9%

Material Fund Changes

No material changes occurred during the period ended May 31, 2026.

North Star Opportunity Fund - Class I (NSOIX )

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-NSOIX

North Star Small Cap Value Fund

Institutional Class (WFICX)

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about North Star Small Cap Value Fund for the period of December 1, 2025 to May 31, 2026. 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. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$63	1.14%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$33,970,675
Number of Portfolio Holdings	50
Advisory Fee (net of waivers)	$74,904
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.6%
Money Market Funds	7.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.4%
Utilities	1.0%
Materials	1.7%
Energy	2.2%
Communications	2.7%
Consumer Staples	4.3%
Real Estate	6.0%
Money Market Funds	7.5%
Technology	12.5%
Financials	16.1%
Consumer Discretionary	18.5%
Industrials	28.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	7.5%
Postal Realty Trust, Inc., Class A	3.7%
Allient, Inc.	3.7%
Comfort Systems USA, Inc.	3.6%
Blue Bird Corporation	3.6%
AZZ, Inc.	3.6%
Sphere Entertainment Company	3.5%
WisdomTree, Inc.	3.4%
V2X, Inc.	3.2%
Sprott, Inc.	3.2%

Material Fund Changes

This is a summary of certain changes to the Fund since December 1, 2025. For more complete information, you may review the Fund’s prospectus dated March 30, 2026, which is available at https://nsinvest.com/mutual-funds/small-cap-value-fund/ or upon request at 1-855-580-0900.

Effective April 1, 2026, the Fund increased its operating expense limitation from 0.98% to 1.51% of the average daily net assets for the Institutional Class and from 1.21% to 1.76% of the average daily net assets for the Investor Class.

Effective April 1, 2026, the Fund's annual Advisory fee rate was updated from 1.00% of the average daily net assets to 1.00% on the first $100 million in net assets and 0.90% thereafter.

North Star Small Cap Value Fund - Institutional Class (WFICX)

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-WFICX

North Star Small Cap Value Fund

Investor Class (WSCVX)

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$78	1.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$33,970,675
Number of Portfolio Holdings	50
Advisory Fee (net of waivers)	$74,904
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.6%
Money Market Funds	7.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.4%
Utilities	1.0%
Materials	1.7%
Energy	2.2%
Communications	2.7%
Consumer Staples	4.3%
Real Estate	6.0%
Money Market Funds	7.5%
Technology	12.5%
Financials	16.1%
Consumer Discretionary	18.5%
Industrials	28.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
First American Treasury Obligations Fund, Class X	7.5%
Postal Realty Trust, Inc., Class A	3.7%
Allient, Inc.	3.7%
Comfort Systems USA, Inc.	3.6%
Blue Bird Corporation	3.6%
AZZ, Inc.	3.6%
Sphere Entertainment Company	3.5%
WisdomTree, Inc.	3.4%
V2X, Inc.	3.2%
Sprott, Inc.	3.2%

Material Fund Changes

Effective April 1, 2026, the Fund's annual Advisory fee rate was updated from 1.00% of the average daily net assets to 1.00% on the first $100 million in net assets and 0.90% thereafter.

North Star Small Cap Value Fund - Investor Class (WSCVX)

Semi-Annual Shareholder Report - May 31, 2026

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-SAR 053126-WSCVX

Item 5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies.

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.

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.

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 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.

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.

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,” including Accounting Standards Update (“ASU”) 2013-08.

Segment Reporting – An operating segment is defined 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 the portfolio manager and chief financial officer of the Trust. The Funds operate as a single operating segment. The Funds’ 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 the Funds, using the information presented in the financial statements and financial highlights.

Accounting Pronouncement – The Funds adopted the FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.

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.

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 May 31, 2026 for the Funds’ investments measured at fair value:

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.

In accordance with their investment objectives, the Funds may have increased or decreased exposure to one or more of the following risk factors defined below:

Convertible and Preferred Securities Risk. Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities are subject to credit risk and prepayment risk. Credit risk is the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Prepayment risk is the risk that, in a declining interest rate environment, securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers’ common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of the Fund’s investment. The rights of preferred stocks on the distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities. Preferred stock may also be subject to prepayment risk, which is discussed above.

Credit Risk. An issue or guarantor of a debt securities may fail to make timely payment of interest or principal or otherwise honor its obligations. Changes in an issuer’s financial strength or in a security’s credit rating may affect a security’s value.

Equity Securities Risk. The Funds invests in common stock which subjects the Funds and its shareholders to the risks associated with common stock investing. Overall stock market risks may affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds’ investments goes down, your investment in the Fund decreases in value and you could lose money.

Fixed Income Securities Risk. Investment in fixed income securities which are subject to the risk that securities could lose value because of interest rate changes. Fixed income securities with longer maturities are subject to greater price shifts as

a result of interest rate changes than fixed income securities with shorter maturities. Fixed income securities are also subject to prepayment and credit risks.

Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.

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 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:

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.

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:

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 North Star Micro Cap Fund’s average net assets for Class I shares, 1.74% of the North Star Dividend Fund’s average net assets for Class I shares, 1.79% of the North Star Bond Fund’s average net assets for Class I shares, 1.55% and 1.30% of the North Star Opportunity Fund’s average net assets, for Class A and Class I shares, respectively, and 1.51% and 1.76% of the North Star Small Cap Fund’s average net assets for Institutional Class shares and Investor Class shares, respectively, in each case through March 31, 2027 subject thereafter to annual re-approval of the agreement by the Board of Trustees. Prior to April 1, 2026, the North Star Small Cap Fund’s operating expense limitation was 0.98% and 1.21% for Institutional Class shares and Investor Class shares, respectively, through March 31, 2026. For the six months ended May 31, 2026, the Adviser waived fees in the amount of $30,496 for the North Star Opportunity Fund and $84,044 for the North Star 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:

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 (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 six months ended May 31, 2026, the North Star Opportunity Fund Class A shares incurred $12,128 in distribution fees and the North Star Small Cap Value Investor Class shares incurred $36,495 in distribution fees.

The Distributor acts as the Funds’ principal underwriter in a continuous offering of each Fund’s shares. For the six months ended May 31, 2026, the Distributor received $252 in underwriting commissions, of which $22 was retained by the principal underwriter for sales of the North Star Opportunity Fund’s Class A shares.

During the six months ended May 31, 2026, 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 six months ended May 31, 2026, NewEdge Group received trade commissions as follows:

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.

The cost of purchases and proceeds from the sale of securities, other than short-term securities and U.S. Government securities, for the six months ended May 31, 2026 were as follows:

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 May 31, 2026, NFS LLC held approximately 75.6% of the voting securities of the North Star Opportunity Fund, 53.0% of the North Star Micro Cap Fund, 78.4% of the North Star Dividend Fund, 79.7% of the North Star Bond Fund and 56.3% of the North Star Small Cap Value Fund. As of May 31, 2026, Charles Schwab held approximately 28.0% 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.

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 six months ended May 31, 2026, the North Star Opportunity Fund had $1 and $24 in redemption fees for Class A and Class I, respectively. The North Star Micro Cap Fund had $9,565 in redemption fees, the North Star Dividend Fund had $0 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.

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 May 31, 2026, are noted in the Fund’s Schedule of Investments.

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

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 May 31, 2026, were as follows:

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

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

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.

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:

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:

On February 27, 2026, the North Star Micro Cap Fund acquired the assets and certain liabilities of the Perritt MicroCap Opportunities Fund (the “Acquired Fund”), pursuant to a plan of reorganization, approved by the Board of Trustees of the Trust, of both the Acquired Fund and the North Star Micro Cap Fund. Total shares issued by the North Star Micro Cap Fund and the total net assets of the Acquired Fund and the North Star Micro Cap Fund on the date of the transfer were as follows:

As part of the reorganization, for each share they held, shareholders of the Acquired Fund received 0.6140 of the Class I Shares of the North Star Micro Cap Fund.

The total net assets of the Acquired Fund before acquisition included unrealized appreciation of $27,853,549. Total net assets of the North Star Micro Cap Fund immediately after the transfer were $181,832,001. The transaction was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended. Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the North Star Micro Cap Fund’s accompanying Statement of Operations since the close of business on February 27, 2026.

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.

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

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.

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

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

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

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

(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.

(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)):

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

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.

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.

225 Pictoria Drive, Suite 450 Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)






	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)

	Semi-Annual Financial Statements and Additional Information
	May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 71.1%
		AEROSPACE & DEFENSE - 2.1%
	130,000	Redwire Corporation^(a)	$	3,194,100

		ASSET MANAGEMENT - 5.0%
	38,000	Blackstone, Inc.		4,444,860
	31,500	KKR & Company, Inc.		3,022,110
				7,466,970
		BANKING - 6.2%
	92,500	Bank of America Corporation		4,773,000
	15,000	JPMorgan Chase & Company		4,489,650
				9,262,650
		BIOTECH & PHARMA - 3.5%
	17,000	AbbVie, Inc.		3,701,240
	19,000	Zoetis, Inc.		1,476,110
				5,177,350
		E-COMMERCE DISCRETIONARY - 3.7%
	20,000	Amazon.com, Inc.^(a)		5,412,800

		ELECTRICAL EQUIPMENT - 1.9%
	295,000	Orion Energy Systems, Inc.^(a)(b)		2,802,500

		ENTERTAINMENT CONTENT - 2.9%
	30,777	Sphere Entertainment Company^(a)		4,261,999

		INDUSTRIAL REIT - 2.4%
	25,000	Innovative Industrial Properties, Inc.		1,449,750
	40,000	LXP Industrial Trust		2,065,600
				3,515,350
		INTERNET MEDIA & SERVICES - 4.0%
	15,500	Alphabet, Inc., Class A		5,895,270

		LEISURE FACILITIES & SERVICES - 4.1%
	66,000	Madison Square Garden Entertainment Corporation^(a)		4,654,980
	11,000	Vail Resorts, Inc.		1,469,600
				6,124,580

Shares			Fair Value
		COMMON STOCKS — 71.1% (Continued)
		MULTI ASSET CLASS REITS - 0.8%
	120,000	Global Net Lease, Inc.	$	1,124,400

		OIL & GAS PRODUCERS - 5.8%
	140,000	Energy Transfer, L.P.		2,683,800
	16,000	Exxon Mobil Corporation		2,324,160
	115,000	Kinder Morgan, Inc.		3,574,200
				8,582,160
		RETAIL - CONSUMER STAPLES - 1.1%
	13,000	Target Corporation		1,651,910

		RETAIL - DISCRETIONARY - 2.0%
	17,500	Boot Barn Holdings, Inc.^(a)		2,972,725

		RETAIL REIT - 1.3%
	31,000	Realty Income Corporation		1,899,680

		SEMICONDUCTORS - 9.7%
	14,000	Advanced Micro Devices, Inc.^(a)		7,225,399
	5,000	NVIDIA Corporation		1,055,700
	24,000	QUALCOMM, Inc.		6,024,480
				14,305,579
		SOFTWARE - 1.8%
	4,700	Intuit, Inc.		1,558,191
	6,000	Salesforce, Inc.		1,146,600
				2,704,791
		SPECIALTY REIT - 1.8%
	50,000	EPR Properties		2,852,500

		TECHNOLOGY HARDWARE - 6.3%
	17,300	Apple, Inc.		5,398,638
	32,000	Cisco Systems, Inc.		3,853,440
				9,252,078

Shares			Fair Value
		COMMON STOCKS — 71.1% (Continued)
		TECHNOLOGY SERVICES - 1.9%
	29,000	Paychex, Inc.	$	2,812,420

		TOBACCO & CANNABIS - 1.0%
	175,000	Green Thumb Industries, Inc.^(a)		1,412,250

		WHOLESALE - DISCRETIONARY - 1.8%
	62,800	Acme United Corporation		2,650,160

		TOTAL COMMON STOCKS (Cost $42,336,963)		105,334,222

		PREFERRED STOCKS — 5.0%
		ASSET MANAGEMENT — 0.5%
	34,000	Compass Diversified Holdings - Series B, 7.8750%		760,920

		BANKING — 1.8%
	31,000	Bank of Hawaii Corporation, 8.0000%		816,230
	32,000	First Busey Corporation, 8.2500%		818,240
	35,000	Wintrust Financial Corporation, 7.8750%		917,700
				2,552,170
		COMMERCIAL SUPPORT SERVICES — 0.5%
	80,000	Star Equity Holdings, Inc., 10.0000%		788,800

		REAL ESTATE INVESTMENT TRUSTS — 1.2%
	33,000	EPR Properties - Series C, 5.7500%		841,830
	19,000	Lexington Realty Trust - Series C, 6.5000%		869,630
				1,711,460
		SOFTWARE — 1.0%
	15,500	Strategy, Inc. - Series A, 10.500%		1,534,345

		TOTAL PREFERRED STOCKS (Cost $7,163,250)		7,347,695

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 1.6%
		ASSET MANAGEMENT — 0.9%
	1,000,000	WisdomTree, Inc.(c)	4.6250	08/15/30	$	1,257,500

		LEISURE PRODUCTS — 0.7%
	1,133,000	Winnebago Industries, Inc.	3.2500	01/15/30		1,041,794

		TOTAL CONVERTIBLE BONDS (Cost $2,120,892)				2,299,294

		CORPORATE BONDS — 17.5%
		AEROSPACE & DEFENSE — 0.4%
	650,000	TransDigm, Inc.	4.6250	01/15/29		641,419

		ASSET MANAGEMENT — 0.8%
	1,200,000	Blue Owl Capital Corporation	5.9500	03/15/29		1,200,457

		BANKING — 0.8%
	1,250,000	Wintrust Financial Corporation	4.8500	06/06/29		1,229,060

		BIOTECH & PHARMA — 0.8%
	1,200,000	Elanco Animal Health, Inc.	6.4000	08/28/28		1,234,738

		CONSUMER SERVICES — 0.9%
	1,400,000	Carriage Services, Inc.	4.2500	05/15/29		1,340,359

		ENGINEERING & CONSTRUCTION — 0.9%
	1,250,000	Brundage-Bone Concrete Pumping Holdings, Inc.^(c)	7.5000	02/01/32		1,288,704

		HOME & OFFICE PRODUCTS — 2.3%
	1,500,000	ACCO Brands Corporation^(c)	4.2500	03/15/29		1,381,680
	800,000	Scotts Miracle-Gro Company (The)	5.2500	12/15/26		799,587
	1,300,000	Steelcase, Inc.	5.1250	01/18/29		1,274,253
						3,455,520

Shares
		SHORT-TERM INVESTMENT — 1.3%
		MONEY MARKET FUND - 1.3%
	1,919,243	First American Treasury Obligations Fund, Class X, 3.54%^(e) (Cost $1,919,243)		1,919,243

		TOTAL INVESTMENTS - 99.8% (Cost $84,714,287)	$	147,796,426
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		284,677
		NET ASSETS - 100.0%	$	148,081,103

LLC	- Limited Liability Company

L.P.	- Limited Partnership

REIT	- Real Estate Investment Trust

Shares			Fair Value
		COMMON STOCKS — 98.1%
		AEROSPACE & DEFENSE - 2.0%
	50,000	Coda Octopus Group, Inc.^(a)	$	627,000
	20,300	Ducommun, Inc.^(a)		3,090,066
				3,717,066
		APPAREL & TEXTILE PRODUCTS - 5.2%
	69,000	Movado Group, Inc.		2,641,320
	85,000	Rocky Brands, Inc.		3,286,100
	279,000	Superior Group of Companies, Inc.		3,568,409
				9,495,829
		ASSET MANAGEMENT - 3.4%
	52,000	Compass Diversified Holdings		590,200
	168,000	GCM Grosvenor, Inc., Class A		1,785,840
	110,000	Silvercrest Asset Management Group, Inc., Class A		1,246,300
	395,000	US Global Investors, Inc., Class A		1,042,800
	102,000	Westwood Holdings Group, Inc.		1,678,920
				6,344,060
		AUTOMOTIVE - 1.6%
	59,731	Miller Industries, Inc.		2,861,712

		BANKING - 2.7%
	50,500	Bar Harbor Bankshares		1,764,470
	50,000	First Busey Corporation		1,368,500
	57,000	Flushing Financial Corporation		910,290
	22,000	Virginia National Bankshares Corporation		954,580
				4,997,840
		BEVERAGES - 0.0%^(b)
	278,942	Truett-Hurst, Inc.^(a)(c)(d)(e)		—

		CHEMICALS - 1.0%
	90,000	Flexible Solutions International, Inc.^(a)		598,500
	148,000	Northern Technologies International Corporation		1,184,000
				1,782,500
		COMMERCIAL SUPPORT SERVICES - 6.3%
	120,000	Barrett Business Services, Inc.		3,904,801
	135,000	DLH Holdings Corporation^(a)		757,350

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		COMMERCIAL SUPPORT SERVICES - 6.3% (Continued)
	98,000	Hackett Group, Inc. (The)	$	1,129,940
	168,000	Healthcare Services Group, Inc.^(a)		3,460,800
	123,883	Information Services Group, Inc.		558,712
	116,132	Perma-Fix Environmental Services, Inc.^(a)		1,140,416
	55,000	Star Equity Holdings, Inc.^(a)		642,950
				11,594,969
		CONSTRUCTION MATERIALS - 4.1%
	19,000	Apogee Enterprises, Inc.		729,790
	124,000	Concrete Pumping Holdings, Inc.^(a)		969,680
	20,000	NWPX Infrastructure, Inc.^(a)		2,359,200
	31,500	United States Lime & Minerals, Inc.		3,590,685
				7,649,355
		CONSUMER SERVICES - 4.0%
	40,000	Carriage Services, Inc.		1,647,600
	110,000	Lincoln Educational Services Corporation^(a)		5,095,200
	15,000	Universal Technical Institute, Inc.^(a)		561,150
				7,303,950
		CONTAINERS & PACKAGING - 0.9%
	61,000	Karat Packaging, Inc.		1,654,320

		E-COMMERCE DISCRETIONARY - 2.3%
	65,000	CarParts.com, Inc.^(a)		360,100
	107,000	Liquidity Services, Inc.^(a)		3,874,470
				4,234,570
		ELECTRICAL EQUIPMENT - 4.6%
	39,000	Allient, Inc.		3,087,240
	12,000	Bel Fuse, Inc., Class B		3,294,240
	89,000	LSI Industries, Inc.		2,156,470
				8,537,950
		ENGINEERING & CONSTRUCTION - 1.1%
	32,000	Bowman Consulting Group Ltd.^(a)		1,008,960
	70,000	Orion Group Holdings, Inc.^(a)		963,200
				1,972,160

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.9%
		MONEY MARKET FUND - 1.9%
	3,442,139	First American Treasury Obligations Fund, Class X, 3.54%^(f) (Cost $3,442,139)	$	3,442,139

		TOTAL INVESTMENTS - 100.0% (Cost $102,377,170)	$	184,222,586
		LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%^(b)		(88,698	)
		NET ASSETS - 100.0%	$	184,133,888

A.G.	- Aktiengesellschaft

Ltd.	- Limited Company

REIT	- Real Estate Investment Trust

Shares			Fair Value
		COMMON STOCKS — 95.0%
		APPAREL & TEXTILE PRODUCTS - 9.0%
	60,000	Movado Group, Inc.	$	2,296,800
	56,000	Rocky Brands, Inc.		2,164,960
	181,000	Superior Group of Companies, Inc.		2,314,990
	59,000	Weyco Group, Inc.		2,082,110
				8,858,860
		ASSET MANAGEMENT - 7.8%
	88,000	GCM Grosvenor, Inc.		935,440
	70,000	Newtek Business Services Corporation		971,600
	24,300	Sprott, Inc.		3,183,543
	151,000	Westwood Holdings Group, Inc.		2,485,460
				7,576,043
		AUTOMOTIVE - 1.3%
	33,000	Standard Motor Products, Inc.		1,293,270

		BANKING - 7.3%
	15,850	Bank of Hawaii Corporation		1,214,110
	76,500	Bar Harbor Bankshares		2,672,910
	22,000	National Bank Holdings Corporation, Class A		920,260
	19,000	Virginia National Bankshares Corporation		824,410
	10,000	Wintrust Financial Corporation		1,502,300
				7,133,990
		CHEMICALS - 4.6%
	46,000	Oil-Dri Corporation of America		3,526,360
	18,500	Stepan Company		977,725
				4,504,085
		COMMERCIAL SUPPORT SERVICES - 2.9%
	23,200	ABM Industries, Inc.		906,192
	48,000	Ennis, Inc.		982,080
	200,000	Resources Connection, Inc.		904,000
				2,792,272
		CONSTRUCTION MATERIALS - 0.7%
	18,100	Apogee Enterprises, Inc.		695,221

Shares			Fair Value
		COMMON STOCKS — 95.0% (Continued)
		CONTAINERS & PACKAGING - 1.0%
	36,000	Karat Packaging, Inc.	$	976,320

		ELECTRIC UTILITIES - 7.5%
	46,000	Avista Corporation		1,907,620
	38,000	Northwestern Energy Group, Inc.		2,683,180
	11,600	Otter Tail Corporation		1,005,256
	33,500	Unitil Corporation		1,676,005
				7,272,061
		ELECTRICAL EQUIPMENT - 1.1%
	45,000	LSI Industries, Inc.		1,090,350

		FOOD - 0.9%
	11,700	J & J Snack Foods Corporation		890,604

		GAS & WATER UTILITIES - 11.0%
	59,000	Artesian Resources Corporation, Class A		1,918,680
	170,000	Global Water Resources, Inc.		1,239,300
	39,000	H2O America		2,255,370
	48,000	Northwest Natural Holding Company		2,327,520
	90,000	RGC Resources, Inc.		2,074,500
	31,500	York Water Company (The)		941,850
				10,757,220
		HOME & OFFICE PRODUCTS - 4.5%
	246,000	ACCO Brands Corporation		974,160
	36,000	Flexsteel Industries, Inc.		2,074,320
	64,000	Hamilton Beach Brands Holding Company, Class A		1,299,200
				4,347,680
		HOUSEHOLD PRODUCTS - 2.6%
	169,000	Crown Crafts, Inc.		485,030
	111,000	Energizer Holdings, Inc.		2,022,420
				2,507,450
		INDUSTRIAL REIT - 1.1%
	21,400	LXP Industrial Trust		1,105,096

Shares			Fair Value
		PREFERRED STOCKS — 12.9%
		ASSET MANAGEMENT — 1.0%
	16,000	Compass Diversified Holdings - Series B, 7.8750%	$	358,080

		BANKING — 4.4%
	28,000	Bank of Hawaii Corporation, 8.0000%		737,240
	28,000	First Busey Corporation, 8.2500%		715,960
	6,000	Wintrust Financial Corporation, 7.8750%		157,320
				1,610,520
		COMMERCIAL SUPPORT SERVICES — 0.9%
	35,000	Star Equity Holdings, Inc., 10.0000%		345,100

		INSTITUTIONAL FINANCIAL SERVICES — 2.3%
	1,000,000	Mellon Capital IV - Series 1, 4.5119%		850,127

		REAL ESTATE INVESTMENT TRUSTS — 4.3%
	32,000	EPR Properties - Series C, 5.7500%		816,320
	16,000	LXP Industrial Trust - Series C, 6.5000%		732,320
				1,548,640

		TOTAL PREFERRED STOCKS (Cost $4,543,534)		4,712,467

Shares
		SHORT-TERM INVESTMENT — 2.7%
		MONEY MARKET FUND - 2.7%
	991,874	First American Treasury Obligations Fund, Class X, 3.54%^(b)(Cost $991,874)		991,874

		TOTAL INVESTMENTS - 98.3% (Cost $35,736,212)	$	35,804,592
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%		622,652
		NET ASSETS - 100.0%	$	36,427,244

Shares			Fair Value
		COMMON STOCKS — 93.9%
		ASSET MANAGEMENT - 8.6%
	31,000	GCM Grosvenor, Inc.	$	329,530
	24,000	Newtek Business Services Corporation		333,120
	8,200	Sprott, Inc.		1,074,282
	61,600	WisdomTree, Inc.		1,173,480
				2,910,412
		BANKING - 7.5%
	15,500	Bar Harbor Bankshares		541,570
	3,710	City Holding Company		461,190
	12,000	NBT Bancorp, Inc.		554,880
	10,700	QCR Holdings, Inc.		986,005
				2,543,645
		COMMERCIAL SUPPORT SERVICES - 2.2%
	35,000	Hackett Group, Inc. (The)		403,550
	55,000	Legalzoom.com, Inc.^(a)		345,950
				749,500
		CONSUMER SERVICES - 2.6%
	19,000	Lincoln Educational Services Corporation^(a)		880,080

		E-COMMERCE DISCRETIONARY - 4.1%
	29,000	Liquidity Services, Inc.^(a)		1,050,090
	37,000	RealReal, Inc. (The)^(a)		356,680
				1,406,770
		ELECTRICAL EQUIPMENT - 8.8%
	15,700	Allient, Inc.		1,242,812
	44,000	LSI Industries, Inc.		1,066,120
	3,100	OSI Systems, Inc.^(a)		671,925
				2,980,857
		ENGINEERING & CONSTRUCTION - 3.6%
	675	Comfort Systems USA, Inc.		1,234,042

		ENTERTAINMENT CONTENT - 5.4%
	64,000	Reservoir Media, Inc.^(a)		660,480
	8,500	Sphere Entertainment Company^(a)		1,177,080
				1,837,560

Shares			Fair Value
		COMMON STOCKS — 93.9% (Continued)
		FOOD - 1.0%
	24,000	Mama’s Creations Inc.^(a)	$	331,200

		GAS & WATER UTILITIES - 1.0%
	5,800	H2O America		335,414

		HOME CONSTRUCTION - 3.4%
	9,500	Champion Homes, Inc.^(a)		699,485
	15,000	Interface, Inc.		444,000
				1,143,485
		HOUSEHOLD PRODUCTS - 2.3%
	11,000	Central Garden & Pet Company^(a)		423,280
	20,000	Energizer Holdings, Inc.		364,400
				787,680
		INDUSTRIAL INTERMEDIATE PROD - 3.6%
	9,000	AZZ, Inc.		1,219,590

		INDUSTRIAL SUPPORT SERVICES - 2.5%
	16,000	EVI Industries, Inc.		279,360
	3,000	VSE Corporation		555,450
				834,810
		INTERNET MEDIA & SERVICES - 0.8%
	11,500	Yelp, Inc.^(a)		262,200

		LEISURE FACILITIES & SERVICES - 1.2%
	17,000	OneSpaWorld Holdings Ltd.		403,750

		OIL & GAS PRODUCERS - 2.2%
	4,400	Gulfport Energy Corporation^(a)		741,796

		REAL ESTATE OWNERS & DEVELOPERS - 0.4%
	68,000	Mobile Infrastructure Corporation^(a)		150,280

ADR	- American Depositary Receipt

Ltd.	- Limited Company

REIT	- Real Estate Investment Trust

	North Star		North Star		North Star		North Star			North Star
	Opportunity		Micro Cap		Dividend		Bond			Small Cap
	Fund		Fund		Fund		Fund			Value Fund
Assets:
Investments in Unaffiliated Securities at Cost	$	81,383,432	$	102,377,170	$	71,256,086	$	35,736,212		$	18,857,998
Investments in Non-controlled Affiliated Securities at Cost		3,330,855		—		—		—			—
Total Securities at Cost		84,714,287		102,377,170		71,256,086		35,736,212			18,857,998
Investments in Unaffiliated Securities at Value	$	144,993,926	$	184,222,586	$	97,414,588	$	35,804,592		$	34,430,898
Investments in Non-controlled Affiliated Securities at Value		2,802,500		—		—		—			—
Total Securities at Value		147,796,426		184,222,586		97,414,588		35,804,592			34,430,898
Dividends and Interest Receivable		575,981		96,981		277,656		487,553			37,565
Receivable for Securities Sold		—		—		—		287,103			—
Receivable for Fund Shares Sold		—		106		—		—			—
Prepaid Expenses and Other Assets		28,072		27,248		19,653		16,662			24,150
Total Assets		148,400,479		184,346,921		97,711,897		36,595,910			34,492,613

Liabilities:
Payable for Securities Purchased		95,738		—		—		99,100			344,422
Payable for Fund Shares Redeemed		—		—		—		—			102,903
Investment Advisory Fees Payable		122,367		147,708		81,910		26,246			23,541
Distribution (12b-1) Fees Payable		2,672		—		—		—			6,651
Payable to Related Parties		58,272		31,037		33,932		20,416			25,996
Audit and Tax Fees Payable		10,313		9,664		10,456		9,159			8,126
Accrued Expenses and Other Liabilities		30,014		24,624		18,471		13,745			10,299
Total Liabilities		319,376		213,033		144,769		168,666			521,938

Net Assets	$	148,081,103	$	184,133,888	$	97,567,128	$	36,427,244		$	33,970,675

Composition of Net Assets:
At May 31, 2026, Net Assets consisted of:
Paid-in-Capital	$	68,917,955	$	125,603,028	$	68,985,920	$	39,950,129		$	14,180,859
Accumulated Earnings/(Losses)		79,163,148		58,530,860		28,581,208		(3,522,885	)		19,789,816
Net Assets	$	148,081,103	$	184,133,888	$	97,567,128	$	36,427,244		$	33,970,675

Net Asset Value Per Share:
Class I Shares:
Net Assets	$	138,794,251	$	184,133,888	$	97,567,128	$	36,427,244
Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized)		6,972,444		4,144,600		4,007,673		4,133,357
Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share*	$	19.91	$	44.43	$	24.35	$	8.81

Class A Shares:
Net Assets	$	9,286,852
Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized)		462,886
Net Asset Value (Net Assets/Shares Outstanding) and Redemption Price Per Share*	$	20.06
Maximum Offering Price Per Share (Maximum Sales Charge of 5.75%)	$	21.28

Institutional Class Shares:
Net Assets										$	2,283,030
Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized)											130,011
Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share										$	17.56

Investor Class Shares:
Net Assets										$	31,687,645
Shares of Beneficial Interest Outstanding ($0 par value, unlimited shares authorized)											1,804,846
Net Asset Value (Net Assets/Shares Outstanding), Offering Price and Redemption Price Per Share										$	17.56

	North Star Opportunity Fund
	For the Six Months			For the Year
	Ended			Ended
	May 31, 2026			November 30, 2025
	(Unaudited)
Operations
Net Investment Income	$	1,176,236		$	1,700,960
Net Realized Gain on Investments		15,780,639			6,474,534
Net Change in Unrealized Appreciation (Depreciation) on Investments		(1,811,234	)		1,188,485
Net Increase in Net Assets Resulting From Operations		15,145,641			9,363,979

Distributions to Shareholders:
Distributions Paid
Class I		(6,903,718	)		(5,077,673	)
Class A		(546,378	)		(429,723	)
Total Distributions Paid		(7,450,096	)		(5,507,396	)

Capital Shares of Beneficial Interest
Class I Shares:
Proceeds from Shares Sold (65,955 and 87,278 shares, respectively)		1,225,180			1,520,386
Distributions Reinvested (282,250 and 215,806 shares, respectively)		5,157,364			3,780,205
Cost of Shares Redeemed (109,956 and 497,295 shares, respectively)		(2,024,004	)		(8,571,846	)
Redemption Fee Proceeds		24			216
Total Class I Shares		4,358,564			(3,271,039	)

Class A Shares:
Proceeds from Shares Sold (588 and 1,010 shares, respectively)		10,794			18,152
Distributions Reinvested (29,492 and 24,177 shares, respectively)		542,109			426,709
Cost of Shares Redeemed (130,839 and 97,894 shares, respectively)		(2,375,827	)		(1,687,989	)
Redemption Fee Proceeds		1			1
Total Class A Shares		(1,822,923	)		(1,243,127	)

Net Increase (Decrease) in Net Assets From Shares of Beneficial Interest		2,535,641			(4,514,166	)

Total Increase (Decrease) in Net Assets		10,231,186			(657,583	)

Net Assets
Beginning of Period		137,849,917			138,507,500
End of Period	$	148,081,103		$	137,849,917

	North Star
	Micro Cap Fund
	For the Six Months			For the Year
	Ended			Ended
	May 31, 2026			November 30, 2025
	(Unaudited)
Operations
Net Investment Income	$	227,454		$	557,235
Net Realized Gain on Investments		4,460,464			3,345,867
Net Change in Unrealized Appreciation (Depreciation) on Investments		11,111,811			(11,156,141	)
Net Increase (Decrease) in Net Assets Resulting From Operations		15,799,729			(7,253,039	)

Distributions to Shareholders:
Class I Shares:
Distributions Paid		(4,002,203	)		(3,525,826	)
Total Distributions to Shareholders		(4,002,203	)		(3,525,826	)

Capital Shares of Beneficial Interest
Class I Shares:
Proceeds from Shares Sold (31,972 and 17,821 shares, respectively)		1,352,810			729,460
Proceeds from Shares Issued in Connection with the Acquistion of Perritt MicroCap Opportunities Fund (Note 10) (1,448,451 and 0 shares, respectively)		62,268,825			—
Distributions Reinvested (82,985 and 66,339 and shares, respectively)		3,267,960			2,864,513
Cost of Shares Redeemed (120,776 and 209,394 shares, respectively)		(5,118,042	)		(8,584,400	)
Redemption Fee Proceeds		9,565			262
Total Class I Shares		61,781,118			(4,990,165	)

Total Increase (Decrease) in Net Assets		73,578,644			(15,769,030	)

Net Assets
Beginning of Period		110,555,244			126,324,274
End of Period	$	184,133,888		$	110,555,244

	North Star
	Dividend Fund
	For the Six Months			For the Year
	Ended			Ended
	May 31, 2026			November 30, 2025
	(Unaudited)
Operations
Net Investment Income	$	1,232,228		$	2,230,170
Net Realized Gain on Investments and Foreign Currency Transactions		2,315,829			623,196
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		9,606,677			(8,663,951	)
Net Increase (Decrease) in Net Assets Resulting From Operations		13,154,734			(5,810,585	)

Distributions to Shareholders:
Class I Shares:
Distributions Paid		(1,556,467	)		(4,374,331	)
Total Distributions to Shareholders		(1,556,467	)		(4,374,331	)

Capital Shares of Beneficial Interest
Class I Shares:
Proceeds from Shares Sold (130,754 and 70,794 shares, respectively)		2,956,231			1,581,931
Distributions Reinvested (47,373 and 134,458 shares, respectively)		1,070,115			2,999,274
Cost of Shares Redeemed (68,152 and 322,416 shares, respectively)		(1,540,034	)		(6,975,258	)
Redemption Fee Proceeds		—			2
Total Class I Shares		2,486,312			(2,394,051	)

Total Increase (Decrease) in Net Assets		14,084,579			(12,578,967	)

Net Assets
Beginning of Period		83,482,549			96,061,516
End of Period	$	97,567,128		$	83,482,549

	North Star
	Bond Fund
	For the Six Months			For the Year
	Ended			Ended
	May 31, 2026			November 30, 2025
	(Unaudited)
Operations
Net Investment Income	$	760,151		$	1,416,087
Net Realized Gain (Loss) on Investments		36,848			(182,476	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(328,167	)		(27,436	)
Net Increase in Net Assets Resulting From Operations		468,832			1,206,175

Distributions to Shareholders:
Class I Shares:
Total Distributions Paid		(739,689	)		(1,478,976	)
Total Distributions to Shareholders		(739,689	)		(1,478,976	)

Capital Shares of Beneficial Interest
Class I Shares:
Proceeds from Shares Sold (236,206 and 358,699 shares, respectively)		2,101,068			3,195,612
Distributions Reinvested (52,854 and 106,577 shares, respectively)		467,747			946,692
Cost of Shares Redeemed (110,863 and 153,688 shares, respectively)		(983,451	)		(1,366,163	)
Total Class I Shares		1,585,364			2,776,141

Total Increase in Net Assets		1,314,507			2,503,340

Net Assets
Beginning of Period		35,112,737			32,609,397
End of Period	$	36,427,244		$	35,112,737

	North Star
	Small Cap Value Fund
	For the Six Months			For the Year
	Ended			Ended
	May 31, 2026			November 30, 2025
	(Unaudited)
Operations
Net Investment Loss	$	(30,376	)	$	(13,941	)
Net Realized Gain on Investments and Foreign Currency Transactions		4,255,536			4,129,751
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		2,174,636			(2,921,596	)
Net Increase in Net Assets Resulting From Operations		6,399,796			1,194,214

Distributions to Shareholders:
Distributions Paid
Institutional Class		(500,099	)		(551,802	)
Investor Class		(3,194,819	)		(3,754,740	)
Total Distributions Paid		(3,694,918	)		(4,306,542	)

Capital Shares of Beneficial Interest
Institutional Class Shares:
Proceeds from Shares Sold (529 and 30,481 shares, respectively)		8,344			430,591
Distributions Reinvested (33,526 and 35,348 shares, respectively)		484,460			536,229
Cost of Shares Redeemed (170,963 and 65,900 shares, respectively)		(2,519,632	)		(980,445	)
Total Institutional Class Shares		(2,026,828	)		(13,625	)

Investor Class Shares:
Proceeds from Shares Sold (96,376 and 24,185 shares, respectively)		1,538,401			370,280
Distributions Reinvested (219,413 and 245,150 shares, respectively)		3,172,718			3,728,730
Cost of Shares Redeemed (174,908 and 433,579 shares, respectively)		(2,735,265	)		(6,326,560	)
Total Investor Class Shares		1,975,854			(2,227,550	)

Net Decrease in Net Assets From Shares of Beneficial Interest		(50,974	)		(2,241,175	)

Total Increase (Decrease) in Net Assets		2,653,904			(5,353,503	)

Net Assets
Beginning of Period		31,316,771			36,670,274
End of Period	$	33,970,675		$	31,316,771

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

Fund		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

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)

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	105,334,222	$	—	$	—	$	105,334,222
Preferred Stocks		7,347,695		—		—		7,347,695
Convertible Bonds		—		2,299,294		—		2,299,294
Corporate Bonds		—		25,936,059		—		25,936,059
U.S. Government & Agencies		—		4,959,913		—		4,959,913
Short-Term Investment		1,919,243		—		—		1,919,243
Total	$	114,601,160	$	33,195,266	$	—	$	147,796,426

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

Fund	Amount		Expiring
North Star Opportunity Fund	$	64,483	2026
		51,493	2027
		85,926	2028
North Star Small Cap Value Fund		130,403	2026
		216,325	2027
		233,992	2028

Fund	Purchases		Sales
North Star Opportunity Fund	$	36,136,426	$	26,940,185
North Star Micro Cap Fund		62,784,013		25,774,561
North Star Dividend Fund		17,555,773		18,427,695
North Star Bond Fund		13,955,094		8,717,218
North Star Small Cap Value Fund		5,185,230		10,428,319

											Net Change in
	Fair Value						Dividends				Unrealized
	November 30,						Credited to		Realized		Appreciation			Fair Value		Shares
Description	2025		Purchases		Sales		Income		Gain/(Loss)		(Depreciation)			May 31, 2026		May 31, 2026
Orion Energy Systems, Inc.	$	3,491,400	$	900,875	$	—	$	—	$	—	$	(1,589,775	)	$	2,802,500		295,000

			Gross Unrealized		Gross Unrealized			Net Unrealized
Fund	Tax Cost		Appreciation		Depreciation			Appreciation
North Star Opportunity Fund	$	84,446,354	$	64,487,243	$	(1,137,171	)	$	63,350,072
North Star Micro Cap Fund		102,695,269		84,346,598		(2,819,281	)		81,527,317
North Star Dividend Fund		71,264,078		27,602,131		(1,451,621	)		26,150,510
North Star Bond Fund		35,726,745		457,124		(379,277	)		77,847
North Star Small Cap Value Fund		18,861,141		16,035,195		(465,438	)		15,569,757

	For the year ended November 30, 2025
	Ordinary		Long-Term
Fund	Income		Capital Gains		Total
North Star Opportunity Fund	$	1,662,664	$	3,844,732	$	5,507,396
North Star Micro Cap Fund		874,006		2,651,820		3,525,826
North Star Dividend Fund		2,473,754		1,900,577		4,374,331
North Star Bond Fund		1,478,976		—		1,478,976
North Star Small Cap Value Fund		—		4,306,542		4,306,542

	For the year ended November 30, 2024
	Ordinary		Long-Term
Fund	Income		Capital Gains		Total
North Star Opportunity Fund	$	1,762,325	$	2,042,662	$	3,804,987
North Star Micro Cap Fund		782,956		—		782,956
North Star Dividend Fund		2,685,840		583,044		3,268,884
North Star Bond Fund		1,355,084		—		1,355,084
North Star Small Cap Value Fund		—		—		—