We use the theory developed previously to calculate the evolving luminosity functions of very young stellar clusters. The luminosity function of the protostars alone quickly attains a characteristic, sharply peaked shape, which it maintains throughout the time of cluster formation. For the pre-main-sequence stars, the function continually changes but displays a pronounced ''step'' near a luminosity of 10 L. for a prolonged period. At most times, the vast majority of cluster members are pre-main-sequence stars. However, the total cluster luminosity is dominated first by the protostellar and later by the main-sequence component. At these late times, it is the brightest stars which reach the main sequence first. Finally, a preliminary application of our model to the rho Ophiuchi embedded cluster indicates that star formation has proceeded in that region for 1 x 10(6) yr.