# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001752724-25-162818
**Filing Date:** 2025-6
**Character Count:** 79309
**Document Hash:** 9be01bf5feaf4c5779c2e556054a7708
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-162818.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-162818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**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:** 251090164

**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

ANCHO

---

| | | |
|:---|:---|:---|
| **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** | **PEAKSHARES SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 31.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 700 | Boeing Company<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; $145124 |
| 257 | Lockheed Martin Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 123972 |
| 125 | RTX Corporation<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 17060 |
|  |  | &nbsp;&nbsp; 286156 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.9%** |  |
| 1754 | NIKE, Inc., Class B<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 106275 |
| 7384 | On Holding A.G.<sup>(a) (c),(d)</sup> | &nbsp;&nbsp;&nbsp; 438536 |
|  |  | &nbsp;&nbsp; 544811 |
|  | **AUTOMOTIVE - 1.6%** |  |
| 5852 | General Motors Company<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 290318 |
| 446 | Tesla, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 154521 |
|  |  | &nbsp;&nbsp; 444839 |
|  | **BANKING - 1.7%** |  |
| 3745 | Bank of America Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 165267 |
| 870 | Citigroup, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 65528 |
| 523 | JPMorgan Chase & Company<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 138072 |
| 2700 | US Bancorp<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 117693 |
|  |  | &nbsp;&nbsp; 486560 |
|  | **BEVERAGES - 0.5%** |  |
| 1944 | Coca-Cola Company<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 140162 |
|  | **BIOTECH & PHARMA - 2.1%** |  |
| 343 | AbbVie, Inc. <sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 63836 |
| 143 | Eli Lilly & Company<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 105487 |
| 1430 | Merck & Company, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 109881 |
| 1731 | Novo Nordisk A/S - ADR<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 123767 |
| 2338 | Pfizer, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 54920 |
| 753 | Zoetis, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 126978 |
|  |  | &nbsp;&nbsp; 584869 |
|  | **E-COMMERCE DISCRETIONARY - 1.2%** |  |
| 1378 | Alibaba Group Holding Ltd. - ADR<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 156872 |
| 935 | Amazon.com, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 191684 |
|  |  | &nbsp;&nbsp; 348556 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 31.7% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 955 | Electronic Arts, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; $137310 |
|  | **FOOD - 0.4%** |  |
| 3691 | Kraft Heinz Company<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 98660 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.6%** |  |
| 795 | CVS Health Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 50912 |
| 910 | Tenet Healthcare Corporation<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 153581 |
| 775 | UnitedHealth Group, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 233980 |
|  |  | &nbsp;&nbsp; 438473 |
|  | **INSURANCE - 0.5%** |  |
| 478 | Chubb Ltd.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 142062 |
|  | **INTERNET MEDIA & SERVICES - 3.2%** |  |
| 2120 | Alphabet, Inc., Class C<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 366442 |
| 626 | Meta Platforms, Inc., Class A<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 405329 |
| 100 | Netflix, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 120723 |
|  |  | &nbsp;&nbsp; 892494 |
|  | **LEISURE FACILITIES & SERVICES - 1.0%** |  |
| 299 | Domino's Pizza, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 141672 |
| 411 | McDonald's Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 128992 |
|  |  | &nbsp;&nbsp; 270664 |
|  | **MACHINERY - 0.5%** |  |
| 395 | Caterpillar, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 137472 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.5%** |  |
| 1050 | Abbott Laboratories<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 140259 |
|  | **OIL & GAS PRODUCERS - 1.0%** |  |
| 929 | Chevron Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 126994 |
| 1000 | Exxon Mobil Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 102300 |
| 1126 | Occidental Petroleum Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 45918 |
|  |  | &nbsp;&nbsp; 275212 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 31.7% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.2%** |  |
| 1567 | Schlumberger Ltd.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; $51789 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 433 | Target Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 40706 |
| 1279 | Walmart, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 126263 |
|  |  | &nbsp;&nbsp; 166969 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 318 | Ulta Beauty, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 149924 |
|  | **SEMICONDUCTORS - 6.0%** |  |
| 2602 | Advanced Micro Devices, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 288120 |
| 1420 | Broadcom, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 343739 |
| 5897 | Intel Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 115286 |
| 2945 | Micron Technology, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 278185 |
| 3207 | NVIDIA Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 433362 |
| 1093 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 211299 |
|  |  | &nbsp;&nbsp; 1669991 |
|  | **SOFTWARE - 2.7%** |  |
| 263 | Adobe, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp; 109169 |
| 904 | Fortinet, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 92009 |
| 4757 | Gen Digital, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 135479 |
| 263 | Microsoft Corporation<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 121075 |
| 1300 | Palantir Technologies, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 171314 |
| 429 | Salesforce, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 113844 |
|  |  | &nbsp;&nbsp; 742890 |
|  | **TECHNOLOGY HARDWARE - 1.0%** |  |
| 1397 | Apple, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 280587 |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 2728 | AT&T, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 75838 |
| 1383 | Verizon Communications, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 60797 |
|  |  | &nbsp;&nbsp; 136635 |
|  | **TRANSPORTATION & LOGISTICS - 1.0%** |  |
| 1505 | Delta Air Lines, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 72827 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 31.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.0% (Continued)** |  |
| 932 | United Airlines Holdings, Inc.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; $74043 |
| 1226 | United Parcel Service, Inc., Class B<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 119584 |
|  |  | &nbsp;&nbsp; 266454 |
|  | **TOTAL COMMON STOCKS (Cost $8,259,259)** | &nbsp;&nbsp; 8833798 |
|  | **EXCHANGE-TRADED FUNDS — 69.1%** |  |
|  | **EQUITY - 69.1%** |  |
| 17197 | Communication Services Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 1743776 |
| 5296 | Consumer Discretionary Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 1132285 |
| 17260 | Consumer Staples Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 1429646 |
| 6937 | Energy Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 565574 |
| 59349 | Financial Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 3024425 |
| 13784 | Health Care Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 1828310 |
| 12413 | Industrial Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 1772825 |
| 5571 | Materials Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 481000 |
| 13878 | Real Estate Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 579129 |
| 1397 | SPDR S&P Biotech ETF<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 110628 |
| 12901 | Technology Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 2978970 |
| 9056 | Utilities Select Sector SPDR Fund<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 741867 |
| 1000 | VanEck Semiconductor ETF<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 239750 |
| 4388 | Vanguard Information Technology ETF<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; 2660751 |
|  |  | &nbsp;&nbsp; 19288936 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,068,665)** | &nbsp;&nbsp; 19288936 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $26,327,924)** | &nbsp;&nbsp;&nbsp; $28122734 |
|  | **CALL OPTIONS WRITTEN - (4.9)% (Premiums received - $1,267,538)** | &nbsp;&nbsp;&nbsp; (1360261) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** | &nbsp;&nbsp; 1149519 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $27911992 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.9)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.9)%** | **CALL OPTIONS WRITTEN- (4.9)%** |  |  |  |
| 5 | Abbott Laboratories | 06/06/2025 | $135 | &nbsp;&nbsp;&nbsp; $66790 | &nbsp;&nbsp;&nbsp; $510 |
| 3 | Abbott Laboratories | 06/06/2025 | 136 | &nbsp;&nbsp;&nbsp; 40074 | &nbsp;&nbsp;&nbsp; 243 |
| 3 | AbbVie, Inc. | 06/13/2025 | 185 | &nbsp;&nbsp;&nbsp; 55833 | &nbsp;&nbsp;&nbsp; 1497 |
| 2 | Adobe, Inc. | 06/06/2025 | 375 | &nbsp;&nbsp;&nbsp; 83018 | &nbsp;&nbsp;&nbsp; 8536 |
| 22 | Advanced Micro Devices, Inc. | 06/06/2025 | 99 | &nbsp;&nbsp;&nbsp; 243606 | &nbsp;&nbsp;&nbsp; 26818 |
| 3 | Advanced Micro Devices, Inc. | 06/06/2025 | 104 | &nbsp;&nbsp;&nbsp; 33219 | &nbsp;&nbsp;&nbsp; 2319 |
| 6 | Alibaba Group Holding Ltd. | 06/06/2025 | 115 | &nbsp;&nbsp;&nbsp; 68304 | &nbsp;&nbsp;&nbsp; 1026 |
| 5 | Alibaba Group Holding Ltd. | 06/06/2025 | 120 | &nbsp;&nbsp;&nbsp; 56920 | &nbsp;&nbsp;&nbsp; 220 |
| 14 | Alphabet, Inc. | 06/06/2025 | 160 | &nbsp;&nbsp;&nbsp; 241990 | &nbsp;&nbsp;&nbsp; 18746 |
| 5 | Alphabet, Inc. | 06/06/2025 | 163 | &nbsp;&nbsp;&nbsp; 86425 | &nbsp;&nbsp;&nbsp; 5315 |
| 8 | Amazon.com, Inc. | 06/06/2025 | 188 | &nbsp;&nbsp;&nbsp; 164008 | &nbsp;&nbsp;&nbsp; 14240 |
| 10 | Apple, Inc. | 06/06/2025 | 203 | &nbsp;&nbsp;&nbsp; 200850 | &nbsp;&nbsp;&nbsp; 2400 |
| 10 | AT&T, Inc. | 06/06/2025 | 29 | &nbsp;&nbsp;&nbsp; 27800 | &nbsp;&nbsp;&nbsp; 50 |
| 10 | AT&T, Inc. | 06/20/2025 | 22 | &nbsp;&nbsp;&nbsp; 27800 | &nbsp;&nbsp;&nbsp; 5700 |
| 20 | Bank of America Corporation | 06/06/2025 | 39 | &nbsp;&nbsp;&nbsp; 88260 | &nbsp;&nbsp;&nbsp; 10460 |
| 6 | Boeing Company | 06/06/2025 | 165 | &nbsp;&nbsp;&nbsp; 124392 | &nbsp;&nbsp;&nbsp; 25488 |
| 10 | Broadcom, Inc. | 06/06/2025 | 175 | &nbsp;&nbsp;&nbsp; 242070 | &nbsp;&nbsp;&nbsp; 66690 |
| 4 | Broadcom, Inc. | 06/06/2025 | 190 | &nbsp;&nbsp;&nbsp; 96828 | &nbsp;&nbsp;&nbsp; 20752 |
| 3 | Caterpillar, Inc. | 06/06/2025 | 315 | &nbsp;&nbsp;&nbsp; 104409 | &nbsp;&nbsp;&nbsp; 9900 |
| 7 | Chevron Corporation | 06/06/2025 | 140 | &nbsp;&nbsp;&nbsp; 95690 | &nbsp;&nbsp;&nbsp; 441 |
| 3 | Chubb Ltd. | 06/20/2025 | 290 | &nbsp;&nbsp;&nbsp; 89160 | &nbsp;&nbsp;&nbsp; 3000 |
| 7 | Citigroup, Inc. | 06/06/2025 | 75 | &nbsp;&nbsp;&nbsp; 52724 | &nbsp;&nbsp;&nbsp; 840 |
| 10 | Coca-Cola Company | 06/06/2025 | 72 | &nbsp;&nbsp;&nbsp; 72100 | &nbsp;&nbsp;&nbsp; 700 |
| 100 | Communication Services Select Sector SPDR Fund | 06/06/2025 | 96 | &nbsp;&nbsp;&nbsp; 1014000 | &nbsp;&nbsp;&nbsp; 59000 |
| 10 | Communication Services Select Sector SPDR Fund | 06/06/2025 | 99 | &nbsp;&nbsp;&nbsp; 101400 | &nbsp;&nbsp;&nbsp; 2850 |
| 30 | Consumer Discretionary Select Sector SPDR Fund | 06/06/2025 | 198 | &nbsp;&nbsp;&nbsp; 641400 | &nbsp;&nbsp;&nbsp; 48300 |
| 5 | Consumer Discretionary Select Sector SPDR Fund | 06/06/2025 | 210 | &nbsp;&nbsp;&nbsp; 106900 | &nbsp;&nbsp;&nbsp; 2775 |
| 30 | Consumer Staples Select Sector SPDR Fund | 06/06/2025 | 81 | &nbsp;&nbsp;&nbsp; 248490 | &nbsp;&nbsp;&nbsp; 6690 |
| 40 | Consumer Staples Select Sector SPDR Fund | 06/06/2025 | 82 | &nbsp;&nbsp;&nbsp; 331320 | &nbsp;&nbsp;&nbsp; 6120 |
| 10 | Consumer Staples Select Sector SPDR Fund | 06/20/2025 | 80 | &nbsp;&nbsp;&nbsp; 82830 | &nbsp;&nbsp;&nbsp; 3400 |
| 5 | CVS Health Corporation | 06/06/2025 | 63 | &nbsp;&nbsp;&nbsp; 32020 | &nbsp;&nbsp;&nbsp; 855 |
| 12 | Delta Air Lines, Inc. | 06/06/2025 | 50 | &nbsp;&nbsp;&nbsp; 58068 | &nbsp;&nbsp;&nbsp; 540 |
| 2 | Domino's Pizza, Inc. | 06/20/2025 | 470 | &nbsp;&nbsp;&nbsp; 94764 | &nbsp;&nbsp;&nbsp; 2400 |
| 6 | Electronic Arts, Inc. | 06/06/2025 | 146 | &nbsp;&nbsp;&nbsp; 86268 | &nbsp;&nbsp;&nbsp; 282 |
| 1 | Eli Lilly & Company | 06/06/2025 | 725 | &nbsp;&nbsp;&nbsp; 73767 | &nbsp;&nbsp;&nbsp; 2377 |
| 30 | Energy Select Sector SPDR Fund | 06/06/2025 | 82 | &nbsp;&nbsp;&nbsp; 244590 | &nbsp;&nbsp;&nbsp; 3000 |
| 10 | Exxon Mobil Corporation | 06/06/2025 | 105 | &nbsp;&nbsp;&nbsp; 102300 | &nbsp;&nbsp;&nbsp; 400 |
| 100 | Financial Select Sector SPDR Fund | 06/06/2025 | 49 | &nbsp;&nbsp;&nbsp; 509600 | &nbsp;&nbsp;&nbsp; 25200 |
| 100 | Financial Select Sector SPDR Fund | 06/06/2025 | 49 | &nbsp;&nbsp;&nbsp; 509600 | &nbsp;&nbsp;&nbsp; 18000 |
| 50 | Financial Select Sector SPDR Fund | 06/06/2025 | 51 | &nbsp;&nbsp;&nbsp; 254800 | &nbsp;&nbsp;&nbsp; 2050 |
| 50 | Financial Select Sector SPDR Fund | 06/13/2025 | 50 | &nbsp;&nbsp;&nbsp; 254800 | &nbsp;&nbsp;&nbsp; 7550 |
| 50 | Financial Select Sector SPDR Fund | 06/13/2025 | 52 | &nbsp;&nbsp;&nbsp; 254800 | &nbsp;&nbsp;&nbsp; 2100 |
| 8 | Fortinet, Inc. | 06/06/2025 | 102 | &nbsp;&nbsp;&nbsp; 81424 | &nbsp;&nbsp;&nbsp; 1328 |
| 25 | Gen Digital, Inc. | 06/20/2025 | 27 | &nbsp;&nbsp;&nbsp; 71200 | &nbsp;&nbsp;&nbsp; 4375 |
| 10 | Gen Digital, Inc. | 06/20/2025 | 29 | &nbsp;&nbsp;&nbsp; 28480 | &nbsp;&nbsp;&nbsp; 310 |
| 30 | General Motors Company | 06/13/2025 | 46 | &nbsp;&nbsp;&nbsp; 148830 | &nbsp;&nbsp;&nbsp; 12975 |
| 100 | Health Care Select Sector SPDR Fund | 06/06/2025 | 135 | &nbsp;&nbsp;&nbsp; 1326400 | &nbsp;&nbsp;&nbsp; 4900 |
| 55 | Industrial Select Sector SPDR Fund | 06/06/2025 | 131 | &nbsp;&nbsp;&nbsp; 785510 | &nbsp;&nbsp;&nbsp; 66413 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Contracts<sup>(b)</sup> (continued)** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.9)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.9)% (Continued)** | **CALL OPTIONS WRITTEN- (4.9)% (Continued)** |  |  |  |
| 10 | Industrial Select Sector SPDR Fund | 06/20/2025 | $139 | &nbsp;&nbsp;&nbsp; $142820 | &nbsp;&nbsp;&nbsp; $4800 |
| 25 | Intel Corporation | 06/06/2025 | 21 | &nbsp;&nbsp;&nbsp; 48875 | &nbsp;&nbsp;&nbsp; 225 |
| 20 | Intel Corporation | 06/13/2025 | 22 | &nbsp;&nbsp;&nbsp; 39100 | &nbsp;&nbsp;&nbsp; 280 |
| 4 | JPMorgan Chase & Company | 06/06/2025 | 243 | &nbsp;&nbsp;&nbsp; 105600 | &nbsp;&nbsp;&nbsp; 8800 |
| 20 | Kraft Heinz Company | 06/06/2025 | 28 | &nbsp;&nbsp;&nbsp; 53460 | &nbsp;&nbsp;&nbsp; 80 |
| 2 | Lockheed Martin Corporation | 06/06/2025 | 465 | &nbsp;&nbsp;&nbsp; 96476 | &nbsp;&nbsp;&nbsp; 3300 |
| 15 | Materials Select Sector SPDR Fund | 06/06/2025 | 87 | &nbsp;&nbsp;&nbsp; 129510 | &nbsp;&nbsp;&nbsp; 645 |
| 3 | McDonald's Corporation | 06/06/2025 | 310 | &nbsp;&nbsp;&nbsp; 94155 | &nbsp;&nbsp;&nbsp; 1305 |
| 10 | Merck & Company, Inc. | 06/06/2025 | 80 | &nbsp;&nbsp;&nbsp; 76840 | &nbsp;&nbsp;&nbsp; 440 |
| 6 | Meta Platforms, Inc. | 06/06/2025 | 575 | &nbsp;&nbsp;&nbsp; 388494 | &nbsp;&nbsp;&nbsp; 43884 |
| 25 | Micron Technology, Inc. | 06/06/2025 | 76 | &nbsp;&nbsp;&nbsp; 236150 | &nbsp;&nbsp;&nbsp; 48000 |
| 3 | Micron Technology, Inc. | 06/06/2025 | 93 | &nbsp;&nbsp;&nbsp; 28338 | &nbsp;&nbsp;&nbsp; 1008 |
| 2 | Microsoft Corporation | 06/06/2025 | 443 | &nbsp;&nbsp;&nbsp; 92072 | &nbsp;&nbsp;&nbsp; 3886 |
| 1 | Netflix, Inc. | 06/13/2025 | 1010 | &nbsp;&nbsp;&nbsp; 120723 | &nbsp;&nbsp;&nbsp; 19948 |
| 10 | NIKE, Inc. | 06/06/2025 | 58 | &nbsp;&nbsp;&nbsp; 60590 | &nbsp;&nbsp;&nbsp; 2900 |
| 15 | Novo Nordisk A/S | 06/13/2025 | 67 | &nbsp;&nbsp;&nbsp; 107250 | &nbsp;&nbsp;&nbsp; 6975 |
| 29 | NVIDIA Corporation | 06/06/2025 | 116 | &nbsp;&nbsp;&nbsp; 391877 | &nbsp;&nbsp;&nbsp; 55622 |
| 2 | NVIDIA Corporation | 06/06/2025 | 123 | &nbsp;&nbsp;&nbsp; 27026 | &nbsp;&nbsp;&nbsp; 2490 |
| 8 | Occidental Petroleum Corporation | 06/06/2025 | 43 | &nbsp;&nbsp;&nbsp; 32624 | &nbsp;&nbsp;&nbsp; 168 |
| 45 | On Holding A.G. | 06/06/2025 | 49 | &nbsp;&nbsp;&nbsp; 267255 | &nbsp;&nbsp;&nbsp; 45900 |
| 13 | Palantir Technologies, Inc. | 06/06/2025 | 99 | &nbsp;&nbsp;&nbsp; 171314 | &nbsp;&nbsp;&nbsp; 41275 |
| 15 | Pfizer, Inc. | 06/06/2025 | 24 | &nbsp;&nbsp;&nbsp; 35235 | &nbsp;&nbsp;&nbsp; 480 |
| 50 | Real Estate Select Sector SPDR Fund | 06/20/2025 | 41 | &nbsp;&nbsp;&nbsp; 208650 | &nbsp;&nbsp;&nbsp; 6250 |
| 20 | Real Estate Select Sector SPDR Fund | 06/20/2025 | 42 | &nbsp;&nbsp;&nbsp; 83460 | &nbsp;&nbsp;&nbsp; 1180 |
| 2 | Salesforce, Inc. | 06/06/2025 | 263 | &nbsp;&nbsp;&nbsp; 53074 | &nbsp;&nbsp;&nbsp; 1130 |
| 10 | Schlumberger N.V. | 06/06/2025 | 35 | &nbsp;&nbsp;&nbsp; 33050 | &nbsp;&nbsp;&nbsp; 120 |
| 10 | SPDR S&P Biotech ETF | 06/06/2025 | 79 | &nbsp;&nbsp;&nbsp; 79190 | &nbsp;&nbsp;&nbsp; 1800 |
| 10 | Taiwan Semiconductor Manufacturing Company Ltd. | 06/06/2025 | 168 | &nbsp;&nbsp;&nbsp; 193320 | &nbsp;&nbsp;&nbsp; 24490 |
| 4 | Target Corporation | 06/06/2025 | 98 | &nbsp;&nbsp;&nbsp; 37604 | &nbsp;&nbsp;&nbsp; 152 |
| 95 | Technology Select Sector SPDR Fund | 06/06/2025 | 200 | &nbsp;&nbsp;&nbsp; 2193645 | &nbsp;&nbsp;&nbsp; 286519 |
| 5 | Technology Select Sector SPDR Fund | 06/06/2025 | 223 | &nbsp;&nbsp;&nbsp; 115455 | &nbsp;&nbsp;&nbsp; 3310 |
| 8 | Tenet Healthcare Corporation | 06/20/2025 | 140 | &nbsp;&nbsp;&nbsp; 135016 | &nbsp;&nbsp;&nbsp; 24560 |
| 4 | Tesla, Inc. | 06/13/2025 | 290 | &nbsp;&nbsp;&nbsp; 138584 | &nbsp;&nbsp;&nbsp; 23400 |
| 2 | Ulta Beauty, Inc. | 06/06/2025 | 380 | &nbsp;&nbsp;&nbsp; 94292 | &nbsp;&nbsp;&nbsp; 18310 |
| 5 | United Airlines Holdings, Inc. | 06/06/2025 | 68 | &nbsp;&nbsp;&nbsp; 39723 | &nbsp;&nbsp;&nbsp; 5850 |
| 10 | United Parcel Service, Inc. | 06/06/2025 | 98 | &nbsp;&nbsp;&nbsp; 97540 | &nbsp;&nbsp;&nbsp; 1140 |
| 5 | UnitedHealth Group, Inc. | 06/06/2025 | 305 | &nbsp;&nbsp;&nbsp; 150955 | &nbsp;&nbsp;&nbsp; 2400 |
| 20 | US Bancorp | 06/13/2025 | 42 | &nbsp;&nbsp;&nbsp; 87180 | &nbsp;&nbsp;&nbsp; 4500 |
| 40 | Utilities Select Sector SPDR Fund | 06/06/2025 | 79 | &nbsp;&nbsp;&nbsp; 327680 | &nbsp;&nbsp;&nbsp; 11640 |
| 9 | VanEck Semiconductor ETF | 06/06/2025 | 205 | &nbsp;&nbsp;&nbsp; 215775 | &nbsp;&nbsp;&nbsp; 31343 |
| 1 | VanEck Semiconductor ETF | 06/06/2025 | 235 | &nbsp;&nbsp;&nbsp; 23975 | &nbsp;&nbsp;&nbsp; 770 |
| 35 | Vanguard Information Technology ETF | 06/20/2025 | 585 | &nbsp;&nbsp;&nbsp; 2122295 | &nbsp;&nbsp;&nbsp; 100800 |
| 10 | Verizon Communications, Inc. | 06/06/2025 | 45 | &nbsp;&nbsp;&nbsp; 43960 | &nbsp;&nbsp;&nbsp; 230 |
| 10 | Walmart, Inc. | 06/06/2025 | 93 | &nbsp;&nbsp;&nbsp; 98720 | &nbsp;&nbsp;&nbsp; 6000 |
| 5 | Zoetis, Inc. | 06/20/2025 | 170 | &nbsp;&nbsp;&nbsp; 84315 | &nbsp;&nbsp;&nbsp; 1875 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $1,267,538) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $1,267,538) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $1,267,538) |  | &nbsp;&nbsp; 1360261 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Contracts<sup>(b)</sup> (continued)** |  |  |
|  | **WRITTEN EQUITY OPTIONS**<sup>(a)</sup> **- (4.9)%** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (4.9)% (Continued)** |  |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $1,267,538) | &nbsp;&nbsp; $1360261 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup><br> <sup>(c)</sup><br> <sup>(d)</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:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $29389198.06

**Total Liabilities:** $1477206.56

**Net Assets:** $27911991.50

**Cash Not Reported:** $10861.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249078 | -3.49%               | -0.52%               | 2.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-52673.79               | $-1067210.52                               |
| Month 2  | $-110844.48              | $58957.58                                  |
| Month 3  | $7072.33                 | $1528421.07                                |

**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                                          | VZ US 06/06/25 C44.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-230.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                   | ALIBABA GRP-ADR         | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1378 | NS      | $156871.52    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | MSFT US 06/06/25 C442.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-3886.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-TECH SEL S         | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     12901 | NS      | $2978969.91   | 10.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-HEALTH CARE        | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     13784 | NS      | $1828309.76   | 6.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | OXY US 06/06/25 C42.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-168.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLF US 06/13/25 C49.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-7550.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corporation                            | INTEL CORP              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      5897 | NS      | $115286.35    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | KO US 06/06/25 C72      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-700.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLE US 06/06/25 C82     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-3000.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | BANK OF AMERICA         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      3745 | NS      | $165266.85    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | NFLX US 06/13/25 C1010  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -1 | NC      | $-19947.50    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | MU US 06/06/25 C93      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-1008.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | ULTA US 06/06/25 C380   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-18310.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | META US 06/06/25 C575   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-43884.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLF US 06/06/25 C48.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-25200.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | MU US 06/06/25 C76      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-48000.00    | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | ADBE US 06/06/25 C375   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-8536.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                  | VERIZON COMMUNIC        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      1383 | NS      | $60796.68     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | WMT US 06/06/25 C93     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-6000.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | BA US 06/06/25 C165     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-25488.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLC US 06/06/25 C95.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-59000.00    | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | GEN US 06/20/25 C27     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-4375.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                     | AT&T INC                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      2728 | NS      | $75838.40     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XBI US 06/06/25 C78.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-1800.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLF US 06/06/25 C51     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-2050.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | PFE US 06/06/25 C23.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-480.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XOM US 06/06/25 C105    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-400.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | SMH US 06/06/25 C205    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -9 | NC      | $-31342.50    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                                 | TARGET CORP             | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       433 | NS      | $40706.33     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BABA US 06/06/25 C120   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-220.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | MRK US 06/06/25 C80     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-440.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | MCD US 06/06/25 C310    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-1305.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-CONS DISCRE        | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5296 | NS      | $1132284.80   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Co.                          | KRAFT HEINZ CO/T        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      3691 | NS      | $98660.43     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | UPS US 06/06/25 C98     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-1140.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | CAT US 06/06/25 C315    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-9900.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | ALPHABET INC-C          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2120 | NS      | $366442.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | CATERPILLAR INC         | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       395 | NS      | $137471.85    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLRE US 06/20/25 C41    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-6250.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | CVX US 06/06/25 C140    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-441.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | DPZ US 06/20/25 C470    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-2400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | NVDA US 06/06/25 C123   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-2490.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLI US 06/06/25 C131    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -55 | NC      | $-66412.50    | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc                                    | ADOBE INC               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       263 | NS      | $109168.67    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLP US 06/06/25 C81     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-6690.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | CB US 06/20/25 C290     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-3000.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                  | LOCKHEED MARTIN         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       257 | NS      | $123971.66    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | USB US 06/13/25 C41.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-4500.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | UAL US 06/06/25 C68     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-5850.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | ABBOTT LABS             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1050 | NS      | $140259.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                              | GEN DIGITAL INC         | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      4757 | NS      | $135479.36    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | AMD US 06/06/25 C99     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -22 | NC      | $-26818.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | GOOG US 06/06/25 C160   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -14 | NC      | $-18746.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                           | META PLATFORMS-A        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       626 | NS      | $405328.74    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH SWEEP VEHICLE                            | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1230409 | PA      | $1230409.27   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-COMM SERV          | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     17197 | NS      | $1743775.80   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | KHC US 06/06/25 C28     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-80.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | T US 06/06/25 C28.5     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-50.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | BABA US 06/06/25 C115   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-1026.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                  | PFIZER INC              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      2338 | NS      | $54919.62     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | DELTA AIR LI            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      1505 | NS      | $72826.95     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | MERCK & CO              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1430 | NS      | $109881.20    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | TGT US 06/06/25 C98     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-152.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                              | SALESFORCE INC          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       429 | NS      | $113843.73    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                              | ULTA BEAUTY INC         | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       318 | NS      | $149924.28    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                           | DOMINO'S PIZZA          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       299 | NS      | $141672.18    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | FTNT US 06/06/25 C102   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-1328.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                              | ELI LILLY & CO          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       143 | NS      | $105486.81    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | ABBV US 06/13/25 C185   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-1497.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | DAL US 06/06/25 C50     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -12 | NC      | $-540.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard World Fund                          | VANGUARD INF T E        | CUSIP: 92204A702<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      4388 | NS      | $2660751.56   | 9.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-INDU SELECT        | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     12413 | NS      | $1772824.66   | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                           | COCA-COLA CO/THE        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      1944 | NS      | $140162.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX CORP                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       125 | NS      | $17060.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                           | BOEING CO/THE           | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       700 | NS      | $145124.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                    | TESLA INC               | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       446 | NS      | $154521.16    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | INTC US 06/06/25 C21    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-225.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | BAC US 06/06/25 C39     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-10460.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | SMH US 06/06/25 C235    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -1 | NC      | $-770.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | UNH US 06/06/25 C305    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-2400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLY US 06/06/25 C210    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-2775.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                                | CHEVRON CORP            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       929 | NS      | $126994.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | EXXON MOBIL CORP        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1000 | NS      | $102300.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | CITIGROUP INC           | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       870 | NS      | $65528.40     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                         | SCHLUMBERGER LTD        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      1567 | NS      | $51789.35     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | CVS US 06/06/25 C63     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-855.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                  | ZOETIS INC              | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       753 | NS      | $126978.39    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLB US 06/06/25 C87     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-645.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | GM US 06/13/25 C45.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-12975.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1093 | NS      | $211298.76    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | SLB US 06/06/25 C34.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-120.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | ABT US 06/06/25 C135    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-510.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | INTC US 06/13/25 C21.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-280.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nike, Inc.                                   | NIKE INC -CL B          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      1754 | NS      | $106274.86    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                   | CHUBB LTD               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       478 | NS      | $142061.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                | ON HOLDING AG-A         | CUSIP: H5919C104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |      7384 | NS      | $438535.76    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                             | NOVO-NORDISK-ADR        | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1731 | NS      | $123766.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLF US 06/06/25 C49     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-18000.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                 | BROADCOM INC            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1420 | NS      | $343739.40    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                 | TENET HEALTHCARE        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |       910 | NS      | $153580.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | C US 06/06/25 C75       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-840.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                       | MICRON TECH             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2945 | NS      | $278184.70    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | AMZN US 06/06/25 C187.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-14240.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | T US 06/20/25 C22       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-5700.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMORGAN CHASE          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       523 | NS      | $138072.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | REAL EST SEL SEC        | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     13878 | NS      | $579128.94    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                  | UNITED PARCEL-B         | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      1226 | NS      | $119584.04    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | JPM US 06/06/25 C242.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-8800.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-MATERIALS          | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5571 | NS      | $481000.14    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-UTIL SELECT        | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      9056 | NS      | $741867.52    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | MICROSOFT CORP          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       263 | NS      | $121074.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | VGT US 06/20/25 C585    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-100800.00   | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLI US 06/20/25 C139    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-4800.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-FINL SELECT        | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     59349 | NS      | $3024425.04   | 10.84%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLF US 06/13/25 C51.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-2100.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLC US 06/06/25 C98.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2850.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | AVGO US 06/06/25 C190   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-20752.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                         | ELECTRONIC ARTS         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       955 | NS      | $137309.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLP US 06/20/25 C80     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-3400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | CRM US 06/06/25 C262.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-1130.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLK US 06/06/25 C222.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-3310.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | LMT US 06/06/25 C465    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-3300.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLRE US 06/20/25 C42    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-1180.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | TSM US 06/06/25 C167.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-24490.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLV US 06/06/25 C135    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-4900.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Company                       | GENERAL MOTORS C        | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5852 | NS      | $290317.72    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLK US 06/06/25 C200    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -95 | NC      | $-286520.00   | -1.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | TSLA US 06/13/25 C290   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -4 | NC      | $-23400.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | AMD US 06/06/25 C104    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-2319.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                  | ADV MICRO DEVICE        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      2602 | NS      | $288119.46    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | THC US 06/20/25 C140    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-24560.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                | US BANCORP              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      2700 | NS      | $117693.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | NKE US 06/06/25 C58     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2900.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologies Inc                    | PALANTIR TECHN-A        | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      1300 | NS      | $171314.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                            | SPDR S&P BIOTECH        | CUSIP: 78464A870<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      1397 | NS      | $110628.43    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | AAPL US 06/06/25 C202.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-2400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | APPLE INC               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1397 | NS      | $280587.45    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       935 | NS      | $191684.35    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | ZTS US 06/20/25 C170    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-1875.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                              | CVS HEALTH CORP         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       795 | NS      | $50911.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | ONON US 06/06/25 C49    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-45900.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                  | ABBVIE INC              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       343 | NS      | $63835.73     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | FORTINET INC            | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       904 | NS      | $92009.12     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                 | UNITED AIRLINES         | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       932 | NS      | $74042.74     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-CONS STAPLE        | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     17260 | NS      | $1429645.80   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLY US 06/06/25 C198    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-48300.00    | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | LLY US 06/06/25 C725    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -1 | NC      | $-2377.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                | NETFLIX INC             | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       100 | NS      | $120723.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                             | V/E SEMICONDUCT         | CUSIP: 92189F676<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |      1000 | NS      | $239750.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | EA US 06/06/25 C146     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -6 | NC      | $-282.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr Trust                     | SPDR-ENERGY SEL         | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6937 | NS      | $565573.61    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | XLP US 06/06/25 C81.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-6120.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | PLTR US 06/06/25 C99    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -13 | NC      | $-41275.00    | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Walmart Inc                                  | WALMART INC             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      1279 | NS      | $126262.88    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                   | OCCIDENTAL PETE         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1126 | NS      | $45918.28     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | MCDONALDS CORP          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       411 | NS      | $128992.35    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | GOOG US 06/06/25 C162.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-5315.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | GEN US 06/20/25 C29     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-310.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | NVDA US 06/06/25 C116   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -29 | NC      | $-55622.00    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | XLU US 06/06/25 C79     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-11640.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                      | UNITEDHEALTH GRP        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       775 | NS      | $233980.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | NVO US 06/13/25 C67     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-6975.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | AVGO US 06/06/25 C175   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-66690.00    | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | ABT US 06/06/25 C136    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -3 | NC      | $-243.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA CORP             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3207 | NS      | $433361.91    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer