# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-005942
**Filing Date:** 2025-9
**Character Count:** 190986
**Document Hash:** 7929fea68b08da050549f74ef9347e4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005942.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005942

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251299678

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

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

## Series and Classes Contracts Data

### Dynamic U.S. Opportunity Fund (Series ID: S000035094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000107964 | Dynamic U.S. Opportunity Fund Class I | ICSIX           |
| C000107965 | Dynamic U.S. Opportunity Fund Class N | ICSNX           |

### Dynamic International Opportunity Fund (Series ID: S000035095)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000107966 | Dynamic International Opportunity Fund Class I | ICCIX           |
| C000108013 | Dynamic International Opportunity Fund Class N | ICCNX           |

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

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

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

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

?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>811-22549</u>

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

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

<u>Kevin E. Wolf, 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>631-470-2600</u>

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

Date of reporting period: <u>6/31/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Acclivity Mid Cap Multi-Style Fund

#### Class I (AXMIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i65faed031d8c14e1f5e3e558.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Acclivity Mid Cap Multi-Style Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 855-873-3837.

# 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** |
| Class I | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4073544 |
| Number of Portfolio Holdings | 302 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 68% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie08a0845b4e49dc8539a443b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 17.7% |
| Common Stocks | 81.1% |
| Money Market Funds | 1.2% |
| Right | 0.0% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia4b4d26d91933ace7da18613.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -22.4% |
| Real Estate | 1.0% |
| Energy | 4.1% |
| Communications | 4.2% |
| Materials | 4.3% |
| Utilities | 7.5% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 10.8% |
| Health Care | 11.2% |
| Industrials | 11.6% |
| Technology | 16.3% |
| Financials | 20.7% |
| Money Market Funds | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 21.6% |
| First American Treasury Obligations Fund, Class X | 1.5% |
| Trade Desk, Inc. (The), Class A | 1.0% |
| Hartford Insurance Group, Inc. (The) | 1.0% |
| W R Berkley Corporation | 0.9% |
| Loews Corporation | 0.9% |
| M&T Bank Corporation | 0.9% |
| Synchrony Financial | 0.9% |
| NRG Energy, Inc. | 0.9% |
| Cincinnati Financial Corporation | 0.9% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i65faed031d8c14e1f5e3e558.jpg)

#### Acclivity Mid Cap Multi-Style Fund - Class I (AXMIX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AXMIX

#### Acclivity Mid Cap Multi-Style Fund

#### Class N (AXMNX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i2896143681454403a331646f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Acclivity Mid Cap Multi-Style Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 855-873-3837.

# 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** |
| Class N | $34 | 0.69%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4073544 |
| Number of Portfolio Holdings | 302 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 68% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i557309b7e8953bee77b8a876.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 17.7% |
| Common Stocks | 81.1% |
| Money Market Funds | 1.2% |
| Right | 0.0% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i22759dc9ec5617f23c5ebd8e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -22.4% |
| Real Estate | 1.0% |
| Energy | 4.1% |
| Communications | 4.2% |
| Materials | 4.3% |
| Utilities | 7.5% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 10.8% |
| Health Care | 11.2% |
| Industrials | 11.6% |
| Technology | 16.3% |
| Financials | 20.7% |
| Money Market Funds | 23.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 21.6% |
| First American Treasury Obligations Fund, Class X | 1.5% |
| Trade Desk, Inc. (The), Class A | 1.0% |
| Hartford Insurance Group, Inc. (The) | 1.0% |
| W R Berkley Corporation | 0.9% |
| Loews Corporation | 0.9% |
| M&T Bank Corporation | 0.9% |
| Synchrony Financial | 0.9% |
| NRG Energy, Inc. | 0.9% |
| Cincinnati Financial Corporation | 0.9% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i2896143681454403a331646f.jpg)

#### Acclivity Mid Cap Multi-Style Fund - Class N (AXMNX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AXMNX

#### Acclivity Small Cap Value Fund

#### Class I (AXVIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](id517c89944ce5cc92297a94a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 855-873-3837.

# 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** |
| Class I | $23 | 0.48%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30679768 |
| Number of Portfolio Holdings | 528 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ica42a48dce5381ec9ffef7c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.6% |
| Common Stocks | 83.0% |
| Money Market Funds | 0.4% |
| Right | 0.0% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0cc8f843ccf3bbfe370c2044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.9% |
| Real Estate | 0.8% |
| Consumer Staples | 3.7% |
| Materials | 4.8% |
| Communications | 6.4% |
| Health Care | 6.1% |
| Technology | 8.8% |
| Energy | 9.6% |
| Industrials | 11.4% |
| Consumer Discretionary | 19.2% |
| Money Market Funds | 20.4% |
| Financials | 28.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 19.9% |
| Jackson Financial, Inc., Class A | 1.1% |
| Radian Group, Inc. | 1.0% |
| Kyndryl Holdings, Inc. | 1.0% |
| Sirius XM Holdings, Inc. | 1.0% |
| MGIC Investment Corporation | 1.0% |
| Lincoln National Corporation | 1.0% |
| EchoStar Corporation, Class A | 1.0% |
| Taylor Morrison Home Corporation | 1.0% |
| Axis Capital Holdings LTD. | 0.9% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](id517c89944ce5cc92297a94a.jpg)

#### Acclivity Small Cap Value Fund - Class I (AXVIX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AXVIX

#### Acclivity Small Cap Value Fund

#### Class N (AXVNX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i4212998f6b37b852ba3c2149.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 855-873-3837.

# 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** |
| Class N | $35 | 0.73%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30679768 |
| Number of Portfolio Holdings | 528 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 35% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i54c438ef96e63fc873ddd8d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 16.6% |
| Common Stocks | 83.0% |
| Money Market Funds | 0.4% |
| Right | 0.0% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0b9a4c95a1dfb206c29a059d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -19.9% |
| Real Estate | 0.8% |
| Consumer Staples | 3.7% |
| Materials | 4.8% |
| Communications | 6.4% |
| Health Care | 6.1% |
| Technology | 8.8% |
| Energy | 9.6% |
| Industrials | 11.4% |
| Consumer Discretionary | 19.2% |
| Money Market Funds | 20.4% |
| Financials | 28.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 19.9% |
| Jackson Financial, Inc., Class A | 1.1% |
| Radian Group, Inc. | 1.0% |
| Kyndryl Holdings, Inc. | 1.0% |
| Sirius XM Holdings, Inc. | 1.0% |
| MGIC Investment Corporation | 1.0% |
| Lincoln National Corporation | 1.0% |
| EchoStar Corporation, Class A | 1.0% |
| Taylor Morrison Home Corporation | 1.0% |
| Axis Capital Holdings LTD. | 0.9% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i4212998f6b37b852ba3c2149.jpg)

#### Acclivity Small Cap Value Fund - Class N (AXVNX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-AXVNX

#### Dynamic International Opportunity Fund

#### Class I (ICCIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0c78ca495027febe4a611d1e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 1 (855) USE-ETFS.

# 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** |
| Class I | $66 | 1.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57592648 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of waivers) | $211673 |
| Portfolio Turnover | 83% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i08162fb23e389392a23c090a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 25.5% |
| Exchange-Traded Funds | 71.4% |
| Money Market Funds | 3.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i29c9da1f8a97de4b4359d6a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.7% |
| Money Market Funds | 38.2% |
| Equity | 95.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 34.1% |
| Franklin FTSE Japan ETF | 12.3% |
| Franklin FTSE United Kingdom ETF | 7.7% |
| Franklin FTSE Germany ETF | 7.0% |
| iShares MSCI France ETF | 6.3% |
| Franklin FTSE Canada ETF | 5.2% |
| Franklin FTSE India ETF | 4.7% |
| Franklin FTSE China ETF | 4.6% |
| Franklin FTSE Switzerland ETF | 4.3% |
| iShares MSCI Italy ETF | 4.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i0c78ca495027febe4a611d1e.jpg)

#### Dynamic International Opportunity Fund - Class I (ICCIX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ICCIX

#### Dynamic International Opportunity Fund

#### Class N (ICCNX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](iacc8a55fdb28d9c9751fd881.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 1 (855) USE-ETFS.

# 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** |
| Class N | $79 | 1.49%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57592648 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee (net of waivers) | $211673 |
| Portfolio Turnover | 83% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4913f5cec5322c6ca352df02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 25.5% |
| Exchange-Traded Funds | 71.4% |
| Money Market Funds | 3.1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i38398ac8787578de0b4c89be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.7% |
| Money Market Funds | 38.2% |
| Equity | 95.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 34.1% |
| Franklin FTSE Japan ETF | 12.3% |
| Franklin FTSE United Kingdom ETF | 7.7% |
| Franklin FTSE Germany ETF | 7.0% |
| iShares MSCI France ETF | 6.3% |
| Franklin FTSE Canada ETF | 5.2% |
| Franklin FTSE India ETF | 4.7% |
| Franklin FTSE China ETF | 4.6% |
| Franklin FTSE Switzerland ETF | 4.3% |
| iShares MSCI Italy ETF | 4.2% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](iacc8a55fdb28d9c9751fd881.jpg)

#### Dynamic International Opportunity Fund - Class N (ICCNX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ICCNX

#### Dynamic U.S. Opportunity Fund

#### Class I (ICSIX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1bddf78ce0acec97e00891e5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 1 (855) USE-ETFS.

# 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** |
| Class I | $64 | 1.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $106847922 |
| Number of Portfolio Holdings | 16 |
| Advisory Fee (net of waivers) | $466608 |
| Portfolio Turnover | 225% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic4bbd4120c9d42cf028d91f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 20.5% |
| Exchange-Traded Funds | 76.2% |
| Money Market Funds | 3.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i88abad0abfc304bc4dd8f081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -25.9% |
| Fixed Income | 0.3% |
| Money Market Funds | 29.9% |
| Equity | 95.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 25.8% |
| Technology Select Sector SPDR Fund | 23.1% |
| Financial Select Sector SPDR ETF | 21.2% |
| Communication Services Select Sector SPDR Fund | 11.8% |
| Health Care Select Sector SPDR Fund | 9.1% |
| Consumer Discretionary Select Sector SPDR Fund | 7.1% |
| Consumer Staples Select Sector SPDR Fund | 4.9% |
| Industrial Select Sector SPDR Fund | 4.6% |
| Vanguard Information Technology ETF | 4.6% |
| First American Treasury Obligations Fund, Class X | 4.1% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i1bddf78ce0acec97e00891e5.jpg)

#### Dynamic U.S. Opportunity Fund - Class I (ICSIX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ICSIX

#### Dynamic U.S. Opportunity Fund

#### Class N (ICSNX)

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5433b0ac89d12590e4180a86.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://www.innealtafunds.com/#front-page-3**. You can also request this information by contacting us at 1 (855) USE-ETFS.

# 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** |
| Class N | $77 | 1.49%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $106847922 |
| Number of Portfolio Holdings | 16 |
| Advisory Fee (net of waivers) | $466608 |
| Portfolio Turnover | 225% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i47b0e1ceb979b2eb58116b8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 20.5% |
| Exchange-Traded Funds | 76.2% |
| Money Market Funds | 3.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i130c65fa8ec2d8e85ee4c279.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -25.9% |
| Fixed Income | 0.3% |
| Money Market Funds | 29.9% |
| Equity | 95.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Assets Portfolio | 25.8% |
| Technology Select Sector SPDR Fund | 23.1% |
| Financial Select Sector SPDR ETF | 21.2% |
| Communication Services Select Sector SPDR Fund | 11.8% |
| Health Care Select Sector SPDR Fund | 9.1% |
| Consumer Discretionary Select Sector SPDR Fund | 7.1% |
| Consumer Staples Select Sector SPDR Fund | 4.9% |
| Industrial Select Sector SPDR Fund | 4.6% |
| Vanguard Information Technology ETF | 4.6% |
| First American Treasury Obligations Fund, Class X | 4.1% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i5433b0ac89d12590e4180a86.jpg)

#### Dynamic U.S. Opportunity Fund - Class N (ICSNX)

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.innealtafunds.com/#front-page-3**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ICSNX

&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 Registrants.** 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;

---

| |
|:---|
| ![(LOGO)](in001_v1.jpg) |
| **Acclivity Mid Cap Multi-Style Fund** |
| **Acclivity Small Cap Value Fund** |
| **Dynamic International Opportunity Fund** |
| **Dynamic U.S. Opportunity Fund** |
| **Semi-Annual Financial Statements and Additional Information** |
| **June 30, 2025** |
| **www.innealtacapital.com** |
| **1 (855) USE-ETFS** |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **ADVERTISING & MARKETING - 1.4%** |  |
| 85 | Interpublic Group of Companies, Inc. (The) | $2081 |
| 160 | Omnicom Group, Inc. <sup>(c)</sup> | 11510 |
| 581 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 41826 |
|  |  | 55417 |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 101 | Rocket Lab Corporation<sup>(a),(c)</sup> | 3613 |
| 45 | Teledyne Technologies, Inc.<sup>(a)</sup> | 23054 |
| 101 | Textron, Inc. | 8109 |
| 18 | Woodward, Inc. | 4412 |
|  |  | 39188 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.3%** |  |
| 139 | Deckers Outdoor Corporation<sup>(a)</sup> | 14327 |
| 67 | Ralph Lauren Corporation | 18377 |
| 223 | Tapestry, Inc. | 19581 |
|  |  | 52285 |
|  | **ASSET MANAGEMENT - 2.4%** |  |
| 319 | Carlyle Group, Inc. (The) <sup>(c)</sup> | 16397 |
| 67 | Franklin Resources, Inc. | 1598 |
| 86 | LPL Financial Holdings, Inc. | 32247 |
| 167 | Raymond James Financial, Inc. | 25613 |
| 35 | Stifel Financial Corporation | 3632 |
| 197 | T Rowe Price Group, Inc. | 19011 |
|  |  | 98498 |
|  | **AUTOMOTIVE - 0.3%** |  |
| 289 | Aurora Innovation, Inc.<sup>(a),(c)</sup> | 1514 |
| 778 | Rivian Automotive, Inc., Class A<sup>(a),(c)</sup> | 10690 |
|  |  | 12204 |
|  | **BANKING - 3.6%** |  |
| 461 | Citizens Financial Group, Inc. | 20630 |
| 103 | East West Bancorp, Inc. <sup>(c)</sup> | 10401 |
| 499 | Fifth Third Bancorp<sup>(c)</sup> | 20524 |
| 125 | First Horizon Corporation | 2650 |
| 908 | Huntington Bancshares, Inc. | 15218 |
| 904 | KeyCorporation | 15748 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **BANKING - 3.6% (Continued)** |  |
| 185 | M&T Bank Corporation | $35888 |
| 1053 | Regions Financial Corporation | 24766 |
| 13 | SouthState Corporation | 1196 |
|  |  | 147021 |
|  | **BEVERAGES - 1.1%** |  |
| 324 | Brown-Forman Corporation, Class B<sup>(c)</sup> | 8719 |
| 91 | Celsius Holdings, Inc.<sup>(a),(c)</sup> | 4222 |
| 105 | Coca-Cola Consolidated, Inc. | 11723 |
| 83 | Constellation Brands, Inc., Class A<sup>(c)</sup> | 13502 |
| 136 | Molson Coors Beverage Company, Class B<sup>(c)</sup> | 6540 |
|  |  | 44706 |
|  | **BIOTECH & PHARMA - 3.1%** |  |
| 76 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 24783 |
| 202 | Biogen, Inc.<sup>(a)</sup> | 25369 |
| 170 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 9345 |
| 323 | Exelixis, Inc.<sup>(a)</sup> | 14236 |
| 246 | Incyte Corporation<sup>(a)</sup> | 16753 |
| 38 | Insmed, Inc.<sup>(a)</sup> | 3824 |
| 209 | Moderna, Inc.<sup>(a)</sup> | 5766 |
| 106 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 13323 |
| 50 | United Therapeutics Corporation<sup>(a)</sup> | 14368 |
|  |  | 127767 |
|  | **CABLE & SATELLITE - 0.4%** |  |
| 147 | Liberty Broadband Corporation, Class C<sup>(a)</sup> | 14462 |
|  | **CHEMICALS - 1.0%** |  |
| 78 | Avery Dennison Corporation | 13687 |
| 125 | CF Industries Holdings, Inc. | 11500 |
| 27 | Eastman Chemical Company | 2016 |
| 137 | International Flavors & Fragrances, Inc. | 10076 |
| 118 | Mosaic Company (The) | 4305 |
|  |  | 41584 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 100 | Aramark | 4187 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7% (Continued)** |  |
| 21 | Clean Harbors, Inc.<sup>(a)</sup> | $4855 |
| 334 | Rollins, Inc. | 18844 |
|  |  | 27886 |
|  | **CONSTRUCTION MATERIALS - 1.1%** |  |
| 45 | Carlisle Companies, Inc. | 16803 |
| 28 | Martin Marietta Materials, Inc. | 15371 |
| 91 | Owens Corning | 12514 |
| 6 | Vulcan Materials Company | 1565 |
|  |  | 46253 |
|  | **CONSUMER SERVICES - 0.3%** |  |
| 143 | Service Corporation International<sup>(c)</sup> | 11640 |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 192 | Ball Corporation | 10769 |
| 126 | Crown Holdings, Inc. | 12976 |
| 363 | International Paper Company | 16999 |
| 15 | Packaging Corporation of America | 2827 |
|  |  | 43571 |
|  | **DIVERSIFIED INDUSTRIALS - 0.2%** |  |
| 41 | Dover Corporation | 7512 |
|  | **E-COMMERCE DISCRETIONARY - 0.6%** |  |
| 350 | eBay, Inc. | 26061 |
|  | **ELECTRIC UTILITIES - 6.0%** |  |
| 154 | Alliant Energy Corporation | 9312 |
| 245 | Ameren Corporation | 23530 |
| 576 | CenterPoint Energy, Inc. <sup>(c)</sup> | 21162 |
| 264 | CMS Energy Corporation<sup>(c)</sup> | 18290 |
| 308 | Consolidated Edison, Inc. <sup>(c)</sup> | 30908 |
| 216 | DTE Energy Company | 28611 |
| 239 | Entergy Corporation | 19866 |
| 204 | Evergy, Inc. | 14062 |
| 60 | FirstEnergy Corporation | 2415 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 6.0% (Continued)** |  |
| 220 | NRG Energy, Inc. | $35328 |
| 20 | Pinnacle West Capital Corporation | 1789 |
| 601 | PPL Corporation | 20368 |
| 169 | WEC Energy Group, Inc. | 17610 |
|  |  | 243251 |
|  | **ELECTRICAL EQUIPMENT - 2.7%** |  |
| 62 | A O Smith Corporation | 4065 |
| 20 | Acuity, Inc. | 5967 |
| 73 | API Group Corporation<sup>(a),(c)</sup> | 3727 |
| 40 | Hubbell, Inc. | 16336 |
| 129 | Keysight Technologies, Inc.<sup>(a)</sup> | 21138 |
| 31 | Lennox International, Inc. <sup>(c)</sup> | 17770 |
| 34 | Rockwell Automation, Inc. | 11294 |
| 170 | Trimble, Inc.<sup>(a),(c)</sup> | 12917 |
| 147 | Vertiv Holdings Company | 18876 |
|  |  | 112090 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 84 | AECOM | 9480 |
| 33 | Comfort Systems USA, Inc. | 17695 |
| 39 | EMCOR Group, Inc. | 20861 |
| 13 | Jacobs Solutions, Inc. | 1709 |
| 30 | MasTec, Inc.<sup>(a)</sup> | 5113 |
| 12 | TopBuild Corporation<sup>(a),(c)</sup> | 3885 |
|  |  | 58743 |
|  | **FOOD - 2.2%** |  |
| 357 | Conagra Brands, Inc. <sup>(c)</sup> | 7308 |
| 51 | Hershey Company (The) <sup>(c)</sup> | 8464 |
| 378 | Hormel Foods Corporation | 11435 |
| 26 | Ingredion, Inc. | 3526 |
| 76 | J M Smucker Company (The) <sup>(c)</sup> | 7463 |
| 259 | Kellanova | 20598 |
| 73 | McCormick & Company, Inc. | 5535 |
| 128 | Pilgrim's Pride Corporation | 5757 |
| 132 | The Campbell's Company<sup>(c)</sup> | 4046 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **FOOD - 2.2% (Continued)** |  |
| 315 | Tyson Foods, Inc., Class A | $17621 |
|  |  | 91753 |
|  | **GAS & WATER UTILITIES - 1.5%** |  |
| 136 | American Water Works Company, Inc. | 18919 |
| 141 | Atmos Energy Corporation | 21729 |
| 70 | Essential Utilities, Inc. | 2600 |
| 459 | NiSource, Inc. <sup>(c)</sup> | 18516 |
|  |  | 61764 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.8%** |  |
| 240 | Centene Corporation<sup>(a)</sup> | 13027 |
| 5 | Chemed Corporation | 2435 |
| 16 | DaVita, Inc.<sup>(a),(c)</sup> | 2279 |
| 117 | Encompass Health Corporation | 14348 |
| 140 | Humana, Inc. | 34227 |
| 73 | IQVIA Holdings, Inc.<sup>(a)</sup> | 11504 |
| 45 | Labcorp Holdings, Inc. | 11813 |
| 13 | Medpace Holdings, Inc.<sup>(a),(c)</sup> | 4080 |
| 50 | Molina Healthcare, Inc.<sup>(a)</sup> | 14895 |
| 77 | Quest Diagnostics, Inc. <sup>(c)</sup> | 13831 |
| 48 | Tenet Healthcare Corporation<sup>(a)</sup> | 8448 |
| 125 | Universal Health Services, Inc., Class B | 22644 |
|  |  | 153531 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 146 | Somnigroup International, Inc. | 9935 |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 136 | Lennar Corporation, Class A<sup>(c)</sup> | 15043 |
| 279 | PulteGroup, Inc. | 29423 |
| 89 | Toll Brothers, Inc. | 10158 |
|  |  | 54624 |
|  | **HOUSEHOLD PRODUCTS - 0.8%** |  |
| 104 | Clorox Company (The) | 12487 |
| 237 | Estee Lauder Companies, Inc. (The), Class A<sup>(c)</sup> | 19150 |
|  |  | 31637 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.2%** |  |
| 21 | RBC Bearings, Inc.<sup>(a)</sup> | $8081 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 131 | Core & Main, Inc., Class A<sup>(a)</sup> | 7906 |
| 5 | Watsco, Inc. <sup>(c)</sup> | 2208 |
|  |  | 10114 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 27 | Houlihan Lokey, Inc. | 4859 |
| 184 | Interactive Brokers Group, Inc., Class A | 10195 |
| 242 | Jefferies Financial Group, Inc. | 13235 |
| 146 | Northern Trust Corporation<sup>(c)</sup> | 18511 |
| 111 | SEI Investments Company | 9975 |
| 180 | State Street Corporation | 19141 |
| 58 | Tradeweb Markets, Inc., Class A<sup>(c)</sup> | 8491 |
|  |  | 84407 |
|  | **INSURANCE - 10.8%** |  |
| 149 | American Financial Group, Inc. | 18805 |
| 243 | Arch Capital Group Ltd. | 22125 |
| 99 | Assurant, Inc. | 19552 |
| 205 | Brown & Brown, Inc. | 22728 |
| 235 | Cincinnati Financial Corporation | 34996 |
| 304 | Equitable Holdings, Inc. | 17054 |
| 31 | Everest Group Ltd. | 10535 |
| 136 | Globe Life, Inc. | 16903 |
| 311 | Hartford Insurance Group, Inc. (The) | 39457 |
| 31 | Kinsale Capital Group, Inc. | 15001 |
| 407 | Loews Corporation | 37306 |
| 16 | Markel Group, Inc.<sup>(a)</sup> | 31958 |
| 137 | Old Republic International Corporation | 5266 |
| 31 | Primerica, Inc. | 8484 |
| 434 | Principal Financial Group, Inc. | 34473 |
| 97 | Reinsurance Group of America, Inc. | 19241 |
| 36 | RenaissanceRe Holdings Ltd. | 8744 |
| 313 | Unum Group | 25278 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **INSURANCE - 10.8% (Continued)** |  |
| 525 | W R Berkley Corporation | $38572 |
| 42 | Willis Towers Watson PLC | 12873 |
|  |  | 439351 |
|  | **INTERNET MEDIA & SERVICES - 1.8%** |  |
| 127 | Expedia Group, Inc. <sup>(c)</sup> | 21422 |
| 140 | GoDaddy, Inc., Class A<sup>(a)</sup> | 25209 |
| 71 | Pinterest, Inc., Class A<sup>(a)</sup> | 2546 |
| 17 | Roku, Inc.<sup>(a)</sup> | 1494 |
| 1411 | Snap, Inc., Class A<sup>(a),(c)</sup> | 12262 |
| 142 | Zillow Group, Inc., Class C<sup>(a)</sup> | 9947 |
|  |  | 72880 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 577 | Carnival Corporation<sup>(a)</sup> | 16225 |
| 116 | Darden Restaurants, Inc. | 25284 |
| 621 | Las Vegas Sands Corporation | 27020 |
| 114 | Live Nation Entertainment, Inc.<sup>(a),(c)</sup> | 17246 |
| 66 | Texas Roadhouse, Inc. | 12369 |
|  |  | 98144 |
|  | **MACHINERY - 1.4%** |  |
| 19 | IDEX Corporation | 3336 |
| 105 | Ingersoll Rand, Inc. <sup>(c)</sup> | 8734 |
| 47 | Lincoln Electric Holdings, Inc. | 9744 |
| 67 | Snap-on, Inc. | 20849 |
| 90 | Stanley Black & Decker, Inc. <sup>(c)</sup> | 6097 |
| 63 | Xylem, Inc. | 8150 |
|  |  | 56910 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.3%** |  |
| 44 | Align Technology, Inc.<sup>(a)</sup> | 8330 |
| 83 | Avantor, Inc.<sup>(a)</sup> | 1117 |
| 246 | Baxter International, Inc. <sup>(c)</sup> | 7449 |
| 150 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 10674 |
| 280 | DexCom, Inc.<sup>(a)</sup> | 24441 |
| 29 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1711 |
| 168 | Hologic, Inc.<sup>(a)</sup> | 10947 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.3% (Continued)** |  |
| 14 | IDEXX Laboratories, Inc.<sup>(a)</sup> | $7509 |
| 146 | Illumina, Inc.<sup>(a)</sup> | 13930 |
| 59 | Insulet Corporation<sup>(a)</sup> | 18537 |
| 37 | Natera, Inc.<sup>(a)</sup> | 6251 |
| 12 | Penumbra, Inc.<sup>(a),(c)</sup> | 3079 |
| 82 | ResMed, Inc. <sup>(c)</sup> | 21156 |
| 114 | Revvity, Inc. <sup>(c)</sup> | 11026 |
| 27 | STERIS PLC | 6486 |
| 65 | Waters Corporation<sup>(a)</sup> | 22688 |
|  |  | 175331 |
|  | **METALS & MINING - 0.1%** |  |
| 16 | Royal Gold, Inc. | 2845 |
|  | **OIL & GAS PRODUCERS - 3.1%** |  |
| 252 | Antero Resources Corporation<sup>(a)</sup> | 10151 |
| 621 | Coterra Energy, Inc. | 15761 |
| 571 | Devon Energy Corporation | 18163 |
| 63 | DT Midstream, Inc. <sup>(c)</sup> | 6924 |
| 285 | EQT Corporation | 16621 |
| 174 | Expand Energy Corporation<sup>(c)</sup> | 20348 |
| 12 | Murphy USA, Inc. | 4882 |
| 226 | Ovintiv, Inc. | 8599 |
| 63 | Range Resources Corporation | 2562 |
| 134 | Targa Resources Corporation | 23327 |
|  |  | 127338 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 339 | Baker Hughes Company | 12997 |
| 768 | Halliburton Company | 15652 |
|  |  | 28649 |
|  | **PUBLISHING & BROADCASTING - 0.7%** |  |
| 898 | News Corporation, Class A | 26689 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 0.6%** |  |
| 104 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | $26601 |
|  | **REIT - 0.4%** |  |
| 15 | Texas Pacific Land Corporation<sup>(c)</sup> | 15846 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 69 | First Solar, Inc.<sup>(a),(c)</sup> | 11422 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 91 | BJ's Wholesale Club Holdings, Inc.<sup>(a),(c)</sup> | 9813 |
| 52 | Casey's General Stores, Inc. | 26534 |
| 140 | Dollar General Corporation | 16013 |
| 208 | Dollar Tree, Inc.<sup>(a)</sup> | 20600 |
| 68 | Sprouts Farmers Market, Inc.<sup>(a),(c)</sup> | 11196 |
|  |  | 84156 |
|  | **RETAIL - DISCRETIONARY - 4.3%** |  |
| 247 | Best Buy Company, Inc. | 16581 |
| 60 | Builders FirstSource, Inc.<sup>(a),(c)</sup> | 7001 |
| 76 | Burlington Stores, Inc.<sup>(a),(c)</sup> | 17681 |
| 37 | Carvana Company<sup>(a)</sup> | 12468 |
| 55 | Dick's Sporting Goods, Inc.<sup>(c)</sup> | 10880 |
| 38 | Ferguson Enterprises, Inc. | 8274 |
| 191 | GameStop Corporation, Class A<sup>(a)</sup> | 4658 |
| 68 | Genuine Parts Company | 8249 |
| 67 | Lululemon Athletica, Inc.<sup>(a)</sup> | 15918 |
| 493 | Tractor Supply Company | 26016 |
| 57 | Ulta Beauty, Inc.<sup>(a),(c)</sup> | 26666 |
| 122 | Williams-Sonoma, Inc. | 19931 |
|  |  | 174323 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 66 | Coherent Corporation<sup>(a)</sup> | 5888 |
| 77 | Entegris, Inc. <sup>(c)</sup> | 6210 |
| 23 | Monolithic Power Systems, Inc. | 16822 |
| 235 | ON Semiconductor Corporation<sup>(a)</sup> | 12316 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 1.3% (Continued)** |  |
| 26 | Sandisk Corporation<sup>(a)</sup> | $1179 |
| 124 | Teradyne, Inc. | 11150 |
|  |  | 53565 |
|  | **SOFTWARE - 5.3%** |  |
| 119 | Akamai Technologies, Inc.<sup>(a)</sup> | 9491 |
| 14 | ANSYS, Inc.<sup>(a)</sup> | 4917 |
| 109 | Bentley Systems, Inc., Class B | 5883 |
| 61 | Datadog, Inc., Class A<sup>(a)</sup> | 8194 |
| 152 | DocuSign, Inc.<sup>(a)</sup> | 11839 |
| 72 | Doximity, Inc., Class A<sup>(a)</sup> | 4416 |
| 34 | Duolingo, Inc.<sup>(a),(c)</sup> | 13941 |
| 611 | Gen Digital, Inc. | 17963 |
| 19 | Guidewire Software, Inc.<sup>(a),(c)</sup> | 4474 |
| 33 | HubSpot, Inc.<sup>(a)</sup> | 18369 |
| 40 | IonQ, Inc.<sup>(a)</sup> | 1719 |
| 60 | Manhattan Associates, Inc.<sup>(a)</sup> | 11848 |
| 41 | Nutanix, Inc., Class A<sup>(a)</sup> | 3134 |
| 110 | Okta, Inc.<sup>(a)</sup> | 10997 |
| 63 | Paycom Software, Inc. | 14578 |
| 41 | Paylocity Holding Corporation<sup>(a),(c)</sup> | 7429 |
| 59 | PTC, Inc.<sup>(a)</sup> | 10168 |
| 185 | SS&C Technologies Holdings, Inc. | 15318 |
| 135 | Twilio, Inc., Class A<sup>(a)</sup> | 16789 |
| 3 | Tyler Technologies, Inc.<sup>(a)</sup> | 1778 |
| 210 | Zoom Video Communications, Inc.<sup>(a)</sup> | 16376 |
| 16 | Zscaler, Inc.<sup>(a)</sup> | 5023 |
|  |  | 214644 |
|  | **SPECIALTY FINANCE - 1.8%** |  |
| 449 | Fidelity National Financial, Inc. | 25171 |
| 759 | SoFi Technologies, Inc.<sup>(a),(c)</sup> | 13822 |
| 530 | Synchrony Financial | 35372 |
|  |  | 74365 |
|  | **STEEL - 1.0%** |  |
| 13 | Carpenter Technology Corporation | 3593 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **STEEL - 1.0% (Continued)** |  |
| 79 | Nucor Corporation | $10234 |
| 39 | Reliance, Inc. | 12242 |
| 112 | Steel Dynamics, Inc. <sup>(c)</sup> | 14337 |
|  |  | 40406 |
|  | **TECHNOLOGY HARDWARE - 4.8%** |  |
| 56 | Ciena Corporation<sup>(a),(c)</sup> | 4554 |
| 52 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 4815 |
| 65 | F5, Inc.<sup>(a)</sup> | 19131 |
| 1455 | Hewlett Packard Enterprise Company | 29755 |
| 106 | Jabil, Inc. <sup>(c)</sup> | 23119 |
| 423 | Juniper Networks, Inc. | 16890 |
| 204 | NetApp, Inc. | 21736 |
| 323 | Pure Storage, Inc., Class A<sup>(a),(c)</sup> | 18598 |
| 198 | Super Micro Computer, Inc.<sup>(a)</sup> | 9704 |
| 40 | TD SYNNEX Corporation<sup>(c)</sup> | 5428 |
| 381 | Western Digital Corporation<sup>(a)(c)</sup> | 24380 |
| 55 | Zebra Technologies Corporation, Class A<sup>(a),(c)</sup> | 16960 |
|  |  | 195070 |
|  | **TECHNOLOGY SERVICES - 4.9%** |  |
| 48 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | 3319 |
| 4 | Amentum Holdings, Inc.<sup>(a)</sup> | 86 |
| 323 | Block, Inc.<sup>(a)</sup> | 21941 |
| 134 | Booz Allen Hamilton Holding Corporation<sup>(c)</sup> | 13953 |
| 21 | Broadridge Financial Solutions, Inc. | 5104 |
| 10 | CACI International, Inc., Class A<sup>(a),(c)</sup> | 4767 |
| 50 | CDW Corporation | 8929 |
| 158 | Cognizant Technology Solutions Corporation, Class A | 12329 |
| 74 | Corpay, Inc.<sup>(a)</sup> | 24555 |
| 95 | CoStar Group, Inc.<sup>(a),(c)</sup> | 7638 |
| 10 | EPAM Systems, Inc.<sup>(a)</sup> | 1768 |
| 44 | Equifax, Inc. | 11412 |
| 27 | FactSet Research Systems, Inc. | 12077 |
| 27 | Gartner, Inc.<sup>(a)</sup> | 10914 |
| 28 | Global Payments, Inc. | 2241 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 4.9% (Continued)** |  |
| 57 | Jack Henry & Associates, Inc. <sup>(c)</sup> | $10270 |
| 105 | Leidos Holdings, Inc. | 16565 |
| 33 | Morningstar, Inc. | 10360 |
| 308 | Toast, Inc., Class A<sup>(a)</sup> | 13641 |
| 99 | TransUnion | 8712 |
|  |  | 200581 |
|  | **TRANSPORTATION & LOGISTICS - 3.4%** |  |
| 89 | CH Robinson Worldwide, Inc. | 8540 |
| 662 | Delta Air Lines, Inc. | 32557 |
| 148 | Expeditors International of Washington, Inc. | 16909 |
| 81 | JB Hunt Transport Services, Inc. | 11632 |
| 45 | Old Dominion Freight Line, Inc. | 7303 |
| 864 | Southwest Airlines Company<sup>(c)</sup> | 28028 |
| 411 | United Airlines Holdings, Inc.<sup>(a),(c)</sup> | 32728 |
|  |  | 137697 |
|  | **TRANSPORTATION EQUIPMENT - 0.3%** |  |
| 60 | Westinghouse Air Brake Technologies Corporation | 12561 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.4%** |  |
| 474 | Archer-Daniels-Midland Company | 25018 |
| 235 | Performance Food Group Company<sup>(a)</sup> | 20555 |
| 171 | US Foods Holding Corporation<sup>(a)</sup> | 13169 |
|  |  | 58742 |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |
| 36 | LKQ Corporation | 1332 |
| 5 | Pool Corporation | 1458 |
|  |  | 2790 |
|  | **TOTAL COMMON STOCKS (Cost $3,520,325)** | 4046891 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY MID CAP MULTI-STYLE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **RIGHTS — 0.0%**<sup>(d)</sup> |  |
|  | **BIOTECH & PHARMA - 0.0%**<sup>(d)</sup> |  |
| 1 | Bristol-Myers Squibb Company<sup>(a),(e)</sup> | $3 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0%**<sup>(d)</sup> |  |
| 7 | ABIOMED, Inc. - CVR<sup>(a),(e)</sup> | 7 |
|  | **TOTAL RIGHTS (Cost $8)** | 10 |
|  | **SHORT-TERM INVESTMENTS — 23.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 21.6%** |  |
| 880500 | Mount Vernon Liquid Assets Portfolio, 4.46%<sup>(b)(f)</sup> | 880500 |
|  | **MONEY MARKET FUNDS - 1.5%** |  |
| 60545 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(b)</sup> | 60545 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $941,045)** | 941045 |
|  | **TOTAL INVESTMENTS - 122.4% (Cost $4,461,378)** | $4987946 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (22.4)%** | (914402) |
|  | **NET ASSETS - 100.0%** | $4073544 |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $865,232.

 

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

 

<sup>(e)</sup> Fair value was determined using significant unobservable inputs.

<sup>(f)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2025 is $880,500.

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 94 | Huntington Ingalls Industries, Inc. | $22697 |
| 343 | Mercury Systems, Inc.<sup>(a)</sup> | 18474 |
| 207 | National Presto Industries, Inc. | 20278 |
|  |  | 61449 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.7%** |  |
| 1066 | Movado Group, Inc. | 16257 |
| 1499 | PVH Corporation<sup>(c)</sup> | 102831 |
| 509 | Skechers USA, Inc., Class A<sup>(a)</sup> | 32118 |
| 149 | Tandy Leather Factory, Inc. | 462 |
| 6955 | Under Armour, Inc., Class A<sup>(a),(c)</sup> | 47503 |
| 784 | Weyco Group, Inc. | 25997 |
|  |  | 225168 |
|  | **ASSET MANAGEMENT - 1.1%** |  |
| 376 | Affiliated Managers Group, Inc. | 73986 |
| 3116 | Cannae Holdings, Inc. | 64969 |
| 4275 | Compass Diversified Holdings | 26847 |
| 1097 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. <sup>(c)</sup> | 29465 |
| 39 | Hennessy Advisors, Inc. | 492 |
| 2600 | Medallion Financial Corporation | 24778 |
| 1540 | ODP Corporation (The)<sup>(a)</sup> | 27920 |
| 1107 | Oppenheimer Holdings, Inc., Class A | 72807 |
| 136 | Virtus Investment Partners, Inc. | 24670 |
|  |  | 345934 |
|  | **AUTOMOTIVE - 2.4%** |  |
| 4549 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 18560 |
| 7394 | BorgWarner, Inc. | 247551 |
| 1416 | Dana, Inc. | 24284 |
| 1213 | Gentex Corporation | 26674 |
| 783 | Gentherm, Inc.<sup>(a)</sup> | 22151 |
| 6492 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 67322 |
| 1266 | Harley-Davidson, Inc. | 29878 |
| 8123 | Holley, Inc.<sup>(a)</sup> | 16246 |
| 1748 | Lear Corporation | 166025 |
| 9635 | Microvast Holdings, Inc.<sup>(a)</sup> | 34975 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **AUTOMOTIVE - 2.4% (Continued)** |  |
| 712 | Miller Industries, Inc. | $31655 |
| 876 | Standard Motor Products, Inc. | 26911 |
| 256 | Visteon Corporation<sup>(a)</sup> | 23885 |
|  |  | 736117 |
|  | **BANKING - 13.3%** |  |
| 386 | 1st Source Corporation | 23959 |
| 2795 | Ameris Bancorp | 180836 |
| 509 | Axos Financial, Inc.<sup>(a)</sup> | 38704 |
| 2103 | Bank OZK | 98967 |
| 845 | BankFinancial Corporation | 9777 |
| 551 | Banner Corporation<sup>(c)</sup> | 35347 |
| 512 | BayCom Corporation | 14187 |
| 1268 | Berkshire Hills Bancorp, Inc. | 31751 |
| 1452 | Byline Bancorp, Inc. | 38812 |
| 443 | C&F Financial Corporation | 27346 |
| 2059 | Cadence Bank | 65847 |
| 621 | Capital Bancorp, Inc. | 20853 |
| 688 | Cathay General Bancorp | 31325 |
| 649 | CNB Financial Corporation | 14836 |
| 378 | Colony Bankcorp, Inc. | 6226 |
| 2022 | Comerica, Inc. | 120612 |
| 453 | Community Trust Bancorp, Inc. | 23973 |
| 602 | Customers Bancorp, Inc.<sup>(a)</sup> | 35361 |
| 1788 | CVB Financial Corporation | 35385 |
| 166 | Eagle Bancorp Montana, Inc. | 2767 |
| 1162 | Enterprise Financial Services Corporation | 64026 |
| 568 | FB Financial Corporation | 25730 |
| 1287 | Financial Institutions, Inc. | 33050 |
| 862 | First Bancorp | 38006 |
| 423 | First Busey Corporation | 9680 |
| 3809 | First Commonwealth Financial Corporation | 61820 |
| 3409 | First Financial Bancorp | 82702 |
| 563 | First Financial Corporation | 30509 |
| 2117 | First Hawaiian, Inc. | 52840 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **BANKING - 13.3% (Continued)** |  |
| 858 | First Horizon Corporation | $18190 |
| 3701 | First Interstate BancSystem, Inc., Class A | 106663 |
| 2371 | First Merchants Corporation | 90809 |
| 691 | First Mid Bancshares, Inc. | 25906 |
| 4563 | FNB Corporation | 66529 |
| 196 | FS Bancorp, Inc. | 7718 |
| 965 | Glacier Bancorp, Inc. | 41572 |
| 2296 | Hancock Whitney Corporation | 131790 |
| 1078 | Hanmi Financial Corporation | 26605 |
| 2595 | Heritage Commerce Corporation | 25768 |
| 1426 | Heritage Financial Corporation | 33996 |
| 613 | Hilltop Holdings, Inc. | 18605 |
| 290 | Home Bancorp, Inc. | 15016 |
| 2189 | Home BancShares, Inc. | 62299 |
| 739 | HomeTrust Bancshares, Inc. | 27646 |
| 1618 | Independent Bank Corporation (MA) | 101748 |
| 739 | Independent Bank Corporation (MI) | 23951 |
| 1390 | International Bancshares Corporation | 92518 |
| 828 | Midland States Bancorp, Inc. | 14341 |
| 1053 | National Bank Holdings Corporation, Class A | 39603 |
| 527 | NBT Bancorp, Inc. | 21897 |
| 5135 | Northwest Bancshares, Inc. | 65625 |
| 1487 | OceanFirst Financial Corporation | 26186 |
| 2223 | Old National Bancorp | 47439 |
| 3280 | Old Second Bancorp, Inc. | 58187 |
| 4121 | Pacific Premier Bancorp, Inc. | 86912 |
| 1935 | Peoples Bancorp, Inc. | 59095 |
| 2086 | Prosperity Bancshares, Inc. | 146521 |
| 2774 | Renasant Corporation | 99670 |
| 243 | Republic Bancorp, Inc., Class A | 17766 |
| 3100 | Republic First Bancorp, Inc.<sup>(a)</sup> | 1 |
| 1536 | S&T Bancorp, Inc. | 58092 |
| 2299 | Seacoast Banking Corporation of Florida | 63498 |
| 240 | Sierra Bancorp | 7126 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **BANKING - 13.3% (Continued)** |  |
| 2035 | Stellar Bancorp, Inc. | $56939 |
| 1540 | Synovus Financial Corporation | 79695 |
| 1177 | Towne Bank | 40230 |
| 787 | TriCompany Bancshares | 31866 |
| 783 | TrustCompany Bank Corporation | 26168 |
| 2033 | Trustmark Corporation | 74123 |
| 172 | United Bancshares, Inc. | 4773 |
| 3952 | United Bankshares, Inc. | 143971 |
| 3336 | United Community Banks, Inc. | 99379 |
| 420 | United Security Bancshares | 3633 |
| 507 | Unity Bancorp, Inc. | 23870 |
| 577 | Univest Financial Corporation | 17333 |
| 1062 | Webster Financial Corporation | 57985 |
| 1604 | WesBanco, Inc. | 50735 |
| 639 | Westamerica BanCorporation | 30953 |
| 1565 | Western Alliance Bancorp<sup>(c)</sup> | 122039 |
| 2406 | WSFS Financial Corporation | 132330 |
| 1988 | Zions Bancorp NA | 103257 |
|  |  | 4083801 |
|  | **BEVERAGES - 0.1%** |  |
| 355 | Coffee Holding Company, Inc.<sup>(a)</sup> | 1537 |
| 466 | MGP Ingredients, Inc. | 13966 |
|  |  | 15503 |
|  | **BIOTECH & PHARMA - 1.3%** |  |
| 1326 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 30445 |
| 266 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 17356 |
| 8 | Certara, Inc.<sup>(a),(c)</sup> | 94 |
| 9882 | Elanco Animal Health, Inc.<sup>(a)</sup> | 141115 |
| 2520 | Entrada Therapeutics, Inc.<sup>(a)</sup> | 16934 |
| 1009 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 31884 |
| 701 | Innoviva, Inc.<sup>(a)</sup> | 14083 |
| 110 | Ligand Pharmaceuticals, Inc., Class B<sup>(a)</sup> | 12505 |
| 2030 | Pacira BioSciences, Inc.<sup>(a)</sup> | 48517 |
| 408 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 32579 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **BIOTECH & PHARMA - 1.3% (Continued)** |  |
| 1205 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | $37982 |
| 3286 | Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 15510 |
|  |  | 399004 |
|  | **CABLE & SATELLITE - 1.2%** |  |
| 268 | Cable One, Inc.<sup>(c)</sup> | 36397 |
| 13207 | Sirius XM Holdings, Inc. <sup>(c)</sup> | 303365 |
| 4483 | WideOpenWest, Inc.<sup>(a)</sup> | 18201 |
|  |  | 357963 |
|  | **CHEMICALS - 2.4%** |  |
| 1362 | AdvanSix, Inc. | 32348 |
| 848 | Albemarle Corporation<sup>(c)</sup> | 53144 |
| 905 | Ashland, Inc. | 45503 |
| 727 | Avient Corporation | 23489 |
| 492 | Celanese Corporation | 27222 |
| 1104 | Eastman Chemical Company | 82425 |
| 3877 | Ecovyst, Inc.<sup>(a),(c)</sup> | 31908 |
| 2935 | FMC Corporation<sup>(c)</sup> | 122536 |
| 1998 | Huntsman Corporation | 20819 |
| 750 | Intrepid Potash, Inc.<sup>(a)</sup> | 26798 |
| 1203 | Koppers Holdings, Inc. | 38676 |
| 1208 | Minerals Technologies, Inc. | 66525 |
| 763 | Mosaic Company (The) | 27834 |
| 228 | Olin Corporation | 4581 |
| 1020 | Perimeter Solutions, Inc.<sup>(a)</sup> | 14198 |
| 313 | Quaker Chemical Corporation<sup>(c)</sup> | 35037 |
| 3654 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 14068 |
| 292 | Rogers Corporation<sup>(a)</sup> | 19996 |
| 684 | Stepan Company | 37333 |
|  |  | 724440 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.9%** |  |
| 698 | ABM Industries, Inc. | 32953 |
| 31906 | ADT, Inc. | 270244 |
| 17342 | Alight, Inc., Class A | 98156 |
| 954 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 19719 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.9% (Continued)** |  |
| 435 | ASGN, Inc.<sup>(a)</sup> | $21719 |
| 2869 | BrightView Holdings, Inc.<sup>(a)</sup> | 47769 |
| 962 | CoreCivic, Inc.<sup>(a)</sup> | 20269 |
| 1411 | Deluxe Corporation | 22449 |
| 2968 | Enviri Corporation<sup>(a)</sup> | 25762 |
| 3081 | GEO Group, Inc. (The)<sup>(a)</sup> | 73790 |
| 592 | Heidrick & Struggles International, Inc. | 27090 |
| 1773 | Kelly Services, Inc., Class A | 20762 |
| 535 | Korn Ferry | 39232 |
| 1408 | ManpowerGroup, Inc. | 56883 |
| 520 | UniFirst Corporation | 97874 |
| 509 | V2X, Inc.<sup>(a)</sup> | 24712 |
|  |  | 899383 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 2871 | Concrete Pumping Holdings, Inc. | 17657 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 1934 | American Public Education, Inc.<sup>(a)</sup> | 58910 |
| 472 | Carriage Services, Inc. | 21589 |
| 132 | Graham Holdings Company, Class B | 124894 |
| 1386 | Laureate Education, Inc.<sup>(a)</sup> | 32405 |
| 713 | Matthews International Corporation, Class A<sup>(c)</sup> | 17048 |
| 1197 | Perdoceo Education Corporation | 39130 |
| 333 | Strategic Education, Inc. | 28348 |
|  |  | 322324 |
|  | **CONTAINERS & PACKAGING - 0.3%** |  |
| 436 | Greif, Inc., Class A | 28336 |
| 2818 | O-I Glass, Inc.<sup>(a)</sup> | 41537 |
| 1029 | TriMas Corporation | 29440 |
|  |  | 99313 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 5336 | 1-800-Flowers.com, Inc., Class A<sup>(a),(c)</sup> | 26253 |
| 773 | Lands' End, Inc.<sup>(a)</sup> | 8279 |
|  |  | 34532 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 695 | Atkore, Inc. | $49032 |
| 257 | Belden, Inc. | 29761 |
| 1353 | Hayward Holdings, Inc.<sup>(a),(c)</sup> | 18671 |
| 676 | Kimball Electronics, Inc.<sup>(a)</sup> | 12999 |
| 153 | Littelfuse, Inc. | 34690 |
| 195 | Preformed Line Products Company | 31163 |
|  |  | 176316 |
|  | **ENGINEERING & CONSTRUCTION - 0.4%** |  |
| 522 | Fluor Corporation<sup>(a)</sup> | 26763 |
| 2184 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | 26623 |
| 1648 | Mistras Group, Inc.<sup>(a)</sup> | 13200 |
| 1173 | NV5 Global, Inc.<sup>(a)</sup> | 27085 |
| 739 | Tutor Perini Corporation<sup>(a)</sup> | 34570 |
|  |  | 128241 |
|  | **ENTERTAINMENT CONTENT - 1.1%** |  |
| 3066 | AMC Networks, Inc., Class A<sup>(a)</sup> | 19224 |
| 21644 | Paramount Global, Class B<sup>(c)</sup> | 279207 |
| 952 | Sphere Entertainment Company<sup>(a)</sup> | 39794 |
|  |  | 338225 |
|  | **FOOD - 1.3%** |  |
| 35 | B&G Foods, Inc.<sup>(c)</sup> | 148 |
| 2266 | Darling Ingredients, Inc.<sup>(a),(c)</sup> | 85972 |
| 210 | Ingredion, Inc. | 28480 |
| 7208 | Krispy Kreme, Inc. <sup>(c)</sup> | 20975 |
| 556 | Post Holdings, Inc.<sup>(a)</sup> | 60621 |
| 30 | Seaboard Corporation | 85836 |
| 312 | Seneca Foods Corporation, Class A<sup>(a)</sup> | 31646 |
| 578 | Simply Good Foods Company (The)<sup>(a),(c)</sup> | 18259 |
| 2313 | TreeHouse Foods, Inc.<sup>(a)</sup> | 44918 |
| 799 | USANA Health Sciences, Inc.<sup>(a)</sup> | 24394 |
|  |  | 401249 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 477 | Boise Cascade Company | 41413 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.6%** |  |
| 3160 | Acadia Healthcare Company, Inc.<sup>(a),(c)</sup> | $71700 |
| 5657 | AdaptHealth Corporation<sup>(a)</sup> | 53345 |
| 138 | Addus HomeCare Corporation<sup>(a),(c)</sup> | 15896 |
| 403 | Amedisys, Inc.<sup>(a),(c)</sup> | 39651 |
| 198 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 30042 |
| 363 | Chemed Corporation | 176756 |
| 4463 | Clover Health Investments Corporation<sup>(a)</sup> | 12452 |
| 426 | Henry Schein, Inc.<sup>(a),(c)</sup> | 31119 |
| 570 | National HealthCare Corporation | 60996 |
| 2729 | Option Care Health, Inc.<sup>(a)</sup> | 88638 |
| 3147 | Owens & Minor, Inc.<sup>(a)</sup> | 28638 |
| 4302 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 61734 |
| 1540 | Premier, Inc., Class A<sup>(c)</sup> | 33772 |
| 8573 | Teladoc Health, Inc.<sup>(a)</sup> | 74671 |
| 308 | US Physical Therapy, Inc. | 24086 |
|  |  | 803496 |
|  | **HOME & OFFICE PRODUCTS - 0.5%** |  |
| 7992 | ACCO Brands Corporation | 28611 |
| 1282 | MillerKnoll, Inc. | 24897 |
| 5408 | Steelcase, Inc., Class A | 56405 |
| 412 | Whirlpool Corporation<sup>(c)</sup> | 41785 |
|  |  | 151698 |
|  | **HOME CONSTRUCTION - 3.2%** |  |
| 352 | American Woodmark Corporation<sup>(a)</sup> | 18786 |
| 1120 | Beazer Homes USA, Inc.<sup>(a)</sup> | 25054 |
| 1152 | Century Communities, Inc. | 64881 |
| 1715 | Forestar Group, Inc.<sup>(a)</sup> | 34300 |
| 621 | Green Brick Partners, Inc.<sup>(a)</sup> | 39048 |
| 256 | Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | 26765 |
| 857 | Interface, Inc. | 17937 |
| 1434 | KB Home | 75959 |
| 426 | LGI Homes, Inc.<sup>(a)</sup> | 21947 |
| 663 | M/I Homes, Inc.<sup>(a)</sup> | 74336 |
| 1705 | Meritage Homes Corporation | 114184 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **HOME CONSTRUCTION - 3.2% (Continued)** |  |
| 906 | Mohawk Industries, Inc.<sup>(a)</sup> | $94985 |
| 4766 | Taylor Morrison Home Corporation<sup>(a)</sup> | 292728 |
| 2697 | Tri Pointe Homes, Inc.<sup>(a)</sup> | 86169 |
|  |  | 987079 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 2504 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 78350 |
| 313 | Crown Crafts, Inc. | 898 |
| 1843 | Edgewell Personal Care Company | 43145 |
| 770 | Spectrum Brands Holdings, Inc. | 40810 |
|  |  | 163203 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.8%** |  |
| 189 | Eastern Company (The) | 4313 |
| 151 | Enpro, Inc. | 28924 |
| 415 | Gibraltar Industries, Inc.<sup>(a)</sup> | 24485 |
| 4478 | Hillman Solutions Corporation<sup>(a)</sup> | 31973 |
| 466 | Insteel Industries, Inc. | 17340 |
| 388 | Mueller Industries, Inc. | 30834 |
| 788 | Park-Ohio Holdings Corporation | 14074 |
| 1276 | Proto Labs, Inc.<sup>(a)</sup> | 51091 |
| 485 | Timken Company (The) <sup>(c)</sup> | 35187 |
|  |  | 238221 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.0%** |  |
| 7735 | Resideo Technologies, Inc.<sup>(a),(c)</sup> | 170634 |
| 2189 | Titan Machinery, Inc.<sup>(a)</sup> | 43364 |
| 438 | WESCO International, Inc. | 81118 |
|  |  | 295116 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.1%** |  |
| 610 | Virtu Financial, Inc., Class A | 27322 |
|  | **INSURANCE - 9.5%** |  |
| 2799 | Axis Capital Holdings Ltd. | 290592 |
| 2176 | Brighthouse Financial, Inc.<sup>(a)</sup> | 117003 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INSURANCE - 9.5% (Continued)** |  |
| 1169 | CNO Financial Group, Inc. | $45100 |
| 2063 | Donegal Group, Inc., Class A<sup>(c)</sup> | 41312 |
| 1882 | Employers Holdings, Inc. | 88793 |
| 36886 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 286973 |
| 1716 | Global Indemnity Group, LLC, Class A | 53814 |
| 1535 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 38283 |
| 2186 | Horace Mann Educators Corporation | 93932 |
| 3767 | Jackson Financial, Inc., Class A<sup>(c)</sup> | 334472 |
| 1848 | Kemper Corporation | 119270 |
| 8630 | Lincoln National Corporation | 298598 |
| 1825 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 76997 |
| 6840 | Old Republic International Corporation | 262930 |
| 5160 | ProAssurance Corporation<sup>(a)</sup> | 117803 |
| 8857 | Radian Group, Inc. | 319029 |
| 391 | Safety Insurance Group, Inc. | 31041 |
| 2714 | Security National Financial Corporation, Class A<sup>(a)</sup> | 26733 |
| 6972 | Selectquote, Inc.<sup>(a)</sup> | 16593 |
| 246 | Unico American Corporation<sup>(a)</sup> |  |
| 2961 | United Fire Group, Inc. | 84981 |
| 2432 | Voya Financial, Inc. | 172672 |
|  |  | 2916921 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 3127 | Angi, Inc.<sup>(a)</sup> | 47718 |
| 922 | Cars.com, Inc.<sup>(a)</sup> | 10926 |
| 6374 | GoodRx Holdings, Inc.<sup>(a)</sup> | 31742 |
| 2679 | IAC, Inc.<sup>(a)</sup> | 100034 |
|  |  | 190420 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 10 | Ark Restaurants Corporation | 91 |
| 128 | Biglari Holdings, Inc.<sup>(a)</sup> | 37403 |
| 645 | Boyd Gaming Corporation | 50458 |
| 5401 | Caesars Entertainment, Inc.<sup>(a)</sup> | 153334 |
| 1566 | Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 98126 |
| 1994 | El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 21954 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.5% (Continued)** |  |
| 3017 | Everi Holdings, Inc.<sup>(a)</sup> | $42962 |
| 1106 | Golden Entertainment, Inc. | 32550 |
| 733 | Good Times Restaurants, Inc.<sup>(a)</sup> | 1312 |
| 928 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 38540 |
| 2641 | Marcus Corporation (The) | 44527 |
| 1390 | Marriott Vacations Worldwide Corporation<sup>(c)</sup> | 100511 |
| 5299 | Penn Entertainment, Inc.<sup>(a)</sup> | 94693 |
| 1929 | Portillo's, Inc.<sup>(a),(c)</sup> | 22512 |
| 419 | RCI Hospitality Holdings, Inc. | 15972 |
|  |  | 754945 |
|  | **LEISURE PRODUCTS - 1.2%** |  |
| 512 | Brunswick Corporation<sup>(c)</sup> | 28283 |
| 481 | Escalade, Inc. | 6725 |
| 514 | Fox Factory Holding Corporation<sup>(a)</sup> | 13333 |
| 470 | LCI Industries<sup>(c)</sup> | 42859 |
| 1747 | Thor Industries, Inc. <sup>(c)</sup> | 155151 |
| 10583 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 85193 |
| 824 | Winnebago Industries, Inc. | 23896 |
|  |  | 355440 |
|  | **MACHINERY - 2.5%** |  |
| 211 | AGCO Corporation<sup>(c)</sup> | 21767 |
| 80 | Alamo Group, Inc. | 17470 |
| 327 | Albany International Corporation, Class A | 22932 |
| 1619 | Enovis Corporation<sup>(a),(c)</sup> | 50772 |
| 713 | Helios Technologies, Inc. | 23793 |
| 3028 | Hillenbrand, Inc. | 60772 |
| 3688 | Kennametal, Inc. | 84676 |
| 2227 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 26769 |
| 160 | Middleby Corporation (The)<sup>(a),(c)</sup> | 23040 |
| 1093 | Mueller Water Products, Inc., Class A | 26276 |
| 973 | Oshkosh Corporation | 110474 |
| 4763 | Ranpak Holdings Corporation<sup>(a)</sup> | 17004 |
| 1626 | Regal Rexnord Corporation<sup>(c)</sup> | 235705 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **MACHINERY - 2.5% (Continued)** |  |
| 732 | Stanley Black & Decker, Inc. <sup>(c)</sup> | $49593 |
|  |  | 771043 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2%** |  |
| 2410 | AngioDynamics, Inc.<sup>(a)</sup> | 23907 |
| 1437 | Avanos Medical, Inc.<sup>(a)</sup> | 17589 |
| 562 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 135622 |
| 1025 | Castle Biosciences, Inc.<sup>(a)</sup> | 20931 |
| 317 | CONMED Corporation | 16509 |
| 4964 | Dentsply Sirona, Inc. | 78828 |
| 3519 | Envista Holdings Corporation<sup>(a)</sup> | 68761 |
| 811 | FONAR Corporation<sup>(a)</sup> | 12133 |
| 152 | ICU Medical, Inc.<sup>(a)</sup> | 20087 |
| 2932 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 35976 |
| 3887 | Neogen Corporation<sup>(a)</sup> | 18580 |
| 2846 | QuidelOrtho Corporation<sup>(a),(c)</sup> | 82022 |
| 873 | Teleflex, Inc. | 103328 |
| 83 | Utah Medical Products, Inc. | 4724 |
| 2518 | Varex Imaging Corporation<sup>(a)</sup> | 21831 |
|  |  | 660828 |
|  | **METALS & MINING - 1.6%** |  |
| 8201 | Alcoa Corporation | 242011 |
| 2464 | Coeur Mining, Inc.<sup>(a)</sup> | 21831 |
| 1141 | Hallador Energy Company<sup>(a)</sup> | 18062 |
| 3836 | Hecla Mining Company | 22978 |
| 517 | Kaiser Aluminum Corporation | 41308 |
| 7184 | Peabody Energy Corporation | 96409 |
| 2172 | Ramaco Resources, Inc., Class A | 28540 |
| 53 | Ramaco Resources, Inc., Class B | 434 |
| 3406 | SunCoke Energy, Inc. | 29258 |
|  |  | 500831 |
|  | **OIL & GAS PRODUCERS - 8.1%** |  |
| 9993 | Antero Midstream Corporation<sup>(c)</sup> | 189367 |
| 236 | Antero Resources Corporation<sup>(a)</sup> | 9506 |
| 12771 | APA Corporation<sup>(c)</sup> | 233582 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 8.1% (Continued)** |  |
| 7401 | Berry Corporation | $20501 |
| 4337 | California Resources Corporation<sup>(c)</sup> | 198071 |
| 1272 | Chord Energy Corporation | 123193 |
| 3548 | Civitas Resources, Inc. | 97641 |
| 1746 | CNX Resources Corporation<sup>(a),(c)</sup> | 58805 |
| 14848 | Crescent Energy Company, Class A<sup>(c)</sup> | 127693 |
| 217 | Gulfport Energy Corporation<sup>(a)</sup> | 43654 |
| 4025 | HF Sinclair Corporation | 165347 |
| 2395 | HighPeak Energy, Inc. <sup>(c)</sup> | 23471 |
| 1701 | Magnolia Oil & Gas Corporation, Class A | 38238 |
| 4857 | Matador Resources Company | 231776 |
| 7538 | Murphy Oil Corporation<sup>(c)</sup> | 169605 |
| 8323 | New Fortress Energy, Inc. <sup>(c)</sup> | 27632 |
| 3709 | Northern Oil & Gas, Inc. <sup>(c)</sup> | 105150 |
| 3892 | Ovintiv, Inc. | 148091 |
| 3270 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 86753 |
| 2804 | Permian Resources Corporation | 38190 |
| 1183 | Riley Exploration Permian, Inc. | 31030 |
| 1886 | SandRidge Energy, Inc. | 20407 |
| 6576 | SM Energy Company<sup>(c)</sup> | 162493 |
| 9273 | VAALCO Energy, Inc. | 33476 |
| 4003 | World Kinect Corporation | 113485 |
|  |  | 2497157 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 1398 | DMC Global, Inc.<sup>(a)</sup> | 11268 |
| 1514 | DNOW, Inc.<sup>(a)</sup> | 22453 |
| 4300 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 26832 |
| 2498 | Helmerich & Payne, Inc. | 37870 |
| 2134 | Liberty Energy, Inc., Class A | 24498 |
| 1533 | MRC Global, Inc.<sup>(a)</sup> | 21017 |
| 12632 | NOV, Inc. <sup>(c)</sup> | 157016 |
| 7278 | Patterson-UTI Energy, Inc. | 43158 |
| 8404 | ProPetro Holding Corporation<sup>(a)</sup> | 50172 |
| 1989 | Ranger Energy Services, Inc. | 23749 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4% (Continued)** |  |
| 3549 | RPC, Inc. <sup>(c)</sup> | $16787 |
|  |  | 434820 |
|  | **PUBLISHING & BROADCASTING - 1.0%** |  |
| 11313 | Gray Media, Inc. | 51248 |
| 491 | Nexstar Media Group, Inc. <sup>(c)</sup> | 84918 |
| 10722 | TEGNA, Inc. | 179701 |
|  |  | 315867 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.3%** |  |
| 3755 | Five Point Holdings, LLC<sup>(a)</sup> | 20652 |
| 777 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 52448 |
| 1167 | Legacy Housing Corporation<sup>(a)</sup> | 26444 |
|  |  | 99544 |
|  | **REAL ESTATE SERVICES - 0.5%** |  |
| 7308 | Anywhere Real Estate, Inc.<sup>(a)</sup> | 26455 |
| 9737 | Compass, Inc., Class A<sup>(a)</sup> | 61149 |
| 5495 | Newmark Group, Inc., Class A | 66764 |
|  |  | 154368 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 369 | EnerSys | 31649 |
|  | **RETAIL - CONSUMER STAPLES - 0.9%** |  |
| 1554 | Ingles Markets, Inc., Class A | 98493 |
| 856 | Natural Grocers by Vitamin Cottage, Inc. | 33598 |
| 1228 | SpartanNash Company | 32530 |
| 1480 | Village Super Market, Inc., Class A | 56980 |
| 772 | Weis Markets, Inc. | 55962 |
|  |  | 277563 |
|  | **RETAIL - DISCRETIONARY - 6.0%** |  |
| 2371 | Academy Sports & Outdoors, Inc. | 106244 |
| 758 | Advance Auto Parts, Inc.<sup>(c)</sup> | 35239 |
| 2746 | American Eagle Outfitters, Inc. | 26417 |
| 825 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 196795 |
| 513 | AutoNation, Inc.<sup>(a)</sup> | 101907 |
| 387 | BlueLinx Holdings, Inc.<sup>(a)</sup> | 28785 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 6.0% (Continued)** |  |
| 1897 | Driven Brands Holdings, Inc.<sup>(a)</sup> | $33311 |
| 715 | Ethan Allen Interiors, Inc. | 19913 |
| 4946 | Foot Locker, Inc.<sup>(a)</sup> | 121177 |
| 4625 | Gap, Inc. (The) | 100871 |
| 333 | GMS, Inc.<sup>(a)</sup> | 36214 |
| 376 | Group 1 Automotive, Inc. | 164203 |
| 1956 | Guess?, Inc.<sup>(c)</sup> | 23648 |
| 7064 | Kohl's Corporation<sup>(c)</sup> | 59903 |
| 530 | La-Z-Boy, Inc. | 19700 |
| 696 | Lithia Motors, Inc., Class A | 235123 |
| 11948 | Macy's, Inc. <sup>(c)</sup> | 139314 |
| 1526 | MarineMax, Inc.<sup>(a)</sup> | 38364 |
| 8267 | Mister Car Wash, Inc.<sup>(a)</sup> | 49685 |
| 1747 | Monro, Inc. | 26048 |
| 1719 | National Vision Holdings, Inc.<sup>(a)</sup> | 39554 |
| 654 | Rush Enterprises, Inc., Class A<sup>(c)</sup> | 33688 |
| 3987 | Sally Beauty Holdings, Inc.<sup>(a),(c)</sup> | 36920 |
| 1068 | Shoe Carnival, Inc. <sup>(c)</sup> | 19982 |
| 479 | Sonic Automotive, Inc., Class A<sup>(c)</sup> | 38286 |
| 1496 | Urban Outfitters, Inc.<sup>(a)</sup> | 108520 |
| 874 | Victoria's Secret & Company<sup>(a)</sup> | 16186 |
|  |  | 1855997 |
|  | **SEMICONDUCTORS - 2.3%** |  |
| 8237 | Amkor Technology, Inc. | 172895 |
| 854 | Azenta, Inc.<sup>(a),(c)</sup> | 26286 |
| 288 | Cirrus Logic, Inc.<sup>(a)</sup> | 30025 |
| 499 | CTS Corporation | 21262 |
| 1178 | Diodes, Inc.<sup>(a)</sup> | 62304 |
| 721 | FormFactor, Inc.<sup>(a)</sup> | 24810 |
| 982 | IPG Photonics Corporation<sup>(a)</sup> | 67414 |
| 477 | Kulicke & Soffa Industries, Inc. | 16504 |
| 366 | MKS, Inc. | 36366 |
| 2964 | Photronics, Inc.<sup>(a)</sup> | 55812 |
| 460 | Qorvo, Inc.<sup>(a)</sup> | 39059 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.3% (Continued)** |  |
| 24 | Richardson Electronics Ltd. | $232 |
| 461 | Skyworks Solutions, Inc. | 34354 |
| 607 | Synaptics, Inc.<sup>(a)</sup> | 39346 |
| 819 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 18485 |
| 1145 | Veeco Instruments, Inc.<sup>(a)</sup> | 23266 |
| 1652 | Vishay Intertechnology, Inc. | 26234 |
|  |  | 694654 |
|  | **SOFTWARE - 1.7%** |  |
| 2389 | Adeia, Inc. | 33780 |
| 1799 | Bandwidth, Inc., Class A<sup>(a)</sup> | 28604 |
| 5530 | Bumble, Inc., Class A<sup>(a)</sup> | 36443 |
| 1335 | Clear Secure, Inc., Class A<sup>(c)</sup> | 37060 |
| 2036 | Concentrix Corporation<sup>(c)</sup> | 107613 |
| 622 | Digi International, Inc.<sup>(a)</sup> | 21683 |
| 7465 | E2open Parent Holdings, Inc.<sup>(a)</sup> | 24112 |
| 2791 | Mitek Systems, Inc.<sup>(a)</sup> | 27631 |
| 93 | Nutex Health, Inc.<sup>(a)</sup> | 11578 |
| 1000 | Omnicell, Inc.<sup>(a)</sup> | 29400 |
| 932 | Unity Software, Inc.<sup>(a),(c)</sup> | 22554 |
| 3974 | Veradigm, Inc.<sup>(a)</sup> | 18678 |
| 2041 | Verint Systems, Inc.<sup>(a)</sup> | 40146 |
| 2502 | Ziff Davis, Inc.<sup>(a)</sup> | 75735 |
|  |  | 515017 |
|  | **SPECIALTY FINANCE - 4.7%** |  |
| 3426 | Air Lease Corporation | 200387 |
| 4827 | Bread Financial Holdings, Inc. | 275718 |
| 871 | Encore Capital Group, Inc.<sup>(a)</sup> | 33716 |
| 6464 | EZCORP, Inc., Class A<sup>(a)</sup> | 89720 |
| 3514 | First American Financial Corporation | 215724 |
| 3984 | LendingClub Corporation<sup>(a)</sup> | 47928 |
| 10832 | MGIC Investment Corporation | 301563 |
| 1222 | Oportun Financial Corporation<sup>(a)</sup> | 8750 |
| 1035 | PennyMac Financial Services, Inc. | 103127 |
| 3086 | PRA Group, Inc.<sup>(a)</sup> | 45519 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **SPECIALTY FINANCE - 4.7% (Continued)** |  |
| 1368 | Regional Management Corporation | $39959 |
| 781 | Stewart Information Services Corporation | 50843 |
| 200 | Willis Lease Finance Corporation | 28556 |
|  |  | 1441510 |
|  | **STEEL - 0.3%** |  |
| 951 | Commercial Metals Company<sup>(c)</sup> | 46514 |
| 1260 | Olympic Steel, Inc. | 41063 |
|  |  | 87577 |
|  | **TECHNOLOGY HARDWARE - 2.3%** |  |
| 1040 | Arrow Electronics, Inc.<sup>(a)</sup> | 132527 |
| 1713 | Avnet, Inc. | 90926 |
| 1497 | Benchmark Electronics, Inc. | 58129 |
| 1669 | Corsair Gaming, Inc.<sup>(a)</sup> | 15739 |
| 434 | Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 32229 |
| 939 | Knowles Corporation<sup>(a)</sup> | 16545 |
| 1217 | NETGEAR, Inc.<sup>(a)</sup> | 35378 |
| 3170 | NetScout Systems, Inc.<sup>(a)</sup> | 78648 |
| 223 | Plexus Corporation<sup>(a)</sup> | 30174 |
| 8952 | Ribbon Communications, Inc.<sup>(a)</sup> | 35898 |
| 271 | Sanmina Corporation<sup>(a)</sup> | 26512 |
| 249 | TD SYNNEX Corporation<sup>(c)</sup> | 33789 |
| 759 | TTM Technologies, Inc.<sup>(a)</sup> | 30982 |
| 2666 | ViaSat, Inc.<sup>(a)</sup> | 38924 |
| 215 | Vishay Precision Group, Inc.<sup>(a)</sup> | 6041 |
| 5597 | Xerox Holdings Corporation<sup>(c)</sup> | 29496 |
|  |  | 691937 |
|  | **TECHNOLOGY SERVICES - 2.6%** |  |
| 57 | CACI International, Inc., Class A<sup>(a),(c)</sup> | 27172 |
| 630 | CSG Systems International, Inc. | 41145 |
| 17494 | Dun & Bradstreet Holdings, Inc.<sup>(c)</sup> | 159020 |
| 9505 | DXC Technology Company<sup>(a)</sup> | 145331 |
| 273 | ICF International, Inc. | 23126 |
| 162 | Insight Enterprises, Inc.<sup>(a),(c)</sup> | 22370 |
| 2503 | Integral Ad Science Holding Corporation<sup>(a)</sup> | 20800 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.6% (Continued)** |  |
| 7370 | Kyndryl Holdings, Inc.<sup>(a)</sup> | $309245 |
| 470 | MAXIMUS, Inc. | 32994 |
| 4841 | Repay Holdings Corporation<sup>(a)</sup> | 23334 |
|  |  | 804537 |
|  | **TELECOMMUNICATIONS - 2.5%** |  |
| 1327 | ATN International, Inc. | 21564 |
| 10595 | EchoStar Corporation, Class A<sup>(a),(c)</sup> | 293481 |
| 4357 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 158595 |
| 372 | KVH Industries, Inc.<sup>(a)</sup> | 1983 |
| 6081 | Telephone and Data Systems, Inc. | 216362 |
| 966 | United States Cellular Corporation<sup>(a)</sup> | 61795 |
|  |  | 753780 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 971 | Universal Corporation | 56551 |
|  | **TRANSPORTATION & LOGISTICS - 2.8%** |  |
| 2928 | Alaska Air Group, Inc.<sup>(a)</sup> | 144877 |
| 942 | Allegiant Travel Company<sup>(c)</sup> | 51763 |
| 597 | ArcBest Corporation | 45975 |
| 2138 | Bristow Group, Inc.<sup>(a)</sup> | 70490 |
| 1034 | Covenant Logistics Group, Inc. | 24930 |
| 563 | GXO Logistics, Inc.<sup>(a),(c)</sup> | 27418 |
| 1875 | Hub Group, Inc., Class A | 62681 |
| 7404 | JetBlue Airways Corporation<sup>(a)</sup> | 31319 |
| 769 | Knight-Swift Transportation Holdings, Inc. <sup>(c)</sup> | 34013 |
| 1336 | Marten Transport Ltd. | 17355 |
| 712 | Matson, Inc. | 79281 |
| 299 | Ryder System, Inc. | 47541 |
| 1564 | Schneider National, Inc., Class B | 37771 |
| 789 | SkyWest, Inc.<sup>(a),(c)</sup> | 81243 |
| 3203 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 37635 |
| 846 | Universal Logistics Holdings, Inc. | 21471 |
| 1380 | Werner Enterprises, Inc. | 37757 |
|  |  | 853520 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **TRANSPORTATION EQUIPMENT - 0.2%** |  |
| 1611 | Greenbrier Companies, Inc. (The) | $74187 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.7%** |  |
| 1060 | Andersons, Inc. (The) | 38955 |
| 1715 | Grocery Outlet Holding Corporation<sup>(a),(c)</sup> | 21300 |
| 7008 | United Natural Foods, Inc.<sup>(a)</sup> | 163357 |
|  |  | 223612 |
|  | **WHOLESALE - DISCRETIONARY - 1.5%** |  |
| 104 | Acme United Corporation | 4311 |
| 470 | ePlus, Inc.<sup>(a)</sup> | 33887 |
| 2423 | G-III Apparel Group Ltd.<sup>(a)</sup> | 54275 |
| 5095 | LKQ Corporation | 188566 |
| 2828 | OPENLANE, Inc.<sup>(a),(c)</sup> | 69145 |
| 491 | PC Connection, Inc. | 32298 |
| 1272 | ScanSource, Inc.<sup>(a)</sup> | 53182 |
| 3059 | ThredUp, Inc.<sup>(a)</sup> | 22912 |
|  |  | 458576 |
|  | **TOTAL COMMON STOCKS (Cost $30,156,604)** | 30547018 |
|  | **RIGHTS — 0.0%**<sup>(e)</sup> |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%**<sup>(e)</sup> |  |
| 3718 | Resolute Forest Products, Inc. - CVR<sup>(f)</sup> | 7734 |
|  | **RENEWABLE ENERGY - 0.0%**<sup>(e)</sup> |  |
| 2 | Pineapple Energy, Inc.<sup>(f)</sup> |  |
|  | **TOTAL RIGHTS (Cost $5,280)** | 7734 |
|  | **SHORT-TERM INVESTMENTS— 20.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 19.9%** |  |
| 6093762 | Mount Vernon Liquid Assets Portfolio, 4.46%<sup>(b),(d)</sup> | 6093762 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **SHORT-TERM INVESTMENTS— 20.4% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 155419 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(b)</sup> | $155419 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,249,181)** | 6249181 |
|  | **TOTAL INVESTMENTS – 120.0% (Cost $36,411,065)** | $36803933 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (20.0)%** | (6124165) |
|  | **NET ASSETS - 100.0%** | $30679768 |

---

 

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $5,912,902.

<sup>(d)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2025 is $6,093,762.

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

<sup>(f)</sup> Fair value was determined using significant unobservable inputs.

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.5%** |  |
|  | **EQUITY - 95.5%** |  |
| 55032 | Franklin FTSE Australia ETF | $1706438 |
| 26649 | Franklin FTSE Brazil ETF | 478616 |
| 71814 | Franklin FTSE Canada ETF | 2998235 |
| 122989 | Franklin FTSE China ETF<sup>(a)</sup> | 2669476 |
| 120789 | Franklin FTSE Germany ETF<sup>(e)</sup> | 4048847 |
| 67696 | Franklin FTSE India ETF<sup>(a)</sup> | 2696332 |
| 219688 | Franklin FTSE Japan ETF<sup>(a)</sup> | 7062968 |
| 69765 | Franklin FTSE Russia ETF<sup>(a),(b),(c),(d),(e)</sup> | 698 |
| 34927 | Franklin FTSE South Korea ETF<sup>(a)</sup> | 853616 |
| 65646 | Franklin FTSE Switzerland ETF | 2490478 |
| 36995 | Franklin FTSE Taiwan ETF<sup>(a)</sup> | 1930769 |
| 144411 | Franklin FTSE United Kingdom ETF | 4423308 |
| 51261 | iShares China Large-Cap ETF<sup>(a)</sup> | 1884354 |
| 5172 | iShares MSCI Australia ETF<sup>(a)</sup> | 136127 |
| 10203 | iShares MSCI Brazil ETF<sup>(a)</sup> | 294357 |
| 42767 | iShares MSCI Chile ETF<sup>(a)</sup> | 1345022 |
| 3125 | iShares MSCI Denmark ETF | 355406 |
| 84548 | iShares MSCI France ETF<sup>(a)</sup> | 3618654 |
| 2905 | iShares MSCI Germany ETF | 122911 |
| 29101 | iShares MSCI Hong Kong ETF | 577946 |
| 5070 | iShares MSCI Indonesia ETF<sup>(a)</sup> | 89384 |
| 50552 | iShares MSCI Italy ETF<sup>(a)</sup> | 2433573 |
| 8431 | iShares MSCI Malaysia ETF | 205211 |
| 20581 | iShares MSCI Mexico ETF<sup>(a)</sup> | 1246385 |
| 23577 | iShares MSCI Netherlands ETF | 1284947 |
| 1735 | iShares MSCI Peru and Global Exposure ETF | 84304 |
| 2997 | iShares MSCI Philippines ETF | 81279 |
| 13291 | iShares MSCI Saudi Arabia ETF<sup>(a)</sup> | 512235 |
| 70500 | iShares MSCI Singapore ETF<sup>(a)</sup> | 1831590 |
| 9060 | iShares MSCI South Africa ETF<sup>(a)</sup> | 486975 |
| 27391 | iShares MSCI South Korea ETF | 1966126 |
| 54318 | iShares MSCI Spain ETF<sup>(a)</sup> | 2391622 |
| 29020 | iShares MSCI Sweden ETF | 1327375 |
| 4608 | iShares MSCI Switzerland ETF | 252564 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.5% (Continued)** |  |
|  | **EQUITY - 95.5% (Continued)** |  |
| 9092 | iShares MSCI Taiwan ETF | $521881 |
| 2328 | iShares MSCI Thailand ETF<sup>(a)</sup> | 117494 |
| 5735 | JPMorgan BetaBuilders Canada ETF | 462815 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $49,025,705)** | 54990318 |
|  | **SHORT-TERM INVESTMENTS — 38.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 34.1%** |  |
| 19620249 | Mount Vernon Liquid Assets Portfolio, 4.46%<sup>(f),(g)</sup> | 19620249 |
|  | **MONEY MARKET FUNDS - 4.1%** |  |
| 2375110 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(f)</sup> | 2375110 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $21,995,359)** | 21995359 |
|  | **TOTAL INVESTMENTS - 133.7% (Cost $71,021,064)** | $76985677 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.7)%** | (19393029) |
|  | **NET ASSETS - 100.0%** | $57592648 |

---

ETF - Exchange-Traded Fund <br>MSCI - Morgan Stanley Capital International

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $19,205,743.

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

<sup>(c)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(d)</sup> Restricted security.

<sup>(e)</sup> Affiliated Company – Dynamic International Opportunity Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(f)</sup> Rate disclosed is the seven-day effective yield as of June 30, 2025.

<sup>(g)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2025 is $19,620,249.

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 96.0%** |  |
|  | **EQUITY - 95.7%** |  |
| 115877 | Communication Services Select Sector SPDR Fund<sup>(a)</sup> | $12576131 |
| 34679 | Consumer Discretionary Select Sector SPDR Fund<sup>(a)</sup> | 7536787 |
| 64189 | Consumer Staples Select Sector SPDR Fund | 5197383 |
| 13372 | Energy Select Sector SPDR Fund<sup>(a)</sup> | 1134079 |
| 431866 | Financial Select Sector SPDR ETF | 22616823 |
| 72354 | Health Care Select Sector SPDR Fund<sup>(a)</sup> | 9752596 |
| 33568 | Industrial Select Sector SPDR Fund<sup>(a)</sup> | 4951951 |
| 15441 | iShares Russell Mid-Cap Growth ETF<sup>(a)</sup> | 2141358 |
| 50401 | Real Estate Select Sector SPDR Fund<sup>(a)</sup> | 2087609 |
| 42311 | SPDR Portfolio S&P 500 Value ETF | 2214558 |
| 97645 | Technology Select Sector SPDR Fund | 24726644 |
| 8449 | VanEck Semiconductor ETF<sup>(a)</sup> | 2356257 |
| 7452 | Vanguard Information Technology ETF | 4942763 |
|  |  | 102234939 |
|  | **FIXED INCOME - 0.3%** |  |
| 6087 | JPMorgan Active Bond ETF | 326202 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $89,140,954)** | 102561141 |
|  | **SHORT-TERM INVESTMENTS — 29.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 25.8%** |  |
| 27512864 | Mount Vernon Liquid Assets Portfolio, 4.46%<sup>(b)(c)</sup> | 27512864 |
|  | **MONEY MARKET FUND – 4.1%** |  |
| 4408500 | First American Treasury Obligations Fund, Class X, 4.24%<sup>(b)</sup> | 4408500 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $31,921,364)** | 31921364 |
|  | **TOTAL INVESTMENTS - 125.9% (Cost $121,062,318)** | $134482505 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (25.9)%** | (27634583) |
|  | **NET ASSETS - 100.0%** | $106847922 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $27,107,616.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2025 is $27,512,864.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Acclivity Mid Cap**<br>**Multi-Style Fund** | **Acclivity Small Cap**<br>**Value Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $4461378 | $36411065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $4987946 | $36803933 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 147960 | 1269742 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 88 |
| &nbsp;&nbsp;&nbsp;Receivable for securities lending income | 61 | 690 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3163 | 29419 |
| &nbsp;&nbsp;&nbsp;Receivable due from Adviser | 28546 | 59032 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2369 | 11871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 5170045 | 38174775 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (see note 4) | 880500 | 6093762 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 192998 | 1357887 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  | 26575 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 1 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 11623 | 9148 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 11380 | 7634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1096501 | 7495007 |
| **NET ASSETS** | $**4073544** | $**30679768** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $3769417 | $29678089 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 304127 | 1001679 |
| **NET ASSETS** | $**4073544** | $**30679768** |
| **Net Asset Value Per Share:** |  |  |
| Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4073527** | $**30673985** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **267092** | **1759455** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**15.25** | $**17.43** |
| Class N Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**17** | $**5783** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1** | **328** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**15.25** **(a)** | $**17.64** **(a)** |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Dynamic International**<br>**Opportunity Fund** | **Dynamic U.S.**<br>**Opportunity Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $65284323 | $121062318 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | 5736741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities, at cost | $71021064 | $121062318 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value | $72936132 | $134482505 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value | 4049545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities, at value | $76985677 | $134482505 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 307311 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold |  | 49451 |
| &nbsp;&nbsp;&nbsp;Receivable for securities lending income | 23764 | 2711 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3839 | 14561 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1236 | 14655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 77321827 | 134563883 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (see note 4) | 19620249 | 27512864 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 17320 | 44367 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 39512 | 74402 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 346 | 1455 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 24760 | 24487 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 26992 | 58386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 19729179 | 27715961 |
| **NET ASSETS** | $**57592648** | $**106847922** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $51452560 | $83414977 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 6140088 | 23432945 |
| **NET ASSETS** | $**57592648** | $**106847922** |
| **Net Asset Value Per Share:** |  |  |
| Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**55871074** | $**99594101** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **4226214** | **6449555** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**13.22** | $**15.44** |
| Class N Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1721574** | $**7253821** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **129871** | **469563** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**13.26** | $**15.45** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Acclivity Mid Cap**<br>**Multi-Style Fund** | **Acclivity Small Cap**<br>**Value Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $32459 | $291639 |
| &nbsp;&nbsp;&nbsp;Interest | 752 | 3230 |
| &nbsp;&nbsp;&nbsp;Securites Lending - Net of fees | 680 | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 33891 | 299337 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 7922 | 63872 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | 12 |
| &nbsp;&nbsp;&nbsp;Administration fees | 18401 | 29518 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 12818 | 16306 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11978 | 11909 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 10723 | 12366 |
| &nbsp;&nbsp;&nbsp;Audit fees | 8904 | 9240 |
| &nbsp;&nbsp;&nbsp;Registration fees | 1425 | 11937 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 52 | 13265 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 1103 | 8953 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 3662 | 4527 |
| &nbsp;&nbsp;&nbsp;Custody fees | 2539 | 4276 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 2021 | 3399 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1844 | 1956 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1834 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 85226 | 194116 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Adviser | (75275) | (115447) |
| **NET EXPENSES** | 9951 | 78669 |
| **NET INVESTMENT INCOME** | 23940 | 220668 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (317193) | (290921) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 124966 | (2342654) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (192227) | (2633575) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(168287)** | $**(2412907)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Dynamic International**<br>**Opportunity Fund** | **Dynamic U.S.**<br>**Opportunity Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $586859 | $863012 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliates | 111060 |  |
| &nbsp;&nbsp;&nbsp;Interest | 130299 | 131435 |
| &nbsp;&nbsp;&nbsp;Securites Lending - Net of fees | 111453 | 40237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 939671 | 1034684 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 278781 | 534723 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 2122 | 8508 |
| &nbsp;&nbsp;&nbsp;Administration fees | 27855 | 39140 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 17456 | 31251 |
| &nbsp;&nbsp;&nbsp;Third party administrative services fees | 16294 | 31092 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 14457 | 24302 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11135 | 10630 |
| &nbsp;&nbsp;&nbsp;Registration fees | 7491 | 13836 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 10250 | 10283 |
| &nbsp;&nbsp;&nbsp;Audit fees | 9146 | 8801 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 6191 | 8092 |
| &nbsp;&nbsp;&nbsp;Custody fees | 5411 | 7322 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 4023 | 5611 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2591 | 4166 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1518 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 414721 | 739357 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (67108) | (68115) |
| **NET EXPENSES** | 347613 | 671242 |
| **NET INVESTMENT INCOME** | 592058 | 363442 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | (397222) | 8610295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment transactions | 45190 |  |
|  | (352032) | 8610295 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 5714587 | (641875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 902563 |  |
|  | 6617150 | (641875) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 6265118 | 7968420 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**6857176** | $**8331862** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $23940 | $34890 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (317193) | 260993 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 124966 | 207501 |
| Net increase/(decrease) in net assets resulting from operations | (168287) | 503384 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (189584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (1) |
| Net decrease in net assets from distributions to shareholders |  | (189585) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1794062 | 2804097 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 189584 |
| &nbsp;&nbsp;&nbsp;Class N |  | 1 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (2308223) | (115890) |
| Net increase/(decrease) in net assets from shares of beneficial interest | (514161) | 2877792 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (682448) | 3191591 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 4755992 | 1564401 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**4073544** | $**4755992** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 124980 | 193192 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 11732 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (171179) | (7385) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (46199) | 197539 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $220668 | $413613 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (290921) | 3308157 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (2342654) | (1532617) |
| Net increase/(decrease) in net assets resulting from operations | (2412907) | 2189153 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (2598391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (907) |
| Net decrease in net assets from distributions to shareholders |  | (2599298) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2936978 | 20082504 |
| &nbsp;&nbsp;&nbsp;Class N |  | 7470 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 2105682 |
| &nbsp;&nbsp;&nbsp;Class N |  | 907 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (7890653) | (11703394) |
| &nbsp;&nbsp;&nbsp;Class N | (7344) |  |
| Net increase/(decrease) in net assets from shares of beneficial interest | (4961019) | 10493169 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (7373926) | 10083024 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 38053694 | 27970670 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**30679768** | $**38053694** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 171195 | 1064458 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 107763 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (475041) | (610224) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (303846) | 561997 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 393 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 46 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (419) |  |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (419) | 439 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic International Opportunity Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $592058 | $2281914 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investment transactions | (352032) | 4785946 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  | 4962 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 6617150 | (3266239) |
| Net increase in net assets resulting from operations | 6857176 | 3806583 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (4266718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (110739) |
| Total distributions paid |  | (4377457) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2721239 | 9849155 |
| &nbsp;&nbsp;&nbsp;Class N | 42987 | 93603 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 3145720 |
| &nbsp;&nbsp;&nbsp;Class N |  | 80148 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (14974226) | (53239484) |
| &nbsp;&nbsp;&nbsp;Class N | (235681) | (1062899) |
| Net decrease in net assets from shares of beneficial interest | (12445681) | (41133757) |
| **TOTAL DECREASE IN NET ASSETS** | (5588505) | (41704631) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 63181153 | 104885784 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**57592648** | $**63181153** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic International Opportunity Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 220014 | 794162 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 270019 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1261630) | (4172999) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1041616) | (3108818) |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3342 | 7289 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 6856 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (18816) | (86011) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (15474) | (71866) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic U.S. Opportunity Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $363442 | $1661251 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 8610295 | 18830092 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  | 683 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (641875) | (9970246) |
| Net increase in net assets resulting from operations | 8331862 | 10521780 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income and net realized gains/(loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (18042315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (1122994) |
| Total distributions paid |  | (19165309) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 5279285 | 27889544 |
| &nbsp;&nbsp;&nbsp;Class N | 687946 | 2027895 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 15744284 |
| &nbsp;&nbsp;&nbsp;Class N |  | 1066488 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (22032341) | (33920666) |
| &nbsp;&nbsp;&nbsp;Class N | (852490) | (3868796) |
| Net increase/(decrease) in net assets from shares of beneficial interest | (16917600) | 8938749 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (8585738) | 295220 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 115433660 | 115138440 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**106847922** | $**115433660** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic U.S. Opportunity Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 365124 | 1727800 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 1107193 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1532902) | (2061733) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (1167778) | 773260 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 46939 | 122656 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | 74894 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (58822) | (236528) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (11883) | (38978) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Mid Cap Multi-Style Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Period\* Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $15.18 | $13.51 | $11.69 | $13.39 | $11.04 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.08 | 0.15 | 0.15 | 0.17 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | 2.17 | 1.75 | (1.49) | 2.40 | 0.94 |
| Total from investment operations | 0.07 | 2.32 | 1.90 | (1.32) | 2.53 | 1.04 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.08) | (0.15) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.52) |  | (0.23) | (0.00 |  |
| Total distributions |  | (0.65) | (0.08) | (0.38) | (0.18 |  |
| Net asset value, end of year/period | $15.25 | $15.18 | $13.51 | $11.69 | $13.39 | $11.04 |
| Total return (2) | 0.46% (3) | 16.85% | 16.32% (9) | (9.95)% | 22.93 | 10.40% (3) |
| Net assets, at end of year/period (000s) | $4074 | $4756 | $1564 | $463 | $296 | $142 |
| Ratio of gross expenses to average net assets (4)(5) | 3.77% (6) | 4.92% | 19.15% | 35.65% | 53.69 | 97.49% (6) |
| Ratio of net expenses to average net assets (5) | 0.44% (6) | 0.44% | 0.44% | 0.44% | 0.44 | 0.47% (6) |
| Ratio of net investment income to average net assets (5)(7) | 1.06% (6) | 1.03% | 1.21% | 1.38% | 1.05 | 1.07% (6) |
| Portfolio turnover rate | 68% (3) | 100% | 53% | 27% | 40 | 47% (3) |

---

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

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

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

(3) Not annualized.

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

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

(6) Annualized.

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

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

(9) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting
 purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Mid Cap Multi-Style Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Period\* Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $15.18 | $13.52 | $11.69 | $13.39 | $11.04 | $10.00 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.08 | 0.15 | 0.15 | 0.17 | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.01) | 2.16 | 1.76 | (1.49) | 2.40 | 0.94 |
| Total from investment operations | 0.07 | 2.31 | 1.91 | (1.32) | 2.53 | 1.04 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.08) | (0.15) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.52) |  | (0.23) | (0.00 |  |
| Total distributions |  | (0.65) | (0.08) | (0.38) | (0.18 |  |
| Net asset value, end of year/period | $15.25 | $15.18 | $13.52 | $11.69 | $13.39 | $11.04 |
| Total return (2) | 0.46% (3) | 16.77% | 16.41% | (9.95)% | 22.93 | 10.40% (3) |
| Net assets, at end of year/period (4) | $17 | $17 | $14 | $12 | $14 | $11 |
| Ratio of gross expenses to average net assets (5)(6) | 4.02% (7) | 5.17% | 19.40% | 35.90% | 53.94 | 97.74% (7) |
| Ratio of net expenses to average net assets (6) | 0.69% (7) | 0.69% | 0.69% | 0.69% | 0.69 | 0.72% (7) |
| Ratio of net investment income to average net assets (6)(8) | 0.81% (7) | 0.78% | 0.96% | 1.13% | 0.80 | 0.82% (7) |
| Portfolio turnover rate | 68% (3) | 100% | 53% | 27% | 40 | 47% (3) |

---

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

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

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

(3) Not annualized.

(4) Represents actual net assets.

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

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

(7) Annualized.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Small Cap Value Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $18.44 | $18.63 | $15.36 | $16.76 | $12.39 | $11.76 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.12 | 0.23 | 0.23 | 0.22 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.13) | 0.90 | 3.23 | (0.94) | 4.53 | 0.67 |
| Total from investment operations | (1.01) | 1.13 | 3.46 | (0.72) | 4.78 | 0.88 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.22) | (0.19) | (0.17) | (0.20) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.10) |  | (0.51) | (0.21) | (0.24) |
| Total distributions |  | (1.32) | (0.19) | (0.68) | (0.41) | (0.25) |
| Net asset value, end of year/period | $17.43 | $18.44 | $18.63 | $15.36 | $16.76 | $12.39 |
| Total return (2) | (5.48)% (7) | 5.68% | 22.62% | (4.38)% | 38.60% | 7.51% |
| Net assets, at end of year/period (000s) | $30674 | $38040 | $27965 | $15436 | $10648 | $2825 |
| Ratio of gross expenses to average net assets (3)(4) | 1.19% (6) | 1.04% | 1.57% | 1.99% | 3.63% | 5.62% |
| Ratio of net expenses to average net assets (4) | 0.48% (6) | 0.48% | 0.48% | 0.48% | 0.48% | 0.54% |
| Ratio of net investment income to average net assets (4)(5) | 1.35% (6) | 1.20% | 1.42% | 1.38% | 1.53% | 2.12% |
| Portfolio turnover rate | 35% (7) | 96% | 56% | 59% | 60% | 65% |

---

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

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

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

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

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

(6) Annualized.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Acclivity Small Cap Value Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $18.68 | $18.87 | $15.52 | $16.91 | $12.37 | $11.75 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.09 | 0.19 | 0.17 | 0.20 | 0.16 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.13) | 0.91 | 3.28 | (0.92) | 4.59 | 0.61 |
| Total from investment operations | (1.04) | 1.10 | 3.45 | (0.72) | 4.75 | 0.87 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.19) | (0.10) | (0.16) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.10) |  | (0.51) | (0.21 | (0.24) |
| Total distributions |  | (1.29) | (0.10) | (0.67) | (0.21 | (0.25) |
| Net asset value, end of year/period | $17.64 | $18.68 | $18.87 | $15.52 | $16.91 | $12.37 |
| Total return (2) | (5.57)% (9) | 5.46% (7) | 22.31% (7) | (4.35)% | 38.40 | 7.43% |
| Net assets, at end of year/period (000s) | $6 | $14 | $6 | $11 | $18 | $10 |
| Ratio of gross expenses to average net assets (3)(4) | 1.38% (8) | 1.27% | 1.85% | 1.54% | 3.88 | 5.87% |
| Ratio of net expenses to average net assets (4) | 0.73% (8) | 0.73% | 0.73% | 0.73% | 0.73 | 0.79% |
| Ratio of net investment income to average net assets (4)(6) | 1.03% (8) | 0.99% | 1.07% | 1.25% | 1.28 | 1.87% |
| Portfolio turnover rate | 35% (9) | 96% | 56% | 59% | 60 | 65% |

---

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

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

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

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

(5) Represents actual net assets.

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

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting
 purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.

(8) Annualized.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic International Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $11.67 | $12.20 | $11.26 | $13.18 | $13.16 | $10.43 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.13 | 0.30 | 0.29 | 0.14 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.42 |  | 0.94 | (1.92) | 0.02 | 2.75 |
| Total from investment operations | 1.55 | 0.30 | 1.23 | (1.78) | 0.14 | 2.84 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.44) | (0.29) | (0.14) | (0.12) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.39) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.02) |
| Total distributions |  | (0.83 | (0.29) | (0.14) | (0.12) | (0.11) |
| Net asset value, end of year/period | $13.22 | $11.67 | $12.20 | $11.26 | $13.18 | $13.16 |
| Total return (2) | 13.28% (8) | 2.47 | 10.95% | (13.47)% | 1.05% | 27.20% |
| Net assets, at end of year/period (000s) | $55871 | $61478 | $102227 | $87534 | $104565 | $102191 |
| Ratio of gross expenses to average net assets (3)(4) | 1.48% (7) | 1.35 | 1.34% | 1.36% | 1.34% | 1.38% |
| Ratio of net expenses to average net assets (4) | 1.24% (7) | 1.24 | 1.24% | 1.24% | 1.24% | 1.24% |
| Ratio of net investment income to average net assets (4)(5) | 2.13% (7) | 2.42 | 2.46% | 1.17% | 0.91% | 0.82% |
| Portfolio turnover rate | 83% (8) | 72 | 62% | 115% | 54% | 180% |

---

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

(2) Total returns shown exclude the effect
 of applicable redemption fees. Had the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

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

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

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

(7) Annualized for periods less than one
 full year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic International Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $11.72 | $12.24 | $11.28 | $13.21 | $13.18 | $10.46 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.11 | 0.27 | 0.12 | 0.12 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.43 | 0.01 | 1.07 | (1.93) | 0.02 | 2.73 |
| Total from investment operations | 1.54 | 0.28 | 1.19 | (1.81) | 0.11 | 2.80 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.41) | (0.23) | (0.12) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.39) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.02) |
| Total distributions |  | (0.80) | (0.23) | (0.12) | (0.08) | (0.08) |
| Net asset value, end of year/period | $13.26 | $11.72 | $12.24 | $11.28 | $13.21 | $13.18 |
| Total return (2) | 13.14% (7) | 2.25% | 10.61% | (13.72)% | 0.86% | 26.78% |
| Net assets, at end of year/period (000s) | $1722 | $1703 | $2659 | $8418 | $9217 | $8791 |
| Ratio of gross expenses to average net assets (3)(4) | 1.73% (6) | 1.61% | 1.61% | 1.61% | 1.59% | 1.63% |
| Ratio of net expenses to average net assets (4) | 1.49% (6) | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| Ratio of net investment income to average net assets (4)(5) | 1.82% (6) | 2.16% | 1.01% | 0.99% | 0.65% | 0.60% |
| Portfolio turnover rate | 83% (7) | 72% | 62% | 115% | 54% | 180% |

---

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

(2) Total returns shown exclude the effect
 of applicable redemption fees. Had the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

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

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

(6) Annualized for periods less than one
 full year.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic U.S. Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $14.25 | $15.63 | $13.60 | $15.08 | $13.71 | $12.21 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.05 | 0.22 | 0.12 | 0.12 | 0.01 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.14 | 1.12 | 2.06 | (1.25) | 2.18 | 2.24 |
| Total from investment operations | 1.19 | 1.34 | 2.18 | (1.13) | 2.19 | 2.29 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.25) | (0.15) | (0.11) | (0.01) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (2.47) |  | (0.24) | (0.81) | (0.68) |
| Total distributions |  | (2.72) | (0.15) | (0.35) | (0.82) | (0.79) |
| Net asset value, end of year/period | $15.44 | $14.25 | $15.63 | $13.60 | $15.08 | $13.71 |
| Total return (2) | 8.35% (8) | 8.62% | 16.05% | (7.50)% | 16.19% | 18.86% (6) |
| Net assets, at end of year/period (000s) | $99594 | $108561 | $106992 | $116352 | $97667 | $74289 |
| Ratio of gross expenses to average net assets (3)(4) | 1.37% (7) | 1.33% | 1.33% | 1.35% | 1.36% | 1.42% |
| Ratio of net expenses to average net assets (4) | 1.24% (7) | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| Ratio of net investment income to average net assets (4)(5) | 0.69% (7) | 1.36% | 0.83% | 0.83% | 0.04% | 0.40% |
| Portfolio turnover rate | 225% (8) | 131% | 70% | 184% | 95% | 306% |

---

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

(2) Total returns shown exclude the effect
 of applicable redemption fees. Had the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

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

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

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting
 purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.

(7) Annualized for periods less than one
 full year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Dynamic U.S. Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Six Months Ended**<br>**June 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** |
| Net asset value, beginning of year/period | $14.27 | $15.65 | $13.62 | $15.09 | $13.74 | $12.25 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.03 | 0.17 | 0.08 | 0.08 | (0.03) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.15 | 1.12 | 2.06 | (1.23) | 2.19 | 2.25 |
| Total from investment operations | 1.18 | 1.29 | 2.14 | (1.15) | 2.16 | 2.26 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.20) | (0.11) | (0.08) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (2.47) |  | (0.24) | (0.81) | (0.68) |
| Total distributions |  | (2.67) | (0.11) | (0.32) | (0.81) | (0.77) |
| Net asset value, end of year/period | $15.45 | $14.27 | $15.65 | $13.62 | $15.09 | $13.74 |
| Total return (2) | 8.27% (8) | 8.32% | 15.73% | (7.66)% | 15.92% | 18.46% (6) |
| Net assets, at end of year/period (000s) | $7254 | $6873 | $8146 | $10375 | $10739 | $9616 |
| Ratio of gross expenses to average net assets (3)(4) | 1.62% (7) | 1.58% | 1.58% | 1.60% | 1.62% | 1.67% |
| Ratio of net expenses to average net assets (4) | 1.49% (7) | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| Ratio of net investment income/(loss) to average net assets (4)(5) | 0.48% (7) | 1.05% | 0.58% | 0.55% | (0.21)% | 0.11% |
| Portfolio turnover rate | 225% (8) | 131% | 70% | 184% | 95% | 306% |

---

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

(2) Total returns shown exclude the effect
 of applicable redemption fees. Had the Adviser not waived a portion of the Fund's expenses, total returns would have been lower.

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

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

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

(6) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting
 purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.

(7) Annualized for periods less than one
 full year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

The Acclivity Mid Cap Multi-Style Fund ("AMCMSF"), Acclivity Small Cap Value Fund ("ASCVF"), Dynamic International Opportunity Fund ("DIOF") and Dynamic U.S. Opportunity Fund ("DUOF"), (each a "Fund" and collectively the "Funds"), are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The inception date of AMCMSF was December 31, 2019, and AMCMSF commenced operations on January 2, 2020. The inception date of ASCVF was December 31, 2018, and ASCVF commenced operations on January 2, 2019. DIOF and DUOF commenced operations on December 30, 2011. DIOF and DUOF are "fund of funds" in that each Fund will generally invest in other investment companies. The Funds seek long term capital appreciation.

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

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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

**Operating Segments -** The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each 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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

**Valuation of Fund of Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies. Open-end funds are valued at their respective net asset values as reported by such investment companies. Open-ended funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the Boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which may be different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such 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.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have 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 Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AMCMSF** | &nbsp;&nbsp;&nbsp;&nbsp;**AMCMSF** | &nbsp;&nbsp;&nbsp;&nbsp;**AMCMSF** | &nbsp;&nbsp;&nbsp;&nbsp;**AMCMSF** | &nbsp;&nbsp;&nbsp;&nbsp;**AMCMSF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $4046891 | $— | $— | $4046891 |
| Rights |  |  | 10 | 10 |
| Short-Term Investments | $941045 |  |  | 941045 |
| Total | $4987936 | $— | $10 | $4987946 |
| &nbsp;&nbsp;&nbsp;&nbsp;**ASCVF** | &nbsp;&nbsp;&nbsp;&nbsp;**ASCVF** | &nbsp;&nbsp;&nbsp;&nbsp;**ASCVF** | &nbsp;&nbsp;&nbsp;&nbsp;**ASCVF** | &nbsp;&nbsp;&nbsp;&nbsp;**ASCVF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $30547018 | $— | $— | $30547018 |
| Rights |  |  | 7734 | 7734 |
| Short-Term Investments | $6249181 |  |  | 6249181 |
| Total | $36796199 | $— | $7734 | $36803933 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DIOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DIOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DIOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DIOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DIOF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $54990318 | $— | $— | $54990318 |
| Short-Term Investments | 21995359 |  |  | 21995359 |
| Total | $76985677 | $— | $— | $76985677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DUOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DUOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DUOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DUOF** | &nbsp;&nbsp;&nbsp;&nbsp;**DUOF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $102561141 | $— | $— | $102561141 |
| Short-Term Investment | 31921364 |  |  | 31921364 |
| Total | $134482505 | $— | $— | $134482505 |

---

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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

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

---

| | | |
|:---|:---|:---|
|  |<br>ABIOMED, Inc. | Bristol-Meyers<br>Squibb Company |
| Beginning Balance | $7 | $1 |
| Total realized gain/(loss) |  |  |
| Unrealized Appreciation/(Depreciation) |  | 2 |
| Cost of Purchases |  |  |
| Proceeds from Sales |  |  |
| Proceeds from Principal |  |  |
| Accrued Interest |  |  |
| Net transfers in/out of level 3 |  |  |
| Ending Balance | $7 | $3 |

---

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

---

| | | |
|:---|:---|:---|
|  | Pineapple Energy,<br>Inc. | Resolute Forest<br>Products, Inc. - CVR |
| Beginning Balance | $3 | $5280 |
| Total realized gain/(loss) |  |  |
| Unrealized Appreciation/(Depreciation) | (3) | 2454 |
| Cost of Purchases |  |  |
| Proceeds from Sales |  |  |
| Proceeds from Principal |  |  |
| Accrued Interest |  |  |
| Net transfers in/out of level 3 |  |  |
| Ending Balance | $— | $7734 |

---

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Non-cash dividends are included in dividend income on the ex-date at the fair market value of the shares received. 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. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with Federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses) or permanent in

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Federal Income Taxes –** The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2021 to December 31, 2023, or expected to be taken in either Fund's December 31, 2024 tax returns.

The Funds have identified their major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Exchange Traded Funds –** The Funds invest in exchange traded funds ("ETFs"). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| AMCMSF | $3087135 | $3597311 |
| ASCVF | 11688737 | 16359758 |
| DIOF | 42975393 | 45303875 |
| DUOF | 240638177 | 261663641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **SECURITIES LENDING** 

The Funds have entered into a securities lending arrangement with U.S. Bank National Association (the "Borrower"). Under the terms of the agreement, the Funds were authorized to loan securities to the Borrower. In exchange, the Funds received cash collateral in the amount of at least 102% of the value of the securities loaned. Securities lending income, net of fees, is disclosed in the Funds' Statements of Operations. Although risk was mitigated by the collateral, the Funds could have experienced a delay in recovering their securities and possible loss of income or value if the Borrower failed to return such securities on loan.

Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be recognized by AMCMSF, ASCVF, DIOF and DUOF. AMCMSF, ASCVF, DIOF and DUOF have the right under the securities lending agreement to recover the securities from the Borrower on demand. If the fair value of the collateral falls below 102% plus accrued interest of the loaned securities, the lender's agent shall request additional collateral from the Borrower to bring the collateralization back to 102%. Under the terms of the securities lending agreement, AMCMSF, ASCVF, DIOF and DUOF are indemnified for such losses by the security lending agreement. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities using the collateral in the open market.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

The following table represents financial instruments that are subject to enforceable netting arrangements as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts not Offset in the | Gross Amounts not Offset in the | |
|  | | | | Statements of Assets and Liabilities | Statements of Assets and Liabilities | |
|  |<br><br>Gross Amount<br>of Recognized<br>Assets |<br>Gross Amounts<br>offset in the<br>Statements of Assets<br>and Liabilities |<br>Net Amounts of Assets<br>Presented in the<br>Statements of Assets<br>and Liabilities |<br>Financial<br>Instruments |<br>Cash<br>Collateral<br>Pledged |<br><br><br>Net Amount |
| AMCMSF | $880500 | $— | $880500 | $880500 | $— | $880500 |
| ASCVF | $6093762 | $— | $6093762 | $6093762 | $— | $6093762 |
| DIOF | $19620249 | $— | $19620249 | $19620249 | $— | $19620249 |
| DUOF | $27512864 | $— | $27512864 | $27512864 | $— | $27512864 |

---

The following table breaks out the holdings pledged as collateral as of June 30, 2025:

---

| | |
|:---|:---|
| **Secured Borrowings** |  |
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Overnight and Continuous</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>AMCMSF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $**880500** |
|  | $**880500** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ASCVF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $**6093762** |
|  | $**6093762** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>DIOF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $**19620249** |
|  | $**19620249** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>DUOF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $**27512864** |
|  | $**27512864** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Innealta Capital, LLC (the "Adviser") serves as investment adviser to the Funds. Pursuant to an Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an following annual rates of such Fund's average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;AMCMSF | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;1.00% |

---

For the six months ended June 30, 2025, the Adviser earned the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;AMCMSF | &nbsp;&nbsp; $7922 |
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp; 63872 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;278781 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;534723 |

---

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until April 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by such Fund (excluding any front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) do not exceed the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class N** |
| &nbsp;&nbsp;AMCMSF | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.49% |

---

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement for a Fund, and such Fund's operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the Fund subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. If such Fund's operating expenses subsequently exceed the expense limitation, the reimbursements for such Fund shall be suspended. Expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

For the six months ended June 30, 2025, the Adviser waived the following expenses:

---

| | |
|:---|:---|
| &nbsp;&nbsp;AMCMSF | $75275 |
| &nbsp;&nbsp;ASCVF | 115447 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;&nbsp;&nbsp;67108 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;&nbsp;&nbsp;68115 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**12/31/2025** | &nbsp;&nbsp;**12/31/2026** | **12/31/2027** |
| &nbsp;&nbsp;AMCMSF | &nbsp;&nbsp;$139862 | &nbsp;&nbsp;$145240 | $148928 |
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;$182812 | &nbsp;&nbsp;$206945 | $193322 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;$120203 | &nbsp;&nbsp;$102045 | $104603 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;$126906 | &nbsp;&nbsp;$117206 | $114855 |

---

As of December 31, 2024, $142,515, 161,991, $118,488 and $122,993 in waived advisory fees expired unrecouped for AMCMSF, ASCVF, DIOF and DUOF, respectively.

*<u>Distributor</u>* - The distributor for the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class N shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act to pay for ongoing distribution-related activities or shareholder services. Under the Plan, each Fund is permitted to pay a fee at an annual rate of 0.25% of the average daily net assets of Class N shares. For the six months ended June 30, 2025, pursuant to the Class N Plan, AMCMSF, ASCVF, DIOF and DUOF paid $0, $12, $2,122 and $8,508 in 12b-1 fees, respectively.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

In addition, certain affiliates of the Distributor provide services to the Funds 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 Funds pay UFS customary fees for providing administration, fund accounting, and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

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

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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **INVESTMENT IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions for DIOF during the six months ended June 30, 2025 with affiliated companies are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | | | |
|  |  | | | | | Unrealized | | | |
|  |  | Value-Beginning of | | | Net Realized | Appreciation/ | | Shares-End of | Dividends Credited |
| CUSIP | Description | Year/Period | Purchases | Sales Proceeds | Gain | (Depreciation) | Value-End of Year | Year/Period | to Income |
| 35473P785 | Franklin FTSE Germany ETF | $3017152 | $— | $— | $— | $1031695 | $4048847 | 120789 | $56771 |
| 35473P728 | Franklin FTSE Russia ETF | 698 |  |  |  |  | 698 | 69765 |  |
| 35473P694 | Franklin FTSE Switzerland ETF\* | 3080242 | 16834 | 1001263 | 45190 | 349475 | 2490478 | 65646 | 54289 |
|  | Total | $6098092 |  |  | $45190 | $1381170 | $6540023 |  | $111060 |

---

This security was not an affiliated company as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net**<br>**Unrealized**<br>**Appreciation/(Depreciation)** |
| AMCMSF | $4464152 | $597685 | $(73891) | $523794 |
| ASCVF | 36423591 | 3723400 | (3343058) | $380342 |
| DIOF | 71085615 | 8783054 | (2882992) | $5900062 |
| DUOF | 121436124 | 13098003 | (51622) | $13046381 |

---

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the year ended December 31, 2024 and December 31, 2023, and were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the period ended December 31, 2024:** | **For the period ended December 31, 2024:** | **For the period ended December 31, 2024:** | **For the period ended December 31, 2024:** | **For the period ended December 31, 2024:** |
| <br>**Portfolio** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return**<br>**of Capital** | **Tax-Exempt**<br>**Income** |<br>**Total** |
| AMCMSF | $143898 | $45687 | $— | $— | $189585 |
| ASCVF | 874538 | 1724760 |  |  | 2599298 |
| DIOF | 2287944 | 2089513 |  |  | 4377457 |
| DUOF | 2822304 | 16343005 |  |  | 19165309 |
|  | **For the period ended December 31, 2023:** | **For the period ended December 31, 2023:** | **For the period ended December 31, 2023:** | **For the period ended December 31, 2023:** | **For the period ended December 31, 2023:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| AMCMSF | $8541 | $— | $— | $— | $8541 |
| ASCVF | 251554 | 12792 |  |  | 264346 |
| DIOF | 2405180 |  |  |  | 2405180 |
| DUOF | 1089208 |  |  |  | 1089208 |

---

As of December 31, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary Tax-**<br>**Exempt Income** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| AMCMSF | $69776 | $3810 | $— | $— | $— | $— | $398828 | $472414 |
| ASCVF | 691590 |  |  |  |  |  | 2722996 | 3414586 |
| DIOF |  |  |  |  |  |  | (717088) | (717088) |
| DUOF |  | 46359 | 1366468 |  |  |  | 13688256 | 15101083 |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for partnerships.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

At December 31, 2024, the Funds had no capital loss carry forwards for federal income tax purposes available to offset future capital gains. Capital loss carryforwards utilized by AMCMSF was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| AMCMSF | $— | $— | $— | $33754 |

---

During the fiscal period ended December 31, 2024, DIOF and ASCVF 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, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2024, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| AMCMSF | $— | $— |
| ASCVF | 501647 | (501647) |
| DIOF | 1045668 | (1045668) |
| DUOF |  |  |

---

At December 31, 2024, the DIOF utilized capital loss carry forwards in the amount of $1,504,225.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
|  | **Beneficial Owner** | **% of Outstanding Shares** |
| AMCMSF | Innealta Capital, LLC | 33.7% |
|  | NFS | 29.8% |
|  | Riomaggiore Investments, LLC | 32.9% |
| ASCVF | Charles Schwab & Co. | 28.1% |
|  | NFS | 43.8% |
| DIOF | LPL Financial | 48.3% |
|  | NFS | 31.7% |
| DUOF | LPL Financial | 28.7% |
|  | NFS | 25.7% |

---

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SUBSEQUENT EVENTS** 

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

---

| |
|:---|
| ***Innealta Funds*** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **June 30, 2025** |

---

**Changes in and Disagreements with Accountants** 

Not applicable

**Proxy Disclosures**

Not applicable

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

Refer to the financial statements included herein.

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

Not applicable

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Innealta Capital, LLC |
| 12117 FM 2244, Building 3, Suite 170 |
| Austin, Texas 78738 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

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

Not applicable.

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.**

(a)(1) Not applicable

(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.](ex99-cert.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) Northern
 Lights Fund Trust II

By (Signature and Title)

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| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

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

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

By (Signature and Title)

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| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

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

By (Signature and Title)

---

| |
|:---|
| /s/ Erik Naviloff |
| Erik Naviloff, Principal Financial Officer/ Treasurer |

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

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/5/25 | /s/ Erik Naviloff |
|  |  | Erik Naviloff |
|  |  | Principal Financial Officer/ Treasurer |

---

## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 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 II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 9/5/25 | Date: | 9/5/25 |

---

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

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