# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-26-006464
**Filing Date:** 2026-5
**Character Count:** 71442
**Document Hash:** e3fb6bb00eef34972784905126519c44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-006464.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0000910472-26-006464

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**EFFECTIVENESS DATE**: 20260513

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26972654

**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

### Beacon Unified Catalyst ETF (Series ID: S000080116)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000241788 | Beacon Unified Catalyst ETF |  |

### Beacon Tactical Risk ETF (Series ID: S000080117)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000241789 | Beacon Tactical Risk ETF |  |

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

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

### Beacon Dynamic Allocation Fund (Series ID: S000096995)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000266022 | Beacon Dynamic Allocation Fund Class A |  |
| C000274166 | Beacon Dynamic Allocation Fund Class C |  |
| C000274167 | Beacon Dynamic Allocation Fund Class I |  |

### PeakShares RMR Prime Equity ETF (Series ID: S000097065)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000266114 | PeakShares RMR Prime Equity ETF |  |

## Internal

```

REPORT OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM

Shareholders and
Board of Trustees
Northern Lights Fund
Trust II
Omaha, Nebraska
68130

In planning and
performing our audit of
the financial statements
of Beacon Tactical Risk
ETF, Beacon Selective
Risk ETF, Beacon
Dynamic Allocation
Fund, PeakShares Sector
Rotation ETF,
PeakShares RMR Prime
Equity ETF (the
"Funds"), each a series
of Northern Lights Fund
Trust II as of and for the
year ended February 28,
2026, in accordance with
the standards of the
Public Company
Accounting Oversight
Board (United States),
we considered their
internal control over
financial reporting,
including control
activities for
safeguarding securities,
as a basis for designing
our auditing procedures
for the purpose of
expressing our opinion
on the financial
statements and to
comply with the
requirements of Form N-
CEN, but not for the
purpose of expressing an
opinion on the
effectiveness of the
Funds internal control
over financial reporting.
Accordingly, we express
no such opinion.

The management of the
Funds are responsible for
establishing and
maintaining effective
internal control over
financial reporting.  In
fulfilling this
responsibility, estimates
and judgments by
management are
required to assess the
expected benefits and
related costs of controls.
A companys internal
control over financial
reporting is a process
designed to provide
reasonable assurance
regarding the reliability
of financial reporting
and the preparation of
financial statements for
external purposes in
accordance with
generally accepted
accounting principles.  A
companys internal
control over financial
reporting includes those
policies and procedures
that (1) pertain to the
maintenance of records
that, in reasonable detail,
accurately and fairly
reflect the transactions
and dispositions of the
assets of the company;
(2) provide reasonable
assurance that
transactions are recorded
as necessary to permit
preparation of financial
statements in accordance
with generally accepted
accounting principles,
and that receipts and
expenditures of the
company are being made
only in accordance with
authorizations of
management and
directors of the
company; and (3)
provide reasonable
assurance regarding
prevention or timely
detection of
unauthorized acquisition,
use or disposition of a
companys assets that
could have a material
effect on the financial
statements.

Because of inherent
limitations, internal
control over financial
reporting may not
prevent or detect
misstatements.  Also,
projections of any
evaluation of
effectiveness to future
periods are subject to the
risk that controls may
become inadequate
because of changes in
conditions, or that the
degree of compliance
with the policies or
procedures may
deteriorate.

A deficiency in internal
control over financial
reporting exists when the
design or operation of a
control does not allow
management or
employees, in the normal
course of performing
their assigned functions,
to prevent or detect
misstatements on a
timely basis.  A material
weakness is a deficiency,
or combination of
deficiencies, in internal
control over financial
reporting, such that there
is a reasonable
possibility that a material
misstatement of the
companys annual or
interim financial
statements will not be
prevented or detected on
a timely basis.

Our consideration of
the Funds internal
control over financial
reporting was for the
limited purpose
described in the first
paragraph and would
not necessarily disclose
all deficiencies in
internal control that
might be material
weaknesses under
standards established
by the Public Company
Accounting Oversight
Board (United States).
However, we noted no
deficiencies in the
Funds internal control
over financial reporting
and its operation,
including controls for
safeguarding securities,
which we consider to
be material
weaknesses, as defined
above, as of February
28, 2026.

This report is intended
solely for the
information and use of
management, the Board
of Trustees of the
Northern Lights Fund
Trust II and the
Securities and Exchange
Commission, and is not
intended to be and
should not be used by
anyone other than these
specified parties.

  /s/	TAIT,
WELLER & BAKER
LLP
Philadelphia,
Pennsylvania
April 29, 2026

             taitweller.com

Shareholders and Board of Trustees
Northern Lights Fund Trust II
Page Two

```

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

Shareholders and Board of Trustees
Northern Lights Fund Trust II
Omaha, Nebraska 68130

In planning and performing our audit of the financial statements of
Beacon Tactical Risk ETF, Beacon Selective Risk ETF, Beacon
Dynamic Allocation Fund, PeakShares Sector Rotation ETF, PeakShares
RMR Prime Equity ETF (the Funds), each a series of Northern Lights
Fund Trust II as of and for the year ended February 28, 2026, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered their internal control over
financial reporting, including control activities for safeguarding securities,
as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing an
opinion on the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we express no such opinion.

The management of the Funds are responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.  A
companys internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use
or disposition of a companys assets that could have a material effect on
the financial statements.

Because of inherent limitations, internal control over financial reporting
may not prevent or detect misstatements.  Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis.  A material
weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal control
that might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls for
safeguarding securities, which we consider to be material weaknesses,
as defined above, as of February 28, 2026.

This report is intended solely for the information and use of
management, the Board of Trustees of the Northern Lights Fund Trust
II and the Securities and Exchange Commission, and is not intended to
be and should not be used by anyone other than these specified parties.

/S/ TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
April 29, 2026

```

## Internal

```

REPORT OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM

Shareholders and
Board of Trustees
Northern Lights Fund
Trust II
Omaha, Nebraska
68130

In planning and
performing our audit of
the financial statements
of Beacon Tactical Risk
ETF, Beacon Selective
Risk ETF, Beacon
Dynamic Allocation
Fund, PeakShares Sector
Rotation ETF,
PeakShares RMR Prime
Equity ETF (the
"Funds"), each a series
of Northern Lights Fund
Trust II as of and for the
year ended February 28,
2026, in accordance with
the standards of the
Public Company
Accounting Oversight
Board (United States),
we considered their
internal control over
financial reporting,
including control
activities for
safeguarding securities,
as a basis for designing
our auditing procedures
for the purpose of
expressing our opinion
on the financial
statements and to
comply with the
requirements of Form N-
CEN, but not for the
purpose of expressing an
opinion on the
effectiveness of the
Funds internal control
over financial reporting.
Accordingly, we express
no such opinion.

The management of the
Funds are responsible for
establishing and
maintaining effective
internal control over
financial reporting.  In
fulfilling this
responsibility, estimates
and judgments by
management are
required to assess the
expected benefits and
related costs of controls.
A companys internal
control over financial
reporting is a process
designed to provide
reasonable assurance
regarding the reliability
of financial reporting
and the preparation of
financial statements for
external purposes in
accordance with
generally accepted
accounting principles.  A
companys internal
control over financial
reporting includes those
policies and procedures
that (1) pertain to the
maintenance of records
that, in reasonable detail,
accurately and fairly
reflect the transactions
and dispositions of the
assets of the company;
(2) provide reasonable
assurance that
transactions are recorded
as necessary to permit
preparation of financial
statements in accordance
with generally accepted
accounting principles,
and that receipts and
expenditures of the
company are being made
only in accordance with
authorizations of
management and
directors of the
company; and (3)
provide reasonable
assurance regarding
prevention or timely
detection of
unauthorized acquisition,
use or disposition of a
companys assets that
could have a material
effect on the financial
statements.

Because of inherent
limitations, internal
control over financial
reporting may not
prevent or detect
misstatements.  Also,
projections of any
evaluation of
effectiveness to future
periods are subject to the
risk that controls may
become inadequate
because of changes in
conditions, or that the
degree of compliance
with the policies or
procedures may
deteriorate.

A deficiency in internal
control over financial
reporting exists when the
design or operation of a
control does not allow
management or
employees, in the normal
course of performing
their assigned functions,
to prevent or detect
misstatements on a
timely basis.  A material
weakness is a deficiency,
or combination of
deficiencies, in internal
control over financial
reporting, such that there
is a reasonable
possibility that a material
misstatement of the
companys annual or
interim financial
statements will not be
prevented or detected on
a timely basis.

Our consideration of
the Funds internal
control over financial
reporting was for the
limited purpose
described in the first
paragraph and would
not necessarily disclose
all deficiencies in
internal control that
might be material
weaknesses under
standards established
by the Public Company
Accounting Oversight
Board (United States).
However, we noted no
deficiencies in the
Funds internal control
over financial reporting
and its operation,
including controls for
safeguarding securities,
which we consider to
be material
weaknesses, as defined
above, as of February
28, 2026.

This report is intended
solely for the
information and use of
management, the Board
of Trustees of the
Northern Lights Fund
Trust II and the
Securities and Exchange
Commission, and is not
intended to be and
should not be used by
anyone other than these
specified parties.

   /s/	TAIT,
WELLER & BAKER
LLP
Philadelphia,
Pennsylvania
April 29, 2026

             taitweller.com

Shareholders and Board of Trustees
Northern Lights Fund Trust II
Page Two

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001518042

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000084644

**Series ID Record:2**
- **Series ID:** S000097065

**Series ID Record:3**
- **Series ID:** S000080117

**Series ID Record:4**
- **Series ID:** S000080116

**Series ID Record:5**
- **Series ID:** S000096995

**Class ID Record:1**
- **Class ID:** C000249078

**Class ID Record:2**
- **Class ID:** C000266114

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2026-02-28

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Northern Lights Fund Trust II

- **Item B.1.b - Investment Company Act file number:** 811-22549

- **Item B.1.c - CIK:** 0001518042

- **Item B.1.d - LEI:** 549300TH7YXW5G2QY588

- **Item B.2.a - Street 1:** 225 Pictoria Drive

- **Item B.2.a - Street 2:** Suite 450

- **Item B.2.b - City:** Cincinnati

- **Item B.2.c - State:** OH

- **Item B.2.e - Zip Code:** 45246

- **Item B.2.f - Telephone:** 631-470-2600

- **Item B.2.g - Public Website:** www.ultimusfundsolutions.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions, LLC

- **b. Street 1:** 225 Pictoria Drive

- **Street 2:** Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

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

- **h. Briefly describe the books and records kept at this location:** Fund Accounting and Transfer Agent Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 26

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name              | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Keith Rhoades     | No                      | N/A                                     |
| Randal D. Skalla  | No                      | N/A                                     |
| Anthony Lewis     | No                      | 811-22888                               |
| Thomas T. Sarkany | No                      | 811-22638, 811-22624, 811-23066         |
| Brian Nielsen     | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Emile R. Molineaux

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 4221 N. 203rd Street

- **   Street Address 2:** Suite 100

- **d. City:** Elkhorn

- **e. State, if applicable:** NE

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 68022

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Northern Lights Distributors, LLC

- **ii. SEC file number:** 8-065857

- **iii. CRD number:** 000126159

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NE

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller & Baker, LLP

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - PeakShares Sector Rotation ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** PeakShares Sector Rotation ETF

- **b. Series identification number, if any:** S000084644

- **c. LEI:** 529900FZ20I646PLB295

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PeakShares Sector Rotation ETF | C000249078                                | PSTR                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** PeakShares, LLC

- **ii. SEC file number:** 801-129548

- **iii. CRD number:** 000329193

- **iv. LEI, if any:** 984500A4F3651F103B91

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. SEC file number:** 084-06072

- **iii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** StoneX Financial

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300LNKU6K5TJCRG93

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34,902.00

**Brokers Record: 2**

- **i. Full name of broker:** GTS Mischler

- **ii. SEC file number:** 8-68126

- **iii. CRD number:** 000149224

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,873.00

**Aggregate Commission:** $37,775.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Goldman, Sachs & Co. LLC      | 8-129             |    000000361 | 784F5XWPLTWKTBV3E584 | NY      | US        | $27,798,082.00            |
| Bank of America Merrill Lynch | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | DE      | US        | $1,022,938.00             |
| StoneX Financial              | 8-51269           |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $12,318,450.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $41,139,470.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $37,046,008.75

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - PeakShares RMR Prime Equity ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** PeakShares RMR Prime Equity ETF

- **b. Series identification number, if any:** S000097065

- **c. LEI:** 529900SDL6AUO25W3I02

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 1

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PeakShares RMR Prime Equity ETF | C000266114                                | PRMR                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** PeakShares, LLC

- **ii. SEC file number:** 801-129548

- **iii. CRD number:** 000329193

- **iv. LEI, if any:** 984500A4F3651F103B91

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** RMR Wealth Builders Inc

- **ii. SEC file number:** 801-80404

- **iii. CRD number:** 000169005

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. SEC file number:** 084-06072

- **iii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** GTS Mischler

- **ii. SEC file number:** 8-68126

- **iii. CRD number:** 000149224

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $917.00

**Aggregate Commission:** $917.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Goldman, Sachs & Co. LLC      | 8-129             |    000000361 | 784F5XWPLTWKTBV3E584 | NY      | US        | $47,526,203.00            |
| Bank of America Merrill Lynch | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | DE      | US        | $731,883.00               |
| JP Morgan Securities LLC      | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $5,717,998.00             |
| Virtu Financial Inc.          | 8-68015           |    000148390 | 5493001OPW2K42CH3884 | DE      | US        | $6,181,236.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $60,157,320.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $48,941,363.44

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - Beacon Tactical Risk ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Beacon Tactical Risk ETF

- **b. Series identification number, if any:** S000080117

- **c. LEI:** 5493000IJASGPEJOCY62

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Beacon Tactical Risk ETF | C000241789                                | BTR                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Beacon Capital Management, Inc.

- **ii. SEC file number:** 801-61249

- **iii. CRD number:** 000120641

- **iv. LEI, if any:** 254900V9N9BIVGIL0X82

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Exchange Traded Concepts LLC

- **ii. SEC file number:** 801-70485

- **iii. CRD number:** 000151197

- **iv. LEI, if any:** 549300BB5DRIKK8VVV91

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. SEC file number:** 084-06072

- **iii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JANE STREET CAPITAL LLC

- **ii. SEC file number:** 8-52275

- **iii. CRD number:** 000103782

- **iv. LEI, if any:** 549300ZM16HMPEPNV857

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,040.00

**Brokers Record: 2**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP, INC.

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,904.88

**Aggregate Commission:** $9,944.88

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Virtu Financial               | 8-51262           |    000045986 | 5493001OPW2K42CH3884 | DE      | US        | $5,220,082.98             |
| BANK OF AMERICA MERRILL LYNCH | 8-7221            |    000007691 | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $3,243,586.14             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $8,463,669.12

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $29,716,640.84

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 4 - Beacon Selective Risk ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Beacon Selective Risk ETF

- **b. Series identification number, if any:** S000080116

- **c. LEI:** 5493000IHXM48ZDKWC89

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Beacon Selective Risk ETF | C000241788                                | BSR                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Beacon Capital Management, Inc.

- **ii. SEC file number:** 801-61249

- **iii. CRD number:** 000120641

- **iv. LEI, if any:** 254900V9N9BIVGIL0X82

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Exchange Traded Concepts LLC

- **ii. SEC file number:** 801-70485

- **iii. CRD number:** 000151197

- **iv. LEI, if any:** 549300BB5DRIKK8VVV91

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. SEC file number:** 084-06072

- **iii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BTIG LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $746.90

**Brokers Record: 2**

- **i. Full name of broker:** SAL EQUITY TRADING, GP

- **ii. SEC file number:** 8-43174

- **iii. CRD number:** 000029337

- **iv. LEI, if any:** 5493003MWY2FX7868J26

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $531.41

**Brokers Record: 3**

- **i. Full name of broker:** OLD MISSION MARKETS LLC

- **ii. SEC file number:** 8-69691

- **iii. CRD number:** 000281867

- **iv. LEI, if any:** 5493003UFGIEMN1POL71

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $589.44

**Brokers Record: 4**

- **i. Full name of broker:** JANE STREET CAPITAL LLC

- **ii. SEC file number:** 8-52275

- **iii. CRD number:** 000103782

- **iv. LEI, if any:** 549300ZM16HMPEPNV857

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,067.10

**Brokers Record: 5**

- **i. Full name of broker:** WALLACHBETH CAPITAL LLC

- **ii. SEC file number:** 8-67936

- **iii. CRD number:** 000147853

- **iv. LEI, if any:** 549300R371KUKXEXC133

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $492.30

**Brokers Record: 6**

- **i. Full name of broker:** Virtu Financial Capital Markets LLC.

- **ii. SEC file number:** 8-51262

- **iii. CRD number:** 000045986

- **iv. LEI, if any:** 5493001OPW2K42CH3884

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $879.59

**Brokers Record: 7**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP, INC.

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $601.76

**Aggregate Commission:** $8,908.50

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BANK OF AMERICA MERRILL LYNCH | 8-7221            |    000007691 | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $9,630,229.96             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $9,630,229.96

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $33,310,597.57

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 5 - Beacon Dynamic Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Beacon Dynamic Allocation Fund

- **b. Series identification number, if any:** S000096995

- **c. LEI:** 529900H175ZJFQOG4325

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 3

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                  | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Beacon Dynamic Allocation Fund Class I | C000274167                                | BCMDX                        |
|                           2 | Beacon Dynamic Allocation Fund Class C | C000274166                                | BCMCX                        |
|                           3 | Beacon Dynamic Allocation Fund Class A | C000266022                                | BCMAX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-8 (17 CFR 270.17a-8)

- Rule 22d-1 (17 CFR 270.22d-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Beacon Capital Management, LLC

- **ii. SEC file number:** 801-106678

- **iii. CRD number:** 000156228

- **iv. LEI, if any:** 254900V9N9BIVGIL0X82

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US Bank

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WALLACHBETH CAPITAL LLC

- **ii. SEC file number:** 8-67936

- **iii. CRD number:** 000147853

- **iv. LEI, if any:** 549300R371KUKXEXC133

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,360.52

**Brokers Record: 2**

- **i. Full name of broker:** Mischler Financial Group, Inc.

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,235.46

**Aggregate Commission:** $12,595.88

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $63,390,741.70

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

### PeakShares Sector Rotation ETF

**Item E.1 - Exchange**

- **Exchange:** XNAS

- **Ticker:** PSTR

**Item E.2 - Authorized Participants**

| Name                          | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Goldman, Sachs & Co. LLC      | $30,422,825.00   | $0.00          |
| Mirae Asset Securities        | $0.00            | $0.00          |
| Citadel Securities LLC        | $0.00            | $0.00          |
| Virtu Financial Inc.          | $0.00            | $0.00          |
| Bank of America Merrill Lynch | $1,386,916.00    | $274,965.00    |
| JP Morgan Securities LLC      | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 16.63%

- **c.i. Average percentage of value composed of cash (redeemed):** 99.82%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $125.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 2.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### PeakShares RMR Prime Equity ETF

**Item E.1 - Exchange**

- **Exchange:** XNAS

- **Ticker:** PRMR

**Item E.2 - Authorized Participants**

| Name                          | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Virtu Financial Inc.          | $6,228,442.00    | $0.00          |
| JP Morgan Securities LLC      | $5,761,914.00    | $0.00          |
| Bank of America Merrill Lynch | $737,939.00      | $0.00          |
| Mirae Asset Securities        | $0.00            | $0.00          |
| Goldman, Sachs & Co. LLC      | $45,333,405.00   | $2,503,145.00  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.62%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.87%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $125.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 2.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Beacon Tactical Risk ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** BTR

**Item E.2 - Authorized Participants**

| Name                        | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Citadel Securities LLC      | $0.00            | $0.00          |
| BofA Securities, Inc.       | $2,224,923.42    | $1,051,899.14  |
| Goldman Sachs & Co. LLC     | $0.00            | $0.00          |
| J.P. Morgan Securities LLC  | $0.00            | $0.00          |
| Mirae Asset Securities Inc, | $0.00            | $0.00          |
| Virtu Americas LLC          | $5,282,312.49    | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 1.11%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.76%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $200.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 2.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Beacon Selective Risk ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** BSR

**Item E.2 - Authorized Participants**

| Name                        | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Mirae Asset Securities Inc, | $0.00            | $0.00          |
| Virtu Americas LLC          | $0.00            | $0.00          |
| Citadel Securities LLC      | $0.00            | $0.00          |
| J.P. Morgan Securities LLC  | $0.00            | $0.00          |
| BofA Securities, Inc.       | $8,244,511.23    | $1,473,634.27  |
| Goldman Sachs & Co. LLC     | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.90%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.68%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $200.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 2.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Northern Lights Fund Trust II

**Date:** 2026-04-21

**Signature:** /s/ Erik Naviloff

**Title:** Treasurer