# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-001657
**Filing Date:** 2026-3
**Character Count:** 273158
**Document Hash:** b48586aac880cf1c3751947faa98166a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001657.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001657

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26734181

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

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

## Series and Classes Contracts Data

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

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

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

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

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

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

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

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

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.**

(a) # Fulcrum Diversified Absolute Return Fund

#### Institutional Class (FARIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about Fulcrum Diversified Absolute Return Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.fulcrumassetfunds.com/**. You can also request this information by contacting us at 855-538-5278. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Institutional** | **$66** | **1.26%<sup>Footnote Reference\*</sup>** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The period saw an increase in global equities as fears regarding the effects of tariffs which had been prevalent in the first half of the year, abated. Inflation stayed relatively contained, and with some signs of a cooling labour market, the US Federal Reserve continued its interest rate cutting cycle. Despite the pivot to easier monetary policy, global bond returns were modest, whilst precious metals were the standout performer, continuing their strong performance from the first half of 2025, assisted by a declining US dollar. The Institutional Class shares returned +6.69% for the six-month period ended December 31, 2025. All sub-strategies added to returns, with Discretionary Macro strategies being the largest contributor with strong performance from commodities and equity macro strategies. Dynamic Asset Allocation gains were underpinned by equity exposures, whilst Diversifying Strategies successfully captured the trend in equities, currencies and commodities.

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

## Total Return Based on $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i48dc431f469eed18bcda60ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fulcrum Diversified Absolute Return Fund** | **Bloomberg Global Aggregate USD Hedged Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **Jul-2015** | $1000000 | $1000000 | $1000000 |
| **Dec-2015** | $977000 | $1004223 | $1000493 |
| **Dec-2016** | $979888 | $1043856 | $1003770 |
| **Dec-2017** | $997457 | $1075547 | $1012353 |
| **Dec-2018** | $978256 | $1094506 | $1031333 |
| **Dec-2019** | $1046111 | $1184435 | $1054851 |
| **Dec-2020** | $1147391 | $1250533 | $1061897 |
| **Dec-2021** | $1196860 | $1233141 | $1062419 |
| **Dec-2022** | $1220452 | $1094799 | $1078035 |
| **Dec-2023** | $1229145 | $1173042 | $1132422 |
| **Dec-2024** | $1316942 | $1212864 | $1192246 |
| **Dec-2025** | $1492662 | $1271855 | $1242413 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**6 Months** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Fulcrum Diversified Absolute Return Fund | &nbsp;&nbsp;6.69% | &nbsp;&nbsp;13.34% | &nbsp;&nbsp;5.40% | &nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;Bloomberg Global Aggregate USD Hedged Index | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;4.86% | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;ICE BofA 3-Month U.S. Treasury Bill Index | &nbsp;&nbsp;2.08% | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;3.19% | &nbsp;&nbsp;2.19% |

---

## **Fund Statistics** 
* Net Assets$265,126,852

* Number of Portfolio Holdings1,372

* Advisory Fee (net of waivers)$1,085,536

* Portfolio Turnover42%

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 855-538-5278.***

## What did the Fund invest in?

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i89f468d4416eb3a2c5da044d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 14.6% |
| Corporate Bonds | 0.1% |
| Government Related | 5.7% |
| Purchased Options | 16.8% |
| U.S. Government & Agencies | 62.8% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5687cae44e97e9513d77aeba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short Term Government Bonds | 46.6 |
| North American Equities | 8.5 |
| Commodity Derivatives | 5.4 |
| Governments-Treasuries | 4.2 |
| Equity Derivatives | 2.4 |
| Currency Derivatives | 2.3 |
| European ex-UK Equities | 1.2 |
| UK Equities | 0.4 |
| Japanese Equities | 0.4 |
| Asia ex-Japan Equities | 0.2 |
| Australian Equities | 0.1 |
| South American Equities | 0.1 |
| Corporate Bonds | 0.1 |
| Interest Rate Derivatives | (0.3) |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus, dated October 28, 2025 or upon request at 855-538-5278.

Effective October 29, 2025, the Institutional Class's expense limitation was increased from 1.25% of the Fund's average daily net assets to 1.28% of the Fund's average daily net assets.

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-FARIX

# Fulcrum Diversified Absolute Return Fund (FARIX)

#### Semi-Annual Shareholder Report - December 31, 2025

# Fulcrum Diversified Absolute Return Fund

#### Super Institutional Class (FARYX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about Fulcrum Diversified Absolute Return Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.fulcrumassetfunds.com/**. You can also request this information by contacting us at 855-538-5278. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Super Institutional** | **$61** | **1.18%<sup>Footnote Reference\*</sup>** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The period saw an increase in global equities as fears regarding the effects of tariffs which had been prevalent in the first half of the year, abated. Inflation stayed relatively contained, and with some signs of a cooling labour market, the US Federal Reserve continued its interest rate cutting cycle. Despite the pivot to easier monetary policy, global bond returns were modest, whilst precious metals were the standout performer, continuing their strong performance from the first half of 2025, assisted by a declining US dollar. The Super Institutional Class shares returned +6.62% for the six-month period ended December 31, 2025. All sub-strategies added to returns, with Discretionary Macro strategies being the largest contributor with strong performance from commodities and equity macro strategies. Dynamic Asset Allocation gains were underpinned by equity exposures, whilst Diversifying Strategies successfully captured the trend in equities, currencies and commodities.

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

## Total Return Based on $25,000,000 Investment
![Chart showing performance over last 10 years or since inception](i7cac503248e71fb916a4e40c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fulcrum Diversified Absolute Return Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **Bloomberg Global Aggregate USD Hedged Index** |
| **Jul-15** | $25000000 | $25000000 | $25000000 |
| **Dec-15** | 24425000 | 25012324 | 25105565 |
| **Dec-16** | 24497316 | 25094245 | 26096409 |
| **Dec-17** | 24961665 | 25308834 | 26888666 |
| **Dec-18** | 24486188 | 25783323 | 27362661 |
| **Dec-19** | 26188643 | 26371268 | 29610874 |
| **Dec-20** | 28762370 | 26547434 | 31263326 |
| **Dec-21** | 29999738 | 26560484 | 30828525 |
| **Dec-22** | 30656287 | 26950876 | 27369978 |
| **Dec-23** | 30898339 | 28310545 | 29326059 |
| **Dec-24** | 33120867 | 29806145 | 30321606 |
| **Dec-25** | 37544391 | 31060331 | 31796375 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**6 Months** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Fulcrum Diversified Absolute Return Fund | &nbsp;&nbsp;6.62% | &nbsp;&nbsp;13.36% | &nbsp;&nbsp;5.47% | &nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;Bloomberg Global Aggregate USD Hedged Index | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;4.86% | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;ICE BofA 3-Month U.S. Treasury Bill Index | &nbsp;&nbsp;2.08% | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;3.19% | &nbsp;&nbsp;2.19% |

---

## **Fund Statistics** 
* Net Assets$265,126,852

* Number of Portfolio Holdings1,372

* Advisory Fee (net of waivers)$1,085,536

* Portfolio Turnover42%

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 855-538-5278.***

## What did the Fund invest in?

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i89f468d4416eb3a2c5da044d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 14.6% |
| Corporate Bonds | 0.1% |
| Government Related | 5.7% |
| Purchased Options | 16.8% |
| U.S. Government & Agencies | 62.8% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5687cae44e97e9513d77aeba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short Term Government Bonds | 46.6 |
| North American Equities | 8.5 |
| Commodity Derivatives | 5.4 |
| Governments-Treasuries | 4.2 |
| Equity Derivatives | 2.4 |
| Currency Derivatives | 2.3 |
| European ex-UK Equities | 1.2 |
| UK Equities | 0.4 |
| Japanese Equities | 0.4 |
| Asia ex-Japan Equities | 0.2 |
| Australian Equities | 0.1 |
| South American Equities | 0.1 |
| Corporate Bonds | 0.1 |
| Interest Rate Derivatives | (0.3) |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus, dated October 28, 2025 or upon request at 855-538-5278.

Effective October 29, 2025, the Super Institutional Class's expense limitation was increased from 1.17% of the Fund's average daily net assets to 1.20% of the Fund's average daily net assets.

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-FARYX

# Fulcrum Diversified Absolute Return Fund (FARYX)

#### Semi-Annual Shareholder Report - December 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

---

| |
|:---|
| ![(FALCRUM LOGO)](fu001_v1.jpg) |
| **Fulcrum Diversified Absolute Return Fund** |

---

---

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

---

---

| |
|:---|
| *a series of Northern Lights Fund Trust IV* |
| **Semi-Annual Consolidated Financial Statements** |
| **& Additional Information** |
| **December 31, 2025** |
| 855-538-5278 |
| www.fulcrumassetfunds.com |
| fulcrumfunds@ultimusfundsolutions.com |

---

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9%** |  |
|  | **ADVERTISING & MARKETING - 0.0%<sup>(a)</sup>** |  |
| 44 | Omnicom Group, Inc. | $3553 |
| 91 | Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 3454 |
|  |  | 7007 |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 202 | Dassault Aviation S.A.<sup>(c)</sup> | 64976 |
| 4623 | Saab A.B. <sup>(c)</sup> | 269949 |
| 9 | Teledyne Technologies, Inc.<sup>(b)</sup> | 4597 |
|  |  | 339522 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.1%** |  |
| 300 | adidas A.G.<sup>(c)</sup> | 59581 |
| 288 | Deckers Outdoor Corporation<sup>(b)</sup> | 29857 |
| 92 | Gildan Activewear, Inc. <sup>(c)</sup> | 5750 |
| 29 | Hermes International SCA<sup>(c)</sup> | 72296 |
| 59 | LVMH Moet Hennessy Louis Vuitton S.E. <sup>(c)</sup> | 44707 |
| 261 | NIKE, Inc., Class B | 16628 |
|  |  | 228819 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 126 | 3i Group PLC<sup>(c)</sup> | 5542 |
| 433 | Ares Management Corporation, Class A | 69986 |
| 121 | Blackrock, Inc. | 129512 |
| 153 | Blackstone, Inc. | 23583 |
| 153 | EQT A.B. <sup>(c)</sup> | 6046 |
| 66 | Groupe Bruxelles Lambert N.V. <sup>(c)</sup> | 5889 |
| 166 | ICG plc<sup>(c)</sup> | 4596 |
|  |  | 245154 |
|  | **AUTOMOTIVE - 0.2%** |  |
| 165 | Niterra Company Ltd. <sup>(c)</sup> | 7259 |
| 126 | Rheinmetall A.G. <sup>(c)</sup> | 231069 |
| 892 | Tesla, Inc.<sup>(b)</sup> | 401151 |
|  |  | 639479 |
|  | **BANKING - 0.6%** |  |
| 27536 | Banco Santander S.A.<sup>(c)</sup> | 325761 |
| 2230 | Bank of America Corporation | 122650 |
| 508 | Bank of Ireland Group PLC<sup>(c)</sup> | 9773 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **BANKING - 0.6% (Continued)** |  |
| 285 | Bank of Nova Scotia (The) <sup>(c)</sup> | $21019 |
| 1891 | Barclays PLC<sup>(c)</sup> | 12132 |
| 406 | Citigroup, Inc. | 47376 |
| 1678 | Danske Bank A/S<sup>(c)</sup> | 84120 |
| 80 | Erste Group Bank A.G.<sup>(c)</sup> | 9671 |
| 7913 | HSBC Holdings PLC<sup>(c)</sup> | 125208 |
| 1520 | JPMorgan Chase & Company | 489773 |
| 62 | KBC Group N.V.<sup>(c)</sup> | 8103 |
| 7990 | Lloyds Banking Group PLC<sup>(c)</sup> | 10581 |
| 872 | NatWest Group PLC<sup>(c)</sup> | 7662 |
| 495 | Royal Bank of Canada<sup>(c)</sup> | 84386 |
| 8460 | Standard Chartered PLC<sup>(c)</sup> | 207785 |
| 829 | Sumitomo Mitsui Financial Group, Inc.<sup>(c)</sup> | 26681 |
| 296 | UniCredit SpA<sup>(c)</sup> | 24662 |
| 787 | Westpac Banking Corporation<sup>(c)</sup> | 20270 |
|  |  | 1637613 |
|  | **BEVERAGES - 0.1%** |  |
| 155 | Celsius Holdings, Inc.<sup>(b)</sup> | 7090 |
| 2414 | Monster Beverage Corporation<sup>(b)</sup> | 185082 |
| 599 | PepsiCo, Inc. | 85968 |
|  |  | 278140 |
|  | **BIOTECH & PHARMA - 0.5%** |  |
| 661 | AbbVie, Inc. | 151032 |
| 115 | Amgen, Inc. | 37641 |
| 331 | AstraZeneca PLC<sup>(c)</sup> | 61530 |
| 425 | Bayer A.G.<sup>(c)</sup> | 18479 |
| 454 | Bristol-Myers Squibb Company | 24489 |
| 105 | CSL Ltd.<sup>(c)</sup> | 12096 |
| 2849 | Daiichi Sankyo Company Ltd.<sup>(c)</sup> | 60898 |
| 390 | Eli Lilly & Company | 419124 |
| 875 | Johnson & Johnson | 181081 |
| 938 | Merck & Company, Inc. | 98734 |
| 433 | Novartis A.G.<sup>(c)</sup> | 59907 |
| 2173 | Novo Nordisk A/S, Class B<sup>(c)</sup> | 111209 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **BIOTECH & PHARMA - 0.5% (Continued)** |  |
| 151 | Roche Holding A.G.<sup>(c)</sup> | $62559 |
| 244 | Sanofi S.A.<sup>(c)</sup> | 23712 |
|  |  | 1322491 |
|  | **CABLE & SATELLITE - 0.0%<sup>(a)</sup>** |  |
| 845 | Comcast Corporation, Class A | 25257 |
|  | **CHEMICALS - 0.1%** |  |
| 57 | Arkema S.A. <sup>(c)</sup> | 3492 |
| 416 | Linde PLC | 177378 |
|  |  | 180870 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.2%** |  |
| 2636 | Compass Group PLC<sup>(c)</sup> | 84002 |
| 1859 | Recruit Holdings Company Ltd.<sup>(c)</sup> | 105003 |
| 869 | Republic Services, Inc. | 184167 |
| 636 | Waste Connections, Inc. <sup>(c)</sup> | 111541 |
| 374 | Waste Management, Inc. | 82172 |
|  |  | 566885 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 112 | Amrize Ltd.<sup>(b),(c)</sup> | 6160 |
| 318 | CRH PLC<sup>(c)</sup> | 39883 |
| 112 | Holcim A.G.<sup>(c)</sup> | 10994 |
| 1405 | Kingspan Group PLC<sup>(c)</sup> | 122393 |
|  |  | 179430 |
|  | **CONTAINERS & PACKAGING - 0.0%<sup>(a)</sup>** |  |
| 597 | AptarGroup, Inc. | 72810 |
|  | **DIVERSIFIED INDUSTRIALS - 0.1%** |  |
| 886 | Emerson Electric Company | 117590 |
| 159 | Siemens A.G.<sup>(c)</sup> | 44672 |
|  |  | 162262 |
|  | **E-COMMERCE DISCRETIONARY - 0.3%** |  |
| 3152 | Amazon.com, Inc.<sup>(b)</sup> | 727544 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.6%** |  |
| 476 | Alliant Energy Corporation | $30945 |
| 2042 | Ameren Corporation | 203914 |
| 703 | American Electric Power Company, Inc. | 81063 |
| 211 | Boralex, Inc. <sup>(c)</sup> | 3894 |
| 859 | Consolidated Edison, Inc. | 85316 |
| 296 | Duke Energy Corporation | 34694 |
| 5994 | E.ON S.E.<sup>(c)</sup> | 113549 |
| 1043 | Edison International | 62601 |
| 726 | EDP Renovaveis S.A.<sup>(c)</sup> | 10269 |
| 782 | Elia Group S.A.<sup>(c)</sup> | 100782 |
| 1713 | Enel SpA<sup>(c)</sup> | 17865 |
| 283 | Engie S.A.<sup>(c)</sup> | 7451 |
| 1014 | Evergy, Inc. | 73505 |
| 822 | Eversource Energy | 55345 |
| 111 | FirstEnergy Corporation | 4969 |
| 1064 | Hydro One Ltd. <sup>(c)</sup> | 42356 |
| 4838 | Iberdrola S.A.<sup>(c)</sup> | 104950 |
| 1291 | NextEra Energy, Inc. | 103641 |
| 140 | RWE A.G. <sup>(c)</sup> | 7444 |
| 930 | Sempra | 82110 |
| 984 | Southern Company (The) | 85805 |
| 2849 | SSE PLC<sup>(c)</sup> | 83685 |
| 6940 | Terna - Rete Elettrica Nazionale<sup>(c)</sup> | 73819 |
| 591 | Tohoku Electric Power Company, Inc.<sup>(c)</sup> | 4351 |
| 1092 | WEC Energy Group, Inc. | 115162 |
|  |  | 1589485 |
|  | **ELECTRICAL EQUIPMENT - 0.4%** |  |
| 837 | AMETEK, Inc. | 171844 |
| 145 | Assa Abloy A.B., Class B<sup>(c)</sup> | 5652 |
| 1516 | Carrier Global Corporation | 80105 |
| 52 | Daikin Industries Ltd.<sup>(c)</sup> | 6666 |
| 2123 | Nibe Industrier A.B. <sup>(c)</sup> | 8214 |
| 27 | Novanta, Inc.<sup>(b)</sup> | 3213 |
| 1302 | nVent Electric PLC | 132765 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.4% (Continued)** |  |
| 2279 | Prysmian SpA<sup>(c)</sup> | $231275 |
| 16 | Schindler Holding A.G. <sup>(c)</sup> | 6043 |
| 425 | Schneider Electric S.E.<sup>(c)</sup> | 117284 |
| 489 | Trane Technologies PLC | 190320 |
|  |  | 953381 |
|  | **ENGINEERING & CONSTRUCTION - 0.1%** |  |
| 258 | Gaztransport Et Technigaz S.A. <sup>(c)</sup> | 47466 |
| 866 | WSP Global, Inc. <sup>(c)</sup> | 156799 |
|  |  | 204265 |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 200 | Capcom Company Ltd. <sup>(c)</sup> | 4662 |
| 84 | ROBLOX Corporation, Class A<sup>(b)</sup> | 6807 |
| 405 | Take-Two Interactive Software, Inc.<sup>(b)</sup> | 103692 |
| 611 | Walt Disney Company (The) | 69513 |
|  |  | 184674 |
|  | **FOOD - 0.1%** |  |
| 536 | Bakkafrost P/F<sup>(c)</sup> | 27466 |
| 2500 | Mowi ASA<sup>(c)</sup> | 60320 |
| 566 | Nestle S.A.<sup>(c)</sup> | 56258 |
| 383 | Salmar ASA<sup>(c)</sup> | 23463 |
| 3101 | Vital Farms, Inc.<sup>(b)</sup> | 99046 |
|  |  | 266553 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%<sup>(a)</sup>** |  |
| 407 | West Fraser Timber Company Ltd. <sup>(c)</sup> | 24899 |
|  | **GAS & WATER UTILITIES - 0.0%<sup>(a)</sup>** |  |
| 35 | American Water Works Company, Inc. | 4568 |
| 155 | Veolia Environnement S.A.<sup>(c)</sup> | 5411 |
|  |  | 9979 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 2415 | Cardinal Health, Inc. | 496283 |
| 1814 | Cencora, Inc. | 612678 |
| 77 | Centene Corporation<sup>(b)</sup> | 3169 |
| 309 | Cigna Group (The) | 85046 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8% (Continued)** |  |
| 282 | CVS Health Corporation | $22380 |
| 197 | Elevance Health, Inc. | 69058 |
| 16 | Humana, Inc. | 4098 |
| 745 | McKesson Corporation | 611116 |
| 339 | UnitedHealth Group, Inc. | 111907 |
|  |  | 2015735 |
|  | **HOME CONSTRUCTION - 0.0%<sup>(a)</sup>** |  |
| 511 | DR Horton, Inc. | 73599 |
| 57 | KB Home | 3215 |
| 476 | Lennar Corporation, Class A | 48933 |
| 1 | NVR, Inc.<sup>(b)</sup> | 7293 |
| 35 | PulteGroup, Inc. | 4104 |
|  |  | 137144 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 477 | Church & Dwight Company, Inc. | 39996 |
| 343 | Colgate-Palmolive Company | 27104 |
| 58 | Estee Lauder Companies, Inc. (The), Class A | 6074 |
| 1286 | Procter & Gamble Company (The) | 184296 |
| 91 | Reckitt Benckiser Group PLC<sup>(c)</sup> | 7363 |
| 12416 | Unicharm Corporation<sup>(c)</sup> | 70947 |
| 483 | Unilever plc<sup>(c)</sup> | 31640 |
|  |  | 367420 |
|  | **INDUSTRIAL REIT - 0.1%** |  |
| 6933 | Goodman Group<sup>(c)</sup> | 143314 |
| 202 | Prologis, Inc. | 25787 |
|  |  | 169101 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.0%<sup>(a)</sup>** |  |
| 56 | Ashtead Group PLC<sup>(c)</sup> | 3839 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2%** |  |
| 74 | CME Group, Inc. | 20208 |
| 24 | Deutsche Boerse A.G.<sup>(c)</sup> | 6307 |
| 68 | Goldman Sachs Group, Inc. (The) | 59772 |
| 2647 | Interactive Brokers Group, Inc., Class A | 170229 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2% (Continued)** |  |
| 124 | Intercontinental Exchange, Inc. | $20083 |
| 101 | London Stock Exchange Group PLC<sup>(c)</sup> | 12188 |
| 725 | Morgan Stanley | 128709 |
|  |  | 417496 |
|  | **INSURANCE - 0.3%** |  |
| 2413 | AIA Group Ltd.<sup>(c)</sup> | 24773 |
| 55 | Allstate Corporation (The) | 11448 |
| 453 | Aon PLC, Class A | 159855 |
| 1621 | Arch Capital Group Ltd.<sup>(b)</sup> | 155486 |
| 303 | Arthur J. Gallagher & Company | 78413 |
| 107 | Marsh & McLennan Companies, Inc. | 19851 |
| 205 | MS&AD Insurance Group Holdings, Inc.<sup>(c)</sup> | 4820 |
| 847 | Progressive Corporation (The) | 192879 |
| 180 | SCOR S.E.<sup>(c)</sup> | 6078 |
| 183 | Sompo Holdings, Inc.<sup>(c)</sup> | 6234 |
| 10047 | Sony Financial Group, Inc. <sup>(c)</sup> | 10648 |
| 39 | Swiss Re A.G.<sup>(c)</sup> | 6540 |
| 415 | Tokio Marine Holdings, Inc.<sup>(c)</sup> | 15413 |
| 726 | Travelers Companies, Inc. (The) | 210584 |
| 55 | Voya Financial, Inc. | 4097 |
| 31 | Zurich Insurance Group A.G.<sup>(c)</sup> | 23550 |
|  |  | 930669 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 781 | Airbnb, Inc., Class A<sup>(b)</sup> | 105997 |
| 1853 | Alphabet, Inc., Class A | 579989 |
| 1586 | Alphabet, Inc., Class C | 497687 |
| 430 | Auto Trader Group PLC<sup>(c)</sup> | 3399 |
| 752 | Meta Platforms, Inc., Class A | 496388 |
| 1540 | Netflix, Inc.<sup>(b)</sup> | 144390 |
| 206 | REA Group Ltd. <sup>(c)</sup> | 25207 |
| 542 | Rightmove PLC<sup>(c)</sup> | 3796 |
| 260 | Shopify, Inc., Class A<sup>(b) (c)</sup> | 41863 |
| 31 | Spotify Technology S.A.<sup>(b)</sup> | 18002 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.8% (Continued)** |  |
| 2398 | Uber Technologies, Inc.<sup>(b)</sup> | $195941 |
|  |  | 2112659 |
|  | **LEISURE FACILITIES & SERVICES - 0.1%** |  |
| 1820 | Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 67340 |
| 222 | McDonald's Corporation | 67850 |
| 246 | Starbucks Corporation | 20716 |
|  |  | 155906 |
|  | **MACHINERY - 0.0%<sup>(a)</sup>** |  |
| 567 | Atlas Copco A.B., Class A<sup>(c)</sup> | 10226 |
| 336 | Atlas Copco A.B., Class B<sup>(c)</sup> | 5438 |
| 1574 | Ingersoll Rand, Inc. | 124692 |
| 325 | TOMRA Systems ASA<sup>(c)</sup> | 4385 |
|  |  | 144741 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.3%** |  |
| 379 | Abbott Laboratories | 47485 |
| 1592 | Boston Scientific Corporation<sup>(b)</sup> | 151797 |
| 48 | Cochlear Ltd.<sup>(c)</sup> | 8348 |
| 668 | Danaher Corporation | 152919 |
| 213 | Edwards Lifesciences Corporation<sup>(b)</sup> | 18158 |
| 65 | Illumina, Inc.<sup>(b)</sup> | 8525 |
| 324 | Insulet Corporation<sup>(b)</sup> | 92094 |
| 36 | Mettler-Toledo International, Inc.<sup>(b)</sup> | 50191 |
| 323 | Thermo Fisher Scientific, Inc. | 187163 |
|  |  | 716680 |
|  | **METALS & MINING - 0.1%** |  |
| 7978 | Hecla Mining Company | 153098 |
| 148 | Newmont Corporation | 14778 |
| 243 | Rio Tinto PLC<sup>(c)</sup> | 19634 |
| 693 | Royal Gold, Inc. | 154048 |
|  |  | 341558 |
|  | **MULTI ASSET CLASS REIT - 0.0%<sup>(a)</sup>** |  |
| 474 | Segro PLC<sup>(c)</sup> | 4603 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 2662 | CNX Resources Corporation<sup>(b)</sup> | $97882 |
| 2763 | Cosan S.A.<sup>(b) (c)</sup> | 2683 |
| 4207 | Itochu Enex Company Ltd. <sup>(c)</sup> | 50980 |
| 516 | Sunococorp, LLC | 25428 |
|  |  | 176973 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.2%** |  |
| 14458 | Aker Solutions ASA<sup>(c)</sup> | 44351 |
| 3594 | Baker Hughes Company | 163671 |
| 1606 | Oceaneering International, Inc.<sup>(b)</sup> | 38592 |
| 2514 | SBM Offshore N.V. <sup>(c)</sup> | 72360 |
| 3174 | SLB Ltd. | 121818 |
|  |  | 440792 |
|  | **PUBLISHING & BROADCASTING - 0.0%<sup>(a)</sup>** |  |
| 3273 | Future PLC<sup>(c)</sup> | 23230 |
|  | **REAL ESTATE SERVICES - 0.0%<sup>(a)</sup>** |  |
| 3241 | Savills PLC | 43515 |
|  | **RESIDENTIAL REIT - 0.0%<sup>(a)</sup>** |  |
| 420 | UNITE Group PLC (The)<sup>(c)</sup> | 3168 |
|  | **RETAIL - CONSUMER STAPLES - 0.4%** |  |
| 382 | Coles Group Ltd. <sup>(c)</sup> | 5465 |
| 189 | Costco Wholesale Corporation | 162982 |
| 1574 | Dollarama, Inc. <sup>(c)</sup> | 235245 |
| 2368 | Kroger Company (The) | 147953 |
| 867 | Sprouts Farmers Market, Inc.<sup>(b)</sup> | 69074 |
| 4769 | Walmart, Inc. | 531314 |
|  |  | 1152033 |
|  | **RETAIL - DISCRETIONARY - 0.2%** |  |
| 28 | AutoZone, Inc.<sup>(b)</sup> | 94962 |
| 45 | Brunello Cucinelli SpA<sup>(c)</sup> | 5203 |
| 26 | Builders FirstSource, Inc.<sup>(b)</sup> | 2675 |
| 432 | Fast Retailing Company Ltd.<sup>(c)</sup> | 157046 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 0.2% (Continued)** |  |
| 222 | Industria de Diseno Textil S.A.<sup>(c)</sup> | $14694 |
| 36733 | JD Sports Fashion PLC<sup>(c)</sup> | 41822 |
| 122 | Lowe's Companies, Inc. | 29422 |
| 678 | TJX Companies, Inc. (The) | 104148 |
|  |  | 449972 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(a)</sup>** |  |
| 82 | Public Storage | 21279 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 508 | Advanced Micro Devices, Inc.<sup>(b)</sup> | 108793 |
| 521 | Applied Materials, Inc. | 133892 |
| 8 | ASM International N.V. <sup>(c)</sup> | 4865 |
| 271 | BE Semiconductor Industries N.V. <sup>(c)</sup> | 42583 |
| 1919 | Broadcom, Inc. | 664166 |
| 15 | Disco Corporation<sup>(c)</sup> | 4613 |
| 29 | KLA Corporation | 35237 |
| 289 | Lam Research Corporation | 49471 |
| 81 | Microchip Technology, Inc. | 5161 |
| 1019 | Micron Technology, Inc. | 290833 |
| 8082 | NVIDIA Corporation | 1507293 |
| 57 | NXP Semiconductors N.V. | 12372 |
| 346 | QUALCOMM, Inc. | 59183 |
| 570 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 173217 |
|  |  | 3091679 |
|  | **SOFTWARE - 0.8%** |  |
| 135 | Adobe, Inc.<sup>(b)</sup> | 47249 |
| 1097 | Akamai Technologies, Inc.<sup>(b)</sup> | 95713 |
| 440 | Autodesk, Inc.<sup>(b)</sup> | 130244 |
| 57 | Cadence Design Systems, Inc.<sup>(b)</sup> | 17817 |
| 138 | Fortinet, Inc.<sup>(b)</sup> | 10959 |
| 6 | HubSpot, Inc.<sup>(b)</sup> | 2408 |
| 59 | Intuit, Inc. | 39083 |
| 2349 | Microsoft Corporation | 1136022 |
| 52 | Okta, Inc.<sup>(b)</sup> | 4496 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **SOFTWARE - 0.8% (Continued)** |  |
| 891 | Oracle Corporation | $173665 |
| 761 | Palo Alto Networks, Inc.<sup>(b)</sup> | 140176 |
| 232 | PTC, Inc.<sup>(b)</sup> | 40417 |
| 341 | Roper Technologies, Inc. | 151789 |
| 278 | Salesforce, Inc. | 73645 |
| 312 | SAP S.E.<sup>(c)</sup> | 76369 |
| 205 | ServiceNow, Inc.<sup>(b)</sup> | 31404 |
| 4 | Synopsys, Inc.<sup>(b)</sup> | 1879 |
| 7 | Tyler Technologies, Inc.<sup>(b)</sup> | 3178 |
| 43 | Workday, Inc., Class A<sup>(b)</sup> | 9236 |
|  |  | 2185749 |
|  | **SPECIALTY FINANCE - 0.1%** |  |
| 442 | American Express Company | 163518 |
| 280 | PayPal Holdings, Inc. | 16346 |
|  |  | 179864 |
|  | **SPECIALTY REIT - 0.0%<sup>(a)</sup>** |  |
| 238 | Millrose Properties, Inc. | 7109 |
|  | **TECHNOLOGY HARDWARE - 0.7%** |  |
| 4829 | Apple, Inc. | 1312812 |
| 1274 | Cisco Systems, Inc. | 98136 |
| 1081 | Nintendo Company Ltd.<sup>(c)</sup> | 73123 |
| 495 | Panasonic Holdings Corporation<sup>(c)</sup> | 6395 |
| 10047 | Sony Corporation<sup>(c)</sup> | 258120 |
| 113 | Super Micro Computer, Inc.<sup>(b)</sup> | 3308 |
|  |  | 1751894 |
|  | **TECHNOLOGY SERVICES - 0.6%** |  |
| 201 | Accenture PLC, Class A | 53928 |
| 3 | Adyen N.V. <sup>(b)(c)</sup> | 4846 |
| 118 | Amadeus IT Group S.A. <sup>(c)</sup> | 8711 |
| 88 | Automatic Data Processing, Inc. | 22636 |
| 32 | Booz Allen Hamilton Holding Corporation | 2700 |
| 19 | Broadridge Financial Solutions, Inc. | 4240 |
| 159 | Computacenter PLC<sup>(c)</sup> | 6280 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.6% (Continued)** |  |
| 406 | Corpay, Inc.<sup>(b)</sup> | $122178 |
| 18 | Equifax, Inc. | 3906 |
| 120 | Experian PLC<sup>(c)</sup> | 5440 |
| 9 | FactSet Research Systems, Inc. | 2612 |
| 27 | Fair Isaac Corporation<sup>(b)</sup> | 45647 |
| 1049 | Fiserv, Inc.<sup>(b)</sup> | 70461 |
| 279 | International Business Machines Corporation | 82643 |
| 527 | Mastercard, Inc., Class A | 300854 |
| 77 | MSCI, Inc. | 44177 |
| 878 | Netcompany Group A/S<sup>(b)(c)</sup> | 49458 |
| 71 | Paychex, Inc. | 7965 |
| 396 | RELX PLC<sup>(c)</sup> | 16121 |
| 255 | S&P Global, Inc. | 133260 |
| 229 | Softcat PLC<sup>(c)</sup> | 4374 |
| 414 | Verisk Analytics, Inc. | 92608 |
| 985 | Visa, Inc., Class A | 345450 |
| 564 | WEX, Inc.<sup>(b)</sup> | 84025 |
| 30 | Wolters Kluwer N.V.<sup>(c)</sup> | 3113 |
|  |  | 1517633 |
|  | **TELECOMMUNICATIONS - 0.0%<sup>(a)</sup>** |  |
| 1483 | AT&T, Inc. | 36838 |
| 757 | KDDI Corporation<sup>(c)</sup> | 13090 |
| 311 | TELUS Corporation<sup>(c)</sup> | 4099 |
| 116 | T-Mobile US, Inc. | 23553 |
| 933 | Verizon Communications, Inc. | 38001 |
|  |  | 115581 |
|  | **TRANSPORTATION & LOGISTICS - 0.0%<sup>(a)</sup>** |  |
| 528 | DSV A/S<sup>(c)</sup> | 134174 |
| 19 | Kuehne + Nagel International A.G. <sup>(c)</sup> | 4107 |
|  |  | 138281 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.0%<sup>(a)</sup>** |  |
| 1395 | ITOCHU Corporation<sup>(c)</sup> | 17590 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |  |  |
|  | **WHOLESALE - DISCRETIONARY - 0.0%<sup>(a)</sup>** |  |  |  |
| 292 | Toyota Tsusho Corporation<sup>(c)</sup> |  |  | $9832 |
|  | **TOTAL COMMON STOCKS (Cost $22,197,733)** |  |  | 28690244 |
| **Principal** |  |  |  |  |
| **Amount ($)** |  | **Coupon (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 0.1%** |  |  |  |
|  | **BANKING — 0.1%** |  |  |  |
| 17700000 | JPMorgan Chase & Company<sup>(d)</sup> (Cost - $192,713) |  | 01/28/41 | 207777 |
|  | **GOVERNMENTS - TREASURIES — 4.2%** |  |  |  |
| 198730000 | Mexican Bonos<sup>(c)</sup> (Cost - $10,645,338) | 8.5000 | 03/02/28 | 11159079 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | |
| **CURRENCY OPTIONS PURCHASED - 1.7%** |  |  |  |  |  |
| **CALL OPTIONS PURCHASED - 0.6%** |  |  |  |  |  |
| AUDcCADp Digi 0.9575 | JPM | 10/08/2027 | $0.9500 | $312000 | 40249 |
| AUDcCADp OT 1 | JPM | 01/08/2026 | 1.0000 | 435000 |  |
| AUDcNZDp Digi 1.1960 | JPM | 03/31/2026 | 1.1900 | 316000 | 17493 |
| AUDcNZDp OT 1.36 | BAR | 06/28/2027 | 1.3600 | 12404000 | 152288 |
| AUDcUSDp Digi 0.69 | JPM | 03/06/2026 | 0.6900 | 635000 | 67784 |
| AUDcUSDp OT 0.84 | JPM | 04/15/2026 | 0.8400 | 1896000 | 1 |
| EURcBRLp Digi 7.35 | JPM | 06/26/2026 | 7.3500 | 218000 | 46938 |
| EURcGBPp .91 | JPM | 02/16/2026 | 0.9100 | 2415000 | 667 |
| EURcHUFp 470 | JPM | 03/11/2026 | 470.0000 | 4853000 | 492 |
| EURcUSDp Digi 1.2000 | JPM | 01/07/2026 | 1.2000 | 153000 | 1167 |
| EURcUSDp Digi 1.2750 | JPM | 03/19/2026 | 1.2700 | 312000 | 4343 |
| EURcUSDp Digi 1.4250 | JPM | 07/03/2026 | 1.4200 | 1111000 | 5256 |
| GBPcUSDp Digi 1.36 | JPM | 01/30/2026 | 1.3600 | 1190000 | 408225 |
| GBPcUSDp OT 1.5750 | JPM | 09/14/2026 | 1.5700 | 310000 | 10990 |
| MXNcJPYp Digi 8.75 | JPM | 03/13/2026 | 8.7500 | 6363000 | 130617 |
| MXNcJPYp Digi 8.88 | JPM | 07/06/2026 | 8.8800 | 10827000 | 158947 |
| USDcBRLp Digi 6.12 | JPM | 01/28/2026 | 6.1200 | 299000 | 5635 |
| USDcBRLp Digi 6.35 | JPM | 06/12/2026 | 6.3500 | 298000 | 39893 |
| USDcCADp 1.4 | JPM | 02/26/2026 | 1.4000 | 14598000 | 18275 |
| USDcCADp Digi 1.415 | JPM | 03/25/2027 | 1.4100 | 307000 | 62326 |
| USDcCNHp Digi 7.10 | JPM | 12/30/2026 | 7.1000 | 257000 | 38134 |
| USDcCNHp Digi 7.12 | JPM | 11/05/2027 | 7.1200 | 411000 | 64670 |
| USDcCNHp Digi 7.13 | JPM | 10/12/2027 | 7.1300 | 233000 | 35219 |
| USDcHKDp 7.8 | JPM | 04/09/2026 | 7.8000 | 23746000 | 10716 |
| USDcINRp 88.49 | JPM | 01/16/2026 | 88.4900 | 6403000 | 116416 |
| USDcJPYp 160 | JPM | 01/05/2026 | 160.0000 | 3488000 | 35 |
| USDcJPYp Digi 159.75 | JPM | 01/16/2026 | 159.7500 | 75000 | 6980 |
| USDcMXNp Digi 19.66 | JPM | 01/29/2026 | 19.6600 | 251000 | 1844 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
| **CURRENCY OPTIONS PURCHASED - 1.7%** |  |  |  |  |  |
| **(Continued)** |  |  |  |  |  |
| **CALL OPTIONS PURCHASED - 0.6% (Continued)** |  |  |  |  |  |
| USDcZARp Digi 18.82 | JPM | 01/30/2026 | $18.8200 | 106000 | $334 |
| **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,596,323) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,596,323) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,596,323) |  |  | 1445934 |
| **PUT OPTIONS PURCHASED – 1.1%** |  |  |  |  |  |
| EURpGBPc Digi 0.8600 | JPM | 04/17/2026 | 0.8600 | 270000 | 57222 |
| EURpHUFc Digi 351 | JPM | 12/18/2026 | 351.0000 | 702000 | 27704 |
| EURpHUFc Digi 361 | JPM | 10/12/2027 | 361.0000 | 334000 | 33989 |
| EURpHUFc Digi 366 | JPM | 12/08/2026 | 366.0000 | 317000 | 39578 |
| EURpHUFc Digi 374 | JPM | 12/08/2026 | 374.0000 | 400000 | 85871 |
| EURpHUFc Digi 378 | JPM | 09/23/2026 | 378.0000 | 244000 | 69430 |
| EURpHUFc Digi 381 | JPM | 05/20/2026 | 381.0000 | 292000 | 105394 |
| EURpHUFc Digi 381 | JPM | 08/28/2026 | 381.0000 | 228000 | 78857 |
| EURpMXNc OT 20.03 | JPM | 07/22/2026 | 20.0300 | 113000 | 28436 |
| EURpPLNc Digi 4.18 | JPM | 08/31/2026 | 4.1800 | 127000 | 44828 |
| EURpPLNc Digi 4.21 | JPM | 01/15/2026 | 4.2100 | 124000 | 50228 |
| EURpUSDc 1.15 | JPM | 03/31/2026 | 1.1500 | 7811000 | 26668 |
| GBPpAUDc Digi 1.95 | JPM | 01/13/2026 | 1.9500 | 398000 | 2681 |
| GBPpJPYc 190.0 | JPM | 01/28/2026 | 190.0000 | 6262000 | 315 |
| GBPpJPYc Digi 185 | JPM | 12/15/2026 | 185.0000 | 622000 | 84439 |
| GBPpSGDc Digi | JPM | 05/21/2026 | 1.6000 | 465000 | 14603 |
| GBPpUSDc 1.25 | JPM | 03/06/2026 | 1.2500 | 17520000 | 6622 |
| GBPpUSDc Digi 1.27 | JPM | 01/08/2026 | 1.2700 | 221000 | 19 |
| NZDpUSDc Digi 0.5300 | JPM | 08/28/2026 | 0.5300 | 300000 | 17633 |
| NZDpUSDc Digi 0.5650 | JPM | 08/07/2026 | 0.5600 | 272000 | 48684 |
| USDpBRLc 5.0 | JPM | 01/06/2026 | 5.0000 | 4773000 | 5 |
| USDpBRLc 5.25 | JPM | 01/27/2026 | 5.2500 | 5546000 | 3897 |
| USDpBRLc 5.35 | JPM | 01/08/2026 | 5.3500 | 2023000 | 777 |
| USDpBRLc 5.35 RKO 5.24 | JPM | 01/22/2026 | 5.3500 | 8722000 | 4945 |
| USDpBRLc Digi 5.16 | JPM | 12/18/2026 | 5.1600 | 424000 | 68807 |
| USDpBRLc Digi 5.3 | JPM | 01/16/2026 | 5.3000 | 481000 | 27530 |
| USDpBRLc Digi 5.45 | JPM | 01/28/2026 | 5.4500 | 121000 | 49342 |
| USDpBRLc Digi 5.51 | JPM | 01/28/2027 | 5.5100 | 153000 | 45352 |
| USDpBRLc iOT 4.55 | JPM | 09/17/2027 | 4.5500 | 251000 | 36797 |
| USDpBRLc OT 4.76 | JPM | 10/19/2027 | 4.7600 | 352000 | 92576 |
| USDpBRLc OT 4.82 | JPM | 09/23/2027 | 4.8200 | 302000 | 90268 |
| USDpBRLc OT 4.89 | JPM | 05/28/2026 | 4.8900 | 269000 | 16032 |
| USDpBRLc OT 4.93 | JPM | 04/17/2026 | 4.9300 | 158000 | 5704 |
| USDpBRLc OT 5.02 | JPM | 02/25/2026 | 5.0200 | 223000 | 1338 |
| USDpBRLc OT 5.06 | JPM | 03/31/2026 | 5.0600 | 167000 | 15498 |
| USDpBRLc OT 5.08 | JPM | 01/16/2026 | 5.0800 | 218000 |  |
| USDpBRLc OT 5.09 | JPM | 02/24/2026 | 5.0900 | 130000 | 5005 |
| USDpBRLc OT 5.12 | JPM | 02/05/2026 | 5.1200 | 128000 | 2304 |
| USDpBRLc Digi 5.6 | JPM | 02/11/2026 | 5.6000 | 494000 | 326980 |
| USDpBRLc Digi 5.60 | JPM | 05/11/2026 | 5.6000 | 494000 | 244821 |
| USDpBRLc Digi 5.6 | JPM | 08/11/2026 | 5.6000 | 494000 | 201968 |
| USDpCLPc Digi 863 | JPM | 08/07/2026 | 863.0000 | 229000 | 69122 |
| USDpCLPc Digi 866 | JPM | 05/15/2026 | 866.0000 | 227000 | 62140 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CURRENCY OPTIONS PURCHASED - 1.7%** |  |  |  |  |  |
|  | **(Continued)** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED – 1.1% (Continued)** |  |  |  |  |  |
|  | USDpCLPc Digi 888 | JPM | 02/18/2026 | $888.0000 | 212000 | $81119 |
|  | USDpCOPc Digi 4025 | JPM | 09/01/2026 | 4025.0000 | 102000 | 53344 |
|  | USDpINRc 88.49 | JPM | 01/16/2026 | 88.4900 | 6403000 | 1374 |
|  | USDpJPYc 153 | JPM | 01/13/2026 | 153.0000 | 6832000 | 5176 |
|  | USDpJPYc 154.5 | JPM | 01/22/2026 | 154.5000 | 2756000 | 9266 |
|  | USDpJPYc Digi 101 | JPM | 04/09/2026 | 101.0000 | 5224000 | 180 |
|  | USDpJPYc Digi 127 | JPM | 05/12/2027 | 127.0000 | 608000 | 29010 |
|  | USDpJPYc iOT 110 (11/1/24) WDK0 140/152 | JPM | 12/02/2026 | 110.0000 | 730000 | 1825 |
|  | USDpJPYc iOT 110 | JPM | 12/02/2026 | 110.0000 | 633000 | 1519 |
|  | USDpJPYc OT 109 | JPM | 01/08/2026 | 109.0000 | 2343000 | 2 |
|  | USDpKRWc 1430 ERKO 1400 | JPM | 01/16/2026 | 1430.0000 | 3923000 | 4035 |
|  | USDpKRWc Digi 1310 | JPM | 06/29/2026 | 1310.0000 | 228000 | 12821 |
|  | USDpKRWc Digi 1355 | JPM | 03/25/2026 | 1355.0000 | 228000 | 14818 |
|  | USDpKRWc Digi 1427 | JPM | 02/10/2026 | 1427.0000 | 151000 | 48691 |
|  | USDpKRWc Digi 1428 | JPM | 01/12/2026 | 1428.0000 | 129000 | 30697 |
|  | USDpKRWc OT 1050 | JPM | 05/07/2026 | 1050.0000 | 2543000 | 3 |
|  | USDpMXNc Digi 17.3 | JPM | 05/13/2026 | 17.3000 | 934000 | 118255 |
|  | USDpMXNc OT 16.85 | JPM | 09/25/2026 | 16.8500 | 228000 | 72504 |
|  | USDpTRYc Digi 59.55 | JPM | 09/24/2027 | 59.5500 | 306000 | 99457 |
|  | USDpTWDc Digi 28.55 | JPM | 03/18/2026 | 28.5500 | 79000 | 1302 |
|  | USDpZARc 16.75 RKO 16.25 | JPM | 01/07/2026 | 16.7500 | 6435000 | 65920 |
|  | USDpZARc Digi 17.03 | JPM | 04/22/2026 | 17.0300 | 214000 | 148702 |
|  | USDpZARc Digi 17.50 DKO 16.50-19.00 | GS | 02/24/2026 | 17.5000 | 95000 | 5795 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,327,190) |  |  |  |  | 3000224 |
|  | **TOTAL CURRENCY OPTIONS PURCHASED** (Cost - $4,923,513) |  |  |  |  | 4446158 |
| **Contracts** |  |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED<sup>(e)</sup> - 0.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 65.0000 | $209300 | 980 |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 70.0000 | 209300 | 840 |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 75.0000 | 209300 | 560 |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 85.0000 | 209300 | 770 |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 95.0000 | 209300 | 630 |
| 140 | Cboe Volatility Index VIX | MS | 01/21/2026 | 100.0000 | 209300 | 280 |
| 190 | Cboe Volatility Index VIX | MS | 02/18/2026 | 65.0000 | 284050 | 5320 |
| 380 | Cboe Volatility Index VIX | MS | 02/18/2026 | 70.0000 | 568100 | 9880 |
| 380 | Cboe Volatility Index VIX | MS | 02/18/2026 | 75.0000 | 568100 | 7980 |
| 380 | Cboe Volatility Index VIX | MS | 02/18/2026 | 80.0000 | 568100 | 6840 |
| 190 | Cboe Volatility Index VIX | MS | 02/18/2026 | 85.0000 | 284050 | 2470 |
| 190 | Cboe Volatility Index VIX | MS | 02/18/2026 | 90.0000 | 284050 | 2755 |
| 380 | Cboe Volatility Index VIX | MS | 02/18/2026 | 100.0000 | 568100 | 4180 |
| 190 | Cboe Volatility Index VIX | MS | 02/18/2026 | 110.0000 | 284050 | 1900 |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | 70.0000 | 269100 | 7560 |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | 75.0000 | 269100 | 6210 |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | 80.0000 | 269100 | 4860 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED<sup>(e)</sup> - 0.1%** |  |  |  |  |  |
|  | **(Continued)** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.1% (Continued)** |  |  |  |  |  |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | $85.0000 | $269100 | $5220 |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | 95.0000 | 269100 | 3960 |
| 180 | Cboe Volatility Index VIX | MS | 03/18/2026 | 100.0000 | 269100 | 3600 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 70.0000 | 269100 | 6120 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 75.0000 | 269100 | 7200 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 80.0000 | 269100 | 7740 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 90.0000 | 269100 | 4320 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 95.0000 | 269100 | 5400 |
| 180 | Cboe Volatility Index VIX | MS | 04/15/2026 | 110.0000 | 269100 | 3870 |
| 26 | FTSE 100 Index<sup>(f)</sup> | MS | 03/20/2026 | 9625.0000 | 2582159 | 145801 |
| 76 | NIFTYM<sup>(f)</sup> | MS | 06/30/2026 | 28500.0000 | 3971699 | 18935 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $359,533) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $359,533) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $359,533) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $359,533) |  | 276181 |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 26 | FTSE 100 Index<sup>(f)</sup> | MS | 03/20/2026 | 9475.0000 | 2585159 | 26462 |
| 4 | S&P 500 Index | MS | 03/20/2026 | 6750.0000 | 2738200 | 48564 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $178,348) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $178,348) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $178,348) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $178,348) |  | 75026 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $537,881) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $537,881) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $537,881) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $537,881) |  | 351207 |
|  | **OTC DUAL AND TRIPLE BINARY OPTIONS** |  |  |  |  |  |
|  | **PURCHASED<sup>(g)</sup> - 1.1%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.1%** |  |  |  |  |  |
| 373000 | BRLJPY > 26.437 and EUSA30 > 2.87% | CIT | 10/09/2028 | 26.4300 | 45921 | 73224 |
| 116000 | EURUSD < 1.165 and USDJPY < 157.95 | BAR | 01/07/2026 | 1.1600 | 6380 | 13096 |
| 332000 | EURZAR < 19.40 and EURCMS30y > 3.28% | MS | 10/06/2028 | 19.4000 | 28912 | 57219 |
| 386000 | NDX > 25806.275 and USD5y30y > 1.097% | MS | 02/20/2026 | 25806.2700 | 20458 | 250 |
| 1360000 | NKY < 45931.75 and GLD US < 340.95 | GS | 01/09/2026 | 45931.7500 | 94520 | 1 |
| 1360000 | NKY < 45931.75 and GLD US < 340.95 | GS | 02/13/2026 | 45931.7500 | 94520 | 3944 |
| 1095000 | NKY > 51077.25 and USDJPY < 151.731 | CIT | 02/13/2026 | 51077.2500 | 65481 | 31709 |
| 1095000 | NKY > 51077.25 and USDJPY < 151.731 | CIT | 03/13/2026 | 51077.2500 | 65481 | 56394 |
| 1068000 | SPX < 6151.50 and GLD US > 326.31 | MS | 02/20/2026 | 6151.5000 | 74760 | 45633 |
| 1068000 | SPX < 6151.50 and GLD US > 326.31 | MS | 03/20/2026 | 6151.5000 | 74760 | 67595 |
| 1068000 | SPX < 6151.50 and GLD US > 326.31 | MS | 04/17/2026 | 6151.5000 | 74760 | 86373 |
| 1068000 | SPX < 6151.50 and GLD US > 326.31 | MS | 05/15/2026 | 6151.5000 | 74760 | 100784 |
| 955000 | SPX < 6283.30 and US30YRSOFR > 4.0175% | BAML | 03/20/2026 | 6283.3000 | 69715 | 67588 |
| 1150200 | SPX < 6380.54 and GLD US > 357.35 | GS | 03/20/2026 | 6380.5400 | 71888 | 105431 |
| 1150200 | SPX < 6380.54 and GLD US > 357.35 | GS | 04/17/2026 | 6380.5400 | 71888 | 119022 |
| 1150200 | SPX < 6380.54 and GLD US > 357.35 | GS | 05/15/2026 | 6380.5400 | 71888 | 129648 |
| 720000 | SPX > 6420.55 and CLG6 < 57.48 | MS | 01/14/2026 | 6420.5500 | 74160 | 361822 |
| 428000 | SPX > 7381 and USDCAD > 1.40995 | BAML | 09/18/2026 | 7381.0000 | 36380 | 13773 |
| 762000 | SPX Digi Lookback Put 80% 1d reset | GS | 04/16/2027 | 80.0000 | 144628 | 129311 |
| 762000 | SPX Digi Lookback Put 81.5% 1d reset | GS | 03/19/2027 | 81.5000 | 154305 | 136703 |
| 762000 | SPX Digi Lookback Put 83% 1d reset | GS | 02/19/2027 | 83.0000 | 161925 | 143485 |
| 762000 | SPX Digi Lookback Put 84.5% 1d reset | GS | 01/15/2027 | 84.5000 | 170840 | 149809 |
| 762000 | SPX Digi Lookback Put 86% 1d reset | GS | 12/18/2026 | 86.0000 | 183794 | 160249 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **OTC DUAL AND TRIPLE BINARY OPTIONS** |  |  |  |  |  |
|  | **PURCHASED<sup>(g)</sup> - 1.1% (Continued)** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.1% (Continued)** |  |  |  |  |  |
| 762000 | SPX Digi Lookback Put 88.5% 1d reset | GS | 11/20/2026 | $88.5000 | $215341 | $186614 |
| 762000 | SPX Digi Lookback Put 90% 1d reset | GS | 10/16/2026 | 90.0000 | 233095 | 197282 |
| 376000 | UKX > 10113 and EURGBP < 0.8694 | JPM | 12/18/2026 | 10113.0000 | 83969 | 92957 |
| 1092000 | UKX > 10216.50 and GBPUSD > 1.3625 | GSI | 05/15/2026 | 10216.5000 | 158265 | 232140 |
| 1105000 | UKX > 8776.9 and GBPUSD > 1.401 | GS | 02/20/2026 | 8776.9000 | 122799 | 69424 |
| 430000 | USDBRL < 5.6 and EURCMS30y > 3.15% | BAML | 09/24/2027 | 5.6000 | 61920 | 73872 |
| 182000 | USDJPY < 139 and JYS010 > 1.475% | GS | 04/17/2026 | 139.0000 | 23478 |  |
| 428000 | USDTRY < 63 and EURCMS30y > 3.15% | JPM | 09/29/2027 | 63.0000 | 87954 | 153738 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,945) | 3059090 |
|  | **TOTAL OTC DUAL AND TRIPLE BINARY OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL OTC DUAL AND TRIPLE BINARY OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL OTC DUAL AND TRIPLE BINARY OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL OTC DUAL AND TRIPLE BINARY OPTIONS PURCHASED** (Cost - $2,918,945) | **TOTAL OTC DUAL AND TRIPLE BINARY OPTIONS PURCHASED** (Cost - $2,918,945) | 3059090 |
|  | **FUTURE OPTIONS PURCHASED<sup>(h)</sup> - 9.5%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED – 9.0%** |  |  |  |  |  |
| 83 | 3 Month SOFR | MS | 03/13/2026 | 96.5000 | 20020638 | 15563 |
| 101 | Copper LME<sup>(f)</sup> | MS | 01/07/2026 | 12000.0000 | 31476625 | 1275832 |
| 292 | Copper LME<sup>(f)</sup> | MS | 12/02/2026 | 16000.0000 | 89904610 | 2303807 |
| 12 | Crude Oil<sup>(f)</sup> | MS | 01/14/2026 | 65.0000 | 689040 | 840 |
| 37 | Crude Oil<sup>(f)</sup> | MS | 04/27/2026 | 100.0000 | 2229250 | 4070 |
| 86 | Crude Oil<sup>(f)</sup> | MS | 05/14/2026 | 100.0000 | 5181500 | 8600 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 4100.0000 | 434110 | 26430 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 4210.0000 | 434110 | 17830 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 4350.0000 | 434110 | 9550 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 4500.0000 | 434110 | 4160 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 4410.0000 | 874780 | 31700 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 4585.0000 | 874780 | 19700 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 4800.0000 | 874780 | 10500 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 5100.0000 | 874780 | 4240 |
| 27 | Gold<sup>(f)</sup> | MS | 05/26/2026 | 5000.0000 | 11898630 | 182250 |
| 197 | HSCEI Index | MS | 03/20/2026 | 9800.0000 | 11514158 | 105047 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 01/30/2026 | 120.0000 | 7901250 | 1 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 02/27/2026 | 120.0000 | 7883250 | 3750 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 03/31/2026 | 120.0000 | 7860000 | 17250 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 04/30/2026 | 120.0000 | 7834500 | 34500 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 05/29/2026 | 120.0000 | 7801500 | 49500 |
| 750 | IODEX IO<sup>(f)</sup> | MS | 06/30/2026 | 120.0000 | 7766250 | 65250 |
| 327 | Lead LME<sup>(f)</sup> | MS | 01/07/2026 | 2000.0000 | 16191242 | 110281 |
| 162 | Lead LME<sup>(f)</sup> | MS | 01/07/2026 | 2050.0000 | 8021349 | 14499 |
| 469 | Lead LME<sup>(f)</sup> | MS | 03/04/2026 | 2100.0000 | 23540165 | 378600 |
| 277 | Lead LME<sup>(f)</sup> | MS | 03/04/2026 | 2200.0000 | 13903253 | 100828 |
| 279 | Lead LME<sup>(f)</sup> | MS | 06/03/2026 | 2300.0000 | 14249158 | 148707 |
| 49 | Natural Gas EURO<sup>(f)</sup> | MS | 02/24/2026 | 3.3500 | 1533700 | 102067 |
| 49 | Natural Gas EURO<sup>(f)</sup> | MS | 02/24/2026 | 3.6000 | 1533700 | 70021 |
| 293 | Natural Gas EURO<sup>(f)</sup> | MS | 02/24/2026 | 5.0000 | 9170900 | 69734 |
| 66 | Natural Gas EURO<sup>(f)</sup> | MS | 03/26/2026 | 4.0000 | 2065800 | 58212 |
| 224 | Nickel LME<sup>(f)</sup> | MS | 01/07/2026 | 15500.0000 | 20832000 | 1413028 |
| 111 | Nickel LME<sup>(f)</sup> | MS | 01/07/2026 | 19000.0000 | 12654000 | 7 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **FUTURE OPTIONS PURCHASED<sup>(h)</sup> - 9.5%** |  |  |  |  |  |
|  | **(Continued)** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED – 9.0% (Continued)** |  |  |  |  |  |
| 203 | Nickel LME<sup>(f)</sup> | MS | 03/04/2026 | $19000.0000 | $20266217 | $225013 |
| 85 | Nickel LME<sup>(f)</sup> | MS | 03/04/2026 | 20000.0000 | 8485854 | 52290 |
| 87 | Nickel LME<sup>(f)</sup> | MS | 06/03/2026 | 21000.0000 | 10962000 | 104343 |
| 11 | Palladium<sup>(f)</sup> | MS | 01/21/2026 | 2000.0000 | 2200000 | 23870 |
| 223 | Platinum<sup>(f)</sup> | MS | 03/18/2026 | 2200.0000 | 22792830 | 1989160 |
| 4 | S&P 500 EMINI | MS | 12/18/2026 | 7700.0000 | 1407750 | 28750 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 7850.0000 | 2111625 | 31800 |
| 4 | S&P 500 EMINI | MS | 12/18/2026 | 7900.0000 | 1407750 | 19100 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 7950.0000 | 2111625 | 25800 |
| 4 | S&P 500 EMINI | MS | 12/18/2026 | 8050.0000 | 1407750 | 13850 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 8100.0000 | 2111625 | 18675 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 8200.0000 | 2111625 | 15000 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 8400.0000 | 2111625 | 9600 |
| 6 | S&P 500 EMINI | MS | 12/18/2026 | 8500.0000 | 2111625 | 7725 |
| 832 | Silver<sup>(f)</sup> | MS | 01/27/2026 | 80.0000 | 292710080 | 8590400 |
| 118 | Silver<sup>(f)</sup> | MS | 06/25/2026 | 80.0000 | 42346070 | 4148290 |
| 257 | Silver<sup>(f)</sup> | MS | 06/25/2026 | 130.0000 | 92228305 | 2029015 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1180.0000 | 785625 | 844 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1200.0000 | 785625 | 656 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1240.0000 | 785625 | 375 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $7,571,969) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $7,571,969) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $7,571,969) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $7,571,969) |  | 23990910 |
|  | **PUT OPTIONS PURCHASED - 0.5%** |  |  |  |  |  |
| 308 | 3 Month SOFR | MS | 06/12/2026 | 96.5000 | 74451300 | 42350 |
| 265 | 3 Month SOFR | MS | 09/11/2026 | 96.0000 | 64159813 | 8281 |
| 1247 | ECX EMISS FSM<sup>(f)</sup> | MS | 06/24/2026 | 50.0000 | 107641040 | 197774 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 3685.0000 | 434110 | 270 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 3815.0000 | 434110 | 470 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 3915.0000 | 434110 | 780 |
| 1 | Gold<sup>(f)</sup> | MS | 01/27/2026 | 4010.0000 | 434110 | 1350 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 3790.0000 | 874780 | 3480 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 3975.0000 | 874780 | 7500 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 4130.0000 | 874780 | 14360 |
| 2 | Gold<sup>(f)</sup> | MS | 03/26/2026 | 4275.0000 | 874780 | 25000 |
| 49 | Natural Gas EURO<sup>(f)</sup> | MS | 02/24/2026 | 2.9500 | 1533700 | 96383 |
| 49 | Natural Gas EURO<sup>(f)</sup> | MS | 02/24/2026 | 3.1000 | 1533700 | 133525 |
| 54 | Platinum<sup>(f)</sup> | MS | 01/21/2026 | 1750.0000 | 5502870 | 98010 |
| 75 | S&P 500 EMINI | MS | 03/20/2026 | 6400.0000 | 25846875 | 231563 |
| 88 | Silver<sup>(f)</sup> | MS | 01/27/2026 | 50.0000 | 30958400 | 68640 |
| 72 | Silver<sup>(f)</sup> | MS | 01/27/2026 | 55.0000 | 25329600 | 140040 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1090.0000 | 785625 | 36563 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1120.0000 | 785625 | 56438 |
| 15 | Soybean<sup>(f)</sup> | MS | 02/20/2026 | 1150.0000 | 785625 | 77906 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,420,644) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,420,644) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,420,644) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,420,644) |  | 1240683 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $8,992,613) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $8,992,613) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $8,992,613) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $8,992,613) |  | 25231593 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 46.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 46.6%** |  |  |  |
| 1610000 | United States Treasury Bill | 2.65 | 01/08/26 | $1609067 |
| 13100000 | United States Treasury Bill | 3.43 | 02/10/26 | 13049754 |
| 13650000 | United States Treasury Bill | 3.53 | 02/26/26 | 13575123 |
| 13200000 | United States Treasury Bill | 3.51 | 03/19/26 | 13101742 |
| 13700000 | United States Treasury Bill | 3.56 | 04/02/26 | 13578327 |
| 13200000 | United States Treasury Bill | 3.54 | 04/16/26 | 13065656 |
| 15150000 | United States Treasury Bill | 3.56 | 04/30/26 | 14974943 |
| 10200000 | United States Treasury Bill | 3.57 | 05/07/26 | 10074873 |
| 12600000 | United States Treasury Bill | 3.55 | 05/28/26 | 12420968 |
| 8200000 | United States Treasury Bill | 3.54 | 06/04/26 | 8078588 |
| 10200000 | United States Treasury Bill<sup>h)</sup> | 3.54 | 06/11/26 | 10042200 |
|  |  |  |  | 123571241 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $123,512,370)** |  |  | 123571241 |
|  | **TOTAL INVESTMENTS – 74.2% (Cost $173,921,106)** |  |  | $196716389 |
|  | **CALL OPTIONS WRITTEN - (3.2)% (Premiums received - $2,292,983)** |  |  | (8634778) |
|  | **PUT OPTIONS WRITTEN – (0.1)% (Premiums received - $270,229)** |  |  | (242428) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 29.1%** |  |  | 77287669 |
|  | **NET ASSETS - 100.0%** |  |  | $265126852 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS<sup>(h)</sup> - (3.3)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (3.2)%** |  |  |  |  |  |
| 124 | 3 Month SOFR | MS | 03/13/2026 | $96.6200 | $29910350 | $12400 |
| 83 | 3 Month SOFR | MS | 03/13/2026 | 96.8700 | 20020638 | 4150 |
| 30 | Copper LME<sup>(f)</sup> | MS | 01/07/2026 | 12600.0000 | 9349493 | 104580 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 62.5000 | 608500 | 10200 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 63.7500 | 608500 | 6900 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 65.7500 | 608500 | 3700 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 68.2500 | 608500 | 2000 |
| 8 | Gold<sup>(f)</sup> | MS | 05/26/2026 | 5500.0000 | 3525520 | 19440 |
| 17 | Gold<sup>(f)</sup> | MS | 05/26/2026 | 6000.0000 | 7491730 | 17340 |
| 37 | Natural Gas<sup>(f)</sup> | MS | 03/26/2026 | 5.4000 | 1158100 | 4440 |
| 54 | Platinum<sup>(f)</sup> | MS | 01/21/2026 | 2025.0000 | 5502870 | 392310 |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 01/30/2026 | 130.0000 | 442470 |  |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 02/27/2026 | 130.0000 | 441462 |  |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 03/31/2026 | 130.0000 | 440160 | 84 |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 04/30/2026 | 130.0000 | 438732 | 294 |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 05/29/2026 | 130.0000 | 436884 | 630 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN FUTURE OPTIONS<sup>(h)</sup> - (3.3)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (3.2)%** |  |  |  |  |  |
| 42 | SGX Iron Ore 62%<sup>(f)</sup> | MS | 06/30/2026 | $130.0000 | $434910 | $1050 |
| 724 | Silver<sup>(f)</sup> | MS | 01/27/2026 | 85.0000 | 254703200 | 4836320 |
| 118 | Silver<sup>(f)</sup> | MS | 06/25/2026 | 100.0000 | 42344300 | 2149960 |
| 257 | Silver<sup>(f)</sup> | MS | 06/25/2026 | 160.0000 | 92224450 | 1001015 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 112.5000 | 1350000 | 5063 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 113.0000 | 1356000 | 2813 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 113.5000 | 1362000 | 1313 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 114.0000 | 1368000 | 750 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,103,381) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,103,381) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,103,381) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $2,103,381) |  | 8576752 |
|  | **PUT OPTIONS WRITTEN - 0.1%** |  |  |  |  |  |
| 308 | 3 Month SOFR | MS | 06/12/2026 | 96.2500 | 74451300 | 5775 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 55.7500 | 608500 | 3200 |
| 94 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 58.0000 | 5719900 | 62040 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 59.7500 | 608500 | 11700 |
| 10 | Crude Oil<sup>(f)</sup> | MS | 01/27/2026 | 61.0000 | 608500 | 17500 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 111.0000 | 1332000 | 750 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 111.5000 | 1338000 | 1500 |
| 12 | US 10 Year Bond | MS | 01/23/2026 | 112.0000 | 1344000 | 3187 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $152,425) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $152,425) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $152,425) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $152,425) |  | 105652 |
|  | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,255,806) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,255,806) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,255,806) | **TOTAL FUTURE OPTIONS WRITTEN** (Proceeds - $2,255,806) |  | 8682403 |
|  | **CURRENCY OPTIONS WRITTEN - 0.0% <sup>(a)</sup>** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(a)</sup>** |  |  |  |  |  |
|  | EURcHUFp 500 | JPM | 03/10/2026 | 500.0000 | 4364000 | 164 |
|  | EURcHUFp 490 | JPM | 03/11/2026 | 490.0000 | 5335000 | 277 |
|  | USDcHKDp 7.85 | JPM | 04/09/2026 | 7.8500 | 24075000 | 4851 |
|  | USDcJPYp 158.5 | JPM | 01/13/2026 | 158.5000 | 2720000 | 4099 |
|  | USDcJPYp 159 | JPM | 01/22/2026 | 159.0000 | 2756000 | 5663 |
|  | USDcKRWp OT 1497 | JPM | 01/28/2026 | 1497.0000 | 130000 | 15613 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $127,362) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $127,362) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $127,362) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $127,362) |  | 30667 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
|  | EURpGBPc .87 | JPM | 02/16/2026 | 0.8700 | 1811000 | 6921 |
|  | NZDpUSDc 0.57 | JPM | 02/09/2026 | 0.5700 | 3560000 | 13625 |
|  | USDpBRLc 5.25 | JPM | 01/05/2026 | 5.2500 | 2126000 | 7 |
|  | USDpBRLc 5.28 | JPM | 01/08/2026 | 5.2800 | 4046000 | 270 |
|  | USDpZARc 16.8 | JPM | 01/08/2026 | 16.8000 | 1032000 | 15198 |
|  | USDpZARc Digi 17.50 DKO 16.50-19.00 | JPM | 02/24/2026 | 17.5000 | 95000 | 5795 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $54,924) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $54,924) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $54,924) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $54,924) |  | 41816 |
|  | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $182,286) | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $182,286) | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $182,286) | **TOTAL CURRENCY OPTIONS WRITTEN** (Proceeds - $182,286) |  | 72483 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **INDEX OPTIONS WRITTEN<sup>(e)</sup> - 0.0% <sup>(a)</sup>** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | $20.0000 | $239200 | $9760 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 22.0000 | 239200 | 7840 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 25.0000 | 239200 | 6240 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 34.0000 | 239200 | 3520 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $62,240) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $62,240) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $62,240) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $62,240) |  | 27360 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(a)</sup>** |  |  |  |  |  |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 15.5000 | 239200 | 9120 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 16.5000 | 239200 | 18560 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 17.5000 | 239200 | 30640 |
| 160 | Cboe Volatility Index VIX | MS | 01/21/2026 | 18.0000 | 239200 | 36640 |
|  | TOTAL PUT OPTIONS WRITTEN (Proceeds - $62,880) | TOTAL PUT OPTIONS WRITTEN (Proceeds - $62,880) | TOTAL PUT OPTIONS WRITTEN (Proceeds - $62,880) | TOTAL PUT OPTIONS WRITTEN (Proceeds - $62,880) |  | 94960 |
|  | TOTAL INDEX OPTIONS WRITTEN (Proceeds - $125,120) | TOTAL INDEX OPTIONS WRITTEN (Proceeds - $125,120) | TOTAL INDEX OPTIONS WRITTEN (Proceeds - $125,120) | TOTAL INDEX OPTIONS WRITTEN (Proceeds - $125,120) |  | 122320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(i)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 9 | Carbon Emissions Future<sup>(f)</sup> | 12/15/2026 | $923790 | $29057 |
| 409 | CBOT 10 Year US Treasury Note | 03/23/2026 | 45986939 | (355321) |
| 75 | CBOT 2 Year US Treasury Note Future | 04/01/2026 | 15659180 | (7424) |
| 105 | CBOT 5 Year US Treasury Note | 04/01/2026 | 11476992 | (14376) |
| 109 | CBOT Soybean Future<sup>(f)</sup> | 03/16/2026 | 5708875 | (383572) |
| 27 | CBOT Soybean Meal Future<sup>(f)</sup> | 03/16/2026 | 808380 | (41046) |
| 83 | CBOT Wheat Future<sup>(f)</sup> | 03/16/2026 | 2104050 | (181783) |
| 24 | CME Australian Dollar Currency Future | 03/17/2026 | 1601520 | 9202 |
| 1 | CME E-Mini NASDAQ 100 Index Future | 03/23/2026 | 509135 | (2415) |
| 1 | CME E-mini Russell 2000 Index Futures | 03/23/2026 | 124900 | (2511) |
| 100 | CME E-Mini Standard & Poor's 500 Index Future | 03/23/2026 | 34462501 | 81884 |
| 49 | CME Lean Hogs Future<sup>(f)</sup> | 02/17/2026 | 1667961 | 69717 |
| 18 | CME Live Cattle Future<sup>(f)</sup> | 03/02/2026 | 1667520 | 48673 |
| 66 | CME Mexican Peso Currency Future | 03/17/2026 | 1818960 | 24750 |
| 1 | COMEX Copper Future<sup>(f)</sup> | 03/30/2026 | 142050 | 14625 |
| 17 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 02/26/2026 | 7379870 | (193632) |
| 2 | E-mini Dow Jones Industrial Average Index Futures | 03/23/2026 | 483360 | (2360) |
| 53 | Eurex 10 Year Euro BUND Future | 03/09/2026 | 7943151 | (53024) |
| 14 | Eurex 2 Year Euro SCHATZ Future | 03/09/2026 | 1756414 | (1035) |
| 42 | Euro-BTP Italian Bond Futures | 03/09/2026 | 5929934 | (9643) |
| 21 | Euronext CAC 40 Index Future | 01/20/2026 | 2011678 | 6583 |
| 10 | French Government Bond Futures | 03/09/2026 | 1416706 | 2538 |
| 131 | FTSE 100 Index Future | 03/23/2026 | 17554845 | 102304 |
| 3 | FTSE/MIB Index Future | 03/23/2026 | 793932 | 12703 |
| 5 | HKG Hang Seng China Enterprises Index Future | 01/30/2026 | 285986 | 32 |
| 68 | HKG Hang Seng Index Future | 01/30/2026 | 11204720 | (63271) |
| 13 | ICE Brent Crude Oil Future<sup>(f)</sup> | 02/02/2026 | 791050 | 8673 |
| 48 | ICE Gas Oil Future<sup>(f)</sup> | 02/13/2026 | 2976000 | (158309) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(i)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 49 | KCBT Hard Red Winter Wheat Future<sup>(f)</sup> | 03/16/2026 | $1261138 | $(52039) |
| 11 | KFE 10 Year Treasury Bond Future | 03/18/2026 | 860605 | 4585 |
| 57 | KFE 3 Year Treasury Bond Future | 03/18/2026 | 4164095 | 15245 |
| 4 | KFE KOSPI 200 Index Future | 03/13/2026 | 421254 | 18226 |
| 3 | LME Copper Future<sup>(f)</sup> | 02/17/2026 | 934188 | 92913 |
| 2 | LME Nickel Future<sup>(f)</sup> | 02/17/2026 | 199082 | (778) |
| 18 | LME Primary Aluminum Future<sup>(f)</sup> | 02/17/2026 | 1344083 | 36042 |
| 7 | LME Zinc Future<sup>(f)</sup> | 02/17/2026 | 544257 | 1757 |
| 69 | Long Gilt Future | 03/30/2026 | 8498618 | 5236 |
| 5 | MEFF Madrid IBEX 35 Index Future | 01/20/2026 | 1015008 | 15933 |
| 2 | MIAX Futures Onyx Hard Red Spring Wheat Futures<sup>(f)</sup> | 03/16/2026 | 57400 | (287) |
| 9 | Mini-DAX Futures | 03/23/2026 | 1305275 | 20803 |
| 27 | Montreal Exchange 10 Year Canadian Bond Future | 03/23/2026 | 2378436 | 8605 |
| 10 | Montreal Exchange S&P/TSX 60 Index Future | 03/20/2026 | 2713013 | 5560 |
| 9 | NYBOT CSC C Coffee Future<sup>(f)</sup> | 03/20/2026 | 1177031 | (108432) |
| 20 | NYBOT CSC Number 11 World Sugar Future<sup>(f)</sup> | 03/02/2026 | 336224 | 2173 |
| 98 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 01/29/2026 | 3612280 | (589735) |
| 11 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 01/21/2026 | 631620 | (10517) |
| 31 | NYMEX NY Harbor ULSD Futures<sup>(f)</sup> | 02/02/2026 | 2762193 | (188135) |
| 3 | NYMEX Palladium Future<sup>(f)</sup> | 03/30/2026 | 495420 | (48493) |
| 3 | NYMEX Platinum Future<sup>(f)</sup> | 04/29/2026 | 306630 | 5774 |
| 33 | OML Stockholm OMXS30 Index Future | 01/20/2026 | 1037762 | 23667 |
| 195 | OSE Nikkei 225 mini Future | 03/13/2026 | 6274700 | 79312 |
| 4 | SAFEX FTSE/JSE Top 40 Index Future | 03/20/2026 | 264114 | 2791 |
| 31 | SFE 10 Year Australian Bond Future | 03/17/2026 | 2264633 | (1437) |
| 7 | SFE S&P ASX Share Price Index 200 Future | 03/20/2026 | 1013078 | 5790 |
| 58 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines<sup>(f)</sup> | 03/02/2026 | 609638 | 5394 |
| 15 | SGX MSCI Singapore Index Future | 01/30/2026 | 520161 | 8791 |
| 79 | Three Month SONIA Index Futures | 03/17/2027 | 25736793 | 51593 |
| 21 | TSE Japanese 10 Year Bond Futures | 03/16/2026 | 17752843 | (152203) |
| 16 | Ultra 10-Year US Treasury Note Futures | 03/23/2026 | 1840250 | 750 |
| 62 | Ultra U.S. Treasury Bond Futures | 03/23/2026 | 7316000 | (56705) |
| 77 | White Sugar Future<sup>(f)</sup> | 02/17/2026 | 1645875 | 59649 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | (1797153) |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(i)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 5 | CBOE Volatility Index Future | 01/22/2026 | $82663 | $(408) |
| 13 | CBOE Volatility Index Future | 02/19/2026 | 240942 | 17168 |
| 6 | CBOE Volatility Index Future | 03/19/2026 | 118428 | 11342 |
| 7 | CBOE Volatility Index Future | 04/16/2026 | 143173 | 3877 |
| 33 | CBOT Corn Future<sup>(f)</sup> | 03/16/2026 | 726413 | 9181 |
| 11 | CBOT Soybean Oil Future<sup>(f)</sup> | 03/16/2026 | 320496 | 15280 |
| 87 | CME British Pound Currency Future | 03/17/2026 | 7317788 | (62964) |
| 37 | CME Canadian Dollar Currency Future | 03/18/2026 | 2705440 | (13669) |
| 22 | CME Euro Foreign Exchange Currency Future | 03/17/2026 | 3239500 | 7236 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(i)</sup>** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| 5 | CME Feeder Cattle Future<sup>(f)</sup> | 03/27/2026 | $863313 | $(54804) |
| 48 | CME Japanese Yen Currency Future | 03/17/2026 | 3851100 | 27750 |
| 18 | CME New Zealand Dollar Currency Future | 03/17/2026 | 1038240 | 426 |
| 3 | CME Swedish Krona Currency Future | 03/17/2026 | 653550 | (4973) |
| 4 | CME Swiss Franc Currency Future | 03/17/2026 | 635375 | 3166 |
| 1 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 04/29/2026 | 437390 | 11790 |
| 139 | COMEX Silver Future<sup>(f)</sup> | 03/30/2026 | 49069085 | 2853464 |
| 10 | Eurex 30 Year Euro BUXL Future | 03/09/2026 | 1293703 | 8794 |
| 14 | Eurex Dow Jones EURO STOXX 50 Dividend Future | 12/20/2027 | 277467 | (22565) |
| 27 | Eurex EURO STOXX 50 Future | 03/23/2026 | 1852761 | (18450) |
| 343 | Euronext Milling Wheat Future<sup>(f)</sup> | 03/11/2026 | 3823089 | 40549 |
| 11 | EUX Short term Euro-BTP Futures | 03/09/2026 | 1387018 | (879) |
| 93 | Financial Times Stock | 03/23/2026 | 5651860 | (41641) |
| 31 | FVSA index - Mini-Futures on VSTOXX | 01/22/2026 | 58271 | 4477 |
| 84 | LME Copper Future<sup>(f)</sup> | 01/20/2026 | 26178580 | 14007 |
| 4 | LME Lead Future<sup>(f)</sup> | 02/17/2026 | 199770 | (4156) |
| 23 | LME Lead Future<sup>(f)</sup> | 03/17/2026 | 1154422 | (972) |
| 222 | LME Nickel Future<sup>(f)</sup> | 03/17/2026 | 22163054 | (618477) |
| 14 | MSCI World Index Futures USD NTR | 03/23/2026 | 2024400 | (27575) |
| 21 | NYBOT CSC Cocoa Future<sup>(f)</sup> | 03/17/2026 | 1273650 | 6358 |
| 53 | NYBOT CTN Number 2 Cotton Future<sup>(f)</sup> | 03/10/2026 | 1703155 | 42937 |
| 16 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 02/26/2026 | 500800 | 35650 |
| 14 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 02/02/2026 | 1008420 | 52830 |
| 9 | Robusta Coffee Future 10-Tonne<sup>(f)</sup> | 03/26/2026 | 355410 | 12969 |
| 10 | SFE 3 Year Australian Bond Future | 03/17/2026 | 700578 | 35 |
| 83 | Three Month SONIA Index Futures | 03/17/2026 | 26925239 | 20 |
| 40 | TTF Natural Gas Base Load Monthly Futures<sup>(f)</sup> | 01/30/2026 | 889295 | (28125) |
| 195 | WCE Canola Future<sup>(f)</sup> | 03/16/2026 | 1711650 | 42581 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  | 2322229 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | 525076 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** | **OPEN FORWARD FOREIGN EXCHANGE CONTRACTS** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/(Depreciation)** |
| **To Buy:** |  |  |  |  |  |
| Chinese Yuan | 01/30/2026 | JPM | 18296221 | $2627178 | $28173 |
| Czech Koruna | 01/30/2026 | JPM | 17631837 | 858099 | 3599 |
| Hungarian Forints | 01/30/2026 | JPM | 1011109322 | 3086397 | 40637 |
| Japanese Yen | 01/30/2026 | JPM | 96871981 | 619902 | (509) |
| Mexican Peso | 01/30/2026 | JPM | 197345330 | 10930135 | 75017 |
| Norwegian Krone | 01/30/2026 | JPM | 16637245 | 1650671 | 24656 |
| Polish Zloty | 01/30/2026 | JPM | 13467698 | 3751073 | 72799 |
| Singapore Dollar | 01/30/2026 | JPM | 12917 | 10066 | 66 |
| South African Rand | 01/30/2026 | JPM | 215418473 | 12984467 | 433041 |
| Swedish Krona | 01/30/2026 | JPM | 33503942 | 3644035 | 97872 |
| Swiss Franc | 01/30/2026 | JPM | 142594 | 180504 | 2685 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | **Unrealized<br> Appreciation/(Depreciation)** |
| **To Buy: (continued)** |  |  |  |  |  |
| Turkish Lira | 03/16/2026 | JPM | 51538530 | $1139681 | $76681 |
| Brazilian Real | 03/18/2026 | JPM | 83300997 | 14951298 | 35572 |
| Chilean Peso | 03/18/2026 | JPM | 6195828645 | 6887983 | 175952 |
| Columbian Peso | 03/18/2026 | JPM | 10185174800 | 2634803 | (14197) |
| Egyptian Pound | 03/18/2026 | JPM | 182993871 | 3740854 | 476640 |
| Indian Rupee | 03/18/2026 | JPM | 350879323 | 3876905 | 3238 |
| Mexican Peso | 03/18/2026 | JPM | 4569638 | 251927 | 3304 |
| Philippine Peso | 03/18/2026 | JPM | 40252909 | 680700 | (4300) |
| South Korean Won | 03/18/2026 | JPM | 6002577932 | 4167956 | 49372 |
| Taiwanese Dollar | 03/18/2026 | JPM | 4947675 | 157329 | 329 |
| Thailand Baht | 03/18/2026 | JPM | 20466930 | 651708 | (2292) |
| Indonesia Rupiah | 03/25/2026 | JPM | 167254000 | 9994 | (6) |
| Hong Kong Dollar | 05/08/2026 | JPM | 11755420 | 1515837 | (4637) |
| Egyptian Pound | 09/16/2026 | JPM | 269866228 | 5180716 | 313984 |
| Turkish Lira | 09/16/2026 | JPM | 206743693 | 3981866 | 170369 |
| Turkish Lira | 09/17/2026 | JPM | 27308000 | 525555 | 18849 |
| Nigeria Naira | 12/16/2026 | JPM | 1053771720 | 731171 | 83171 |
| Turkish Lira | 09/27/2027 | JPM | 44064000 | 781205 | 170676 |
|  |  |  |  |  | **2330741** |
| **To Sell:** |  |  |  |  |  |
| Chinese Yuan | 01/30/2026 | JPM | 39520575 | 5674812 | (73680) |
| Czech Koruna | 01/30/2026 | JPM | 17631837 | 858099 | (14631) |
| Hungarian Forints | 01/30/2026 | JPM | 318514531 | 972261 | (8261) |
| Israeli Shekel | 01/30/2026 | JPM | 4159854 | 1305569 | (11569) |
| Japanese Yen | 01/30/2026 | JPM | 96871981 | 619902 | 3106 |
| Mexican Peso | 01/30/2026 | JPM | 453691481 | 25128081 | (433396) |
| Norwegian Krone | 01/30/2026 | JPM | 6160724 | 611239 | (4239) |
| Polish Zloty | 01/30/2026 | JPM | 659524 | 183693 | (1693) |
| Singapore Dollar | 01/30/2026 | JPM | 4352522 | 3391872 | (25627) |
| South African Rand | 01/30/2026 | JPM | 186928973 | 11267247 | (213569) |
| Swedish Krona | 01/30/2026 | JPM | 636501 | 69229 | (1229) |
| Swiss Franc | 01/30/2026 | JPM | 32650 | 41331 | (331) |
| Turkish Lira | 03/16/2026 | JPM | 51538530 | 1139681 | (75185) |
| Brazilian Real | 03/18/2026 | JPM | 80174527 | 14390143 | (28702) |
| Columbian Peso | 03/18/2026 | JPM | 30276036220 | 7832108 | 114892 |
| Egyptian Pound | 03/18/2026 | JPM | 182993871 | 3740854 | (225779) |
| Indian Rupee | 03/18/2026 | JPM | 111960259 | 1237061 | (10061) |
| Philippine Peso | 03/18/2026 | JPM | 266511095 | 4506857 | (24215) |
| South Korean Won | 03/18/2026 | JPM | 9065597674 | 6294797 | (63064) |
| Taiwanese Dollar | 03/18/2026 | JPM | 94447162 | 3003285 | 25744 |
| Thailand Baht | 03/18/2026 | JPM | 41001972 | 1305584 | (11395) |
| Indonesia Rupiah | 03/25/2026 | JPM | 50706278070 | 3030004 | (3975) |
| Hong Kong Dollar | 05/08/2026 | JPM | 11755420 | 1515837 | 14893 |
| Turkish Lira | 09/16/2026 | JPM | 8462000 | 162977 | (5517) |
| Turkish Lira | 09/27/2027 | JPM | 44064000 | 781205 | (169205) |
|  |  |  |  |  | **(1246688)** |
| **Total** |  |  |  |  | **1084053** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Foreign Currency** | <br>**Settlement**<br>**Date** | <br>**Counterparty** | **Local Currency**<br>**Amount**<br>**Purchased** |<br>**Local Currency**<br>**Amount Sell** |<br>**U.S. Dollar Market**<br>**Value Buy** |<br>**U.S. Dollar Market**<br>**Value Sell** |<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| **To Buy:** | **To Sell:** |  |  |  |  |  |  |  |
| Euro | Hungarian |  |  |  |  |  |  |  |
|  | Forints | 1/30/2026 | JPM | 13313152 | 5143381578 | $15659574 | $(15700101) | $(40527) |
| Hungarian Forints | Euro | 1/30/2026 | JPM | 5143381579 | 13271513 | 15700100 | (15610595) | 89505 |
|  |  |  |  |  |  |  |  | **48978** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| <br>**Description<sup>\*</sup>** | <br>**Counterparty** | <br>**Fixed Deal**<br>**Receive/(Pay) Rate** | <br>**Maturity Date** |<br>**Notional Value** |<br>**Fair Value** | **Amortized Upfront**<br>**Payments Received/**<br>**(Paid)** |<br>**Unrealized**<br>**Appreciation** |
| CDX.EM SERIES 44<sup>+</sup> | JPM | 1.00% | 12/20/2030 | $(3092000) | $(32218) | $(67987) | $35759 |
| CDX.NA.HY SERIES 45<sup>^</sup> | HSBC | (5.00)% | 12/20/2030 | 6199380 | (482845) | (488663) | 5818 |
| CDX.NA.IG SERIES 45<sup>+</sup> | HSBC | 1.00% | 12/20/2030 | (3439000) | 79018 | 74532 | 4486 |
| ITRAXX EUROPE CROSSOVER SERIES 44<sup>+</sup> | JPM | 5.00% | 12/20/2030 | (1106673) | 124337 | 110754 | 13584 |
| ITRAXX EUROPE SERIES 44<sup>+</sup> | JPM | 1.00% | 12/20/2030 | (70489) | 1651 | 1548 | 103 |
| **TOTAL** |  |  |  |  |  |  | **59760** |

---

<sup>\*</sup> Pays quarterly.

<sup>+</sup> Sell protection.

<sup>^</sup> Buy protection.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** | **INTEREST RATE SWAP AGREEMENTS** |
| <br>**Rate Paid** | <br>**Rate Received** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Notional Value** |<br>**Fair Value** | **Amortized Upfront**<br>**Payments**<br>**Received/(Paid)** |<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| 14.60% | BRL-CDI | Annually | 10/20/2026 | $30552845 | $8385 | $(13974) | $22349 |
| PLN-BUBOR | 3.718% | Annually | 3/18/2029 | 3644771 | 14077 | 438 | 13640 |
| 6.229% | HUF-WIBOR | Semi-Annually | 3/18/2029 | 3842973 | (35229) | (1173) | (34055) |
| SGD-SORA | 1.645% | Semi-Annually | 3/18/2029 | 196045 | (643) | 3 | (646) |
| NZD-Bills | 3.26% | Semi-Annually | 3/18/2029 | 2205662 | (1695) | (31) | (1664) |
| KHD-HIBOR | 2.737% | Quarterly | 3/18/2029 | 10793 | 27 | 1 | 26 |
| 1.99% | TWD-TAIBOR | Quarterly | 3/18/2031 | 1953708 | 5260 | 2068 | 3192 |
| 1.625% | CNY-7D Repo | Quarterly | 3/18/2031 | 8013184 | (11073) | (5750) | (5323) |
| NOK-NIBOR | 4.40% | Annually | 3/18/2031 | 4252616 | (5641) | (110) | (5531) |
| ZAR-JIBAR | 8.6835% | Quarterly | 12/4/2035 | 5249336 | 29910 | 13535 | 16375 |
| MXN-F-TIIE | 8.5395% | Monthly | 12/9/2035 | 6856605 | (67151) | (32428) | (34723) |
| TWD-TAIBOR | 2.324% | Quarterly | 3/18/2036 | 1155018 | (1647) | 4280 | (5927) |
| NZD-BILLS | 4.077% | Semi-Annually | 3/18/2036 | 12560191 | (68761) | (497) | (68263) |
| ZAR-JIBAR | 7.583% | Quarterly | 3/18/2036 | 4040887 | 40022 | (5496) | 45518 |
| 4.292$| PLN-WIBOR | Semi-Annually | 3/18/2036 | 63764 | (474) | 65 | (539) |
| SGD-SORA | 2.136% | Semi-Annually | 3/18/2036 | 15559 | (212) |  | (212) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Rate Paid** | <br>**Rate Received** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Notional Value** |<br>**Fair Value** | **Amortized Upfront**<br>**Payments Received/**<br>**(Paid)** |<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| CLP-ICPROM | 5.255% | Semi-Annually | 3/18/2036 | $1337168 | $5516 | $(291) | $5807 |
| 3.98% | NOK-NIBOR | Semi-Annually | 3/18/2046 | 1249332 | 5815 | (117) | 5932 |
| 13.545% | BRL-CDI | Annually | 1/4/2027 | 17103571 | 53128 | 52848 | 280 |
| 1.14% | JPY-TONAR | Annually | 3/18/2028 | 13928880 | 26742 | 158 | 26584 |
| CHF-SARON | -0.049% | Annually | 3/18/2028 | 6437805 | (2583) | 42 | (2625) |
| EUR-SARON | 1.983% | Annually | 3/18/2028 | 11648614 | (14017) | (92) | (13925) |
| CAD-CORRA | 2.4032% | Semi-Annually | 9/15/2028 | 4178293 | (21916) | 6278 | (28194) |
| BRL-CDI | 13.26% | Annually | 1/2/2029 | 11464723 | 44477 | (1939) | 46416 |
| MXN-F-TIIE | 7.498% | Monthly | 3/14/2029 | 2943519 | 307 | (154) | 460 |
| CAD-CORRA | 2.766% | Semi-Annually | 3/18/2029 | 177040 | 547 | (4) | 551 |
| COP-IBR | 9.965% | Quarterly | 3/18/2029 | 4902436 | (124593) | (314) | (124280) |
| BRL-CDI | 13.26% | Annually | 1/2/2031 | 14529438 | (119649) | (84413) | (35236) |
| 11.0587% | COP-IBR | Quarterly | 3/18/2031 | 1417635 | (8844) | (1520) | (7325) |
| 5.821% | INR-MIBOR | Semi-Annually | 3/18/2031 | 289975 | 1440 | 2372 | (932) |
| THB-THOR | 1.401% | Quarterly | 3/18/2031 | 2603641 | 20191 | (24) | 20215 |
| 13.515% | BRL-CDI | Annually | 1/3/2033 | 2371137 | (51146) | 990 | (52137) |
| MXN-F-TIIE | 8.144% | Monthly | 3/5/2036 | 889471 | (5522) | (91) | (5431) |
| COP-IBR | 10.227% | Quarterly | 3/18/2036 | 3149030 | (139642) | (10299) | (129342) |
| CHF-NIBOR | 0.539% | Annually | 3/18/2036 | 2176147 | (31421) | (16068) | (15353) |
| 4.109% | NOK-NIBOR | Semi-Annually | 3/18/2036 | 2520231 | 6473 | 4824 | 1650 |
| 1.75% | THB-THOR | Quarterly | 3/18/2036 | 1203647 | (15494) | 67 | (15561) |
| JPY-TONAR | 1.812% | Annually | 3/18/2036 | 38299 | (375) | (14) | (361) |
| 3.98643% | USD-SOFR | Annually | 11/15/2052 | 8400600 | 278180 | 878 | 277302 |
| 4.459% | BGP-SONIA | Annually | 3/18/2056 | 33700 | 34 | (8) | 42 |
| JPY-SONIA | 2.80% | Annually | 3/18/2056 | 486080 | (7085) | 1399 | (8484) |
| 2.897% | JPY-TONAR | Annually | 3/18/2066 | 1320400 | 23082 | (4089) | 27181 |
| 2.922% | EUR-ESTR | Annually | 3/18/2076 | 2953595 | 45429 | 8978 | 36451 |
| 2.9053% | USD-USCPI | Annually | 8/29/2028 | 24233900 | (311925) | (100356) | (211569) |
| **TOTAL** |  |  |  |  |  |  | **(257667)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** | **DISPERSION SWAP AGREEMENTS** |
| <br>**Description** | <br>**Counterparty** | <br>**Volatility Received** | <br>**Volatility Paid** | <br>**Maturity Date** |<br>**Notional Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| Equity Volatility | MS | Custom Basket | Custom Basket | 1/16/2026 | (20000) | $(9609) |
| SPX Index | CIT | Custom Basket | U.S. Index | 1/16/2026 | (25000) | (42016) |
| SPX Index | BAML | Custom Basket | U.S. Index | 1/16/2026 | (25000) | (7167) |
| SPX Index | BAML | Custom Basket | U.S. Index | 1/16/2026 | (25000) | 525 |
| SPX Index | BAML | Custom Basket | U.S. Index | 1/16/2026 | (25000) | 29146 |
| SPX Index | UBS | Custom Basket | U.S. Index | 1/16/2026 | (10000) | 4461 |
| SPX Index | UBS | Custom Basket | U.S. Index | 1/16/2026 | (15000) | (447) |
| SPX Index | BAR | Custom Basket | U.S. Index | 6/18/2026 | (20000) | 28057 |
| SPX Index | BAR | Custom Basket | U.S. Index | 6/18/2026 | (15000) | (11811) |
| SPX Index | JPM | Custom Basket | U.S. Index | 6/18/2026 | (30000) | 17249 |
| SPX Index | BAML | Custom Basket | U.S. Index | 6/18/2026 | (40000) | (42241) |
| SPX Index | BAR | Custom Basket | U.S. Index | 1/15/2027 | (20000) | 14200 |
| SPX Index | BAR | Custom Basket | U.S. Index | 1/15/2027 | (30000) | (77395) |
| SPX Index | CIT | Custom Basket | U.S. Index | 1/15/2027 | (20000) | (1616) |
| SPX Index | JPM | Custom Basket | U.S. Index | 1/15/2027 | (20000) | (3817) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Volatility Received** | <br>**Volatility Paid** | <br>**Maturity Date** |<br>**Notional Value** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| SPX Index | UBS | Custom Basket | U.S. Index | 1/15/2027 | (25000) | $47340 |
| SX5E Index | JPM | Custom Basket | Europe Index | 6/19/2026 | (20000) | 9418 |
| SX5E Index | UBS | Custom Basket | Europe Index | 6/19/2026 | (10000) | (1079) |
| SX5E Index | CIT | Custom Basket | Europe Index | 12/18/2026 | (10000) | 15082 |
| SX5E Index | GSI | Custom Basket | Europe Index | 12/18/2026 | (10000) | (4021) |
| SX5E Index | UBS | Custom Basket | Europe Index | 12/18/2026 | (15000) | 17191 |
| **TOTAL** |  |  |  |  |  | **(18550)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| <br>**Description** | <br>**Counterparty** |<br>**Notional Value** | <br>**Variable Rate** | <br>**Maturity Date** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| ADNOC Drilling Company | MS | $(104375) | SOFR + 1.15%<sup>^</sup> | 11/15/2030 | $(2718) |
| Air China Limited | JPM | 16941 | HONIA – 0.35%<sup>+</sup> | 9/21/2030 | (4018) |
| Airbus SE | BAR | (91493) | ESTR + 0.20%<sup>+</sup> | 8/8/4060 | 27466 |
| Aselsan Elektronik Sanay Ve Ticaret A.S. | MS | (24497) | SOFR + 0.95%<sup>^</sup> | 3/16/2030 | 2061 |
| Banca Transilvania S.A. | MS | (63545) | SOFR + 1.00%<sup>^</sup> | 5/15/2030 | (663) |
| BCEFGR<sup>1</sup> | BAR | (86563) | ESTR – 0.12%<sup>^</sup> | 9/21/2030 | 1157 |
| BCEFMMT<sup>2</sup> | BAR | 966126 | ESTR – 0.25%<sup>^</sup> | 11/16/2030 | (15967) |
| BCEFMMTL<sup>3</sup> | BAR | 997226 | ESTR – 0.15%<sup>^</sup> | 1/16/2030 | (16477) |
| BCEFQLT<sup>4</sup> | BAR | (432125) | ESTR + 0.30%<sup>^</sup> | 4/15/2030 | 6521 |
| BCEFVALL<sup>5</sup> | BAR | (448306) | ESTR – 0.30%<sup>^</sup> | 7/15/2030 | 6302 |
| BCEFVALS<sup>6</sup> | BAR | 1510192 | ESTR + 0.35%<sup>^</sup> | 9/21/2030 | (16924) |
| BCEFVOL<sup>7</sup> | BAR | (481596) | ESTR + 0.25%<sup>^</sup> | 9/21/2030 | 6542 |
| BCEFYLDL<sup>8</sup> | BAR | 698669 | ESTR – 0.35%<sup>^</sup> | 5/9/2030 | (13873) |
| BCEFYLDS<sup>9</sup> | BAR | 914216 | ESTR – 0.25%<sup>^</sup> | 11/16/2030 | (21531) |
| BCERSVCS<sup>10</sup> | BAR | (531553) | SOFR + 0.30%<sup>^</sup> | 4/17/2030 | (2071) |
| BCIICROS<sup>11</sup> | BAR | (950646) | SOFR +0.30%<sup>^</sup> | 4/25/2030 | (3037) |
| BCIIDISC<sup>12</sup> | BAR | 8043027 | SOFR – 0.25%<sup>^</sup> | 7/15/2030 | 217781 |
| BCIIFFOD<sup>13</sup> | BAR | 1092573 | SOFR – 0.30%<sup>^</sup> | 4/15/2030 | 21214 |
| BCIISHDF<sup>14</sup> | BAR | (546180) | ESTR + 0.30%<sup>^</sup> | 2/15/2030 | 19437 |
| BCIISOXD<sup>15</sup> | BAR | 1026359 | SOFR – 0.15%<sup>^</sup> | 9/16/2030 | 11545 |
| BCUFPRFL<sup>16</sup> | BAR | 284904 | SOFR – 0.25%<sup>^</sup> | 11/16/2030 | 3114 |
| BCUFQLL<sup>17</sup> | BAR | 1403524 | SOFR – 0.25%<sup>^</sup> | 9/21/2030 | 11929 |
| BCUFV<sup>18</sup> | BAR | 59782 | SOFR – 0.25% | 4/15/2030 | 472 |
| BCUFVAL<sup>19</sup> | BAR | (2178197) | SOFR +0.30%<sup>^</sup> | 9/16/2030 | (41823) |
| BEFSAMD<sup>20</sup> | BAR | (253436) | N/A<sup>^</sup> | 11/16/2030 | 3920 |
| BEFSAVG<sup>21</sup> | BAR | (124025) | N/A<sup>^</sup> | 11/16/2030 | (546) |
| BEFSFU1<sup>22</sup> | BAR | (231655) | N/A<sup>^</sup> | 9/16/2030 | (2684) |
| BEFSFU2<sup>23</sup> | BAR | (220622) | N/A<sup>^</sup> | 9/16/2030 | 2758 |
| BEFSFULH<sup>24</sup> | BAR | (1833741) | N/A<sup>^</sup> | 7/16/2030 | (4560) |
| BEFSFULK<sup>25</sup> | BAR | (593528) | N/A<sup>^</sup> | 12/16/2030 | 1127 |
| BEFSFULN<sup>26</sup> | BAR | (1780522) | N/A<sup>^</sup> | 7/16/2030 | 701 |
| BEFSFULT<sup>27</sup> | BAR | (1784469) | N/A<sup>^</sup> | 12/16/2030 | (5403) |
| BEFSMST<sup>28</sup> | BAR | (371447) | N/A<sup>^</sup> | 11/16/2030 | (533) |
| BEFSSOX<sup>29</sup> | BAR | (506849) | N/A<sup>^</sup> | 11/16/2030 | 3619 |
| Cabot Corp. | JPM | 27311 | OBFR – 0.1%<sup>+</sup> | 9/21/2030 | (129) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** |<br>**Notional Value** | <br>**Variable Rate** | <br>**Maturity Date** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| China Eastern Airlines Corporation Ltd. | JPM | 4162 | HONIA – 4.25%<sup>+</sup> | 9/10/2024 | (3189) |
| China Steel Corporation | MS | 34020 | SOFR – 1.875%<sup>^</sup> | 3/16/2030 | (15) |
| CIEQMUL<sup>30</sup> | CIT | (2003234) | N/A<sup>+</sup> | 9/30/2026 | (879) |
| CIEQMUT<sup>31</sup> | CIT | (6005840) | N/A<sup>+</sup> | 9/30/2026 | (4619) |
| CPFL ENERGIA SA | MS | (71758) | CDI + 0.50%<sup>^</sup> | 12/15/2030 | 1855 |
| CSN Mineracao S.A. | MS | 24263 | CDI – 7.125%<sup>^</sup> | 1/22/2030 | 906 |
| EVA Airways Corporation | JPM | 8752 | OBFR – 4.375%<sup>+</sup> | 9/10/2024 | 1072 |
| Evergreen Marine Corporation | MS | 23406 | SOFR – 6.50%<sup>^</sup> | 5/15/2030 | (824) |
| Fortune Electric Co Ltd | MS | (63616) | SOFR + 0.75%<sup>^</sup> | 4/15/2030 | (2445) |
| Franco-Nevada Corp. |  | 525077 | OBFR – 0.15%<sup>+</sup> | 7/8/2030 | (44797) |
| Gerdau S.A. | MS | 20961 | CDI – 4.00%<sup>^</sup> | 1/22/2030 | 37 |
| GSCBAIV<sup>32</sup> | GS | 366679 | SOFR – 0.70%<sup>^</sup> | 9/21/2030 | 9075 |
| GSCBBZA<sup>33</sup> | GS | (1161855) | SOFR + 0.60%<sup>^</sup> | 9/22/2030 | 2639 |
| GSGLPHRE<sup>34</sup> | GS | 2472564 | SOFR – 0.50%<sup>^</sup> | 2/21/2030 | 12233 |
| GSISI266<sup>35</sup> | GS | (13118939) | N/A<sup>^</sup> | 12/25/2030 | 16460 |
| GSMBAIC0<sup>36</sup> | GS | (4819378) | SOFR + 0.50%<sup>^</sup> | 11/22/2030 | 49101 |
| GSMBATOL<sup>37</sup> | GS | (230691) | SOFR + 0.65%<sup>^</sup> | 9/22/2030 | 2882 |
| GSMBCHC<sup>38</sup> | GS | (1043552) | SOFR + 0.40%<sup>^</sup> | 9/22/2030 | (6008) |
| GSMBNGS<sup>39</sup> | GS | (379296) | SOFR + 0.23%<sup>^</sup> | 9/21/2030 | 4961 |
| GSMBSHJ<sup>40</sup> | GS | (445149) | TONAR + 0.45%<sup>^</sup> | 9/22/2030 | 3256 |
| GSXAJPA<sup>41</sup> | GS | (356886) | TONAR<sup>^</sup> | 9/21/2030 | 3424 |
| GSXEBFV<sup>42</sup> | GS | (149535) | ESTR – 0.40%<sup>^</sup> | 9/21/2030 | 1491 |
| GSXECYCL<sup>43</sup> | GS | (812707) | ESTR + 0.40%<sup>^</sup> | 2/22/2030 | 10605 |
| GSXEDEF<sup>44</sup> | GS | 416305 | ESTR – 0.40%<sup>^</sup> | 9/21/2030 | (2609) |
| GSXFTRB<sup>45</sup> | GS | (130813) | SOFR + 0.40%<sup>^</sup> | 9/21/2030 | (4116) |
| GSXUCY<sup>46</sup> | GS | 622952 | SOFR – 0.44%<sup>^</sup> | 9/21/2030 | 13106 |
| GSXUNPT<sup>47</sup> | GS | 373013 | SOFR + 0.45%<sup>^</sup> | 11/22/2030 | 21944 |
| GSXURAN<sup>48</sup> | GS | (357762) | SOFR + 0.30%<sup>^</sup> | 11/22/2030 | (14552) |
| Hanwha Ocean Co., Ltd. | MS | (12918) | SOFR + 0.75%^ | 11/15/2030 | 291 |
| Hanwha Systems Co., Ltd. | MS | (18956) | SOFR + 0.75%^ | 10/15/2030 | 983 |
| HD Hyundai Heavy Industries Co.,Ltd. | MS | (64318) | SOFR +0.75%<sup>^</sup> | 10/30/4060 | (3191) |
| HD Korea Shipbuilding | MS | (16015) | SOFR + 0.75%<sup>^</sup> | 11/15/2030 | (801) |
| HEICO Corp. | JPM | (117476) | OBFR + 0.2%<sup>+</sup> | 7/8/2030 | 991 |
| Hyundai Rotem Co., Ltd. | MS | (23637) | SOFR + 0.75%<sup>^</sup> | 10/15/2030 | 1431 |
| J.B. Hunt Transport Services, Inc. | JPM | 38912 | OBFR – 0.10%<sup>+</sup> | 9/21/30 | (3416) |
| JP11DXYL<sup>49</sup> | JPM | 152827 | OBFR – 0.25%<sup>+</sup> | 7/21/2030 | 609 |
| JP1NLA<sup>50</sup> | JPM | 435580 | OBFR – 0.25%<sup>+</sup> | 7/22/2030 | 5829 |
| JP1XAIG<sup>51</sup> | JPM | (251353) | OBFR + 0.90%<sup>+</sup> | 10/21/2030 | (1174) |
| JP1XCRI<sup>52</sup> | JPM | (213274) | OBFR + 0.40%<sup>+</sup> | 9/21/2030 | (2546) |
| JP1XDES<sup>53</sup> | JPM | (184272) | OBFR + 0.30%<sup>+</sup> | 9/21/2030 | (14101) |
| JP1XHU<sup>54</sup> | JPM | 185465 | OBFR – 0.25%<sup>+</sup> | 9/21/2030 | 22184 |
| JP1XNEO<sup>55</sup> | JPM | (94672) | OBFR + 0.50%<sup>+</sup> | 9/21/2030 | (15371) |
| JP1XREA<sup>56</sup> | JPM | (267769) | OBFR + 0.25%<sup>+</sup> | 9/21/2030 | (10255) |
| JPBWIN<sup>57</sup> | JPM | 686146 | OBFR – 0.25%<sup>+</sup> | 10/22/2030 | (17495) |
| JPFCPLEY<sup>58</sup> | JPM | (1137083) | ESTR + 0.30%<sup>+</sup> | 2/22/2030 | 9088 |
| JPFJBR2<sup>59</sup> | JPM | (1354194) | CDI + 0.50%<sup>+</sup> | 9/21/2030 | (57132) |
| JPFJBRL1<sup>60</sup> | JPM | (517696) | CDI + 0.50%<sup>+</sup> | 11/22/2030 | 2131 |
| JPFURU1<sup>61</sup> | JPM | (1) | OBFR<sup>+</sup> | 3/30/2030 | (1) |
| JPGWIN<sup>62</sup> | JPM | 435470 | OBFR – 0.25%<sup>^</sup> | 3/21/2030 | 7261 |
| JPQWIN<sup>63</sup> | JPM | 789398 | OBFR – 0.25%<sup>+</sup> | 3/21/2030 | (28125) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** |<br>**Notional Value** | <br>**Variable Rate** | <br>**Maturity Date** | **Unrealized**<br>**Appreciation/(Depreciation)** |
| JPSZLAG<sup>64</sup> | JPM | 283015 | OBFR – 0.25%<sup>+</sup> | 5/28/2030 | 3422 |
| JPUSX<sup>65</sup> | JPM | (479155) | OBFR + 0.50%<sup>+</sup> | 9/21/2030 | 8229 |
| JPVWIN<sup>66</sup> | JPM | (681493) | OBFR + 0.25%<sup>+</sup> | 4/21/2030 | 20877 |
| Mitsui OSK Lines Ltd. | JPM | (15474) | TONAR + 0.15%<sup>+</sup> | 9/21/2030 | 941 |
| Morgan Stanley | JPM | (3996970) | OBFR + 0.25% | 2/22/2030 | 34508 |
| MSFDRUS 1<sup>67</sup> | MS | 41423536 | N/A | 7/15/2030 | (191475) |
| MSVXTRV<sup>68</sup> | MS | (1002375) | ^ | 9/30/2026 | 9359 |
| Netflix, Inc. | BAR | (22112) | OBFR + 0.25%<sup>+</sup> | 7/21/2030 | (3290) |
| Nippon Sanso Holdings Corp. |  | (109692) | TONAR + 0.16%<sup>+</sup> | 5/8/2030 | (10797) |
| Qatar Gas Transport Co., Ltd. | MS | (7463) | SOFR + 1.15%<sup>^</sup> | 6/21/2030 | 55 |
| Reddit, Inc. | JPM | (12514) | OBFR + 0.25%<sup>^</sup> | 7/21/2030 | 4712 |
| Rheinmetall AG | JPM | (23211) | ESTR + 0.15%<sup>+</sup> | 10/22/2030 | (1216) |
| S&P 500 Consumer Staples Index | JPM | (1109657) | OBFR + 0.45%<sup>+</sup> | 8/22/2030 | (42653) |
| Saab AB | JPM | (23269) | STIBOR + 0.15%<sup>+</sup> | 10/22/2030 | 2487 |
| Samsung Heavy Industries Co., Ltd. | MS | (23563) | SOFR + 0.75%<sup>^</sup> | 11/15/2030 | (958) |
| Star Petroleum Refining Public Co., Ltd. | MS | (32999) | SOFR -9.99%<sup>^</sup> | 9/21/2030 | 53 |
| Thai Oil Public Company, Ltd. | MS | (90601) | SOFR – 3.375%<sup>^</sup> | 9/21/2030 | 235 |
| TPNBNK<sup>69</sup> | JPM | (459660) | TONAR + 0.20%<sup>+</sup> | 5/8/2030 | 234454 |
| Verisk Analytics, Inc. | JPM | 62222 | OBFR – 0.10%<sup>+</sup> | 9/21/2030 | (1692) |
| XRJPFLC1<sup>70</sup> | JPM | (13238865) | ^ | 3/16/2030 | (125302) |
| **TOTAL** |  |  |  |  | $**104842** |

---

<sup>^</sup> Pays monthly.

<sup>+</sup> Pays at termination or maturity date.

---

| | |
|:---|:---|
| **Definitions** |  |
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| ESTR | - Euro Short-Term Rate |
| HIBOR | - Hong Kong Interbank Overnight Rate |
| HONIA | - Hong Kong Overnight Index Average |
| ICPROM | - Indice Camara Promedio |
| ID | - Indonesia Bank Rate |
| iOT | - Inward One Touch Option |
| LTD | - Limited Company |
| MIBOR | - Mumbai Interbank Offered Rate |
| MSCI | - Morgan Stanley Capital International |
| NIBOR | - Norwegian Interbank Offered Rate |
| OBFR | - Overnight Bank Funding Rate |
| OT | - One Touch Option |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| RKO | - Reverse Knock-Out Option |
| SA | - Société Anonyme |
| STIBOR | - Stockholm Interbank Offered Rate |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Definitions (Continued)** | **Definitions (Continued)** |
| THOR | -Thai Overnight Rate |
| TIIE | - Interbank Euilibrium Interest Rate |
| TONAR | - Tokyo Overnight Average Rate |
| WIBOR | - Warsaw Interbank Overnight Rate |

---

---

| | |
|:---|:---|
| **Broker/Counterparty Definitions** | **Broker/Counterparty Definitions** |
| BAML | Bank of America Merrill Lynch |
| BAR | Barclays |
| CIT | Citibank |
| GS | Goldman Sachs |
| JPM | JP Morgan |
| MS | Morgan Stanley |
| UBS | UBS |

---

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

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

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

<sup>(d)</sup> Zero coupon bond.

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

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

<sup>(g)</sup> Option only pays if all terms are met on the expiration date.

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

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

1 BCEFGR is a custom basket of clean energy stocks.

<sup>2</sup> BCEFMMT is a custom basket of base metals stocks.

3 BCEFMMTL is a custom basket of defense stocks.

4 BCEFQLT is a custom basket of healthcare stocks.

5 BCEFVALL is a custom basket of global financial stocks.

6 BCEFVALS is a custom basket of global financial stocks.

7 BCEFVOL is a custom basket of technology stocks.

8 BCEFYLDL is a custom basket of global financial stocks.

9 BCEFYLDS is a custom basket of clean energy stocks.

10 BCERSVCS is a custom basket of reshoring stocks.

11 BCIICROS is a custom basket of U.S. common stocks.

12 BCIIDISC is a custom basket of U.S. housing stocks. The components of the basket as of December 31, 2025 are shown on the following pages.

13 BCIIFFOD is a custom basket of consumer trends sector stocks.

14 BCIISHDF is a custom basket of defense stocks.

15 BCIISOXD is a custom basket of technology stocks.

16 BCUFPRFL is a custom basket of consumer trends stocks.

17 BCUFQLL is a custom basket of global energy stocks.

18 BCUFV is a custom basket of global financial stocks.

19 BCUFVAL is a custom basket of short trucking stocks.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

20 BEFSAMD is used to get exposure to the AMD intraday momentum strategy.

21 BEFSAVG is used to get exposure to the Broadcom intraday momentum strategy.

22 BEFSFU1 is used to get exposure to the TSLA intraday momentum strategy.

23 BEFSFU2 is used to get exposure to the NVDA intraday momentum strategy.

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

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

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

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

28 BEFSMST is used to get exposure to the microstrategy intraday momentum strategy.

29 BEFSSOX is used to get exposure to the semiconductor ETF intraday momentum strategy.

30 CIEQMUL replicates the difference between the S&P 1-day and 5-day variance.

31 CIEQMUT replicates the difference between the NASDAQ 1-day and 5-day variance.

32 GSBAIV is a custom basket of U.S. common stocks.

33 GSCBBZA is a custom basket of South American stocks.

34 GSGLPHRE is a custom basket of consumer trends stocks.

35 GSISI266 is a custom basket of stocks. The components of the basket as of December 31, 2025 are shown on the following pages.

36 GSMBAIC0 is a custom basket of technology stocks. The components of the basket as of December 31, 2025 are shown on the following pages.

37 GSMBATOL is a custom basket of auto company stocks.

38 GSMBCHC is a custom basket of U.S. common stocks.

39 GSMBNGS is a custom basket of U.S. common stocks.

40 GSMBSHJ is a custom basket of Japanese common stocks.

41 GSXAJPA is a custom basket of technology stocks.

42 GSXEBFV is a custom basket of technology stocks.

43 GSXECYCL is a custom basket of auto company stocks.

44 GSXEDEF is a custom basket of climate change stocks.

45 GSXFTRB is a custom basket of Turkish bank stocks.

46 GSXUCY is a custom basket of consumer trends stocks.

47 GSXUNPT is a custom basket of U.S. common stocks.

48 GSXURAN is a custom basket of U.S. common stocks.

49 JP11DXYL is a custom basket of energy stocks.

50 JP1NLA is a custom basket of global real estate stocks.

51 JP1XAIG is a custom basket of AI stocks.

52 JP1XCRI is a custom basket of U.S. mineral stocks.

53 JP1XDES is a custom basket of U.S. energy stocks.

54 JP1XHU is a custom basket of U.S. human resources stocks.

55 JP1XNEO is a custom basket of neocloud and digital infrastructure stocks.

56 JP1XREA is a custom basket of physical AI and robotics stocks.

57 JPBWIN is a custom basket of technology stocks.

58 JPFCPLEY is a custom basket of auto company stocks.

59 JPFJBR2 is a custom basket of South American stocks.

60 JPFJBRL1 is a custom basket of South American stocks.

61 JPFURU1 I is a custom basket of metal and coal stocks.

62 JPGWIN is a custom basket of global financials.

63 JPQWIN is a custom basket of short trucking company stocks.

64 JPSZLAG is a custom basket of U.S. common stocks.

65 JPUSX is a custom basket of healthcare stocks.

66 JPVWIN is a custom basket of consumer trends stocks.

67 MSFDRUS 1 – The components of the basket as of December 31, 2025 are shown on the following pages.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

68 MSVXTRV replicates VIX call spread.

69 TPNBNK is a custom basket of Japanese company stocks.

70 XRJPFLC1 is a custom basket of U.S. stocks. The components of the basket as of December 31, 2025 are shown on the following pages.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Hasbro, Inc. | (3587) | $(296542) | 3.75% |
| Dollar Tree, Inc. | (2297) | (284908) | 3.61% |
| Mattel, Inc. | (14116) | (282183) | 3.57% |
| LCI Industries | (2142) | (263183) | 3.33% |
| YETI Holdings, Inc. | (5907) | (261749) | 3.31% |
| Chefs' Warehouse, Inc. (The) | (3957) | (247221) | 3.13% |
| Six Flags Entertainment Corporation | (15577) | (233963) | 2.96% |
| Dollar General Corporation | (1631) | (221568) | 2.81% |
| Cheesecake Factory, Inc. (The) | (4389) | (219496) | 2.78% |
| SiteOne Landscape Supply, Inc. | (1594) | (201896) | 2.56% |
| Whirlpool Corporation | (2749) | (198542) | 2.51% |
| La-Z-Boy, Inc. | (5240) | (197797) | 2.50% |
| Best Buy Company, Inc. | (2855) | (193623) | 2.45% |
| Acushnet Holdings Corporation | (2303) | (188625) | 2.39% |
| Patrick Industries, Inc. | (1692) | (188382) | 2.38% |
| Target Corporation | (1919) | (187004) | 2.37% |
| Leggett & Platt, Inc. | (16837) | (184194) | 2.33% |
| Brunswick Corporation | (2449) | (183737) | 2.33% |
| Mohawk Industries, Inc. | (1490) | (163376) | 2.07% |
| BRP, Inc. | (2136) | (152557) | 1.93% |
| International Game Tachnology PLC | (9643) | (149466) | 1.89% |
| Pool Corporation | (632) | (146042) | 1.85% |
| Yum! Brands, Inc. | (940) | (143060) | 1.81% |
| Vail Resorts, Inc. | (1046) | (139322) | 1.76% |
| Penn Entertainment, Inc. | (9403) | (138973) | 1.76% |
| Carmax, Inc. | (3500) | (137571) | 1.74% |
| Polaris, Inc. | (2113) | (136179) | 1.72% |
| Revolve Group, Inc. | (4251) | (130789) | 1.66% |
| Thor Industries, Inc. | (1204) | (125474) | 1.59% |
| Cracker Barrel Old Country Store, Inc. | (5008) | (125310) | 1.59% |
| Winnebago Industries, Inc. | (2995) | (123247) | 1.56% |
| Papa John's International, Inc. | (3123) | (121811) | 1.54% |
| LKQ Corporation | (3918) | (120701) | 1.53% |
| RH | (663) | (120559) | 1.53% |
| Genuine Parts Company | (937) | (116192) | 1.47% |
| BJ's Restaurants, Inc. | (2866) | (112620) | 1.43% |
| Dine Brands Global, Inc. | (3529) | (111659) | 1.41% |
| Floor & Decor Holdings, Inc., Class A | (1771) | (108655) | 1.38% |
| Mister Car Wash, Inc. | (19306) | (108502) | 1.37% |
| Topgolf Callaway Brands Corporation | (8989) | (107512) | 1.36% |
| Harley-Davidson, Inc. | (5004) | (104181) | 1.32% |
| Camping World Holdings, Inc., Class A | (10530) | (102566) | 1.30% |
| Sonos, Inc. | (5598) | (99251) | 1.26% |
| Dorman Products, Inc. | (780) | (98072) | 1.24% |
| United Parks & Resorts, Inc. | (2502) | (90986) | 1.15% |
| Monro, Inc. | (4235) | (86132) | 1.09% |
| Marinemax, Inc. | (3344) | (81392) | 1.03% |
| Newell Brands, Inc. | (19762) | (74700) | 0.95% |
| Fox Factory Holding Corporation | (3700) | (64599) | 0.82% |
| Jack in the Box, Inc. | (3399) | (64515) | 0.82% |
| Other Underlying Index Components\* | (21538) | (158055) | 2.00% |
|  |  | $**(7898639)** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value<sup>+</sup>** | **Weight** |
| JPY 2YR H6 IRS 1.14 18/03/2026 (IMM) (OIS) - 18/03/2028 | (349176591) | $(2233576) | 111.40% |
| EUR 2YR H6 IRS 1.983 18/03/2026 (IMM) (OIS) - 18/03/2028 | (1249758) | (1469568) | 73.29% |
| AUD 2YR 18/03/2026 (IMM) | (2150466) | (1440959) | 71.87% |
| DKK 2YR H6 IRS 2.31345 18/03/2026 (IMM) - 18/03/2028 | (7742921) | (1219170) | 60.80% |
| GBP 2YR H6 IRS 3.456 18/03/2026 (IMM) (OIS) - 18/03/2028 | 801304 | 1079706 | -53.85% |
| NZD 2YR H6 IRS 2.74438 18/03/2026 (IMM) - 18/03/2028 | 1498529 | 869845 | -43.38% |
| SEK 2YR H6 IRS 2.13796 18/03/2026 (IMM) - 18/03/2028 | (7843611) | (853086) | 42.55% |
| CHF 2YR H6 IRS -0.049 18/03/2026 (IMM) (OIS) - 18/03/2028 | 651440 | 823639 | -41.08% |
| Japanese 10 Year Bond Future Mar 26 | 1 | 656141 | -32.72% |
| CAD 2YR2YR IRS 3.1803 12/02/2026 (OIS) - 12/02/2028 | 879433 | 642761 | -32.06% |
| NATURAL GAS FUTR Mar 26 | 15 | 495319 | -24.70% |
| NATURAL GAS FUTR Jul 26 | (11) | (495052) | 24.69% |
| KRW 2YR H6 NDIRS 2.62204 18/03/2026 (IMM) - 18/03/2028 | (596784896) | (415918) | 20.74% |
| COP 2YR H6 NDIRS 9.0097 18/03/2026 (IMM) - (OIS) 18/03/2028 | (1553456812) | (413486) | 20.62% |
| ZAR 2YR H6 IRS 6.56618 18/03/2026 (IMM) - 18/03/2028 | 6782194 | 408639 | -20.38% |
| SGD 2YR H6 IRS 1.28739 18/03/2026 (IMM) - (OIS) 18/03/2028 | 524964 | 408591 | -20.38% |
| MXN 2YR H6 IRS 6.91269 18/03/2026 (IMM) - (OIS) 18/03/2028 | 7326111 | 408510 | -20.37% |
| PLN 2YR H6 IRS 3.83659 18/03/2026 (IMM) - 18/03/2028 | 1454940 | 405807 | -20.24% |
| HKD 2YR H6 IRS 2.72775 18/03/2026 (IMM) - 18/03/2028 | 3157582 | 405774 | -20.24% |
| US 10 Year Note (CBT) Mar 26 | (4) | (403335) | 20.12% |
| THB 2YR H6 NDIRS 1.10557 18/03/2026 (IMM) - (OIS) 18/03/2028 | 12635493 | 401010 | -20.00% |
| USD 2YR2YR IRS 3.5053 17/02/2026 (OIS) - 17/02/2028 | (400656) | (400667) | 19.98% |
| CNY 2YR H6 NDIRS 1.49886 18/03/2026 (IMM) - 18/03/2028 | 2547828 | 362185 | -18.06% |
| Euro-OAT Future Mar 26 | 2 | 332181 | -16.57% |
| EURO-BOBL Future Mar 26 | 2 | 309574 | -15.44% |
| US 2 Year Note (CBT) Mar 26 | (1) | (309547) | 15.44% |
| CZK 2YR H6 IRS 3.63766 18/03/2026 (IMM) - 18/03/2028 | (6184127) | (300054) | 14.96% |
| SOYBEAN FUTURE May 26 | 6 | 297285 | -14.83% |
| BRENT CRUDE FUTR May 26 | 4 | 290406 | -14.48% |
| EURO-SCHATZ Future Mar 26 | 2 | 290123 | -14.47% |
| MYR 2YR H6 NDIRS 3.18937 18/03/2026 (IMM) - 18/03/2028 | (1141053) | (281492) | 14.04% |
| WTI Crude Future Mar 26 | 4 | 251570 | -12.55% |
| COPPER FUTURE May 26 | (2) | (248887) | 12.41% |
| US 5 Year Note (CBT) Mar 26 | (2) | (245697) | 12.25% |
| CORN FUTURE Sep 26 | 11 | 244459 | -12.19% |
| Soybean Future Nov 26 | (4) | (238195) | 11.88% |
| LME PRI ALUM FUTR Mar 26 | (3) | (215142) | 10.73% |
| EURO-BUND Future Mar 26 | 1 | 206095 | -10.28% |
| Natural Gas Future Jan 27 | 4 | 201797 | -10.06% |
| Corn Future Dec 26 | (8) | (196316) | 9.79% |
| Japanese 10 Year Bond Future Mar 26 |  | (188312) | 9.39% |
| SOYBEAN OIL FUTR Mar 26 | 6 | 186726 | -9.31% |
| SOYBEAN OIL FUTR Jul 26 | (6) | (186717) | 9.31% |
| US 10 Year Note (CBT) Mar 26 | (2) | (183974) | 9.18% |
| LIVE CATTLE FUTR Jun 26 | (2) | (174348) | 8.70% |
| Euro-BTP Future Mar 26 | 1 | 174203 | -8.69% |
| LIVE CATTLE FUTR Apr 26 | 2 | 174186 | -8.69% |
| BRENT CRUDE FUTR Nov 26 | (3) | (174168) | 8.69% |
| LME Aluminum Future Nov 26 | 2 | 172099 | -8.58% |
| Soybean Meal Future Jul 26 | (6) | (167383) | 8.35% |
| COFFEE 'C' FUTURE Sep 26 | (1) | (155283) | 7.74% |
| COFFEE 'C' FUTURE May 26 | 1 | 155008 | -7.73% |
| BRL 2YR 18/03/2026 (IMM) | (849822) | (154450) | 7.70% |
| WTI Crude Future Jan 27 | (3) | (150888) | 7.53% |
| NATURAL GAS FUTR Mar 26 | (4) | (140799) | 7.02% |
| Canadian 10 Year Bond Mar 26 | 2 | 140161 | -6.99% |
| SOYBEAN MEAL FUTR May 26 | 4 | 134164 | -6.69% |
| Other Underlying Index Components\* | 76820654 | 123422 | -6.16% |
|  |  | $**(2005083)** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| NVIDIA Corporation | 1143 | $214511 | 4.67% |
| NVIDIA Corporation | 1030 | 193269 | 4.21% |
| SK Hynix, Inc. | 370 | 166802 | 3.63% |
| Fujikura Ltd. | 1374 | 152963 | 3.33% |
| SK Hynix, Inc. | 334 | 150285 | 3.27% |
| Fujikura Ltd. | 1238 | 137816 | 3.00% |
| Tencent Holdings Ltd. | 1624 | 125065 | 2.72% |
| Applovin Corporation - Class A | 176 | 122458 | 2.67% |
| Wistron Corp. | 23712 | 113636 | 2.47% |
| Tencent Holdings Ltd. | 1464 | 112681 | 2.45% |
| Applovin Corporation - Class A | 159 | 110331 | 2.40% |
| Cambricon Technologies, A. | 558 | 108349 | 2.36% |
| Broadcom, Inc. | 301 | 105420 | 2.29% |
| King Slide Works Co., Ltd. | 883 | 105386 | 2.29% |
| Wistron Corp. | 21364 | 102383 | 2.23% |
| Arista Networks, Inc. | 768 | 101730 | 2.21% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 339 | 101681 | 2.21% |
| Cambricon Technologies, A. | 503 | 97620 | 2.13% |
| Constellation Energy | 269 | 96123 | 2.09% |
| Hygon Information Technologies - Class A | 2985 | 95874 | 2.09% |
| Broadcom, Inc. | 271 | 94981 | 2.07% |
| King Slide Works Co., Ltd. | 795 | 94951 | 2.07% |
| Asia Vital | 1957 | 94110 | 2.05% |
| Arista Networks, Inc. | 692 | 91656 | 2.00% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 306 | 91613 | 1.99% |
| Amazon.com | 393 | 91370 | 1.99% |
| Amphenol Corp.-Class A | 656 | 89407 | 1.95% |
| Constellation Energy | 242 | 86605 | 1.89% |
| Hygon Information Technologies - Class A | 2689 | 86380 | 1.88% |
| Asia Vital | 1763 | 84791 | 1.85% |
| Amazon.com | 354 | 82322 | 1.79% |
| Alphabet, Inc. - Class C | 256 | 80699 | 1.76% |
| Amphenol Corp.-Class A | 591 | 80554 | 1.75% |
| Vertiv Holdings Company | 479 | 78742 | 1.71% |
| Meta Platforms, Inc., Class A | 117 | 77800 | 1.69% |
| Talen Energy Corp. | 201 | 76162 | 1.66% |
| Alphabet, Inc. - Class C | 231 | 72708 | 1.58% |
| ADVANTEST Corporation | 573 | 71788 | 1.56% |
| Vertiv Holdings Company | 432 | 70945 | 1.54% |
| Meta Platforms, Inc., Class A | 105 | 70096 | 1.53% |
| Talen Energy Corp. | 181 | 68620 | 1.49% |
| ADVANTEST Corporation | 516 | 64680 | 1.41% |
| Micron Technology, Inc. | 210 | 61596 | 1.34% |
| Micron Technology, Inc. | 190 | 55497 | 1.21% |
| Microsoft Corp. | 99 | 48169 | 1.05% |
| Microsoft Corp. | 89 | 43400 | 0.94% |
| SK Mechatronics, Corp. | 304 | 36708 | 0.80% |
| SK Mechatronics, Corp. | 273 | 33073 | 0.73% |
|  |  | $**4593806** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value** | **Weight** |
| Royal Gold, Inc. | (3677) | $(827325) | -3.58% |
| Wheaton Precious Metals Corporation | (6661) | (791860) | -3.42% |
| Eli Lilly & Company | 711 | 767702 | 3.32% |
| Tencent Holdings Ltd. | 9172 | 705928 | 3.05% |
| Goldman Sachs Group, Inc. | 689 | 609365 | 2.63% |
| JPMorgan Chase & Company | 1772 | 573100 | 2.48% |
| BASF SE | (10941) | (570448) | -2.47% |
| Citigroup, Inc. | 3807 | 446218 | 1.93% |
| Technipfmc PLC | 9838 | 444579 | 1.92% |
| Mitsubishi UFJ Financial Group, Inc. | 22891 | 364260 | 1.57% |
| Wells Fargo & Co. | 3590 | 338573 | 1.46% |
| Franco-Nevada Corporation | (1620) | (337414) | -1.46% |
| Klepierre | 8398 | 332707 | 1.44% |
| Pan American Silver Corp. | 6254 | 329523 | 1.42% |
| Mizuho Financial Group, Inc. | 8929 | 324865 | 1.40% |
| Epiroc AB, Class A | 14170 | 322903 | 1.40% |
| Sandvik AB | 9677 | 315805 | 1.37% |
| International Consolidated Airline | 56600 | 314785 | 1.36% |
| Hecla Mining Co. | 15603 | 304102 | 1.31% |
| Unibail-Rodamco-Westfield | 2774 | 301830 | 1.30% |
| Xiaomi Corporation - Class B | 58960 | 297728 | 1.29% |
| Bank of America Corp. | 5199 | 287401 | 1.24% |
| Resona Holdings, Inc. | 29068 | 277013 | 1.20% |
| Fresnillo PLC | 6206 | 276521 | 1.20% |
| Komatsu Ltd. | 8579 | 273799 | 1.18% |
| OR Royalties, Inc. | (7580) | (272653) | -1.18% |
| Concordia Financial Group Ltd. | 32369 | 267252 | 1.16% |
| Standard Chartered Plc | 10868 | 266438 | 1.15% |
| Barclays Plc | 41533 | 265004 | 1.15% |
| Safran SA | 746 | 259565 | 1.12% |
| Modec, Inc. | 3412 | 259168 | 1.12% |
| Eneos Holdings, Inc. | 36502 | 257922 | 1.11% |
| Metso Corp. | 14559 | 255933 | 1.11% |
| Banco Santander SA | 21586 | 255288 | 1.10% |
| Erste Group Bank AG | 2107 | 254427 | 1.10% |
| Otp Bank PLC | 2356 | 252222 | 1.09% |
| Dollar General Corporation | 1814 | 246325 | 1.06% |
| J&T Global Express Ltd. | 181332 | 243478 | 1.05% |
| TransDigm Group, Inc. | 183 | 240910 | 1.04% |
| PNC Financial Services Group | 1136 | 239764 | 1.04% |
| Sumitomo Mitsui Trust Holdings, Inc. | 7669 | 233840 | 1.01% |
| Five Below, Inc. | 1218 | 229746 | 0.99% |
| Chiba Bank Ltd. (The) | 20403 | 227646 | 0.98% |
| Dollar Tree, Inc. | 1825 | 226328 | 0.98% |
| Citizens Financial Group | 3800 | 224010 | 0.97% |
| Elia Group SA/NV | 1686 | 218824 | 0.95% |
| Mediobanca SPA | 10400 | 217055 | 0.94% |
| Howmet Aerospace, Inc. | 1027 | 213421 | 0.92% |
| Mebuki Financial Group, Inc. | 31627 | 209546 | 0.91% |
| Weatherford International PLC | 2648 | 209536 | 0.91% |
| Other Underlying Index Components\* | (1789628) | 11950298 | 51.68% |
|  |  | $**23132953** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value<sup>+</sup>** | **Weight** |
| EURO-SCHATZ Future Mar 26 | (23) | $(2831994) | -25.64% |
| Short Euro BTP Future Mar 26 | 20 | 2481376 | 22.47% |
| GBP 3YR M6 IRS 3.77649 17/06/2026 (IMM) - (OIS) 17/06/2029 | 1200332 | 1616608 | 14.64% |
| GBP 3YR H6 IRS 3.51 18/03/2026 (IMM) (OIS) - 18/03/2029 | 1200053 | 1616231 | 14.63% |
| USD 3YR M6 IRS 3.23616 17/06/2026 (IMM) - (OIS) 17/06/2029 | 1397230 | 1397230 | 12.65% |
| USD 3YR H6 IRS 3.40583 18/03/2026 (IMM) - (OIS) 18/03/2029 | 1394300 | 1394300 | 12.62% |
| EUR 3YR H6 IRS 2.25994 18/03/2026 (IMM) - (OIS) 18/03/2029 | 1111080 | 1305297 | 11.82% |
| EUR 3YR M6 IRS 2.31101 17/06/2026 (IMM) - 17/06/2029 | 1108497 | 1302263 | 11.79% |
| JPY 3YR M6 IRS 1.14902 17/06/2026 (IMM) - (OIS) 17/06/2029 | 203267744 | 1299694 | 11.77% |
| JPY 3YR H6 IRS 0.97316 18/03/2026 (IMM) - (OIS) 18/03/2029 | 198429406 | 1268758 | 11.49% |
| GBP 3YR M6 IRS 3.77649 17/06/2026 (IMM) - (OIS) 17/06/2029 | 937526 | 1261725 | 11.42% |
| GBP 3YR H6 IRS 3.51 18/03/2026 (IMM) (OIS) - 18/03/2029 | 937307 | 1261431 | 11.42% |
| JPY 3YR M6 IRS 1.14902 17/06/2026 (IMM) - (OIS) 17/06/2029 | (197168465) | (1258396) | -11.39% |
| JPY 3YR H6 IRS 0.97316 18/03/2026 (IMM) - (OIS) 18/03/2029 | (192475306) | (1228443) | -11.12% |
| EURO-BUND Future Mar 26 | (8) | (1218991) | -11.04% |
| LME Copper Future May 26 | 4 | 1002693 | 9.08% |
| WTI CRUDE FUTURE Feb 26 | (17) | (997476) | -9.03% |
| GOLD 100 Ounce Future Feb 26 | 2 | 994215 | 9.00% |
| LME Copper Future Feb 26 | (3) | (982142) | -8.89% |
| SUGAR #11 (WORLD) May 26 | (43) | (899958) | -8.15% |
| Sugar #11 (World) Future Mar 26 | 53 | 878701 | 7.96% |
| GBP 5YR M6 IRS 3.89167 17/06/2026 (IMM) - (OIS) 17/06/2031 | 634548 | 853977 | 7.73% |
| USD 5YR M6 IRS 3.35507 17/06/2026 (IMM) - (OIS) 17/06/2031 | 851844 | 851844 | 7.71% |
| GBP 5YR H6 IRS 3.75254 18/03/2026 (IMM) - (OIS) 18/03/2031 | 632427 | 851122 | 7.71% |
| USD 5YR H6 IRS 3.53261 18/03/2026 (IMM) - (OIS) 18/03/2031 | 850385 | 850385 | 7.70% |
| CAD 3YR M6 IRS 2.48617 17/06/2026 (IMM) - (OIS) 17/06/2029 | 1153148 | 841913 | 7.62% |
| CAD 3YR H6 IRS 2.766 18/03/2026 (IMM) (OIS) - 18/03/2029 | 1122803 | 819759 | 7.42% |
| WTI CRUDE FUTURE May 26 | (12) | (801976) | -7.26% |
| Copper Future, Mar 2026 | (5) | (776551) | -7.03% |
| Silver Future Mar 26 | (2) | (753273) | -6.82% |
| WTI CRUDE FUTURE Feb 26 | 13 | 743958 | 6.74% |
| LME Aluminum Future Feb 26 | 9 | 653410 | 5.92% |
| Euro-BTP Future Mar 26 | 5 | 652651 | 5.91% |
| LME Copper Future Feb 26 | (2) | (650939) | -5.89% |
| Euro-OAT Future Mar 26 | 5 | 641710 | 5.81% |
| Corn Future, Mar 2026 | 28 | 626095 | 5.67% |
| Brent Crude Future, Mar 2026 | 10 | 621812 | 5.63% |
| JPY 5YR M6 IRS 1.26115 17/06/2026 (IMM) - (OIS) 17/06/2031 | (96893118) | (618405) | -5.60% |
| LME Nickel Future May 26 | 7 | 615003 | 5.57% |
| LME NICKEL FUTURE Feb 26 | (6) | (609761) | -5.52% |
| JPY 5YR H6 IRS 1.07806 18/03/2026 (IMM) - (OIS) 18/03/2031 | (94445377) | (602783) | -5.46% |
| AUD 3YR18/03/2026 (IMM) | 882469 | 590813 | 5.35% |
| SEK 3YR H6 IRS 2.18338 18/03/2026 (IMM) - 18/03/2029 | 5362181 | 583137 | 5.28% |
| AUD 3YR 17/06/2026 (IMM) | 869248 | 581961 | 5.27% |
| SEK 3YR M6 IRS 2.26053 17/06/2026 (IMM) - 17/06/2029 | 5244620 | 570352 | 5.16% |
| COPPER FUTURE May 26 | 5 | 563716 | 5.10% |
| LME Zinc Future May 26 | 8 | 558988 | 5.06% |
| GBP 10YR M6 IRS 4.24945 17/06/2026 (IMM) - (OIS) 17/06/2036 | (414607) | (558392) | -5.06% |
| GBP 10YR H6 IRS 4.042 18/03/2026 (IMM) (OIS) - 18/03/2036 | (411685) | (554458) | -5.02% |
| NY Harb ULSD Future Feb 26 | 6 | 542325 | 4.91% |
| EUR 3YR H6 IRS 2.25994 18/03/2026 (IMM) - (OIS) 18/03/2029 | (448717) | (527086) | -4.77% |
| EUR 3YR M6 IRS 2.31101 17/06/2026 (IMM) - 17/06/2029 | (447674) | (525861) | -4.76% |
| Wheat Future (CBT) May 26 | 17 | 520353 | 4.71% |
| LME NICKEL FUTURE Feb 26 | (5) | (491264) | -4.45% |
| Soybean Future, Mar 2026 | 9 | 489801 | 4.43% |
| LME Copper Future Feb 26 | (2) | (486932) | -4.41% |
| WHEAT FUTURE(CBT) Mar 26 | (19) | (486627) | -4.41% |
| LME ZINC FUTURE Feb 26 | (6) | (469162) | -4.25% |
| USD 7YR M6 IRS 3.4883 17/06/2026 (IMM) - (OIS) 17/06/2033 | 447061 | 447061 | 4.05% |
| USD 7YR H6 IRS 3.6712 18/03/2026 (IMM) - (OIS) 18/03/2033 | 446814 | 446814 | 4.05% |
| LME Aluminum Future Feb 26 | (6) | (446360) | -4.04% |
| LME ZINC FUTURE Feb 26 | (6) | (433607) | -3.93% |
| KC HRW WHEAT FUT Mar 26 | (16) | (428892) | -3.88% |
| EUR 10YR M6 IRS 2.74775 17/06/2026 (IMM) - 17/06/2036 | (364058) | (427696) | -3.87% |
| EUR 10YR H6 IRS 2.75227 18/03/2026 (IMM) - (OIS) 18/03/2036 | (363610) | (427169) | -3.87% |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value<sup>+</sup>** | **Weight** |
| USD 3YR M6 IRS 3.23616 17/06/2026 (IMM) - (OIS) 17/06/2029 | 418429 | 418429 | 3.79% |
| USD 3YR H6 IRS 3.40583 18/03/2026 (IMM) - (OIS) 18/03/2029 | 417551 | 417551 | 3.78% |
| JPY 10YR M6 IRS 1.60646 17/06/2026 (IMM) - (OIS) 17/06/2036 | (64450994) | (412100) | -3.73% |
| WHEAT FUTURE(CBT) Mar 26 | (16) | (404923) | -3.67% |
| Corn Future, Mar 2026 | (18) | (404657) | -3.66% |
| GBP 7YR M6 IRS 4.0306 17/06/2026 (IMM) - (OIS) 17/06/2033 | 299006 | 402403 | 3.64% |
| GBP 7YR H6 IRS 3.91807 18/03/2026 (IMM) - (OIS) 18/03/2033 | 297373 | 400206 | 3.62% |
| JPY 10YR H6 IRS 1.812 18/03/2026 (IMM) (OIS) - 18/03/2036 | (62438613) | (399232) | -3.61% |
| Soybean Future, Mar 2026 | (7) | (396988) | -3.59% |
| LME Aluminum Future Feb 26 | (5) | (386181) | -3.50% |
| US 10 Year Note (CBT) Mar 26 | (3) | (379931) | -3.44% |
| Brent Crude Future, Mar 2026 | (6) | (372796) | -3.38% |
| EUR 5YR M6 IRS 2.46132 17/06/2026 (IMM) - 17/06/2031 | (315438) | (370530) | -3.35% |
| EUR 5YR H6 IRS 2.43698 18/03/2026 (IMM) - (OIS) 18/03/2031 | (315412) | (370499) | -3.35% |
| Corn Future, Mar 2026 | 16 | 359363 | 3.25% |
| CORN FUTURE May 26 | (16) | (346698) | -3.14% |
| KC HRW WHEAT FUT Mar 26 | (13) | (341040) | -3.09% |
| SEK 3YR H6 IRS 2.18338 18/03/2026 (IMM) - 18/03/2029 | (3123316) | (339598) | -3.07% |
| SOYBEAN FUTURE May 26 | 6 | 337994 | 3.06% |
| SEK 3YR M6 IRS 2.26053 17/06/2026 (IMM) - 17/06/2029 | (3054840) | (332152) | -3.01% |
| JPY 7YR M6 IRS 1.38864 17/06/2026 (IMM) - (OIS) 17/06/2033 | (50496118) | (322283) | -2.92% |
| JPY 7YR H6 IRS 1.20106 18/03/2026 (IMM) - (OIS) 18/03/2033 | (49116057) | (313475) | -2.84% |
| Low Su Gasoil G Mar 26 | 5 | 287390 | 2.60% |
| COFFEE 'C' FUTURE Mar 26 | (2) | (285999) | -2.59% |
| Soybean Future, Mar 2026 | (5) | (285854) | -2.59% |
| CORN FUTURE Sep 26 | (13) | (281067) | -2.54% |
| SEK 5YR H6 IRS 2.37996 18/03/2026 (IMM) - 18/03/2031 | (2572625) | (279721) | -2.53% |
| CAD 10YR M6 IRS 3.00773 17/06/2026 (IMM) - (OIS) 17/06/2036 | (382191) | (279038) | -2.53% |
| LEAN HOGS FUTURE Jun 26 | (7) | (275350) | -2.49% |
| KC HRW Wheat Future Sep 26 | 10 | 274522 | 2.49% |
| SEK 5YR M6 IRS 2.45143 17/06/2026 (IMM) - 17/06/2031 | (2517851) | (273766) | -2.48% |
| CAD 10YR H6 IRS 3.27 18/03/2026 (IMM) (OIS) - 18/03/2036 | (374805) | (273645) | -2.48% |
| LME PRI ALUM FUTR Mar 26 | 4 | 270715 | 2.45% |
| LIVE CATTLE FUTR Jun 26 | 3 | 267216 | 2.42% |
| LME Lead Future Feb 26 | 5 | 266794 | 2.42% |
| LME Zinc Future May 26 | 4 | 265262 | 2.40% |
| LME ZINC FUTURE Mar 26 | (4) | (263920) | -2.39% |
| Cotton No. 2 Future May 2026 | (7) | (258960) | -2.34% |
| LEAN HOGS FUTURE Feb 26 | 8 | 258637 | 2.34% |
| JPY 10YR M6 IRS 1.60646 17/06/2026 (IMM) - (OIS) 17/06/2036 | (38867135) | (248063) | -2.25% |
| USD 10YR H6 IRS 3.791 18/03/2026 (IMM) (OIS) - 18/03/2036 | 247679 | 247679 | 2.24% |
| USD 10YR M6 IRS 3.67281 17/06/2026 (IMM) - (OIS) 17/06/2036 | 247187 | 247187 | 2.24% |
| LIVE CATTLE FUTR Feb 26 | (3) | (246006) | -2.23% |
| COTTON NO.2 FUTR Mar 26 | 8 | 242404 | 2.19% |
| JPY 10YR H6 IRS 1.812 18/03/2026 (IMM) (OIS) - 18/03/2036 | (37653570) | (240318) | -2.18% |
| Soybean Future, Mar 2026 | (4) | (234624) | -2.12% |
| Soybean Meal Future, Mar 2026 | 8 | 234361 | 2.12% |
| WHEAT FUTURE(CBT) Mar 26 | 9 | 226011 | 2.05% |
| COTTON NO.2 FUTR Mar 26 | 7 | 221629 | 2.01% |
| BRENT CRUDE FUTR Jul 26 | 3 | 219443 | 1.99% |
| COTTON NO.2 FUTR Mar 26 | (7) | (214270) | -1.94% |
| Copper Future Sep 26 | 2 | 212712 | 1.93% |
| GASOLINE RBOB FUT Mar 26 | 3 | 212556 | 1.92% |
| LEAN HOGS FUTURE Feb 26 | (6) | (207331) | -1.88% |
| SOYBEAN FUTURE May 26 | 4 | 205969 | 1.86% |
| WTI Crude Future Mar 26 | (4) | (205026) | -1.86% |
| AUD 10YR 18/03/2026 (IMM) | (300251) | (201018) | -1.82% |
| LIVE CATTLE FUTR Feb 26 | (2) | (200532) | -1.82% |
| AUD 10YR 17/06/2026 (IMM) | (298812) | (200055) | -1.81% |
| MARKIT ITRX EUROPE 12/30 V1 | 170267 | 200030 | 1.81% |
| SOYBEAN OIL FUTR Mar 26 | 7 | 199939 | 1.81% |
| Low SU Gasoil Future May 26 | (3) | (199059) | -1.80% |
| LME NICKEL FUTURE Mar 26 | 2 | 197345 | 1.79% |
| LME Nickel Future May 26 | (2) | (197066) | -1.78% |
| SEK 10YR H6 IRS 3.004 18/03/2026 (IMM) - 18/03/2036 | (1764787) | (191921) | -1.74% |
| SEK 10YR M6 IRS 2.79098 17/06/2026 (IMM) - 17/06/2036 | (1731770) | (188330) | -1.71% |
| LEAN HOGS FUTURE Feb 26 | 5 | 184636 | 1.67% |
| SOYBEAN FUTURE May 26 | 3 | 182001 | 1.65% |
| Sugar #11 (World) Future Mar 26 | 11 | 180218 | 1.63% |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Quantity** | **Value<sup>+</sup>** | **Weight** |
| WHEAT FUTURE(CBT) Jul 26 | 6 | 171204 | 1.55% |
| NATURAL GAS FUTR May 26 | 5 | 169376 | 1.53% |
| Soybean Meal Future Dec 26 | (5) | (167920) | -1.52% |
| Gasoline RBOB Future Feb 26 | (2) | (165787) | -1.50% |
| Gasoline RBOB Future May 26 | (2) | (162755) | -1.47% |
| EUR 7YR M6 IRS 2.58945 17/06/2026 (IMM) - 17/06/2033 | (137435) | (161438) | -1.46% |
| EUR 7YR H6 IRS 2.58299 18/03/2026 (IMM) - (OIS) 18/03/2033 | (137283) | (161259) | -1.46% |
| CAD 3YR M6 IRS 2.48617 17/06/2026 (IMM) - (OIS) 17/06/2029 | (220618) | (160985) | -1.46% |
| COFFEE 'C' FUTURE Mar 26 | (1) | (160882) | -1.46% |
| Wheat Future (CBT) May 26 | 5 | 157381 | 1.42% |
| CAD 3YR H6 IRS 2.766 18/03/2026 (IMM) (OIS) - 18/03/2029 | (214813) | (156749) | -1.42% |
| KC HRW Wheat Future May 26 | 5 | 156601 | 1.42% |
| Canadian 10 Year Bond Mar 26 | 2 | 154454 | 1.40% |
| LME Nickel Future Dec 26 | 2 | 154247 | 1.40% |
| LME Aluminum Future Sep 26 | (2) | (154005) | -1.39% |
| BRENT CRUDE FUTR Sep 26 | 2 | 152995 | 1.39% |
| CAD 5YR M6 IRS 2.64145 17/06/2026 (IMM) - (OIS) 17/06/2031 | (205126) | (149681) | -1.36% |
| KC HRW Wheat Future May 26 | 5 | 149456 | 1.35% |
| GBP 10YR M6 IRS 4.24945 17/06/2026 (IMM) - (OIS) 17/06/2036 | 110617 | 148869 | 1.35% |
| COFFEE 'C' FUTURE May 26 | 1 | 148714 | 1.35% |
| GBP 10YR H6 IRS 4.042 18/03/2026 (IMM) (OIS) - 18/03/2036 | 109838 | 147820 | 1.34% |
| CAD 5YR H6 IRS 2.82845 18/03/2026 (IMM) - (OIS) 18/03/2031 | (200164) | (146060) | -1.32% |
| COFFEE 'C' FUTURE Sep 26 | 1 | 143542 | 1.30% |
| WTI CRUDE FUTURE Sep 26 | 2 | 143083 | 1.30% |
| Wheat Future (CBT) May 26 | (5) | (142464) | -1.29% |
| USD 10YR H6 IRS 3.791 18/03/2026 (IMM) (OIS) - 18/03/2036 | (142421) | (142421) | -1.29% |
| USD 10YR M6 IRS 3.67281 17/06/2026 (IMM) - (OIS) 17/06/2036 | (142138) | (142138) | -1.29% |
| CHF 3YR H6 IRS 0.13338 18/03/2026 (IMM) - (OIS) 18/03/2029 | 112302 | 141849 | 1.28% |
| CHF 3YR M6 IRS 0.09343 17/06/2026 (IMM) - (OIS) 17/06/2029 | 112225 | 141752 | 1.28% |
| EURO-BUND Future Mar 26 | 1 | 141222 | 1.28% |
| LME Copper Future Dec 26 |  | 136449 | 1.24% |
| LME Lead Future Feb 26 | 3 | 135685 | 1.23% |
| LIVE CATTLE FUTR Feb 26 | 1 | 135491 | 1.23% |
| Other Underlying Index Components\* | (9319972) | 692386 | 6.27% |
|  |  | $**11044635** | **100.00%** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

<sup>+</sup> The basket comprise dynamic exposure to a number of public, rules based indices offered by the Fund's counterparties. These indices comprise dynamic,

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

\* Largest 50 underlying components by market value at December 31, 2025.

---

| | |
|:---|:---|
| Summary of Indices Exposure within GSIS1266 and XRJPFLC1: | Summary of Indices Exposure within GSIS1266 and XRJPFLC1: |
| **Index** | **Description** |
| ABGSCRVB Index | Commodities beta-constrained carry. Seeks to extract returns from the rolldown of commodities contracts along the curve; BCOM weighted on the long side and short BCOM itself to reduce directionality. |
| ABGSFCT2 Index | Frontier commodities trend. Medium tem trend following on commodities with lower speculative interest (more producer interest). |
| ABGSRSCE Index | Commodities long enhanced roll. Seeks to extract returns from passive rolling of commodities contracts ahead of the BCOM index rules (long/short). |
| GSXAS03F Index | Multi-asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns. |
| ABGSSA02 Index | Commodities seasonal persistence. Seeks to extract returns by going long commodities futures whose historical seasonal performance has been positive and by going short those whose historical seasonal performance has been negative. |
| GSFXCA02 Index | FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta. |
| GSFXVA01 Index | FX Value. Extracts returns by being long currencies with a low real effective (price level adjusted) exhange rate (REER) and short currencies with a high REER. |
| GSIRCA03 Index | Rates carry (bonds). Seeks to extract returns by going long fixed income futures with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero. |
| GSIRVA01 Index | Rates value. Fixed income futures value strategy that goes long bond futures with high real yields and short those with low real yields. |
| GSSWCA07 Index | Rates carry (IRS). Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, with overall beta to the US Treasury market designed to be zero. |
| GSSWTR01 Index | Short end rates trend. Medium tem trend following on interest rate swaps from DM and EM markets implemented at the 2y tenor point. |
| ABGSXSBM Index | Commodities basis momentum. Seeks to extract returns by going long commodities whose curve is flattening relative to its history, and going short commodies whose curve is steepening relative to its history. |
| ABGSCMLS Index | Commodities carry momentum. Seeks to extract returns by going long commodities whose change in carry is positive, and going short commodies whose change in carry is negative. |
| AIJPXSK1 Index | Cross asset skewness. Extracting returns from futures and FX forwards by shorting those with excessive positive skewness in returns and going long those with excessive negative skewness in returns |
| AIJPBT15 Index | Macro indicators trend. Seeks to extract returns by building a measure of economic momentum, then by going long (short) assets which tend to perform in positive (negative) macroeconomic environments. |
| JMABCCC1 Index | Commod curve carry. Seeks to extract returns from the rolldown of commodities contracts along the curve selecting contracts using momentum weighting. |
| JMABLCCU Index | Commod curve carry, producer driven. Seeks to extract returns from the rolldown of commodities contracts along the curve, selecting contracts with high producer interest (and low speculator intrerest). |
| JMABSEAS Index | Commodities seasonality. Seeks to extract returns from commodity spread positions by going long (short) spreads with positive (negative) seasonality characteristics. |
| JPDRXMA2 Index | Commodities enhanaced congestion. Use a momentum signal to predict congestion in commodities contract rolls, and seek to profit from this congestion. |
| JMABNPM2 Index | Mutlifactor commodities value. Both strategies seek to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc. |
| JCOPCFXC Index | Commods value. |
| JMFXTECL Index | USD capped, beta constrained FX carry. Extracts returns from being long currencies with high risk adjusted carry and short currencies with low risk adjusted carry, with overall exposure optimised to reduce realised equity beta. |
| JSDNREC1 Index | G8 rates carry but cross tenor implemementation. Seeks to extract returns by going long fixed income swaps with high risk adjusted carry, using multiple tenors across the curve. |
| JMABSKNS Index | Commodity time spreads skewness. Extracting returns from commodity curve positions by shorting those curves with excessive positive skewness in returns and going long those with excessive negative skewness in returns |
| JMABCCVB Index | Commodity time spreads value. Seeks to generate returns by looking at various measures of commodities value, e.g. substitutability, refining costs, etc. but entering into spread positions across the curve. |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $173921106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $196716389 |
| &nbsp;&nbsp;&nbsp;Cash collateral for derivative instruments | 23985383 |
| &nbsp;&nbsp;&nbsp;Cash on deposit with broker | 28583977 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 12664464 |
| &nbsp;&nbsp;&nbsp;Foreign cash on deposit with broker (Cost - $7,821,366) | 8114886 |
| &nbsp;&nbsp;&nbsp;Foreign cash (Cost - $2,387,228) | 2445471 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from forward foreign currency contracts | 1133031 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from swap contracts | 1665253 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation from futures contracts | 4103217 |
| &nbsp;&nbsp;&nbsp;Premiums paid for swaps | 296130 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 682006 |
| &nbsp;&nbsp;&nbsp;Receivable for currency contracts | 38903 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 155153 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 318039 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 48856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 280951158 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Options written, at fair value (Premiums received $2,563,212) | 8877206 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation of futures contracts | 3578141 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts | 1776858 |
| &nbsp;&nbsp;&nbsp;Premiums received from swaps | 845974 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 400443 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 105626 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 122770 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 55052 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees payable - Class I | 13532 |
| &nbsp;&nbsp;&nbsp;Trustees fees payable | 3579 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 45125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 15824306 |
| **NET ASSETS** | $**265126852** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $250181413 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 14945439 |
| **NET ASSETS** | $**265126852** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Net Asset Value Per Share:** |  |
| Super Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**144443955** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **14632400** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.87** |
| Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**120682897** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **12282628** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.83** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Fulcrum Diversified Absolute Return Fund*** |
| **CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $185102 |
| &nbsp;&nbsp;&nbsp;Interest | 3377061 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (3497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3558666 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1145622 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 45758 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 161228 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 20068 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 94916 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 38673 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12479 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 16181 |
| &nbsp;&nbsp;&nbsp;Registration fees | 40489 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 20452 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 8505 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2025 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1607722 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (60086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1547636 |
| **NET INVESTMENT INCOME** | 2011030 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | 1008543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 1554713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (3989835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 5319081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 32219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1412950) |
|  | 2511771 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 20209289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (2624534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (6059375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (677624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 997581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 178856 |
|  | 12024193 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 14535964 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**16546994** |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**June 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2011030 | $3811467 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions, options written, swap contracts, futures contracts, forward foreign exchange contracts and foreign currency transactions | 2511771 | 8828289 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments options written, swap contracts, futures contracts, forward foreign exchange contracts and foreign currency translations | 12024193 | 3429291 |
| Net increase in net assets resulting from operations | 16546994 | 16069047 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8023369) | (3214209) |
| &nbsp;&nbsp;&nbsp;Super Institutional Class | (9872095) | (4918573) |
| Decrease in net assets from distributions to shareholders | (17895464) | (8132782) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 17684003 | 50377578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 9615162 | 14265630 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 7784133 | 3028570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 5896340 | 2681869 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (11956933) | (23760719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (5601235) | (11589816) |
| Net increase in net assets from shares of beneficial interest | 23421470 | 35003112 |
| **TOTAL INCREASE IN NET ASSETS** | 22073000 | 42939377 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 243053852 | 200114475 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**265126852** | $**243053852** |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**June 30,**<br>**2025** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1776350 | 5346392 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 802488 | 320823 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1202305) | (2487709) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1376533 | 3179506 |
| Super Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 954029 | 1512938 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 604753 | 282898 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (558382) | (1199718) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1000400 | 596118 |

---

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** | **Super Institutional Class** |
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**June 30**<br>**2025** | **Year Ended**<br>**June 30**<br>**2024** | **Year Ended**<br>**June 30**<br>**2023** | **Year Ended**<br>**June 30**<br>**2022** | **Year Ended**<br>**June 30**<br>**2021** |
| Net asset value, beginning of year/period | $9.93 | $9.65 | $8.90 | $9.20 | $10.03 | $9.78 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) <sup>(1)</sup> | 0.08 | 0.18 | 0.21 | 0.14 | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.57 | 0.51 | 0.62 | (0.32) | 0.06 | 1.08 |
| Total from investment operations | 0.65 | 0.69 | 0.83 | (0.18) | (0.02) | 0.98 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.30) | (0.08) |  | (0.81) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.27) | (0.11) |  | (0.12) |  | (0.32) |
| Total distributions | (0.71) | (0.41) | (0.08) | (0.12) | (0.81) | (0.73) |
| Net asset value, end of year/period | $9.87 | $9.93<sup>(2)</sup> | $9.65 <sup>(2)</sup> | $8.90<sup>(2)</sup> | $9.20 | $10.03 |
| Total return <sup>(3)</sup> | 6.62% <sup>(9)</sup> | 7.35% <sup>(2)</sup> | 9.40% <sup>(2)</sup> | -2.01% <sup>(2)</sup> | 0.02% | 10.60% |
| Net assets, at end of year/period (000s) | $144444 | $135305 | $125854 | $126697 | $85504 | $108011 |
| Ratios including the income and expenses of FDFC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets (4)(5) | 1.23% <sup>(8)</sup> | 1.24% | 1.19% | 1.30% | 1.37% | 1.29% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(6)</sup> | 1.18% <sup>(8)</sup> | 1.13% | 1.05% | 1.10% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets <sup>(7)</sup> | 1.62% <sup>(8)</sup> | 1.88% | 2.26% | 1.55% | -0.85% | -0.97% |
| Portfolio Turnover Rate | 42% <sup>(9)</sup> | 113% | 239% | 84% | 129% | 140% |

---

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

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

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

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

(5) Ratio
 of gross expenses to average net assets excluding interest and brokerage expenses 1.23%<sup>(8)</sup> 1.24% 1.19% 1.24% 1.33% 1.24%

(6) Ratio
 of net expenses to average net assets excluding interest and brokerage expenses 1.18%<sup>(8)</sup> 1.13% 1.05% 1.05% 1.04% 1.05%

(7) Ratio
 of net investment income/(loss) to average net assets excluding interest and brokerage expenses 1.62%<sup>(8)</sup> 1.88% 2.26% 1.61% -0.82% -0.93%

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**June 30**<br>**2025** | **Year Ended**<br>**June 30**<br>**2024** | **Year Ended**<br>**June 30**<br>**2023** | **Year Ended**<br>**June 30**<br>**2022** | **Year Ended**<br>**June 30**<br>**2021** |
| Net asset value, beginning of year/period | $9.88 | $9.61 | $8.86 | $9.17 | $10.01 | $9.76 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.08 | 0.17 | 0.20 | 0.12 | (0.06) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.57 | 0.50 | 0.62 | (0.31) | 0.03 | 1.08 |
| Total from investment operations | 0.65 | 0.67 | 0.82 | (0.19) | (0.03) | 0.98 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.29) | (0.07) |  | (0.81) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.27) | (0.11) |  | (0.12) |  | (0.32) |
| Total distributions | (0.70) | (0.40) | (0.07) | (0.12) | (0.81) | (0.73) |
| Net asset value, end of year/period | $9.83 | $9.88<sup>(2)</sup> | $9.61<sup>(2)</sup> | $8.86<sup>(2)</sup> | $9.17 | $10.01 |
| Total return <sup>(3)</sup> | 6.69% <sup>(9)</sup> | 7.19% <sup>(2)</sup> | 9.36% <sup>(2)</sup> | -2.13% <sup>(2)</sup> | -0.09% | 10.58% |
| Net assets, at end of year/period (000s) | $120683 | $107748 | $74261 | $100426 | $73478 | $1990 |
| Ratios including the income and expenses of FDFC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets (4)(5) | 1.31% <sup>(8)</sup> | 1.32% | 1.26% | 1.40% | 1.41% | 1.32% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(6)</sup> | 1.26% <sup>(8)</sup> | 1.22% | 1.13% | 1.20% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets <sup>(7)</sup> | 1.53% <sup>(8)</sup> | 1.79% | 2.16% | 1.34% | -0.65% | -0.98% |
| Portfolio Turnover Rate | 42% <sup>(9)</sup> | 113% | 239% | 84% | 129% | 140% |

---

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

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

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

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

(5) Ratio
 of gross expenses to average net assets excluding interest and brokerage expenses 1.31%<sup>(8)</sup> 1.32% 1.26% 1.33% 1.41% 1.26%

(6) Ratio
 of net expenses to average net assets excluding interest and brokerage expenses 1.26%<sup>(8)</sup> 1.22% 1.13% 1.14% 1.13% 1.05%

(7) Ratio
 of net investment income/(loss) to average net assets excluding interest and brokerage expenses 1.53%<sup>(8)</sup> 1.79% 2.16% 1.40% -0.64% -0.93%

(8) Annualized.

(9) Not annualized.

See accompanying notes to consolidated financial statements.

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**December 31, 2025**

**1. ORGANIZATION**

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

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

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**Operating Segments -** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $28690244 | $— | $— | $28690244 |
| Corporate Bonds |  | 207777 |  | 207777 |
| Governments-Treasuries |  | 11159079 |  | 11159079 |
| Currency Options Purchased |  | 4446158 |  | 4446158 |
| Index Options Purchased | 351207 |  |  | 351207 |
| OTC Dual Binary Options Purchased |  | 3059090 |  | 3059090 |
| Future Options Purchased | 25231593 |  |  | 25231593 |
| U.S. Treasury Bills |  | 123571241 |  | 123571241 |
| Total | $54273044 | $142443345 | $— | $196716389 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts | $4103217 | $— | $— | $4103217 |
| Credit Default Swap Contracts |  | 59760 |  |  |
| Credit Default Swap Contracts |  | 182670 |  |  |
| Interest Rate Swap Contracts |  | 549971 |  | 549971 |
| Total Return Swap Contracts |  | 872848 |  | 872848 |
| Forward Foreign Exchange Contracts |  | 1133034 |  | 1133034 |

---

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Liabilities |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| Other Financial Instruments |  |  |  |  |
| Futures Options Written | $8682403 | $— | $— | $8682403 |
| Currency Options Written |  | 72483 |  | 72483 |
| Index Options Written | 122320 |  |  | 122320 |
| Futures Contracts | 3578141 |  |  | 3578141 |
| Forward Foreign Exchange Contracts |  | 1776864 |  | 1776864 |
| Dispersion Swaps |  | 201220 |  | 201220 |
| Interest Rate Swaps |  | 807638 |  | 807638 |
| Total Return Swaps |  | 768006 |  | 768006 |

---

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

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

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

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

---

| | |
|:---|:---|
|  | % of the Fund's |
| FDFC Net Assets at | Total Net Assets at |
| December 31, 2025 | December 31, 2025 |
| $33858697 | 12.8% |

---

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

**Restricted Cash and Deposits with Brokers -** At December 31, 2025, the Fund held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Fund's custodian and/or counterparty broker and is reflected in the Consolidated Statement of Assets and Liabilities as cash collateral for derivative instruments. On December 31, 2025, the Fund pledged the following amounts as collateral for open currency contracts, options, futures and swap contracts:

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Amounts Pledged<sup>(1)</sup>** | **Deposits with Brokers** |
| Barclays | $— | $3579343 |
| Citibank, N.A. | 2654021 |  |
| Goldman Sachs | 1700000 | 3907 |
| JPMorgan Chase |  | 5666657 |
| Merrill Lynch | 1303584 | 1538956 |
| Morgan Stanley | 18327778 | 25910000 |
| **Total** | $23985383 | $36698863 |

---

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

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

difficult for the Fund to sell at favorable prices) and the potential for market movements, which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities.

Specific types of derivative instruments used by the Fund for the six months ended December 31, 2025, include purchased options; written options; forward currency and futures contracts; and interest rate, credit default, dispersion and total return swaps. All open derivative positions are listed on the Consolidated Schedule of Investments.

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

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

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

Forward foreign currency contracts outstanding as of December 31, 2025 are reflected in the Consolidated Schedule of Investments.

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

The Fund may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or "strike" price by or before the contract's expiration. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Securities held as collateral for options, if any, is reported on the Consolidated Schedule of Investments.

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

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

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contacts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Consolidated

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

Statement of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract's terms and the possible lack of liquidity with respect to the contracts.

**Offsetting of Financial Assets and Derivative Assets**

The following table presents the Fund's asset and liability derivatives available for offset under a master netting arrangement along with collateral pledged for these contracts as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the<br> Consolidated Statement of Assets &<br> Liabilities | Gross Amounts Not Offset in the<br> Consolidated Statement of Assets &<br> Liabilities | |
| Description | Gross Amounts of<br> Recognized<br> Assets and<br> (Liabilities) | Gross Amounts<br> Offset in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities | Net Amount of Assets<br> Present in the<br> Consolidated Statement<br> of Assets and Liabilities | Offsetting<br> Derivative<br> Position | Cash Collateral<br> Pledged<sup>(1)</sup> | Total |
| **Purchased Options** | **Purchased Options** | **Purchased Options** | **Purchased Options** | **Purchased Options** | **Purchased Options** | **Purchased Options** |
| Barclays | $165384 | $— | $165384 | $— | $— | $165384 |
| Citigroup | 161327 |  | 161327 |  |  | 161327 |
| Goldman Sachs | 1768858 |  | 1768858 |  |  | 1768858 |
| JPMorgan Chase | 4534770 |  | 4534770 | (72483) |  | 4462287 |
| Merrill Lynch | 155233 |  | 155233 |  |  | 155233 |
| Morgan Stanley | 26302476 |  | 26302476 | (8804725) |  | 17497751 |
| **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** | **Futures Contracts <sup>(2)</sup>** |
| JPMorgan Chase | 38056 |  | 38056 |  |  | 38056 |
| Morgan Stanley | 4065161 |  | 4065161 | (3578141) |  | 487020 |
| **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** |
| JPMorgan Chase | 2604822 |  | 2604822 | (1471791) |  | 1133031 |
| **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** |
| Bank of America |  |  |  |  |  |  |
| Merrill Lynch | 29671 |  | 29671 | (29671) |  |  |
| Barclays | 387862 |  | 387862 | (237925) |  | 149937 |
| Citigroup | 15082 |  | 15082 | (15082) |  |  |
| Goldman Sachs | 151177 |  | 151177 | (31306) |  | 119871 |
| HSBC | 10304 |  | 10304 |  |  | 10304 |
| JPMorgan Chase | 984899 |  | 984899 | (984899) |  |  |
| Morgan Stanley | 17266 |  | 17266 | (17266) |  |  |
| UBS | 68992 |  | 68992 | (1526) |  | 67466 |
| Total | $41461340 | $— | $41461340 | $(15244815) | $— | $26216525 |

---

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the<br> Consolidated Statement of Assets &<br> Liabilities | Gross Amounts Not Offset in the<br> Consolidated Statement of Assets &<br> Liabilities | |
| Description | Gross Amounts of<br> Recognized Assets<br> and (Liabilities) | Gross Amounts<br> Offset in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities | Net Amount of Assets<br> Present in the<br> Consolidated Statement<br> of Assets and Liabilities | Offsetting<br> Derivative<br> Position | Cash Collateral<br> Pledged<sup>(1)</sup> | Total |
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
| JPMorgan Chase | $(72483) | $— | $(72483) | $72483 | $— | $— |
| Morgan Stanley | (8804725) |  | (8804725) | 8804725 |  |  |
| **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** | **Futures Contracts<sup>(2)</sup>** |
| JPMorgan Chase |  |  |  |  |  |  |
| Morgan Stanley | (3578141) |  | (3578141) |  | 3578141 |  |
| **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** | **Forward Foreign Exchange Contracts** |
| JPMorgan Chase | (1471791) |  | (1471791) | 1471791 |  |  |
| **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** | **Swap Contracts** |
| Bank of America |  |  |  |  |  |  |
| Merrill Lynch | (49408) |  | (49408) | 29671 |  | (19737) |
| Barclays | (237925) |  | (237925) | 237925 |  |  |
| Citigroup | (49130) |  | (49130) | 15082 |  | (34048) |
| Goldman Sachs | (31306) |  | (31306) | 31306 |  |  |
| JPMorgan Chase | (1194864) |  | (1194864) | 984899 |  | (209965) |
| Morgan Stanley | (212699) |  | (212699) | 17266 |  | (195433) |
| UBS | (1526) |  | (1526) | 1526 |  |  |
| Total | $(15703998) | $— | $(15703998) | $11666674 | $3578141 | $(459183) |

---

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

 

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

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

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Assets and Liabilities as of December 31, 2025:

---

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

---

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $1055512 | $549981 | $59760 | $— | $— | $1665253 |
| Futures Contracts | 421244 | 97402 |  | 72530 | 3512041 | 4103217 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 2604822 |  | 2604822 |
| Options Purchased<sup>^</sup> | 6073628 | 8281 |  | 4914794 | 22091342 | 33088045 |
|  | $7550384 | $655664 | $59760 | $7592146 | $25603383 | $41461337 |
| Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $969220 | $807638 | $— | $— | $— | $1776858 |
| Futures Contracts | 181194 | 652049 |  | 81607 | 2663291 | 3578141 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 1471791 |  | 1471791 |
| Options Written | 126470 | 12400 |  | 72483 | 8665853 | 8877206 |
|  | $1276884 | $1472087 | $— | $1625881 | $11329144 | $15703996 |

---

^ Included with fair value of investments.

The following is a summary of the location of derivative investments on the Fund's Consolidated Statement of Operations for the six months ended December 31, 2025:

---

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

---

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

The following is a summary of the Fund's realized and unrealized gain/(loss) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the six months ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) | Realized Gain/(Loss) |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts<sup>\*</sup> | $2400880 | $(156942) | $(176821) | $— | $— | $2067117 |
| Futures Contracts | 4723718 | (2145121) |  | 425765 | 2314720 | 5319082 |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 997584 |  | 997584 |
| Options Purchased<sup>^</sup> | (1826405) | (20651) |  | (2682670) | 5081532 | 551806 |
| Options Written | 1110106 | 19738 |  | (176419) | (4943260) | (3989835) |
|  | $6408299 | $(2302976) | $(176821) | $(1435740) | $2452992 | $4945754 |
| Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) | Change in Unrealized Appreciation/(Depreciation) |
|  |  |  |  |  |  | Total as of |
|  | Equity | Interest Rate | Credit | Currency | Commodity | June 30, 2025 |
| Swap Contracts | $(1648094) | $(1062749) | $86309 | $— | $— | $(2624534) |
| Futures Contracts | (326506) | (728099) |  | 550059 | (173078) | (677624) |
| Forward Foreign Exchange |  |  |  |  |  |  |
| Contracts |  |  |  | 997581 |  | 997581 |
| Options Purchased<sup>^</sup> | 1459942 | (9530) |  | 1847524 | 14999235 | 18297171 |
| Options Written | (31899) | (775) |  | (57879) | (5968822) | (6059375) |
|  | $(546557) | $(1801153) | $86309 | $3337285 | $8857335 | $9933219 |

---

\* Excludes income earned on swap contracts.

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

The notional value of the derivative instruments outstanding as of December 31, 2025 as disclosed in the Consolidated Portfolio of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

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

**3. INVESTMENT TRANSACTIONS**

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities amounted to $22,586,053 and $16,138,533, respectively.

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

Fulcrum Asset Management LLP serves as the Fund's investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, calculated and accrued daily and paid monthly, at an annual rate of 0.90% of the Fund's average daily net assets. For the six months ended December 31, 2025, the Advisor earned $1,145,622 in advisory fees. As of December 31, 2025, the Fund had a payable for advisory fees of $122,770.

Pursuant to a written contract (the "Waiver Agreement") and effective as of October 29, 2025, the Advisor contractually agreed, at least until October 28, 2026, to waive a portion or all of its management fees and pay Fund expenses (excluding any shareholder servicing fees; front end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) in order to limit the annual fund operating expenses to 1.20% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares (the "Expense Limitation"). Prior to October 29, 2025, the Advisor agreed to waive a portion or all of its management fees in order to limit the annual fund operating expenses to 1.17% of the average daily net assets of each of the Super Institutional Class and Institutional Class shares.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund's operating expenses are subsequently less than the Expense Limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the Expense Limitation that was in place at the time of the original expense waiver. If Fund operating expenses attributable to Super Institutional Class shares or Institutional Class shares subsequently exceed the Expense Limitation, the reimbursements shall be suspended. For the six months ended December 31, 2025, the Advisor waived $60,086 of fees which are subject to recapture by the Advisor.

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

---

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

---

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

The distributor of the Fund is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Fund, the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan"), as amended, pursuant to Rule 12b-1 under the 1940 Act. For the six months ended December 31, 2025, the Fund did not pay distribution related charges pursuant to the Plan.

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

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

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

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

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

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

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $173199937 |
| Unrealized Appreciation | $28068316 |
| Unrealized Depreciation | (13429070) |
| Tax Net Unrealized Appreciation | $14639246 |

---

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

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

---

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

---

***Fulcrum Diversified Absolute Return Fund***

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)**

**December 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Undistributed <br> Ordinary <br> Income | Undistributed<br> Long-Term<br> Gains | Post October Loss <br> and<br> Late Year Loss | Unrealized<br> Appreciation/<br> (Depreciation) | Total<br> Distributable Earnings/ <br> (Accumulated Deficit) |
| $8200781 | $3751248 | $– $– $– $| 4341880 | $16293909 |

---

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

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

---

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

---

**7. NEW ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**8. SUBSEQUENT EVENTS**

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

***Fulcrum Diversified Absolute Return Fund***

**ADDITIONAL INFORMATION (Unaudited)**

**December 31, 2025**

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

*<u>Renewal of the Investment Advisory Agreement with Fulcrum Asset Management LLP</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on October 23, 2025 (the "Meeting"), the Trustees, all of who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Fulcrum Advisory Agreement") between Fulcrum Asset Management LLP ("Fulcrum") and the Trust, with respect to Fulcrum Diversified Absolute Return Fund (the "FDAR"). In considering the renewal of the Fulcrum Advisory Agreement, the Board received materials specifically relating to the Fulcrum Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Fulcrum Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Fulcrum Advisory Agreement on behalf of FDAR and the weight to be given to each factor considered. 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 renewal of the Fulcrum Advisory Agreement.

*<u>Nature, Extent and Quality of Services</u>*. The Board reviewed the key personnel servicing FDAR, noting certain recent changes. The Board reviewed the investment advisory services provided by Fulcrum to FDAR, which included investment research, portfolio management, risk management, compliance and client services. The Board observed Fulcrum's investment process. The Board reviewed the members of and services provided by Fulcrum's investment committee, which managed FDAR's portfolio. The Board noted the factors that Fulcrum considers when selecting broker-dealers for portfolio transactions, which includes cost of execution, technological sophistication and creditworthiness. The Board noted that Fulcrum retains a third-party cybersecurity consultant to provide guidance on any cybersecurity enhancements. The Board further noted that Fulcrum did not report any compliance issues nor any material litigation or administration action since the last renewal of the advisory agreement. The Board concluded it could expect Fulcrum to continue to provide satisfactory services to FDAR and its shareholders.

*<u>Performance</u>*. The Board noted that FDAR had net returns of 8.53% for the 1-year period ended August 31, 2025, outperforming its peer group median, Morningstar Category median and benchmark, the ICE BofA 3-month U.S. Treasury Bill Index, which had net returns of 6.19%, 6.11% and 4.48%,

***Fulcrum Diversified Absolute Return Fund***

**ADDITIONAL INFORMATION (Unaudited)(Continued)**

**December 31, 2025**

respectively. The Board observed that FDAR underperformed its peer group and Morningstar category medians of over the 3-year, 5-year and since inception periods ended August 31, 2025, but outperformed its benchmark index over the 5-year and since inception periods. The Board observed that FDAR ranked in the first quartile of its peer group and Morningstar category, with respect to its net returns, for the 1-year period ended August 31, 2025, ranking 3 out of 10 of its peer group and 3 out of 11 of its Morningstar category. The Board further observed that FDAR ranked in the first quartile of its peer group and Morningstar category, with respect to the standard deviation, for the 3-year, 5-year and since inception periods. The Board concluded that FDAR's performance was acceptable.

*<u>Fees and Expenses</u>*. The Board observed that Fulcrum's advisory fee of 0.90% was below its Morningstar category and peer group averages and medians. The Board further noted that FDAR's net expense ratio of 1.22% was above its peer group and Morningstar category averages and medians but below the highs of each, which were 1.83% and 1.75%, respectively. The Board noted that Fulcrum would have an expense limitation agreement in place. The Board concluded that the fee for FDAR was not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by Fulcrum of FDAR, noting that Fulcrum was earning a modest profit for FDAR. The Board determined that excessive profitability was not an issue for Fulcrum with respect to FDAR at this time.

*<u>Economies of Scale</u>*. The Board considered whether economies of scale had been reached with respect to the management of FDAR. The Board noted that there were no perceived economies of scale at this time, but Fulcrum indicated a willingness to revisit the topic at the appropriate time.

*<u>Conclusion</u>*. Having requested such information from Fulcrum as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that renewal of the advisory agreement between Fulcrum and the Trust, on behalf of FDAR, was in the best interests of FDAR and its shareholders.

**Proxy Voting Policy**

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

**INVESTMENT ADVISOR** 

Fulcrum Asset Management LLP

Marble Arch House

66 Seymour Street

London W1H 5BT

United Kingdom

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures.**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

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

(a)(2) Not applicable

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

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

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

By (Signature and Title)

---

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

---

Date <u>3/5/26</u>

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

By (Signature and Title)

---

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

---

Date <u>3/5/26</u>

By (Signature and Title)

---

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

---

Date <u>3/5/26</u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/5/26 | /s/ Wendy Wang |
|  |  | Wendy Wang, Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/5/26 | /s/ Sam Singh |
|  |  | Sam Singh, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 3/5/26 | Date: | 3/5/26 |

---

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

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

## Ex-99.Code

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

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

**CODE OF ETHICS**

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

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

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

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

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

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

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

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

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

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

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

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

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

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

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

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

2. INITIAL HOLDINGS REPORT

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

3. ANNUAL HOLDINGS REPORTS

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

4. QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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