# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-23-001307
**Filing Date:** 2023-3
**Character Count:** 210685
**Document Hash:** b59f4c27bcd83aa477a9f187c6dca1c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001307.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001580642-23-001307

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 23712425

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Acclivity Mid Cap Multi-Style Fund (Series ID: S000063454)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000205612 | Acclivity Mid Cap Multi-Style N Shares | AXMNX           |
| C000205613 | Acclivity Mid Cap Multi-Style I Shares | AXMIX           |

### Acclivity Small Cap Value Fund (Series ID: S000063456)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000205616 | Acclivity Small Cap Value Class N Shares | AXVNX           |
| C000205617 | Acclivity Small Cap Value Class I Shares | AXVIX           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-22549</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Northern Lights Fund Trust II</u> 

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246</u> 

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Kevin Wolf, Gemini Fund Services, LLC</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4221 North 203rd Street, Suite 100, Elkhorn, NE 68022</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u> 

Date of fiscal year end: <u>12/31</u> 

Date of reporting period: <u>12/31/22</u> 

**Item 1. Reports to Stockholders.**

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

---

| |
|:---|
| ![(ACCLIVITY LOGO)](af001_v1.jpg) |
| **Acclivity Mid Cap Multi-Style Fund** |
| **Acclivity Small Cap Value Fund** |
| **Annual Report** |
| **December 31, 2022** |
| **www.acclivityfunds.com** |
| **1 (855) 873-3837** |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

**Acclivity Funds Annual Shareholder Letter (Unaudited)**

**Dear Shareholder,**

2022 was a unique year in that stocks and bonds both provided double-digit negative returns. It was a year of interest rates lifting off zero. As represented by the S&P 500 Index, the U.S. equity market was down 18.11%. Within U.S. sectors, Energy outperformed while Communication Service and Consumer Discretionary stocks lagged. Regarding investment styles, value securities outperformed growth securities across all size segments, as measured by Russell indices in 2022 (see Exhibit 1). Both Acclivity funds outperformed benchmarks in 2022, resulting from a deeper value tilt.

Grounded in decades of academic research, Acclivity's strategies are designed to target equity securities that have specific characteristics associated with higher expected returns. Our organization keeps growing, and our research team continues to pursue agile implementation that allows us to identify, validate, and incorporate new relevant research into strategies. Every day, we manage our strategies in an efficient way to reduce costs and enhance services for our clients.

Thank you for entrusting us with your investments.

**Exhibit 1. Russell Index Performance**

**Total Returns as of December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **6 Month** | **12 Month** |
| **U.S. large-cap value equities**<br> **(Russell 1000 Value Index)** | 6.11% | -7.54% |
| **U.S. large-cap growth equities**<br> **(Russell 1000 Growth Index)** | -1.48% | -29.14% |
| **U.S. mid-cap value equities**<br> **(Russell Mid-Cap Value Index)** | 5.01% | -12.03% |
| **U.S. mid-cap growth equities**<br> **(Russell Mid-Cap Growth Index)** | 6.20% | -26.72% |
| **U.S. small-cap value equities**<br> **(Russell 2000 Value Index)** | 3.42% | -14.48% |
| **U.S. small-cap growth equities**<br> **(Russell 2000 Growth Index)** | 4.38% | -26.36% |

---

*Source: Bloomberg Finance, L.P., as of December 31, 2022. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.*

**<u>Valuation Gap</u>**

Despite its strong performance in 2022, U.S. Value companies appear relatively cheap compared to their Growth counterparts (see Exhibit 2). We believe there's still room for a re-pricing to take the U.S. equity valuations back to normalized levels.

**Exhibit 2. Historical U.S. Value Spread (Value vs. Growth)**

![(LINE GRAPH)](af002_v1.jpg)

*Source: Innealta Capital uses daily data from Bloomberg. The spread is calculated by dividing the price-to-book ratios of the Russell 3000 Growth TR Index and the Russell 3000 Value TR Index. Time frame 01/31/1995 to 01/26/2022.*

**<u>Fund Performance</u>**

<u>Acclivity Mid Cap Multi-Style Fund</u>

In 2022, Acclivity Mid Cap Multi-Style Fund I Share class ("AXMIX") was down 9.95%.

**Exhibit 3. Quarterly Performance of AXMIX v.s. Russell Mid-Cap Index as of December 31<sup>st</sup>, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Performance** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| **AXMIX** | -2.61% | -14.19% | -2.14% | 10.11% | -9.95% |
| **Russell Mid Cap** | -5.68% | -16.85% | -3.44% | 9.18% | -17.32% |

---

To decompose fund performance, two-fifths of the outperformance results from sector allocation and the rest from security selections. Regarding sector allocation effects, the overweight allocation to energy securities and the underweight allocations to real estate and information technology securities have made up most of the positive sector allocation. In contrast, the overweight allocation to consumer discretionary securities is the only detractor. Regarding security selection effects, most sectors have positive selection effects except for utility, energy, and real estate sectors.

<u>Acclivity Small Cap Value Fund</u>

In 2022, Acclivity Small Cap Value Fund I Share class ("AXVIX") was down 4.38%.

**Exhibit 4. Quarterly Performance of AXVIX v.s. Russell 2000 Value as of December 31<sup>st</sup>, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Performance** | **Q1** | **Q2** | **Q3** | **Q4** | **YTD** |
| **AXVIX** | -1.13% | -11.83% | -3.70% | 13.90% | -4.38% |
| **Russell 2000 Value** | -2.40% | -15.28% | -4.61% | 8.42% | -14.48% |

---

To decompose fund performance, only 15% of the outperformance results from sector allocations and the rest from security selections. Regarding sector allocation effects, the underweight allocation to real estate securities and the overweight allocation to energy securities have made up most of the positive sector allocation. In comparison, the underweight allocation to utility securities and overweight allocations to consumer discretionary and information technology securities are the main drivers of negative allocation effects. Regarding security selection effects, all the sectors have positive selection effects.

**Disclosures and Important Information**

**S&P 500 Index** is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. **Russell 1000 Index** is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index. **Russell 2000 Index** is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. **Russell Mid-Cap Index** is a stock market index that tracks the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. **Russell 1000 Value Index** measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. **Russell 1000 Growth Index** measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. **Russell Midcap Value Index** measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. **Russell Midcap Growth Index** measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. **Russell 2000 Value Index** measures the performance of Russell 2000 companies with lower price-to-book ratios and forecasted growth values. **Russell 2000 Growth Index** measures the performance of Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Total return indexes reinvest dividends. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Indices do not reflect any fees, expenses, or sales charges and are not available for direct investment.

**Price-to-book ratio** is calculated using Index Methodology. **Price-to-earnings** ratio is calculated using Weighted Harmonic Average. **EBITDA/Total Market Value** is a proxy for current cash flow to total market value, commonly known in factor investing as "profitability".

Investments cannot be made in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges. Past performance is no guarantee of future results.

3129-INN-02/16/2023

1240-NLD-02/16/2023

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for the periods ended December 31, 2022, compared to its benchmark:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Since Inception |
|  | One Year | Three Year | (12/31/19) |
| Acclivity Mid Cap Multi-Style Fund - Class I | (9.95)% | 6.91% | 6.91% |
| Acclivity Mid Cap Multi-Style Fund - Class N | (9.95)% | 6.91% | 6.91% |
| Russell Mid-Cap Total Return Index\*\* | (17.32)% | 5.88% | 5.88% |
| S&P 500 Total Return Index\*\*\* | (18.11)% | 7.66% | 7.66% |

---

**Comparison of the Change in Value of a $100,000 Investment**

![(LINE GRAPH)](af003_v1.jpg)

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gain distributions, if any. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses are 53.70% for Class I shares and 53.95% for Class N shares per the May 1, 2022, prospectus. After fee waivers, the Fund's total annual operating expenses are 0.45% for Class I shares and 0.70% for Class N shares. For performance information current to the most recent month-end, please call toll-free 1-855-873-3837 (1-855-USE-ETFS).

\*\* The Russell Mid-Cap Total Return Index measures the performance of the smallest 800 companies in the Russell 1000 index. Investors cannot invest directly in an index.

\*\*\* The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index.

---

| | |
|:---|:---|
| **Holdings By Asset Class as of December 31, 2022** | **% of Net Assets** |
| Oil & Gas Producers | 7.9% |
| Insurance | 7.8% |
| Machinery | 5.0% |
| Technology Hardware | 4.2% |
| Banking | 4.1% |
| Retail - Discretionary | 3.6% |
| Health Care Facilities & Services | 3.2% |
| Chemicals | 3.0% |
| Medical Equipment & Devices | 2.8% |
| Biotechnology & Pharmaceuticals | 2.7% |
| Other Investments & Assets in Excess of Liabilities | 55.7% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this annual report for a detailed analysis of the Fund's holdings.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for the periods ended December 31, 2022, compared to its benchmark:

---

| | | | |
|:---|:---|:---|:---|
| | <br>One Year | <br>Three Year | Since Inception<br>(12/31/18) |
| Acclivity Small Cap Value Fund - Class I | (4.38)% | 12.52% | 13.97% |
| Acclivity Small Cap Value Fund - Class N | (4.35)% | 12.45% | 13.90% |
| Russell 2000® Value Total Return Index\*\* | (14.48)% | 4.70% | 8.87% |
| S&P 500 Total Return Index\*\*\* | (18.11)% | 7.66% | 13.18% |

---

**Comparison of the Change in Value of a $100,000 Investment**

![(LINE GRAPH)](af004_v1.jpg)

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gain distributions, if any. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses are 3.64% for Class I shares and 3.89% for Class N shares per the May 1, 2022 prospectus. After fee waivers, the Fund's total annual operating expenses are 0.49% for Class I shares and 0.74% for Class N shares. For performance information current to the most recent month-end, please call toll-free 1-855-873-3837 (1-855-USE-ETFS).

\*\* The Russell 2000® Value Total Return Index measures the performance of the largest 2,000 U.S. companies determined by total market capitalization. Investors cannot invest directly in an index.

\*\*\* The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index.

---

| | |
|:---|:---|
| **Holdings By Asset Class as of December 31, 2022** | **% of Net Assets** |
| Banking | 16.8% |
| Oil & Gas Producers | 6.4% |
| Retail - Discretionary | 6.4% |
| Insurance | 6.1% |
| Home Construction | 5.5% |
| Specialty Finance | 5.5% |
| Technology Hardware | 4.1% |
| Transportation & Logistics | 3.7% |
| Semiconductors | 3.2% |
| Steel | 3.1% |
| Other Investments & Assets in Excess of Liabilities | 39.2% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this annual report for a detailed analysis of the Fund's holdings.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **ADVERTISING & MARKETING - 0.7%** |  |
| 81 | Interpublic Group of Companies, Inc. (The) | $2698 |
| 2 | Omnicom Group, Inc. | 163 |
| 8 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 359 |
|  |  | 3220 |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 25 | Howmet Aerospace, Inc. | 985 |
| 6 | Huntington Ingalls Industries, Inc. | 1384 |
| 1 | Teledyne Technologies, Inc.<sup>(a)</sup> | 400 |
| 32 | Textron, Inc. | 2266 |
| 9 | Woodward, Inc. | 869 |
|  |  | 5904 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.5%** |  |
| 7 | Columbia Sportswear Company | 613 |
| 14 | Crocs, Inc.<sup>(a)</sup> | 1518 |
| 5 | Deckers Outdoor Corporation<sup>(a)</sup> | 1996 |
| 20 | Hanesbrands, Inc. | 127 |
| 5 | PVH Corporation | 353 |
| 17 | Ralph Lauren Corporation | 1796 |
| 38 | Skechers USA, Inc., Class A<sup>(a)</sup> | 1594 |
| 45 | Tapestry, Inc. | 1714 |
| 70 | VF Corporation | 1933 |
|  |  | 11644 |
|  | **ASSET MANAGEMENT - 1.3%** |  |
| 2 | Apollo Global Management, Inc. | 128 |
| 1 | Ares Management Corporation, Class A | 68 |
| 16 | Carlyle Group, Inc. (The) | 477 |
| 96 | Franklin Resources, Inc. | 2533 |
| 3 | LPL Financial Holdings, Inc. | 649 |
| 4 | Raymond James Financial, Inc. | 427 |
| 31 | Stifel Financial Corporation | 1809 |
|  |  | 6091 |
|  | **AUTOMOTIVE - 1.7%** |  |
| 19 | Autoliv, Inc. | 1455 |
| 61 | BorgWarner, Inc. | 2455 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **AUTOMOTIVE - 1.7% (Continued)** |  |
| 42 | Gentex Corporation | $1145 |
| 34 | Harley-Davidson, Inc. | 1415 |
| 13 | Lear Corporation | 1612 |
|  |  | 8082 |
|  | **BANKING - 4.1%** |  |
| 5 | Citizens Financial Group, Inc. | 197 |
| 27 | Comerica, Inc. | 1805 |
| 14 | Cullen/Frost Bankers, Inc. | 1872 |
| 12 | East West Bancorp, Inc. | 791 |
| 124 | First Horizon Corporation | 3038 |
| 4 | Huntington Bancshares, Inc. | 56 |
| 12 | KeyCorporation | 209 |
| 3 | M&T Bank Corporation | 435 |
| 19 | Pinnacle Financial Partners, Inc. | 1395 |
| 23 | Prosperity Bancshares, Inc. | 1672 |
| 10 | Regions Financial Corporation | 216 |
| 18 | SouthState Corporation | 1374 |
| 1 | SVB Financial Group<sup>(a)</sup> | 230 |
| 38 | Synovus Financial Corporation | 1427 |
| 140 | Valley National Bancorp | 1583 |
| 16 | Webster Financial Corporation | 757 |
| 3 | Western Alliance Bancorp | 179 |
| 37 | Zions Bancorp | 1819 |
|  |  | 19055 |
|  | **BEVERAGES - 0.6%** |  |
| 1 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | 330 |
| 45 | Molson Coors Beverage Company, Class B | 2318 |
|  |  | 2648 |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 2.7%** |  |
| 1 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 16 |
| 3 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 310 |
| 1 | Blueprint Medicines Corporation<sup>(a)</sup> | 44 |
| 6 | Denali Therapeutics, Inc.<sup>(a)</sup> | 167 |
| 123 | Elanco Animal Health, Inc.<sup>(a)</sup> | 1503 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 2.7% (Continued)** |  |
| 52 | Exelixis, Inc.<sup>(a)</sup> | $834 |
| 31 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1764 |
| 27 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 1020 |
| 1 | Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 6 |
| 2 | Mirati Therapeutics, Inc.<sup>(a)</sup> | 91 |
| 15 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1791 |
| 3 | Novavax, Inc., Class A<sup>(a)</sup> | 31 |
| 17 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 2203 |
| 1 | TG Therapeutics, Inc.<sup>(a)</sup> | 12 |
| 3 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 139 |
| 9 | United Therapeutics Corporation<sup>(a)</sup> | 2503 |
|  |  | 12434 |
|  | **CHEMICALS - 3.0%** |  |
| 1 | Albemarle Corporation | 217 |
| 12 | Ashland, Inc. | 1290 |
| 1 | Avery Dennison Corporation | 181 |
| 10 | Celanese Corporation | 1022 |
| 8 | CF Industries Holdings, Inc. | 681 |
| 27 | Chemours Company (The) | 827 |
| 20 | Eastman Chemical Company | 1629 |
| 11 | FMC Corporation | 1373 |
| 27 | Huntsman Corporation | 742 |
| 3 | International Flavors & Fragrances, Inc. | 314 |
| 22 | Mosaic Company (The) | 965 |
| 39 | Olin Corporation | 2065 |
| 20 | RPM International, Inc. | 1949 |
| 22 | Univar Solutions, Inc.<sup>(a)</sup> | 700 |
|  |  | 13955 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.8%** |  |
| 46 | Aramark | 1902 |
| 9 | ASGN, Inc.<sup>(a)</sup> | 733 |
| 12 | Clean Harbors, Inc.<sup>(a)</sup> | 1369 |
| 37 | H&R Block, Inc. | 1351 |
| 3 | ManpowerGroup, Inc. | 250 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.8% (Continued)** |  |
| 35 | Rentokil Initial PLC - ADR | $1078 |
| 22 | Robert Half International, Inc. | 1624 |
| 4 | Stericycle, Inc.<sup>(a)</sup> | 200 |
|  |  | 8507 |
|  | **CONSTRUCTION MATERIALS - 1.6%** |  |
| 15 | Advanced Drainage Systems, Inc. | 1229 |
| 9 | Carlisle Companies, Inc. | 2121 |
| 1 | Eagle Materials, Inc. | 133 |
| 1 | Martin Marietta Materials, Inc. | 338 |
| 47 | MDU Resources Group, Inc. | 1426 |
| 23 | Owens Corning | 1962 |
|  |  | 7209 |
|  | **CONSUMER SERVICES - 0.5%** |  |
| 37 | Service Corporation International | 2558 |
|  | **CONTAINERS & PACKAGING - 2.3%** |  |
| 6 | Crown Holdings, Inc. | 493 |
| 58 | Graphic Packaging Holding Company | 1291 |
| 76 | International Paper Company | 2632 |
| 17 | Packaging Corporation of America | 2174 |
| 30 | Sealed Air Corporation | 1496 |
| 19 | Sonoco Products Company | 1154 |
| 46 | Westrock Company | 1617 |
|  |  | 10857 |
|  | **DIVERSIFIED INDUSTRIALS - 0.3%** |  |
| 16 | ITT, Inc. | 1298 |
|  | **E-COMMERCE DISCRETIONARY - 0.8%** |  |
| 30 | Etsy, Inc.<sup>(a)</sup> | 3593 |
|  | **ELECTRIC UTILITIES - 2.7%** |  |
| 10 | Alliant Energy Corporation | 552 |
| 8 | Evergy, Inc. | 504 |
| 1 | Hawaiian Electric Industries, Inc. | 42 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.7% (Continued)** |  |
| 8 | IDACORP, Inc. | $863 |
| 16 | NextEra Energy Partners, L.P. | 1121 |
| 75 | NRG Energy, Inc. | 2387 |
| 46 | OGE Energy Corporation | 1819 |
| 31 | Pinnacle West Capital Corporation | 2357 |
| 1 | Portland General Electric Company | 49 |
| 115 | Vistra Corporation | 2668 |
|  |  | 12362 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 30 | A O Smith Corporation | 1717 |
| 6 | Acuity Brands, Inc. | 994 |
| 29 | Cognex Corporation | 1366 |
| 11 | Generac Holdings, Inc.<sup>(a)</sup> | 1107 |
| 8 | Hubbell, Inc. | 1878 |
| 5 | Littelfuse, Inc. | 1101 |
| 2 | National Instruments Corporation | 74 |
| 4 | Trimble, Inc.<sup>(a)</sup> | 202 |
| 21 | Vertiv Holdings Company | 287 |
|  |  | 8726 |
|  | **ENGINEERING & CONSTRUCTION - 1.8%** |  |
| 22 | AECOM | 1869 |
| 3 | EMCOR Group, Inc. | 444 |
| 3 | Jacobs Solutions, Inc. | 360 |
| 23 | KBR, Inc. | 1214 |
| 13 | MasTec, Inc.<sup>(a)</sup> | 1109 |
| 4 | Quanta Services, Inc. | 570 |
| 8 | Tetra Tech, Inc. | 1162 |
| 33 | WillScot Mobile Mini Holdings Corporation<sup>(a)</sup> | 1491 |
|  |  | 8219 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 9 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 937 |
|  | **FOOD - 2.2%** |  |
| 1 | BellRing Brands, Inc.<sup>(a)</sup> | 26 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **FOOD - 2.2% (Continued)** |  |
| 35 | Campbell Soup Company | $1986 |
| 14 | Darling Ingredients, Inc.<sup>(a)</sup> | 876 |
| 45 | Flowers Foods, Inc. | 1293 |
| 15 | Ingredion, Inc. | 1469 |
| 12 | J M Smucker Company (The) | 1902 |
| 30 | Lamb Weston Holdings, Inc. | 2681 |
| 1 | Lancaster Colony Corporation | 197 |
|  |  | 10430 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.3%** |  |
| 13 | Louisiana-Pacific Corporation | 770 |
| 10 | Trex Company, Inc.<sup>(a)</sup> | 423 |
|  |  | 1193 |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 8 | Atmos Energy Corporation | 897 |
| 47 | Essential Utilities, Inc. | 2243 |
| 19 | National Fuel Gas Company | 1203 |
| 119 | NiSource, Inc. | 3263 |
| 86 | UGI Corporation | 3188 |
|  |  | 10794 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.2%** |  |
| 1 | Amedisys, Inc.<sup>(a)</sup> | 84 |
| 24 | Cardinal Health, Inc. | 1845 |
| 8 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 1743 |
| 3 | Chemed Corporation | 1531 |
| 2 | DaVita, Inc.<sup>(a)</sup> | 149 |
| 24 | Encompass Health Corporation | 1435 |
| 12 | Enhabit, Inc.<sup>(a)</sup> | 158 |
| 24 | Henry Schein, Inc.<sup>(a)</sup> | 1917 |
| 2 | Invitae Corporation<sup>(a)</sup> | 4 |
| 5 | LHC Group, Inc.<sup>(a)</sup> | 808 |
| 11 | Syneos Health, Inc.<sup>(a)</sup> | 404 |
| 20 | Teladoc Health, Inc.<sup>(a)</sup> | 473 |
| 30 | Universal Health Services, Inc., Class B | 4227 |
|  |  | 14778 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 0.8%** |  |
| 8 | Leggett & Platt, Inc. | $258 |
| 45 | Newell Brands, Inc. | 589 |
| 13 | Tempur Sealy International, Inc. | 446 |
| 16 | Whirlpool Corporation | 2263 |
|  |  | 3556 |
|  | **HOME CONSTRUCTION - 1.7%** |  |
| 28 | Fortune Brands Innovations, Inc. | 1599 |
| 9 | Masco Corporation | 420 |
| 16 | Mohawk Industries, Inc.<sup>(a)</sup> | 1636 |
| 63 | PulteGroup, Inc. | 2868 |
| 26 | Toll Brothers, Inc. | 1298 |
|  |  | 7821 |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 190 | Coty, Inc., Class A<sup>(a)</sup> | 1626 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.0%**<sup>(b)</sup> |  |
| 1 | Timken Company (The) | 71 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.6%** |  |
| 1 | SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 117 |
| 7 | U-Haul Holding Company | 421 |
| 63 | U-Haul Holding Company, Class N | 3464 |
| 1 | United Rentals, Inc.<sup>(a)</sup> | 356 |
| 6 | Watsco, Inc. | 1497 |
| 12 | WESCO International, Inc.<sup>(a)</sup> | 1502 |
|  |  | 7357 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 16 | Houlihan Lokey, Inc. | 1395 |
| 68 | Jefferies Financial Group, Inc. | 2331 |
| 14 | SEI Investments Company | 816 |
|  |  | 4542 |
|  | **INSURANCE - 7.8%** |  |
| 26 | American Financial Group, Inc. | 3569 |
| 19 | Assurant, Inc. | 2376 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **INSURANCE - 7.8% (Continued)** |  |
| 8 | Cincinnati Financial Corporation | $819 |
| 161 | Equitable Holdings, Inc. | 4621 |
| 34 | Globe Life, Inc. | 4099 |
| 11 | Hartford Financial Services Group, Inc. (The) | 834 |
| 25 | Lincoln National Corporation | 768 |
| 10 | Loews Corporation | 583 |
| 1 | Markel Corporation<sup>(a)</sup> | 1318 |
| 134 | Old Republic International Corporation | 3236 |
| 3 | Primerica, Inc. | 426 |
| 11 | Principal Financial Group, Inc. | 923 |
| 1 | Radian Group, Inc. | 19 |
| 15 | Reinsurance Group of America, Inc. | 2131 |
| 11 | RLI Corporation | 1444 |
| 17 | Selective Insurance Group, Inc. | 1506 |
| 79 | Unum Group | 3241 |
| 34 | Voya Financial, Inc. | 2091 |
| 27 | W R Berkley Corporation | 1960 |
|  |  | 35964 |
|  | **INTERNET MEDIA & SERVICES - 0.9%** |  |
| 2 | Expedia Group, Inc.<sup>(a)</sup> | 175 |
| 26 | GoDaddy, Inc., Class A<sup>(a)</sup> | 1945 |
| 82 | Pinterest, Inc., Class A<sup>(a)</sup> | 1991 |
| 1 | TripAdvisor, Inc.<sup>(a)</sup> | 18 |
|  |  | 4129 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 31 | Boyd Gaming Corporation | 1691 |
| 12 | Choice Hotels International, Inc. | 1352 |
| 6 | Churchill Downs, Inc. | 1269 |
| 4 | Darden Restaurants, Inc. | 553 |
| 13 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 501 |
| 4 | Marriott Vacations Worldwide Corporation | 538 |
| 2 | Penn Entertainment, Inc.<sup>(a)</sup> | 59 |
| 14 | Texas Roadhouse, Inc. | 1273 |
| 4 | Vail Resorts, Inc. | 953 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.1% (Continued)** |  |
| 19 | Wyndham Hotels & Resorts, Inc. | $1355 |
|  |  | 9544 |
|  | **LEISURE PRODUCTS - 1.4%** |  |
| 18 | Brunswick Corporation | 1297 |
| 4 | Fox Factory Holding Corporation<sup>(a)</sup> | 365 |
| 27 | Hasbro, Inc. | 1647 |
| 82 | Mattel, Inc.<sup>(a)</sup> | 1463 |
| 12 | Polaris, Inc. | 1212 |
| 8 | Thor Industries, Inc. | 604 |
|  |  | 6588 |
|  | **MACHINERY - 5.0%** |  |
| 16 | AGCO Corporation | 2219 |
| 6 | Curtiss-Wright Corporation | 1002 |
| 28 | Donaldson Company, Inc. | 1648 |
| 4 | Enovis Corporation<sup>(a)</sup> | 214 |
| 1 | Flowserve Corporation | 31 |
| 28 | Graco, Inc. | 1883 |
| 1 | IDEX Corporation | 228 |
| 14 | Lincoln Electric Holdings, Inc. | 2023 |
| 9 | Middleby Corporation (The)<sup>(a)</sup> | 1205 |
| 2 | MSA Safety, Inc. | 288 |
| 9 | Nordson Corporation | 2140 |
| 12 | Oshkosh Corporation | 1058 |
| 16 | Regal Rexnord Corporation | 1920 |
| 14 | Snap-on, Inc. | 3199 |
| 25 | Stanley Black & Decker, Inc. | 1878 |
| 20 | Toro Company (The) | 2264 |
|  |  | 23200 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.8%** |  |
| 7 | ABIOMED, Inc. - CVR<sup>(a)(c)</sup> | 7 |
| 5 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 2102 |
| 20 | Bio-Techne Corporation | 1658 |
| 2 | Bruker Corporation | 137 |
| 50 | Dentsply Sirona, Inc. | 1592 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.8% (Continued)** |  |
| 27 | Exact Sciences Corporation<sup>(a)</sup> | $1337 |
| 12 | Globus Medical, Inc., Class A<sup>(a)</sup> | 891 |
| 1 | Haemonetics Corporation<sup>(a)</sup> | 79 |
| 2 | Insulet Corporation<sup>(a)</sup> | 589 |
| 6 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 336 |
| 1 | iRhythm Technologies, Inc.<sup>(a)</sup> | 94 |
| 6 | Masimo Corporation<sup>(a)</sup> | 888 |
| 1 | Nevro Corporation<sup>(a)</sup> | 40 |
| 1 | Penumbra, Inc.<sup>(a)</sup> | 222 |
| 1 | Repligen Corporation<sup>(a)</sup> | 169 |
| 5 | Shockwave Medical, Inc.<sup>(a)</sup> | 1028 |
| 7 | Teleflex, Inc. | 1747 |
|  |  | 12916 |
|  | **METALS & MINING - 1.2%** |  |
| 57 | Alcoa Corporation | 2592 |
| 156 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 2513 |
| 3 | Royal Gold, Inc. | 338 |
|  |  | 5443 |
|  | **OIL & GAS PRODUCERS - 7.1%** |  |
| 82 | Antero Resources Corporation<sup>(a)</sup> | 2541 |
| 64 | APA Corporation | 2988 |
| 3 | ConocoPhillips | 354 |
| 38 | Coterra Energy, Inc. | 934 |
| 8 | Diamondback Energy, Inc. | 1094 |
| 96 | EQT Corp. | 3248 |
| 80 | HF Sinclair Corporation | 4151 |
| 33 | Magnolia Oil & Gas Corporation, Class A | 774 |
| 25 | Marathon Oil Corporation | 677 |
| 27 | Matador Resources Company | 1545 |
| 50 | Murphy Oil Corporation | 2151 |
| 83 | Ovintiv, Inc. | 4209 |
| 28 | PBF Energy, Inc., Class A | 1142 |
| 34 | PDC Energy, Inc. | 2158 |
| 68 | Range Resources Corporation | 1701 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.1% (Continued)** |  |
| 21 | SM Energy Company | $731 |
| 215 | Southwestern Energy Company<sup>(a)</sup> | 1258 |
| 18 | Targa Resources Corporation | 1323 |
|  |  | 32979 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.4%** |  |
| 12 | Halliburton Company | 472 |
| 68 | NOV, Inc. | 1421 |
|  |  | 1893 |
|  | **PUBLISHING & BROADCASTING - 0.9%** |  |
| 11 | Liberty Media Corporation-Liberty Formula One, Class C<sup>(a)</sup> | 658 |
| 157 | News Corporation, Class A | 2857 |
| 4 | Nexstar Media Group, Inc. | 700 |
|  |  | 4215 |
|  | **REAL ESTATE SERVICES - 0.3%** |  |
| 9 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1434 |
|  | **REIT - 0.5%** |  |
| 1 | Texas Pacific Land Corporation | 2344 |
|  | **RENEWABLE ENERGY - 1.1%** |  |
| 2 | Enphase Energy, Inc.<sup>(a)</sup> | 530 |
| 21 | First Solar, Inc.<sup>(a)</sup> | 3146 |
| 95 | Plug Power, Inc.<sup>(a)</sup> | 1175 |
| 14 | Sunrun, Inc.<sup>(a)</sup> | 336 |
|  |  | 5187 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 31 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2051 |
| 9 | Casey's General Stores, Inc. | 2019 |
| 8 | Five Below, Inc.<sup>(a)</sup> | 1415 |
| 1 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 47 |
|  |  | 5532 |
|  | **RETAIL - DISCRETIONARY - 3.6%** |  |
| 9 | Advance Auto Parts, Inc. | 1323 |
| 17 | AutoNation, Inc.<sup>(a)</sup> | 1824 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.6% (Continued)** |  |
| 59 | Builders FirstSource, Inc.<sup>(a)</sup> | $3828 |
| 12 | Burlington Stores, Inc.<sup>(a)</sup> | 2433 |
| 12 | Dick's Sporting Goods, Inc. | 1444 |
| 1 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 70 |
| 3 | Genuine Parts Company | 521 |
| 17 | Kohl's Corporation | 429 |
| 4 | Lithia Motors, Inc. | 819 |
| 5 | RH<sup>(a)</sup> | 1336 |
| 1 | Tractor Supply Company | 225 |
| 1 | Ulta Beauty, Inc.<sup>(a)</sup> | 469 |
| 19 | Williams-Sonoma, Inc. | 2183 |
|  |  | 16904 |
|  | **SEMICONDUCTORS - 2.6%** |  |
| 4 | Azenta, Inc. | 233 |
| 1 | Cirrus Logic, Inc.<sup>(a)</sup> | 75 |
| 13 | Coherent Corporation<sup>(a)</sup> | 456 |
| 16 | Entegris, Inc. | 1049 |
| 12 | IPG Photonics Corporation<sup>(a)</sup> | 1136 |
| 24 | Lattice Semiconductor Corporation<sup>(a)</sup> | 1557 |
| 6 | Marvell Technology, Inc. | 222 |
| 13 | MKS Instruments, Inc. | 1102 |
| 1 | Monolithic Power Systems, Inc. | 354 |
| 9 | ON Semiconductor Corporation<sup>(a)</sup> | 561 |
| 27 | Qorvo, Inc.<sup>(a)</sup> | 2447 |
| 3 | Silicon Laboratories, Inc.<sup>(a)</sup> | 407 |
| 5 | Synaptics, Inc.<sup>(a)</sup> | 476 |
| 4 | Teradyne, Inc. | 349 |
| 4 | Universal Display Corporation | 432 |
| 18 | Wolfspeed, Inc.<sup>(a)</sup> | 1243 |
|  |  | 12099 |
|  | **SOFTWARE - 2.1%** |  |
| 1 | ACI Worldwide, Inc.<sup>(a)</sup> | 23 |
| 1 | Alteryx, Inc., Class A<sup>(a)</sup> | 51 |
| 2 | Aspen Technology, Inc.<sup>(a)</sup> | 411 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **SOFTWARE - 2.1% (Continued)** |  |
| 26 | Black Knight, Inc.<sup>(a)</sup> | $1605 |
| 3 | Concentrix Corporation | 399 |
| 1 | Five9, Inc.<sup>(a)</sup> | 68 |
| 4 | Gen Digital, Inc. | 86 |
| 11 | Guidewire Software, Inc.<sup>(a)</sup> | 688 |
| 13 | Manhattan Associates, Inc.<sup>(a)</sup> | 1578 |
| 3 | Omnicell, Inc.<sup>(a)</sup> | 151 |
| 7 | Paylocity Holding Corporation<sup>(a)</sup> | 1360 |
| 5 | Pegasystems, Inc. | 171 |
| 20 | PTC, Inc.<sup>(a)</sup> | 2401 |
| 6 | Tenable Holdings, Inc.<sup>(a)</sup> | 229 |
| 7 | Teradata Corporation<sup>(a)</sup> | 236 |
| 2 | Varonis Systems, Inc.<sup>(a)</sup> | 48 |
| 3 | Ziff Davis, Inc.<sup>(a)</sup> | 237 |
|  |  | 9742 |
|  | **SPECIALTY FINANCE - 1.4%** |  |
| 122 | Fidelity National Financial, Inc. | 4590 |
| 30 | First American Financial Corporation | 1570 |
| 1 | MGIC Investment Corporation | 13 |
| 1 | SLM Corporation | 17 |
| 12 | Synchrony Financial | 394 |
|  |  | 6584 |
|  | **STEEL - 1.1%** |  |
| 14 | Reliance Steel & Aluminum Company | 2834 |
| 11 | Steel Dynamics, Inc. | 1075 |
| 44 | United States Steel Corporation | 1102 |
|  |  | 5011 |
|  | **TECHNOLOGY HARDWARE - 4.2%** |  |
| 19 | Arrow Electronics, Inc.<sup>(a)</sup> | 1987 |
| 33 | Ciena Corporation<sup>(a)</sup> | 1682 |
| 18 | Dolby Laboratories, Inc., Class A | 1270 |
| 12 | F5, Inc.<sup>(a)</sup> | 1722 |
| 31 | Jabil, Inc. | 2114 |
| 75 | Juniper Networks, Inc. | 2397 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 4.2% (Continued)** |  |
| 13 | Lumentum Holdings, Inc.<sup>(a)</sup> | $678 |
| 4 | NetApp, Inc. | 240 |
| 73 | Pure Storage, Inc., Class A<sup>(a)</sup> | 1954 |
| 3 | TD SYNNEX Corporation | 284 |
| 1 | ViaSat, Inc.<sup>(a)</sup> | 32 |
| 82 | Western Digital Corporation<sup>(a)</sup> | 2587 |
| 9 | Zebra Technologies Corporation, Class A<sup>(a)</sup> | 2308 |
|  |  | 19255 |
|  | **TECHNOLOGY SERVICES - 2.5%** |  |
| 27 | Booz Allen Hamilton Holding Corporation | 2822 |
| 4 | CACI International, Inc., Class A<sup>(a)</sup> | 1202 |
| 81 | DXC Technology Company<sup>(a)</sup> | 2146 |
| 2 | Euronet Worldwide, Inc.<sup>(a)</sup> | 189 |
| 1 | Fair Isaac Corporation<sup>(a)</sup> | 599 |
| 1 | Gartner, Inc.<sup>(a)</sup> | 336 |
| 9 | Jack Henry & Associates, Inc. | 1580 |
| 8 | Leidos Holdings, Inc. | 842 |
| 51 | Western Union Company (The) | 702 |
| 8 | WEX, Inc.<sup>(a)</sup> | 1309 |
|  |  | 11727 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 9 | Iridium Communications, Inc.<sup>(a)</sup> | 463 |
|  | **TRANSPORTATION & LOGISTICS - 1.8%** |  |
| 22 | Alaska Air Group, Inc.<sup>(a)</sup> | 945 |
| 25 | CH Robinson Worldwide, Inc. | 2289 |
| 7 | GXO Logistics, Inc.<sup>(a)</sup> | 299 |
| 1 | JB Hunt Transport Services, Inc. | 174 |
| 1 | JetBlue Airways Corporation<sup>(a)</sup> | 6 |
| 37 | Knight-Swift Transportation Holdings, Inc. | 1939 |
| 8 | Landstar System, Inc. | 1303 |
| 4 | Saia, Inc.<sup>(a)</sup> | 839 |
| 16 | XPO, Inc.<sup>(a)</sup> | 533 |
|  |  | 8327 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 4 | Westinghouse Air Brake Technologies Corporation | $399 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.9%** |  |
| 51 | Performance Food Group Company<sup>(a)</sup> | 2978 |
| 38 | US Foods Holding Corporation<sup>(a)</sup> | 1293 |
|  |  | 4271 |
|  | **WHOLESALE - DISCRETIONARY - 0.9%** |  |
| 34 | LKQ Corporation | 1816 |
| 8 | Pool Corporation | 2419 |
|  |  | 4235 |
|  | **TOTAL COMMON STOCKS (Cost $439,473)** | 459852 |
|  | **PARTNERSHIP SHARES — 0.8%** |  |
|  | **OIL & GAS PRODUCERS - 0.8%** |  |
| 27 | Magellan Midstream Partners, L.P. | 1356 |
| 91 | Western Midstream Partners, L.P. | 2443 |
|  | **TOTAL PARTNERSHIP SHARES (Cost $3,540)** | 3799 |
|  | **SHORT-TERM INVESTMENT - 10.4%** |  |
|  | **MONEY MARKET FUND - 10.4%** |  |
| 48037 | First American Treasury Obligations Fund, Class X, 4.19%<sup>(d)</sup> **(Cost $48,037)** | 48037 |
|  | **TOTAL INVESTMENTS - 110.4% (Cost $491,050)** | $511688 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.4)%** | (48234) |
|  | **NET ASSETS - 100.0%** | $463454 |

---

ADR - American Depositary Receipt

CVR - Contingent Value Right

L.P. - Limited Partnership

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

<sup>(b)</sup> Amount represents less than 0.05%.

<sup>(c)</sup> Fair value was determined using significant unobservable inputs. See Note 2.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **BUSINESS DEVELOPMENT COMPANY - 0.1%** |  |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 1182 | Apollo Investment Corporation | $13475 |
|  | **TOTAL BUSINESS DEVELOPMENT COMPANY (Cost $14,504)** |  |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **ADVERTISING & MARKETING - 0.0%**<sup>(b)</sup> |  |
| 268 | Fluent, Inc.<sup>(a)</sup> | 292 |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 495 | AAR Corporation<sup>(a)</sup> | 22225 |
| 581 | Barnes Group, Inc. | 23734 |
| 162 | Ducommun, Inc.<sup>(a)</sup> | 8093 |
| 369 | Kaman Corporation | 8229 |
| 741 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 7647 |
| 900 | Mercury Systems, Inc.<sup>(a)</sup> | 40266 |
| 514 | Moog, Inc., Class A | 45109 |
| 71 | National Presto Industries, Inc. | 4861 |
| 2 | SIFCO Industries, Inc.<sup>(a)</sup> | 4 |
|  |  | 160168 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.8%** |  |
| 443 | Culp, Inc. | 2033 |
| 313 | Jerash Holdings US, Inc. | 1214 |
| 264 | Lakeland Industries, Inc.<sup>(a)</sup> | 3511 |
| 368 | Movado Group, Inc. | 11868 |
| 1098 | PVH Corporation | 77508 |
| 317 | Rocky Brands, Inc. | 7488 |
| 209 | Superior Group of Companies, Inc. | 2103 |
| 149 | Tandy Leather Factory, Inc.<sup>(a)</sup> | 636 |
| 387 | Unifi, Inc.<sup>(a)</sup> | 3332 |
| 22 | Weyco Group, Inc. | 466 |
| 1266 | Wolverine World Wide, Inc. | 13837 |
|  |  | 123996 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 15 | Associated Capital Group, Inc., Class A | $630 |
| 14 | First Western Financial, Inc.<sup>(a)</sup> | 394 |
| 39 | Hennessy Advisors, Inc. | 328 |
| 761 | ODP Corporation (The)<sup>(a)</sup> | 34656 |
| 386 | Oppenheimer Holdings, Inc., Class A | 16339 |
|  |  | 52347 |
|  | **AUTOMOTIVE - 1.8%** |  |
| 2574 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 20129 |
| 1444 | China Automotive Systems, Inc.<sup>(a)</sup> | 8375 |
| 1790 | Dana, Inc. | 27083 |
| 2553 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 25913 |
| 2968 | Harley-Davidson, Inc. | 123469 |
| 1725 | Kandi Technologies Group, Inc.<sup>(a)</sup> | 3968 |
| 452 | Methode Electronics, Inc. | 20055 |
| 181 | Miller Industries, Inc. | 4825 |
| 1311 | Modine Manufacturing Company<sup>(a)</sup> | 26036 |
| 401 | Motorcar Parts of America, Inc.<sup>(a)</sup> | 4756 |
| 423 | Standard Motor Products, Inc. | 14720 |
|  |  | 279329 |
|  | **BANKING - 16.8%** |  |
| 40 | ACNB Corporation | 1592 |
| 1001 | Amalgamated Financial Corporation | 23063 |
| 234 | American National Bankshares, Inc. | 8642 |
| 1269 | Ameris Bancorp | 59821 |
| 48 | Ames National Corporation | 1133 |
| 3012 | Associated Banc-Corporation | 69547 |
| 1158 | Atlantic Union Bankshares Corporation | 40692 |
| 1179 | Banc of California, Inc. | 18781 |
| 11 | Bank of Marin Bancorp | 362 |
| 281 | Bank of Princeton (The) | 8913 |
| 1741 | Bank OZK | 69744 |
| 845 | BankFinancial Corporation | 8898 |
| 802 | BankUnited, Inc. | 27244 |
| 141 | Bankwell Financial Group, Inc. | 4150 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 16.8% (Continued)** |  |
| 35 | Banner Corporation | $2212 |
| 398 | Bar Harbor Bankshares | 12752 |
| 512 | BayCom Corporation | 9718 |
| 841 | BCB Bancorp, Inc. | 15130 |
| 189 | Berkshire Hills Bancorp, Inc. | 5651 |
| 1553 | Brookline Bancorp, Inc. | 21975 |
| 605 | Business First Bancshares, Inc. | 13395 |
| 770 | Byline Bancorp, Inc. | 17687 |
| 2812 | Cadence Bank | 69344 |
| 38 | Camden National Corporation | 1584 |
| 337 | Capital City Bank Group, Inc. | 10952 |
| 1541 | Capitol Federal Financial, Inc. | 13330 |
| 73 | Capstar Financial Holdings, Inc. | 1289 |
| 1014 | Carter Bankshares, Inc.<sup>(a)</sup> | 16822 |
| 49 | CB Financial Services, Inc. | 1050 |
| 591 | Central Pacific Financial Corporation | 11985 |
| 383 | Central Valley Community Bancorp | 8112 |
| 228 | ChoiceOne Financial Services, Inc. | 6612 |
| 81 | Citizens & Northern Corporation | 1852 |
| 514 | Citizens Community Bancorp, Inc. | 6183 |
| 518 | Civista Bancshares, Inc. | 11401 |
| 649 | CNB Financial Corp | 15440 |
| 21 | Codorus Valley Bancorp, Inc. | 500 |
| 24 | Colony Bankcorp, Inc. | 305 |
| 847 | Columbia Banking System, Inc. | 25520 |
| 187 | Community Financial Corporation (The) | 7461 |
| 213 | Community Trust Bancorp, Inc. | 9783 |
| 851 | ConnectOne Bancorp, Inc. | 20603 |
| 1210 | CrossFirst Bankshares, Inc.<sup>(a)</sup> | 15016 |
| 1062 | Customers Bancorp, Inc.<sup>(a)</sup> | 30097 |
| 623 | Dime Community Bancshares, Inc. | 19830 |
| 166 | Eagle Bancorp Montana, Inc. | 2683 |
| 414 | Eagle Bancorp, Inc. | 18245 |
| 24 | Enterprise Financial Services Corporation | 1175 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 16.8% (Continued)** |  |
| 460 | Equity Bancshares, Inc., Class C | $15028 |
| 85 | ESSA Bancorp, Inc. | 1774 |
| 5 | Farmers & Merchants Bancorp, Inc. | 136 |
| 419 | Farmers National Banc Corporation | 5916 |
| 504 | Financial Institutions, Inc. | 12277 |
| 756 | First Bancorp | 32387 |
| 491 | First Bancshares, Inc. (The) | 15717 |
| 644 | First Bank | 8861 |
| 882 | First Busey Corporation | 21803 |
| 45 | First Business Financial Services, Inc. | 1645 |
| 1 | First Commonwealth Financial Corporation | 14 |
| 400 | First Community Bankshares, Inc. | 13560 |
| 1612 | First Financial Bancorp | 39059 |
| 435 | First Financial Corporation | 20045 |
| 301 | First Financial Northwest, Inc. | 4509 |
| 594 | First Foundation, Inc. | 8512 |
| 286 | First Guaranty Bancshares, Inc. | 6707 |
| 15 | First Horizon Corporation | 367 |
| 235 | First Internet Bancorp | 5706 |
| 49 | First Merchants Corporation | 2014 |
| 372 | First Mid Bancshares, Inc. | 11934 |
| 371 | First Northwest Bancorp | 5699 |
| 632 | First of Long Island Corporation (The) | 11376 |
| 916 | Flushing Financial Corporation | 17752 |
| 7218 | FNB Corporation | 94195 |
| 196 | FS Bancorp, Inc. | 6554 |
| 2086 | Fulton Financial Corporation | 35107 |
| 223 | Great Southern Bancorp, Inc. | 13266 |
| 97 | Hancock Whitney Corporation | 4694 |
| 306 | Hanmi Financial Corporation | 7573 |
| 1017 | HarborOne Bancorp, Inc. | 14136 |
| 521 | Heartland Financial USA, Inc. | 24289 |
| 62 | Heritage Commerce Corporation | 806 |
| 587 | Heritage Financial Corporation | 17986 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 16.8% (Continued)** |  |
| 1866 | Hilltop Holdings, Inc. | $55999 |
| 185 | Home Bancorp, Inc. | 7406 |
| 446 | HomeStreet, Inc. | 12301 |
| 407 | HomeTrust Bancshares, Inc. | 9837 |
| 2375 | Hope Bancorp, Inc. | 30424 |
| 1236 | Horizon Bancorp, Inc. | 18639 |
| 739 | Independent Bank Corporation | 17677 |
| 169 | Independent Bank Group, Inc. | 10154 |
| 591 | Investar Holding Corporation | 12724 |
| 1965 | Kearny Financial Corporation | 19945 |
| 1466 | Lakeland Bancorp, Inc. | 25816 |
| 381 | LCNB Corporation | 6858 |
| 672 | Macatawa Bank Corporation | 7412 |
| 56 | MainStreet Bancshares, Inc. | 1539 |
| 570 | Mercantile Bank Corporation | 19084 |
| 1573 | Merchants Bancorp | 38255 |
| 338 | Metropolitan Bank Holding Corporation<sup>(a)</sup> | 19830 |
| 35 | Mid Penn Bancorp, Inc. | 1049 |
| 218 | Middlefield Banc Corporation | 5973 |
| 1153 | Midland States Bancorp, Inc. | 30693 |
| 508 | MidWestOne Financial Group, Inc. | 16129 |
| 5966 | New York Community Bancorp, Inc. | 51308 |
| 177 | Nicolet Bankshares, Inc.<sup>(a)</sup> | 14123 |
| 1129 | Northfield Bancorp, Inc. | 17759 |
| 224 | Northrim BanCorp, Inc. | 12224 |
| 2418 | Northwest Bancshares, Inc. | 33804 |
| 1378 | OceanFirst Financial Corporation | 29282 |
| 45 | Ohio Valley Banc Corporation | 1189 |
| 18 | Old National Bancorp | 324 |
| 6 | Old Point Financial Corporation | 162 |
| 4 | Old Second Bancorp, Inc. | 64 |
| 700 | OP Bancorp | 7812 |
| 470 | Orrstown Financial Services, Inc. | 10885 |
| 718 | Pacific Premier Bancorp, Inc. | 22660 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 16.8% (Continued)** |  |
| 1434 | PacWest Bancorp | $32910 |
| 62 | Parke Bancorp, Inc. | 1286 |
| 12 | Pathfinder Bancorp, Inc. | 230 |
| 351 | PCSB Financial Corporation | 6683 |
| 506 | Peapack-Gladstone Financial Corporation | 18833 |
| 64 | Penns Woods Bancorp, Inc. | 1704 |
| 711 | Peoples Bancorp, Inc. | 20086 |
| 800 | Premier Financial Corporation | 21576 |
| 537 | Primis Financial Corporation | 6363 |
| 212 | Provident Financial Holdings, Inc. | 2919 |
| 1557 | Provident Financial Services, Inc. | 33258 |
| 261 | QCR Holdings, Inc. | 12956 |
| 705 | RBB Bancorp | 14699 |
| 1086 | Renasant Corporation | 40823 |
| 432 | Republic Bancorp, Inc., Class A | 17677 |
| 3100 | Republic First Bancorp, Inc.<sup>(a)</sup> | 6665 |
| 782 | Riverview Bancorp, Inc. | 6006 |
| 896 | S&T Bancorp, Inc. | 30625 |
| 756 | Sandy Spring Bancorp, Inc. | 26634 |
| 165 | SB Financial Group, Inc. | 2765 |
| 396 | Sierra Bancorp | 8411 |
| 920 | Simmons First National Corporation, Class A | 19854 |
| 303 | SmartFinancial, Inc. | 8333 |
| 85 | South Plains Financial, Inc. | 2340 |
| 149 | SouthState Corporation | 11378 |
| 254 | Stellar Bancorp, Inc. | 7483 |
| 1375 | Sterling Bancorp, Inc.<sup>(a)</sup> | 8374 |
| 411 | Summit Financial Group, Inc. | 10230 |
| 1 | Synovus Financial Corporation | 38 |
| 266 | Territorial Bancorp, Inc. | 6387 |
| 679 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 40950 |
| 1066 | Towne Bank | 32875 |
| 625 | TrustCompany Bank Corporation | 23494 |
| 546 | Trustmark Corporation | 19061 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BANKING - 16.8% (Continued)** |  |
| 1 | Umpqua Holdings Corporation | $18 |
| 172 | United Bancshares, Inc. | 3220 |
| 2080 | United Bankshares, Inc. | 84219 |
| 420 | United Security Bancshares | 3070 |
| 732 | Univest Financial Corporation | 19127 |
| 120 | Valley National Bancorp | 1357 |
| 623 | Veritex Holdings, Inc. | 17494 |
| 1322 | Washington Federal, Inc. | 44353 |
| 602 | Waterstone Financial, Inc. | 10378 |
| 1144 | WesBanco, Inc. | 42305 |
| 924 | Western New England Bancorp, Inc. | 8741 |
| 694 | WSFS Financial Corporation | 31466 |
|  |  | 2588674 |
|  | **BEVERAGES - 0.0%<sup>(b)</sup>** |  |
| 51 | Coffee Holding Company, Inc. | 104 |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 0.8%** |  |
| 4063 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 8085 |
| 56 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 2253 |
| 574 | Assembly Biosciences, Inc.<sup>(a)</sup> | 746 |
| 47 | Cumberland Pharmaceuticals, Inc.<sup>(a)</sup> | 106 |
| 233 | Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 6811 |
| 698 | Emergent BioSolutions, Inc.<sup>(a)</sup> | 8243 |
| 27 | Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 1256 |
| 765 | Innoviva, Inc.<sup>(a)</sup> | 10136 |
| 255 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 3160 |
| 648 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 40565 |
| 1800 | Sangamo Therapeutics, Inc.<sup>(a)</sup> | 5652 |
| 897 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 31996 |
| 1 | United Therapeutics Corporation<sup>(a)</sup> | 278 |
|  |  | 119287 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 1247 | WideOpenWest, Inc.<sup>(a)</sup> | 11360 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **CHEMICALS - 2.6%** |  |
| 617 | AdvanSix, Inc. | $23458 |
| 1783 | AgroFresh Solutions, Inc.<sup>(a)</sup> | 5278 |
| 734 | American Vanguard Corporation | 15935 |
| 181 | Ashland, Inc. | 19463 |
| 45 | Ecovyst, Inc.<sup>(a)</sup> | 399 |
| 358 | Element Solutions, Inc. | 6512 |
| 192 | Haynes International, Inc. | 8772 |
| 427 | HB Fuller Company | 30582 |
| 2966 | Huntsman Corporation | 81506 |
| 438 | Intrepid Potash, Inc.<sup>(a)</sup> | 12645 |
| 590 | Koppers Holdings, Inc. | 16638 |
| 42 | Materion Corporation | 3675 |
| 3 | Mativ, Inc. | 63 |
| 377 | Minerals Technologies, Inc. | 22891 |
| 28 | Oil-Dri Corporation of America | 939 |
| 87 | Quaker Houghton | 14520 |
| 2055 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 19728 |
| 112 | Stepan Company | 11924 |
| 2591 | Univar Solutions, Inc.<sup>(a)</sup> | 82394 |
| 760 | Valhi, Inc. | 16720 |
|  |  | 394042 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4%** |  |
| 986 | ABM Industries, Inc. | 43798 |
| 25 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 2570 |
| 1386 | ARC Document Solutions, Inc. | 4061 |
| 252 | BGSF, Inc. | 3861 |
| 2484 | BrightView Holdings, Inc.<sup>(a)</sup> | 17115 |
| 875 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 23249 |
| 809 | Deluxe Corporation | 13737 |
| 495 | Ennis, Inc. | 10969 |
| 415 | Heidrick & Struggles International, Inc. | 11607 |
| 106 | Huron Consulting Group, Inc.<sup>(a)</sup> | 7695 |
| 1030 | Information Services Group, Inc. | 4738 |
| 932 | Kelly Services, Inc., Class A | 15751 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4% (Continued)** |  |
| 608 | Korn Ferry | $30777 |
| 684 | ManpowerGroup, Inc. | 56916 |
| 679 | Resources Connection, Inc. | 12480 |
| 518 | Schnitzer Steel Industries, Inc., Class A | 15877 |
| 572 | Stericycle, Inc.<sup>(a)</sup> | 28537 |
| 983 | TrueBlue, Inc.<sup>(a)</sup> | 19247 |
| 137 | UniFirst Corporation | 26440 |
| 409 | V2X, Inc.<sup>(a)</sup> | 16887 |
|  |  | 366312 |
|  | **CONSTRUCTION MATERIALS - 0.7%** |  |
| 2022 | MDU Resources Group, Inc. | 61348 |
| 1533 | Summit Materials, Inc., Class A<sup>(a)</sup> | 43511 |
|  |  | 104859 |
|  | **CONSUMER SERVICES - 1.4%** |  |
| 753 | Adtalem Global Education, Inc.<sup>(a)</sup> | 26732 |
| 568 | American Public Education, Inc.<sup>(a)</sup> | 6981 |
| 72 | Graham Holdings Company, Class B | 43503 |
| 199 | Grand Canyon Education, Inc.<sup>(a)</sup> | 21026 |
| 1017 | Lincoln Educational Services Corporation<sup>(a)</sup> | 5888 |
| 363 | Matthews International Corporation, Class A | 11050 |
| 2263 | Perdoceo Education Corporation<sup>(a)</sup> | 31456 |
| 539 | Strategic Education, Inc. | 42214 |
| 614 | Stride, Inc.<sup>(a)</sup> | 19206 |
| 545 | Universal Technical Institute, Inc.<sup>(a)</sup> | 3662 |
|  |  | 211718 |
|  | **CONTAINERS & PACKAGING - 0.2%** |  |
| 372 | Greif, Inc., Class A | 24946 |
| 458 | TriMas Corporation | 12705 |
|  |  | 37651 |
|  | **E-COMMERCE DISCRETIONARY - 0.0%<sup>(b)</sup>** |  |
| 868 | Lands' End, Inc.<sup>(a)</sup> | 6588 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 277 | Advanced Energy Industries, Inc. | 23761 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 1.5% (Continued)** |  |
| 21 | API Group Corporation<sup>(a)</sup> | $395 |
| 247 | Argan, Inc. | 9109 |
| 838 | Bel Fuse, Inc., Class B | 27587 |
| 797 | Belden, Inc. | 57304 |
| 399 | Itron, Inc.<sup>(a)</sup> | 20209 |
| 747 | Kimball Electronics, Inc.<sup>(a)</sup> | 16875 |
| 71 | Littelfuse, Inc. | 15634 |
| 14 | LSI Industries, Inc. | 171 |
| 169 | National Instruments Corporation | 6236 |
| 248 | OSI Systems, Inc.<sup>(a)</sup> | 19721 |
| 208 | Powell Industries, Inc. | 7318 |
| 111 | Preformed Line Products Company | 9245 |
| 16 | RF Industries Ltd.<sup>(a)</sup> | 82 |
| 353 | SPX Technologies, Inc.<sup>(a)</sup> | 23175 |
| 129 | WidePoint Corporation<sup>(a)</sup> | 235 |
|  |  | 237057 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 581 | Arcosa, Inc. | 31572 |
| 1 | Dycom Industries, Inc.<sup>(a)</sup> | 94 |
| 1 | EMCOR Group, Inc. | 148 |
| 18 | Fluor Corporation<sup>(a)</sup> | 624 |
| 615 | Granite Construction, Inc. | 21568 |
| 9 | KBR, Inc. | 475 |
| 44 | Limbach Holdings, Inc.<sup>(a)</sup> | 458 |
| 1648 | Mistras Group, Inc.<sup>(a)</sup> | 8125 |
| 2 | MYR Group, Inc.<sup>(a)</sup> | 184 |
| 21 | Orion Group Holdings, Inc.<sup>(a)</sup> | 50 |
| 1208 | Primoris Services Corporation | 26503 |
| 653 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 21418 |
| 342 | Tutor Perini Corporation<sup>(a)</sup> | 2582 |
| 278 | VSE Corporation | 13033 |
|  |  | 126834 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 1431 | AMC Networks, Inc., Class A<sup>(a)</sup> | $22424 |
|  | **FOOD - 2.1%** |  |
| 68 | Alico, Inc. | 1623 |
| 750 | B&G Foods, Inc. | 8362 |
| 895 | Cal-Maine Foods, Inc. | 48733 |
| 809 | Hain Celestial Group, Inc. (The)<sup>(a)</sup> | 13090 |
| 1872 | Hostess Brands, Inc.<sup>(a)</sup> | 42008 |
| 607 | Ingredion, Inc. | 59443 |
| 37 | Natural Health Trends Corporation | 126 |
| 322 | Nature's Sunshine Products, Inc.<sup>(a)</sup> | 2679 |
| 622 | Post Holdings, Inc.<sup>(a)</sup> | 56142 |
| 18 | S&W Seed Company<sup>(a)</sup> | 27 |
| 14 | Seaboard Corporation | 52853 |
| 191 | Seneca Foods Corporation, Class A<sup>(a)</sup> | 11641 |
| 1 | Tootsie Roll Industries, Inc. | 43 |
| 562 | TreeHouse Foods, Inc.<sup>(a)</sup> | 27751 |
|  |  | 324521 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.5%** |  |
| 885 | Boise Cascade Company | 60773 |
| 2662 | Mercer International, Inc. | 30986 |
| 3718 | Resolute Forest Products, Inc.<sup>(a)</sup> | 80271 |
| 786 | UFP Industries, Inc. | 62290 |
|  |  | 234320 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.9%** |  |
| 988 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 81332 |
| 1085 | AdaptHealth Corporation<sup>(a)</sup> | 20854 |
| 1727 | Brookdale Senior Living, Inc.<sup>(a)</sup> | 4715 |
| 1124 | Encompass Health Corporation | 67226 |
| 79 | LHC Group, Inc.<sup>(a)</sup> | 12774 |
| 281 | Lifecore Biomedical, Inc.<sup>(a)</sup> | 1821 |
| 467 | National HealthCare Corporation | 27786 |
| 118 | OPKO Health, Inc.<sup>(a)</sup> | 148 |
| 137 | Owens & Minor, Inc. | 2676 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.9% (Continued)** |  |
| 1476 | Patterson Companies, Inc. | $41372 |
| 1062 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 15781 |
| 793 | Premier, Inc., Class A | 27739 |
| 4 | Psychemedics Corporation | 20 |
| 2065 | Select Medical Holdings Corporation | 51274 |
| 2308 | Syneos Health, Inc.<sup>(a)</sup> | 84657 |
|  |  | 440175 |
|  | **HOME & OFFICE PRODUCTS - 0.5%** |  |
| 4199 | ACCO Brands Corporation | 23472 |
| 321 | Hooker Furnishings Corporation | 6003 |
| 4 | Kewaunee Scientific Corporation<sup>(a)</sup> | 62 |
| 45 | Kimball International, Inc., Class B | 293 |
| 488 | Lifetime Brands, Inc. | 3704 |
| 6024 | Steelcase, Inc., Class A | 42590 |
| 789 | Virco Manufacturing Corporation<sup>(a)</sup> | 3566 |
|  |  | 79690 |
|  | **HOME CONSTRUCTION - 5.5%** |  |
| 323 | American Woodmark Corporation<sup>(a)</sup> | 15782 |
| 1853 | Beazer Homes USA, Inc.<sup>(a)</sup> | 23644 |
| 1149 | Century Communities, Inc. | 57462 |
| 5 | Dixie Group, Inc. (The)<sup>(a)</sup> | 4 |
| 1471 | Forestar Group, Inc.<sup>(a)</sup> | 22668 |
| 1493 | Green Brick Partners, Inc.<sup>(a)</sup> | 36175 |
| 1327 | Griffon Corporation | 47493 |
| 1182 | Interface, Inc. | 11666 |
| 2774 | KB Home | 88352 |
| 347 | LGI Homes, Inc.<sup>(a)</sup> | 32132 |
| 1193 | M/I Homes, Inc.<sup>(a)</sup> | 55093 |
| 2039 | MDC Holdings, Inc. | 64433 |
| 962 | Meritage Homes Corporation<sup>(a)</sup> | 88696 |
| 495 | Patrick Industries, Inc. | 29997 |
| 3337 | Taylor Morrison Home Corporation<sup>(a)</sup> | 101278 |
| 2137 | Toll Brothers, Inc. | 106679 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **HOME CONSTRUCTION - 5.5% (Continued)** |  |
| 3696 | Tri Pointe Homes, Inc.<sup>(a)</sup> | $68709 |
|  |  | 850263 |
|  | **HOUSEHOLD PRODUCTS - 0.6%** |  |
| 520 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 18616 |
| 546 | Clearwater Paper Corporation<sup>(a)</sup> | 20644 |
| 313 | Crown Crafts, Inc. | 1672 |
| 721 | Edgewell Personal Care Company | 27787 |
| 757 | Quanex Building Products Corporation | 17926 |
|  |  | 86645 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.7%** |  |
| 585 | Ampco-Pittsburgh Corporation<sup>(a)</sup> | 1468 |
| 290 | AZZ, Inc. | 11658 |
| 195 | Core Molding Technologies, Inc.<sup>(a)</sup> | 2533 |
| 121 | Eastern Company (The) | 2333 |
| 25 | EnPro Industries, Inc. | 2717 |
| 345 | L B Foster Company, Class A<sup>(a)</sup> | 3340 |
| 20 | Park-Ohio Holdings Corporation | 245 |
| 121 | Strattec Security Corporation<sup>(a)</sup> | 2486 |
| 971 | Timken Company (The) | 68621 |
| 603 | Tredegar Corporation | 6163 |
|  |  | 101564 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.5%** |  |
| 367 | DXP Enterprises, Inc.<sup>(a)</sup> | 10111 |
| 2618 | Resideo Technologies, Inc.<sup>(a)</sup> | 43066 |
| 606 | Titan Machinery, Inc.<sup>(a)</sup> | 24077 |
| 1 | WESCO International, Inc.<sup>(a)</sup> | 125 |
|  |  | 77379 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.1%** |  |
| 594 | Cowen, Inc., Class A | 22941 |
| 1 | Jefferies Financial Group, Inc. | 34 |
|  |  | 22975 |
|  | **INSURANCE - 6.1%** |  |
| 3221 | American Equity Investment Life Holding Company | 146942 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INSURANCE - 6.1% (Continued)** |  |
| 636 | Brighthouse Financial, Inc.<sup>(a)</sup> | $32608 |
| 3105 | Citizens, Inc.<sup>(a)</sup> | 6614 |
| 5595 | CNO Financial Group, Inc. | 127846 |
| 1996 | Donegal Group, Inc., Class A | 28343 |
| 850 | eHealth, Inc.<sup>(a)</sup> | 4114 |
| 1030 | Employers Holdings, Inc. | 44424 |
| 28712 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 151886 |
| 1147 | Horace Mann Educators Corporation | 42863 |
| 1331 | Kemper Corporation | 65485 |
| 551 | Kingstone Companies, Inc. | 744 |
| 134 | National Western Life Group, Inc., Class A | 37654 |
| 2654 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 55469 |
| 3033 | ProAssurance Corporation | 52987 |
| 4502 | Radian Group, Inc. | 85853 |
| 1110 | Security National Financial Corporation, Class A<sup>(a)</sup> | 8103 |
| 337 | Tiptree, Inc. | 4664 |
| 246 | Unico American Corporation<sup>(a)</sup> | 396 |
| 849 | United Fire Group, Inc. | 23229 |
| 338 | United Insurance Holdings Corporation | 358 |
| 1690 | Universal Insurance Holdings, Inc. | 17897 |
| 107 | Unum Group | 4390 |
|  |  | 942869 |
|  | **INTERNET MEDIA & SERVICES - 0.2%** |  |
| 448 | Cars.com, Inc.<sup>(a)</sup> | 6169 |
| 246 | DHI Group, Inc.<sup>(a)</sup> | 1302 |
| 717 | HealthStream, Inc.<sup>(a)</sup> | 17810 |
| 1449 | TrueCar, Inc.<sup>(a)</sup> | 3637 |
|  |  | 28918 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 10 | Ark Restaurants Corporation | 166 |
| 17 | Biglari Holdings, Inc.<sup>(a)</sup> | 2360 |
| 1295 | Carrols Restaurant Group, Inc.<sup>(a)</sup> | 1761 |
| 775 | Century Casinos, Inc.<sup>(a)</sup> | 5448 |
| 353 | Chuy's Holdings, Inc.<sup>(a)</sup> | 9990 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.7% (Continued)** |  |
| 640 | El Pollo Loco Holdings, Inc. | $6374 |
| 555 | Fiesta Restaurant Group, Inc.<sup>(a)</sup> | 4079 |
| 834 | Good Times Restaurants, Inc.<sup>(a)</sup> | 1860 |
| 595 | Marcus Corporation (The) | 8562 |
| 2486 | Penn Entertainment, Inc.<sup>(a)</sup> | 73834 |
|  |  | 114434 |
|  | **LEISURE PRODUCTS - 1.5%** |  |
| 481 | Escalade, Inc. | 4897 |
| 942 | Funko, Inc., Class A<sup>(a)</sup> | 10277 |
| 283 | LCI Industries | 26163 |
| 900 | Smith & Wesson Brands, Inc. | 7812 |
| 979 | Thor Industries, Inc. | 73905 |
| 1656 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 32706 |
| 1700 | Vista Outdoor, Inc.<sup>(a)</sup> | 41429 |
| 731 | Winnebago Industries, Inc. | 38524 |
|  |  | 235713 |
|  | **MACHINERY - 1.2%** |  |
| 126 | Alamo Group, Inc. | 17842 |
| 646 | Altra Industrial Motion Corporation | 38598 |
| 176 | Astec Industries, Inc. | 7156 |
| 292 | CECO Environmental Corporation<sup>(a)</sup> | 3411 |
| 61 | Columbus McKinnon Corporation | 1981 |
| 765 | Enovis Corporation<sup>(a)</sup> | 40943 |
| 175 | ESCO Technologies, Inc. | 15319 |
| 29 | Flowserve Corporation | 890 |
| 270 | Gencor Industries, Inc.<sup>(a)</sup> | 2727 |
| 1 | Hillenbrand, Inc. | 43 |
| 216 | Hurco Companies, Inc. | 5644 |
| 4 | Hyster-Yale Materials Handling, Inc., Class A | 101 |
| 118 | Intevac, Inc.<sup>(a)</sup> | 763 |
| 1405 | Kennametal, Inc. | 33804 |
| 495 | LS Starrett Company (The), Class A<sup>(a)</sup> | 3643 |
| 594 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 5441 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **MACHINERY - 1.2% (Continued)** |  |
| 396 | NN, Inc.<sup>(a)</sup> | $594 |
|  |  | 178900 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 452 | AngioDynamics, Inc.<sup>(a)</sup> | 6224 |
| 271 | Artivion, Inc.<sup>(a)</sup> | 3285 |
| 678 | Avanos Medical, Inc.<sup>(a)</sup> | 18347 |
| 207 | FONAR Corporation<sup>(a)</sup> | 3467 |
| 719 | Harvard Bioscience, Inc.<sup>(a)</sup> | 1992 |
| 9 | ICU Medical, Inc.<sup>(a)</sup> | 1417 |
| 178 | Inogen, Inc.<sup>(a)</sup> | 3509 |
| 266 | Integer Holdings Corporation<sup>(a)</sup> | 18210 |
| 703 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 39417 |
| 588 | Meridian Bioscience, Inc.<sup>(a)</sup> | 19528 |
| 18 | Merit Medical Systems, Inc.<sup>(a)</sup> | 1271 |
| 8 | Myriad Genetics, Inc.<sup>(a)</sup> | 116 |
| 645 | NuVasive, Inc.<sup>(a)</sup> | 26600 |
| 96 | QuidelOrtho Corporation<sup>(a)</sup> | 8224 |
| 8 | Utah Medical Products, Inc. | 804 |
| 721 | Varex Imaging Corporation<sup>(a)</sup> | 14636 |
|  |  | 167047 |
|  | **METALS & MINING - 1.6%** |  |
| 1 | Alcoa Corporation | 45 |
| 884 | Coeur Mining, Inc.<sup>(a)</sup> | 2970 |
| 19 | CONSOL Energy, Inc. | 1235 |
| 337 | Encore Wire Corporation | 46358 |
| 1720 | Gold Resource Corporation | 2632 |
| 4866 | Hecla Mining Company | 27055 |
| 2961 | Peabody Energy Corporation<sup>(a)</sup> | 78230 |
| 3483 | SunCoke Energy, Inc. | 30058 |
| 1729 | Warrior Met Coal, Inc. | 59892 |
|  |  | 248475 |
|  | **OIL & GAS PRODUCERS - 5.8%** |  |
| 116 | Antero Resources Corporation<sup>(a)</sup> | 3595 |
| 4661 | Berry Corporation | 37288 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.8% (Continued)** |  |
| 2159 | Callon Petroleum Company<sup>(a)</sup> | $80077 |
| 201 | Chord Energy Corporation | 27499 |
| 1 | Civitas Resources, Inc. | 58 |
| 5368 | CNX Resources Corporation<sup>(a)</sup> | 90397 |
| 550 | Comstock Resources, Inc. | 7540 |
| 1609 | Delek US Holdings, Inc. | 43443 |
| 2091 | Earthstone Energy, Inc., Class A<sup>(a)</sup> | 29755 |
| 1 | EQT Corp. | 34 |
| 23 | Equitrans Midstream Corporation | 154 |
| 782 | HF Sinclair Corporation | 40578 |
| 1098 | Kimbell Royalty Partners, L.P. | 18337 |
| 678 | Laredo Petroleum, Inc.<sup>(a)</sup> | 34863 |
| 2649 | Murphy Oil Corporation | 113933 |
| 3161 | PBF Energy, Inc., Class A | 128905 |
| 10319 | Permian Resources Corporation | 96999 |
| 3276 | Plains GP Holdings, L.P., Class A | 40753 |
| 97 | Ranger Oil Corporation | 3922 |
| 5604 | Ring Energy, Inc.<sup>(a)</sup> | 13786 |
| 590 | SilverBow Resources, Inc.<sup>(a)</sup> | 16685 |
| 1534 | Talos Energy, Inc.<sup>(a)</sup> | 28962 |
| 991 | TravelCenters of America, Inc.<sup>(a)</sup> | 44377 |
|  |  | 901940 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.6%** |  |
| 1930 | Archrock, Inc. | 17331 |
| 8 | Dawson Geophysical Company<sup>(a)</sup> | 16 |
| 616 | Dril-Quip, Inc.<sup>(a)</sup> | 16737 |
| 225 | Geospace Technologies Corporation<sup>(a)</sup> | 949 |
| 3992 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 29461 |
| 553 | Helmerich & Payne, Inc. | 27412 |
| 1320 | MRC Global, Inc.<sup>(a)</sup> | 15286 |
| 126 | Natural Gas Services Group, Inc.<sup>(a)</sup> | 1444 |
| 3091 | Newpark Resources, Inc.<sup>(a)</sup> | 12828 |
| 824 | NOV, Inc. | 17213 |
| 1739 | NOW, Inc.<sup>(a)</sup> | 22085 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.6% (Continued)** |  |
| 645 | Oceaneering International, Inc.<sup>(a)</sup> | $11281 |
| 2421 | ProPetro Holding Corporation<sup>(a)</sup> | 25106 |
| 270 | Select Energy Services, Inc., Class A | 2495 |
| 24 | Smart Sand, Inc.<sup>(a)</sup> | 43 |
| 621 | Solaris Oilfield Infrastructure, Inc., Class A | 6167 |
| 618 | Thermon Group Holdings, Inc.<sup>(a)</sup> | 12409 |
| 2329 | US Silica Holdings, Inc.<sup>(a)</sup> | 29112 |
|  |  | 247375 |
|  | **PUBLISHING & BROADCASTING - 0.9%** |  |
| 1992 | Beasley Broadcast Group, Inc., Class A<sup>(a)</sup> | 1833 |
| 1747 | Cumulus Media, Inc., Class A<sup>(a)</sup> | 10849 |
| 1954 | Entravision Communications Corporation, Class A | 9379 |
| 4808 | Gannett Company, Inc.<sup>(a)</sup> | 9760 |
| 1004 | iHeartMedia, Inc., Class A<sup>(a)</sup> | 6155 |
| 70 | Saga Communications, Inc., Class A | 1652 |
| 369 | Scholastic Corporation | 14561 |
| 4044 | TEGNA, Inc. | 85692 |
| 127 | Townsquare Media, Inc., Class A<sup>(a)</sup> | 921 |
|  |  | 140802 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.1%** |  |
| 1742 | Five Point Holdings, LLC<sup>(a)</sup> | 4059 |
| 17 | FRP Holdings, Inc.<sup>(a)</sup> | 916 |
| 122 | Howard Hughes Corporation (The)<sup>(a)</sup> | 9323 |
| 1 | Stratus Properties, Inc. | 19 |
|  |  | 14317 |
|  | **REAL ESTATE SERVICES - 0.5%** |  |
| 3154 | Anywhere Real Estate, Inc.<sup>(a)</sup> | 20154 |
| 5469 | Newmark Group, Inc., Class A | 43588 |
| 1085 | RE/MAX Holdings, Inc., Class A | 20224 |
|  |  | 83966 |
|  | **REIT - 0.4%** |  |
| 1733 | CoreCivic, Inc.<sup>(a)</sup> | 20033 |
| 9 | Ellington Financial, Inc. | 111 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **REIT - 0.4% (Continued)** |  |
| 3749 | GEO Group, Inc. (The)<sup>(a)</sup> | $41052 |
|  |  | 61196 |
|  | **RENEWABLE ENERGY - 0.4%** |  |
| 1669 | Alto Ingredients, Inc.<sup>(a)</sup> | 4807 |
| 550 | EnerSys | 40612 |
| 1185 | FutureFuel Corporation | 9634 |
| 393 | Ultralife Corporation<sup>(a)</sup> | 1517 |
|  |  | 56570 |
|  | **RETAIL - CONSUMER STAPLES - 0.7%** |  |
| 987 | Big Lots, Inc. | 14509 |
| 353 | Ingles Markets, Inc., Class A | 34050 |
| 737 | SpartanNash Company | 22287 |
| 680 | Village Super Market, Inc., Class A | 15837 |
| 269 | Weis Markets, Inc. | 22136 |
|  |  | 108819 |
|  | **RETAIL - DISCRETIONARY - 6.4%** |  |
| 3 | Aaron's Company, Inc. (The) | 36 |
| 357 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 8179 |
| 2616 | American Eagle Outfitters, Inc. | 36519 |
| 454 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 81380 |
| 1 | AutoNation, Inc.<sup>(a)</sup> | 107 |
| 346 | Bassett Furniture Industries, Inc. | 6014 |
| 24 | Beacon Roofing Supply, Inc.<sup>(a)</sup> | 1267 |
| 682 | Big 5 Sporting Goods Corporation | 6022 |
| 246 | BlueLinx Holdings, Inc.<sup>(a)</sup> | 17493 |
| 79 | Build-A-Bear Workshop, Inc. | 1883 |
| 750 | Caleres, Inc. | 16710 |
| 110 | Citi Trends, Inc.<sup>(a)</sup> | 2913 |
| 1621 | Conn's, Inc.<sup>(a)</sup> | 11153 |
| 2546 | Container Store Group, Inc. (The)<sup>(a)</sup> | 10973 |
| 2197 | Designer Brands, Inc., Class A | 21487 |
| 1 | Dick's Sporting Goods, Inc. | 120 |
| 751 | Ethan Allen Interiors, Inc. | 19841 |
| 2492 | Foot Locker, Inc. | 94173 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 6.4% (Continued)** |  |
| 7563 | Gap, Inc. (The) | $85311 |
| 402 | Genesco, Inc.<sup>(a)</sup> | 18500 |
| 706 | GMS, Inc.<sup>(a)</sup> | 35159 |
| 435 | Group 1 Automotive, Inc. | 78461 |
| 244 | Guess?, Inc. | 5048 |
| 508 | Haverty Furniture Companies, Inc. | 15189 |
| 104 | Hibbett, Inc. | 7095 |
| 829 | Kirkland's, Inc.<sup>(a)</sup> | 2736 |
| 2508 | Kohl's Corporation | 63327 |
| 1056 | La-Z-Boy, Inc. | 24098 |
| 779 | Lazydays Holdings, Inc.<sup>(a)</sup> | 9301 |
| 510 | LL Flooring Holdings, Inc.<sup>(a)</sup> | 2866 |
| 3902 | Macy's, Inc. | 80576 |
| 796 | MarineMax, Inc.<sup>(a)</sup> | 24851 |
| 257 | Monro, Inc. | 11616 |
| 1 | Penske Automotive Group, Inc. | 115 |
| 467 | PetIQ, Inc.<sup>(a)</sup> | 4306 |
| 2213 | Qurate Retail, Inc., Class A<sup>(a)</sup> | 3607 |
| 1193 | Rush Enterprises, Inc., Class A | 62370 |
| 798 | Shoe Carnival, Inc. | 19080 |
| 963 | Sonic Automotive, Inc., Class A | 47447 |
| 1146 | Sportsman's Warehouse Holdings, Inc.<sup>(a)</sup> | 10784 |
| 814 | Tile Shop Holdings, Inc.<sup>(a)</sup> | 3565 |
| 626 | Tilly's, Inc., Class A | 5665 |
| 1008 | Urban Outfitters, Inc.<sup>(a)</sup> | 24041 |
| 819 | Vera Bradley, Inc.<sup>(a)</sup> | 3710 |
| 382 | Zumiez, Inc.<sup>(a)</sup> | 8305 |
|  |  | 993399 |
|  | **SEMICONDUCTORS - 3.2%** |  |
| 2055 | Amkor Technology, Inc. | 49279 |
| 227 | Amtech Systems, Inc.<sup>(a)</sup> | 1725 |
| 215 | Axcelis Technologies, Inc.<sup>(a)</sup> | 17063 |
| 234 | CEVA, Inc.<sup>(a)</sup> | 5986 |
| 680 | Cirrus Logic, Inc.<sup>(a)</sup> | 50646 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 3.2% (Continued)** |  |
| 517 | CTS Corporation | $20380 |
| 459 | Data I/O Corporation<sup>(a)</sup> | 1822 |
| 586 | Diodes, Inc.<sup>(a)</sup> | 44618 |
| 227 | FormFactor, Inc.<sup>(a)</sup> | 5046 |
| 337 | GSI Technology, Inc.<sup>(a)</sup> | 583 |
| 328 | IPG Photonics Corporation<sup>(a)</sup> | 31052 |
| 793 | Kulicke & Soffa Industries, Inc. | 35098 |
| 368 | MagnaChip Semiconductor Corporation<sup>(a)</sup> | 3456 |
| 66 | Onto Innovation, Inc.<sup>(a)</sup> | 4494 |
| 1552 | Photronics, Inc.<sup>(a)</sup> | 26120 |
| 1695 | Rambus, Inc.<sup>(a)</sup> | 60715 |
| 260 | Richardson Electronics Ltd. | 5546 |
| 353 | Synaptics, Inc.<sup>(a)</sup> | 33592 |
| 48 | Trio-Tech International<sup>(a)</sup> | 216 |
| 702 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 23271 |
| 111 | Veeco Instruments, Inc.<sup>(a)</sup> | 2062 |
| 3098 | Vishay Intertechnology, Inc. | 66824 |
|  |  | 489594 |
|  | **SOFTWARE - 1.1%** |  |
| 1325 | ACI Worldwide, Inc.<sup>(a)</sup> | 30475 |
| 3600 | Adeia, Inc. | 34128 |
| 590 | Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 10408 |
| 287 | Asure Software, Inc.<sup>(a)</sup> | 2681 |
| 549 | CareCloud, Inc.<sup>(a)</sup> | 1543 |
| 361 | Computer Programs and Systems, Inc.<sup>(a)</sup> | 9826 |
| 180 | Digi International, Inc.<sup>(a)</sup> | 6579 |
| 666 | Ebix, Inc. | 13293 |
| 666 | NextGen Healthcare, Inc.<sup>(a)</sup> | 12507 |
| 322 | OneSpan, Inc.<sup>(a)</sup> | 3603 |
| 23 | PDF Solutions, Inc.<sup>(a)</sup> | 656 |
| 2387 | SolarWinds Corporation<sup>(a)</sup> | 22342 |
| 365 | Verint Systems, Inc.<sup>(a)</sup> | 13242 |
| 147 | Ziff Davis, Inc.<sup>(a)</sup> | 11628 |
|  |  | 172911 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SPECIALTY FINANCE - 5.5%** |  |
| 2085 | Air Lease Corporation | $80106 |
| 1331 | Bread Financial Holdings, Inc. | 50126 |
| 577 | Consumer Portfolio Services, Inc.<sup>(a)</sup> | 5106 |
| 9 | Elevate Credit, Inc.<sup>(a)</sup> | 16 |
| 844 | Encore Capital Group, Inc.<sup>(a)</sup> | 40461 |
| 1142 | Enova International, Inc.<sup>(a)</sup> | 43819 |
| 3736 | EZCORP, Inc., Class A<sup>(a)</sup> | 30448 |
| 2758 | First American Financial Corporation | 144354 |
| 212 | GATX Corporation | 22544 |
| 1 | Investors Title Company | 148 |
| 2721 | LendingClub Corporation<sup>(a)</sup> | 23945 |
| 8872 | MGIC Investment Corporation | 115336 |
| 1763 | Mr. Cooper Group, Inc.<sup>(a)</sup> | 70749 |
| 2029 | Navient Corporation | 33377 |
| 548 | Nelnet, Inc., Class A | 49731 |
| 1215 | PennyMac Financial Services, Inc. | 68842 |
| 942 | PRA Group, Inc.<sup>(a)</sup> | 31821 |
| 2 | Regional Management Corporation | 56 |
| 855 | Stewart Information Services Corporation | 36534 |
| 31 | Willis Lease Finance Corporation<sup>(a)</sup> | 1829 |
|  |  | 849348 |
|  | **STEEL - 3.1%** |  |
| 707 | Carpenter Technology Corporation | 26117 |
| 2920 | Commercial Metals Company | 141036 |
| 76 | Friedman Industries, Inc. | 744 |
| 72 | Northwest Pipe Company<sup>(a)</sup> | 2426 |
| 715 | Olympic Steel, Inc. | 24010 |
| 1277 | Ryerson Holding Corporation | 38642 |
| 1763 | TimkenSteel Corporation<sup>(a)</sup> | 32034 |
| 7535 | United States Steel Corporation | 188752 |
| 530 | Worthington Industries, Inc. | 26346 |
|  |  | 480107 |
|  | **TECHNOLOGY HARDWARE - 4.1%** |  |
| 618 | ADTRAN Holdings, Inc. | 11612 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 4.1% (Continued)** |  |
| 204 | AstroNova, Inc.<sup>(a)</sup> | $2615 |
| 315 | Aviat Networks, Inc.<sup>(a)</sup> | 9825 |
| 2750 | Avnet, Inc. | 114345 |
| 469 | Aware, Inc.<sup>(a)</sup> | 802 |
| 661 | Benchmark Electronics, Inc. | 17642 |
| 773 | Comtech Telecommunications Corporation | 9384 |
| 1398 | Daktronics, Inc.<sup>(a)</sup> | 3942 |
| 753 | EMCORE Corporation<sup>(a)</sup> | 725 |
| 1556 | GoPro, Inc., Class A<sup>(a)</sup> | 7749 |
| 839 | Harmonic, Inc.<sup>(a)</sup> | 10991 |
| 2 | Jabil, Inc. | 137 |
| 392 | Key Tronic Corporation<sup>(a)</sup> | 1697 |
| 1290 | Knowles Corporation<sup>(a)</sup> | 21182 |
| 501 | Lumentum Holdings, Inc.<sup>(a)</sup> | 26137 |
| 177 | Maxar Technologies, Inc. | 9158 |
| 651 | NETGEAR, Inc.<sup>(a)</sup> | 11790 |
| 1086 | NetScout Systems, Inc.<sup>(a)</sup> | 35306 |
| 731 | PCTEL, Inc. | 3143 |
| 316 | Plexus Corporation<sup>(a)</sup> | 32526 |
| 6433 | Ribbon Communications, Inc.<sup>(a)</sup> | 17948 |
| 1105 | Sanmina Corporation<sup>(a)</sup> | 63306 |
| 1092 | Super Micro Computer, Inc.<sup>(a)</sup> | 89653 |
| 2180 | TTM Technologies, Inc.<sup>(a)</sup> | 32874 |
| 227 | Universal Electronics, Inc.<sup>(a)</sup> | 4724 |
| 965 | ViaSat, Inc.<sup>(a)</sup> | 30542 |
| 310 | Viavi Solutions, Inc.<sup>(a)</sup> | 3258 |
| 245 | Vishay Precision Group, Inc.<sup>(a)</sup> | 9469 |
| 581 | VOXX International Corporation<sup>(a)</sup> | 4869 |
| 2932 | Xerox Holdings Corporation | 42807 |
|  |  | 630158 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 385 | comScore, Inc.<sup>(a)</sup> | 447 |
| 8424 | Conduent, Inc.<sup>(a)</sup> | 34117 |
| 25 | CSG Systems International, Inc. | 1430 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.0% (Continued)** |  |
| 11 | ICF International, Inc. | $1089 |
| 444 | Insight Enterprises, Inc.<sup>(a)</sup> | 44520 |
| 39 | John Wiley & Sons, Inc., Class A | 1562 |
| 685 | MAXIMUS, Inc. | 50231 |
| 108 | NetSol Technologies, Inc.<sup>(a)</sup> | 308 |
| 5 | RCM Technologies, Inc.<sup>(a)</sup> | 62 |
| 1234 | Repay Holdings Corporation<sup>(a)</sup> | 9934 |
| 891 | StarTek, Inc.<sup>(a)</sup> | 3341 |
|  |  | 147041 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 369 | ATN International, Inc. | 16719 |
| 3312 | Consolidated Communications Holdings, Inc.<sup>(a)</sup> | 11857 |
| 1562 | EchoStar Corporation, Class A<sup>(a)</sup> | 26054 |
| 278 | KVH Industries, Inc.<sup>(a)</sup> | 2841 |
| 425 | Spok Holdings, Inc. | 3481 |
| 3303 | Telephone and Data Systems, Inc. | 34649 |
|  |  | 95601 |
|  | **TOBACCO & CANNABIS - 0.1%** |  |
| 433 | Universal Corporation | 22867 |
|  | **TRANSPORTATION & LOGISTICS - 3.7%** |  |
| 1489 | Air Transport Services Group, Inc.<sup>(a)</sup> | 38684 |
| 690 | ArcBest Corporation | 48328 |
| 660 | Atlas Air Worldwide Holdings, Inc.<sup>(a)</sup> | 66528 |
| 717 | Covenant Logistics Group, Inc. | 24787 |
| 1017 | Heartland Express, Inc. | 15601 |
| 609 | Hub Group, Inc., Class A<sup>(a)</sup> | 48409 |
| 7023 | JetBlue Airways Corporation<sup>(a)</sup> | 45509 |
| 461 | Kirby Corporation<sup>(a)</sup> | 29665 |
| 595 | Marten Transport Ltd. | 11769 |
| 3894 | Overseas Shipholding Group, Inc., Class A<sup>(a)</sup> | 11254 |
| 96 | Patriot Transportation Holding, Inc.<sup>(a)</sup> | 683 |
| 845 | Radiant Logistics, Inc.<sup>(a)</sup> | 4301 |
| 982 | Ryder System, Inc. | 82066 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 3.7% (Continued)** |  |
| 2446 | Schneider National, Inc., Class B | $57236 |
| 2547 | Spirit Airlines, Inc.<sup>(a)</sup> | 49616 |
| 376 | Universal Logistics Holdings, Inc. | 12573 |
| 525 | Werner Enterprises, Inc. | 21136 |
|  |  | 568145 |
|  | **TRANSPORTATION EQUIPMENT - 0.3%** |  |
| 875 | Commercial Vehicle Group, Inc.<sup>(a)</sup> | 5959 |
| 724 | Greenbrier Companies, Inc. (The) | 24276 |
| 834 | REV Group, Inc. | 10525 |
| 59 | Wabash National Corporation | 1333 |
|  |  | 42093 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4%** |  |
| 405 | Andersons, Inc. (The) | 14171 |
| 1079 | United Natural Foods, Inc.<sup>(a)</sup> | 41768 |
|  |  | 55939 |
|  | **WHOLESALE - DISCRETIONARY - 0.7%** |  |
| 48 | Acme United Corporation | 1051 |
| 7 | Climb Global Solutions, Inc. | 221 |
| 432 | Educational Development Corporation | 1365 |
| 322 | ePlus, Inc.<sup>(a)</sup> | 14258 |
| 2059 | G-III Apparel Group Ltd.<sup>(a)</sup> | 28229 |
| 1435 | KAR Auction Services, Inc.<sup>(a)</sup> | 18727 |
| 452 | PC Connection, Inc. | 21199 |
| 610 | ScanSource, Inc.<sup>(a)</sup> | 17824 |
| 19 | Veritiv Corporation | 2312 |
|  |  | 105186 |
|  | **TOTAL COMMON STOCKS (Cost $14,864,037)** | 15244304 |
|  | **PARTNERSHIP SHARES — 0.6%** |  |
|  | **METALS & MINING - 0.0%<sup>(b)</sup>** |  |
| 300 | Alliance Resource Partners, L.P. | 6096 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **PARTNERSHIP SHARES — 0.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.6%** |  |
| 1654 | DCP Midstream, L.P. | $64159 |
| 832 | Global Partners, L.P. | 28929 |
| 3 | Plains All American Pipeline, L.P. | 35 |
|  |  | 93123 |
|  | **SPECIALTY FINANCE - 0.0%**<sup>(b)</sup> |  |
| 23 | Greystone Housing Impact Investors, L.P. | 400 |
|  | **TOTAL PARTNERSHIP SHARES (Cost $62,831)** | 99619 |
|  | **RIGHTS — 0.0%**<sup>(b)</sup> |  |
|  | **RENEWABLE ENERGY - 0.0%**<sup>(b)</sup> |  |
| 2 | Pineapple Energy, Inc. <sup>(a)(c)</sup> | 6 |
|  | **WHOLESALE - DISCRETIONARY - 0.0%**<sup>(b)</sup> |  |
| 443 | ZAGG CVR<sup>(a)(c)</sup> |  |
|  | **TOTAL RIGHTS (Cost $–)** | 6 |
|  | **SHORT-TERM INVESTMENT - 1.4%** |  |
|  | **MONEY MARKET FUND - 1.4%** |  |
| 216710 | First American Treasury Obligations Fund, Class X, 4.19%<sup>(d)</sup> (Cost $216,710) | 216710 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $15,158,082)** | $15574114 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (127022) |
|  | **NET ASSETS - 100.0%** | $15447092 |

---

CVR - Contingent Value Right

LTD - Limited Company

LLC - Limited Liability Company

L.P. - Limited Partnership

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

<sup>(b)</sup> Amount represents less than 0.05%.

<sup>(c)</sup> Fair value was determined using significant unobservable inputs. See Note 2.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Acclivity Mid Cap**<br>**Multi-Style Fund** | **Acclivity Small Cap**<br>**Value Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $491050 | $15158082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $511688 | $15574114 |
| &nbsp;&nbsp;&nbsp;Cash |  | 110 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 520 | 12418 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2509 | 20611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 514717 | 15607253 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 119754 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 21918 | 11928 |
| &nbsp;&nbsp;&nbsp;Audit fees payable | 14528 | 12716 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 2 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 12412 | 14981 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2405 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 51263 | 160161 |
| **NET ASSETS** | $**463454** | $**15447092** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $447309 | $15193914 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 16145 | 253178 |
| **NET ASSETS** | $**463454** | $**15447092** |
| **Net Asset Value Per Share:** |  |  |
| Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**463442** | $**15436373** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **39654** | **1004784** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**11.69** | $**15.36** |
| Class N Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**12** | $**10719** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1** | **690** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**11.69** **(a)** | $**15.52** **(a)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net
asset value may not recalculate due to the rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Funds*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Acclivity Mid Cap**<br>**Multi-Style Fund** | **Acclivity Small Cap**<br>**Value Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $6779 | $223529 |
| &nbsp;&nbsp;&nbsp;Interest | 445 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 7224 | 225427 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1389 | 47103 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | 7 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 26994 | 27079 |
| &nbsp;&nbsp;&nbsp;Legal fees | 25518 | 24051 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 23799 | 21970 |
| &nbsp;&nbsp;&nbsp;Administration fees | 22919 | 36425 |
| &nbsp;&nbsp;&nbsp;Audit fees | 16510 | 13105 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 6366 | 6621 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 5172 | 6960 |
| &nbsp;&nbsp;&nbsp;Custody fees | 4986 | 981 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 3890 | 4037 |
| &nbsp;&nbsp;&nbsp;Registration fees | 2018 | 39004 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 254 | 4855 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees |  | 6244 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1795 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 141610 | 240856 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Adviser | (139862) | (182812) |
| **NET EXPENSES** | 1748 | 58044 |
| **NET INVESTMENT INCOME** | 5476 | 167383 |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (4834) | (102705) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (32413) | (300398) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (37247) | (403103) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(31771)** | $**(235720)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Mid Cap Multi-Style Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,**<br>**2022** | **For the Year Ended**<br>**December 31,**<br>**2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5476 | $2814 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (4834) | 23822 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | (32413) | 22276 |
| Net increase/(decrease) in net assets resulting from operations | (31771) | 48912 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (14317) | (3958) |
| &nbsp;&nbsp;&nbsp;Class N^ | (0) | (0) |
| Net decrease in net assets from distributions to shareholders | (14317) | (3958) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 199500 | 105000 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 14317 | 3958 |
| &nbsp;&nbsp;&nbsp;Class N^ | 0 | 0 |
| Net increase in net assets from shares of beneficial interest | 213817 | 108958 |
| **TOTAL INCREASE IN NET ASSETS** | 167729 | 153912 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 295725 | 141813 |
| &nbsp;&nbsp;&nbsp;End of Year | $**463454** | $**295725** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16354 | 8954 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 1208 | 296 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 17562 | 9250 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested# | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  |  |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.50. |

---

# Amount represents less than 0.50 shares.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Small Cap Value Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,**<br>**2022** | **For the Year Ended**<br>**December 31,**<br>**2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $167383 | $78324 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (102705) | 938593 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  | 42 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | (300398) | 70568 |
| Net increase/(decrease) in net assets resulting from operations | (235720) | 1087527 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (634775) | (256124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (437) | (0 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions to shareholders | (635212) | (256124 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 10353500 | 7622596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 10100 | 62212 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 510446 | 209922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 437 | 0 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5204963) | (832252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (80633 |
| Net increase in net assets from shares of beneficial interest | 5669520 | 6981845 |
| **TOTAL INCREASE IN NET ASSETS** | 4798588 | 7813248 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 10648504 | 2835256 |
| &nbsp;&nbsp;&nbsp;End of Year | $**15447092** | $**10648504** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 658476 | 446660 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 32637 | 12684 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (321772) | (51938 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 369341 | 407406 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 662 | 4059 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 27 | 0 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (4885 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 689 | (826 |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.50. |

---

# Amount represents less than 0.50 shares.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Mid Cap Multi-Style Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Period\* Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $13.39 | $11.04 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.17 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.49) | 2.40 | 0.94 |
| Total from investment operations | (1.32) | 2.53 | 1.04 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.23) | (0.00 |  |
| Total distributions | (0.38) | (0.18 |  |
| Net asset value, end of year/period | $11.69 | $13.39 | $11.04 |
| Total return (2) | (9.95)% | 22.93 | 10.40% (3) |
| Net assets, at end of year/period (000s) | $463 | $296 | $142 |
| Ratio of gross expenses to average net assets (4)(5) | 35.65% | 53.69 | 97.49% (6) |
| Ratio of net expenses to average net assets (5) | 0.44% | 0.44 | 0.47% (6) |
| Ratio of net investment income to average net assets (5)(7) | 1.38% | 1.05 | 1.07% (6) |
| Portfolio turnover rate | 27% | 40 | 47% (3) |

---

\* The inception date of the Acclivity Mid Cap Multi-Style Fund was December 31, 2019 and the Fund commenced operations on January 2, 2020.

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

(2) Had
the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(3) Not
annualized.

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

(5) Does
not include the expenses of other investment companies in which the Fund invests.

(6) Annualized.

(7) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which
the Fund invests.

(8) Amount
represents less than $0.005 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Mid Cap Multi-Style Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

---

| | | | |
|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Period\* Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $13.39 | $11.04 | $10.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.17 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.49) | 2.40 | 0.94 |
| Total from investment operations | (1.32) | 2.53 | 1.04 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.23) | (0.00 |  |
| Total distributions | (0.38) | (0.18 |  |
| Net asset value, end of year/period | $11.69 | $13.39 | $11.04 |
| Total return (2) | (9.95)% | 22.93 | 10.40% (3) |
| Net assets, at end of year/period (4) | $12 | $14 | $11 |
| Ratio of gross expenses to average net assets (5)(6) | 35.90% | 53.94 | 97.74% (7) |
| Ratio of net expenses to average net assets (6) | 0.69% | 0.69 | 0.72% (7) |
| Ratio of net investment income to average net assets (6)(8) | 1.13% | 0.80 | 0.82% (7) |
| Portfolio turnover rate | 27% | 40 | 47% (3) |

---

\* The inception date of the Acclivity Mid Cap Multi-Style Fund was December 31, 2019 and the Fund commenced operations on January 2, 2020.

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

(2) Had
the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

(3) Not
annualized.

(4) Represents
actual net assets.

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

(6) Does
not include the expenses of other investment companies in which the Fund invests.

(7) Annualized.

(8) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by underlying investment companies in which
the Fund invests.

(9) Amount
represents less than $0.005 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Small Cap Value Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** | **Period\* Ended**<br>**December 31,**<br>**2019** |
| Net asset value, beginning of year/period | $16.76 | $12.39 | $11.76 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.25 | 0.21 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.94) | 4.53 | 0.67 | 1.69 |
| Total from investment operations | (0.72) | 4.78 | 0.88 | 1.84 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.20) | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) | (0.21) | (0.24) |  |
| Total distributions | (0.68) | (0.41) | (0.25) | (0.08) |
| Net asset value, end of year/period | $15.36 | $16.76 | $12.39 | $11.76 |
| Total return (2) | (4.38)% | 38.60% | 7.51% | 18.44% (6) |
| Net assets, at end of year/period (000s) | $15436 | $10648 | $2825 | $2827 |
| Ratio of gross expenses to average net assets (3)(4) | 1.99% | 3.63% | 5.62% | 14.59% (5) |
| Ratio of net expenses to average net assets (4) | 0.48% | 0.48% | 0.54% | 0.67% (5) |
| Ratio of net investment income to average net assets (4)(7) | 1.38% | 1.53% | 2.12% | 1.34% (5) |
| Portfolio turnover rate | 59% | 60% | 65% | 166% (6) |

---

\* The inception date of the Acclivity Small Cap Value Fund was December 31, 2018 and the Fund commenced operations on January 2, 2019.

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

(2) Had
the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

(4) Does
not include the expenses of other investment companies in which the Fund invests.

(5) Annualized.

(6) Not
annualized.

(7) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in
which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Small Cap Value Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** | **Period\* Ended**<br>**December 31,**<br>**2019** |
| Net asset value, beginning of year/period | $16.91 | $12.37 | $11.75 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.20 | 0.16 | 0.26 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.92) | 4.59 | 0.61 | 1.67 |
| Total from investment operations | (0.72) | 4.75 | 0.87 | 1.83 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) |  | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) | (0.21 | (0.24) |  |
| Total distributions | (0.67) | (0.21 | (0.25) | (0.08 |
| Net asset value, end of year/period | $15.52 | $16.91 | $12.37 | $11.75 |
| Total return (2) | (4.35)% | 38.40 | 7.43% | 18.34 |
| Net assets, at end of year/period (000s) | $11 | $18 | $10 | $12 |
| Ratio of gross expenses to average net assets (3)(4) | 1.54% | 3.88 | 5.87% | 81.62 |
| Ratio of net expenses to average net assets (4) | 0.73% | 0.73 | 0.79% | 0.92 |
| Ratio of net investment income to average net assets (4)(8) | 1.25% | 1.28 | 1.87% | 1.44 |
| Portfolio turnover rate | 59% | 60 | 65% | 166 |

---

\* The inception date of the Acclivity Small Cap Value Fund was December 31, 2018 and the Fund commenced operations on January 2, 2019.

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

(2) Had
the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

(4) Does
not include the expenses of other investment companies in which the Fund invests.

(5) Annualized.

(6) Not
annualized.

(7) Represents
actual net assets.

(8) Recognition
of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in
which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2022** |

---

**1.** **ORGANIZATION** 

The Acclivity Mid Cap Multi-Style Fund (the "Mid Cap Fund") and Acclivity Small Cap Value Fund (the "Small Cap Fund") (each a "Fund," collectively the "Funds") are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The inception date of the Mid Cap Fund was December 31, 2019, and the Mid Cap Fund commenced operations on January 2, 2020. The inception date of the Small Cap Fund was December 31, 2018, and the Small Cap Fund commenced operations on January 2, 2019. The Funds seek long term capital appreciation.

The Funds currently offer Class I shares and Class N shares. Class I and Class N shares are offered at net asset value without an initial sales charge. Class N shares are subject to a 0.25% Rule 12b-1 distribution and shareholder servicing fee. Each class represents an interest in the same assets of a Fund and classes are identical except for differences in ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its shareholder service and/or distribution plans.

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of 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 financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary 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 day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, 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. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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.

**Fair Valuation Process –** The 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 a 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 securities, 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.

Each Fund utilizes various methods to measure fair value of all of its investments on a recurring basis. GAAP establishes the 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 each 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

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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 a 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.

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 December 31, 2022 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acclivity Mid Cap Multi-Style Fund** | **Acclivity Mid Cap Multi-Style Fund** | **Acclivity Mid Cap Multi-Style Fund** | **Acclivity Mid Cap Multi-Style Fund** | **Acclivity Mid Cap Multi-Style Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $459845 | $— | $7 | $459852 |
| Partnership Shares | 3799 |  |  | 3799 |
| Money Market Fund | 48037 |  |  | 48037 |
| Total | $511681 | $— | $7 | $511688 |
| **Acclivity Small Cap Value Fund** | **Acclivity Small Cap Value Fund** | **Acclivity Small Cap Value Fund** | **Acclivity Small Cap Value Fund** | **Acclivity Small Cap Value Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Business Development Companies | $13475 | $— | $— | $13475 |
| Common Stocks | 15244304 |  |  | 15244304 |
| Partnership Shares | 99619 |  |  | 99619 |
| Right |  |  | 6 | 6 |
| Money Market Fund | 216710 |  |  | 216710 |
| Total | $15574108 | $— | $6 | $15574114 |

---

\* See each Fund's Schedule of Investments for classification.

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value for the Acclivity Mid Cap Multi-Style Fund:

---

| | |
|:---|:---|
|  | ABIOMED, Inc. |
| Beginning Balance | $0 |
| Total realized gain/(loss) |  |
| Unrealized Appreciation/(Depreciation) |  |
| Cost of Purchases | 7 |
| Proceeds from Sales |  |
| Proceeds from Principal |  |
| Accrued Interest |  |
| Net transfers in/out of level 3 |  |
| Ending Balance | $7 |

---

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value for the Acclivity Small Cap Value Fund:

---

| | | |
|:---|:---|:---|
|  | Pineapple Energy,<br>Inc. |<br>Zagg CVR |
| Beginning Balance | $0 | $0 |
| Total realized gain/(loss) |  |  |
| Unrealized Appreciation/(Depreciation) | 6 |  |
| Cost of Purchases |  |  |
| Proceeds from Sales |  |  |
| Proceeds from Principal |  |  |
| Accrued Interest |  |  |
| Net transfers in/out of level 3 |  |  |
| Ending Balance | $6 | $0 |

---

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. 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. Each 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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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) 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 ex-dividend date.

**Federal Income Taxes –** Each Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds recognize 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 each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the Small Cap Fund's December 31, 2019 year -end or the Small Cap Fund's and Mid Cap Fund's December 31, 2020-December 31, 2021 year end, or expected to be taken in the Funds' December 31, 2022 tax returns. Each Fund has identified its major tax jurisdictions as U.S. Federal, Ohio, and foreign jurisdictions where the Funds make significant investments. The Funds are 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.

**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, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

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

For the year ended December 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Mid Cap | $319779 | $104480 |
| Small Cap | 12280192 | 7110386 |

---

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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

Innealta Capital, LLC (the "Adviser") serves as investment adviser to the Funds. Pursuant to an Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. The Funds pay the Adviser a management fee at an annual rate of 0.35% and 0.39% of the Mid Cap Fund's and Small Cap Fund's average daily net assets, respectively. For the year ended December 31, 2022, the Adviser earned $1,389 and $47,103 from the Mid Cap Fund and Small Cap Fund, respectively.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until April 30, 2024, to waive a portion of its advisory fee and has agreed to reimburse each Fund for other expenses to the extent necessary so that the total expenses incurred by each Fund (excluding any front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) do not exceed 0.44% and 0.69% for Class I and Class N shares of the Mid Cap Fund, respectively, and 0.48% and 0.73% for Class I and Class N shares of the Small Cap Fund, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement for a Fund, and a Fund's operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by a Fund provided that such reimbursement does not cause a Fund's operating expenses to exceed its expense limitation. If a Fund's operating expenses subsequently exceed its expense limitation, the reimbursements for a Fund shall be suspended. The Adviser may seek reimbursement only for expenses waived or paid by it during the rolling three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time. For the year ended December 31, 2022, the Adviser waived advisory fees and reimbursed the Mid Cap Fund and Small Cap Fund for expenses in the amounts of $139,862 and $182,812, respectively.

The following amounts are subject to recapture by the Funds by the following date:

---

| | | | |
|:---|:---|:---|:---|
|  | **12/31/2023** | **12/31/2024** | **12/31/2025** |
| **Mid Cap** | $107373 | $142515 | $139862 |
| **Small Cap** | $117329 | $161991 | $182812 |

---

As of December 31, 2022, $135,510 in waived fees expired unrecouped for the Small Cap Fund.

*<u>Distributor</u>* – The distributor for the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class N shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act to pay for ongoing distribution-related activities or shareholder services. Under the Plan, the Funds are permitted to pay a fee at an annual rate of 0.25% of the average daily net assets of Class N shares. For the year ended December 31,

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

2022, pursuant to the Class N Plan, the Mid Cap Fund and Small Cap Fund incurred $0 and $7 in 12b-1 fees, respectively.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of each Fund's shares. For the year ended December 31, 2022, the Funds did not pay the Distributor any underwriting fees.

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

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

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> – NLCS, 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 Funds.

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

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br>**Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation** |
| Mid Cap Fund | $490721 | $50594 | $(29627) | $20967 |
| Small Cap Fund | 15161276 | 1513646 | (1100808) | 412838 |

---

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**6.** **SHAREHOLDERS & TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For fiscal year ended**<br>**12/31/2022** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |<br>**Total** |
| Mid Cap Fund | $5654 | $8663 | $14317 |
| Small Cap Fund | 157254 | 477958 | 635212 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** |  |
| **12/31/2021** | **Income** | **Capital Gains** | **Total** |
| Mid Cap Fund | $3888 | $70 | $3958 |
| Small Cap Fund | 119643 | 136481 | 256124 |

---

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** |<br>**Post October**<br>**Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings** |
| Mid Cap Fund | $— | $— | $(4417) | $(405) | $— | $20967 | $16145 |
| Small Cap Fund |  |  | (159660) |  |  | 412838 | 253178 |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for partnerships, and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Mid Cap Fund | $4417 |
| Small Cap Fund | 159660 |

---

---

| |
|:---|
| ***Acclivity Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

At December 31, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiring** | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| Mid Cap Fund | $– $| 405 | $– $| 405 | $— |
| Small Cap Fund | – |  | – |  |  |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2022, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Mid Cap Fund | $(440) | $440 |
| Small Cap Fund | (9210) | 9210 |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**Beneficial Owner** | **% of Outstanding**<br>**Shares** |
| Mid Cap Fund | Innealta Capital, LLC | 100% |
| Small Cap Fund | Charles Schwab & Co. | 33% |
|  | National Financial Services, LLC | 44% |

---

The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

**8.** **SUBSEQUENT EVENTS** 

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Northern Lights Fund Trust II**

**and the Shareholders of Acclivity Mid Cap Multi-Style Fund and**

**Acclivity Small Cap Value Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Acclivity Mid Cap Multi-Style Fund and Acclivity Small Cap Value Fund, each a series of shares of beneficial interest in Northern Lights Fund Trust II (the ***"Funds"***), including the schedules of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights as noted in the table below, 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 Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Fund** | **Financial Highlights Presented** |
| Acclivity Mid Cap Multi-Style Fund | The financial highlights for each of the years in the two- year period ended December 31, 2022 and for the period from January 2, 2020 (commencement of operations) through December 31, 2020 |
| Acclivity Small Cap Value Fund | The financial highlights for each of the years in the three- year period ended December 31, 2022 and for the period from January 2, 2019 (commencement of operations) through December 31, 2019 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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 December 31, 2022 by correspondence with the custodian and broker. 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.

![(-s- BBD, LLP)](af006_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Northern Lights Fund Trust II since 2012.*

**Philadelphia, Pennsylvania**

**March 1, 2023**

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| |
|:---|
| ***Acclivity Funds*** |
| **EXPENSE EXAMPLES (Unaudited)** |
| **December 31, 2022** |

---

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs including redemption fees; and (2) ongoing costs, including advisory fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

**Actual Expenses**

The "Actual Expenses" line in the table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" line in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning | | Expenses Paid | Annualized |
| | Account Value | Ending Account | During Period \* | Expense Ratio |
| Actual | 7/1/22 | Value 12/31/22 | 7/1/22-12/31/22 | During Period |
| Acclivity Mid Cap Multi-Style Fund |  |  |  |  |
| Class I | $1000.00 | $1077.50 | $2.30 | 0.44% |
| Class N | 1000.00 | 1077.50 | 3.61 | 0.69% |
| Acclivity Small Cap Value Fund |  |  |  |  |
| Class I | $1000.00 | $1096.90 | $2.54 | 0.48% |
| Class N | 1000.00 | 1096.50 | 3.86 | 0.73% |
| Hypothetical (5% return before Expenses) |  |  |  |  |
| Acclivity Mid Cap Multi-Style Fund |  |  |  |  |
| Class I | $1000.00 | $1022.99 | $2.24 | 0.44% |
| Class N | 1000.00 | 1021.73 | 3.52 | 0.69% |
| Acclivity Small Cap Value Fund |  |  |  |  |
| Class I | $1000.00 | $1022.79 | $2.45 | 0.48% |
| Class N | 1000.00 | 1021.53 | 3.72 | 0.73% |

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\* Expenses are equal to the average account value over the period, multiplied by a Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

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**FACTORS CONSIDERED BY THE TRUSTEES IN THE APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT**

At a Regular meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on October 17 and 18, 2022, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the Investment Advisory Agreement between the Trust, on behalf of the Acclivity Mid Cap Multi-Style Fund ("Acclivity Mid Cap") and the Acclivity Small Cap Value Fund ("Acclivity Small Cap Value", and collectively with Acclivity Mid Cap, the "Funds") and Innealta Capital, LLC ("Innealta") (the "Innealta Advisory Agreement").

Based on their evaluation of the information provided by Innealta in conjunction with Acclivity Small Cap Value's and Acclivity' Mid Cap's other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Innealta Advisory Agreement with respect to Acclivity Small Cap Value and Acclivity Mid Cap.

In advance of the Meeting, the Board requested and received materials to assist them in considering the renewal of the Innealta Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Innealta Advisory Agreement, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the continuation of the Innealta Advisory Agreement and comparative information relating to the advisory fee and other expenses of Acclivity Small Cap Value and Acclivity Mid Cap. The materials also included due diligence materials relating to Innealta (including due diligence questionnaires completed by Innealta, select financial information of Innealta, bibliographic information regarding Innealta's key management and investment advisory personnel, and comparative fee information relating to Acclivity Small Cap Value and Acclivity Mid Cap) and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from fund management.

The Board reviewed and discussed the written materials that were provided in advance of the Meeting and deliberated on the renewal of the Innealta Advisory Agreement with respect to Acclivity Small Cap Value and Acclivity Mid Cap. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Innealta Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Innealta Advisory Agreement. In considering the approval of the renewal of the Innealta Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Nature, Extent and Quality of Services*. The Board then reviewed materials provided by Innealta related to the approval of the renewal of the Innealta Advisory Agreement, including Innealta's Form ADV and related schedules, a description of the manner in which investment decisions are made and executed, a review of the personnel performing services for each of Acclivity Small Cap Value and Acclivity Mid-Cap, including the team of individuals that primarily monitor and execute the investment process. The Board discussed the extent of Innealta's research capabilities, the quality of Innealta's compliance infrastructure and the experience of its management personnel. The Board noted the addition of Dr. Glenn Freed as an investment strategist and portfolio manager for certain of the Funds. Additionally, the Board received satisfactory responses from the representative of Innealta with respect to a series of important questions, including: whether Innealta was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of Acclivity Small Cap Value and Acclivity Mid-Cap; whether there were procedures in place to adequately allocate trades among its respective clients; and whether Innealta's CCO would routinely review the portfolio managers' performance of their duties to ensure compliance under Innealta's compliance program. The Board also reviewed the information provided on the practices for monitoring compliance with each of Acclivity Small Cap Value and Acclivity Mid-Cap's investment limitations. The Board also discussed details of Innealta's compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust continued to represent that Innealta's policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted Innealta's representation that the prospectus and statement of additional information for Acclivity Small Cap Value and Acclivity Mid-Cap accurately describe such Fund's investment strategies. The Board then reviewed the capitalization of Innealta based on financial information provided, and representations made by Innealta and its representatives, and concluded that Innealta was sufficiently well-capitalized, or Innealta's owners had the ability to make additional contributions, in order to meet its obligations to each of Acclivity Small Cap Value and Acclivity Mid-Cap. The Board concluded that Innealta had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Innealta Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Innealta to each of Acclivity Small Cap Value and Acclivity Mid-Cap were satisfactory.

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Performance.* The Board then discussed the reports prepared by Broadridge and reviewed the performance of one year, three year and since inception periods ended September 30, 2022 for Acclivity Small Cap Value and the one year and since inception periods ended September 30, 2022 for Acclivity Mid-Cap. With respect to Acclivity Small Cap Value, the Board noted that Acclivity Small Cap Value outperformed the peer group median, Morningstar category median and its benchmark (the S&P 500 Total Return Index) for the one year and three year periods, and outperformed the peer group median and Morningstar category median, but underperformed its benchmark, for the since inception period. With respect to Acclivity Mid-Cap, the Board noted that Acclivity Mid-Cap outperformed the peer group median, Morningstar category median (Mid-Cap blend category) and benchmark (the S&P 500 Total Return Index) for the one year period and outperformed the peer group median and Morningstar category median, but underperformed the benchmark, for the since inception period The Board noted the portfolio managers' ability to manage risk and the recent addition of investment team personnel. After further discussion, the Board concluded that each of Acclivity Mid-Cap and Acclivity Small Cap Value's past performance was acceptable and generally in line with its risk level.

*Fees and Expenses*. As to the costs of the services to be provided by Innealta, the Board reviewed and discussed each of Acclivity Small Cap Value and Acclivity Mid-Cap's advisory fee and total operating expenses as compared to its peer group and its Morningstar category as presented in the Morningstar Report. The Board reviewed the contractual arrangements, noting that Innealta charges an advisory fee at an annual rate of 0.39% and 0.35% of the average daily net assets of Acclivity Small Cap Value and Acclivity Mid-Cap, respectively, under the Innealta Advisory Agreement. The Board noted the advisory fee for Acclivity Small Cap Value and Acclivity Mid-Cap was significantly lower than the peer group median and Morningstar category median. The Board also reviewed the net expenses for each of Acclivity Small Cap Value and Acclivity Mid-Cap as compared to its peer group and Morningstar category. The Board then reviewed the Operating Expenses Limitation Agreement noting that Innealta had agreed to waive or limit its advisory fee and/or reimburse expenses at least until April 30, 2024, in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 0.48% and 0.73% of Acclivity Small Cap Value's average net assets for Class I and Class N shares, respectively, and 0.44% and 0.69% of Acclivity Mid-Cap's average net assets for Class I and Class N shares, respectively, and found such arrangements to be beneficial to shareholders. The Board concluded that, based on Innealta's experience, expertise and services provided to each of Acclivity Small Cap Value and Acclivity Mid-Cap, the advisory fee charged by Innealta for each of Acclivity Small Cap Value and Acclivity Mid-Cap was not unreasonable.

*Profitability.* The Board also considered the level of profits that could be expected to accrue to Innealta with respect to each of Acclivity Small Cap Value and Acclivity Mid-Cap based on profitability reports and analyses prepared by Innealta and reviewed by the Board and the selected financial information of Innealta provided by Innealta. After review and discussion, the Board concluded that the anticipated profit from Innealta's relationship with each of Acclivity Small Cap Value and Acclivity Mid-Cap was not excessive.

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Economies of Scale*. As to the extent to which each of Acclivity Small Cap Value and Acclivity Mid-Cap would realize economies of scale as it grew, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed the current size of each of Acclivity Small Cap Value and Acclivity Mid-Cap, and Innealta's expectations for growth, and concluded that any material economies of scale would likely not be achieved in the near term.

*Conclusion.* Having requested and received such information from Innealta as the Board believed to be reasonably necessary to evaluate the terms of the Innealta Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees voting separately, determined that (a) the terms of the Innealta Advisory Agreement are not unreasonable with respect to Acclivity Mid Cap and Acclivity Small Cap Value; (b) the investment advisory fee payable for Acclivity Mid Cap and Acclivity Small Cap Value pursuant to the Innealta Advisory Agreement is not unreasonable; and (c) the Innealta Advisory Agreement is in the best interests of Acclivity Mid Cap and Acclivity Small Cap Value and its shareholders. In considering the renewal of the Innealta Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of the renewal of the Innealta Advisory Agreement was in the best interest of Acclivity Mid Cap and Acclivity Small Cap Value and its shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Innealta Advisory Agreement.

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| |
|:---|
| **Acclivity Funds** |
| **LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)** |
| **December 31, 2022** |

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The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration, among other factors, the respective Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal period ended December 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed each Fund's investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

The Trustees and the officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

**<u>Independent Trustees</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year**<br> **of Birth** | &nbsp;&nbsp;**Position/Term of**<br> **Office\*** | &nbsp;&nbsp;**Principal Occupation**<br> **During the Past Five Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios in**<br> **Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee\*\*** | &nbsp;&nbsp;**Other Directorships held by<br> Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;Brian Nielsen <br> 1972 | &nbsp;&nbsp;Trustee Since May 2011 | &nbsp;&nbsp;Trustee of Northern Lights Fund Trust II (since 2011); Special Projects Counsel of NorthStar Financial Services Group, LLC (from 2018 to 2019); Secretary of CLS Investments, LLC (from 2001 to 2018); Secretary of Orion Advisor Services, LLC (from 2001 to 2018); General Counsel and Secretary (from 2003 to 2018) of NorthStar Financial Services Group, LLC; CEO (from 2012 to 2018), Secretary (from 2003 to 2018) and Manager (from 2005 to 2018) of Northern Lights Distributors, LLC; Director, Secretary and General Counsel of Constellation Trust Company (from 2004 to 2018); CEO (from 2015 to 2018), General Counsel and Secretary (from 2011 to 2018) of Northern Lights Compliance Services, LLC; General Counsel and Secretary of Blu Giant, LLC (from 2011 to 2018); Secretary of Gemini Fund Services, LLC (from 2012 to 2018); Manager of Arbor Point Advisors, LLC (from 2012 to 2018); Director, Secretary and General Counsel of NorthStar CTC Holdings, Inc. (from 2015 to 2018) and Secretary and Chief Legal Officer of AdvisorOne Funds (from 2003 to 2018). | &nbsp;&nbsp;4 | &nbsp;&nbsp;Manager of Northern Lights Distributors, LLC (from 2005 to 2018); Manager of Arbor Point Advisors, LLC (from 2012 to 2018); Director of Constellation Trust Company (from 2004 to 2018) |
| &nbsp;&nbsp;Thomas T. Sarkany <br> 1946 | &nbsp;&nbsp;Trustee Since October 2011 | &nbsp;&nbsp;President, TTS Consultants, LLC (financial services) (since 2010); President, TTS Associates, Inc. (financial services) (since December 2022). | &nbsp;&nbsp;4 | &nbsp;&nbsp;Director, Aquila Distributors; Trustee, Arrow ETF Trust; Trustee, Arrow Investments Trust; Trustee, Northern Lights Fund Trust IV |
| &nbsp;&nbsp;Anthony H. Lewis <br> 1946 | &nbsp;&nbsp;Trustee Since May 2011 | &nbsp;&nbsp;Chairman and CEO of The Lewis Group USA (executive consulting firm) (since 2007). | &nbsp;&nbsp;4 | &nbsp;&nbsp;Director, Member of the Compensation Committee and Member of the Risk Committee of Torotel Inc. (Magnetics, Aerospace and Defense), Trustee, Chairman of the Fair Valuation Committee and Member of the Audit Committee of the Wildermuth Endowment Strategy Fund |
| &nbsp;&nbsp;Keith Rhoades <br> 1948 | &nbsp;&nbsp;Trustee Since May 2011 | &nbsp;&nbsp;Retired since 2008. | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;Randal D. Skalla <br> 1962 | &nbsp;&nbsp;Trustee Since May 2011 | &nbsp;&nbsp;President, L5 Enterprises, Inc. (financial services company) (since 2001). | &nbsp;&nbsp;4 | &nbsp;&nbsp;Board Member, Orizon Investment Counsel (financial services company) (from 2001 to 2017) |

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| |
|:---|
| **Acclivity Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

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***<u>Officers</u>***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Year of Birth** | &nbsp;&nbsp;**Position/Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation**<br> **During the Past Five Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex<br> Overseen by<br> Trustee\*\*** | &nbsp;&nbsp;**Other Directorships held by<br> Trustee<br> During the Past Five Years** |
| &nbsp;&nbsp;Kevin E. Wolf<br> 1969 | &nbsp;&nbsp;President Since January 2013 | &nbsp;&nbsp;Vice President of The Ultimus Group, LLC; Executive Vice President, Head of Fund Administration and Product (since 2019) and President (2012 - 2019) of Ultimus Fund Solutions, LLC (formerly, Gemini Fund Services, LLC). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Eric Kane <br> 1981 | &nbsp;&nbsp;Secretary Since August 2022 | &nbsp;&nbsp;Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (since 2020); Vice President and Counsel, Gemini Fund Services, LLC (2017-2020) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Erik Naviloff<br> 1968 | &nbsp;&nbsp;Treasurer Since January 2013 | &nbsp;&nbsp;Vice President of Ultimus Fund Solutions, LLC (formerly, Gemini Fund Services, LLC) (since 2011). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jared Lahman <br> 1986 | &nbsp;&nbsp;Anti-Money Laundering Officer since January 2022 | &nbsp;&nbsp;Compliance Analyst, Northern Lights Compliance Services, LLC (since January 2019); Manager, Fund Accounting, Gemini Fund Services, LLC (January 2014 to December 2018). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Emile R. Molineaux<br> 1962 | &nbsp;&nbsp;Chief Compliance Officer Since May 2011 | &nbsp;&nbsp;Senior Compliance Officer and CCO of Various clients of Northern Lights Compliance Services, LLC (since 2011). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* The term of office for each Trustee and Officer listed above will continue indefinitely.

\*\* As of December 31, 2022, the Trust was comprised of 19 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds and the Dynamic International Opportunity Fund and the Dynamic US Opportunity Fund, and not to any other series of the Trust. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

***Privacy Policy***

**Rev. May 2021**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;WHAT DOES NORTHERN LIGHTS FUND TRUST II ("NLFT II") DO WITH YOUR PERSONAL INFORMATION? | &nbsp;&nbsp;WHAT DOES NORTHERN LIGHTS FUND TRUST II ("NLFT II") DO WITH YOUR PERSONAL INFORMATION? |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;● Social Security number<br>● Employment information<br>● Account balances | &nbsp;&nbsp;● Account transactions<br>● Income<br>● Investment experience |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;<br> When you are no longer our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;<br> When you are no longer our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share a customer's personal information to run their everyday business - to process transactions, maintain customer accounts, and report to credit bureaus. In the section below, we list the reasons financial companies can share their customer's personal information; the reasons NLFT II chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share a customer's personal information to run their everyday business - to process transactions, maintain customer accounts, and report to credit bureaus. In the section below, we list the reasons financial companies can share their customer's personal information; the reasons NLFT II chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Reasons we can share your personal information | &nbsp;&nbsp;**Does NLFT II**<br> **share?** | &nbsp;&nbsp;**Can you limit**<br> **this sharing?** |
| &nbsp;&nbsp;<br> For our everyday business purposes —<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus<br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;<br> For our marketing purposes —<br> to offer our products and services to you<br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;<br> For joint marketing with other financial companies<br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;<br> For our affiliates' everyday business purposes —<br> information about your transactions and experiences<br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;<br> For our affiliates' everyday business purposes —<br> information about your creditworthiness<br>| &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;<br> For nonaffiliates to market to you<br>| &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-631-490-4300 |

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| | |
|:---|:---|
| &nbsp;&nbsp;Who we are | &nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Northern Lights Fund Trust II |
| &nbsp;&nbsp;What we do | &nbsp;&nbsp;What we do |
| &nbsp;&nbsp;**How does NLFT II protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.  |
| &nbsp;&nbsp;**How does NLFT II collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you |
| &nbsp;&nbsp;**How does NLFT II collect my personal information?** | &nbsp;&nbsp;● provide account information<br>● give us your contact information |
| &nbsp;&nbsp;**How does NLFT II collect my personal information?** | &nbsp;&nbsp;We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>● sharing for affiliates' everyday business purposes—information about your creditworthiness<br>● affiliates from using your information to market to you<br>● sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;Definitions | &nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>● *NLFT II has no affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>● *NLFT II does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products and services to you.<br>● *Our joint marketing partners include other financial service companies.* |

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**<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855 -873-3837 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

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| |
|:---|
| **INVESTMENT ADVISER** |
| Innealta Capital, LLC |
| 13215 Bee Cave Pkwy, Bldg A, Suite 240 |
| Austin, Texas 78738 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| Acclivity-AR-22 |

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(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, 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) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to,
the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

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

(a)(1)ii The board of directors of the fund has determined that the fund does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an "audit committee financial expert," whether through the type of specialized education or experience required by that instruction. At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund's level of financial complexity. The board will from time to time reexamine such belief.

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

(a)  **<u>Audit Fees</u>** 

2022 - $24,000

2021 - $24,000

2020 - $22,000

(b)  **<u>Audit-Related Fees</u>** 

2022 - None

2021 - None

2020 - None

(c)  **<u>Tax Fees</u>** 

2022 - $6,000

2021 - $4,400

2020 - $4,400

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)  **<u>All Other Fees</u>** 

2022 - None

2021 - None

2020 - None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2022</u> <u>2021</u> <u>2020</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees: 0.00% 0.00% 0.00%

Tax Fees: 0.00% 0.00% 0.00%

All Other Fees: 0.00% 0.00% 0.00%

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended
on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time,
permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
services to the registrant:

2022 - $6,000

2021 - $4,400

2020 - $4,400

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser
(not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining
the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

**Item 6. Schedule of Investments.** See Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** None

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

(a)(1) [Code of Ethics herewith](nlftiicoe.htm).

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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 II</u>

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/7/23</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)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/7/23</u> 

By (Signature and Title)

 <u>/s/ Erik Naviloff</u> 

Erik Naviloff, Principal Financial Officer/Treasurer

Date <u>3/7/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of Acclivity Mid Cap Multi-Style Fund and Acclivity Small Cap Value Fund (each a series of Northern Lights Fund Trust II);

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;

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;

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

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: <u>3/7/23</u> <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf

Principal Executive Officer/President

I, Erik Naviloff, certify that:

1. I have reviewed this report on Form N-CSR of Acclivity Mid Cap Multi-Style Fund and Acclivity Small Cap Value Fund (each a series of Northern Lights Fund Trust II);

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;

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;

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

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: <u>3/7/23</u> <u>/s/ Erik Naviloff</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erik Naviloff

Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his 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 year ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 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 Financial Officer/Treasurer

Northern Lights Fund Trust II Northern Lights Fund Trust II

<u>/s/ Kevin E. Wolf</u> <u>/s/ Erik Naviloff</u> 

Kevin E. Wolf Erik Naviloff

Date: <u>3/7/23</u> Date: <u>3/7/23</u> 

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 II and will be retained by the Northern Lights Fund Trust II 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

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

 **CODE OF ETHICS**

May 17, 2011

Northern Lights Fund Trust II (the "Trust") and each of its series (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.

**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 the Trust.

**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.

**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.

**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.**

***DEFINITIONS***

**"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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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.

**"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.

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

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

**"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.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding 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 Advisers personnel.

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

**"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.

**"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.

**"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 the 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.

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

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

**"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.

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

**"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 know 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.

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

**"Trust"** means Northern Lights Fund Trust II.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

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 other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person 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;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp; E.

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

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

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

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:

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

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

· Purchase of Securities made as part of automatic dividend reinvestment plans;

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

· 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.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction 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 shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts 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 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 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, such person shall cancel the trade.

***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 of all Access Persons pursuant to the procedures established under this Code.

**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.

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.

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.

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:

· 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;

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

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· 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.

***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 Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts 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 Trusts 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.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

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

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

· 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.

***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.

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