# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-000419
**Filing Date:** 2026-1
**Character Count:** 91710
**Document Hash:** 927151d9cc8dccb9ed28599b40ca7836
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000419.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000910472-26-000419

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**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:** 26559586

**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

### PeakShares Sector Rotation ETF (Series ID: S000084644)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000249078 | PeakShares Sector Rotation ETF |  |

## Nport-Ex

Ad

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 25.1%** |  |
|  | **AEROSPACE & DEFENSE - 0.7%** |  |
| 700 | Boeing Company<sup>(a)</sup> | $132300 |
| 500 | Lockheed Martin Corporation, Class B | 228930 |
|  |  | 361230 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.3%** |  |
| 2131 | NIKE, Inc., Class B | 137727 |
| 12143 | On Holding A.G.<sup>(a)</sup> | 534171 |
|  |  | 671898 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 6064 | General Motors Company<sup>(d),(e)</sup> | 445825 |
| 446 | Tesla, Inc.<sup>(a),(d),(e)</sup> | 191856 |
|  |  | 637681 |
|  | **BANKING - 1.7%** |  |
| 5038 | Bank of America Corporation<sup>(d),(e)</sup> | 270289 |
| 3300 | Citigroup, Inc.<sup>(d),(e)</sup> | 341880 |
| 400 | JPMorgan Chase & Company<sup>(d),(e)</sup> | 125232 |
| 3806 | US Bancorp<sup>(d),(e)</sup> | 186684 |
|  |  | 924085 |
|  | **BEVERAGES - 0.3%** |  |
| 2402 | Coca-Cola Company<sup>(d),(e)</sup> | 175634 |
|  | **BIOTECH & PHARMA - 1.9%** |  |
| 2645 | Merck & Company, Inc.<sup>(d),(e)</sup> | 277275 |
| 4642 | Novo Nordisk A/S - ADR | 229083 |
| 12307 | Pfizer, Inc.<sup>(d),(e)</sup> | 316782 |
| 1401 | Zoetis, Inc. | 179580 |
|  |  | 1002720 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 2319 | Sirius XM Holdings, Inc. | 49302 |
|  | **E-COMMERCE DISCRETIONARY - 0.9%** |  |
| 1500 | Alibaba Group Holding Ltd. - ADR<sup>(d),(e)</sup> | 235950 |
| 935 | Amazon.com, Inc.<sup>(a),(d),(e)</sup> | 218061 |
|  |  | 454011 |

---

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 25.1% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 0.0%<sup>(b)</sup>** |  |
| 65 | Electronic Arts, Inc. | $13132 |
|  | **FOOD - 0.3%** |  |
| 7174 | Kraft Heinz Company | 183009 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.6%** |  |
| 500 | CVS Health Corporation<sup>(d),(e)</sup> | 40180 |
| 1639 | Tenet Healthcare Corporation<sup>(a),(d),(e)</sup> | 355401 |
| 1299 | UnitedHealth Group, Inc. | 428371 |
|  |  | 823952 |
|  | **INTERNET MEDIA & SERVICES - 2.5%** |  |
| 1773 | Alphabet, Inc., Class C<sup>(d),(e)</sup> | 567573 |
| 1000 | Meta Platforms, Inc., Class A<sup>(d),(e)</sup> | 647950 |
| 1000 | Netflix, Inc.<sup>(a),(d),(e)</sup> | 107580 |
|  |  | 1323103 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 542 | Domino's Pizza, Inc.<sup>(d),(e)</sup> | 227439 |
| 735 | McDonald's Corporation<sup>(d),(e)</sup> | 229188 |
|  |  | 456627 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.4%** |  |
| 1860 | Abbott Laboratories | 239754 |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 1577 | Chevron Corporation | 238332 |
| 500 | Exxon Mobil Corporation | 57960 |
| 4332 | Occidental Petroleum Corporation | 181944 |
|  |  | 478236 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.4%** |  |
| 5597 | SLB Ltd. | 202835 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 1438 | Target Corporation | 130311 |
| 200 | Walmart, Inc <sup>(d),(e)</sup> | 22102 |
|  |  | 152413 |

---

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 25.1% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 600 | Lululemon Athletica, Inc.<sup>(a)</sup> | $110508 |
| 261 | Ulta Beauty, Inc.<sup>(a),(d),(e)</sup> | 140635 |
|  |  | 251143 |
|  | **SEMICONDUCTORS - 3.9%** |  |
| 3000 | Advanced Micro Devices, Inc.<sup>(a), (d),(e)</sup> | 652590 |
| 4500 | Intel Corporation<sup>(a),(d),(e)</sup> | 182520 |
| 2600 | Micron Technology, Inc <sup>(d),(e)</sup> | 614848 |
| 3300 | NVIDIA Corporation<sup>(d),(e)</sup> | 584100 |
|  |  | 2034058 |
|  | **SOFTWARE - 3.1%** |  |
| 1006 | Adobe, Inc.<sup>(a)</sup> | 322051 |
| 904 | Fortinet, Inc.<sup>(a)</sup> | 73342 |
| 8402 | Gen Digital, Inc.<sup>(d),(e)</sup> | 221561 |
| 749 | Microsoft Corporation<sup>(d),(e)</sup> | 368515 |
| 500 | Oracle Corporation | 100975 |
| 1300 | Palantir Technologies, Inc., Class A<sup>(a),(d),(e)</sup> | 218985 |
| 1456 | Salesforce, Inc.<sup>(d),(e)</sup> | 335666 |
|  |  | 1641095 |
|  | **TECHNOLOGY HARDWARE - 0.5%** |  |
| 1000 | Apple, Inc.<sup>(d),(e)</sup> | 278850 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 5872 | AT&T, Inc.<sup>(d),(e)</sup> | 152789 |
| 4098 | Verizon Communications, Inc. | 168469 |
|  |  | 321258 |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 2815 | Delta Air Lines, Inc. <sup>(d),(e)</sup> | 180442 |
| 1018 | United Airlines Holdings, Inc.<sup>(a),(e)</sup> | 103795 |
| 3117 | United Parcel Service, Inc., Class B | 298577 |
|  |  | 582814 |
|  | **TOTAL COMMON STOCKS (Cost $11,357,263)** | 13258840 |

---

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 77.7%** |  |
|  | **EQUITY - 73.1%** |  |
| 1138 | SPDR S&P 500 ETF<sup>(d),(e)</sup> | $777698 |
| 28886 | State Street Communication Services Select Sector ETF<sup>(d)(e)</sup> | 3333156 |
| 9247 | State Street Consumer Discretionary Select Sector ETF<sup>(d),(e)</sup> | 2186546 |
| 35232 | State Street Consumer Staples Select Sector SPDR ETF<sup>(d),(e)</sup> | 2796364 |
| 13906 | State Street Energy Select Sector SPDR ETF<sup>(d),(e)</sup> | 1257798 |
| 98104 | State Street Financial Select Sector SPDR ETF<sup>(d),(e)</sup> | 5231886 |
| 26171 | State Street Health Care Select Sector SPDR ETF<sup>(d),(e)</sup> | 4125858 |
| 16295 | State Street Industrial Select Sector SPDR ETF<sup>(d),(e)</sup> | 2504379 |
| 10107 | State Street Materials Select Sector SPDR ETF<sup>(d),(e)</sup> | 903566 |
| 24570 | State Street Real Estate Select Sector SPDR ETF<sup>(d),(e)</sup> | 1023832 |
| 1600 | State Street SPDR S&P Biotech ETF<sup>(d),(e)</sup> | 197056 |
| 20241 | State Street Technology Select Sector SPDR ETF<sup>(d),(e)</sup> | 5793379 |
| 17380 | State Street Utilities Select Sector SPDR ETF<sup>(d)(e)</sup> | 1575149 |
| 1000 | VanEck Semiconductor ETF<sup>(a),(d),(e)</sup> | 352280 |
| 520 | Vanguard Industrials ETF<sup>(d),(e)</sup> | 154414 |
| 8000 | Vanguard Information Technology ETF<sup>(d),(e)</sup> | 6017599 |
| 600 | Vanguard S&P 500 ETF<sup>(d),(e)</sup> | 377046 |
|  |  | 38608006 |
|  | **FIXED INCOME - 4.6%** |  |
| 12522 | iShares Treasury Floating Rate Bond ETF | 633613 |
| 6910 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 633785 |
| 8789 | Vanguard Long-Term Treasury ETF | 504489 |
| 12561 | WisdomTree Floating Rate Treasury Fund | 631567 |
|  |  | 2403454 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,249,988)** | 41011460 |
|  | **TOTAL INVESTMENTS - 102.8% (Cost $48,607,251)** | $54270300 |
|  | **CALL OPTIONS WRITTEN - (4.7)% (Premiums received - $2,064,576)** | (2480322) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.9%** | 992166 |
|  | **NET ASSETS - 100.0%** | $52782144 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Contracts<sup>(c)</sup>** |  |  | | | |
| | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.7)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.7)%** |  |  |  |  |
| 5 | Advanced Micro Devices, Inc. | 12/19/2025 | $140 | $108765 | $38485 |
| 5 | Advanced Micro Devices, Inc. | 01/16/2026 | 120 | 108765 | 49000 |
| 5 | Advanced Micro Devices, Inc. | 01/16/2026 | 250 | 108765 | 3015 |
| 10 | Advanced Micro Devices, Inc. | 02/20/2026 | 145 | 217530 | 76000 |
| 5 | Alibaba Group Holding Ltd. | 12/12/2025 | 140 | 78650 | 9113 |
| 5 | Alibaba Group Holding Ltd. | 12/19/2025 | 145 | 78650 | 7075 |
| 5 | Alibaba Group Holding Ltd. | 12/19/2025 | 190 | 78650 | 160 |
| 10 | Alphabet, Inc. | 12/05/2025 | 300 | 320120 | 20900 |
| 5 | Alphabet, Inc. | 01/16/2026 | 190 | 160060 | 65000 |
| 4 | Amazon.com, Inc. | 12/19/2025 | 205 | 93288 | 11320 |
| 3 | Amazon.com, Inc. | 01/16/2026 | 230 | 69966 | 3780 |
| 5 | Apple, Inc. | 11/28/2025 | 215 | 139425 | 31025 |
| 5 | Apple, Inc. | 12/19/2025 | 215 | 139425 | 32215 |
| 10 | AT&T, Inc. | 12/19/2025 | 26 | 26020 | 510 |
| 5 | Bank of America Corporation | 12/19/2025 | 49 | 26825 | 2325 |
| 5 | Bank of America Corporation | 01/16/2026 | 53 | 26825 | 1305 |
| 7 | Citigroup, Inc. | 12/19/2025 | 88 | 72520 | 11620 |
| 5 | Citigroup, Inc. | 12/19/2025 | 98 | 51800 | 3675 |
| 10 | Coca-Cola Company (The) | 02/20/2026 | 73 | 73120 | 2540 |
| 10 | Communication Services Select Sector SPDR Fund | 12/05/2025 | 113 | 115390 | 2500 |
| 10 | Communication Services Select Sector SPDR Fund | 12/12/2025 | 113 | 115390 | 2950 |
| 10 | Communication Services Select Sector SPDR Fund | 12/19/2025 | 103 | 115390 | 12200 |
| 10 | Communication Services Select Sector SPDR Fund | 12/19/2025 | 106 | 115390 | 9350 |
| 25 | Communication Services Select Sector SPDR Fund | 12/19/2025 | 108 | 288475 | 19375 |
| 30 | Communication Services Select Sector SPDR Fund | 12/19/2025 | 109 | 346170 | 20280 |
| 5 | Communication Services Select Sector SPDR Fund | 01/16/2026 | 100 | 57695 | 7580 |
| 10 | Communication Services Select Sector SPDR Fund | 01/16/2026 | 105 | 115390 | 11100 |
| 10 | Consumer Discretionary Select Sector SPDR Fund | 12/05/2025 | 230 | 236460 | 6730 |
| 5 | Consumer Discretionary Select Sector SPDR Fund | 12/19/2025 | 210 | 118230 | 13265 |
| 5 | Consumer Discretionary Select Sector SPDR Fund | 12/19/2025 | 215 | 118230 | 10750 |
| 10 | Consumer Discretionary Select Sector SPDR Fund | 01/16/2026 | 210 | 236460 | 27970 |
| 10 | Consumer Discretionary Select Sector SPDR Fund | 01/16/2026 | 215 | 236460 | 23250 |
| 10 | Consumer Staples Select Sector SPDR Fund | 12/19/2025 | 84 | 79370 | 30 |
| 5 | CVS Health Corporation | 01/16/2026 | 85 | 40180 | 780 |
| 2 | Delta Air Lines, Inc. | 12/19/2025 | 53 | 12820 | 2504 |
| 10 | Delta Air Lines, Inc. | 12/19/2025 | 65 | 64100 | 2450 |
| 3 | Domino's Pizza, Inc. | 12/19/2025 | 460 | 125889 | 186 |
| 20 | Energy Select Sector SPDR Fund | 12/05/2025 | 89 | 180900 | 3760 |
| 25 | Energy Select Sector SPDR Fund | 12/05/2025 | 93 | 226125 | 400 |
| 25 | Financial Select Sector SPDR Fund | 11/28/2025 | 51 | 133325 | 6250 |
| 25 | Financial Select Sector SPDR Fund | 11/28/2025 | 52 | 133325 | 3250 |
| 25 | Financial Select Sector SPDR Fund | 11/28/2025 | 53 | 133325 | 2275 |
| 50 | Financial Select Sector SPDR Fund | 12/05/2025 | 51 | 266650 | 12225 |
| 25 | Financial Select Sector SPDR Fund | 12/05/2025 | 52 | 133325 | 3750 |
| 25 | Financial Select Sector SPDR Fund | 12/12/2025 | 52 | 133325 | 4213 |
| 50 | Financial Select Sector SPDR Fund | 12/19/2025 | 51 | 266650 | 14400 |
| 25 | Financial Select Sector SPDR Fund | 12/19/2025 | 52 | 133325 | 4525 |
| 25 | Financial Select Sector SPDR Fund | 12/19/2025 | 53 | 133325 | 2650 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Contracts<sup>(c)</sup>**<br> **(continued)** |  |  | | | |
| | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.7)% (Continued)** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.7)% (Continued)** |  |  |  |  |
| 25 | Financial Select Sector SPDR Fund | 01/16/2026 | $51 | $133325 | $7400 |
| 25 | Financial Select Sector SPDR Fund | 01/16/2026 | 52 | 133325 | 5475 |
| 25 | Financial Select Sector SPDR Fund | 01/16/2026 | 53 | 133325 | 3575 |
| 50 | Financial Select Sector SPDR Fund | 01/16/2026 | 54 | 266650 | 4500 |
| 25 | Financial Select Sector SPDR Fund | 02/20/2026 | 54 | 133325 | 3550 |
| 15 | Gen Digital, Inc. | 12/19/2025 | 31 | 39555 | 113 |
| 10 | General Motors Company | 11/28/2025 | 55 | 73520 | 18570 |
| 10 | General Motors Company | 12/19/2025 | 53 | 73520 | 20875 |
| 10 | General Motors Company | 12/19/2025 | 58 | 73520 | 15825 |
| 20 | General Motors Company | 01/09/2026 | 70 | 147040 | 10100 |
| 10 | General Motors Company | 01/16/2026 | 55 | 73520 | 19090 |
| 10 | Health Care Select Sector SPDR Fund | 11/28/2025 | 139 | 157650 | 19500 |
| 10 | Health Care Select Sector SPDR Fund | 12/19/2025 | 142 | 157650 | 16225 |
| 20 | Health Care Select Sector SPDR Fund | 12/19/2025 | 146 | 315300 | 24000 |
| 20 | Health Care Select Sector SPDR Fund | 12/19/2025 | 150 | 315300 | 16960 |
| 10 | Health Care Select Sector SPDR Fund | 12/19/2025 | 155 | 157650 | 4180 |
| 10 | Health Care Select Sector SPDR Fund | 01/02/2026 | 154 | 157650 | 5275 |
| 15 | Health Care Select Sector SPDR Fund | 01/16/2026 | 141 | 236475 | 25463 |
| 10 | Health Care Select Sector SPDR Fund | 01/16/2026 | 146 | 157650 | 13260 |
| 20 | Health Care Select Sector SPDR Fund | 01/16/2026 | 150 | 315300 | 18000 |
| 10 | Health Care Select Sector SPDR Fund | 02/20/2026 | 148 | 157650 | 12200 |
| 10 | Industrial Select Sector SPDR Fund | 12/05/2025 | 150 | 153690 | 4000 |
| 10 | Industrial Select Sector SPDR Fund | 12/12/2025 | 153 | 153690 | 2650 |
| 8 | Industrial Select Sector SPDR Fund | 12/19/2025 | 140 | 122952 | 11440 |
| 10 | Industrial Select Sector SPDR Fund | 12/19/2025 | 149 | 153690 | 5870 |
| 10 | Industrial Select Sector SPDR Fund | 12/19/2025 | 157 | 153690 | 750 |
| 25 | Industrial Select Sector SPDR Fund | 12/19/2025 | 158 | 384225 | 1600 |
| 7 | Industrial Select Sector SPDR Fund | 01/16/2026 | 141 | 107583 | 9083 |
| 10 | Intel Corporation | 12/19/2025 | 35 | 40560 | 6050 |
| 10 | Intel Corporation | 12/19/2025 | 40 | 40560 | 2550 |
| 5 | Intel Corporation | 01/16/2026 | 45 | 20280 | 950 |
| 20 | Intel Corporation | 02/20/2026 | 31 | 81120 | 21000 |
| 4 | JPMorgan Chase & Company | 12/19/2025 | 265 | 125232 | 19580 |
| 7 | Materials Select Sector SPDR Fund | 12/19/2025 | 89 | 62580 | 1351 |
| 10 | Materials Select Sector SPDR Fund | 12/19/2025 | 94 | 89400 | 160 |
| 4 | McDonald's Corporation | 12/19/2025 | 305 | 124728 | 3212 |
| 10 | Merck & Company, Inc. | 02/20/2026 | 105 | 104830 | 5550 |
| 2 | Meta Platforms, Inc. | 01/16/2026 | 750 | 129590 | 830 |
| 6 | Micron Technology, Inc. | 12/19/2025 | 110 | 141888 | 75930 |
| 3 | Micron Technology, Inc. | 01/16/2026 | 210 | 70944 | 11547 |
| 5 | Micron Technology, Inc. | 01/16/2026 | 220 | 118240 | 15875 |
| 7 | Micron Technology, Inc. | 02/20/2026 | 120 | 165536 | 82810 |
| 2 | Microsoft Corporation | 12/19/2025 | 470 | 98402 | 5206 |
| 10 | Netflix, Inc. | 12/19/2025 | 112 | 107580 | 1420 |
| 5 | NVIDIA Corporation | 12/05/2025 | 168 | 88500 | 5250 |
| 5 | NVIDIA Corporation | 12/05/2025 | 170 | 88500 | 4260 |
| 5 | NVIDIA Corporation | 12/12/2025 | 160 | 88500 | 9030 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Contracts<sup>(c)</sup>**<br> **(continued)** |  |  | | | |
| | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.7)% (Continued)** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.7)% (Continued)** |  |  |  |  |
| 5 | NVIDIA Corporation | 12/19/2025 | $150 | $88500 | $13900 |
| 2 | NVIDIA Corporation | 12/19/2025 | 170 | 35400 | 2264 |
| 5 | NVIDIA Corporation | 01/16/2026 | 140 | 88500 | 19650 |
| 3 | Palantir Technologies, Inc. | 12/19/2025 | 130 | 50535 | 11490 |
| 2 | Palantir Technologies, Inc. | 01/16/2026 | 130 | 33690 | 8064 |
| 6 | Palantir Technologies, Inc. | 02/20/2026 | 125 | 101070 | 28416 |
| 15 | Pfizer, Inc. | 12/19/2025 | 25 | 38610 | 1605 |
| 20 | Real Estate Select Sector SPDR Fund | 01/16/2026 | 42 | 83340 | 1500 |
| 6 | Salesforce, Inc. | 12/19/2025 | 270 | 138324 | 738 |
| 6 | SPDR S&P 500 ETF Trust | 12/19/2025 | 653 | 410034 | 20028 |
| 5 | SPDR S&P Biotech ETF | 01/16/2026 | 89 | 61580 | 17050 |
| 7 | SPDR S&P Biotech ETF | 01/16/2026 | 95 | 86212 | 19425 |
| 4 | SPDR S&P Biotech ETF | 01/16/2026 | 111 | 49264 | 5590 |
| 10 | Technology Select Sector SPDR Fund | 11/28/2025 | 303 | 286220 | 10 |
| 7 | Technology Select Sector SPDR Fund | 12/05/2025 | 260 | 200354 | 17283 |
| 10 | Technology Select Sector SPDR Fund | 12/05/2025 | 298 | 286220 | 160 |
| 15 | Technology Select Sector SPDR Fund | 12/19/2025 | 220 | 429330 | 100012 |
| 10 | Technology Select Sector SPDR Fund | 12/19/2025 | 230 | 286220 | 55450 |
| 20 | Technology Select Sector SPDR Fund | 12/19/2025 | 240 | 572440 | 92599 |
| 10 | Technology Select Sector SPDR Fund | 12/19/2025 | 295 | 286220 | 2580 |
| 5 | Technology Select Sector SPDR Fund | 01/16/2026 | 225 | 143110 | 30745 |
| 10 | Technology Select Sector SPDR Fund | 01/16/2026 | 260 | 286220 | 29120 |
| 5 | Tenet Healthcare Corporation | 01/16/2026 | 210 | 108420 | 7300 |
| 8 | Tenet Healthcare Corporation | 02/20/2026 | 160 | 173472 | 47720 |
| 2 | Tesla, Inc. | 12/19/2025 | 280 | 86034 | 29946 |
| 2 | Tesla, Inc. | 12/19/2025 | 290 | 86034 | 28238 |
| 2 | Ulta Beauty, Inc. | 01/16/2026 | 450 | 107766 | 19590 |
| 5 | United Airlines Holdings, Inc. | 12/19/2025 | 85 | 50980 | 9138 |
| 10 | US Bancorp | 12/19/2025 | 45 | 49050 | 4300 |
| 10 | Utilities Select Sector SPDR Fund | 12/19/2025 | 85 | 90630 | 5860 |
| 10 | Utilities Select Sector SPDR Fund | 12/19/2025 | 88 | 90630 | 3330 |
| 25 | Utilities Select Sector SPDR Fund | 12/19/2025 | 90 | 226575 | 4625 |
| 25 | Utilities Select Sector SPDR Fund | 01/16/2026 | 85 | 226575 | 15250 |
| 25 | Utilities Select Sector SPDR Fund | 01/16/2026 | 90 | 226575 | 5450 |
| 5 | VanEck Semiconductor ETF | 12/19/2025 | 240 | 176140 | 56513 |
| 5 | VanEck Semiconductor ETF | 01/16/2026 | 240 | 176140 | 56663 |
| 5 | Vanguard Industrials ETF | 12/19/2025 | 295 | 148475 | 2500 |
| 5 | Vanguard Information Technology ETF | 12/19/2025 | 605 | 376100 | 74200 |
| 5 | Vanguard Information Technology ETF | 12/19/2025 | 715 | 376100 | 21750 |
| 5 | Vanguard Information Technology ETF | 12/19/2025 | 735 | 376100 | 14125 |
| 10 | Vanguard Information Technology ETF | 01/16/2026 | 615 | 752200 | 142149 |
| 5 | Vanguard Information Technology ETF | 01/16/2026 | 650 | 376100 | 54425 |
| 10 | Vanguard Information Technology ETF | 02/20/2026 | 620 | 752200 | 142699 |
| 5 | Vanguard Information Technology ETF | 03/20/2026 | 630 | 376100 | 68975 |
| 6 | Vanguard S&P 500 ETF | 12/05/2025 | 605 | 377046 | 13740 |
| 2 | Walmart, Inc. | 12/05/2025 | 100 | 22102 | 2056 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $2,064,576) |  |  |  | 2480322 |

---

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Contracts<sup>(c)</sup>**<br> **(continued)** |  | |
|  | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.7)% (Continued)** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.7)% (Continued)** | |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $2,064,576) | $&nbsp;&nbsp;&nbsp;2480322 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup><br> <sup>(d)</sup><br> <sup>(e)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.<br> Security is subject to written call options.<br> All or portion of the security is pledged as collateral for written options. |

---

## 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:** PeakShares Sector Rotation ETF

- **b. EDGAR series identifier (if any):** S000084644

- **c. LEI of Series:** 529900FZ20I646PLB295

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $55466398.20

**Total Liabilities:** $2684254.29

**Net Assets:** $52782143.91

**Cash Not Reported:** $116971.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249078 | 1.76%                | 0.84%                | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $81788.50                | $1035302.87                                |
| Month 2  | $9720.29                 | $748020.16                                 |
| Month 3  | $186099.45               | $-161141.14                                |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                          | XLV US 02/20/26 C148    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-12200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLU US 01/16/26 C90     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-5450.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 12/19/25 C51     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-14400.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | MRK US 02/20/26 C105    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-5550.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.   | ALIBABA GRP-ADR         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1500 | NS      | $235950.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | PFE US 12/19/25 C25     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-1605.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust     | SS TECH SEL SECT        | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     20241 | NS      | $5793379.02   | 10.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS HEALTH CARE          | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     26171 | NS      | $4125858.15   | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation            | INTEL CORP              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      4500 | NS      | $182520.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | VIS US 12/19/25 C295    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-2500.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GOOG US 01/16/26 C190   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-65000.00    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.        | BANK OF AMERICA         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5038 | NS      | $270288.70    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                | ISHARES TREASURY        | CUSIP: 46434V860<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     12522 | NS      | $633613.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | NVDA US 01/16/26 C140   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-19650.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GEN US 12/19/25 C31     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-112.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 01/02/26 C154    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-5275.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | ULTA US 01/16/26 C450   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-19590.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XBI US 01/16/26 C89     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-17050.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 01/16/26 C51     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-7400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | MCD US 12/19/25 C305    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-3212.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 01/16/26 C146    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-13260.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Index Funds         | VANGUARD S&P 500        | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |       600 | NS      | $377046.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.  | VERIZON COMMUNIC        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      4098 | NS      | $168468.78    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | VGT US 12/19/25 C605    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-74200.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 01/16/26 C52     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-5475.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                     | AT&T INC                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      5872 | NS      | $152789.44    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | DAL US 12/19/25 C52.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-2504.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | JPM US 12/19/25 C265    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-19580.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 11/28/25 C52     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-3250.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLK US 12/19/25 C230    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-55450.00    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | BAC US 12/19/25 C49     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-2325.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GM US 11/28/25 C55      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-18570.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLB US 12/19/25 C94     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-160.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLY US 01/16/26 C210    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-27970.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | SMH US 12/19/25 C240    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-56512.50    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                 | TARGET CORP             | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      1438 | NS      | $130311.56    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | VOO US 12/05/25 C605    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-13740.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 12/19/25 C146    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-24000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLU US 12/19/25 C90     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-4625.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust     | SS CONSUMER DISC        | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      9247 | NS      | $2186545.62   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLC US 12/19/25 C108    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-19375.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| The Kraft Heinz Co.          | KRAFT HEINZ CO/T        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      7174 | NS      | $183008.74    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLRE US 01/16/26 C42    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-1500.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                | ALPHABET INC-C          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1773 | NS      | $567572.76    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | INTC US 01/16/26 C45    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-950.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GM US 12/19/25 C57.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-15825.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | NVDA US 12/19/25 C150   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-13900.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | MU US 01/16/26 C210     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-11547.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AMD US 01/16/26 C250    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-3015.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AMD US 02/20/26 C145    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-76000.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLI US 12/19/25 C140    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-11440.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | NFLX US 12/19/25 C112   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-1420.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | DAL US 12/19/25 C65     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2450.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | META US 01/16/26 C750   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-830.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLK US 11/28/25 C302.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-10.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLI US 12/05/25 C150    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-4000.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 11/28/25 C52.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-2275.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 12/12/25 C52     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-4212.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc                    | ADOBE INC               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1006 | NS      | $322050.78    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | SPY US 12/19/25 C653    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-20028.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation  | LOCKHEED MARTIN         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       500 | NS      | $228930.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | USB US 12/19/25 C45     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-4300.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GM US 01/16/26 C55      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-19090.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | BABA US 12/19/25 C145   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-7075.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 12/19/25 C106    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-9350.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories          | ABBOTT LABS             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1860 | NS      | $239754.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc              | GEN DIGITAL INC         | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      8402 | NS      | $221560.74    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc           | META PLATFORMS-A        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1000 | NS      | $647950.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLV US 12/19/25 C155    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-4180.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 12/19/25 C103    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-12200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AAPL US 11/28/25 C215   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-31025.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BBH SWEEP VEHICLE            | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    899822 | PA      | $899822.25    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS COMM SLCT ETF        | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     28886 | NS      | $3333155.54   | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLK US 12/05/25 C260    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-17283.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 01/16/26 C53     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-3575.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 12/05/25 C52     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-3750.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | NVDA US 12/05/25 C170   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-4260.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                  | PFIZER INC              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     12307 | NS      | $316782.18    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.         | DELTA AIR LI            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      2815 | NS      | $180441.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc             | MERCK & CO              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      2645 | NS      | $277275.35    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLI US 12/19/25 C158    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-1600.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XBI US 01/16/26 C95     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-19425.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLK US 12/19/25 C295    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2580.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.              | SALESFORCE INC          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1456 | NS      | $335666.24    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLK US 12/19/25 C240    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-92600.00    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc              | ULTA BEAUTY INC         | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       261 | NS      | $140634.63    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.           | DOMINO'S PIZZA          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       542 | NS      | $227439.46    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | BABA US 12/12/25 C140   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-9112.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | BABA US 12/19/25 C190   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-160.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | MU US 12/19/25 C110     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-75930.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | VGT US 02/20/26 C620    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-142700.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard World Fund          | VANGUARD INF T E        | CUSIP: 92204A702<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      8000 | NS      | $6017600.00   | 11.40%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLF US 12/19/25 C53     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-2650.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | SMH US 01/16/26 C240    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-56662.50    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | T US 12/19/25 C26       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-510.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLY US 12/19/25 C215    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-10750.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust     | SS INDUSTRIAL           | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     16295 | NS      | $2504378.55   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLY US 01/16/26 C215    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-23250.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)           | COCA-COLA CO/THE        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      2402 | NS      | $175634.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | AMZN US 01/16/26 C230   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-3780.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | TSLA US 12/19/25 C280   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-29946.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLU US 01/16/26 C85     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-15250.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Boeing Co.                   | BOEING CO/THE           | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       700 | NS      | $132300.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | VGT US 01/16/26 C615    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-142150.00   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Tesla Inc                    | TESLA INC               | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       446 | NS      | $191855.82    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLV US 12/19/25 C142    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-16225.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | NVDA US 12/12/25 C160   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-9030.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLU US 12/19/25 C85     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-5860.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | MSFT US 12/19/25 C470   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-5206.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 02/20/26 C54     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-3550.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                | CHEVRON CORP            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1577 | NS      | $238332.01    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.            | EXXON MOBIL CORP        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       500 | NS      | $57960.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLK US 01/16/26 C260    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-29120.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.               | CITIGROUP INC           | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3300 | NS      | $341880.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLV US 01/16/26 C141    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-25462.50    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLI US 01/16/26 C141    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-9082.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard World Fund          | VANGUARD IND ETF        | CUSIP: 92204A603<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |       520 | NS      | $154414.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusXM Holdings Inc        | SIRIUS XM HOLDIN        | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2319 | NS      | $49301.94     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | NVDA US 12/19/25 C170   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-2264.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | GM US 12/19/25 C52.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-20875.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SLB Ltd.                     | SCHLUMBERGER NV         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      5597 | NS      | $202835.28    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                  | ZOETIS INC              | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1401 | NS      | $179580.18    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.     | LULULEMON ATH           | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       600 | NS      | $110508.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLI US 12/19/25 C157    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-750.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | UAL US 12/19/25 C85     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-9137.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AMD US 12/19/25 C140    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-38485.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLI US 12/19/25 C149    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-5870.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 01/16/26 C150    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-18000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Nike, Inc.                   | NIKE INC -CL B          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      2131 | NS      | $137726.53    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                | ON HOLDING AG-A         | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |     12143 | NS      | $534170.57    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLF US 12/05/25 C51     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-12225.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S             | NOVO-NORDISK-ADR        | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      4642 | NS      | $229082.70    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust       | SPDR S&P 500 ETF        | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1138 | NS      | $777697.82    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | AAPL US 12/19/25 C215   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-32215.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | VGT US 01/16/26 C650    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-54425.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation | TENET HEALTHCARE        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1639 | NS      | $355400.76    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLK US 12/05/25 C297.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-160.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 12/19/25 C150    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-16960.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLE US 12/05/25 C93     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-400.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Micron Technology Inc.       | MICRON TECH             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2600 | NS      | $614848.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust             | WISDOMTREE FLOAT        | CUSIP: 97717Y527<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     12561 | NS      | $631567.08    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLK US 12/19/25 C220    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-100012.50   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | PLTR US 12/19/25 C130   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-11490.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.         | JPMORGAN CHASE          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       400 | NS      | $125232.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS REAL ESTATE          | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     24570 | NS      | $1023831.90   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds    | VANGUARD LT TREA        | CUSIP: 92206C847<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      8789 | NS      | $504488.60    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.  | UNITED PARCEL-B         | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      3117 | NS      | $298577.43    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLF US 01/16/26 C54     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-4500.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                 | ORACLE CORP             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       500 | NS      | $100975.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLC US 12/19/25 C109    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-20280.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust     | SS MATERIALS ETF        | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     10107 | NS      | $903565.80    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS UTILITIES SEL        | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     17380 | NS      | $1575149.40   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.              | MICROSOFT CORP          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       749 | NS      | $368515.49    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS FINANCIAL SEL        | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     98104 | NS      | $5231886.32   | 9.91%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | C US 12/19/25 C87.5     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-11620.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLV US 11/28/25 C139    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-19500.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | THC US 02/20/26 C160    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-47720.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.         | ELECTRONIC ARTS         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |        65 | NS      | $13131.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | THC US 01/16/26 C210    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-7300.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | TSLA US 12/19/25 C290   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-28238.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLU US 12/19/25 C88     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-3330.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | C US 12/19/25 C98       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-3675.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AMD US 01/16/26 C120    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-49000.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | CVS US 01/16/26 C85     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-780.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | PLTR US 01/16/26 C130   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-8064.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 12/12/25 C113    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2950.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Company       | GENERAL MOTORS C        | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      6064 | NS      | $445825.28    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | GM US 01/09/26 C70      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-10100.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.  | ADV MICRO DEVICE        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3000 | NS      | $652590.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust            | SPDR BLOOMBERG 1        | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      6910 | NS      | $633785.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLB US 12/19/25 C89     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-1351.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 01/16/26 C100    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-7580.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                | US BANCORP              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      3806 | NS      | $186684.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | NVDA US 12/05/25 C167.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-5250.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | INTC US 12/19/25 C35    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-6050.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc    | PALANTIR TECHN-A        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      1300 | NS      | $218985.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust            | SPDR S&P BIOTECH        | CUSIP: 78464A870<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      1600 | NS      | $197056.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | VGT US 12/19/25 C715    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-21750.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc.                   | APPLE INC               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1000 | NS      | $278850.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.             | AMAZON.COM INC          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       935 | NS      | $218060.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | CRM US 12/19/25 C270    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-738.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 12/05/25 C113    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2500.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp              | CVS HEALTH CORP         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       500 | NS      | $40180.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | MU US 02/20/26 C120     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-82810.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLY US 12/05/25 C230    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-6730.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | KO US 02/20/26 C72.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2540.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | VGT US 03/20/26 C630    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-68975.00    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLC US 01/16/26 C105    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-11100.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fortinet Inc                 | FORTINET INC            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       904 | NS      | $73341.52     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | MU US 01/16/26 C220     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-15875.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc | UNITED AIRLINES         | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      1018 | NS      | $103795.28    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust     | SS CONSUMER STPL        | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     35232 | NS      | $2796363.84   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XBI US 01/16/26 C111    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-5590.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | AMZN US 12/19/25 C205   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-11320.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                | NETFLIX INC             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1000 | NS      | $107580.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust             | V/E SEMICONDUCT         | CUSIP: 92189F676<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |      1000 | NS      | $352280.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLY US 12/19/25 C210    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-13265.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLE US 12/05/25 C89     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-3760.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLF US 11/28/25 C51     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-6250.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust     | SS ENERGY SELECT        | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     13906 | NS      | $1257797.70   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | GOOG US 12/05/25 C300   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-20900.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLP US 12/19/25 C84     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-30.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | DPZ US 12/19/25 C460    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-186.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLI US 12/12/25 C152.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2650.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Walmart Inc                  | WALMART INC             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       200 | NS      | $22102.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.   | OCCIDENTAL PETE         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4332 | NS      | $181944.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.             | MCDONALDS CORP          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       735 | NS      | $229187.70    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | BAC US 01/16/26 C52.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-1305.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | VGT US 12/19/25 C735    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-14125.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | INTC US 02/20/26 C31    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-21000.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | PLTR US 02/20/26 C125   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-28416.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | WMT US 12/05/25 C100    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-2056.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.      | UNITEDHEALTH GRP        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1299 | NS      | $428371.23    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | XLF US 12/19/25 C52     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-4525.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                          | XLK US 01/16/26 C225    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-30745.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                 | NVIDIA CORP             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3300 | NS      | $584100.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                          | INTC US 12/19/25 C40    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2550.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer