# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-25-005917
**Filing Date:** 2025-9
**Character Count:** 265192
**Document Hash:** c6a874c4e1223b8b21207414ac0e969f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005917.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005917

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0916

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 251299250

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154-1150

## Series and Classes Contracts Data

### Fulcrum Diversified Absolute Return Fund (Series ID: S000079520)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000240582 | Fulcrum Diversified Absolute Return Fund Super Institutional Class | FARYX           |
| C000240584 | Fulcrum Diversified Absolute Return Fund Institutional Class       | FARIX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-23066</u>

<u>Northern Lights Fund Trust IV</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Wendy Wang, Ultimus Fund Solutions, LLC</u> <br> <u>4221 North 203rd Street, Suite 100, Elkhorn, NE 68022</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2612</u>

Date of fiscal year end: <u>6/30</u>

Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.**

(a) # Fulcrum Diversified Absolute Return Fund

#### Institutional Class (FARIX)

#### Annual Shareholder Report - June 30, 2025

## Fund Overview
This annual shareholder report contains important information about Fulcrum Diversified Absolute Return Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://www.fulcrumassetfunds.com/**. You can also request this information by contacting us at 855-538-5278. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Institutional** | **$126** | **1.22%** |

---

## How did the Fund perform during the reporting period?
The period began well for risk assets, with a benign inflation backdrop and central banks around the world easing monetary policy. The calm faded at the turn of the year with fears of U.S. tariff consequences, along with rising inflation and broader geopolitical concerns leading to a period of high market volatility and declines in asset prices. As many of the tariff measures were moderated, combined with signs of a dovish shift from the Federal Reserve and no spikes in inflation, risk assets recovered going into the end of Q2-2025 with equities and bonds finishing in positive for the fiscal year. The Institutional Share Class returned +7.19% for the fiscal year ended June 30, 2025. Dynamic asset allocation strategies were driven by gains in equities, with muted contributions from commodities and fixed income. Discretionary macro strategies were the main driver of performance, capitalizing on the market volatility and generating returns in fixed income, commodity and thematic equity strategies. Diversifying strategies marginally detracted from performance, with most trend following strategies finding the market volatility more challenging to navigate.

## How has the Fund performed since inception?
The Fund has performed consistently against its benchmark. The market in the year ended 2025 proved to be more volatile than previous years. To counter the volatile, a long-term view has been taken when considering performance.

## Total Return Based on $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](icc9783857be96fb14eebf29c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fulcrum Diversified Absolute Return Fund** | **Bloomberg Global Aggregate USD Hedged Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **Jul-2015** | $1000000 | $1000000 | $1000000 |
| **Jun-2016** | $957000 | $1063172 | $1001957 |
| **Jun-2017** | $974868 | $1058782 | $1006829 |
| **Jun-2018** | $1005761 | $1076299 | $1020545 |
| **Jun-2019** | $1016707 | $1160207 | $1044150 |
| **Jun-2020** | $1103789 | $1230612 | $1061158 |
| **Jun-2021** | $1220551 | $1231552 | $1062158 |
| **Jun-2022** | $1218137 | $1121452 | $1063942 |
| **Jun-2023** | $1194858 | $1127263 | $1102495 |
| **Jun-2024** | $1305203 | $1174610 | $1162392 |
| **Jun-2025** | $1399074 | $1246896 | $1217141 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (July 31, 2015)** |
| Fulcrum Diversified Absolute Return Fund | 7.19% | 4.86% | 3.44% |
| Bloomberg Global Aggregate USD Hedged Index | 6.15% | 0.26% | 2.25% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 2.00% |

---

## **Fund Statistics** 
* Net Assets$243,053,852

* Number of Portfolio Holdings858

* Advisory Fee (net of waivers)$1,636,929

* Portfolio Turnover113%

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## What did the Fund invest in?

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5017a042d26aa377f775a880.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 18.0% |
| Exchange-Traded Funds | 0.4% |
| Purchased Options | 5.8% |
| Short-Term Investments | 75.8% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iec36b973b1724b6e16d041aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short Term Government Bonds | 53.2 |
| North American Equities | 10.4 |
| Currency Derivatives | 2.6 |
| European ex-UK Equities | 1.4 |
| Equity Derivatives | 1.1 |
| Commodity Derivatives | 0.7 |
| Japanese Equities | 0.4 |
| Interest Rate Derivatives | 0.4 |
| UK Equities | 0.3 |
| Exchange-Traded Equity Funds | 0.3 |
| Australian Equities | 0.1 |
| Asia ex-Japan Equities | 0.0 |
| Credit Derivatives | 0.0 |
| South American Equities | 0.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus, dated October 28, 2024 or upon request at 855-538-5278.

Effective October 28, 2024, the Institutional Class's expense limitation was increased from 1.13% of the Fund's average daily net assets to 1.25% of the Fund's average daily net assets.

## Householding
If you wish to receive a copy of this document at a new address, contact 855-538-5278.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.fulcrumassetfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-FARIX

# Fulcrum Diversified Absolute Return Fund (FARIX)

#### Annual Shareholder Report - June 30, 2025

# Fulcrum Diversified Absolute Return Fund

#### Super Institutional Class (FARYX)

#### Annual Shareholder Report - June 30, 2025

## Fund Overview
This annual shareholder report contains important information about Fulcrum Diversified Absolute Return Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://www.fulcrumassetfunds.com/**. You can also request this information by contacting us at 855-538-5278. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Super Institutional** | **$117** | **1.13%** |

---

## How did the Fund perform during the reporting period?
The period began well for risk assets, with a benign inflation backdrop and central banks around the world easing monetary policy. The calm faded at the turn of the year with fears of U.S. tariff consequences, along with rising inflation and broader geopolitical concerns leading to a period of high market volatility and declines in asset prices. As many of the tariff measures were moderated, combined with signs of a dovish shift from the Federal Reserve and no spikes in inflation, risk assets recovered going into the end of Q2-2025 with equities and bonds finishing in positive for the fiscal year. The Super Institutional Share Class returned +7.35% for the fiscal year ended June 30, 2025. Dynamic asset allocation strategies were driven by gains in equities, with muted contributions from commodities and fixed income. Discretionary macro strategies were the main driver of performance, capitalizing on the market volatility and generating returns in fixed income, commodity and thematic equity strategies. Diversifying strategies marginally detracted from performance, with most trend following strategies finding the market volatility more challenging to navigate.

## How has the Fund performed since inception?
The Fund has performed consistently against its benchmark. The market in the year ended 2025 proved to be more volatile than previous years. To counter the volatile, a long-term view has been taken when considering performance.

## Total Return Based on $25,000,000 Investment
![Chart showing performance over last 10 years or since inception](if5aeb8f689bf4f7ebbb744ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fulcrum Diversified Absolute Return Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate USD Hedged Index** |
| **Jul-15** | $25000000 | $25000000 | $25000000 |
| **Jun-16** | 23925000 | 25048935 | 26579288 |
| **Jun-17** | 24371817 | 25170729 | 26469543 |
| **Jun-18** | 25143299 | 25513637 | 26907479 |
| **Jun-19** | 25447539 | 26103757 | 29005184 |
| **Jun-20** | 27659280 | 26528948 | 30765291 |
| **Jun-21** | 30592425 | 26553959 | 30788808 |
| **Jun-22** | 30565144 | 26598544 | 28036289 |
| **Jun-23** | 30016211 | 27562383 | 28181571 |
| **Jun-24** | 32801868 | 29059795 | 29365254 |
| **Jun-25** | 35213084 | 30428526 | 31172394 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (July 31, 2015)** |
| Fulcrum Diversified Absolute Return Fund | 7.35% | 4.95% | 3.51% |
| Bloomberg Global Aggregate USD Hedged Index | 6.15% | 0.26% | 2.25% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 2.00% |

---

## **Fund Statistics** 
* Net Assets$243,053,852

* Number of Portfolio Holdings858

* Advisory Fee (net of waivers)$1,636,929

* Portfolio Turnover113%

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## What did the Fund invest in?

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i67d11ee7a8c50d6c2a79acc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 18.0% |
| Exchange-Traded Funds | 0.4% |
| Purchased Options | 5.8% |
| Short-Term Investments | 75.8% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9d882a9112092abefe6dfc6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short Term Government Bonds | 53.2 |
| North American Equities | 10.4 |
| Currency Derivatives | 2.6 |
| European ex-UK Equities | 1.4 |
| Equity Derivatives | 1.1 |
| Commodity Derivatives | 0.7 |
| Japanese Equities | 0.4 |
| Interest Rate Derivatives | 0.4 |
| UK Equities | 0.3 |
| Exchange-Traded Equity Funds | 0.3 |
| Australian Equities | 0.1 |
| Asia ex-Japan Equities | 0.0 |
| Credit Derivatives | 0.0 |
| South American Equities | 0.0 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus, dated October 28, 2024 or upon request at 855-538-5278.

Effective October 28, 2024, the Super Institutional Class's expense limitation was increased from 1.05% of the Fund's average daily net assets to 1.17% of the Fund's average daily net assets.

## Householding
If you wish to receive a copy of this document at a new address, contact 855-538-5278.

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.fulcrumassetfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-FARYX

# Fulcrum Diversified Absolute Return Fund (FARYX)

#### Annual Shareholder Report - June 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 applicable

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not
 applicable

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Joseph Breslin is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Breslin is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 – $125,000

2024 – $60,000

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025 – $10,000

2024 – $10,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended June 30, 2024 and 2025, respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 June 30, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

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

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

![(FULCRUM LOGO)](fu001_v1.jpg)

**Fulcrum Diversified Absolute Return Fund**

---

| | |
|:---|:---|
| **Super Institutional Class** | **FARYX** |
| **Institutional Class** | **FARIX** |

---

---

| |
|:---|
| *a series of Northern Lights Fund Trust IV* |
| **Annual Consolidated Financial Statements & Additional Information** |
| **June 30, 2025** |
| 855-538-5278 |
| www.fulcrumassetfunds.com |
| fulcrumfunds@ultimusfundsolutions.com |

---

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6%** |  |
|  | **ADVERTISING & MARKETING - 0.0%<sup>(a)</sup>** |  |
| 48 | Omnicom Group, Inc. | $3453 |
| 99 | Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 7127 |
|  |  | 10580 |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 219 | Dassault Aviation S.A. <sup>(c)</sup> | 77437 |
| 5015 | Saab A.B. <sup>(c)</sup> | 279689 |
| 10 | Teledyne Technologies, Inc.<sup>(b)</sup> | 5123 |
|  |  | 362249 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 326 | adidas A.G.<sup>(c)</sup> | 76009 |
| 312 | Deckers Outdoor Corporation<sup>(b)</sup> | 32158 |
| 100 | Gildan Activewear, Inc. <sup>(c)</sup> | 4926 |
| 31 | Hermes International SCA<sup>(c)</sup> | 83945 |
| 64 | LVMH Moet Hennessy Louis Vuitton S.E.<sup>(c)</sup> | 33515 |
| 283 | NIKE, Inc., Class B | 20104 |
|  |  | 250657 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 137 | 3i Group plc<sup>(c)</sup> | 7747 |
| 470 | Ares Management Corporation, Class A | 81404 |
| 131 | Blackrock, Inc. | 137453 |
| 166 | Blackstone, Inc. | 24830 |
| 166 | EQT A.B. <sup>(c)</sup> | 5543 |
| 72 | Groupe Bruxelles Lambert N.V. <sup>(c)</sup> | 6131 |
| 180 | Intermediate Capital Group PLC<sup>(c)</sup> | 4763 |
|  |  | 267871 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 174 | Niterra Company Ltd. <sup>(c)</sup> | 5799 |
| 137 | Rheinmetall A.G. <sup>(c)</sup> | 289975 |
| 968 | Tesla, Inc.<sup>(b)</sup> | 307495 |
|  |  | 603269 |
|  | **BANKING - 0.6%** |  |
| 29873 | Banco Santander S.A.<sup>(c)</sup> | 247254 |
| 2419 | Bank of America Corporation | 114467 |
| 551 | Bank of Ireland Group PLC<sup>(c)</sup> | 7843 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **BANKING - 0.6% (Continued)** |  |
| 302 | Bank of Nova Scotia (The) <sup>(c)</sup> | $16695 |
| 2051 | Barclays PLC<sup>(c)</sup> | 9495 |
| 440 | Citigroup, Inc. | 37453 |
| 1820 | Danske Bank A/S<sup>(c)</sup> | 74224 |
| 87 | Erste Group Bank A.G.<sup>(c)</sup> | 7409 |
| 8584 | HSBC Holdings PLC<sup>(c)</sup> | 103895 |
| 1649 | JPMorgan Chase & Company | 478063 |
| 67 | KBC Group N.V.<sup>(c)</sup> | 6918 |
| 8668 | Lloyds Banking Group PLC<sup>(c)</sup> | 9125 |
| 946 | NatWest Group PLC<sup>(c)</sup> | 6640 |
| 533 | Royal Bank of Canada<sup>(c)</sup> | 70227 |
| 9178 | Standard Chartered PLC<sup>(c)</sup> | 152051 |
| 897 | Sumitomo Mitsui Financial Group, Inc.<sup>(c)</sup> | 22632 |
| 321 | UniCredit SpA<sup>(c)</sup> | 21517 |
| 838 | Westpac Banking Corporation<sup>(c)</sup> | 18675 |
|  |  | 1404583 |
|  | **BEVERAGES - 0.1%** |  |
| 168 | Celsius Holdings, Inc.<sup>(b)</sup> | 7794 |
| 2619 | Monster Beverage Corporation<sup>(b)</sup> | 164054 |
| 650 | PepsiCo, Inc. | 85826 |
|  |  | 257674 |
|  | **BIOTECH & PHARMA - 0.5%** |  |
| 717 | AbbVie, Inc. | 133090 |
| 125 | Amgen, Inc. | 34901 |
| 359 | AstraZeneca PLC<sup>(c)</sup> | 49867 |
| 461 | Bayer A.G. <sup>(c)</sup> | 13865 |
| 493 | Bristol-Myers Squibb Company | 22821 |
| 114 | CSL Ltd.<sup>(c)</sup> | 17968 |
| 3084 | Daiichi Sankyo Company Ltd.<sup>(c)</sup> | 72052 |
| 423 | Eli Lilly & Company | 329741 |
| 949 | Johnson & Johnson | 144960 |
| 1018 | Merck & Company, Inc. | 80585 |
| 470 | Novartis A.G.<sup>(c)</sup> | 56970 |
| 2357 | Novo Nordisk A/S, Class B<sup>(c)</sup> | 163594 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **BIOTECH & PHARMA - 0.5% (Continued)** |  |
| 164 | Roche Holding A.G.<sup>(c)</sup> | $53413 |
| 265 | Sanofi S.A.<sup>(c)</sup> | 25660 |
|  |  | 1199487 |
|  | **CABLE & SATELLITE - 0.0%<sup>(a)</sup>** |  |
| 917 | Comcast Corporation, Class A | 32728 |
|  | **CHEMICALS - 0.1%** |  |
| 62 | Arkema S.A. <sup>(c)</sup> | 4568 |
| 451 | Linde PLC | 211599 |
|  |  | 216167 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.3%** |  |
| 2860 | Compass Group PLC<sup>(c)</sup> | 96843 |
| 2010 | Recruit Holdings Company Ltd.<sup>(c)</sup> | 119110 |
| 943 | Republic Services, Inc. | 232553 |
| 690 | Waste Connections, Inc. <sup>(c)</sup> | 128861 |
| 406 | Waste Management, Inc. | 92901 |
|  |  | 670268 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 121 | Amrize Ltd.<sup>(b) (c)</sup> | 6036 |
| 345 | CRH PLC<sup>(c)</sup> | 31784 |
| 121 | Holcim A.G.<sup>(c)</sup> | 8983 |
| 1524 | Kingspan Group PLC<sup>(c)</sup> | 129603 |
|  |  | 176406 |
|  | **CONTAINERS & PACKAGING - 0.0%<sup>(a)</sup>** |  |
| 648 | AptarGroup, Inc. | 101367 |
|  | **DIVERSIFIED INDUSTRIALS - 0.1%** |  |
| 961 | Emerson Electric Company | 128130 |
| 173 | Siemens A.G.<sup>(c)</sup> | 44350 |
|  |  | 172480 |
|  | **E-COMMERCE DISCRETIONARY - 0.3%** |  |
| 3419 | Amazon.com, Inc.<sup>(b)</sup> | 750095 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 509 | Alliant Energy Corporation | $30779 |
| 1305 | Ameren Corporation | 125333 |
| 317 | American Electric Power Company, Inc. | 32892 |
| 229 | Boralex, Inc. <sup>(c)</sup> | 5319 |
| 235 | Consolidated Edison, Inc. | 23582 |
| 341 | Duke Energy Corporation | 40238 |
| 6503 | E.ON S.E. <sup>(c)</sup> | 119682 |
| 1350 | Edison International | 69660 |
| 788 | EDP Renovaveis S.A. <sup>(c)</sup> | 8794 |
| 848 | Elia Group S.A. <sup>(c)</sup> | 97635 |
| 1858 | Enel SpA<sup>(c)</sup> | 17630 |
| 307 | Engie S.A.<sup>(c)</sup> | 7205 |
| 398 | Evergy, Inc. | 27434 |
| 1135 | Eversource Energy | 72209 |
| 1509 | FirstEnergy Corporation | 60752 |
| 1154 | Hydro One Ltd. <sup>(c)</sup> | 41573 |
| 5118 | Iberdrola S.A.<sup>(c)</sup> | 98201 |
| 808 | NextEra Energy, Inc. | 56091 |
| 557 | Pinnacle West Capital Corporation | 49835 |
| 152 | RWE A.G. <sup>(c)</sup> | 6343 |
| 1009 | Sempra | 76452 |
| 268 | Southern Company (The) | 24610 |
| 3091 | SSE plc<sup>(c)</sup> | 77682 |
| 7529 | Terna - Rete Elettrica Nazionale<sup>(c)</sup> | 77383 |
| 632 | Tohoku Electric Power Company, Inc.<sup>(c)</sup> | 4610 |
| 267 | WEC Energy Group, Inc. | 27821 |
|  |  | 1279745 |
|  | **ELECTRICAL EQUIPMENT - 0.4%** |  |
| 908 | AMETEK, Inc. | 164312 |
| 157 | Assa Abloy A.B., Class B | 4899 |
| 1645 | Carrier Global Corporation | 120398 |
| 52 | Daikin Industries Ltd. | 6147 |
| 2303 | Nibe Industrier A.B. | 9820 |
| 29 | Novanta, Inc.<sup>(b)</sup> | 3739 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.4% (Continued)** |  |
| 1413 | nVent Electric PLC | $103502 |
| 2472 | Prysmian SpA<sup>(c)</sup> | 174816 |
| 17 | Schindler Holding A.G. <sup>(c)</sup> | 6321 |
| 461 | Schneider Electric S.E.<sup>(c)</sup> | 122608 |
| 530 | Trane Technologies PLC | 231827 |
|  |  | 948389 |
|  | **ENGINEERING & CONSTRUCTION - 0.1%** |  |
| 280 | Gaztransport Et Technigaz S.A. <sup>(c)</sup> | 55472 |
| 940 | WSP Global, Inc. <sup>(c)</sup> | 191691 |
|  |  | 247163 |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 217 | Capcom Company Ltd. <sup>(c)</sup> | 7432 |
| 91 | ROBLOX Corporation, Class A<sup>(b)</sup> | 9573 |
| 439 | Take-Two Interactive Software, Inc.<sup>(b)</sup> | 106611 |
| 663 | Walt Disney Company (The) | 82219 |
|  |  | 205835 |
|  | **FOOD - 0.2%** |  |
| 581 | Bakkafrost P/F<sup>(c)</sup> | 26161 |
| 3150 | BellRing Brands, Inc.<sup>(b)</sup> | 182480 |
| 2712 | Mowi ASA<sup>(c)</sup> | 52365 |
| 614 | Nestle S.A.<sup>(c)</sup> | 61005 |
| 416 | Salmar ASA<sup>(c)</sup> | 18030 |
| 250 | Simply Good Foods Company (The)<sup>(b)</sup> | 7898 |
| 5344 | Vital Farms, Inc.<sup>(b)</sup> | 205850 |
|  |  | 553789 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%<sup>(a)</sup>** |  |
| 441 | West Fraser Timber Company Ltd. | 32331 |
|  | **GAS & WATER UTILITIES - 0.0%<sup>(a)</sup>** |  |
| 550 | American Water Works Company, Inc. | 76510 |
| 168 | Veolia Environnement S.A.<sup>(c)</sup> | 5986 |
|  |  | 82496 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3%** |  |
| 4512 | Cardinal Health, Inc. | 758016 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3% (Continued)** |  |
| 2899 | Cencora, Inc. | $869265 |
| 1115 | Centene Corporation<sup>(b)</sup> | 60522 |
| 461 | Cigna Group (The) | 152397 |
| 306 | CVS Health Corporation | 21108 |
| 314 | Elevance Health, Inc. | 122133 |
| 301 | Encompass Health Corporation | 36912 |
| 120 | HCA Healthcare, Inc. | 45972 |
| 49 | Humana, Inc. | 11980 |
| 1213 | McKesson Corporation | 888862 |
| 111 | Molina Healthcare, Inc.<sup>(b)</sup> | 33067 |
| 547 | UnitedHealth Group, Inc. | 170648 |
| 292 | Universal Health Services, Inc., Class B | 52896 |
|  |  | 3223778 |
|  | **HOME CONSTRUCTION - 0.1%** |  |
| 554 | DR Horton, Inc. | 71422 |
| 62 | KB Home | 3284 |
| 516 | Lennar Corporation, Class A | 57075 |
| 1 | NVR, Inc.<sup>(b)</sup> | 7386 |
| 38 | PulteGroup, Inc. | 4007 |
|  |  | 143174 |
|  | **HOTEL OWNERS & DEVELOPERS - 0.0%<sup>(a)</sup>** |  |
| 258 | Millrose Properties, Inc.<sup>(b)</sup> | 7356 |
|  | **HOUSEHOLD PRODUCTS - 0.2%** |  |
| 517 | Church & Dwight Company, Inc. | 49689 |
| 372 | Colgate-Palmolive Company | 33815 |
| 63 | Estee Lauder Companies, Inc. (The), Class A | 5090 |
| 1395 | Procter & Gamble Company (The) | 222251 |
| 99 | Reckitt Benckiser Group PLC<sup>(c)</sup> | 6733 |
| 13467 | Unicharm Corporation<sup>(c)</sup> | 97288 |
| 589 | Unilever PLC<sup>(c)</sup> | 35774 |
|  |  | 450640 |
|  | **INDUSTRIAL REIT - 0.1%** |  |
| 7521 | Goodman Group<sup>(c)</sup> | 169488 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **INDUSTRIAL REIT - 0.1% (Continued)** |  |
| 219 | Prologis, Inc. | $23021 |
|  |  | 192509 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.0%<sup>(a)</sup>** |  |
| 61 | Ashtead Group PLC<sup>(c)</sup> | 3909 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2%** |  |
| 80 | CME Group, Inc. | 22050 |
| 26 | Deutsche Boerse A.G.<sup>(c)</sup> | 8480 |
| 74 | Goldman Sachs Group, Inc. (The) | 52374 |
| 2872 | Interactive Brokers Group, Inc., Class A | 159137 |
| 135 | Intercontinental Exchange, Inc. | 24768 |
| 110 | London Stock Exchange Group PLC<sup>(c)</sup> | 16057 |
| 786 | Morgan Stanley | 110716 |
|  |  | 393582 |
|  | **INSURANCE - 0.4%** |  |
| 2616 | AIA Group Ltd.<sup>(c)</sup> | 23461 |
| 60 | Allstate Corporation (The) | 12079 |
| 491 | Aon PLC, Class A | 175169 |
| 1759 | Arch Capital Group Ltd. | 160157 |
| 329 | Arthur J Gallagher & Company | 105319 |
| 116 | Marsh & McLennan Companies, Inc. | 25362 |
| 222 | MS&AD Insurance Group Holdings, Inc.<sup>(c)</sup> | 4979 |
| 919 | Progressive Corporation (The) | 245244 |
| 195 | SCOR S.E.<sup>(c)</sup> | 6436 |
| 191 | Sompo Holdings, Inc.<sup>(c)</sup> | 5762 |
| 42 | Swiss Re A.G.<sup>(c)</sup> | 7260 |
| 449 | Tokio Marine Holdings, Inc.<sup>(c)</sup> | 19050 |
| 788 | Travelers Companies, Inc. (The) | 210822 |
| 60 | Voya Financial, Inc. | 4260 |
| 34 | Zurich Insurance Group A.G.<sup>(c)</sup> | 23767 |
|  |  | 1029127 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 847 | Airbnb, Inc., Class A<sup>(b)</sup> | 112092 |
| 2010 | Alphabet, Inc., Class A | 354222 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.8% (Continued)** |  |
| 1721 | Alphabet, Inc., Class C | $305288 |
| 466 | Auto Trader Group PLC<sup>(c)</sup> | 5273 |
| 816 | Meta Platforms, Inc., Class A | 602281 |
| 167 | Netflix, Inc.<sup>(b)</sup> | 223635 |
| 223 | REA Group Ltd. <sup>(c)</sup> | 35296 |
| 588 | Rightmove PLC<sup>(c)</sup> | 6365 |
| 282 | Shopify, Inc., Class A<sup>(b) (c)</sup> | 32516 |
| 34 | Spotify Technology S.A.<sup>(b)</sup> | 26090 |
| 2602 | Uber Technologies, Inc.<sup>(b)</sup> | 242767 |
|  |  | 1945825 |
|  | **LEISURE FACILITIES & SERVICES - 0.1%** |  |
| 2798 | Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 157108 |
| 241 | McDonald's Corporation | 70413 |
| 267 | Starbucks Corporation | 24465 |
|  |  | 251986 |
|  | **MACHINERY - 0.1%** |  |
| 615 | Atlas Copco A.B.<sup>(c)</sup> | 9937 |
| 365 | Atlas Copco A.B. <sup>(c)</sup> | 5187 |
| 15 | Disco Corporation<sup>(c)</sup> | 4440 |
| 1708 | Ingersoll Rand, Inc. | 142071 |
| 353 | TOMRA Systems ASA<sup>(c)</sup> | 5499 |
|  |  | 167134 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 411 | Abbott Laboratories | 55900 |
| 1727 | Boston Scientific Corporation<sup>(b)</sup> | 185496 |
| 52 | Cochlear Ltd. <sup>(c)</sup> | 10282 |
| 725 | Danaher Corporation | 143217 |
| 231 | Edwards Lifesciences Corporation<sup>(b)</sup> | 18067 |
| 71 | Illumina, Inc.<sup>(b)</sup> | 6774 |
| 352 | Insulet Corporation<sup>(b)</sup> | 110591 |
| 39 | Mettler-Toledo International, Inc.<sup>(b)</sup> | 45814 |
| 350 | Thermo Fisher Scientific, Inc. | 141911 |
|  |  | 718052 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **METALS & MINING - 0.1%** |  |
| 8655 | Hecla Mining Company | $51843 |
| 161 | Newmont Corporation | 9380 |
| 264 | Rio Tinto PLC<sup>(c)</sup> | 15382 |
| 752 | Royal Gold, Inc. | 133736 |
|  |  | 210341 |
|  | **MULTI ASSET CLASS REIT - 0.0%<sup>(a)</sup>** |  |
| 514 | Segro PLC<sup>(c)</sup> | 4795 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 2888 | CNX Resources Corporation<sup>(b)</sup> | 97268 |
| 2998 | Cosan S.A.<sup>(b) (c)</sup> | 3785 |
| 4560 | Itochu Enex Company Ltd. <sup>(c)</sup> | 54645 |
| 1898 | Parkland Corporation<sup>(c)</sup> | 53675 |
|  |  | 209373 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.2%** |  |
| 15685 | Aker Solutions ASA<sup>(c)</sup> | 54190 |
| 3899 | Baker Hughes Company | 149489 |
| 1742 | Oceaneering International, Inc.<sup>(b)</sup> | 36094 |
| 2727 | SBM Offshore N.V. <sup>(c)</sup> | 72270 |
| 3443 | Schlumberger Ltd. | 116373 |
|  |  | 428416 |
|  | **PUBLISHING & BROADCASTING - 0.0%<sup>(a)</sup>** |  |
| 3551 | Future PLC<sup>(c)</sup> | 35531 |
|  | **REAL ESTATE SERVICES - 0.0%<sup>(a)</sup>** |  |
| 3516 | Savills PLC<sup>(c)</sup> | 47970 |
|  | **RESIDENTIAL REIT - 0.0%<sup>(a)</sup>** |  |
| 456 | UNITE Group PLC (The) <sup>(c)</sup> | 5304 |
|  | **RETAIL - CONSUMER STAPLES - 0.7%** |  |
| 409 | Coles Group Ltd.<sup>(c)</sup> | 5610 |
| 106 | Costco Wholesale Corporation | 104934 |
| 1708 | Dollarama, Inc. | 240593 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 0.7% (Continued)** |  |
| 4770 | Kroger Company (The) | $342151 |
| 2025 | Sprouts Farmers Market, Inc.<sup>(b)</sup> | 333396 |
| 7938 | Walmart, Inc. | 776177 |
|  |  | 1802861 |
|  | **RETAIL - DISCRETIONARY - 0.2%** |  |
| 30 | AutoZone, Inc.<sup>(b)</sup> | 111367 |
| 49 | Brunello Cucinelli SpA<sup>(c)</sup> | 5956 |
| 28 | Builders FirstSource, Inc.<sup>(b)</sup> | 3267 |
| 466 | Fast Retailing Company Ltd.<sup>(c)</sup> | 160219 |
| 241 | Industria de Diseno Textil S.A.<sup>(c)</sup> | 12541 |
| 39850 | JD Sports Fashion PLC<sup>(c)</sup> | 48538 |
| 132 | Lowe's Companies, Inc. | 29287 |
| 735 | TJX Companies, Inc. (The) | 90765 |
|  |  | 461940 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(a)</sup>** |  |
| 89 | Public Storage | 26114 |
|  | **SEMICONDUCTORS - 1.1%** |  |
| 551 | Advanced Micro Devices, Inc.<sup>(b)</sup> | 78187 |
| 565 | Applied Materials, Inc. | 103435 |
| 9 | ASM International N.V. <sup>(c)</sup> | 5760 |
| 294 | BE Semiconductor Industries N.V. <sup>(c)</sup> | 43996 |
| 2082 | Broadcom, Inc. | 573903 |
| 32 | KLA Corporation | 28664 |
| 313 | Lam Research Corporation | 30467 |
| 88 | Microchip Technology, Inc. | 6193 |
| 1106 | Micron Technology, Inc. | 136315 |
| 8768 | NVIDIA Corporation | 1385256 |
| 62 | NXP Semiconductors N.V. | 13546 |
| 375 | QUALCOMM, Inc. | 59723 |
| 618 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 139971 |
|  |  | 2605416 |
|  | **SOFTWARE - 1.0%** |  |
| 146 | Adobe, Inc.<sup>(b)</sup> | 56484 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **SOFTWARE - 1.0% (Continued)** |  |
| 1190 | Akamai Technologies, Inc.<sup>(b)</sup> | $94914 |
| 14 | ANSYS, Inc.<sup>(b)</sup> | 4917 |
| 477 | Autodesk, Inc.<sup>(b)</sup> | 147665 |
| 62 | Cadence Design Systems, Inc.<sup>(b)</sup> | 19105 |
| 150 | Fortinet, Inc.<sup>(b)</sup> | 15858 |
| 7 | HubSpot, Inc.<sup>(b)</sup> | 3896 |
| 64 | Intuit, Inc. | 50408 |
| 2548 | Microsoft Corporation | 1267400 |
| 56 | Okta, Inc.<sup>(b)</sup> | 5598 |
| 967 | Oracle Corporation | 211415 |
| 826 | Palo Alto Networks, Inc.<sup>(b)</sup> | 169033 |
| 252 | PTC, Inc.<sup>(b)</sup> | 43430 |
| 370 | Roper Technologies, Inc. | 209731 |
| 302 | Salesforce, Inc. | 82352 |
| 339 | SAP S.E.<sup>(c)</sup> | 103078 |
| 45 | ServiceNow, Inc.<sup>(b)</sup> | 46264 |
| 8 | Tyler Technologies, Inc.<sup>(b)</sup> | 4743 |
| 47 | Workday, Inc., Class A<sup>(b)</sup> | 11280 |
|  |  | 2547571 |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 479 | American Express Company | 152791 |
|  | **TECHNOLOGY HARDWARE - 0.6%** |  |
| 5239 | Apple, Inc. | 1074886 |
| 1382 | Cisco Systems, Inc. | 95883 |
| 1165 | Nintendo Company Ltd.<sup>(c)</sup> | 112270 |
| 529 | Panasonic Holdings Corporation<sup>(c)</sup> | 5713 |
| 10897 | Sony Group Corporation<sup>(c)</sup> | 282204 |
| 123 | Super Micro Computer, Inc.<sup>(b)</sup> | 6028 |
|  |  | 1576984 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 218 | Accenture PLC, Class A | 65158 |
| 3 | Adyen N.V.<sup>(b),(c)</sup> | 5507 |
| 128 | Amadeus IT Group S.A.<sup>(c)</sup> | 10777 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.8% (Continued)** |  |
| 96 | Automatic Data Processing, Inc. | $29606 |
| 35 | Booz Allen Hamilton Holding Corporation | 3645 |
| 21 | Broadridge Financial Solutions, Inc. | 5104 |
| 172 | Computacenter PLC<sup>(c)</sup> | 5666 |
| 440 | Corpay, Inc.<sup>(b)</sup> | 146001 |
| 19 | Equifax, Inc. | 4928 |
| 130 | Experian PLC<sup>(c)</sup> | 6695 |
| 10 | FactSet Research Systems, Inc. | 4473 |
| 29 | Fair Isaac Corporation<sup>(b)</sup> | 53011 |
| 1138 | Fiserv, Inc.<sup>(b)</sup> | 196203 |
| 303 | International Business Machines Corporation | 89318 |
| 572 | Mastercard, Inc., Class A | 321430 |
| 84 | MSCI, Inc. | 48446 |
| 953 | Netcompany Group A/S<sup>(b) (c)</sup> | 40626 |
| 77 | Paychex, Inc. | 11200 |
| 304 | PayPal Holdings, Inc.<sup>(b)</sup> | 22593 |
| 430 | RELX PLC<sup>(c)</sup> | 23236 |
| 277 | S&P Global, Inc. | 146059 |
| 248 | Softcat PLC<sup>(c)</sup> | 5845 |
| 449 | Verisk Analytics, Inc. | 139864 |
| 1069 | Visa, Inc., Class A | 379548 |
| 612 | WEX, Inc.<sup>(b)</sup> | 89897 |
| 33 | Wolters Kluwer N.V.<sup>(c)</sup> | 5517 |
|  |  | 1860353 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 1609 | AT&T, Inc. | 46565 |
| 818 | KDDI Corporation<sup>(c)</sup> | 14085 |
| 326 | TELUS Corporation<sup>(c)</sup> | 5234 |
| 126 | T-Mobile US, Inc. | 30021 |
| 1012 | Verizon Communications, Inc. | 43789 |
|  |  | 139694 |
|  | **TRANSPORTATION & LOGISTICS - 0.1%** |  |
| 573 | DSV A/S<sup>(c)</sup> | 137696 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 12.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 0.1% (Continued)** |  |
| 21 | Kuehne + Nagel International A.G.<sup>(c)</sup> | $4543 |
|  |  | 142239 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.0%<sup>(a)</sup>** |  |
| 296 | ITOCHU Corporation<sup>(c)</sup> | 15528 |
|  | **WHOLESALE - DISCRETIONARY - 0.0%<sup>(a)</sup>** |  |
| 309 | Toyota Tsusho Corporation<sup>(c)</sup> | 7013 |
|  | **TOTAL COMMON STOCKS (Cost $25,448,818)** | 30632935 |
|  | **EXCHANGE-TRADED FUNDS — 0.3%** |  |
|  | **EQUITY - 0.3%** |  |
| 22556 | iShares MSCI Brazil ETF (Cost $642,861) | 650741 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | |
| **CURRENCY OPTIONS PURCHASED - 1.9%** |  |  |  |  |  |
| **CALL OPTIONS PURCHASED - 0.4%** |  |  |  |  |  |
| AUDcNZDp Digi | JPM | 10/06/2025 | $1.2000 | $1894000 | 306 |
| AUDcUSDp | JPM | 07/15/2025 | 0.6700 | 30448000 | 36590 |
| AUDcUSDp Digi | JPM | 08/04/2025 | 0.7000 | 1951000 | 31276 |
| AUDcUSDp OT | JPM | 04/15/2026 | 0.8400 | 1896000 | 10558 |
| EURcGBPp | JPM | 12/30/2025 | 0.9000 | 8801000 | 44814 |
| EURcHUFp | JPM | 03/10/2026 | 480.0000 | 3890000 | 8952 |
| EURcHUFp | JPM | 03/11/2026 | 470.0000 | 4853000 | 15027 |
| EURcPLNp | JPM | 12/10/2025 | 4.5000 | 5826000 | 28852 |
| EURcUSDp | JPM | 08/19/2025 | 1.1900 | 9916000 | 105304 |
| EURcUSDp | JPM | 12/12/2025 | 1.2500 | 6513000 | 48150 |
| EURcUSDp 1.1650 RKO | JPM | 07/14/2025 | 1.1650 | 6537000 | 18906 |
| EURcUSDp 1.18 RKO | JPM | 07/29/2025 | 1.1800 | 15931000 | 25710 |
| EURcUSDp Digi | JPM | 07/11/2025 | 1.2500 | 840000 | 2019 |
| EURcUSDp Digi | JPM | 09/05/2025 | 1.2100 | 474000 | 135320 |
| EURcUSDp OT | JPM | 08/01/2025 | 1.2200 | 499000 | 55256 |
| MXNcJPYp | JPM | 03/11/2026 | 8.0000 | 144537000 | 85334 |
| MXNcJPYp 7.73 RKO | JPM | 07/22/2025 | 7.7300 | 47721000 | 3448 |
| NZDcUSDp | JPM | 09/17/2025 | 0.6400 | 23981000 | 56507 |
| USDcCHFp | JPM | 08/06/2025 | 0.8675 | 6639000 | 153 |
| USDcCHFp Digi | JPM | 11/05/2025 | 0.8433 | 383000 | 22327 |
| USDcCHFp OT | JPM | 12/15/2025 | 0.9900 | 816000 | 454 |
| USDcCNHp | JPM | 09/29/2025 | 7.8000 | 19046000 | 2087 |
| USDcCNHp | JPM | 01/06/2026 | 7.6000 | 9517000 | 11583 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| **CURRENCY OPTIONS PURCHASED - 1.9%** |  |  |  |  |  |
| **(Continued)** |  |  |  |  |  |
| **CALL OPTIONS PURCHASED - 0.4% (Continued)** |  |  |  |  |  |
| USDcCNHp | JPM | 01/06/2026 | $8.0000 | $24006000 | $9471 |
| USDcCNHp | JPM | 04/07/2026 | 8.5000 | 48012000 | 17579 |
| USDcCNHp Digi | CIT | 07/18/2025 | 7.4000 | 103000 | 310 |
| USDcCNHp Digi | JPM | 07/24/2025 | 7.5000 | 1867000 | 3119 |
| USDcCNHp Digi | JPM | 08/14/2025 | 8.0000 | 320000 | 104 |
| USDcCNHp Digi | JPM | 11/14/2025 | 8.0000 | 1570000 | 7091 |
| USDcCOPp 4500 RKO | JPM | 11/19/2025 | 4500.0000 | 1653000 | 2125 |
| USDcHKDp | JPM | 10/07/2025 | 7.7900 | 14314000 | 42320 |
| USDcHKDp | JPM | 11/24/2025 | 7.8000 | 21047000 | 37388 |
| USDcHKDp | JPM | 11/26/2025 | 7.8500 | 22858000 | 13174 |
| USDcHKDp | JPM | 02/11/2026 | 7.7500 | 3563000 | 17958 |
| USDcHKDp | JPM | 04/09/2026 | 7.8000 | 23746000 | 36740 |
| USDcTRYp | JPM | 08/25/2025 | 50.0000 | 2838000 | 20128 |
| **TOTAL CALL OPTIONS PURCHASED (Cost - $1,919,466)** |  |  |  |  | 956440 |
| **PUT OPTIONS PURCHASED - 1.5%** |  |  |  |  |  |
| CHFpNOKc Digi | JPM | 11/13/2025 | 12.0300 | 103000 | 12446 |
| EURpCNHc | JPM | 07/03/2025 | 7.8000 | 7619000 | 9 |
| EURpGBPc Digi | JPM | 08/04/2025 | 0.8300 | 1218000 | 12288 |
| EURpGBPc Digi | JPM | 09/04/2025 | 0.8300 | 1218000 | 40309 |
| EURpTRYc Digi | JPM | 07/03/2025 | 38.0000 | 315000 | 0 |
| EURpTRYc Digi | JPM | 10/02/2025 | 38.0000 | 1188000 | 99 |
| EURpTRYc Digi | JPM | 10/29/2025 | 41.2000 | 481000 | 314 |
| EURpUSDc | JPM | 12/04/2025 | 1.0000 | 52199000 | 6148 |
| GBPpAUDc Digi | JPM | 11/06/2025 | 2.0100 | 106000 | 26982 |
| GBPpAUDc OT | JPM | 07/10/2025 | 1.7750 | 55000 | 0 |
| GBPpSGDc Digi | JPM | 05/21/2026 | 1.6000 | 465000 | 60652 |
| GBPpTRYc Digi | JPM | 07/08/2025 | 46.0000 | 190000 | 6 |
| GBPpUSDc Digi | JPM | 07/03/2025 | 1.1500 | 161000 | 0 |
| GBPpZARc | JPM | 07/18/2025 | 24.0000 | 3671000 | 15627 |
| USDcCNHp | JPM | 07/07/2025 | 7.1150 | 12733000 | 8977 |
| USDpBRLc | JPM | 07/29/2025 | 5.4000 | 5760000 | 42501 |
| USDpBRLc Digi | JPM | 11/05/2025 | 5.6300 | 355000 | 200794 |
| USDpBRLc Digi | JPM | 01/16/2026 | 5.5000 | 831000 | 300778 |
| USDpBRLc Digi | JPM | 01/22/2026 | 5.2000 | 431000 | 63871 |
| USDpBRLc Digi | JPM | 02/11/2026 | 5.6000 | 494000 | 207558 |
| USDpBRLc Digi | JPM | 05/11/2026 | 5.6000 | 494000 | 175476 |
| USDpBRLc Digi | JPM | 08/11/2026 | 5.6000 | 494000 | 155693 |
| USDpCNHc | JPM | 05/19/2026 | 6.5000 | 20056000 | 49850 |
| USDpCNHc | JPM | 11/05/2025 | 6.7500 | 20134000 | 28532 |
| USDpCNHc | JPM | 11/04/2025 | 6.8000 | 8233000 | 14775 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair<br> Value** |
| **CURRENCY OPTIONS PURCHASED - 1.9%** |  |  |  |  |  |
| **(Continued)** |  |  |  |  |  |
| **PUT OPTIONS PURCHASED - 1.5% (Continued)** |  |  |  |  |  |
| USDpCNHc 7.15 ERKO | JPM | 07/14/2025 | $7.1500 | $5224000 | $5682 |
| USDpCNHc Digi | JPM | 09/08/2025 | 6.9500 | 228000 | 19526 |
| USDpCOPc Digi | JPM | 11/05/2025 | 4185.0000 | 233000 | 128473 |
| USDpHKDc | JPM | 11/20/2025 | 7.5000 | 12550000 | 17977 |
| USDpILSc Digi | JPM | 12/16/2025 | 3.2000 | 509000 | 99215 |
| USDpJPYc 141 RKO | JPM | 07/03/2025 | 141.0000 | 12978000 | 1185 |
| USDpJPYc | JPM | 07/03/2025 | 142.0000 | 5738000 | 1610 |
| USDpJPYc 142.5 RKO | JPM | 07/03/2025 | 142.5000 | 6506000 | 4341 |
| USDpJPYc 145 RKO | JPM | 07/01/2025 | 145.0000 | 3262000 | 23228 |
| USDpJPYc Digi | MSI | 08/27/2025 | 140.0000 | 46000 | 12428 |
| USDpJPYc Digi | JPM | 09/03/2025 | 120.0000 | 127000 | 439 |
| USDpJPYc Digi | JPM | 09/09/2025 | 120.5000 | 1011000 | 4812 |
| USDpJPYc Digi | JPM | 11/04/2025 | 130.0000 | 4060000 | 296518 |
| USDpJPYc Digi | JPM | 11/18/2025 | 130.0000 | 4062000 | 332354 |
| USDpJPYc Digi | JPM | 12/18/2025 | 135.0000 | 1986000 | 400294 |
| USDpJPYc Digi | JPM | 04/09/2026 | 101.0000 | 5224000 | 28669 |
| USDpJPYc Digi | JPM | 05/12/2027 | 127.0000 | 498000 | 109649 |
| USDpJPYc iOT | JPM | 11/26/2025 | 110.0000 | 2122000 | 9359 |
| USDpJPYc iOT | JPM | 12/02/2026 | 110.0000 | 633000 | 44187 |
| USDpJPYc iOT | JPM | 12/02/2026 | 110.0000 | 730000 | 41163 |
| USDpJPYc OT | JPM | 01/08/2026 | 109.0000 | 2343000 | 15546 |
| USDpKRWc | JPM | 08/08/2025 | 1300.0000 | 7623000 | 20862 |
| USDpKRWc OT | JPM | 05/07/2026 | 1050.0000 | 2543000 | 26177 |
| USDpMXNc | JPM | 07/10/2025 | 18.6000 | 3189000 | 6757 |
| USDpMXNc Digi | JPM | 09/04/2025 | 18.4000 | 163000 | 45265 |
| USDpMXNc Digi | JPM | 09/23/2025 | 18.1000 | 207000 | 33683 |
| USDpMXNc Digi | JPM | 11/14/2025 | 18.0000 | 460000 | 77892 |
| USDpMXNc Digi | JPM | 05/13/2026 | 17.3000 | 934000 | 94593 |
| USDpNOKc Digi | JPM | 01/05/2026 | 9.4000 | 384000 | 62595 |
| USDpSEKc Digi | JPM | 04/01/2026 | 8.5000 | 384000 | 53800 |
| USDpTRYc | JPM | 03/13/2026 | 42.0000 | 4079000 | 12378 |
| USDpTRYc Digi | JPM | 07/15/2025 | 37.0000 | 218000 | 92 |
| USDpTRYc Digi | JPM | 07/15/2025 | 39.8500 | 208000 | 42223 |
| USDpTRYc Digi | JPM | 11/05/2025 | 42.1000 | 120000 | 44451 |
| USDpTRYc Digi | JPM | 12/03/2025 | 39.5000 | 242000 | 3517 |
| USDpTRYc Digi | JPM | 12/09/2025 | 39.0000 | 314000 | 2590 |
| USDpTWDc | JPM | 07/07/2025 | 28.0000 | 6292000 | 3409 |
| USDpZARc Digi | JPM | 09/30/2025 | 16.8500 | 207000 | 32513 |
| USDpZARc Digi | JPM | 02/13/2026 | 17.9300 | 226000 | 110241 |
| USDpZARc Digi 17.00 RKO | JPM | 09/11/2025 | 17.0000 | 196000 | 17366 |
| **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,532,359) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,532,359) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,532,359) |  |  | 3710744 |
| **TOTAL CURRENCY OPTIONS PURCHASED** (Cost - $6,451,825) | **TOTAL CURRENCY OPTIONS PURCHASED** (Cost - $6,451,825) | **TOTAL CURRENCY OPTIONS PURCHASED** (Cost - $6,451,825) |  |  | 4667184 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED<sup>(d)</sup> - 0.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | $60.0000 | $100380 | $2460 |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | 65.0000 | 100380 | 2100 |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | 70.0000 | 100380 | 1920 |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | 75.0000 | 100380 | 1620 |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | 80.0000 | 100380 | 1620 |
| 60 | Chicago Board Options Exchange VIX | MS | 09/17/2025 | 90.0000 | 100380 | 1380 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 60.0000 | 184030 | 5610 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 65.0000 | 184030 | 4950 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 70.0000 | 184030 | 4290 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 75.0000 | 184030 | 3740 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 85.0000 | 184030 | 3300 |
| 110 | Chicago Board Options Exchange VIX | MS | 10/22/2025 | 95.0000 | 184030 | 2750 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5350.0000 | 1113680 | 12244 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5425.0000 | 1113680 | 5640 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5475.0000 | 1113680 | 3092 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5550.0000 | 1113680 | 1138 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $93,577) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $93,577) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $93,577) |  |  | 57854 |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 1193 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 17.0000 | 1995889 | 36983 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 4975.0000 | 1113680 | 2177 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5125.0000 | 1113680 | 5120 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5225.0000 | 1113680 | 9647 |
| 21 | EURO STOXX 50<sup>(e)</sup> | MS | 07/18/2025 | 5300.0000 | 1113680 | 15558 |
| 242 | FTSE 100 Index<sup>(e)</sup> | MS | 07/18/2025 | 8500.0000 | 21270590 | 49823 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $228,662) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $228,662) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $228,662) |  |  | 119308 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $322,239) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $322,239) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $322,239) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $322,239) |  | 177162 |
|  | **OTC DUAL BINARY OPTIONS PURCHASED <sup>(f)</sup> - 0.9%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.9%** |  |  |  |  |  |
| 164000 | EURCHF > 0.9150 and EURJPY < 156.75 | GS | 08/14/2025 | 0.9150 | 22348 | 1484 |
| 1130000 | EURUSD < 1.0103 and SX5E < 5183.97 | GS | 07/18/2025 | 1.0103 | 142662 | 1 |
| 1130000 | EURUSD < 1.0103 and SX5E < 5183.97 | GS | 08/15/2025 | 1.0103 | 142662 | 133 |
| 1130000 | EURUSD < 1.0103 and SX5E < 5183.97 | GS | 09/19/2025 | 1.0103 | 142662 | 663 |
| 797000 | EUSA10 < 2.08% and EURUSD < 1.0900 | CIT | 07/08/2025 | 2.0800 | 41225 | 1 |
| 797000 | EUSA10 < 2.08% and EURUSD < 1.0900 | CIT | 07/22/2025 | 2.0800 | 41642 | 1 |
| 1996000 | EUSA10 < 2.1030% and EURUSD < 1.0907 | MS | 09/11/2025 | 2.1030 | 123712 | 2 |
| 1996000 | EUSA10 < 2.1030% and EURUSD < 1.0907 | MS | 09/25/2025 | 2.1030 | 124696 | 1411 |
| 358000 | HCU5 Index > 7897.06 and USDCNH > 7.3948 | MS | 09/19/2025 | 7897.0600 | 26134 | 7995 |
| 934000 | SPX < 4675.28 and USDJPY < 146.78 | GS | 11/24/2025 | 4675.2800 | 112154 | 24523 |
| 934000 | SPX < 4675.28 and USDJPY < 146.78 | GS | 12/22/2025 | 4675.2800 | 115507 | 29991 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **OTC DUAL BINARY OPTIONS PURCHASED<sup>(f)</sup> -** |  |  |  |  |  |
|  | **0.9% (Continued)** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.9% (Continued)** |  |  |  |  |  |
| 1104000 | SPX < 5406 and EURUSD < 1.12 | GS | 07/18/2025 | $5406.0000 | $99360 | $55 |
| 1104000 | SPX < 5406 and EURUSD < 1.12 | GS | 08/01/2025 | 5406.0000 | 99360 | 935 |
| 1104000 | SPX < 5406 and EURUSD < 1.12 | GS | 08/15/2025 | 5406.0000 | 99360 | 2251 |
| 1104000 | SPX < 5406 and EURUSD < 1.12 | GS | 08/29/2025 | 5406.0000 | 99360 | 4165 |
| 1626000 | SPX < 5562.41 and GLD US > 272.32 | JPM | 12/19/2025 | 5562.4100 | 223474 | 144039 |
| 1614000 | SPX < 5622.87 and GLD US > 272.32 | JPM | 11/21/2025 | 5622.8700 | 238978 | 145069 |
| 395000 | SPX < 5652 and AUDUSD > 0.6530 | MS | 08/15/2025 | 5652.0000 | 16788 | 7012 |
| 823000 | SPX > 6420.55 and CLF6 < 57.79 | MS | 12/16/2025 | 6420.5500 | 84769 | 137179 |
| 720000 | SPX > 6420.55 and CLG6 < 57.48 | MS | 01/14/2026 | 6420.5500 | 74160 | 129014 |
| 823000 | SPX > 6420.55 and CLZ5 < 58.23 | MS | 11/17/2025 | 6420.5500 | 84769 | 129265 |
| 1125000 | UKX > 8413.9 and GBPUSD > 1.3651 | GS | 04/17/2026 | 8413.9000 | 120467 | 623926 |
| 1105000 | UKX > 8776.9 and GBPUSD > 1.401 | GS | 02/20/2026 | 8776.9000 | 122799 | 356368 |
| 1105000 | UKX > 8776.9 and GBPUSD > 1.401 | GS | 05/15/2026 | 8776.9000 | 122799 | 352128 |
| 187000 | USDCNH > 7.3154 and USD 5s30s > 0.40% | CIT | 09/19/2025 | 7.3154 | 13277 | 13339 |
| 530845 | USDCNH > 7.4008 and US10YRSOFR < 3.555% | GS | 09/03/2025 | 7.4008 | 22561 | 3504 |
| 530845 | USDCNH > 7.4008 and US10YRSOFR < 3.555% | GS | 10/03/2025 | 7.4008 | 22561 | 6317 |
| 530845 | USDCNH > 7.4008 and US10YRSOFR < 3.555% | GS | 11/03/2025 | 7.4008 | 22561 | 9077 |
| 458000 | USDJPY < 138.95 and US30YRSOFR > 4.483% | CIT | 08/21/2025 | 138.9500 | 21297 | 2273 |
| 182000 | USDJPY < 139 and JYS010 > 1.475% | GS | 04/17/2026 | 139.0000 | 23478 | 14547 |
| 789000 | USDKRW > 1398.18 and KOSPI2 > 384.22 | MS | 03/12/2026 | 1398.1800 | 35900 | 104306 |
| 766000 | USDKRW > 1420.64 and KOSPI > 403.23 | GS | 12/11/2025 | 1420.6400 | 28725 | 66182 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,712,207) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,712,207) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,712,207) |  |  | 2317156 |
|  | **TOTAL OTC DUAL BINARY OPTIONS PURCHASED** (Cost - $2,712,207) | **TOTAL OTC DUAL BINARY OPTIONS PURCHASED** (Cost - $2,712,207) | **TOTAL OTC DUAL BINARY OPTIONS PURCHASED** (Cost - $2,712,207) |  |  | 2317156 |
|  | **FUTURE OPTIONS PURCHASED<sup>(g)</sup> - 1.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.6%** |  |  |  |  |  |
| 60 | 3 Month SOFR | MS | 12/12/2025 | 96.5000 | 14449500 | 24000 |
| 59 | Crude Oil<sup>(e)</sup> | MS | 07/17/2025 | 75.0000 | 3841490 | 10620 |
| 106 | Crude Oil<sup>(e)</sup> | MS | 07/28/2025 | 75.0000 | 6768100 | 42400 |
| 30 | Crude Oil<sup>(e)</sup> | MS | 07/28/2025 | 80.0000 | 1915500 | 7500 |
| 40 | Crude Oil<sup>(e)</sup> | MS | 11/25/2025 | 80.0000 | 2457600 | 39200 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 65.0000 | 245760 | 14840 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 69.0000 | 245760 | 9720 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 72.5000 | 122800 | 3340 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 73.0000 | 245760 | 6360 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 77.0000 | 122880 | 2140 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 79.5000 | 245760 | 3440 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 82.5000 | 122880 | 1360 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 91.5000 | 122880 | 840 |
| 37 | Crude Oil<sup>(e)</sup> | MS | 04/27/2026 | 100.0000 | 2395380 | 17390 |
| 194 | Dutch TTF<sup>(e)</sup> | MS | 09/26/2025 | 50.0000 | 4904192 | 115249 |
| 24 | Gold<sup>(e)</sup> | MS | 11/24/2025 | 3750.0000 | 8070960 | 80400 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED<sup>(g)</sup> - 1.1%** |  |  |  |  |  |
|  | **(Continued)** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.6% (Continued)** |  |  |  |  |  |
| 86 | HSCEI | MS | 08/15/2025 | $9500.0000 | $37341200 | $29032 |
| 62 | Palladium<sup>(e)</sup> | MS | 08/20/2025 | 1300.0000 | 6864020 | 75020 |
| 86 | Platinum<sup>(e)</sup> | MS | 09/17/2025 | 1300.0000 | 5774900 | 453650 |
| 73 | Platinum<sup>(e)</sup> | MS | 09/17/2025 | 1800.0000 | 4901950 | 43435 |
| 40 | Platinum<sup>(e)</sup> | MS | 12/17/2025 | 1300.0000 | 2686000 | 266800 |
| 5 | S&P Emini | MS | 07/18/2025 | 6150.0000 | 1563438 | 35500 |
| 5 | S&P Emini | MS | 07/18/2025 | 6200.0000 | 1563438 | 26313 |
| 5 | S&P Emini | MS | 07/18/2025 | 6250.0000 | 1563438 | 18438 |
| 5 | S&P Emini | MS | 07/18/2025 | 6320.0000 | 1563438 | 10125 |
| 39 | S&P500 EMINI | MS | 07/31/2025 | 6300.0000 | 11719910 | 141863 |
| 28 | Silver<sup>(e)</sup> | MS | 08/26/2025 | 40.0000 | 5063800 | 62720 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,882,005) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,882,005) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,882,005) |  |  | 1541695 |
|  | **PUT OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
| 60 | 3 Month SOFR | MS | 12/12/2025 | 96.0000 | 14449500 | 10125 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 49.5000 | 245760 | 5880 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 54.0000 | 122880 | 4960 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 54.5000 | 245760 | 10480 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 58.5000 | 245760 | 16000 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 60.0000 | 122880 | 9260 |
| 4 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 62.0000 | 245760 | 22240 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 64.5000 | 122880 | 13840 |
| 2 | Crude Oil<sup>(e)</sup> | MS | 12/16/2025 | 68.5000 | 122880 | 19040 |
| 50 | Gold<sup>(e)</sup> | MS | 07/28/2025 | 3100.0000 | 16538500 | 22000 |
| 12 | Gold<sup>(e)</sup> | MS | 07/28/2025 | 3190.0000 | 3969240 | 16920 |
| 75 | Natural Gas Euro Future<sup>(e)</sup> | MS | 08/26/2025 | 3.0500 | 2617500 | 96525 |
| 75 | Natural Gas Euro Future<sup>(e)</sup> | MS | 08/26/2025 | 4.6000 | 2617500 | 874049 |
| 156 | S&P 500 EMINI | MS | 07/31/2025 | 5500.0000 | 46879638 | 54600 |
| 5 | S&P Emini | MS | 07/18/2025 | 5810.0000 | 1563438 | 1613 |
| 5 | S&P Emini | MS | 07/18/2025 | 5950.0000 | 1563438 | 3125 |
| 5 | S&P Emini | MS | 07/18/2025 | 6030.0000 | 1563438 | 4813 |
| 5 | S&P Emini | MS | 07/18/2025 | 6100.0000 | 1563438 | 7188 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,109,656) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,109,656) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,109,656) |  |  | 1192658 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,991,661) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,991,661) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,991,661) |  |  | 2734353 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** | <br>**Maturity Date** | |
|  | **SHORT-TERM INVESTMENTS — 53.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 53.2%** |  |  |  |
| 11600000 | United States Treasury Bill | 3.8300 | 07/10/25 | 11587854 |
| 7400000 | United States Treasury Bill | 3.9600 | 07/17/25 | 7386368 |
| 7100000 | United States Treasury Bill | 4.0600 | 07/24/25 | 7081096 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** | <br>**Maturity Date** |<br>**Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 53.2% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS — 53.2% (Continued)** |  |  |  |
| 9000000 | United States Treasury Bill | 4.2200 | 08/07/25 | $8960623 |
| 13550000 | United States Treasury Bill | 4.3000 | 08/14/25 | 13478589 |
| 12100000 | United States Treasury Bill | 4.3500 | 08/28/25 | 12015462 |
| 12100000 | United States Treasury Bill | 4.2800 | 09/11/25 | 11997271 |
| 15200000 | United States Treasury Bill | 4.3000 | 10/02/25 | 15033657 |
| 14200000 | United States Treasury Bill | 4.2600 | 10/23/25 | 14011851 |
| 14800000 | United States Treasury Bill | 4.2300 | 11/06/25 | 14581946 |
| 13400000 | United States Treasury Bill | 4.2400 | 11/20/25 | 13181218 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $129,339,861)** |  |  | 129315935 |
|  | **TOTAL INVESTMENTS – 70.1% (Cost $167,909,472)** |  |  | $170495466 |
|  | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $898,008)** |  |  | (589762) |
|  | **PUT OPTIONS WRITTEN - (0.6)% (Premiums received - $850,381)** |  |  | (1413246) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 30.7%** |  |  | 74561394 |
|  | **NET ASSETS - 100.0%** |  |  | $243053852 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS<sup>(g)</sup> - (0.7)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.1)%** |  |  |  |  |  |
| 30 | Crude Oil<sup>(e)</sup> | MS | 07/28/2025 | $90.0000 | $1975800 | $4800 |
| 141 | Dutch TTF<sup>(e)</sup> | MS | 09/26/2025 | 60.0000 | 3564387 | 42315 |
| 23 | Gold<sup>(e)</sup> | MS | 11/24/2025 | 4000.0000 | 7734670 | 32660 |
| 40 | Platinum<sup>(e)</sup> | MS | 07/16/2025 | 1300.0000 | 2677600 | 140000 |
| 57 | Platinum<sup>(e)</sup> | MS | 09/17/2025 | 1500.0000 | 3827550 | 113715 |
| 78 | S&P500 EMINI | MS | 07/31/2025 | 6450.0000 | 23439819 | 87750 |
| 28 | Silver<sup>(e)</sup> | MS | 08/26/2025 | 45.0000 | 5064080 | 17920 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $626,351) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $626,351) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $626,351) |  |  | 439160 |
|  | **PUT OPTIONS WRITTEN - (0.6)%** |  |  |  |  |  |
| 96 | Crude Oil<sup>(e)</sup> | MS | 07/28/2025 | 70.0000 | 6322560 | 410880 |
| 12 | Gold<sup>(e)</sup> | MS | 07/28/2025 | 3085.0000 | 3969240 | 4440 |
| 150 | Natural Gas Euro Future<sup>(e)</sup> | MS | 08/26/2025 | 3.9500 | 5235000 | 928051 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $721,340) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $721,340) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $721,340) |  |  | 1343371 |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,347,691) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,347,691) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $1,347,691) |  |  | 1782531 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **INDEX OPTIONS WRITTEN<sup>(d)</sup> - 0.0% <sup>(a)</sup>** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | $20.0000 | $133840 | $7200 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 21.5000 | 133840 | 5440 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 24.0000 | 133840 | 3680 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 28.0000 | 133840 | 2400 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $27,840) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $27,840) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $27,840) |  |  | 18720 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 1193 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 16.0000 | 1995889 | 13123 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 16.5000 | 133840 | 1440 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 17.5000 | 133840 | 4320 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 18.0000 | 133840 | 6000 |
| 80 | Chicago Board Options Exchange VIX | MS | 07/16/2025 | 19.0000 | 133840 | 11680 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $39,982) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $39,982) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $39,982) |  |  | 36563 |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $67,822) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $67,822) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $67,822) |  |  | 55283 |
|  | **CURRENCY OPTIONS WRITTEN - 0.1%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.1%** |  |  |  |  |  |
|  | EURcHUFp | JPM | 03/10/2026 | 500.0000 | 4364000 | 5976 |
|  | EURcHUFp | JPM | 03/11/2026 | 490.0000 | 5335000 | 9468 |
|  | EURcPLNp | JPM | 12/10/2025 | 4.7000 | 6402000 | 11499 |
|  | EURcUSDp 1.2 RKI | JPM | 08/19/2025 | 1.2000 | 7205000 | 51781 |
|  | NZDcUSDp | JPM | 09/17/2025 | 0.6600 | 24667000 | 13044 |
|  | USDcCNHp | JPM | 09/29/2025 | 8.0000 | 19070000 | 1049 |
|  | USDcCNHp | JPM | 01/06/2026 | 8.2000 | 23837000 | 6035 |
|  | USDcHKDp | JPM | 10/07/2025 | 7.8200 | 12607000 | 14113 |
|  | USDcHKDp | JPM | 04/09/2026 | 7.8500 | 24075000 | 18917 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $243,817) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $243,817) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $243,817) |  |  | 131882 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
|  | USDpBRLc | JPM | 07/29/2025 | 5.3000 | 11519000 | 26658 |
|  | USDpKRWc | JPM | 08/08/2025 | 1270.0000 | 6353000 | 5514 |
|  | USDpTWDc | JPM | 07/07/2025 | 27.5000 | 5034000 | 1140 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $89,059) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $89,059) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $89,059) |  |  | 33312 |
|  | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $332,876) | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $332,876) | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $332,876) |  |  | 165194 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 9 | CBOE Volatility Index Future | 07/17/2025 | $168413 | $(5447) |
| 454 | CBOT 2 Year US Treasury Note Future | 10/01/2025 | 94442641 | 167071 |
| 50 | CBOT Soybean Future<sup>(e)</sup> | 11/17/2025 | 2567500 | 24093 |
| 16 | CBOT Soybean Oil Future<sup>(e)</sup> | 12/15/2025 | 506400 | 49176 |
| 21 | CBOT Wheat Future<sup>(e)</sup> | 09/15/2025 | 565163 | (16775) |
| 43 | CME Canadian Dollar Currency Future | 09/17/2025 | 3168240 | 14074 |
| 3 | CME E-Mini NASDAQ 100 Index Future | 09/22/2025 | 1373595 | 6295 |
| 67 | CME E-Mini Standard & Poor's 500 Index Future | 09/22/2025 | 20950062 | 547445 |
| 5 | CME Japanese Yen Currency Future | 09/16/2025 | 437156 | (1079) |
| 35 | CME Live Cattle Future<sup>(e)</sup> | 09/02/2025 | 2994250 | 44360 |
| 30 | CME Mexican Peso Currency Future | 09/16/2025 | 793500 | 9603 |
| 1 | CME Norwegian Krone Currency Future | 09/16/2025 | 198500 | 384 |
| 47 | COMEX Gold 100 Troy Ounces Future<sup>(e)</sup> | 08/28/2025 | 15546190 | (369492) |
| 32 | Eurex 10 Year Euro BUND Future | 09/09/2025 | 4905536 | (2735) |
| 2 | Eurex DAX Index Future | 09/22/2025 | 1416313 | 39385 |
| 79 | Eurex EURO STOXX 50 Future | 09/22/2025 | 4956808 | 46097 |
| 37 | Euro-BTP Italian Bond Futures | 09/09/2025 | 5273263 | 3318 |
| 12 | Euronext CAC 40 Index Future | 07/21/2025 | 1084099 | (3327) |
| 93 | EUX Short term Euro-BTP Futures | 09/09/2025 | 11824364 | (21612) |
| 83 | FTSE 100 Index Future | 09/22/2025 | 10013292 | (79251) |
| 2 | FTSE/MIB Index Future | 09/22/2025 | 469399 | 4090 |
| 2 | FVSA Index - Mini-Futures on VSTOXX | 07/17/2025 | 4358 | (504) |
| 25 | HKG Hang Seng China Enterprises Index Future | 07/31/2025 | 1380421 | (28567) |
| 51 | HKG Hang Seng Index Future | 07/31/2025 | 7823505 | (121275) |
| 9 | ICE Gas Oil Future<sup>(e)</sup> | 08/13/2025 | 594900 | 17025 |
| 18 | IFSC NIFTY 50 Index Futures | 08/01/2025 | 921636 | 15143 |
| 2 | KCBT Hard Red Winter Wheat Future<sup>(e)</sup> | 09/15/2025 | 52675 | (5725) |
| 7 | KFE 10 Year Treasury Bond Future | 09/17/2025 | 613055 | 157 |
| 150 | KFE 3 Year Treasury Bond Future | 09/17/2025 | 11896751 | (8007) |
| 2 | LME Copper Future<sup>(e)</sup> | 08/19/2025 | 495319 | 16519 |
| 1 | LME Primary Aluminum Future<sup>(e)</sup> | 08/19/2025 | 64970 | 222 |
| 30 | Long Gilt Future | 09/29/2025 | 3830707 | 3258 |
| 3 | MEFF Madrid IBEX 35 Index Future | 07/21/2025 | 491901 | 3536 |
| 8 | Mini-DAX Futures | 09/22/2025 | 1133051 | 21605 |
| 9 | Montreal Exchange S&P/TSX 60 Index Future | 09/19/2025 | 2114367 | 21062 |
| 1 | NYBOT CSC C Coffee Future<sup>(e)</sup> | 09/19/2025 | 112538 | (14353) |
| 59 | NYBOT CSC Number 11 World Sugar Future<sup>(e)</sup> | 10/01/2025 | 1070496 | (58862) |
| 30 | NYBOT CTN Number 2 Cotton Future<sup>(e)</sup> | 12/09/2025 | 1021950 | 4905 |
| 64 | NYMEX Henry Hub Natural Gas Futures<sup>(e)</sup> | 07/30/2025 | 2211840 | (58605) |
| 21 | NYMEX Light Sweet Crude Oil Future<sup>(e)</sup> | 07/23/2025 | 1367310 | 56210 |
| 2 | NYMEX Light Sweet Crude Oil Future<sup>(e)</sup> | 12/22/2025 | 122880 | (1490) |
| 22 | NYMEX NY Harbor ULSD Futures<sup>(e)</sup> | 08/01/2025 | 2103301 | 151607 |
| 1 | NYMEX Palladium Future<sup>(e)</sup> | 09/29/2025 | 110710 | 4810 |
| 2 | OML Stockholm OMXS30 Index Future | 07/21/2025 | 52705 | 382 |
| 62 | S&P 500 Annual Dividend Index | 12/21/2026 | 1207450 | 46638 |
| 62 | S&P 500 Annual Dividend Index | 12/20/2027 | 1206675 | 41946 |
| 3 | SAFEX FTSE/JSE Top 40 Index Future | 09/19/2025 | 152138 | 2511 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 21 | SFE 10 Year Australian Bond Future | 09/16/2025 | $1584181 | $2930 |
| 84 | SFE 3 Year Australian Bond Future | 09/16/2025 | 5956461 | 12878 |
| 6 | SFE S&P ASX Share Price Index 200 Future | 09/19/2025 | 842800 | 2780 |
| 17 | SGX MSCI Singapore Index Future | 07/31/2025 | 549825 | 4555 |
| 12 | TSE Japanese 10 Year Bond Futures | 09/15/2025 | 11582587 | (6605) |
| 25 | TSE TOPIX (Tokyo Price Index) Future | 09/12/2025 | 4956433 | 109539 |
| 40 | Ultra 10-Year US Treasury Note Futures | 09/22/2025 | 4570625 | 6750 |
| 154 | WCE Canola Future<sup>(e)</sup> | 11/17/2025 | 1604772 | 22681 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | 721329 |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 1 | Carbon Emissions Future<sup>(e)</sup> | 12/16/2025 | $81237 | $(5335) |
| 5 | CBOE Volatility Index Future | 10/23/2025 | 105535 | 965 |
| 2 | CBOE Volatility Index Future | 09/18/2025 | 41402 | 1618 |
| 4 | CBOE Volatility Index Future | 08/21/2025 | 80390 | 3090 |
| 126 | CBOT 10 Year US Treasury Note | 09/22/2025 | 14127750 | (44443) |
| 5 | CBOT 5 Year US Treasury Note | 10/01/2025 | 545000 | (617) |
| 55 | CBOT Corn Future<sup>(e)</sup> | 09/15/2025 | 1125438 | 36512 |
| 64 | CBOT Soybean Meal Future<sup>(e)</sup> | 12/15/2025 | 1851520 | 99852 |
| 2 | CBOT US Treasure Bond Futures | 09/22/2025 | 230938 | (63) |
| 236 | CME Australian Dollar Currency Future | 09/16/2025 | 15551220 | (155040) |
| 277 | CME British Pound Currency Future | 09/16/2025 | 23761406 | (40253) |
| 23 | CME E-mini Russell 2000 Index Futures | 09/22/2025 | 2520455 | (11875) |
| 269 | CME Euro Foreign Exchange Currency Future | 09/16/2025 | 39798550 | (359618) |
| 3 | CME Lean Hogs Future<sup>(e)</sup> | 08/15/2025 | 129000 | 5630 |
| 59 | CME New Zealand Dollar Currency Future | 09/16/2025 | 3605195 | (19697) |
| 11 | CME Swedish Krona Currency Future | 09/16/2025 | 2334750 | (7510) |
| 28 | COMEX Copper Future<sup>(e)</sup> | 09/29/2025 | 3557750 | (7061) |
| 10 | COMEX Silver Future<sup>(e)</sup> | 09/29/2025 | 1808600 | (1812) |
| 1 | E-mini Dow Jones Industrial Average Index Futures | 09/22/2025 | 221945 | (7625) |
| 147 | Eurex 2 Year Euro SCHATZ Future | 09/09/2025 | 18569788 | 1229 |
| 32 | Eurex 30 Year Euro BUXL Future | 09/09/2025 | 4475477 | 11795 |
| 22 | Eurex Stoxx Europe 600 Futures | 09/22/2025 | 703015 | 475 |
| 183 | Euronext Milling Wheat Future<sup>(e)</sup> | 09/11/2025 | 2101590 | 111889 |
| 7 | Financial Times Stock | 09/22/2025 | 416199 | (8269) |
| 47 | French Government Bond Futures | 09/09/2025 | 6855689 | 17889 |
| 99 | ICE Brent Crude Oil Future<sup>(e)</sup> | 11/03/2025 | 6426090 | 609030 |
| 25 | ICE Brent Crude Oil Future<sup>(e)</sup> | 08/01/2025 | 1668500 | 226 |
| 5 | ICE Natural Gas Future<sup>(e)</sup> | 07/31/2025 | 164518 | 19962 |
| 5 | LME Lead Future<sup>(e)</sup> | 08/19/2025 | 254605 | (6681) |
| 2 | LME Nickel Future<sup>(e)</sup> | 08/19/2025 | 181626 | (42) |
| 2 | LME Zinc Future<sup>(e)</sup> | 08/19/2025 | 137435 | (4302) |
| 25 | MGE Red Wheat Future<sup>(e)</sup> | 09/15/2025 | 775938 | 15484 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 37 | Montreal Exchange 10 Year Canadian Bond Future | 09/19/2025 | $3313976 | $(17862) |
| 10 | MSCI World Index Futures USD NTR | 09/22/2025 | 1294600 | (31725) |
| 3 | NYBOT CSC Cocoa Future<sup>(e)</sup> | 09/16/2025 | 270000 | (5333) |
| 11 | NYMEX Henry Hub Natural Gas Futures<sup>(e)</sup> | 08/28/2025 | 383900 | 45620 |
| 17 | NYMEX Platinum Future<sup>(e)</sup> | 10/30/2025 | 1141550 | 32117 |
| 15 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(e)</sup> | 08/01/2025 | 1305423 | (17958) |
| 2 | OSE Nikkei 225 Index Future | 09/12/2025 | 562522 | (31942) |
| 21 | OSE Nikkei 225 mini Future | 09/12/2025 | 590648 | (22792) |
| 31 | Robusta Coffee Future 10-Tonne<sup>(e)</sup> | 09/25/2025 | 1122201 | 185049 |
| 38 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines<sup>(e)</sup> | 09/02/2025 | 357276 | (4770) |
| 48 | Three-Month SOFR Futures | 09/16/2025 | 11479800 | 62862 |
| 15 | TTF Natural Gas Base Load Monthly Futures<sup>(e)</sup> | 07/31/2025 | 432440 | 48027 |
| 13 | Ultra U.S. Treasury Bond Futures | 09/22/2025 | 1548625 | (14740) |
| 2 | White Sugar Future<sup>(e)</sup> | 07/17/2025 | 47290 | (585) |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | 481371 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | 1202700 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** |
| **Foreign Currency** | **Settlement<br> Date** | **Counterparty** | **Local<br> Currency** | **U.S. Dollar<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Turkish Lira | 07/16/2025 | JPM | 135623078 | $3364777 | $73274 |
| Hungarian Forints | 07/31/2025 | JPM | 463325245 | 1363429 | 21527 |
| Israeli Shekel | 07/31/2025 | JPM | 6536821 | 1941152 | 15754 |
| Mexican Peso | 07/31/2025 | JPM | 52692904 | 2798140 | 16301 |
| Norwegian Krone | 07/31/2025 | JPM | 22144644 | 2197552 | 14411 |
| Polish Zloty | 07/31/2025 | JPM | 5366621 | 1487882 | 23332 |
| South African Rand | 07/31/2025 | JPM | 53061158 | 2990106 | 9603 |
| Swedish Krona | 07/31/2025 | JPM | 21523489 | 2279858 | 15538 |
| Chinese Yuan | 07/31/2025 | JPM | 25775953 | 3609525 | 7260 |
| Brazilian Real | 09/17/2025 | JPM | 38560133 | 6958159 | 105725 |
| Chilean Peso | 09/17/2025 | JPM | 85561765 | 91831 | 831 |
| Egyptian Pound | 09/17/2025 | JPM | 14023334 | 274846 | 846 |
| Indian Rupee | 09/17/2025 | JPM | 290978002 | 3381935 | 18500 |
| Indonesia Rupiah | 09/17/2025 | JPM | 12425869479 | 767136 | 7833 |
| Philippine Peso | 09/17/2025 | JPM | 107793679 | 1911145 | (7648) |
| South Korean Won | 09/17/2025 | JPM | 15758477886 | 11702261 | 38980 |
| Taiwanese Dollar | 09/17/2025 | JPM | 77504683 | 2714779 | 31053 |
| Thailand Baht | 09/17/2025 | JPM | 38892926 | 1204717 | (4283) |
| Turkish Lira | 09/17/2025 | JPM | 40818743 | 955616 | (838) |
| Turkish Lira | 11/06/2025 | JPM | 38768800 | 871098 | 12583 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)** |
| <br>**Foreign Currency** | <br>**Settlement<br> Date** | <br>**Counterparty** |<br>**Local<br> Currency** |<br>**U.S. Dollar<br> Value** | **Unrealized**<br>**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| Brazilian Real | 11/07/2025 | JPM | 4040476 | $719882 | $33126 |
| Turkish Lira | 03/16/2026 | JPM | 41567010 | 845030 | (13970) |
| Egyptian Pound | 03/18/2026 | JPM | 78741650 | 1432751 | 90645 |
| Hong Kong Dollar | 05/08/2026 | JPM | 11755421 | 1519286 | (1188) |
|  |  |  |  |  | 509195 |
| **To Sell:** |  |  |  |  |  |
| Turkish Lira | 07/16/2025 | JPM | 135623078 | 3364777 | (78777) |
| Chinese Yuan | 07/31/2025 | JPM | 21224353 | 2972144 | (5978) |
| Hungarian Forints | 07/31/2025 | JPM | 32857661 | 96690 | (1833) |
| Israeli Shekel | 07/31/2025 | JPM | 8757514 | 2600601 | (20605) |
| Mexican Peso | 07/31/2025 | JPM | 73170706 | 3885568 | (49299) |
| Norwegian Krone | 07/31/2025 | JPM | 101620 | 10084 | (84) |
| Polish Zloty | 07/31/2025 | JPM | 384563 | 106619 | (1693) |
| Singapore Dollar | 07/31/2025 | JPM | 2822654 | 2225068 | (8028) |
| South African Rand | 07/31/2025 | JPM | 55607600 | 3133603 | (15254) |
| Swedish Krona | 07/31/2025 | JPM | 4073856 | 431520 | (2881) |
| Swiss Franc | 07/31/2025 | JPM | 274917 | 347899 | (5525) |
| Brazilian Real | 09/17/2025 | JPM | 26909000 | 4855718 | (71482) |
| Chilean Peso | 09/17/2025 | JPM | 760830710 | 816583 | 2969 |
| Indian Rupee | 09/17/2025 | JPM | 178038412 | 2069278 | 1387 |
| Indonesia Rupiah | 09/17/2025 | JPM | 17156570652 | 1059195 | (6482) |
| Philippine Peso | 09/17/2025 | JPM | 53086492 | 941206 | (13206) |
| South Korean Won | 09/17/2025 | JPM | 7140907932 | 5302846 | (37958) |
| Taiwanese Dollar | 09/17/2025 | JPM | 79096379 | 2770532 | (34693) |
| Thailand Baht | 09/17/2025 | JPM | 97760451 | 3028151 | (9701) |
| Turkish Lira | 09/17/2025 | JPM | 25349743 | 593468 | (7436) |
| Turkish Lira | 11/06/2025 | JPM | 38768800 | 871098 | (11098) |
| Brazilian Real | 11/07/2025 | JPM | 4040476 | 719882 | (32726) |
| Turkish Lira | 03/16/2026 | JPM | 41567010 | 845030 | 15566 |
| Hong Kong Dollar | 05/08/2026 | JPM | 11755420 | 1519286 | 11444 |
|  |  |  |  |  | (383373) |
|  |  |  |  |  | 125822 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Foreign Currency** | <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Local Currency**<br>**Amount**<br>**Purchased Sell** | **Local Currency**<br>**Amount<br> Purchased**<br>**Sell** |<br>**U.S. Dollar<br> Market**<br>**Value Buy** |<br>**U.S. Dollar<br> Market**<br>**Value Sell** |<br>**Unrealized**<br>**Appreciation** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Hungarian Forints | Euro | 7/31/2025 | JPM | 221467727 | 552000 | $651714 | $(651547) | $167 |
| Polish Zloty | Euro | 7/31/2025 | JPM | 4688210 | 1099780 | 1299793 | (1298113) | 1680 |
| Euro | Romanian Leu | 9/17/2025 | JPM | 914683 | 4660009 | 1082989 | (1075208) | 7781 |
|  |  |  |  |  |  |  |  | 9628 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| <br>**Description<sup>\*</sup>** | <br>**Counterparty** | **Fixed Deal**<br>**Receive/**<br>**(Pay)Rate** | <br>**Maturity Date** |<br>**Notional Value** |<br>**Fair Value** | **Amortized<br> Upfront**<br>**Payments**<br>**Received/(Paid)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Marki CDX IG Series 44<sup>+</sup> | JPM | 1.00% | 6/20/2030 | $(484000) | $10823 | $9335 | $1488 |
| Markit CDX EM 43<sup>+</sup> | JPM | 1.00% | 6/20/2030 | (791000) | (19415) | (26163) | 6748 |
| Markit CDX NA HY Series 44<sup>^</sup> | JPM | (5.00)% | 6/20/2030 | 5014000 | (383616) | (343767) | (39849) |
| Markit ITRAXX Europe 43<sup>+</sup> | JPM | 1.00% | 6/20/2030 | (877503) | 18979 | 16847 | 2132 |
| Markit ITRAXX Europe Crossover 43<sup>+</sup> | JPM | 5.00% | 6/20/2030 | (166078) | 15719 | 12787 | 2932 |
| **TOTAL** |  |  |  |  |  |  | **(26549)** |

---

\* Pays quarterly.

<sup>+</sup> Sell protection.

<sup>^</sup> Buy protection.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** |
| <br>**Rate Paid** | <br>**Rate Received** | <br>**Payment Frequency** | <br>**Maturity<br> Date** |<br>**Notional<br> Value** |<br>**Fair Value** | **Amortized<br> Upfront**<br>**Payments<br> Received(Paid)** | **Unrealized**<br>**Appreciation/<br> (Depreciation)** |
| 2.9145% | CAD - CORRA | Semi-Annually | 6/18/2035 | $845526 | $3625 | $6517 | $(2892) |
| BRL - CDI | 15.22% | Annually | 1/4/2027 | 3020824 | 70120 | 21797 | 48323 |
| BRL - CDI | 14.765% | Annually | 1/2/2031 | 10928070 | 1135886 | 717568 | 418318 |
| JPY - TONAR | 0.7385% | Annually | 4/23/2027 | 35980104 | (26624) | 1020 | (27644) |
| 0.8223% | JPY - TONAR | Annually | 4/23/2028 | 36150528 | 35219 | 2198 | 33021 |
| BRL - CDI | 14.287% | Annually | 1/4/2027 | 5273916 | 14729 |  | 14729 |
| THB - THOR | 1.353% | Quarterly | 9/17/2030 | 4572142 | 18109 | (1224) | 19333 |
| SGD - SORA | 1.673% | Semi-Annually | 9/17/2028 | 3694732 | 18149 | 80 | 18069 |
| 1.70% | THB - THOR | Quarterly | 9/17/2035 | 782397 | (8182) | (4755) | (3427) |
| TWD - TAIBOR | 1.543% | Quarterly | 9/17/2030 | 2300106 | 1127 | (1627) | 2754 |
| 1.867% | TWD - TAIBOR | Quarterly | 9/17/2035 | 718790 | (3749) | (2758) | (991) |
| 2.151% | SGD - SORA | Semi-Annually | 9/17/2035 | 460387 | (6831) | (5765) | (1066) |
| SGD - SORA | 1.594% | Semi-Annually | 9/17/2027 | 6496846 | 20614 | 92 | 20522 |
| INR - MIBOR | 5.706% | Semi-Annually | 9/17/2030 | 6893799 | (5198) | 2302 | (7500) |
| HKD - HIBOR | 2.917% | Quarterly | 9/17/2028 | 3448425 | 24318 | 184 | 24134 |
| 2.624% | 3M CD | Quarterly | 9/17/2035 | 813837 | 293 | 1432 | (1139) |
| 0.816% | JPY - TONAR | Annually | 9/17/2027 | 8445442 | (7299) | (2253) | (5046) |
| 2.315% | JPY - TONAR | Annually | 9/17/2065 | 573311 | 3280 | (1010) | 4290 |
| 7D REPO | 1.441% | Quarterly | 9/17/2030 | 4221206 | (6860) | (2786) | (4074) |
| 3M Bills | 3.431% | Quarterly | 9/17/2028 | 2354304 | 5942 | (84) | 6026 |
| 3M Bills | 3.709% | Quarterly | 9/17/2030 | 7737259 | 35943 | 18764 | 17179 |
| 4.496% | GBP - SONIA | Annually | 9/17/2055 | 34314 | (240) |  | (240) |
| GBP - SONIA | 3.756% | Annually | 9/17/2027 | 22339684 | 91000 | 276 | 90724 |
| 6M WIBOR | 4.552% | Semi-Annually | 9/17/2035 | 920202 | 287 | (4731) | 5018 |
| 4.421% | ILS - SHIR | Annually | 9/17/2035 | 914759 | (29863) | (7561) | (22302) |
| ZAR - JIBAR | 8.655% | Quarterly | 9/17/2035 | 54176 | 712 | (291) | 1003 |
| CZK - PRIBOR | 3.757% | Semi-Annually | 9/17/2035 | 882401 | (8823) | (9048) | 225 |
| 2.428% | EUR - EONIA | Annually | 9/17/2075 | 893404 | 42119 | 6658 | 35461 |
| EUR - EONIA | 2.397% | Annually | 9/17/2035 | 826737 | (5409) | 285 | (5694) |
| CHF - SARON | 0.436% | Annually | 9/17/2035 | 2894631 | (33139) | (6311) | (26828) |
| SOFR | 3.726% | Annually | 9/17/2030 | 5178900 | 79551 | (21) | 79572 |
| 4.114% | SOFR | Annually | 9/17/2055 | 1372800 | (49448) | 5 | (49453) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** | **INTEREST RATE SWAP AGREEMENTS (Continued)** |
| **Rate Paid** | **Rate Received** | **Payment Frequency** | **Maturity<br> Date** | **Notional<br> Value** | **Fair Value** | **Amortized<br> Upfront<br> Payments Paid** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 3.978% | SOFR | Annually | 9/17/2035 | $877300 | $(21512) | $(9225) | $(12287) |
| CAD - CORRA | 2.64% | Semi-Annually | 9/17/2028 | 3730976 | 14310 | (33) | 14343 |
| MXN - TIIE | 8.225% | Monthly | 9/17/2035 | 2600758 | 20047 | (638) | 20685 |
| 9.42% | IBR | Quarterly | 9/17/2035 | 1141139 | (8824) | (6711) | (2113) |
| 5.208% | ICPROM | Semi-Annually | 9/17/2035 | 838012 | (5561) | (3889) | (1672) |
| 3.716% | 6M T-Bills | Semi-Annually | 9/17/2030 | 5291299 | (22827) | (282) | (22545) |
| 4.008% | NOK - NIBOR | Semi-Annually | 9/17/2035 | 2182426 | (44098) | (11941) | (32157) |
| NOK - NIBOR | 4.079% | Semi-Annually | 9/17/2027 | 29740662 | 181312 | 34728 | 146584 |
| INR - MIBOR | 5.9425% | Semi-Annually | 9/17/2035 | 1001917 | 4448 |  | 4448 |
| CHF - SARON | -0.1983% | Annually | 9/17/2027 | 6427905 | 10610 |  | 10610 |
| CZK - PRIBOR | 3.608% | Semi-Annually | 9/17/2030 | 1587851 | (2585) |  | (2585) |
| ILS - SHIR | 3.804% | Annually | 9/17/2030 | 1632998 | 1376 |  | 1376 |
|  |  |  |  |  | 1536054 | 730962 | 805092 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** |
| **Description** | **Counterparty** | **Volatility Received** | **Volatility Paid** | **Maturity<br> Date** | **Notional<br> Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Equity Volatility | MS | Custom Stock Basket | Custom Stock Basket | 1/16/2026 | (20000) | $(25646) |
| SPX Index | CIT | Custom Stock Basket | U.S. Index | 1/16/2026 | (25000) | (67877) |
| SPX Index | BAML | Custom Stock Basket | U.S. Index | 1/16/2026 | (25000) | 10630 |
| SPX Index | BAML | Custom Stock Basket | U.S. Index | 1/16/2026 | (25000) | (33875) |
| SPX Index | BAML | Custom Stock Basket | U.S. Index | 1/16/2026 | (25000) | (27526) |
| SPX Index | UBS | Custom Stock Basket | U.S. Index | 1/16/2026 | (10000) | (3745) |
| SPX Index | UBS | Custom Stock Basket | U.S. Index | 1/16/2026 | (15000) | (25406) |
| SPX Index | BAR | Custom Stock Basket | U.S. Index | 6/18/2026 | (15000) | (24354) |
| SPX Index | BAR | Custom Stock Basket | U.S. Index | 6/18/2026 | (20000) | (26958) |
| SPX Index | JPM | Custom Stock Basket | U.S. Index | 6/18/2026 | (30000) | (50086) |
| SPX Index | BAML | Custom Stock Basket | U.S. Index | 6/18/2026 | (40000) | (100627) |
| SX5E Index | BAML | Custom Stock Basket | Europe Index | 12/19/2025 | (13000) | 8155 |
| SX5E Index | JPM | Custom Stock Basket | Europe Index | 6/19/2026 | (20000) | (36900) |
| SX5E Index | UBS | Custom Stock Basket | Europe Index | 6/19/2026 | (10000) | (18890) |
| **TOTAL** |  |  |  |  |  | (423105) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Description** | **Counterparty** | **Notional<br> Value** | **Maturity<br> Date** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| ADNOC Drilling Company | MS | $(103233) Pay SOFR + 1.15%<sup>^</sup> | 2/5/2026 | $5418 |
| Air China Limited | JPM | 68979 Receive HONIA – 0.35%<sup>\*</sup> | 5/26/2026 | (15709) |
| Airbus SE | BAR | (104715) Pay ESTR + 2.00%<sup>\*</sup> | 5/8/2026 | 21008 |
| Aselsan Elektronik Sanay Ve Ticaret A.S. | MS | (25911) Pay SOFR + 0.95%<sup>^</sup> | 2/5/2026 | 1845 |
| Asia Vital Components Co., Ltd. | MS | (255) Pay SOFR + 0.75%<sup>^</sup> | 8/28/2025 | (1) |
| ASPEED Technology, Inc. | MS | (4670) Pay SOFR + 0.75%<sup>^</sup> | 8/28/2025 | 247 |
| Banca Transilvania S.A. | MS | 21366 Pay SOFR + 1.00%<sup>^</sup> | 2/5/2026 | 99 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** |
| **Description** | **Counterparty** | **Notional<br> Value** | **Variable Rate** | **Maturity<br> Date** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| BCEFMMTL<sup>1</sup> | BAR | 1502674 | Receive ESTR – 0.15%<sup>^</sup> | 6/8/2026 | $(10143) |
| BCEFVALL<sup>2</sup> | BAR | (481292) | Pay ESTR – 0.30%<sup>^</sup> | 7/1/2026 | 116 |
| BCEFYLDL<sup>3</sup> | BAR | 594620 | Receive ESTR – 0.25%<sup>^</sup> | 6/8/2026 | 4793 |
| BCEFYLDS<sup>4</sup> | BAR | 527024 | Receive ESTR – 0.35%<sup>^</sup> | 6/8/2026 | (1260) |
| BCERSVCS<sup>5</sup> | BAR | (791473) | Pay SOFR + 0.30%<sup>^</sup> | 4/29/2026 | 26897 |
| BCIIACTM<sup>6</sup> | BAR | 812138 | Receive SOFR – 0.26%<sup>^</sup> | 3/18/2026 | (29871) |
| BCIICOPP<sup>7</sup> | BAR | 330476 | Receive SOFR – 0.38%<sup>^</sup> | 7/28/2025 | (10140) |
| BCIICROS<sup>8</sup> | BAR | (862951) | Pay SOFR + 0.30%<sup>^</sup> | 9/4/2025 | 11645 |
| BCIIDISC<sup>9</sup> | BAR | 7394546 | Receive SOFR – 0.25%<sup>^</sup> | 4/29/2026 | 31487 |
| BCIIFFOD<sup>10</sup> | BAR | 1477391 | Receive SOFR – 0.30%<sup>^</sup> | 3/13/2026 | 18810 |
| BCIIPRIV<sup>11</sup> | BAR | (933235) | Pay SOFR + 0.25%<sup>^</sup> | 3/19/2026 | 36362 |
| BCIISHDF<sup>12</sup> | BAR | (1561306) | Pay ESTR + 0.30%<sup>^</sup> | 3/19/2026 | 25519 |
| BCIISOXD<sup>13</sup> | BAR | 1078697 | Receive SOFR – 0.15%<sup>^</sup> | 6/12/2026 | (47506) |
| BCIISOXE<sup>14</sup> | BAR | 512690 | Receive SOFR – 3.47%<sup>^</sup> | 9/9/2025 | (7994) |
| BCUFMMTL<sup>15</sup> | BAR | 423772 | Receive SOFR – 0.25%<sup>^</sup> | 4/29/2026 | (7270) |
| BCUFPRFL<sup>16</sup> | BAR | 375788 | Receive SOFR – 0.25%<sup>^</sup> | 9/4/2025 | (8180) |
| BCUFPRFS<sup>17</sup> | BAR | 484374 | Receive SOFR – 0.25%<sup>^</sup> | 4/29/2026 | (14125) |
| BCUFQLTS<sup>18</sup> | BAR | (532364) | Pay SOFR + 0.30%<sup>^</sup> | 4/29/2026 | 6196 |
| BCUFVOLS<sup>19</sup> | BAR | 399389 | Receive SOFR – 0.025%<sup>^</sup> | 4/29/2026 | (7873) |
| BEFSFULH<sup>20</sup> | BAR | (1739313) | Receive Performance<sup>^</sup> | 7/15/2025 | (2424) |
| BEFSFULK<sup>21</sup> | BAR | (614029) | Receive Performance<sup>^</sup> | 12/11/2025 | (5618) |
| BEFSFULN<sup>22</sup> | BAR | (1811136) | Receive Performance<sup>^</sup> | 7/15/2025 | (992) |
| BEFSFULT<sup>23</sup> | BAR | (1833942) | Receive Performance<sup>^</sup> | 12/11/2025 | 732 |
| BXIILMUE<sup>24</sup> | BAR | 90139 | Receive SOFR<sup>^</sup> | 4/29/2026 | (960) |
| CGFCBVRG<sup>25</sup> | CIT | 1480041 | Receive OBFR – 0.25%<sup>\*</sup> | 6/12/2026 | 144506 |
| China Eastern Airlines Corporation Ltd. | JPM | 17420 | Receive HONIA – 4.25%<sup>\*</sup> | 5/26/2026 | (3398) |
| China Steel Corporation | MS | 90439 | Receive SOFR – 1.875%<sup>^</sup> | 8/28/2025 | 1318 |
| CPFL ENERGIA SA | MS | (28309) | Pay ID + 0.50%<sup>^</sup> | 9/17/2025 | (230) |
| CSN Mineracao S.A. | MS | 73513 | Receive ID – 7.125%<sup>^</sup> | 9/17/2025 | 332 |
| EVA Airways Corporation | JPM | (31789) | Receive OBFR -4.375%<sup>\*</sup> | 5/26/2026 | (2898) |
| Evergreen Marine Corporation | MS | 50610 | Receive SOFR – 6.50%<sup>^</sup> | 8/25/2025 | 1736 |
| Forvia SE | BAR | 120653 | Receive ESTR – 0.10%<sup>\*</sup> | 3/19/2026 | 25669 |
| Fujitsu Ltd. | JPM | 43016 | Receive TONAR – 0.15%<sup>\*</sup> | 5/25/2026 | (10058) |
| Gerdau S.A. | MS | 62635 | Receive ID – 4.00%<sup>^</sup> | 9/17/2025 | 3297 |
| Gigabyte Technology Co., Ltd. | MS | (192) | Pay SOFR + 0.75%<sup>^</sup> | 8/25/2025 | 1 |
| GSCBICLN<sup>26</sup> | GS | 37451 | Receive SOFR – 0.50%<sup>^</sup> | 11/16/2027 | (259) |
| GSENEPO<sup>27</sup> | GS | (1153712) | Pay SOFR + 0.30%<sup>^</sup> | 6/6/2028 | 31603 |
| GSGLPHRE<sup>28</sup> | GS | 3151884 | Receive SOFR - 0.50%<sup>^</sup> | 4/21/2027 | (78597) |
| GSIDLGOV<sup>29</sup> | GS | (263302) | Pay SOFR + 0.30%<sup>^</sup> | 5/16/2028 | 8938 |
| GSISI266<sup>30</sup> | GS | (11926437) | Receive Performance<sup>^</sup> | 12/22/2027 | (112753) |
| GSMBAICO<sup>31</sup> | GS | (4673794) | Pay SOFR + 0.50%<sup>^</sup> | 3/20/2028 | 345537 |
| GSMBATDM<sup>32</sup> | GS | (1012298) | Pay SOFR + 0.45%<sup>^</sup> | 8/24/2027 | 19505 |
| GSMBATOL<sup>33</sup> | GS | (326222) | Pay SOFR + 0.65%<sup>^</sup> | 10/14/2027 | 8381 |
| GSMBEXCO<sup>34</sup> | GS | (315672) | Pay SOFR +0.35%<sup>^</sup> | 4/22/2027 | 13317 |
| GSMBHLUX<sup>35</sup> | GS | 753783 | Receive SOFR – 0.40%<sup>^</sup> | 7/29/2027 | (32107) |
| GSMBLUXE<sup>36</sup> | GS | 132478 | Pay ESTR + 0.40%<sup>^</sup> | 7/29/2027 | 3716 |
| GSMBSASD<sup>37</sup> | GS | (808205) | Pay SOFR + 0.65%<sup>^</sup> | 5/17/2028 | 8763 |
| GSMBWPHH<sup>38</sup> | GS | 235076 | Receive SOFR – 0.30%<sup>^</sup> | 4/12/2028 | (3644) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** | **TOTAL RETURN SWAPS (Continued)** |
| **Description** | **Counterparty** | **Notional<br> Value** | **Variable Rate** | **Maturity<br> Date** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| GSMEGTO<sup>39</sup> | GS | (1540131) | Pay SOFR +0.30%<sup>^</sup> | 5/31/2028 | $48800 |
| GSSBDEFE<sup>40</sup> | GS | 999027 | Receive ESTR – 0.40%<sup>^</sup> | 6/27/2028 | (43360) |
| GSTMTAI<sup>41</sup> | GS | (934687) | Pay SOFR + 0.30%<sup>^</sup> | 5/2/2028 | 42763 |
| GSXECYCL<sup>42</sup> | GS | (554225) | Pay ESTR + 0.40%<sup>^</sup> | 5/23/2028 | 22413 |
| GSXUCYCL<sup>43</sup> | GS | 1503071 | Pay SOFR + 0.33%<sup>^</sup> | 5/31/2028 | 45721 |
| GSXUTHEM<sup>44</sup> | GS | (516641) | Pay SOFR + 0.33%<sup>^</sup> | 6/21/2028 | 23376 |
| Hanwha Ocean Co., Ltd. | MS | 103123 | Pay SOFR + 0.75%<sup>^</sup> | 3/26/2027 | (7362) |
| HD Hyundai Heavy Industries Co.,Ltd. | MS | (193883) | Pay SOFR + 0.75%<sup>^</sup> | 3/26/2027 | (9581) |
| JP11DXYL<sup>45</sup> | JPM | 1139053 | Receive OBFR – 0.25%<sup>\*</sup> | 8/13/2026 | (18735) |
| JP1NLAG<sup>46</sup> | JPM | 3460267 | Receive OBFR – 0.25%<sup>\*</sup> | 7/31/2026 | (97017) |
| JP1RTWIN<sup>47</sup> | JPM | 91759 | Receive OBFR – 0.25%<sup>\*</sup> | 8/14/2026 | (6153) |
| JPFCPLEY<sup>48</sup> | JPM | (424194) | Pay ESTR + 0.30%<sup>\*</sup> | 5/25/2026 | 1298 |
| JPFJBRL1<sup>49</sup> | JPM | (303434) | Pay TIIE + 0.50%<sup>\*</sup> | 7/2/2026 | 11 |
| JPFJCRED<sup>50</sup> | JPM | (524178) | Pay OBFR<sup>\*</sup> | 5/22/2026 | 71800 |
| JPFUMEDA<sup>51</sup> | JPM | (2102185) | Pay OBFR + 0.40%<sup>\*</sup> | 5/26/2026 | 412556 |
| JPFUNOI1<sup>52</sup> | JPM | 466491 | Receive OBFR – 0.65%<sup>\*</sup> | 5/26/2026 | 40667 |
| JPFURU1 I<sup>53</sup> | JPM | (1) | Pay OBFR<sup>\*</sup> | 3/14/2033 | (1) |
| JPGWIN<sup>54</sup> | JPM | (130083) | Pay OBFR + 0.25%<sup>\*</sup> | 8/14/2026 | 9015 |
| JPQWIN<sup>55</sup> | JPM | (1018255) | Pay OBFR + 0.25%<sup>\*</sup> | 8/7/2026 | 42170 |
| JPSZLAG<sup>56</sup> | JPM | 398734 | Receive OBFR – 0.25%<sup>\*</sup> | 10/1/2026 | (607) |
| JPVWIN<sup>57</sup> | JPM | (622788) | Pay OBFR + 0.25%<sup>\*</sup> | 5/22/2026 | 59038 |
| LVMH Moet Hennessy Louis Vuitton SE | BAR | 161225 | Receive ESTR – 0.10%<sup>\*</sup> | 3/19/2026 | 56091 |
| MSFDRUS 1<sup>58</sup> | MS | (40202820) | N/A<sup>^</sup> | 4/22/2026 | 817841 |
| Nippon Sanso Holdings Corporation | JPM | (96078) | Pay TONAR + 0.16%<sup>\*</sup> | 8/5/2026 | 17166 |
| Petronas Chemicals Group Bhd | MS | 66418 | Receive SOFR – 3.00%<sup>^</sup> | 1/27/2027 | (2208) |
| Qatar Gas Transport Co., Ltd. | MS | 50096 | Pay SOFR + 1.15%<sup>^</sup> | 2/5/2026 | 1273 |
| Rheinmetall AG | JPM | 168187 | Pay ESTR + 0.15%<sup>\*</sup> | 5/25/2026 | 98417 |
| S&P 500 Consumer Staples Index | JPM | (1752831) | Pay OBFR + 0.45%<sup>\*</sup> | 5/22/2026 | (10963) |
| Saab AB | JPM | (120316) | Pay 1M STIBOR + 0.15%<sup>\*</sup> | 5/25/2026 | 60492 |
| Samsung Heavy Industries Co., Ltd. | MS | (282057) | Pay SOFR + 0.75%<sup>^</sup> | 3/26/2027 | (18117) |
| Sao Martinho S.A. | MS | (3209) | Pay ID + 1.50%<sup>^</sup> | 9/17/2025 | (444) |
| Saudi Arabian Oil Company | MS | 176749 | Receive SOFR – 1.75%<sup>^</sup> | 2/5/2026 | 6979 |
| TPNBNK<sup>59</sup> | JPM | (499868) | Pay TONAR + 0.20%<sup>\*</sup> | 8/5/2026 | 64629 |
| Volkswagen AG | BAR | 89826 | Receive ESTR – 0.10%<sup>\*</sup> | 3/19/2026 | (253) |
| XRJPFLC1<sup>60</sup> | JPM | (11956701) | Receive Performance<sup>\*</sup> | 10/7/2025 | 35993 |
| **TOTAL** |  |  |  |  | 2157491 |

---

<sup>^</sup> Pays monthly.

<sup>\*</sup> Pays at termination or maturity date.

---

| | |
|:---|:---|
| **Definitions** |  |
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| ESTR | - Euro Short-Term Rate |
| EURIBOR | - Euro Inter-Bank Offered Rate |
| HIBOR | - Hong Kong Interbank Overnight Rate |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **Definitions (Continued)** | **Definitions (Continued)** |
| HONIA | - Hong Kong Overnight Index Average |
| ICPROM | - Indice Camara Promedio |
| ID | - Indonesia Bank Rate |
| iOT | - Inward One Touch Option |
| LTD | - Limited Company |
| MIBOR | - Mumbai Interbank Offered Rate |
| MSCI | - Morgan Stanley Capital International |
| NIBOR | - Norwegian Interbank Offered Rate |
| NV | - Naamioze Vennootschap |
| OBFR | - Overnight Bank Funding Rate |
| OT | - One Touch Option |
| PLC | - Public Limited Company |
| PRIBOR | - Prague Interbank Offered Rate |
| REIT | - Real Estate Investment Trust |
| RKO | - Reverse Knock-Out Option |
| S/A | - Société Anonyme |
| STIBOR | - Stockholm Interbank Offered Rate |
| THOR | -Thai Overnight Rate |
| TIIE | - Interbank Euilibrium Interest Rate |
| TONAR | - Tokyo Overnight Average Rate |
| WIBOR | - Warsaw Interbank Overnight Rate |
| **Broker/Counterparty Definitions** | **Broker/Counterparty Definitions** |
| BAML | Bank of America Merrill Lynch |
| BAR | Barclays |
| CIT | Citibank |
| GS | Goldman Sachs |
| JPM | JP Morgan |
| MS | Morgan Stanley |
| UBS | UBS |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Foreign issued security.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 10 shares of the underlying index.

<sup>(e)</sup> All or a portion of this investment is a holding of the Fulcrum Absolute Diversified Return Fund CFC.

(f) Option only pays if all terms are
 met on the expiration date.

<sup>(g)</sup> Each contract is equivalent to one futures contract.

<sup>(h)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>1</sup> BCEFMMTL is a custom basket of defense stocks.

<sup>2</sup> BCEFVALL is a custom basket of global financial stocks.

<sup>3</sup> BCEFYLDL is a custom basket of global financial stocks.

<sup>4</sup> BCEFYLDS is a custom basket of clean energy stocks.

<sup>5</sup> BCERSVCS is a custom basket of reshoring stocks.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

<sup>6</sup> BCIIACTM is a custom basket of investment management stocks.

<sup>7</sup> BCIICOPP is a custom basket of metal and coal stocks.

<sup>8</sup> BCIICROS is a custom basket of U.S. common stocks.

<sup>9</sup> BCIIDISC is a custom basket of U.S. housing stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>10</sup> BCIIFFOD is a custom basket of consumer trends sector stocks.

<sup>11</sup> BCIIPRIV is a custom basket of global financial stocks.

<sup>12</sup> BCIISHDF is a custom basket of defense stocks.

<sup>13</sup> BCIISOXD is a custom basket of technology stocks.

<sup>14</sup> BCIISOXE is a custom basket of technology stocks.

<sup>15</sup> BCUFMMTL is a custom basket of IT services stocks.

<sup>16</sup> BCUFPRFL is a custom basket of consumer trends stocks.

<sup>17</sup> BCUFPRFS is a custom basket of new and old media stocks.

<sup>18</sup> BCUFQLTS is a custom basket of U.S. common stocks.

<sup>19</sup> BCUFVOLS is a custom basket of U.S. common stocks.

<sup>20</sup> BEFSFULH is a custom basket of HSI Index stocks used to get exposure to Hong Kong market during Asian trading hours, flatted before Asian market closes.

<sup>21</sup> BEFSFULK is a custom basket of KOSPI Index stocks used to get exposure to Korea market during Asian trading hours, flatted before Asian market closes.

<sup>22</sup> BEFSFULN is a custom basket of NKY Index stocks used to get exposure to Japan market during Asian trading hours, flatted before Asian market closes.

<sup>23</sup> BEFSFULT is a custom basket of TAIEX Index stocks used to get exposure to Taiwan market during Asian trading hours, flatted before Asian market closes.

<sup>24</sup> BXIILMUE is a custom basket of short, processed food stocks.

<sup>25</sup> CGFCBVRG us a custom basket of processed food stocks.

<sup>26</sup> GSCBICLN is a custom basket of U.S. stocks.

<sup>27</sup> GSENEPO is a custom basket of U.S. stocks.

<sup>28</sup> GSGLPHRE is a custom basket of consumer trends stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>29</sup> GSIDLGOV is a custom basket of U.S. stocks.

<sup>30</sup> GSISI266 is a custom basket of stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>31</sup> GSMBAIC0 is a custom basket of technology stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>32</sup> GSMBATDM is a custom basket of consumer trends stocks.

<sup>33</sup> GSMBATOL is a custom basket of auto company stocks.

<sup>34</sup> GSMBEXC0 is a custom basket of global financial stocks.

<sup>35</sup> GSMBHLUX is a custom basket of consumer trends stocks.

<sup>36</sup> GSMBLUXE is a custom basket of consumer trends stocks.

<sup>37</sup> GSMBSASD is a custom basket of Japanese common stocks.

<sup>38</sup> GSMBWPHH is a custom basket of healthcare trends stocks.

<sup>39</sup> GSMEGTO is a custom basket of U.S. common stocks.

<sup>40</sup> GSSBDEFE is a custom basket of European equity stocks.

<sup>41</sup> GSMTAI is a custom basket of technology company stocks.

<sup>42</sup> GSXECYCL is a custom basket of auto company stocks.

<sup>43</sup> GSXUCYCL is a custom basket of consumer trends stocks.

<sup>44</sup> GSXUTHEM is a custom basket of U.S. common stocks.

<sup>45</sup> JP11DXYL is a custom basket of energy stocks.

<sup>46</sup> JP1NLAG is a custom basket of U.S. common stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>47</sup> JP1RTWIN is a custom basket of technology stocks.

<sup>48</sup> JPFCPLEY is a custom basket of auto company stocks.

<sup>49</sup> JPFJBRL1 is a custom basket of South American stocks.

<sup>50</sup> JPFJCRED is a custom basket of consumer trends stocks.

<sup>51</sup> JPFUMEDA is a custom basket of technology company stocks.

<sup>52</sup> JPFUNOI1 is a custom basket of energy stocks.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

<sup>53</sup> JPFURU1 I is a custom basket of metal and coal stocks.

<sup>54</sup> JPGWIN is a custom basket of global financials.

<sup>55</sup> JPQWIN is a custom basket of short trucking company stocks.

<sup>56</sup> JPSZLAG is a custom basket of U.S. common stocks.

<sup>57</sup> JPVWIN is a custom basket of consumer trends stocks.

<sup>58</sup> MSFDRUS 1 – The components of the basket as of June 30, 2025 are shown on the following pages.

<sup>59</sup> TPNBNK is a custom basket of Japanese company stocks.

<sup>60</sup> XRJPFLC1 is a custom basket of U.S. stocks. The components of the basket as of June 30, 2025 are shown on the following pages.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the BCIIDISC Index Total Return Swap with Barclays.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Six Flags Entertainment Corporation | (10088) | $(306982) | 4.16% |
| Hasbro, Inc. | (3235) | (238837) | 3.24% |
| Mattel, Inc. | (11153) | (219943) | 2.98% |
| Whirlpool Corporation | (2110) | (213950) | 2.90% |
| Chefs' Warehouse, Inc. (The) | (3333) | (212682) | 2.88% |
| Cheesecake Factory, Inc. (The) | (3387) | (212227) | 2.88% |
| Best Buy Company, Inc. | (2969) | (199323) | 2.70% |
| Cracker Barrel Old Country Store, Inc. | (3105) | (189650) | 2.57% |
| SiteOne Landscape Supply, Inc. | (1499) | (181303) | 2.46% |
| BRP, Inc. | (3613) | (175258) | 2.38% |
| LCI Industries | (1890) | (172325) | 2.34% |
| Pool Corporation | (590) | (172104) | 2.33% |
| Dollar Tree, Inc. | (1737) | (172036) | 2.33% |
| Penn Entertainment, Inc. | (9613) | (171792) | 2.33% |
| Brightstar Lottery PLC | (10737) | (169746) | 2.30% |
| Mohawk Industries, Inc. | (1582) | (165903) | 2.25% |
| La-Z-Boy, Inc. | (4444) | (165191) | 2.24% |
| YETI Holdings, Inc. | (5193) | (163695) | 2.22% |
| Carmax, Inc. | (2397) | (161118) | 2.18% |
| Camping World Holdings, Inc., Class A | (9071) | (155928) | 2.11% |
| Patrick Industries, Inc. | (1658) | (153005) | 2.07% |
| Papa John's International, Inc. | (3080) | (150738) | 2.04% |
| Target Corporation | (1502) | (148148) | 2.01% |
| Acushnet Holdings Corporation | (2013) | (146589) | 1.99% |
| Dollar General Corporation | (1274) | (145680) | 1.98% |
| Vail Resorts, Inc. | (892) | (140173) | 1.90% |
| Yum! Brands, Inc. | (905) | (134088) | 1.82% |
| Harley-Davidson, Inc. | (5562) | (131257) | 1.78% |
| Brunswick Corporation | (2327) | (128528) | 1.74% |
| Leggett & Platt, Inc. | (13575) | (121086) | 1.64% |
| Floor & Decor Holdings, Inc., Class A | (1588) | (120632) | 1.64% |
| United Parks & Resorts, Inc. | (2466) | (116265) | 1.58% |
| Thor Industries, Inc. | (1289) | (114452) | 1.55% |
| Dorman Products, Inc. | (929) | (113964) | 1.55% |
| Genuine Parts Company | (927) | (112472) | 1.53% |
| RH | (592) | (111957) | 1.52% |
| LKQ Corporation | (2938) | (108732) | 1.47% |
| Polaris, Inc. | (2321) | (94336) | 1.28% |
| Mister Car Wash, Inc. | (15355) | (92286) | 1.25% |
| Winnebago Industries, Inc. | (3077) | (89223) | 1.21% |
| BJ's Restaurants, Inc. | (1959) | (87393) | 1.19% |
| Newell Brands, Inc. | (16156) | (87244) | 1.18% |
| Lucky Strike Entertainment Corporation, Class A | (9197) | (83967) | 1.14% |
| Fox Factory Holding Corporation | (3201) | (83026) | 1.13% |
| Malibu Boats, Inc., Class A | (2636) | (82597) | 1.12% |
| Marinemax, Inc. | (3225) | (81082) | 1.10% |
| Revolve Group, Inc. | (3969) | (79573) | 1.08% |
| Sonos, Inc. | (7358) | (79536) | 1.08% |
| Dine Brands Global, Inc. | (3192) | (77671) | 1.05% |
| Monro, Inc. | (4728) | (70502) | 0.96% |
| Other Underlying Index Components\* | (53822) | (268377) | 3.64% |
|  |  | $**(7374572)** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the GSGLPHRE Index Total Return Swap with Goldman Sachs.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Amer Sports, Inc. | (5078) | $(196826) | 6.09% |
| Kingfisher PLC | (46495) | (185427) | 5.74% |
| Tapestry, Inc. | (2012) | (176654) | 5.47% |
| Buckle, Inc. (The) | (3757) | (170398) | 5.27% |
| H & M Hennes & Mauritz AB | (9940) | (139375) | 4.31% |
| Hanesbrands, Inc. | (29600) | (135568) | 4.19% |
| Sally Beauty Holdings, Inc. | (13733) | (127166) | 3.93% |
| Victoria's Secret & Company | (6288) | (116446) | 3.60% |
| Skechers USA, Inc., Class A | (1812) | (114306) | 3.54% |
| VF Corporation | (9531) | (111992) | 3.47% |
| Newell Brands, Inc. | (20670) | (111618) | 3.45% |
| Wolverine World Wide, Inc. | (5951) | (107596) | 3.33% |
| Revolve Group, Inc. | (5017) | (100584) | 3.11% |
| Bath & Body Works, Inc. | (3355) | (100523) | 3.11% |
| Levi Strauss & Company, Class A | (5146) | (95151) | 2.94% |
| Ollie's Bargain Outlet Holdings, Inc. | (718) | (94650) | 2.93% |
| Under Armour, Inc., Class A | (13089) | (89399) | 2.77% |
| Canada Goose Holdings, Inc. | (7961) | (89086) | 2.76% |
| Foot Locker, Inc. | (3611) | (88460) | 2.74% |
| Columbia Sportswear Company | (1382) | (84401) | 2.61% |
| Estee Lauder Companies, Class A | (1016) | (82091) | 2.54% |
| Gap, Inc. (The) | (3726) | (81274) | 2.51% |
| Adidas AG | (321) | (74783) | 2.31% |
| Academy Sports & Outdoors | (1464) | (65594) | 2.03% |
| Hugo Boss AG | (1335) | (61656) | 1.91% |
| Macy's, Inc. | (4935) | (57543) | 1.78% |
| PVH Corporation | (801) | (54960) | 1.70% |
| Kinnevik AB, Class B | (5674) | (50090) | 1.55% |
| Carter's, Inc. | (1605) | (48351) | 1.50% |
| Oxford Industries, Inc. | (1105) | (44460) | 1.38% |
| Puma SE | (1613) | (43985) | 1.36% |
| Kohl's Corporation | (5088) | (43149) | 1.33% |
| Steven Madden Ltd. | (1482) | (35540) | 1.10% |
| Crocs, Inc. | (282) | (28569) | 0.88% |
| ASOS PLC | (3709) | (15414) | 0.48% |
| Boohoo Group PLC | (32353) | (9075) | 0.28% |
|  |  | $**(3232160)** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the GSISI266 Index Total Return Swap with Goldman Sachs.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| JPY 10 Year Bond, Sep 2025 | 2 | $1669734 | 21.29% |
| JPY 10 Year Bond, Sep 2025 | (2) | (1433721) | -18.28% |
| Euro-BTP Future, Sep 2025 | 6 | 871101 | 11.11% |
| Long Gilt Future, Sep 2025 | (7) | (835421) | -10.65% |
| Euro-Oat Future, Sep 2025 | 5 | 736429 | 9.39% |
| CHF 2 Year Interest Rate Swap 0.3497%, Jun 2027 | 509845 | 637658 | 8.13% |
| Euro-Oat Future, Sep 2025 | 4 | 605188 | 7.72% |
| Natural Gas Future, Jan 2026 | 12 | 581799 | 7.42% |
| Gold, 100 oz Future, Dec 2025 | 2 | 557902 | 7.11% |
| AUD 10 Year Bond Future, Sep 2025 | 7 | 553157 | 7.05% |
| Gold, 100 oz Future, Aug 2025 | (2) | (552191) | -7.04% |
| US 10 Year Note Future, Sep 2025 | 5 | 511472 | 6.52% |
| Natural Gas Future, Nov 2025 | (10) | (465761) | -5.94% |
| Brent Crude Future, Nov 2025 | 6 | 402765 | 5.13% |
| Soybean Future, Nov 2025 | 8 | 386929 | 4.93% |
| Soybean Future, Mar 2026 | (7) | (386599) | -4.93% |
| Euro-BTP Future, Sep 2025 | 3 | 381200 | 4.86% |
| NZD 2 Year Interest Rate Swap 3.359%, Jun 2027 | 619589 | 375312 | 4.78% |
| US 10 Year Note Future, Sep 2025 | (3) | (373051) | -4.76% |
| Copper Future, Sep 2025 | 3 | 366340 | 4.67% |
| Copper Future, Dec 2025 | (3) | (366339) | -4.67% |
| Wti Crude Future, Sep 2025 | 5 | 362999 | 4.63% |
| EUR 2 Year Interest Rate Swap 1.94929%, Jun 2027 | 305240 | 357676 | 4.56% |
| DKK 2 Year Interest Rate Swap 2.09235%, Jun 2027 | 2267240 | 356128 | 4.54% |
| SEK 2 Year Interest Rate Swap 2.11224%, Jun 2027 | 3300514 | 347889 | 4.44% |
| Corn Future, Sep 2025 | (17) | (346084) | -4.41% |
| Corn Future, Mar 2026 | 14 | 344252 | 4.39% |
| Corn Future, Sep 2025 | (16) | (332540) | -4.24% |
| AUD 2 Year Interest Rate Swap 3.20159%, Jun 2027 | 497533 | 324786 | 4.14% |
| CAD 2 Year Interest Rate Swap 2.68547%, Jun 2027 | 408844 | 299330 | 3.82% |
| CNY 2 Year Interest Rate Swap 1.35084%, Jun 2027 | 2078766 | 290218 | 3.70% |
| INR 2 Year Interest Rate Swap 5.51832%, Jun 2027 | 24732171 | 289061 | 3.69% |
| THB 2 Year Interest Rate Swap 1.30427%, Jun 2027 | 9379579 | 288134 | 3.67% |
| KRW 2 Year Interest Rate Swap 2.30507%, Jun 2027 | 372191199 | 274393 | 3.50% |
| LME Prime Aluminum Future, Sep 2025 | 4 | 250313 | 3.19% |
| GBP 2 Year Interest Rate Swap 3.967%, Jun 2027 | 181079 | 248355 | 3.17% |
| Live Cattle Future, Oct 2025 | 3 | 241556 | 3.08% |
| Live Cattle Future, Dec 2025 | (3) | (241053) | -3.07% |
| Brent Crude Future, Mar 2026 | (4) | (241006) | -3.07% |
| Soybean Oil Future, Jan 2026 | (9) | (239941) | -3.06% |
| Soybean Oil Future, May 2026 | 7 | 239627 | 3.05% |
| SGD 2 Year Interest Rate Swap 1.594%, Jun 2027 | 293560 | 230033 | 2.93% |
| ZAR 2 Year Interest Rate Swap 7.26345%, Jun 2027 | 4052723 | 227351 | 2.90% |
| NOK 2 Year Interest Rate Swap 4.1647%, Jun 2027 | (2288928) | (226962) | -2.89% |
| Brent Crude Future, Sep 2025 | (3) | (218199) | -2.78% |
| Brent Crude Future, Nov 2025 | 3 | 212018 | 2.70% |
| Soybean Meal Future, Mar 2026 | (7) | (210467) | -2.68% |
| Soybean Meal Future, Dec 2025 | 7 | 210355 | 2.68% |
| Copper Future, Mar 2026 | 2 | 209206 | 2.67% |
| Copper Future, Dec 2025 | (2) | (208287) | -2.66% |
| MYR 2 Year Interst Rate Swap 3.17883%, Sep 2025 | 846224 | 200245 | 2.55% |
| Coffee Future, May 2026 | (2) | (197418) | -2.52% |
| Euro-BOBL Future, Sep 2025 | 1 | 196348 | 2.50% |
| JPY 10 Year Bond, Sep 2025 |  | (196047) | -2.50% |
| Mill Wheat Future, Sep 2025 | (17) | (191638) | -2.44% |
| Cattle Feeder Future, Aug 2025 | 1 | 187299 | 2.39% |
| JPY 2 Year Interst Rate Swap 0.6498%, Jun 2035 | 26856200 | 185360 | 2.36% |
| CZK 2 Year Interst Rate Swap 3.10917%, Sep 2027 | (3746765) | (177423) | -2.26% |
| COP 2 Year Interst Rate Swap 7.95141%, Sep 2027 | (717513601) | (176306) | -2.25% |
| JPY 10 Year Interst Rate Swap 1.0407%, Jun 2035 | 25413487 | 175403 | 2.24% |
| Wheat (CBT) Future, Sep 2025 | (6) | (173967) | -2.22% |
| Wheat Future, May 2026 | 6 | 173405 | 2.21% |
| Silver Future, Mar 2026 | 1 | 169639 | 2.16% |
| JPY 5 Year Interst Rate Swap 0.99625%, Jun 2030 | 24559126 | 169506 | 2.16% |
| Silver Future Dec 2025 | (1) | (168822) | -2.15% |
| Euro-Bund Future, Sep 2025 | 1 | 162628 | 2.07% |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Sugar Future, Mar 2026 | 8 | $161179 | 2.05% |
| Coffee Future, Sep 2025 | 1 | 159682 | 2.04% |
| Low Su Gasoil Future, May 2026 | (2) | (153263) | -1.95% |
| Low Su Gasoil Future Sep 2025 | 2 | 152057 | 1.94% |
| HKY 2 Year Interst Rate Swap 3.80%, Sep 2027 | 1189321 | 151505 | 1.93% |
| LME Prime Aluminum Future, May 2026 | (2) | (150445) | -1.92% |
| Natural Gas Future, Jan 2026 | 3 | 146978 | 1.87% |
| LME Nickel Future, May 2026 | (2) | (146541) | -1.87% |
| Wti Crude Future, Jul 2026 | (2) | (144534) | -1.84% |
| Wti Crude Future, Mar 2026 | (3) | (144487) | -1.84% |
| MXN 2 Year Interst Rate Swap 7.4691%, Sep 2027 | 2675184 | 141779 | 1.81% |
| Gold, 100 oz Future, Dec 2025 |  | 141191 | 1.80% |
| Lean Hogs Future, Feb 2026 | 4 | 139212 | 1.78% |
| Lean Hogs Future, Oct 2025 | (4) | (139094) | -1.77% |
| US 10 Year Note Future, Sep 2025 | (1) | (136411) | -1.74% |
| LME Aluminum Future, Sep 2025 | (2) | (134755) | -1.72% |
| Soybean Oil Future, Dec 2025 | (4) | (134417) | -1.71% |
| Soybean Oil Future, Mar 2026 | 5 | 133747 | 1.71% |
| LME Prime Aluminum Future, Sep 2025 | 2 | 133500 | 1.70% |
| US 5 Year Note Future, Aug 2025 | (1) | (133339) | -1.70% |
| Gold, 100 oz Future, Aug 2025 |  | (132350) | -1.69% |
| Gasoline RBOB Future, Sep 25 | (1) | (132046) | -1.68% |
| Live Cattle Future, Aug 2025 | (1) | (122720) | -1.57% |
| Live Cattle Future, Oct 2025 | 2 | 119959 | 1.53% |
| Other Underlying Index Components\* | 101839258 | 165290 | 2.11% |
|  |  | $**7842933** | **100.00%** |

---

---

| | |
|:---|:---|
| <sup>+</sup> | The basket comprise dynamic exposure to a number of public, rules based indices offered by the Fund's counterparties. These indices comprise dynamic, quantitative strategies which are designed to capture well known market effects, as outlined in the table below. The indices are unitised, in the sense that the level of the index at any point reflects the cumulative performance of the dynamic exposures that arise from the index rules, and will not equate to the weighted sum of their current exposures. Components of basket shown above consist of investments within the underlying indices in which the Fund has exposure to as noted below (See page 39). |

---

The following table represents the individual positions and related values of underlying securities of the GSMBAICO Index Total Return Swap with Goldman Sachs.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| SK Hynix, Inc. | 2030 | $437888 | 8.70% |
| NVIDIA Corporation | 2736 | 432241 | 8.59% |
| Meta Platforms, Inc., Class A | 564 | 416223 | 8.27% |
| Tencent Holdings Ltd. | 5693 | 364780 | 7.25% |
| ADVANTEST Corporation | 3919 | 289517 | 5.75% |
| Fujikura Ltd. | 4732 | 248421 | 4.94% |
| SK Mechatronics, Corp. | 3243 | 245080 | 4.87% |
| Broadcom, Inc. | 878 | 242092 | 4.81% |
| SK Technology, S.A. | 313 | 239995 | 4.77% |
| Nova Ltd. | 786 | 216267 | 4.30% |
| Arista Networks, Inc. | 2088 | 213648 | 4.25% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 5811 | 210729 | 4.19% |
| Xiaomi Corporation - Class B | 26838 | 204961 | 4.07% |
| Asia Vital | 7840 | 199282 | 3.96% |
| Hygon Information Technologies - Class A | 9610 | 189527 | 3.77% |
| Cambricon Technologies, A. | 2129 | 178785 | 3.55% |
| All Ring Technology Company Ltd. | 11363 | 157041 | 3.12% |
| Meituan Dianping, Class B | 9032 | 144170 | 2.87% |
| BYD Co., Ltd. - H Shares | 8859 | 138249 | 2.75% |
| Vertiv Holdings Company | 1037 | 133163 | 2.65% |
| Applovin Corporation - Class A | 369 | 129123 | 2.57% |
|  |  | $**5031182** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the JP1NLAG Index Total Return Swap with JP Morgan.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| RIOT Platforms, Inc. | (8972) | $(101380) | 2.83% |
| Fabrinet | (335) | (98686) | 2.76% |
| Draftkings, Inc. - Class A | (2274) | (97511) | 2.72% |
| Wells Fargo & Company | (1195) | (95776) | 2.68% |
| American Airlines Group, Inc. | (8207) | (92083) | 2.57% |
| Wayfair, Inc., Class A | (1795) | (91782) | 2.56% |
| Meta Platforms, Inc., Class A | (123) | (90915) | 2.54% |
| Gap, Inc. (The) | (4129) | (90052) | 2.52% |
| UiPath, Inc., Class A | (6978) | (89318) | 2.49% |
| Schwab (Charles) Corp. | (974) | (88888) | 2.48% |
| Veeva, Systems Inc. - Class A | (307) | (88539) | 2.47% |
| Johnson Controls International | (835) | (88152) | 2.46% |
| Martin Marietta Materials, Inc. | (160) | (87878) | 2.45% |
| Palo Alto Networks, Inc. | (429) | (87778) | 2.45% |
| Vulcan Materials Company | (335) | (87262) | 2.44% |
| Deckers Outdoor Corporation | (845) | (87055) | 2.43% |
| Alphabet, Inc. - Class A | (493) | (86805) | 2.42% |
| D-Wave Quantum, Inc. | (5573) | (81595) | 2.28% |
| Etsy, Inc. | (1589) | (79721) | 2.23% |
| JETBLUE Airways Corp. | (17618) | (74525) | 2.08% |
| STERLING Infrastructure, Inc. | (296) | (68195) | 1.90% |
| Lamb Weston Holdings, Inc. | (1314) | (68117) | 1.90% |
| CINEMARK Holdings, Inc. | (2253) | (68007) | 1.90% |
| CRISPR Therapeutics, Ag. | (1292) | (62833) | 1.75% |
| Hormel Foods Corporation | (2056) | (62201) | 1.74% |
| Innodata, Inc. | (1163) | (59555) | 1.66% |
| Flutter, Entertainment PLC | (202) | (57736) | 1.61% |
| Amazon.com, Inc. | (229) | (50141) | 1.40% |
| Dollar General Corporation | (437) | (50041) | 1.40% |
| Victoria's Secret & Company | (2650) | (49084) | 1.37% |
| VAXCYTE, Inc. | (1502) | (48815) | 1.36% |
| Akero Therapeutics, Inc. | (800) | (42663) | 1.19% |
| Copart, Inc. | (815) | (39976) | 1.12% |
| Macy's, Inc. | (3283) | (38285) | 1.07% |
| nCino, Inc. | (1315) | (36787) | 1.03% |
| Armstrong World Industries, Inc. | (199) | (32376) | 0.90% |
| Teladoc Health, Inc. | (3620) | (31533) | 0.88% |
| Twist Bioscience Corporation | (842) | (30965) | 0.86% |
| Boston Beer Co., Inc./The | (138) | (26365) | 0.74% |
| SkyWest, Inc. | (238) | (24525) | 0.69% |
| Groupon, Inc. | (671) | (22442) | 0.63% |
| JFrog Ltd. | (506) | (22219) | 0.62% |
| WD-40 Co. | (96) | (21943) | 0.61% |
| Red Rock Resorts, Inc. | (418) | (21733) | 0.61% |
| WNS Holdings Ltd. | (342) | (21607) | 0.60% |
| Interparfums, Inc. | (159) | (20826) | 0.58% |
| Marzetti Company/The | (120) | (20805) | 0.58% |
| ACADIA Pharmaceuticals, Inc. | (962) | (20740) | 0.58% |
| Vital Farms, Inc. | (531) | (20464) | 0.57% |
| Revolve Group, Inc. | (991) | (19869) | 0.55% |
| Other Underlying Index Components\* | (38467) | (633720) | 17.74% |
|  |  | $**(3580269)** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the MSFDRUS I Index Total Return Swap with Morgan Stanley.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Cash |  | $17939634 | 44.00% |
| Eli Lilly & Co. | 1224 | 954145 | 2.34% |
| Hammerson PLC | (197644) | (810459) | -1.99% |
| Mowi ASA | 26583 | 512456 | 1.26% |
| Republic Services, Inc. | 1850 | 456229 | 1.12% |
| Heidelberg Materials AG | 1915 | 449271 | 1.10% |
| Paladin Energy Ltd. | 83838 | 444677 | 1.09% |
| PDD Holdings, Inc. | 4129 | 432141 | 1.06% |
| Leonardo SpA | 7051 | 396280 | 0.97% |
| Digital Realty Trust, Inc. | 2186 | 381085 | 0.93% |
| Rolls-Royce Holdings PLC | 25963 | 344529 | 0.85% |
| RTX Corporation | 2258 | 329713 | 0.81% |
| Klepierre SA | (7863) | (309286) | -0.76% |
| Clean Harbors, Inc. | 1307 | 302152 | 0.74% |
| Buzzi SpA | 5440 | 301131 | 0.74% |
| TransDigm Group, Inc. | 191 | 290442 | 0.71% |
| Salmar ASA | 6602 | 285673 | 0.70% |
| Waste Management, Inc. | 1241 | 283966 | 0.70% |
| Nutanix, Inc. | 3549 | 271286 | 0.67% |
| American Tower Corporation | 1211 | 267655 | 0.66% |
| Waste Connections, Inc. | 1432 | 267336 | 0.66% |
| Equinix, Inc. | 322 | 256141 | 0.63% |
| Airbus SE | 1227 | 255835 | 0.63% |
| Novo Nordisk A/S | 3681 | 255131 | 0.63% |
| Toast, Inc. | 5464 | 242001 | 0.59% |
| GFL Environmental, Inc. | 4750 | 239685 | 0.59% |
| Unibail-Rodamco-Westfield | (2455) | (234310) | -0.57% |
| Singapore Telecommunications Ltd. | (78017) | (234223) | -0.57% |
| Rheinmetall AG | 110 | 232512 | 0.57% |
| Safran SA | 690 | 223927 | 0.55% |
| BT Group PLC | (81347) | (216147) | -0.53% |
| Shell PLC | 6062 | 213844 | 0.52% |
| AT&T, Inc. | (7352) | (212767) | -0.52% |
| Quanta Services, Inc. | 560 | 211725 | 0.52% |
| Castellum AB | 15743 | 206037 | 0.51% |
| Telefonica SA | (39213) | (205625) | -0.50% |
| Telia Co AB | (56283) | (201713) | -0.49% |
| Monday.com Ltd. | 641 | 201582 | 0.49% |
| Telenor ASA | (12596) | (195530) | -0.48% |
| Bakkafrost P/F | 4325 | 194429 | 0.48% |
| TAG Immobilien AG | 10929 | 193988 | 0.48% |
| Cheniere Energy, Inc. | 790 | 192389 | 0.47% |
| Trane Technologies PLC | 436 | 190711 | 0.47% |
| Cellnex Telecom SA | 4899 | 189875 | 0.47% |
| Iberdrola SA | 9872 | 189161 | 0.46% |
| Veolia Environnement SA | 5302 | 188656 | 0.46% |
| Q2 Holdings, Inc. | 1989 | 186151 | 0.46% |
| Thales SA | 624 | 183204 | 0.45% |
| Exxon Mobil Corporation | 1669 | 179918 | 0.44% |
| Prologis, Inc. | 1711 | 179860 | 0.44% |
| TotalEnergies SE | 2928 | 179438 | 0.44% |
| Other Underlying Index Components\* | (176903) | 13693115 | 33.55% |
|  |  | $**40769056** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

The following table represents the individual positions and related values of underlying securities of the XRJPFLC1 Index Total Return Swap with JP Morgan.^

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value<sup>+</sup>** | **Weight** |
| USD 3 Year Interest Rate Swap 3.55786%, Dec 2025 | 1038513 | $1038513 | 37.55% |
| USD 3 Year Interest Rate Swap 4.0151%, Sep 2028 | 1018983 | 1018983 | 36.84% |
| GBP 3 Year Interest Rate Swap 3.764%, Sep 2028 | 646056 | 887327 | 32.08% |
| EUR 3 Year Interest Rate Swap 2.2457%, Sep 2028 | (747734) | (877543) | -31.73% |
| GBP 3 Year Interest Rate Swap 3.74481%, Dec 2028 | 637927 | 876163 | 31.68% |
| EUR 3 Year Interest Rate Swap 2.14238%, Dec 2028 | (712311) | (835970) | -30.22% |
| GBP 5 Year Interest Rate Swap 4.00305%, Sep 2030 | 486365 | 668000 | 24.15% |
| USD 5 Year Interest Rate Swap 3.67322%, Dec 2030 | 667002 | 667002 | 24.12% |
| USD 5 Year Interest Rate Swap 3.726%, Sep 2030 | 659781 | 659781 | 23.85% |
| GBP 5 Year Interest Rate Swap 3.8536%, Dec 2030 | 476441 | 654370 | 23.66% |
| EUR 5 Year Interest Rate Swap 2.29635%, Sep 2030 | (525914) | (617214) | -22.32% |
| JPY 3 Year Interest Rate Swap 0.89375%, Sep 2028 | (88206052) | (610908) | -22.09% |
| EUR 5 year Interest Rate Swap 2.31571%, Dec 2030 | (498321) | (584831) | -21.15% |
| JPY 3 Year Interest Rate Swap 0.68427%, Dec 2028 | (82989621) | (574780) | -20.78% |
| WTI Crude Future Aug 2025 | (6) | (360676) | -13.04% |
| Gold, 100 oz Future, Aug 2025 | (1) | (287686) | -10.40% |
| USD 7 Year Interest Rate Swap 3.77335%, Dec 2025 | 286083 | 286083 | 10.34% |
| USD 7 Year Interest Rate Swap 4.013%, Sep 2025 | 285181 | 285181 | 10.31% |
| GBP 7 Year Interest Rate Swap 4.01682%, Sep 2032 | 206048 | 282997 | 10.23% |
| LME Copper Future Aug 2025 | 1 | 279816 | 10.12% |
| GBP 7 Year Interest Rate Swap 3.99151%, Dec 2032 | 200864 | 275877 | 9.97% |
| JPY 5 Year Interest Rate Swap 0.99625%, Sep 2025 | (39760040) | (275375) | -9.96% |
| JPY 5 Year Interest Rate Swap 0.7894%, Dec 2030 | (37327648) | (258528) | -9.35% |
| Copper Future, Sep 2025 | (2) | (256800) | -9.28% |
| Euro-Bund Future, Sep 2025 | 2 | 255828 | 9.25% |
| Markit ITRAXX Europe Credit Default Swap, Jun 2030 | 214884 | 251801 | 9.10% |
| GBP 3 Year Interest Rate Swap 3.764%, Sep 2028 | 173203 | 237565 | 8.59% |
| GBP 3 Year Interest Rate Swap 3.74481%, Dec 2028 | 171261 | 234902 | 8.49% |
| AUD 3 Year Interest Rate Swap 3.58309%, Dec 2028 | 356618 | 232836 | 8.42% |
| EUR 7 Year Interest Rate Swap 2.3473%, Sep 2032 | (198353) | (232788) | -8.42% |
| EUR 3 Year Interest Rate Swap 2.2457%, Sep 2028 | 197549 | 231487 | 8.37% |
| AUD 3 Year Interest Rate Swap 4.04924%, Sep 2028 | 338903 | 221270 | 8.00% |
| EUR 3 Year Interest Rate Swap 2.14238%, Dec 2028 | 188519 | 220906 | 7.99% |
| EUR 7 Year Interest Rate Swap 2.44519%, Dec 2032 | (187530) | (220085) | -7.96% |
| CAD 3 Year Interest Rate Swap 2.47592%, Dec 2028 | 300309 | 219376 | 7.93% |
| CAD 3 Year Interest Rate Swap 2.64%, Sep 2028 | 300085 | 219212 | 7.93% |
| USD 3 Year Interest Rate Swap 3.55786%, Dec 2025 | 218033 | 218033 | 7.88% |
| Gasoline RBOB Future, Aug 2025 | (2) | (214667) | -7.76% |
| USD 3 Year Interest Rate Swap 4.0151%, Sep 2028 | 213538 | 213538 | 7.72% |
| SEK 3 Year Interest Rate Swap 2.3475%, Sep 2028 | (1908033) | (201169) | -7.27% |
| CHF 3 Year Interest Rate Swap 0.2625%, Sep 2028 | (159163) | (199258) | -7.20% |
| CHF 3 Year Interest Rate Swap 0.11504%, Dec 2028 | (150760) | (188739) | -6.82% |
| Gasoline RBOB Future, Aug 2025 | 2 | 186375 | 6.74% |
| SEK 3 Year Interest Rate Swap 2.26842%, Dec 2028 | (1729227) | (182317) | -6.59% |
| Corn Future, Dec 2025 | 8 | 171561 | 6.20% |
| Silver Future, Sep 2025 | 1 | 170777 | 6.17% |
| Brent Crude Future, Sep 2025 | 3 | 168612 | 6.10% |
| Corn Future, Sep 2025 | (8) | (165334) | -5.98% |
| WTI Crude Future Aug 2025 | (2) | (159109) | -5.75% |
| SEK 5 Year Interest Rate Swap 2.4442%, Sep 2030 | (1480855) | (156131) | -5.64% |
| JPY 10 Year Bond, Sep 2025 |  | (149604) | -5.41% |
| CHF 5 Year Interst Rate Swap 0.382%, Sep 2030 | (114605) | (143476) | -5.19% |
| SEK 5 Year Interest Rate Swap 2.4428%, Dec 2030 | (1337324) | (140998) | -5.10% |
| LME Zinc Future, Aug 2025 | (2) | (136196) | -4.92% |
| CHF 5 Year Interst Rate Swap 0.27755%, Dec 2030 | (108283) | (135561) | -4.90% |
| Wheat (CBT) Future, Dec 2025 | 4 | 134954 | 4.88% |
| Wheat (CBT) Future, Sep 2025 | (5) | (132483) | -4.79% |
| Wheat (CBT) Future, Sep 2025 | (5) | (129620) | -4.69% |
| JPY 7 Year Interst Rate Swap 1.10125%, Sep 2032 | (18571688) | (128626) | -4.65% |
| Soybean Future, Nov 2025 | (2) | (127808) | -4.62% |
| Wheat (CBT) Future, Sep 2025 | (5) | (125191) | -4.52% |
| JPY 7 Year Interst Rate Swap 0.92971%, Dec 2032 | (17424183) | (120679) | -4.36% |
| Other Underlying Index Components\* | (28515741) | 226894 | 8.20% |
|  |  | $**2765870** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| <sup>+</sup> | The basket comprise dynamic exposure to a number of public, rules based indices offered by the Fund's counterparties. These indices comprise dynamic, quantitative strategies which are designed to capture well known market effects, as outlined in the table below. The indices are unitised, in the sense that the level of the index at any point reflects the cumulative performance of the dynamic exposures that arise from the index rules, and will not equate to the weighted sum of their current exposures. Components of basket shown above consist of investments within the underlying indices in which the Fund has exposure to as noted below. |

---

<sup>^</sup> Components include cash and foreign cash balances which may not be reflected below.

\* Largest 50 underlying components by market value at June 30, 2025.

Summary of Indices Exposure within GSIS1266 and XRJPFLC1:

---

| | |
|:---|:---|
| **Index** | **Description** |
| ABGSCRVB Index | Commodities beta-constrained carry. Seeks to extract returns from the rolldown of commodities contracts along the curve; BCOM weighted on the long side and short BCOM itself to reduce directionality. |
| ABGSFCT2 Index | Frontier commodities trend. Medium tem trend following on commodities with lower speculative interest (more producer interest) |
| ABGSRSCE Index | Commodities long enhanced roll. Seeks to extract returns from passive rolling of commodities contracts ahead of the BCOM index rules (long/short). |
| GSXAS03F Index | Multi-asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns |
| ABGSSA02 Index | Commodities seasonal persistence. Seeks to extract returns by going long commodities futures whose historical seasonal performance has been positive and by going short those whose historical seasonal performance has been negative. |
| GSFXCA02 Index | FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta. |
| GSFXVA01 Index | FX Value. Extracts returns by being long currencies with a low real effective (price level adjusted) exchange rate (REER) and short currencies with a high REER. |
| GSIRCA03 Index | Rates carry (bonds). Seeks to extract returns by going long fixed income futures with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero. |
| GSIRVA01 Index | Rates value. Fixed income futures value strategy that goes long bond futures with high real yields and short those with low real yields. |
| GSSWCA07 Index | Rates carry (IRS). Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero. |
| GSSWTR01 Index | Short end rates trend. Medium tem trend following on interest rate swaps from DM and EM markets implemented at the 2y tenor point. |
| ABGSXSBM Index | Commodities basis momentum. Seeks to extract returns by going long commodities whose curve is flattening relative to its history, and going short commodities whose curve is steepening relative to its history. |
| ABGSCMLS Index | Commodities carry momentum. Seeks to extract returns by going long commodities whose change in carry is positive, and going short commodities whose change in carry is negative. |
| AIJPXSK1 Index | Cross asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns |
| AIJPBT15 Index | Macro indicators trend. Seeks to extract returns by building a measure of economic momentum, then by going long (short) assets which tend to perform in positive (negative) macroeconomic environments. |
| JMABCCC1 Index | Commod curve carry. Seeks to extract returns from the rolldown of commodities contracts along the curve selecting contracts using momentum weighting. |
| JMABLCCU Index | Commod curve carry, producer driven. Seeks to extract returns from the rolldown of commodities contracts along the curve, selecting contracts with high producer interest (and low speculator interest). |
| JMABSEAS Index | Commodities seasonality. Seeks to extract returns from commodity spread positions by going long (short) spreads with positive (negative) seasonality characteristics. |
| JPDRXMA2 Index | Commodities enhanced congestion. Use a momentum signal to predict congestion in commodities contract rolls, and seek to profit from this congestion. |
| JMABNPM2 Index | Mutlifactor commodities value. Both strategies seek to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc. |
| JCOPCFXC Index | Commods value. |
| JMFXTECL Index | USD capped, beta constrained FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta. |
| JSDNREC1 Index | G8 rates carry but cross tenor implementation. Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, using multiple tenors across the curve. |
| JMABSKNS Index | Commodity time spreads skewness. Extracting returns from commodity curve positions by shorting those curves with excessive positive skewness in returns and going long those with excessive negative skewness in returns |
| JMABCCVB Index | Commodity time spreads value. Seeks to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc. but entering into spread positions across the curve. |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $167909472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $170495466 |
| &nbsp;&nbsp;&nbsp;Cash collateral for derivative instruments | 30291982 |
| &nbsp;&nbsp;&nbsp;Cash on deposit with broker | 30039188 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 7445987 |
| &nbsp;&nbsp;&nbsp;Foreign cash (Cost - $2,724,140) | 2760276 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from forward foreign currency contracts | 578116 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from swap contracts | 3855134 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from futures contracts | 2834361 |
| &nbsp;&nbsp;&nbsp;Receivable for swaps | 552564 |
| &nbsp;&nbsp;&nbsp;Premiums paid for swaps | 852972 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 689178 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 570321 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 20350 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 46113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 251032008 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Due to broker - foreign currency (Cost - $1,353,546) | 1211224 |
| &nbsp;&nbsp;&nbsp;Due to broker for options transactions | 48811 |
| &nbsp;&nbsp;&nbsp;Options written, at fair value (Premiums received $1,748,389) | 2003008 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation of futures contracts | 1631661 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts | 1342205 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation from forward foreign currency contracts | 442666 |
| &nbsp;&nbsp;&nbsp;Premiums received from swaps | 452874 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 521735 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 39873 |
| &nbsp;&nbsp;&nbsp;Payable for currency contracts | 32764 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 101228 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 16965 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees payable - Class I | 12231 |
| &nbsp;&nbsp;&nbsp;Trustees fees payable | 2153 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 118758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 7978156 |
| **NET ASSETS** | $**243053852** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $226759943 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 16293909 |
| **NET ASSETS** | $**243053852** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **Net Asset Value Per Share:** |  |
| Super Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**135305422** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **13632000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.93** |
| Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**107748430** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10906095** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.88** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| **For the Year Ended June 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $412391 |
| &nbsp;&nbsp;&nbsp;Interest | 5834457 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (23826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 6223022 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1860666 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 67977 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 244687 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 90681 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 137669 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 42919 |
| &nbsp;&nbsp;&nbsp;Legal fees | 28106 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 31813 |
| &nbsp;&nbsp;&nbsp;Registration fees | 54653 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 50498 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 17209 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 4172 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2635292 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (223737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2411555 |
| **NET INVESTMENT INCOME** | 3811467 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | 7563334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1619642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 3771289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 354813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (679509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (561996) |
|  | 8828289 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (179964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 1893534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (199741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 1549056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 258924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 107482 |
|  | 3429291 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 12257580 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**16069047** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**June 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3811467 | $4713134 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions, options written, swap contracts, futures contracts, forward foreign exchange contracts and foreign currency transactions | 8828289 | 10746041 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments options written, swap contracts, futures contracts, forward foreign exchange contracts and foreign currency translations | 3429291 | 3243154 |
| Net increase in net assets resulting from operations | 16069047 | 18702329 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3214209) | (796424) |
| &nbsp;&nbsp;&nbsp;Super Institutional Class | (4918573) | (1100901) |
| Decrease in net assets from distributions to shareholders | (8132782) | (1897325) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 50377578 | 28829785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 14265630 | 2253768 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3028570 | 629699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 2681869 | 1095611 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (23760719) | (62129800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (11589816) | (14493101) |
| Net increase/(decrease) in net assets from shares of beneficial interest | 35003112 | (43814038) |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | 42939377 | (27009034) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 200114475 | 227123509 |
| &nbsp;&nbsp;&nbsp;End of Year | $**243053852** | $**200114475** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**June 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5346392 | 3196759 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 320823 | 70753 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2487709) | (6873798) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 3179506 | (3606286) |
| Super Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1512938 | 249829 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 282898 | 122552 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1199718) | (1569913) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 596118 | (1197532) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** |
|  | **Year Ended**<br>**June 30**<br>**2025** | **Year Ended**<br>**June 30**<br>**2024** | **Year Ended**<br>**June 30**<br>**2023** | **Year Ended**<br>**June 30**<br>**2022** | **Year Ended**<br>**June 30**<br>**2021** |
| Net asset value, beginning of year | $9.65 | $8.90 | $9.20 | $10.03 | $9.78 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) <sup>(1)</sup> | 0.18 | 0.21 | 0.14 | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.51 | 0.62 | (0.32) | 0.06 | 1.08 |
| Total from investment operations | 0.69 | 0.83 | (0.18) | (0.02) | 0.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.08) |  | (0.81) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.11) |  | (0.12) |  | (0.32) |
| Total distributions | (0.41) | (0.08) | (0.12) | (0.81) | (0.73) |
| Net asset value, end of year | $9.93<sup>(2)</sup> | $9.65<sup>(2)</sup> | $8.90<sup>(2)</sup> | $9.20 | $10.03 |
| Total return <sup>(3)</sup> | 7.35% <sup>(2)</sup> | 9.40% <sup>(2)</sup> | -2.01% <sup>(2)</sup> | 0.02% | 10.60% |
| Net assets, at end of year (000s) | $135305 | $125854 | $126697 | $85504 | $108011 |
| Ratios including the income and expenses of FDFC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)(5)</sup> | 1.24% | 1.19% | 1.30% | 1.37% | 1.29% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(6)</sup> | 1.13% | 1.05% | 1.10% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets <sup>(7)</sup> | 1.88% | 2.26% | 1.55% | -0.85% | -0.97% |
| Portfolio Turnover Rate | 113% | 239% | 84% | 129% | 140% |

---

(1) Per share amounts calculated
 using the average shares method, which more appropriately presents the per share data for the year.

(2) Includes adjustments made
 in accordance with generally accepted accounting principles.

(3) Total returns shown exclude
 the effect of applicable sales charges and redemption fees. Had the advisor not waived its fees or reimbursed a portion of the Fund's
 expenses, the returns would have been lower.

(4) Represents the ratio of
 expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) Ratio of gross expenses to average net assets excluding interest and brokerage expenses 1.24 % <sup>(8)</sup> 1.19 % 1.24 % 1.33 % 1.24 %

(6) Ratio of net expenses to average net assets excluding interest and brokerage expenses 1.13 % <sup>(8)</sup> 1.05 % 1.05 % 1.04 % 1.05 %

(7) Ratio of net investment income/(loss) to average net assets excluding interest and brokerage expenses 1.88 % <sup>(8)</sup> 2.26 % 1.61 % -0.82 % -0.93 %

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended**<br>**June 30**<br>**2025** | **Year Ended**<br>**June 30**<br>**2024** | **Year Ended**<br>**June 30**<br>**2023** | **Year Ended**<br>**June 30**<br>**2022** | **Year Ended**<br>**June 30**<br>**2021** |
| Net asset value, beginning of year | $9.61 | $8.86 | $9.17 | $10.01 | $9.76 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) <sup>(1)</sup> | 0.17 | 0.20 | 0.12 | (0.06) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.50 | 0.62 | (0.31) | 0.03 | 1.08 |
| Total from investment operations | 0.67 | 0.82 | (0.19) | (0.03) | 0.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.07) |  | (0.81) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.11) |  | (0.12) |  | (0.32) |
| Total distributions | (0.40) | (0.07) | (0.12) | (0.81) | (0.73) |
| Net asset value, end of year | $9.88<sup>(2)</sup> | $9.61<sup>(2)</sup> | $8.86<sup>(2)</sup> | $9.17 | $10.01 |
| Total return | 7.19% <sup>(2)</sup> | 9.36% <sup>(2)</sup> | -2.13% <sup>(2)</sup> | -0.09% | 10.58% |
| Net assets, at end of year (000s) | $107748 | $74261 | $100426 | $73478 | $1990 |
| Ratios including the income and expenses of FDFC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets <sup>(4)(5)</sup> | 1.32% | 1.26% | 1.40% | 1.41% | 1.32% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(6)</sup> | 1.22% | 1.13% | 1.20% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets <sup>(7)</sup> | 1.79% | 2.16% | 1.34% | -0.65% | -0.98% |
| Portfolio Turnover Rate | 113% | 239% | 84% | 129% | 140% |

---

(1) Per share amounts calculated
 using the average shares method, which more appropriately presents the per share data for the year.

(2) Includes adjustments made
 in accordance with generally accepted accounting principles.

(3) Total returns shown exclude
 the effect of applicable sales charges and redemption fees. Had the advisor not waived its fees or reimbursed a portion of the Fund's
 expenses, the returns would have been lower.

(4) Represents the ratio of
 expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) Ratio of gross expenses to average net assets excluding interest and brokerage expenses 1.32 % <sup>(8)</sup> 1.26 % 1.33 % 1.41 % 1.26 %

(6) Ratio of net expenses to average net assets excluding interest and brokerage expenses 1.22 % <sup>(8)</sup> 1.13 % 1.14 % 1.13 % 1.05 %

(7) Ratio of net investment income/(loss) to average net assets excluding interest and brokerage expenses 1.79 % <sup>(8)</sup> 2.16 % 1.40 % -0.64 % -0.93 %

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** |
| **June 30, 2025** |

---

**1.** **ORGANIZATION** 

The Fulcrum Diversified Absolute Return Fund (the "Fund") is a diversified series of Northern Lights Fund Trust IV (the "Trust"), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to March 13, 2023, the Fund was a series of Trust for Advised Portfolios (the "Predecessor Fund"). The Fund seeks to achieve long-term absolute returns. The investment objective of the Fund is non-fundamental and may be changed without shareholder approval.

The Fund currently offers Super Institutional Class shares and Institutional Class shares at net asset value, both of which commenced operations on July 31, 2015. The Advisor Class is closed and holds no assets, but may accept new investments in the future. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their ongoing service and distribution charges. Institutional Class is subject to a shareholders servicing fee up to 0.10%. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

The Predecessor Fund was reorganized on March 10, 2023, from a series of Trust for Advised Portfolios, a Delaware statutory trust, to a series of Northern Lights Fund Trust IV, also a Delaware statutory trust. As a series of Northern Lights Fund Trust IV, the Fund is a continuation of the Predecessor Fund. The Fund and the Predecessor Fund have the same investment objective, principal investment strategies and portfolio manager.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies,*" including Accounting Standards Update 2013-08.

**Operating Segments –** The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Treasurer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Security Valuation –** The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities, including common/preferred stocks and exchange traded funds, listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Investments in swap contracts are reported at fair value based on the underlying equity securities held within the swap or daily price reporting- from the swap counterparty. The independent pricing -service does not distinguish between smaller sized bond positions known as "odd lots" and larger institutional sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward foreign currency exchange contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. To the extent valuation adjustments are not applied to index options or future options, they are categorized as Level 1.

Over-the-counter derivatives are valued by an independent pricing service using a series of techniques, including simulation pricing models. The pricing models use various inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, implied volatility and exchange rates. When prices are determined by the pricing agent, positions are classified as Level 2 of the fair value hierarchy.

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board of Trustees (the "Board"). The Board has designated the advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Fair Valuation Process –** Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for the Fund's assets and liabilities measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $30632935 | $— | $— | $30632935 |
| Exchange-Traded Funds | 650741 |  |  | 650741 |
| Currency Options Purchased |  | 4667184 |  | 4667184 |
| Index Options Purchased | 177162 |  |  | 177162 |
| OTC Dual Binary Options Purchased |  | 2317156 |  | 2317156 |
| Future Options Purchased | 2734353 |  |  | 2734353 |
| U.S. Treasury Bills |  | 129315935 |  | 129315935 |
| Total | $34195191 | $136300275 | $— | $170495466 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts | $2834361 | $— | $— | $2834361 |
| Interest Rate Swap Contracts |  | 805092 |  | 805092 |
| Total Return Swap Contracts |  | 2157491 |  | 2157491 |
| Forward Foreign Exchange Contracts |  | 578116 |  | 578116 |
| Total | $2834361 | $3540699 | $— | $6375060 |
| Liabilities |  |  |  |  |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Futures Options Written | $1782531 | $— | $— | $1782531 |
| Currency Options Written |  | 165194 |  | 165194 |
| Index Options Written | 55283 |  |  | 55283 |
| Futures Contracts | 1631661 |  |  | 1631661 |
| Forward Foreign Exchange Contracts |  | 442666 |  | 442666 |
| Credit Default Swaps |  | 26549 |  | 26549 |
| Dispersion Swaps |  | 423105 |  | 423105 |
| Total | $3469475 | $1057514 | $— | $4526989 |

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The Fund did not hold any level 3 securities during the period.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

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**Consolidation of Subsidiaries –** The consolidated financial statements of the Fund include Fulcrum Diversified Absolute Return Cayman Fund ("FDFC"), a wholly owned and controlled subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.

The Fund may invest up to 25% of its total assets in a controlled foreign corporation ("CFC"), which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies.

A summary of the Fund's investments in FDFC is as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;FDFC Net Assets at<br> June 30, 2025 | &nbsp;&nbsp;% of the Fund's<br> Total Net Assets at<br> June 30, 2025 |
| &nbsp;&nbsp;$10988007 | &nbsp;&nbsp;4.5% |

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For tax purposes, FDFC is an exempted Cayman investment company. FDFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, FDFC is a CFC and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, FDFC's net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income.

**Commodities Risk** – Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

**Counterparty Risk** – Many derivative contracts are privately negotiated in the over-the-counter market. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund.

**Credit Default Index Swaps Risk** – Credit defaults swaps ("CDS") are typically two-party financial contracts that transfer credit exposure between the two parties. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks.

**Currency Risk** – Changes in currency exchange rates may negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses. The Fund's net currency positions may expose it to risks independent of its securities positions.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Currency Swaps Risk** – Currency swaps are subject to market risk, counterparty risk, and the risk of imperfect correlation between profit or loss on the currency swap and the underlying currency exchange rate. In the event of the insolvency of the counterparty, the Fund may sustain losses or be unable to liquidate the swap position.

**Derivatives Risk** – A small investment in derivatives could have a potentially large impact on the Fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is a risk that changes in the value of a derivative held by the Fund will not correlate with the Fund's other investments. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost and potential losses may be substantial.

**Emerging Market Risk** – The Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board inspection, investigation, and enforcement. Therefore, the availability and reliability of information material to an investment decision, particularly financial information, in emerging market companies may be limited in the scope and reliability as compared to information provided by U.S. companies. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities.

**Equity Index Swaps Risk** – Equity swaps are subject to liquidity risk because the liquidity of equity swaps is based on the liquidity of the underlying instrument, and are subject to the risk that the counterparty to the equity swap may be unable to or unwilling to make payments or otherwise honor its financial obligations under the terms of the contract.

**Options Risk** – There are risks associated with the sale of call and put options. As the seller (writer) of a call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price. As a seller (writer) of a put option, the Fund will lose money if the value of the security falls below the strike price.

**Subsidiary Risk** – By investing in FDFC, the Fund is indirectly exposed to the risks associated with FDFC's investments. The commodity-related instruments held by FDFC are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see "Commodities Risk" above). There can be no assurance that the investment objective of FDFC will be achieved. FDFC is not registered under the 1940 Act, and, unless otherwise noted in the Fund's prospectus, is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns FDFC, and the Fund and FDFC are both managed by the advisor, making it unlikely that FDFC will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in FDFC, and the Fund's role as sole shareholder of FDFC. To the extent

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

applicable to the investment activities of FDFC, FDFC will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.

**Market and Geopolitical Risk –** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.

**Security Transactions and Related Income –** Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Foreign withholding taxes and foreign capital gains taxes, if any, have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid semi-annually. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the fund in the Trust.

**Cash and Cash Equivalents –** Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a financial institution in an amount that is in excess of federally insured limits.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Restricted Cash and Deposits with Brokers –** At June 30, 2025, the Fund held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Fund's custodian and/or counterparty broker and is reflected in the Consolidated Statement of Assets and Liabilities as cash collateral for derivative instruments. On June 30, 2025, the Fund pledged the following amounts as collateral for open currency contracts, options, futures and swap contracts:

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| | | |
|:---|:---|:---|
| **Counterparty** | **Amounts Pledged<sup>(1)</sup>** | **Deposits with Brokers** |
| Barclays | $— | $2920106 |
| Citibank, N.A. | 1821199 | 3 |
| Goldman Sachs | 1650000 |  |
| JPMorgan Chase | 3025973 | 2279295 |
| Merrill Lynch | 802233 |  |
| Morgan Stanley | 22992577 | 24839784 |
| **Total** | $30291982 | $30039188 |

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<sup>(1)</sup> Excludes non-pledged cash or collateral held by the broker.

**Federal Income Taxes –** The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022 – 2024) or expected to be taken on the Fund's 2025 return. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed income securities, interest rates, commodities, or currency exchange rates and related indexes. The Fund may also use these derivatives to modify or hedge the Fund's exposure to a particular investment market related risk, as well as to manage the volatility of the Fund. Additionally, the Fund may use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell at favorable prices) and the potential for market movements, which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities.

Specific types of derivative instruments used by the Fund for the year ended June 30, 2025, include purchased options; written options; forward currency and futures contracts; and interest rate, credit default, dispersion and total return swaps. All open derivative positions are listed on the Consolidated Schedule of Investments.

**Foreign Currency –** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the 4:00pm market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Forward Foreign Currency Contracts –** As foreign securities are purchased and sold, the Fund may enter into forward foreign currency contracts in order to hedge against foreign currency exchange rate risks. The market value of the contracts fluctuate with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Fund's investments in forward foreign currency contracts exposes the Fund to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position.

Forward foreign currency contracts outstanding as of June 30, 2025 are reflected in the Consolidated Schedule of Investments.

**Futures –** The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. To manage equity price risk, the Fund may enter into futures contracts. Upon entering a futures contract with a broker, the Fund deposits a "cash deposit" with the broker as recorded in the accompanying Consolidated Statements of Assets and Liabilities. The Fund also invests in "London Metal Exchange ("LME") futures contracts" which settle on their respective maturity dates, and do not have daily cash movements like other futures contracts. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at year end are listed in the Fund's Consolidated Schedule of Investments.

**Option Transactions** – When the Fund writes a put or call option, an amount equal to the premium received is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or "strike" price by or before the contract's expiration. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Securities held as collateral for options, if any, is reported on the Consolidated Schedule of Investments.

**Swap Agreements –** The Fund is subject to equity price risk, interest rate risk, credit risk, currency risk, volatility risk, counterparty risk and/or commodity risk in the normal course of pursuing its investment objective. The Fund may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Consolidated Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each day as reported by the swap counterparty. Realized gains and losses from the decrease in notional value of the swap are recognized on the trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Consolidated Statement of Operations.

Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. In order to maintain prudent risk exposure to the counterparty, the advisor will reduce exposure to the counterparty whenever that exposure exceeds 5% of the net assets of the Fund for a period of one week or such lesser time as the advisor may determine. If the advisor determines that the counterparty presents an imprudent risk, the swap may be terminated in its entirety.

**Total Return Swaps –** The Fund may also engage in total return swaps, in which payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as a fixed income security, a combination of securities, or an index). The value of the Fund's swap positions would increase or decrease depending on the changes in value of the underlying rates, currency values, volatility or other indices or measures. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Fund's investments and its share price. The Fund's ability to engage in certain swap transactions may be limited by tax considerations

**Interest Rate Swaps –** The Fund may enter into interest rate swaps. The two parties to the swap exchange the right to receive floating interest payments versus fixed interest payments. The value of an interest rate swap will change based on the spread between the rates.

**Credit Default Swaps –** The Fund enters into credit default swap agreements, credit default index swap agreements and similar agreements as a protection "seller" or as a "buyer" of credit protection. The credit default swap agreement or similar instruments may have as reference obligations one or more securities that are

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| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

not held by the Fund. The protection "buyer" in a credit default swap agreement is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the agreement, provided generally that no credit event on a reference obligation has occurred. In addition, at the inception of the agreement, the protection "buyer" may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, an auction process is used to determine the "recovery value" of the contract. The seller then must pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. For credit default index swaps, the settlement payment for a constituent's credit event is scaled down to the weighting in the index.

As a seller of protection, the Fund generally receives a fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, at the inception of the agreement, the Fund may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, the Fund will be generally obligated to pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. Credit default swaps could result in losses if the advisor does not correctly evaluate the creditworthiness of the underlying instrument on which the credit default swap is based. Additionally, if the Fund is a seller of a credit default swap and a credit event occurs, the Fund could suffer significant losses.

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contacts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Consolidated Statement of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract's terms and the possible lack of liquidity with respect to the contracts.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**Offsetting of Financial Assets and Derivative Assets**

The following table presents the Fund's asset and liability derivatives available for offset under a master netting arrangement along with collateral pledged for these contracts as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  | | | | Consolidated Statement of Assets & | Consolidated Statement of Assets & | |
|  | | | | Liabilities | Liabilities | |
|  | | Gross Amounts | | | | |
|  | | Offset in the | | | | |
|  | Gross Amounts of | Consolidated | Net Amount of Assets | | | |
|  | Recognized | Statement of | Present in the | Offsetting | | |
|  | Assets and | Assets and | Consolidated Statement | Derivative | Cash Collateral | |
| Description | (Liabilities) | Liabilities | of Assets and Liabilities | Position | Pledged<sup>(1)</sup> | Total |
| **Purchased Options** |  |  |  |  |  |  |
| Citigroup | $15924 | $— | $15924 | $— | $— | $15924 |
| Goldman Sachs | 1496250 |  | 1496250 |  |  | 1496250 |
| JPMorgan Chase | 4943554 |  | 4943554 | (165194) |  | 4778360 |
| Morgan Stanley | 3440127 |  | 3440127 | (1837814) |  | 1602313 |
| **Futures Contracts <sup>(2)</sup>** |  |  |  |  |  |  |
| JPMorgan Chase | 157 |  | 157 |  |  | 157 |
| Morgan Stanley | 2834204 |  | 2834204 |  |  | 2834204 |
| **Forward Foreign Exchange Contracts** |  |  |  |  |  |  |
| JPMorgan Chase | 578116 |  | 578116 | (442666) |  | 135450 |
| **Swap Contracts** |  |  |  |  |  |  |
| Bank of America |  |  |  |  |  |  |
| Merrill Lynch | 18785 |  | 18785 | (18785) |  |  |
| Barclays | 265325 |  | 265325 | (205921) |  | 59404 |
| Citigroup | 144506 |  | 144506 | (67877) |  | 76629 |
| Goldman Sachs | 622833 |  | 622833 | (270720) |  | 352113 |
| JPMorgan Chase | 1963299 |  | 1963299 | (524029) |  | 1439270 |
| Morgan Stanley | 840386 |  | 840386 | (63589) |  | 776797 |
| Total | $17163466 | $— | $17163466 | $(3596595) | $— | $13566871 |

---

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
|  | | | | Consolidated Statement of Assets & | Consolidated Statement of Assets & | |
|  | | | | Liabilities | Liabilities | |
|  | | Gross Amounts | | | | |
|  | | Offset in the | | | | |
|  | | Consolidated | Net Amount of Assets | | | |
|  | Gross Amounts of | Statement of | Present in the | Offsetting | | |
|  | Recognized Assets | Assets and | Consolidated Statement | Derivative | Cash Collateral | |
| Description | and (Liabilities) | Liabilities | of Assets and Liabilities | Position | Pledged<sup>(1)</sup> | Total |
| **Written Options** |  |  |  |  |  |  |
| JPMorgan Chase | $(165194) | $— | $(165194) | $165194 | $— | $— |
| Morgan Stanley | (1837814) |  | (1837814) | 1837814 |  |  |
| **Futures Contracts <sup>(2)</sup>** |  |  |  |  |  |  |
| JPMorgan Chase | (8007) |  | (8007) |  | 8007 |  |
| Morgan Stanley | (1623654) |  | (1623654) |  | 1623654 |  |
| **Forward Foreign Exchange Contracts** |  |  |  |  |  |  |
| JPMorgan Chase | (442666) |  | (442666) | 442666 |  |  |
| **Swap Contracts** |  |  |  |  |  |  |
| Bank of America |  |  |  |  |  |  |
| Merrill Lynch | (162028) |  | (162028) | 18785 |  | (143243) |
| Barclays | (205921) |  | (205921) | 205921 |  |  |
| Citigroup | (67877) |  | (67877) | 67877 |  |  |
| Goldman Sachs | (270720) |  | (270720) | 270720 |  |  |
| JPMorgan Chase | (524029) |  | (524029) | 524029 |  |  |
| Morgan Stanley | (63589) |  | (63589) | 63589 |  |  |
| UBS | (48041) |  | (48041) |  |  | (48041) |
| Total | $(5419540) | $— | $(5419540) | $3596595 | $1631661 | $(191284) |

---

<sup>(1)</sup> Over-collateralization of total financial instruments or cash is not shown.

<sup>(2)</sup> Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as shown in the Consolidated Schedule of Investments.

**Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations**

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Assets and Liabilities as of June 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Location on the Consolidated Statement of Assets and Liabilities** | &nbsp;&nbsp;**Location on the Consolidated Statement of Assets and Liabilities** |
| &nbsp;&nbsp;**Derivatives Investment Type** | &nbsp;&nbsp;**Asset/Liability Derivatives** |
| &nbsp;&nbsp;Equity/Interest Rate/<br> Credit/Currency/Commodity | &nbsp;&nbsp;Fair Value of Investments<br> Options Written, at Fair Value<br> Net unrealized appreciation/(depreciation) from swap contracts<br> Net unrealized appreciation/(depreciation of futures contracts<br> Net unrealized appreciation/(depreciation) of forward foreign exchange contracts |

---

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $2805087 | $1036747 | $13300 | $— | $— | $3855134 |
| Futures Contracts | 919154 | 290136 |  | 24062 | 1601009 | 2834361 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 578116 |  | 578116 |
| Options Purchased<sup>^</sup> | 509772 | 34125 |  | 6984340 | 2367618 | 9895855 |
|  | $4234013 | $1361008 | $13300 | $7586518 | $3968627 | $17163466 |
| Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $1070701 | $231655 | $39849 | $— | $— | $1342205 |
| Futures Contracts | 352598 | 116684 |  | 583198 | 579181 | 1631661 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 442666 |  | 442666 |
| Options Written | 143033 |  |  | 165194 | 1694781 | 2003008 |
|  | $1566332 | $348339 | $39849 | $1191058 | $2273962 | $5419540 |

---

^ Included with fair value of investments.

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of

Operations for the year ended June 30, 2025:

---

| | |
|:---|:---|
| Derivative Investment Type | Location of Net Realized and Unrealized Gain/(Loss)<br> on Derivatives |
| Equity/Interest Rate/<br> Credit/Currency/Commodity | Net realized gain/(loss) and change in net unrealised appreciation/(depreciation) of:<br> Investments, Swap Contracts, Futures Contracts, Forward Foreign Exchange Contracts and Options Written |

---

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

The following is a summary of the Fund's realized and unrealized gain/(loss) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the year ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts<sup>\*</sup> | $(310668) | $(1033614) | $(118804) | $— | $— | $(1463086) |
| Futures Contracts | (2401691) | 1087245 |  | (984949) | 2654208 | 354813 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | (679509) |  | (679509) |
| Options Purchased<sup>^</sup> | 3447201 | (141670) |  | 1672681 | (712484) | 4265728 |
| Options Written | 1351762 | 1297764 |  | 299679 | 822084 | 3771289 |
|  | $2086604 | $1209725 | $(118804) | $307902 | $2763808 | $6249235 |
| Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $1194970 | $713243 | $(14679) | $— | $— | $1893534 |
| Futures Contracts | 606505 | 65260 |  | (292469) | 1169760 | 1549056 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 258924 |  | 258924 |
| Options Purchased<sup>^</sup> | 288798 | (3375) | (90463) | (1764115) | 328819 | (1240336) |
| Options Written | (37150) |  |  | 192702 | (355293) | (199741) |
|  | $2053123 | $775128 | $(105142) | $(1604958) | $1143286 | $2261437 |

---

\* Excludes income earned on swap contracts.

^ Included with realized loss on investment transactions and change in unrealized appreciation/(depreciation) of investments.

The notional value of the derivative instruments outstanding as of June 30, 2025 as disclosed in the Consolidated Portfolio of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities amounted to $32,150,668 and $39,534,964, respectively.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Fulcrum Asset Management LLP serves as the Fund's investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, calculated and accrued daily and paid monthly, at an annual rate of 0.90% of the Fund's average daily net assets. For the year ended June 30, 2025, the Advisor earned $1,860,666 in advisory fees. As of June 30, 2025, the Fund had a payable for advisory fees of $101,228.

Pursuant to a written contract (the "Waiver Agreement") and effective as of October 28, 2024, the Advisor has contractually agreed, at least until October 28, 2025, to waive a portion or all of its management fees and pay Fund expenses (excluding any shareholder servicing fees; front end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) in order to limit the annual fund operating expenses to 1.17% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares (the "Expense Limitation"). Prior to October 28, 2024, the Advisor agreed to waive a portion or all of its management fees in order to limit the annual fund operating expenses to 1.05% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund's operating expenses are subsequently less than the Expense Limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the Expense Limitation that was in place at the time of the original expense waiver. If Fund operating expenses attributable to Super Institutional Class shares or Institutional Class shares subsequently exceed the Expense Limitation, the reimbursements shall be suspended. For the year ended June 30, 2025, the Advisor waived $223,737 of fees which are subject to recapture by the Advisor.

As of June 30, 2025, the Advisor has waived fees that can be recouped up to three years from the date incurred before expiring as summarized below:

---

| | | |
|:---|:---|:---|
| June 30, 2026 | June 30, 2027 | June 30, 2028 |
| $402825 | $284861 | $223737 |

---

As of June 30, 2025, $323,321 in waived fees have expired unrecouped.

The distributor of the Fund is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Fund, the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan"), as amended, pursuant to Rule 12b-1 under the 1940 Act. For the year ended June 30, 2025, the Fund did not pay distribution related charges pursuant to the Plan.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u>, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS; and are not paid any fees directly by the Fund for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

<u>BluGiant, LLC ("BluGiant"),</u> an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services, as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

In addition, the Fund's Custodian, U.S. Bank NA is affiliated with U.S. Bank Global Fund Services.

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at June 30, 2025, were as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $168403125 |
| Unrealized Appreciation | $171442144 |
| Unrealized Depreciation | (167278924) |
| Tax Net Unrealized Appreciation | $4163220 |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL, INCLUDING DERIVATIVES** 

The tax character of distributions paid during the following fiscal years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>June 30, 2025 | Fiscal Year Ended<br>June 30, 2024 |
| Ordinary Income | $7876948 | $1897325 |
| Long-Term Capital Gain | 255834 |  |
|  | $8132782 | $1897325 |

---

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $8200781 | $3751248 | $— | $— | $— | $4341880 | $16293909 |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gains and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, tax adjustments for corporate return of capital distributions, and the mark-to-market on open section 1256 futures and option contracts, passive foreign investment companies, forward contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized net foreign currency gains of $178,660.

During the fiscal year ended June 30, 2025, the Fund utilized tax equalization, which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of tax equalization credits, and tax adjustments for the Fund's wholly owned subsidiary, resulted in reclassifications for the Fund for the fiscal year ended June 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Distributable |
| Capital | Earnings |
| $617110 | $(617110) |

---

**7.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Consolidated Statement of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the consolidated financial statements.

![(COHEN LOGO)](fu002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Fulcrum Diversified Absolute Return Fund and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fulcrum Diversified Absolute Return Fund (the "Fund"), a series of Northern Lights Fund Trust IV, as of June 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated September 1, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2022.

![(SIGNATURE)](fu003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

September 5, 2025

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **June 30, 2025** |

---

**Changes in and Disagreements with Accountants** 

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable

**Proxy Voting Policy**

Information regarding how the Fund voted proxies related to portfolio securities for the twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies, is available without charge, upon request by (i) calling (855) 538-5278; (ii) visiting the Fund's website at www.fulcrumassetfunds.com; or (iii) referring to the Securities and Exchange Commission's website at http://www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Fulcrum Asset Management LLP |
| Marble Arch House |
| 66 Seymour Street |
| London W1H 5BT |
| United Kingdom |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

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

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex_99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust IV</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>9/5/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>9/5/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Sam Singh |
| Sam Singh, Principal Financial Officer/Treasurer |

---

Date <u>9/5/25</u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Fulcrum Diversified Absolute Return Fund (a
 series of Northern Lights Fund Trust IV);

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Wendy Wang |
|  |  | Wendy Wang, Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Fulcrum Diversified Absolute Return Fund (a
 series of Northern Lights Fund Trust IV);

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Sam Singh |
|  |  | Sam Singh, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Wendy Wang, Principal Executive Officer/President, and Sam Singh, Principal Financial Officer/Treasurer of Northern Lights Fund Trust IV (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 9/5/25 | Date: | 9/5/25 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Northern Lights Fund Trust IV and will be retained by the Northern Lights Fund Trust IV and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Attachment 12.B – Trust Code of Ethics**

**<u>Northern Lights Fund Trust IV</u>**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Introduction*** 

Northern Lights Fund Trust IV (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Funds must always be paramount** 

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**2.** **Access Persons may not take advantage of their relationship with the Funds** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;***II.***  ***DEFINITIONS*** 

**1.** **"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under
the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**2.** **"Beneficial Ownership"** means in general and subject to the specific provisions
of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any
contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**3.** **"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of each
Trust with respect to Trustees and officers of the respective Trust, or the CCO of the Advisers with respect to Advisers personnel.

**4.** **"Code"** means this Code of Ethics.

**5.** **"Covered Security"** means any Security, except (i) direct obligations of the
U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini,
NLCS, or NLD.

**6.** "**Decision Making Access Person"** means any Access Person who, in connection with
his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase
or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases
or sales. Decision Makers typically are Adviser personnel.

**7.** **"Funds"** means series of the Trust.

**8.** **"Immediate family"** means an individual's spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary
interest" in securities, only ownership by "immediate family" members sharing the same household as the Access
Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**9.** **"Independent Trustees"** means those Trustees of the Trust that would not be deemed
an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**10.** **"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities
held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a
general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's
right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not
constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's
right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable;
and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company,
investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**11.** **"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit
or share in any profit derived from a transaction in securities.

**12.** **"Personal Securities Transaction"** means any transaction in a Covered Security
in which an Access Person has a direct or indirect Pecuniary Interest.

**13.** **"Purchase or Sale of a Security"** includes the writing of an option to purchase
or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation
to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the
recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted
List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**14.** **"Restricted List"** means the list of securities maintained by the Chief Compliance
Officer in which trading by Access Persons is generally prohibited.

**15.** **"Security"** means any note, stock, treasury stock, bond, debenture, evidence
of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization
certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as
"security", or any certificate or interest or participation in temporary or interim

certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**16.** **"Advisers"** means the Advisers to the Trust.

**17.** **"Trust"** mean Northern Lights Fund Trust IV.

&nbsp;&nbsp;&nbsp;&nbsp;***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

1. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he
or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or
should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

2. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities
in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the
Chief Compliance Officer or his designee prior to such participation;

3. No Access Person, with the exception of the Independent Trustees, may purchase a Covered Security
in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written
authorization of the acquisition by the Chief Compliance Officer or his designee;

4. Access Persons may not accept any fee, commission, gift, entertainment, or services, other than
de minimus gifts or entertainment, from any single person or entity that does business with, on behalf of, or in hoping to do business
with the Trust. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates
which provide services to the Trust, or an Access Person of a Fund's investment Adviser or Sub-Adviser will be subject to the applicable
gift and gratuities policies of the Trust's principal underwriter or an Access Person of a Fund's investment Adviser or Sub-Adviser
as applicable;

5. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company
without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would
be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such
Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the
Trust.

6. Advanced notice should be given so that the Trust or Advisers may take such action concerning the
conflict as deemed appropriate by the Chief Compliance Officer or his designee.

7. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered
Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance
Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his
designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

8. It shall be a violation of this Code for any Access Person, in connection with the purchase or
sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;***IV.***  ***EXEMPTED TRANSACTIONS*** 

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

1. Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial
Ownership;

2. Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example,
the receipt of stock dividends);

3. Purchase of Securities made as part of automatic dividend reinvestment plans;

4. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase
of company stock or mutual Funds; and

5. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all
holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief

Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;***VI.***  ***REPORTING AND MONITORING*** 

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity, and other activities covered by this Code, of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

2. INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

3. ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

4. QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide services to the Trust or an Access Person of a Fund's investment Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, investment Adviser, or Sub-Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

&nbsp;&nbsp;&nbsp;&nbsp;***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

1. Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

2. Identify any violations of this Code and any significant remedial action taken during the prior year; and;

3. Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;***VIII.***  ***ACKNOWLEDGMENT*** 

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.